Ally Financial (ALLY): 2Q26 Earnings Steady Trends

研报英文原文证据摘录

Ally Financial (ALLY): 2Q26 Earnings Steady Trends

FICC Research

Credit Research

22 July 2026

Ally Financial (ALLY): 2Q26 Earnings

Steady Trends

ALLY reported strong retail auto results, with NCOs and

delinquencies declining. It lowered its expected consolidated

NCO range for FY26 despite an idiosyncratic corporate finance Peter Troisi +1 212 412 3695

exposure. We continue to view its spread basis to the US bank peter.troisi@barclays.com

credit index as fair at the wide end of Category IV banks. BCI, US

Justin Moreno

+1 212 526 4074

justin.moreno@barclays.com

Investment Summary BCI, US

Ishika Goyal

ALLY reported strong underlying credit results, with retail auto NCOs falling 18bp y/y and +1 212 526 3789

delinquencies declining 2bp y/y. A charge-off from a legacy healthcare loan within its corporate ishika.goyal1@barclays.com

finance business (7% of average earning assets), which had been on non-accrual since 2018, BCI, US

resulted in a 1bp increase in the consolidated NCO rate. Despite this, management narrowed/

improved its FY26 consolidated NCO expected range to 1.2-1.3%. Revenue grew through balance

sheet expansion in retail auto and corporate finance. NIM ex-OID expanded 11bp sequentially to

3.63%, as earning asset mix benefited portfolio yield and CD funding continue to mature. ALLY's

CET1 ratio remained stable q/q at 10.1%, and a credit risk transfer provided a 20bp uplift.

Management reiterated that its CET1 ratio would be above 9% under the new proposed capital

requirements.

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Relative Value

Year-to-date, ALLY has comfortably outperformed the bank index on an excess returns basis