Form 8-K - Current report

PRE-TAX INCOME

TOTAL NET REVENUE

RETURN ON COMMON EQUITY

CORE ROTCE¹

$1.1 billion

$8.2 billion

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

January 19, 2024

(Date of report; date of earliest event reported)

Commission file number: 1-3754

ALLY FINANCIAL INC.

(Exact name of registrant as specified in its charter)

Delaware

38-0572512

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Ally Detroit Center

500 Woodward Ave.

Floor 10, Detroit, Michigan

48226

(Address of principal executive offices)

(Zip Code)

(866) 710-4623

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act (listed on the New York Stock Exchange):

Title of each class

Trading

symbols

Common Stock, par value $0.01 per share

ALLY

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operation and Financial Condition.

On January 19, 2024, Ally Financial Inc. issued a press release announcing preliminary operating results for the fourth quarter and full year ended December 31, 2023. The press release is attached hereto and incorporated by reference as Exhibit 99.1. Charts furnished to securities analysts are attached hereto and incorporated by reference as Exhibit 99.2. In addition, supplemental financial data furnished to securities analysts is attached hereto and incorporated by reference as Exhibit 99.3.

Item 9.01

Financial Statements and Exhibits.


Exhibit No.		Description

99.1		Press Release, Dated January 19, 2024

99.2		Charts Furnished to Securities Analysts

99.3		Supplemental Financial Data Furnished to Securities Analysts

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


						ALLY FINANCIAL INC.
						(Registrant)

Dated: January 19, 2024						/s/ David J. DeBrunner
						David J. DeBrunner
						Vice President, Controller, and Chief Accounting Officer

Exhibit 99.1

News release: IMMEDIATE RELEASE

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Ally Financial Reports Fourth Quarter and Full-Year 2023 Financial Results

Full-Year 2023 Net Income of $1.0 billion, $2.98 EPS, $3.05 Adjusted EPS¹

Fourth Quarter Net Income of $76 million, $0.16 EPS, $0.45 Adjusted EPS¹

Full-Year 2023 Results

Fourth Quarter 2023 Results



PRE-TAX INCOME	RETURN ON COMMON EQUITY	COMMON SHAREHOLDER EQUITY
$64 million	1.8%	$37.83/share

CORE PRE-TAX INCOME¹	CORE ROTCE¹	ADJUSTED TANGIBLE BOOK VALUE¹
$174 million	6.9%	$33.34/share


		• Reached agreement to sell Ally Lending; CET1 benefit of ~15 bps at closing in 1Q ‘24, and accretive to EPS and tangible book value
		• Deconsolidated $1.7 billion of seasoned retail auto loans generating 9 bps of CET1 benefit
		• Headcount actions announced in 3Q have been realized, driving $80 million of annualized expense savings
		• FDIC special assessment fee of $38 million, among the lowest in the industry given the composition of the deposit base


		• EPS of $2.98; Adjusted EPS¹of $3.05
		• Total Net Revenue of $8.2 billion; Adjusted Total Net Revenue¹of $8.2 billion
		• Pre-Provision Net Revenue¹of $3.1 billion; Core Pre-Provision Net Revenue¹of $3.2 billion
		• Established leader in dealer financial services offering comprehensive suite of auto finance and insurance products
		– 13.8 million consumer auto applications driving $40.0 billion origination volume
		– Retail auto originated yield¹of 10.7% with nearly 40% of originated volume within highest credit quality tier
		– 177 bps full-year retail auto net charge-offs, in-line with full-year guidance
		– Insurance earned premiums of $1.3 billion, highest since IPO
		• Leading, digital-first Ally Bank platform generated strong growth across consumer and commercial product suite
		– Retail deposits of $142.3 billion from 3.0 million retail deposit customers \| $155 billion total deposits
		– 1.2 million active credit cardholders; balanced approach to growth with compelling return profile
		– Corporate Finance HFI loan portfolio of $10.9 billion \| 25% ROE in 2023, with less than 1% of loans in nonaccrual status


		• Earnings per share (EPS) of $0.16; Adjusted EPS¹of $0.45
		• Total Net Revenue of $2.1 billion; Adjusted Total Net Revenue¹of $2.0 billion
		• Pre-Provision Net Revenue¹of $0.7 billion; Core Pre-Provision Net Revenue¹of $0.8 billion
		• Consumer auto originations of $9.6 billion \| Estimated retail auto originated yield¹of 10.81%, h124 bps YoY
		• Retail deposit growth of $2.2 billion QoQ \| Retail deposit net customer growth of 52 thousand

¹ The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Accelerated issuance expense (Accelerated OID), Adjusted earnings per share (Adjusted EPS), Adjusted efficiency ratio, Adjusted noninterest expense, Adjusted other revenue, Adjusted tangible book value per share (Adjusted TBVPS), Adjusted total net revenue, Core net income attributable to common shareholders, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), Core pre-provision net revenue (Core PPNR), Core pre-tax income, Core return on tangible common equity (Core ROTCE), Investment income and other (adjusted), Net financing revenue (excluding Core OID), Net interest margin (excluding Core OID), Pre-provision net revenue (PPNR), and Tangible Common Equity. These measures are used by management, and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the definitions of non-GAAP financial measures and other key terms along with reconciliations to GAAP later in this document.

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		Chief Executive Officer Comments
		Chief Executive Officer Comments

“In 2023, a year filled with unique challenges for the financial services industry, Ally demonstrated the strength and resolve that has made us an industry leading financial institution,” said Chief Executive Officer Jeffrey J. Brown. “While cognizant of the highly dynamic environment, we remain focused on building businesses that are resilient through all environments. We ended 2023 with growing momentum and remain positioned for long-term success.”

“At Ally Bank, we recognized our 15th consecutive year of retail deposit growth, now serving over three million deposit customers following record customer growth in 2023. Integration of Credit Card within OneAlly further enhanced the seamless experience we aim to provide our customers. Corporate Finance delivered another year of solid performance, including $307 million of pre-tax income, the highest since our IPO.”

“Dealer financial services continues to capitalize on its competitive advantage, decisioning a record 13.8 million consumer applications which enabled $40 billion of consumer auto originations. Nearly 40% of our retail auto originations were made up of the highest credit quality tier at an estimated originated yield of 10.7%, demonstrating our ability to quickly adapt to changing origination environments while prioritizing risk-adjusted returns. Within Insurance, earned premiums of $1.3 billion were the highest since our IPO and we see opportunities for continued growth as we leverage synergies with Auto Finance.”

“Disciplined capital management remains paramount in navigating the current operating environment and we executed several strategic capital management actions in the fourth quarter. We recently reached an agreement to sell Ally Lending which upon closing is expected to be an approximately 15 basis point benefit to CET1 and modestly accretive to earnings per share and tangible book value. These actions are a continuation of our strategic priorities to invest resources in growing scale businesses and strengthening relationships with consumer and dealer customers.”

“Looking forward to 2024, I know that Ally will remain true to the “Do It Right” culture that we have built. As my time at Ally comes to a close, I must reiterate my pride in our achievements over the past 15 years and am excited to see what the future holds for this outstanding organization. I have the utmost confidence in this board, team, and their ability to execute against the strategic priorities that have served us well for many years and that will continue driving long-term value to all stakeholders in the years ahead.”

