2Q26 EPS REVIEW: NIR jumps but expenses, provision weigh

研报英文原文证据摘录

2Q26 EPS REVIEW: NIR jumps but expenses, provision weigh

Equity Research

U.S. Large-Cap Banks

22 July 2026

Ally Financial Inc.

2Q26 EPS REVIEW: NIR jumps but

expenses, provision weigh Earnings Review

EPS was a touch below consensus as fees, expenses, ALLY EQUAL WEIGHT

provision and tax rate all looked to be a little off, though core Unchanged

NIR/NIM were ahead. Retail auto originations rose while asset U.S. Large-Cap Banks UnchangedPOSITIVE

quality continued to improve. Share buyback persisted. It Price Target USD 56.00

improved its 2026 AEA, NCO forecasts and kept the rest Unchanged

unch'd. Price (21-Jul-26) USD 44.43 Potential Upside/Downside +26.0%

Source: Bloomberg, Barclays Research

Executive Summary SharesMarket OutstandingCap (USD mn)(mn) 306.5213618

Bottom-line: EPS was a touch below consensus expectations, driven by softer than expected Free Float (%) 89.38

fee income, and higher than modeled expenses (insurance), provision and tax rate. Still, net 52 Wk Avg Daily Volume (mn) 3.4

financing revenue was higher on balance sheet growth and NIM expansion. Looking out, its 2026 Dividend Yield (%) 2.70

outlook now calls for 3-5% average earning assets growth (vs. 2-4% prior) and consolidated Return on Equity TTM (%) 10.33

NCOs of 1.2-1.3% (tightened from 1.2-1.4%), while still calling for full-year NIM of 3.60-3.70%, flat Current BVPS (USD) 44.38

to up 5% fee income, retail auto NCOs of 1.8-2.0%, controlled expenses (up 1%) and a dynamic Source: Bloomberg

approach to share repurchases. As such, this continues to align with its thesis to achieve a mid-

teens ROTCE (despite it no longer eliminating DTA from its calculation). Price Performance Exchange-NYSE

52 Week range USD 47.29-35.92

Results: ALLY reported 2Q26 EPS of $1.18. Adjusted EPS was $1.21.