Ally Financial Q1 GAAP EPS falls to $0.42 from $0.96 on lower net income
Ally Financial reported preliminary first-quarter 2024 results on April 18, 2024. GAAP net income attributable to common shareholders was $129 million, down from $291 million a year earlier, as lower net financing revenue, higher credit provisions and higher noninterest expenses offset higher other revenue. The results and the planned leadership change, with Michael Rhodes becoming CEO on April 29, are the key items for shareholders.
Key points
- GAAP EPS of $0.42 compared with $0.96 in the first quarter of 2023; adjusted EPS of $0.45 compared with $0.82
- GAAP total net revenue of $1,986 million, down 5% from $2,100 million a year earlier
- Provision for credit losses rose $61 million year over year to $507 million
- Michael Rhodes to become CEO starting April 29, according to the release
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:56 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 18, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.