Fourth Quarter and Full-Year 2023 Financial Results


																*Increase/(Decrease) vs.*

($ millions except per share data)	4Q 23			3Q 23			4Q 22			2023			2022			*3Q 23*			*4Q 22*			*2022*

(a) Net Financing Revenue	$	1,493		$	1,533		$	1,674		$	6,201		$	6,850		$	(40	)	$	(181	)	$	(649	)

Core OID¹		13			12			11			48			42			—			2			7

Net Financing Revenue (excluding Core OID)¹		1,506			1,545			1,685			6,249			6,892			(40	)		(179	)		(642	)

(b) Other Revenue		574			435			527			2,013			1,578			139			47			435

Change in Fair Value of Equity Securities²		(74	)		56			(49	)		(107	)		215			(130	)		(25	)		(322	)

Adjusted Other Revenue¹		500			491			478			1,906			1,793			9			22			113

(c) Provision for Credit Losses		587			508			490			1,968			1,399			79			97			569

Repositioning³		(16	)		—			—			(16	)		—			(16	)		(16	)		(16	)

Adjusted Provision for Credit Losses¹		603			508			490			1,984			1,399			95			113			585

(d) Noninterest Expense		1,416			1,232			1,266			5,163			4,687			184			150			476

Repositioning³		187			30			57			217			77			157			130			140

Noninterest Expense (excluding Repositioning)¹		1,229			1,202			1,209			4,946			4,610			27			20			336

Pre-Tax Income (a+b-c-d)	$	64		$	228		$	445		$	1,083		$	2,342		$	(164	)	$	(381	)	$	(1,259	)

Income Tax Expense		(13	)		(68	)		167			61			627			55			(180	)		(566	)

Net Loss from Discontinued Operations		(1	)		—			—			(2	)		(1	)		(1	)		(1	)		(1	)

Net Income	$	76		$	296		$	278		$	1,020		$	1,714		$	(220	)	$	(202	)	$	(694	)

Preferred Dividends		27			27			27			110			110			—			—			—

Net Income Attributable to Common Shareholders	$	49		$	269		$	251		$	910		$	1,604		$	(220	)	$	(202	)	$	(694	)

GAAP EPS (diluted)	$	0.16		$	0.88		$	0.83		$	2.98		$	5.03		$	(0.72	)	$	(0.67	)	$	(2.05	)

Core OID, Net of Tax¹		0.03			0.03			0.03			0.13			0.10			0.00			0.00			0.02

Change in Fair Value of Equity Securities, Net of Tax³		(0.19	)		0.14			(0.13	)		(0.28	)		0.53			(0.34	)		(0.06	)		(0.81	)

Repositioning, Discontinued Ops., and Other, Net of Tax³		0.45			0.08			0.15			0.53			0.19			0.37			0.30			0.33

Significant Discrete Tax Items		—			(0.31	)		0.20			(0.31	)		0.19			0.31			(0.20	)		(0.50	)

Adjusted EPS¹	$	0.45		$	0.83		$	1.08		$	3.05		$	6.06		$	(0.38	)	$	(0.63	)	$	(3.01	)

(1)	Represents a non-GAAP financial measure. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.

(2)

Impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income.

(3)	Contains non-GAAP financial measures and other financial measures. See pages 6 and 7 for definitions.

Note: Repositioning items include restructuring costs, costs related to the pending sale of Ally Lending, FDIC Special Assessment in 2023, and cost related to termination of legacy qualified pension plan in 2022.

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^AAdjusted other revenue is a non-GAAP financial measure. Equity fair value adjustments related to ASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity.

^BRepresents a non-GAAP financial measure. Refer to definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.

Pre-Tax Income by Segment



																	*Increase/(Decrease) vs.*

($ millions)		4Q 23			3Q 23			4Q 22			2023			2022			*3Q 23*			*4Q 22*			*2022*

Automotive Finance	$	294		$	377		$	437		$	1,614		$	2,250		$	(83	)	$	(143	)	$	(636	)

Insurance		129			(16	)		101			213			(38	)		145			28			251

Dealer Financial Services	$	423		$	361		$	538		$	1,827		$	2,212		$	62		$	(115	)	$	(385	)

Corporate Finance		79			84			67			307			282			(5	)		12			25

Mortgage Finance		24			26			19			92			55			(2	)		5			37

Corporate and Other		(462	)		(243	)		(179	)		(1,143	)		(207	)		(219	)		(283	)		(936	)

Pre-Tax Income from Continuing Operations	$	64		$	228		$	445		$	1,083		$	2,342		$	(164	)	$	(381	)	$	(1,259	)

Core OID¹		13			12			11			48			42			—			2			7

Change in Fair Value of Equity Securities²		(74	)		56			(49	)		(107	)		215			(130	)		(25	)		(322	)

Repositioning³		172			30			57			201			77			142			115			124

Core Pre-Tax Income¹	$	174		$	326		$	464		$	1,226		$	2,676		$	(152	)	$	(290	)	$	(1,450	)

(1)	Represents a non-GAAP financial measure. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.

(2)	Change in fair value of equity securities primarily impacts the Insurance, Corporate Finance, and Corporate and Other segments. Reflects equity fair value adjustments which requires change in the fair value of equity securities to be recognized in current period net income.

(3)	Contains non-GAAP financial measures and other financial measures. See pages 6 and 7 for definitions.

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		Discussion of Segment Results
		Discussion of Segment Results

Auto Finance

Pre-tax income in the fourth quarter of $294 million was down $143 million versus the prior-year quarter primarily driven by higher provision expense.

Net financing revenue of $1.3 billion was up $5 million YoY as higher portfolio yield more than offset higher funding costs. Ally’s retail auto portfolio yield, excluding the impact of hedges, increased 106 bps YoY to 8.43% in the fourth quarter as the portfolio continues to turn over and benefit from higher yielding originations.

Provision for credit losses totaled $492 million, up $116 million YoY, due to higher retail auto net charge-offs as credit normalizes. The fourth quarter retail auto net charge-off rate of 2.21% increased 55 bps YoY, with the pace of increase moderating in each quarter of 2023 as front-book vintages season.

Consumer auto originations in the fourth quarter increased to $9.6 billion from $9.2 billion in the prior-year period, which included $6.2 billion of used retail volume, or 65% of total originations, $2.7 billion of new retail volume, and $0.6 billion of leases. Estimated retail auto originated yield^Cin the quarter was 10.81%.

Full-year 2023 pre-tax income of $1.6 billion was down $0.6 billion due to higher provision for credit losses and higher noninterest expense, partially offset by higher net financing revenue.

Consumer originations decreased $6.4 billion in 2023 to $40.0 billion, with used volume of $25.8 billion, or 65% of total 2023 originations, $11.3 billion of new retail volume and $2.9 billion of leases. Estimated retail auto originated yield^Cwas 10.69% in 2023 compared to 8.24% in 2022 as benchmark rates increased and record application flow enabled strong pricing and selective underwriting.

End-of-period auto earning assets increased $3.8 billion YoY from $113.1 billion to $116.9 billion primarily due to an increase in commercial auto earning assets as well as a modest increase in retail assets, partially offset by a decline in lease assets and retail loan deconsolidation. End-of-period consumer auto earning assets were down $0.8 billion YoY, driven by lower lease assets. End-of-period commercial earning assets of $23.3 billion were up $4.6 billion YoY due to industry-wide new vehicle inventory supply and higher dealer loans, partially offset by a decrease in used vehicle supply.

Insurance

Pre-tax income in the fourth quarter of $129 million increased $28 million versus the prior-year period. Results reflect a $67 million increase in the fair value of equity securities^Dduring the fourth quarter compared to a $49 million increase in the fair value of equity securities^Din the prior year period. Core pre-tax income^Ewas $62 million in the quarter, up $10 million YoY primarily driven by elevated earned premiums, partially offset by higher losses driven by P&C portfolio growth and higher insured values, higher weather losses, and GAP loss normalization from lower vehicle values.

Quarterly written premiums were $333 million, up $48 million YoY, driven by P&C premiums from growing dealer inventory levels, growth in other dealer products, as well as F&I growth driven by higher volume in Canada and other U.S. ancillary products. Total investment income was $44 million, up $11 million YoY, excluding a $67 million increase in the fair value of equity securities^Dduring the quarter, driven by an increase in realized investment gains during the period.

The full-year 2023 pre-tax income of $213 million was up $251 million versus the prior year primarily due to the increase in the fair value of equity securities during the year. Core pre-tax income^Efor 2023 was $103 million, down $68 million from 2022 as higher earned premiums were more than offset by higher losses driven by P&C portfolio growth and higher insured values, higher weather losses, and GAP loss normalization from lower vehicle values.

^CEstimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.

^DASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

^ERepresents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Refer to the definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.

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		Discussion of Segment Results
		Discussion of Segment Results

Corporate Finance

Pre-tax income was $79 million in the quarter, up $12 million YoY, primarily driven by higher net financing revenue and lower noninterest expense.

Net financing revenue increased $11 million YoY to $105 million, primarily due to higher loan balances. Interest revenue benefited from increased yields on the entirely floating rate asset portfolio. Other revenue of $23 million was down $2 million year over year. The HFI loan portfolio increased 7% YoY from $10.1 billion to $10.9 billion. Non-accrual loans comprise less than 1% of the portfolio while criticized assets make up approximately 10%.

Provision for credit losses remained relatively flat to the prior year period at $17 million.

Full-year 2023 pre-tax income of $307 million was the highest since our IPO, up $25 million YoY as higher revenues were partially offset by increased provision and noninterest expense in line with higher asset balances.

