Pre-2Q26 Catchup and Model Update

研报英文原文证据摘录

Pre-2Q26 Catchup and Model Update

Deutsche Bank

Research

Rating Company Date

Buy Ally Financial 18 June 2026

North America Reuters Bloomberg Rating Buy

United States ALLY.N ALLY US Price target (USD) 57.00 Price at 17 Jun 26 45.50

52-week range 47.06 – 35.96

Financial

Consumer Finance Valuation & Risks

Mark DeVries

We caught up with Ally ahead of 2Q26 earnings to discuss any recent trends in Research Analyst

+1-212-250-4081 their business intra-quarter. Below are our takeaways and estimate updates into

the quarter. Michael Dunlevy, CFA

Research Associate

+1-212-250-9888

Call and Intra-quarter Takeaways

Strategic Pivot & Earnings Trajectory

• Ally is executing a strategic pivot focused on Dealer Financial Services,

Corporate Finance, and deposits, targeting long-term improvements in

earnings and profitability.

• Management expressed confidence in achieving sustainable mid-teens

returns, driven by operational momentum across all core franchises.

Net Interest Margin (NIM)

• NIM guidance implies meaningful expansion throughout the remainder

of 2026, including in Q2, regardless of potential rate cuts, though it won’t

be a straight line. Management remains comfortable on both the

trajectory and the destination, helped by strong deposit pricing year-to-

date, including a deposit pricing move in early June that have put the

company in a “good spot in terms of cumulative beta expectations.” They

emphasized that even if we get a rate increase that may change the

trajectory for the NIM, but not the destination.

Dealer Financial Services & Auto

• Record application flow and origination volume, up 16% year-to-date,

driven by iterative improvements to the dealer rewards program and

Ally's full-spectrum lender positioning.