Ally Financial Inc.: 2Q26 EPS PREVIEW: NIM expansion gains traction though ride could still be bumpy

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Ally Financial Inc.: 2Q26 EPS PREVIEW: NIM expansion gains traction though ride could still be bumpy

Equity Research

U.S. Large-Cap Banks

25 June 2026

Ally Financial Inc.

2Q26 EPS PREVIEW: NIM expansion

gains traction though ride could

ALLY EQUAL WEIGHTstill be bumpy

Unchanged

In 2Q26, we expect modest NIM expansion with U.S. Large-Cap Banks POSITIVE

improvements on both sides of the balance sheet. It remains Unchanged

on track for its 2026 outlook, which we expect to reiterate Price Target USDUnchanged56.00

annual NIM expansion, positive operating leverage, Price (23-Jun-26) USD 45.23

improving credit and very modest share buyback. Potential Upside/Downside +23.8% Source: Bloomberg, Barclays Research

Market Cap (USD mn) 13864

Expected Results Shares Outstanding (mn) 306.52

Free Float (%) 89.36

Expected results: Our 2Q26 adjusted EPS estimate is $1.28 (+$0.15 seasonally better credit 52 Wk Avg Daily Volume (mn) 3.4

costs), while consensus is $1.25. We look for ALLY to reiterate its outlook for 2026, with full year Dividend Yield (%) 2.65

NIM expanding towards 3.60%-3.70% (vs. 3.47% in 2025) and retail auto NCOs in the 1.8%-2.0% Return on Equity TTM (%) 10.21

range (1.97% in 2025, with 1.2-1.4% consolidated). Still, NIM could bounce around from quarter Current BVPS (USD) 43.22

to quarter. Of note, last quarter, both retail auto NCOs and DQs improved y-o-y for the fourth Source: Bloomberg

straight quarter, though the pace of improvement was less than the prior quarter. We expect

continued y-o-y growth in auto originations while retail auto credit trends continue to track Price Performance Exchange-NYSE

expectations. We expect investors to continue to focus on progression towards its medium-term 52 Week range USD 47.27-35.92