Mortgage Finance

Fourth quarter pre-tax income was $24 million, up $5 million YoY driven by lower noninterest expense reflecting the benefit of the variable cost direct-to-consumer partnership model.

Net financing revenue in the quarter was down $4 million YoY to $51 million, reflecting lower asset balances combined with higher cost of funds.

Other revenue remained relatively flat YoY increasing from $1 million to $3 million.

Full-year 2023 pre-tax income was $92 million, up $37 million from 2022, driven primarily by lower noninterest expense due to the previously mentioned variable cost structure.

DTC originations totaled $1.0 billion in 2023, down $2.3 billion YoY, reflective of industry contraction along with Ally’s continued focus on customer experience and operational efficiency.


				Capital, Liquidity & Funding, and Deposits
				Capital, Liquidity & Funding, and Deposits
Capital During 2023, Ally paid four quarterly common dividends totaling $1.20 per share, which was unchanged YoY. Ally’s Board of Directors approved another $0.30 per share common dividend for the first quarter of 2024. Ally did not repurchase any shares on the open market during 2023. Ally’s Common Equity Tier 1 capital ratio increased slightly year over year, ending the year at 9.4%. Risk weighted assets increased from $157 billion to $162 billion, reflective of our commitment to prudent capital management while continuing to invest in our highest returning businesses. Liquidity & Funding Liquid cash and cash equivalents ^Ftotaled $6.5 billion at quarter-end, down $1.5 billion compared to the end of the third quarter. Highly liquid securities were $20.6 billion and unused pledged borrowing capacity at the FHLB and FRB was $10.3 billion and $26 billion, respectively, at quarter-end. Total current available liquidity^Gwas $63.5 billion at year-end, equal to 5.5x uninsured deposit balances. Deposits represented 88% of Ally’s funding portfolio at year-end, which is unchanged from the year prior. Deposits Retail deposits increased to $142.3 billion at quarter-end, up $4.6 billion YoY and up $2.2 billion for the quarter. Total deposits increased to $154.7 billion at year-end, up $2.4 billion YoY, and Ally maintained industry-leading customer retention at 97%. The average retail portfolio deposit rate was 4.15% for the quarter, up 170 bps YoY and up 15 bps QoQ. Ally experienced the best retail deposit customer growth in our history with 359 thousand net new customers during the year, exceeding 3 million customers, and up 13% YoY. Millennials and younger generations continue to comprise the largest segment of new customers, accounting for nearly three-quarters of new customers in the fourth quarter. At the end of the fourth quarter, 10% of Ally’s deposit customers utilized multiple Ally products.

^FCash & cash equivalents may include the restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date. See page 18 of the Financial Supplement for more details.

^GTotal liquidity includes cash & cash equivalents, highly liquid securities and current unused borrowing capacity at the FHLB, and FRB Discount Window. See page 18 of the Financial Supplement for more details.

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Definitions of Non-GAAP Financial Measures and Other Key Terms

Ally believes the non-GAAP financial measures defined here are important to the reader of the Consolidated Financial Statements, but these are supplemental to and not a substitute for GAAP measures. See Reconciliation to GAAP below for calculation methodology and details regarding each measure.

Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) change in fair value of equity securities, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions that have been taken by the company to normalize its capital structure, as applicable for respective periods. See page 7 for calculation methodology and details.

Core Return on Tangible Common Equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

(1)

In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax-effected repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, change in fair value of equity securities, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods.

(2)

In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

Adjusted Efficiency Ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted Efficiency Ratio, total noninterest expense is adjusted for Rep and warrant expense, Insurance segment expense, and repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods. In the denominator, total net revenue is adjusted for Core OID and Insurance segment revenue. See Reconciliation to GAAP on page 8 for calculation methodology and details.

Adjusted Tangible Book Value per Share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered, as applicable for respective periods.

Core Net Income Attributable to Common Shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core Net Income Attributable to Common Shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, tax-effected repositioning and other primarily related to the extinguishment of high-cost legacy debt and strategic activities and significant other, preferred stock capital actions, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods. See Reconciliation to GAAP on page 7 for calculation methodology and details.

Core Original Issue Discount (Core OID) Amortization Expense is a non-GAAP financial measure for OID, and is believed by management to help the reader better understand the activity removed from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond exchange OID which excludes international operations and future issuances. See page 8 for calculation methodology and details.

Core Outstanding Original Issue Discount Balance (Core OID balance) is a non-GAAP financial measure for outstanding OID and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. See page 8 for calculation methodology and details.

Core Pre-Tax Income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) change in fair value of equity securities (change in fair value of equity securities impacts the Insurance and Corporate Finance segments), and (3) Repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods or businesses. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See the Pre-Tax Income by Segment Table on page 3 for calculation methodology and details.

Pre-provision net revenue (PPNR) is a non-GAAP financial measure calculated by adding GAAP Net Financing Revenue and GAAP Other Revenue then subtracting GAAP Noninterest expense, excluding Provision for credit losses. Management believes that PPNR is a helpful financial metric because it enables the reader to assess the business’ ability to generate earnings to cover credit losses and as it is utilized by Federal Reserve’s approach to modeling within the Supervisory Stress Test Framework that generally follows U.S. generally accepted accounting principles (GAAP) and includes a calculation of PPNR as a component of projected pre-tax net income.

Core pre-provision net revenue (Core PPNR) is a non-GAAP financial measure calculated by adding GAAP Net Financing Revenue and GAAP Other Revenue and subtracting GAAP Noninterest expense then adding Core OID and repositioning expenses, excluding Provision for credit losses. Management believes that Core PPNR is a helpful financial metric because it enables the reader to assess the core business’ ability to generate earnings to cover credit losses.

Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including Tangible Common Equity. Ally believes that Tangible Common Equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core Return on Tangible Common Equity (Core ROTCE), Tangible Common Equity is further adjusted for Core OID balance and net deferred tax asset. See page 7 for calculation methodology & details.

Net Interest Margin (excluding Core OID) is calculated using a non-GAAP measure that adjusts net interest margin by excluding Core OID. The Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. Management believes net interest margin ex. Core OID is a helpful financial metric because it enables the reader to better understand the business’s profitability and margins.

Net Financing Revenue (excluding Core OID) is calculated using a non-GAAP measure that adjusts net financing revenue by excluding Core OID. The Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. Management believes net financing revenue ex. Core OID is a helpful financial metric because it enables the reader to better understand the business’s ability to generate revenue.

Adjusted Other Revenue is a non-GAAP financial measure that adjusts GAAP other revenue for OID expenses, repositioning, and change in fair value of equity securities. Management believes adjusted other revenue is a helpful financial metric because it enables the reader better understand the business’s ability to generate other revenue.

Adjusted Total Net Revenue is a non-GAAP financial measure that management believes is helpful for readers to understand the ongoing ability of the company to generate revenue. For purposes of this calculation, GAAP net financing revenue is adjusted by excluding Core OID to calculate net financing revenue ex. core OID. GAAP other revenue is adjusted for OID expenses, repositioning, and change in fair value of equity securities to calculate adjusted other revenue. Adjusted total net revenue is calculated by adding net financing revenue ex. core OID to adjusted other revenue.

Adjusted Noninterest Expense is a non-GAAP financial measure that adjusts GAAP noninterest expense for repositioning items. Management believes adjusted noninterest expense is a helpful financial metric because it enables the reader better understand the business’s expenses excluding nonrecurring items.

Adjusted Provision for Credit Losses is a non-GAAP financial measure that adjusts GAAP provision for credit losses for repositioning items. Management believes adjusted provision for credit losses is a helpful financial metric because it enables the reader better understand the business’s expenses excluding nonrecurring items.

Estimated Retail Auto Originated Yield is a financial measure determined by calculating the estimated average annualized yield for loans originated during the period. At this time there currently is no comparable GAAP financial measure for Estimated Retail Auto Originated Yield and therefore this forecasted estimate of yield at the time of origination cannot be quantitatively reconciled to comparable GAAP information.

Net Charge-Off Ratios are annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale.

Accelerated issuance expense (Accelerated OID) is the recognition of issuance expenses related to calls of redeemable debt.

Customer retention rate is the annualized 3-month rolling average of 1 minus the monthly attrition rate; excludes escheatment.

