Thursday 14th of April 2022 05:45:37 AM

Ally Financial stock edges lower despite stronger than expected Q1 results

Calculator and charts deepblue4you/E+ via Getty Images Ally Financial (NYSE:ALLY) Q1 results on Thursday have topped the average Wall Street estimate, highlighted by robust net financing revenue and return on tangible common equity. Still, shares of ALLY are slipping 2.1% in premarket trading. Core return on tangible common equity was 23.6% in the first quarter compared with 22.1% in Q4 2021 and 24.1% in Q1 2021. Q1 net financing revenue of $1.70B gained from $1.66B in Q4 2021 and $1.38B in Q1 of last year. Q1 EPS of $2.03 beat the consensus of $1.93 and ticked higher from $2.02 in Q4 2021 but down from $2.09 in Q1 a year ago. Core pre-provision net revenue fell slightly to $1.08B in Q1 from $1.10B in the prior quarter but up from $987M in Q1 2021. Tangible book value was $35.04 per share vs. $38.73 in Q4 2021 and $36.16 in Q1 2021. Efficiency ratio of 45.6% rose from 44.4% in the previous quarter. Furthermore, "while the operating environment continues to be dynamic, I remain confident in the businesses we’ve built and our ability to navigate and add value in a variety of market backdrops," said CEO Jeffery J. Brown. On Wednesday, Ally Financial declared a quarterly dividend of $0.30 per share.

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