Ally Financial reports a 20% rise in Q3 2024 net income to $357m, despite auto lending challenges and tightening lending criteria.
Ally Financial reported its Q3 2024 results on October 18, showing a 20% rise in net income to $357 million, despite facing challenges in its auto lending sector. The company's diluted earnings per share reached $1.06, exceeding expectations. While total loans decreased to $133.8 billion, Ally has tightened lending criteria to address rising delinquencies. The firm also raised its guidance for full-year net charge-offs, reflecting ongoing credit concerns.
October 17, 2024
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