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Repositioning is primarily related to the extinguishment of high-cost legacy debt, strategic activities, restructuring, amounts related to nonrecurring business transactions or pending transactions, and significant other one-time items. Corporate and Other primarily consists of activity related to centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with new debt issuances and bond exchanges, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, the management of our legacy mortgage portfolio, and reclassifications and eliminations between the reportable operating segments. Subsequent to June 1, 2016, the revenue and expense activity associated with Ally Invest was included within the Corporate and Other segment. Subsequent to October 1, 2019, the revenue and expense activity associated with Ally Lending was included within the Corporate and Other segment. Subsequent to December 1, 2021, the revenue and expense activity associated with Fair Square was included within the Corporate and Other segment.

Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity.

Estimated impact of CECL on regulatory capital per final rule issued by U.S. banking agencies—In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020 and provided an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from the March 2020 interim final rule was issued by the FRB and other U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we are required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as the day-one impact of adoption plus 25% of the subsequent change in allowance during the two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and beginning January 1, 2022, are phasing in the regulatory capital impacts of CECL based on this five-year transition period.

Reconciliation to GAAP


Adjusted Earnings per Share

*Numerator ($ millions)*		FY 2023			FY 2022			4Q 23			3Q 23			4Q 22

GAAP Net Income Attributable to Common Shareholders		$	910		$	1,604		$	49		$	269		$	251

Discontinued Operations, Net of Tax			2			1			1			—			—

Core OID			48			42			13			12			11

Repositioning and Other			201			77			172			30			57

Change in the Fair Value of Equity Securities			(107	)		215			(74	)		56			(49	)

Tax on: Core OID & Change in Fair Value of Equity Securities (21% tax rate)			(30	)		(70	)		(23	)		(21	)		(4	)

Significant Discrete Tax Items			(94	)		61			—			(94	)		61

Core Net Income Attributable to Common Shareholders	[a]	$	930		$	1,929		$	137		$	252		$	327

*Denominator*

Weighted-Average Common Shares Outstanding *- (Diluted, thousands)*	[b]		305,135			318,629			306,730			305,693			303,062

Adjusted EPS	[a] ÷ [b]	$	3.05		$	6.06		$	0.45		$	0.83		$	1.08


Core Return on Tangible Common Equity (ROTCE)

*Numerator ($ millions)*		FY 2023			FY 2022			4Q 23			3Q 23			4Q 22

GAAP Net Income Attributable to Common Shareholders		$	910		$	1,604		$	49		$	269		$	251

Discontinued Operations, Net of Tax			2			1			1			—			—

Core OID			48			42			13			12			11

Repositioning and Other			201			77			172			30			57

Change in Fair Value of Equity Securities			(107	)		215			(74	)		56			(49	)

Tax on: Core OID & Change in Fair Value of Equity Securities (21% tax rate)			(30	)		(70	)		(23	)		(21	)		(4	)

Significant Discrete Tax Items			(94	)		61			—			(94	)		61

Core Net Income Attributable to Common Shareholders	[a]	$	930		$	1,929		$	137		$	252		$	327

*Denominator (Average, $ millions)*

GAAP Shareholder’s Equity		$	13,272		$	14,348		$	13,296		$	13,179		$	12,647

Preferred Equity			(2,324	)		(2,324	)		(2,324	)		(2,324	)		(2,324	)

GAAP Common Shareholder’s Equity		$	10,948		$	12,024		$	10,972		$	10,855		$	10,323

Goodwill & Identifiable Intangibles, Net of Deferred Tax Liabilities (DTLs)			(859	)		(921	)		(805	)		(883	)		(906	)

Tangible Common Equity		$	10,089		$	11,103		$	10,167		$	9,972		$	9,417

Core OID Balance			(817	)		(862	)		(799	)		(812	)		(847	)

Net Deferred Tax Asset (DTA)			(1,193	)		(820	)		(1,378	)		(1,310	)		(1,165	)

Normalized Common Equity	[b]	$	8,079		$	9,421		$	7,989		$	7,850		$	7,405

Core Return on Tangible Common Equity	[a] ÷ [b]		11.5	%		20.5	%		6.9	%		12.9	%		17.6	%

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Adjusted Tangible Book Value per Share

*Numerator ($ billions)*		FY 2023			FY 2022			4Q 23			3Q 23			4Q 22

GAAP Shareholder’s Equity		$	13,766		$	12,859		$	13,766		$	12,825		$	12,859

Preferred Equity			(2,324	)		(2,324	)		(2,324	)		(2,324	)		(2,324	)

GAAP Common Shareholder’s Equity		$	11,442		$	10,535		$	11,442		$	10,501		$	10,535

Goodwill and Identifiable Intangible Assets, Net of DTLs			(731	)		(902	)		(731	)		(879	)		(902	)

Tangible Common Equity			10,711			9,633			10,711			9,622			9,633

Tax-effected Core OID Balance (21% tax rate)			(626	)		(665	)		(626	)		(636	)		(665	)

Adjusted Tangible Book Value	[a]	$	10,084		$	8,968		$	10,084		$	8,986		$	8,968

*Denominator*

Issued Shares Outstanding (period-end, thousands)	[b]		302,459			299,324			302,459			301,630			299,324

*Metric*

GAAP Shareholder’s Equity per Share		$	45.51		$	42.96		$	45.51		$	42.52		$	42.96

Preferred Equity per Share			(7.68	)		(7.76	)		(7.68	)		(7.70	)		(7.76	)

GAAP Common Shareholder’s Equity per Share		$	37.83		$	35.20		$	37.83		$	34.81		$	35.20

Goodwill and Identifiable Intangible Assets, Net of DTLs per Share			(2.42	)		(3.01	)		(2.42	)		(2.91	)		(3.01	)

Tangible Common Equity per Share		$	35.41		$	32.18		$	35.41		$	31.90		$	32.18

Tax-effected Core OID Balance (21% tax rate) per Share			(2.07	)		(2.22	)		(2.07	)		(2.11	)		(2.22	)

Adjusted Tangible Book Value per Share	[a] ÷ [b]	$	33.34		$	29.96		$	33.34		$	29.79		$	29.96



Adjusted Efficiency Ratio

*Numerator ($ millions)*		FY 2023			FY 2022			4Q 23			3Q 23			4Q 22

GAAP Noninterest Expense		$	5,163		$	4,687		$	1,416		$	1,232		$	1,266

Insurance Expense			(1,332	)		(1,150	)		(321	)		(338	)		(286	)

Repositioning and Other			(217	)		(77	)		(187	)		(30	)		(57	)

Adjusted Noninterest Expense for Adjusted Efficiency Ratio	[a]	$	3,614		$	3,460		$	908		$	864		$	923

*Denominator ($ millions)*

Total Net Revenue		$	8,214		$	8,428		$	2,067		$	1,968		$	2,201

Core OID			48			42			13			12			11

Insurance Revenue			(1,545	)		(1,112	)		(450	)		(322	)		(387	)

Adjusted Net Revenue for Adjusted Efficiency Ratio	[b]	$	6,717		$	7,358		$	1,630		$	1,658		$	1,825

Adjusted Efficiency Ratio	[a] ÷ [b]		53.8	%		47.0	%		55.7	%		52.1	%		50.6	%



Original Issue Discount Amortization Expense ($ millions)

		FY 2023			FY 2022			4Q 23			3Q 23			4Q 22

GAAP Original Issue Discount Amortization Expense		$	61		$	53		$	16		$	15		$	14

Other OID			(13	)		(11	)		(3	)		(3	)		(3	)

Core Original Issue Discount (Core OID) Amortization Expense (excl. accelerated OID)		$	48		$	42		$	13		$	12		$	11



Outstanding Original Issue Discount Balance ($ millions)

		FY 2023			FY 2022			4Q 23			3Q 23			4Q 22

GAAP Outstanding Original Issue Discount Balance		$	(831	)	$	(882	)	$	(831	)	$	(847	)	$	(882	)

Other Outstanding OID Balance			39			40			39			42			40

Core Outstanding Original Issue Discount Balance (Core OID Balance)		$	(793	)	$	(841	)	$	(793	)	$	(806	)	$	(841	)

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($ millions)

Net Financing Revenue (ex. Core OID)

FY 2023

FY 2022

4Q 23

3Q 23

4Q 22

GAAP Net Financing Revenue

[w]

6,201

6,850

1,493

1,533

1,674

Core OID

Net Financing Revenue (ex. Core OID)

[a]

6,249

6,892

1,506

1,545

1,685

Adjusted Other Revenue

FY 2023

FY 2022

4Q 23

3Q 23

4Q 22

GAAP Other Revenue

[x]

