Yahoo Finance Ally Financial Falls Despite Revenue, Earnings Beat
By Sam Boughedda
Investing.com — Shares of Ally Financial Inc (NYSE:ALLY) are down more than 3% Friday following its fourth quarter earnings report, which beat on both per-share profit and revenue expectations.
The online banking and lending company reported earnings per share of $2.02 on revenue of $2.19 billion. Analysts polled by Investing.com anticipated EPS of $1.96 on revenue of $2.07 billion.
“In 2021 Ally strengthened its position as a leading, disruptive growth company, delivering record-setting results across our dealer financial service and digital-bank platforms," said Ally CEO Jeffrey Brown.
The company has more than 10 million customers.
While the digital financial services company was upbeat on the results, its net income came in at $652 million, down from the $687 million during the same period last year. It also saw an increase in the provision for credit losses, rising to $210 million in the fourth quarter 2021 from $102 million in the same quarter in 2020.
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