2,013

1,578

574

435

527

Change in Fair Value of Equity Securities

(107

)

215

(74

)

(49

)

Adjusted Other Revenue

[b]

1,906

1,793

500

491

478

Adjusted Total Net Revenue

FY 2023

FY 2022

4Q 23

3Q 23

4Q 22

Adjusted Total Net Revenue

[a]+[b]

8,155

8,685

2,006

2,036

2,163

Adjusted Provision for Credit Losses

FY 2023

FY 2022

4Q 23

3Q 23

4Q 22

GAAP Provision for Credit Losses

[y]

1,968

1,399

587

508

490

Repositioning

(16

)

—

(16

)

—

Adjusted Provision for Credit Losses

[c]

1,984

1,399

603

508

490

Adjusted NIE (Excluding Repositioning)

FY 2023

FY 2022

4Q 23

3Q 23

4Q 22

GAAP Noninterest Expense

[z]

5,163

4,687

1,416

1,232

1,266

Repositioning

217

187

Adjusted NIE (Excluding Repositioning)

[d]

4,946

4,610

1,229

1,202

1,209

Core Pre-Tax Income

FY 2023

FY 2022

4Q 23

3Q 23

4Q 22

Pre-Tax Income

[w]+[x]-[y]-[z]

1,083

2,342

228

445

Core Pre-Tax Income

[a]+[b]-[c]-[d]

1,226

2,676

174

326

464

Core Pre-Provision Net Revenue (Core PPNR)

FY 2023

FY 2022

4Q 23

3Q 23

4Q 22

Pre-Provision Net Revenue

[w]+[x]-[z]

3,051

3,741

651

736

935

Core Pre-Provision Net Revenue

[a]+[b]-[d]

3,209

4,075

777

834

954



Insurance Non-GAAP Walk to Core Pre-Tax Income (Quarterly)
*($ millions)*			4Q 2023								4Q 2022
			Change in the								Change in the
	GAAP		fair value of			Non-GAAP¹		GAAP			fair value of			Non-GAAP¹
			equity securities								equity securities

Insurance

Premiums, Service Revenue Earned and Other	$	339	$	—		$	339	$	305		$	—		$	305

Losses and Loss Adjustment Expenses		93		—			93		63			—			63

Acquisition and Underwriting Expenses		228		—			228		223			—			223

Investment Income and Other		111		(67	)		44		82			(49	)		33

Pre-Tax Income from Continuing Operations	$	129	$	(67	)	$	62	$	101		$	(49	)	$	52



Insurance Non-GAAP Walk to Core Pre-Tax Income (Annual)

*($ millions)*			FY 2023								FY 2022
			Change in the								Change in the
	GAAP		fair value of			Non-GAAP¹		GAAP			fair value of			Non-GAAP¹
			equity securities								equity securities

Insurance

Premiums, Service Revenue Earned and Other	$	1,284	$	—		$	1,284	$	1,166		$	—		$	1,166

Losses and Loss Adjustment Expenses		422		—			422		280			—			280

Acquisition and Underwriting Expenses		910		—			910		870			—			870

Investment Income and Other		261		(110	)		151		(54	)		210			156

Pre-Tax Income from Continuing Operations	$	213	$	(110	)	$	103	$	(38	)	$	210		$	172

¹Non-GAAP line items walk to Core Pre-Tax Income, a non-GAAP financial measure that adjusts Pre-Tax Income.

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Additional Financial Information

For additional financial information, the fourth quarter and full-year 2023 earnings presentation and financial supplement are available in the Events & Presentations section of Ally’s Investor Relations Website at http://www.ally.com/about/investor/events-presentations/.

About Ally Financial Inc.

Ally Financial Inc. (NYSE: ALLY) is a financial services company with the nation’s largest all-digital bank and an industry-leading auto financing business, driven by a mission to “Do It Right” and be a relentless ally for customers and communities. The company serves more than 11 million customers through a full range of online banking services (including deposits, mortgage, point-of-sale personal lending and credit card products) and securities brokerage and investment advisory services. The company also includes a robust corporate finance business that offers capital for equity sponsors and middle-market companies, as well as auto financing and insurance offerings. For more information, please visit www.ally.com and follow @allyfinancial.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

For further images and news on Ally, please visit https://media.ally.com.

Forward-Looking Statements

This earnings release and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the release or related communication.

This earnings release and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts — such as statements about the outlook for financial and operating metrics and performance and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future.

Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2022, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.

This earnings release and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the release.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts. The term “partnerships” means business arrangements rather than partnerships as defined by law.


Contacts:
Sean Leary		Peter Gilchrist
Ally Investor Relations		Ally Communications (Media)
704-444-4830		704-644-6299
sean.leary@ally.com		peter.gilchrist@ally.com

4Q 2023 Preliminary Results Exhibit 99.2 Ally Financial Inc. 4Q 2023 Earnings Review January 19, 2024 Contact Ally Investor Relations at (866) 710-4623 or investor.relations@ally.com 1

4Q 2023 Preliminary Results Forward-Looking Statements and Additional Information This presentation and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication. This presentation and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for financial and operating metrics and performance and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2022, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings. This presentation and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation. Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts. The term “partnerships” means business arrangements rather than partnerships as defined by law. 2

4Q 2023 Preliminary Results GAAP and Core Results: Annually 2023 2022 2021 2020 2019 ($ millions, except per share data) GAAP net income attributable to common shareholders (NIAC) $ 910 $ 1,604 $ 3,003 $ 1,085 $ 1,715 (1)(2) $ 930 $ 1,929 $ 3,146 $ 1,141 $ 1 ,472 Core net income attributable to common shareholders GAAP earnings per common share (EPS) (diluted, NIAC) $ 2.98 $ 5.03 $ 8.22 $ 2.88 $ 4.34 (1)(2) Adjusted EPS $ 3.05 $ 6.06 $ 8.61 $ 3.03 $ 3.72 Return on GAAP common shareholders' equity 8.3% 13.3% 20.2% 7.7% 12.4% (1)(2) 11.5% 20.5% 24.3% 9.1% 12.0% Core ROTCE GAAP common shareholders' equity per share $ 37.83 $ 35.20 $ 4 3.58 $ 39.24 $ 3 8.51 (1)(2) $ 3 3.34 $ 29.96 $ 3 8.73 $ 36.05 $ 3 5.06 Adjusted tangible book value per share (Adjusted TBVPS) Efficiency ratio 62.9% 55.6% 50.1% 57.3% 53.6% (1)(2) 53.8% 47.0% 43.7% 50.3% 47.4% Adjusted efficiency ratio GAAP total net revenue $ 8 ,214 $ 8,428 $ 8,206 $ 6 ,686 $ 6 ,394 (1)(2) $ 8 ,155 $ 8,685 $ 8 ,381 $ 6,692 $ 6 ,334 Adjusted total net revenue (1)(2) $ 3 ,051 $ 3 ,741 $ 4,096 $ 2 ,853 $ 2,965 Pre-provision net revenue (1)(2) $ 3 ,209 $ 4 ,075 $ 4 ,271 $ 2,909 $ 2 ,905 Core pre-provision net revenue Effective tax rate 5.6% 26.8% 20.5% 23.2% 12.5% (1) The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Accelerated issuance expense (Accelerated OID), Adjusted earnings per share (Adjusted EPS), Adjusted efficiency ratio, Adjusted noninterest expense, Adjusted other revenue, Adjusted tangible book value per share (Adjusted TBVPS), Adjusted total net revenue, Core net income attributable to common shareholders, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), Core pre- provision net revenue (Core PPNR), Core pre-tax income, Core return on tangible common equity (Core ROTCE), Investment income and other (adjusted), Net financing revenue (excluding Core OID), Net interest margin (excluding Core OID), Pre-provision net revenue (PPNR), and Tangible Common Equity. These measures are used by management, and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. (2) Non-GAAP financial measure – see pages 35 – 37 for definitions. 3

4Q 2023 Preliminary Results GAAP and Core Results: Quarterly 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 ($ millions, except per share data) GAAP net income attributable to common shareholders (NIAC) $ 49 $ 269 $ 301 $ 291 $ 251 (1)(2) Core net income attributable to common shareholders $ 137 $ 252 $ 291 $ 250 $ 327 GAAP earnings per common share (EPS) (diluted, NIAC) $ 0.16 $ 0.88 $ 0.99 $ 0.96 $ 0.83 (1)(2) Adjusted EPS $ 0.45 $ 0.83 $ 0.96 $ 0.82 $ 1.08 Return on GAAP common shareholders' equity 1.8% 9.9% 10.8% 10.8% 9.7% (1)(2) 6.9% 12.9% 13.9% 12.5% 17.6% Core ROTCE GAAP common shareholders' equity per share $ 3 7.83 $ 3 4.81 $ 37.16 $ 36.75 $ 35.20 (1)(2) Adjusted tangible book value per share (Adjusted TBVPS) $ 3 3.34 $ 2 9.79 $ 3 2.08 $ 3 1.59 $ 2 9.96 Efficiency ratio 68.5% 62.6% 60.1% 60.3% 57.5% (1)(2) 55.7% 52.1% 51.7% 55.8% 50.6% Adjusted efficiency ratio GAAP total net revenue $ 2,067 $ 1,968 $ 2,079 $ 2,100 $ 2 ,201 (1)(2) Adjusted total net revenue $ 2 ,006 $ 2 ,036 $ 2 ,066 $ 2,047 $ 2 ,163 (1)(2) $ 651 $ 736 $ 830 $ 834 $ 935 Pre-provision net revenue (1)(2) $ 777 $ 834 $ 817 $ 781 $ 954 Core pre-provision net revenue Effective tax rate -20.3% -29.8% 18.4% 17.5% 37.5% (1) The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Accelerated issuance expense (Accelerated OID), Adjusted earnings per share (Adjusted EPS), Adjusted efficiency ratio, Adjusted noninterest expense, Adjusted other revenue, Adjusted tangible book value per share (Adjusted TBVPS), Adjusted total net revenue, Core net income attributable to common shareholders, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), Core pre- provision net revenue (Core PPNR), Core pre-tax income, Core return on tangible common equity (Core ROTCE), Investment income and other (adjusted), Net financing revenue (excluding Core OID), Net interest margin (excluding Core OID), Pre-provision net revenue (PPNR), and Tangible Common Equity. These measures are used by management, and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document. (2) Non-GAAP financial measure – see pages 35 – 37 for definitions. 4

4Q 2023 Preliminary Results Purpose-Driven Culture Strong leadership team in place to continue to advance our ‘LEAD’ Core Values and ‘Do It Right’ Culture L E A D Look Execute with Act with Deliver externally excellence professionalism results Strive to meet and exceed the Continuously improve with an Operate with integrity and Lead the charge to win for our needs of our customers intense focus on excellence embrace diversity and customers and company inclusion Customer centric focus and …Driving purpose and a … Delivering long-term investing in our culture… sense of belonging… value for all stakeholders (1) 11M+ Total Customers ➢➢ ‘23 Fortune 100 Best Companies to Work For➢ 60,000+ Volunteer Hours (2) America’s Best Large Employers ‘23 (Forbes) ➢➢➢ 88% Bank Customer Satisfaction 50-50 Media Spend Pledge Best Employers for Women ‘23 (Forbes) (3) th ➢➢➢ 380+ Million Digital Interactions ‘23 Top 50 Companies for Diversity (DiversityInc) 5 Annual Moguls in the Making See page 39 for footnotes. 5

4Q 2023 Preliminary Results 2023 Full-Year Highlights $2.98 | $3.05 8.3% | 11.5% $8.2B | $8.2B 3.35% | 10.69% NIM Est. Retail GAAP Adj. Return on Core GAAP Adj. Total (2) (3) (1) (1) (1) (ex. OID) Originated Yield EPS EPS Common Equity ROTCE Net Revenue Net Revenue 4Q Notable Items • Reached agreement to sell Ally Lending; CET1 benefit of ~15bps at closing in 1Q ‘24, accretive to EPS and tangible book value • Deconsolidated $1.7 billion of seasoned retail auto loans generating 9bps of CET1 benefit • Headcount actions announced in 3Q have been realized driving $80 million of annualized expense savings • FDIC special assessment fee of $38 million, among the lowest in the industry given the composition of the deposit base FY Operational Highlights • 13.8 million consumer auto applications driving $40 billion of origination volume Dealer (3) • Retail auto originated yield of 10.7% with nearly 40% of volume within highest credit quality tier Financial • 177bps full-year retail auto net-charge-offs, in-line with full-year guidance Services • Insurance earned premiums of $1.3 billion, highest since IPO • $142 billion of retail deposits from 3.0 million retail deposit customers; $155 billion total deposits Consumer & Commercial • 1.2 million active credit cardholders; balanced approach to growth with compelling return profile (4) Banking • Corporate Finance HFI portfolio of $10.9 billion; 25% ROE in ‘23, with less than 1% of loans in nonaccrual status (1) Non-GAAP financial measure. See pages 35 - 37 for definitions. (2) Calculated using a Non-GAAP financial measure. See pages 35 – 37 for definitions. (3) Estimated Retail Auto Originated Yield is a forward-looking financial measure. See page 38 for details. (4) Consumer and Commercial Banking activity is within ‘Corporate and Other’ and ‘Corporate Finance’ businesses. Note: Ally Bank, Member FDIC and Equal Housing Lender, which offers mortgage lending, point of sale personal lending, and a variety of deposit and other banking products, a consumer credit card business, a corporate finance business for equity sponsors and middle-market companies. Additionally, we offer securities-brokerage and investment advisory services through Ally Invest. 6

4Q 2023 Preliminary Results Established, Market Leading Franchises Proven scale and consistent through the cycle approach Dealer Financial Services 22K $1.3B 13.8M $40B Insurance Dealer Consumer Consumer Earned Premiums Relationships Applications Originations Strengthening Dealer Value Strong Leading Auto Finance Over $400 Billion of Loan & Proposition & Deepening Dealer Engagement Provider in Prime and Used Lease Volume Decisioned Relationships High-quality, engaged consumer deposits portfolio Ally Bank 3M+ $142B 1M+ 97% Retail Deposit Retail Deposit Deposit Customer (1) Customers Balances Customers Retention Using Smart Savings Tools, 92% Record Customer Growth Industry Ally Invest, Direct Debit or FDIC Insured (↑359k) Leading Direct Deposit (1) See page 38 for details. 7

4Q 2023 Preliminary Results Total Net Revenue Revenue expansion and diversification Net Financing Revenue | Other Revenue 76% increase since 2014 Revenue from Insurance, Corporate Finance and Credit Card $1.3B $1.3B $1.7B $2.4B 8

4Q 2023 Preliminary Results Net Interest Margin Transformation of balance sheet driving higher NIM (1) NIM (ex. Core OID) Earning Asset EAY: 4.42% EAY: 4.55% EAY: 4.49% EAY: 5.46% EAY: 7.02% Yield (EAY) Cost of Funds CoF: 1.98% CoF: 1.91% CoF: 1.97% CoF: 1.71% CoF: 3.92% (1) (ex. Core OID) 0.25% 5.20% Structurally higher NIM profile driven by Avg. FF Avg. FF transformation on both sides of the balance sheet Funding Profile Monthly Data 2014-2023 12% Secured, Unsecured, FHLB & Other ~60% reduction in unsecured since 2014 88% 59% 41% Deposits Stable, Sticky, and Efficient 2023 2014 (1) Calculated using a Non-GAAP financial measure. See pages 35 – 37 for definitions. 9

4Q 2023 Preliminary Results Funding and Liquidity Core funded with stable deposits and strong liquidity position Total Available Liquidity Funding Composition ($ billions) (End of Period) Unsecured Debt Cash and Equivalents FHLB / Other FHLB Unused Pledged Borrowing Capacity FRB Discount Window Pledged Capacity Secured Debt Total Deposits Unencumbered Highly Liquid Securities (1) Loan to Deposit Ratio Available Liquidity vs. Uninsured Deposits 5.9x 2.3x 4.1x 5.5x 205% 141% 94% 98% Note: Excludes estimated incremental funding capacity if securities were pledged to Bank Term Funding Program at par (1) Total loans and leases divided by total deposits. relative to market value (~$1.7B). 10

4Q 2023 Preliminary Results Capital Optimization Continuing to optimize capital across all areas of the business • Sale reflects overall strategy to invest resources in growing scale businesses and strengthening relationships with consumer and dealer customers Reached Agreement to • Expected to close in the first quarter of 2024 and generate approximately 15bps of CET1 Sell Ally Lending • Resulted in loss on sale of $101 million after-tax, driven by the write down of goodwill • Deconsolidated $1.7 billion of seasoned retail auto loans in 4Q ‘23 Deconsolidation – Loans primarily made up of 2022 vintage with 7.3% yield of Retail Auto Loans – Transactions drove 9bps CET1 benefit in 4Q ‘23 • Reduced 2023 RWA by $4B through targeted curtailments across retail auto and unsecured • Workforce reduction in 2H ’23 driving $80 million of annual savings Ongoing Capital • Generated $100 million of capital through tax planning strategies Optimization • No reinvestment in investment securities and minimal HFI mortgage volume since 2022 • Transferred $3.6 billion of Non-Agency MBS from AFS to HTM in 4Q ‘23 – Securities do not qualify as contingent liquidity 11

4Q 2023 Preliminary Results 4Q and Full-Year 2023 Financial Results Consolidated Income Statement 4Q 23 3Q 23 4Q 22 2023 2022 ($ millions, except per share data) Net financing revenue $ 1,493 $ 1,533 $ 1,674 $ 6,201 $ 6,850 (1) Core OID 13 12 11 48 42 (1) Net financing revenue (ex. Core OID) 1,506 1,545 1,685 6,249 6,892 Other revenue 574 435 527 2,013 1,578 (2) (74) 56 (49) (107) 215 Repositioning and change in fair value of equity securities (1) 500 491 478 1,906 1,793 Adjusted other revenue Provision for credit losses 587 508 490 1,968 1,399 Memo: Net charge-offs 623 456 390 1,887 952 Memo: Provision build / (release) (36) 52 100 81 447 (3) ( 16) - - ( 16) - Ally Lending Repositioning items (1) 603 508 490 1,984 1,399 Adjusted provision for credit losses Noninterest expense 1,416 1,232 1,266 5,163 4,687 (2) FDIC Special Assessment 38 30 57 68 77 Repositioning items (3) $133M pre-tax impact from 149 - - 149 - Ally Lending Repositioning items provision release and (1) 1,229 1,202 1,209 4,946 4,610 Adjusted noninterest expense write-down of goodwill Pre-tax income $ 64 $ 228 $ 445 $ 1 ,083 $ 2 ,342 Income tax expense / (benefit) ( 13) (68) 167 61 627 Net loss from discontinued operations (1) - - (2) (1) Net income $ 76 $ 296 $ 278 $ 1,020 $ 1,714 Preferred stock dividends 27 27 27 110 110 Net income attributable to common stockholders $ 49 $ 269 $ 251 $ 910 $ 1,604 $ - GAAP EPS (diluted) $ 0.16 $ 0.88 $ 0.83 $ 2 .98 $ 5 .03 (1) Core OID, net of tax 0 .03 0 .03 0.03 0.13 0.10 (2) Change in fair value of equity securities, net of tax (0.19) 0.14 (0.13) (0.28) 0.53 (2) 0 .10 0.08 0.15 0.18 0 .19 Repositioning, discontinued ops., and other, net of tax (3) FDIC Special Assessment 0 .34 - - 0.34 - Repositioning items (Ally Lending) Significant discrete tax items - ( 0.31) 0.20 (0.31) 0 .19 Provision release and (1) write-down of goodwill $ 0 .45 $ 0.83 $ 1.08 $ 3 .05 $ 6 .06 Adjusted EPS (1) Non-GAAP financial measure. See pages 35 – 37 for definitions. (2) Contains Non-GAAP financial measures and other financial measures. See pages 35 – 38 for definitions. (3) Repositioning items related to pending sale of Ally Lending. Contains Non-GAAP financial measures and other financial measures. See pages 35 – 38 for definitions. Note: Repositioning items excluding Ally Lending represent FDIC special assessment fee in 4Q ’23, costs associated with restructuring in 3Q ’23 and cost associated with termination of legacy qualified pension plan in 2022. 12

4Q 2023 Preliminary Results Balance Sheet and Net Interest Margin 4Q 23 3Q 23 4Q 22 2023 2022 Average Average Average Average Average Balance Yield Balance Yield Balance Yield Balance Yield Balance Yield ($ millions) Retail Auto Loans $ 84,711 8.98% $ 85,131 8.90% $ 83,781 7.98% $ 84,393 8.80% $ 81,035 7.19% Memo: Impact from hedges 0.55% 0.74% 0.61% 0.77% 0.18% Auto Leases (net of depreciation) 9,415 6.24% 9,817 7.00% 10,546 6.02% 9,941 6.93% 10,656 6.41% Commercial Auto 21,808 7.14% 20,530 7.11% 17,283 5.91% 20,184 6.96% 16,462 4.45% Corporate Finance 10,787 9.70% 10,309 9.54% 10,181 7.78% 10,486 9.34% 8,974 6.09% (1) 18,788 3.21% 19,028 3.20% 19,876 3.17% 19,188 3.22% 19,218 3.06% Mortgage (2) 2,167 9.86% 2,201 9.94% 1,904 10.37% 2,130 9.94% 1,508 11.31% Consumer Other - Ally Lending Consumer Other - Ally Credit Card 1,925 22.02% 1,826 22.39% 1,486 21.75% 1,769 22.04% 1,216 20.54% Cash and Cash Equivalents 7,571 4.72% 8,308 4.73% 4,129 2.94% 7,261 4.57% 3,886 1.38% (3) 29,784 3.66% 30,769 3.53% 32,513 2.89% 31,264 3.34% 34,778 2.46% Investment Securities & Other Earning Assets $ 186,956 7.22% $ 187,920 7.14% $ 181,698 6.24% $ 186,616 7.02% $ 177,733 5.46% (3) Total Loans and Leases 149,978 8.04% 149,248 8.02% 145,438 7.08% 148,494 7.91% 139,450 6.32% (4) $ 153,672 4.19% $ 153,526 4.04% $ 148,485 2.53% $ 153,087 3.81% $ 143,180 1.39% Deposits Unsecured Debt 9,796 7.10% 10,778 6.40% 9,600 6.03% 10,388 6.49% 9,175 6.00% Secured Debt 2,279 5.15% 3,120 6.81% 1,917 4.73% 2,708 5.96% 1,386 5.77% (5) 8,572 3.79% 7,365 3.23% 9,934 2.80% 7,513 3.23% 10,414 2.29% Other Borrowings Funding Sources $ 174,319 4.35% $ 174,789 4.21% $ 169,936 2.77% $ 173,696 3.97% $ 164,155 1.74% 3.1640% NIM (as reported) 3.17% 3.24% 3.65% 3.32% 3.85% (6) $ 799 6.35% $ 812 6.02% $ 847 5.17% $ 817 5.92% $ 862 4.84% Core OID (6) 3.20% 3.26% 3.68% 3.35% 3.88% NIM (ex. Core OID) (1) Mortgage includes held-for-investment (HFI) loans from the Mortgage Finance segment and the HFI legacy mortgage portfolio in run-off at the Corporate and Other segment. (2) Unsecured lending from point-of-sale financing. Moved to Assets of Operations Held-For-Sale (HFS) on 12/31/23. (3) Includes Community Reinvestment Act and other held-for-sale (HFS) loans. (4) Includes retail, brokered, and other deposits (inclusive of sweep deposits, mortgage escrow and other deposits). (5) Includes FHLB borrowings and Repurchase Agreements. (6) Calculated using a Non-GAAP financial measure. See pages 35 – 37 for definitions. 13

4Q 2023 Preliminary Results Capital (1) • 4Q ‘23 CET1 ratio of 9.4% and TCE / TA ratio of 5.5% Capital Ratios and Risk-Weighted Assets ($ billions) – Closing of Ally Lending sale in early 2024 adds ~15bps of CET1 Total Capital Ratio • $3.8B of CET1 capital above FRB requirement of 7.0% Tier 1 Ratio (Regulatory Minimum + SCB) CET1 Ratio – 9.0% internal operating target Risk • Executed several capital management actions in 4Q ‘23 Weighted Assets – Reached agreement to sell Ally Lending – Deconsolidated $1.7B of retail auto loans from balance sheet – Transferred $3.6B of securities from AFS to HTM • Announced 1Q ’24 common dividend of $0.30 per share Note: For more details on the final rules to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently phase-in its impact, see page 38. (1) Adjusted Tangible Book Value Per Share $46 100% increase since 2014 (1) (ex. OCI) (2) OCI Impact End of Period Shares Outstanding: 480M 437M 375M 302M (1) Contains a Non-GAAP financial measure. See pages 35 – 37 for definitions. (2) Prior period OCI impacts are not material to Adjusted Tangible Book Value per Share and therefore not shown. 14

4Q 2023 Preliminary Results Asset Quality: Key Metrics (1) (1) Consolidated Net Charge-Offs (NCOs) Net Charge-Off Activity ($ millions) 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 Annualized Retail Auto $ 347 $ 351 $ 277 $ 393 $ 470 NCO Rate Commercial Auto - - 4 - 19 Mortgage Finance - - - - - Corporate Finance - - 56 (3) 48 NCOs ($M) Ally Lending 26 30 27 29 36 Ally Credit Card 19 29 36 39 52 (2) Corp/Other (2) (1) (1) (2) (2) Total $ 390 $ 409 $ 399 $ 456 $ 623 (2) Corp/Other includes legacy Mortgage HFI portfolio. Note: Ratios exclude loans measured at fair value and loans held for sale ex. Ally Lending. See page 38 for definition. (1) Retail Auto Net Charge-Offs (NCOs) Retail Auto Delinquencies 4.38% excluding impact from retail auto loan sales 30+ DPD Delinquency Rate Annualized 60+ DPD NCO Rate Delinquency Rate 60+ Delinquent Contracts NCOs ($M) ($M) (1) Excludes write-downs from retail auto loan sales and pending Ally Lending sale. 15 Notes: [1] Includes accruing contracts only [2] Days Past Due (“DPD”).

4Q 2023 Preliminary Results Asset Quality: Coverage and Reserves Consolidated Coverage Retail Auto Coverage QoQ decrease 3.62% ex. ($ billions) ($ billions) driven by change impacts from in portfolio mix, retail auto loan including sale of sales Ally Lending Reserve (%) Reserve (%) Reserve ($) Reserve ($) Note: Coverage rate calculations exclude fair value adjustment for loans in hedge accounting relationships. Note: Coverage rate calculations exclude fair value adjustment for loans in hedge accounting relationships. Consolidated QoQ Reserve Walk ($ millions) Retail Auto ∆ In Portfolio Size Net Charge-off All 4Q ’23 3Q ’23 (ex. Loan Sale + Loan Sale + 1 2 3 4 Activity Other Ally Lending) Ally Lending Reserve Reserve ($623) 4Q ’23 NCOs $ 37 ($215) ($72) $3,837 $3,587 Reduction of allowance Reflects changes in $623 Replenished Loan Growth specific reserves and ($41 related to retail auto loan sales macroeconomic variables and $174 related to pending Ally Lending sale) 16

4Q 2023 Preliminary Results Retail Auto Credit Performance 2023 NCOs in-line with guide (1.8%); seasonally adjusted NCOs to peak in first half of 2024 • Full year 2023 NCO rate of 1.77%; 4Q NCOs at low-end of 2.2% - 2.4% guide driven by stable flow-to-loss rates and strong front book performance, partially offset by softer used vehicle values • 1H ‘24 NCO rates expected to be impacted by ↓ used vehicle values, ↑ unemployment and peak losses on 2H ‘22 vintage (~18 mos. on book), partially offset by strong front book performance – Used vehicle values ↓ ~5% in 1H ‘24; unemployment peaking at 4.4% – Year-over-year change in 30+ day delinquency rates ↓ four quarters in a row – ‘23 vintage 30+ day DQs currently outperforming ‘22 vintage and continues to improve with each additional month on book • Recent originations contain a higher mix of loans from the highest credit tier (2Q ‘23 and forward), supporting lower seasonally adjusted NCOs in 2H ‘24 as 2023 vintages reach peak loss (1) (1) Retail Auto Portfolio Mix by Vintage Change in YoY 30-Day DQ Rates 30+ Day DQs by Vintage 2022 | 2023 0.82% excluding impact from retail auto loan sales MO. 12 2023 2024 2022 2023 MO. 7 2022 ‘21 and ‘21 and Prior Prior 4Q ‘23 4Q ‘24 Months 17 (1) Includes accruing contracts only

4Q 2023 Preliminary Results Used Vehicle Value Outlook Used vehicle values expected to decline through first half of 2024 • Ally Used Vehicle Value Index is ↓ 26% vs. the Dec. ‘21 peak, with an additional ~5% ↓ assumed in 2024 – Expect decline in the first half of 2024, followed by stabilization in 2H 2024 and beyond • Expect used vehicle values to stabilize in 2025 following three years of declines (2022 – 2024) – Lower production in 2020 – 2022 will lead to constrained used supply over the next several years and is expected to provide structural support for used vehicle values over the medium-term Ally Used Vehicle Value Index (AUVI) Used Industry Volume Inflow 3-year-old vehicles, adjusted for seasonality, mix, mileage, and MSRP inflation (# in millions of units) End of Period Used supply ↓ 26% ↓ 16% from peak Source: Manheim, Cox Automotive 18

4Q 2023 Preliminary Results Auto Finance: Agile Market Leader # # # # Leading 1 1 1 1 Prime Auto Bank Floorplan Bank Retail Auto Dealer Satisfaction Insurance Provider (1) (2) (3) (4) Lender Lender Loan Outstandings J.D. Power Award (F&I, P&C Products) Consumer Applications and Approval Rate Auto Balance Sheet Trends ($ billions; EoP, HFI only) Total Consumer Auto Lease Consumer Applications Retail Commercial Approval Rate Auto Consumer Originations Consumer Origination Mix ($ billions; % of $ originations) (% of $ originations) Retail Weighted Avg. FICO Lease New Other Non-OEM (5) Franchised Other OEM Franchised Used Stellantis Nonprime % of Total Retail GM 19 See page 39 for footnotes.

4Q 2023 Preliminary Results Auto Finance Inc / (Dec) v. • Auto pre-tax income of $294 million Key Financials ($ millions) 4Q 23 3Q 23 4Q 22 – Pre-tax income down YoY, primarily driven by lower net loss Net financing revenue $ 1 ,330 $ (30) $ 5 performance in prior year period Total other revenue 82 3 (10) Total net revenue 1,412 (27) ( 5) – Provision expense up QoQ driven by seasonal trends Provision for credit losses 492 48 116 (1) Noninterest expense 626 8 22 – Net financing revenue up YoY as strength in portfolio yield more than offsets higher funding cost Pre-tax income $ 294 $ (83) $ (143) Auto earning assets (EOP) $ 116,932 $ 557 $ 3,795 • Estimated retail originated yield of 10.81%, up 124bps YoY Key Statistics – Continued strength in retail auto originated yields driven by record Remarketing gains ($ millions) $ 37 $ (20) $ 6 application flow and an accommodative origination environment Average gain per vehicle $ 1,422 $ (522) $ (54) – Portfolio migration driving retail auto portfolio yields ↑ 100bps YoY, Off-lease vehicles terminated (# units) 2 6,237 (3,247) 5,318 with continued momentum over the medium term driven by Application volume (# thousands) 3,321 (353) 455 strength in fixed rate pricing Retail Auto Yield Trends Lease Portfolio Trends S-tier Origination Mix Lessee & Dealer Estimated Buyout % Originated (2) Yield Portfolio Yield Remarketing Gains ($ millions) Portfolio Yield ex. Hedge: Avg. Gain / Unit $1,422 7.37% 7.66% 7.87% 8.16% 8.43% $1,476 $1,932 $2,335 $1,944 (2) Estimated Retail Auto Originated Yield is a forward-looking financial measure. See page 38 for details. For additional footnotes see page 39. 20

4Q 2023 Preliminary Results Insurance Inc / (Dec) v. • Insurance pre-tax income of $129 million and core pre- (1) Key Financials ($ millions) 4Q 23 3Q 23 4Q 22 tax income of $62 million Premiums, service revenue earned and other income $ 339 $ 15 $ 34 – $339 million of earned premiums, representing highest quarter VSC losses 36 (3) 3 since IPO Weather losses 3 (19) 5 All other losses 54 8 22 – Insurance losses of $93 million, up $30 million YoY driven by portfolio growth including higher insured values, GAP losses and Losses and loss adjustment expenses 93 (14) 30 (2) higher weather losses Acquisition and underwriting expenses 228 ( 3) 5 Total underwriting income / (loss) 18 32 ( 1) • Written premiums of $333 million, up 17% YoY Investment income and other 111 113 29 – Continued success in expanding all-in dealer value proposition Pre-tax income $ 129 $ 145 $ 28 by deepening relationships through comprehensive suite of (3) Change in fair value of equity securities (67) (114) (18) combined Ally offerings (1) Core pre-tax income $ 62 $ 31 $ 10 Total assets (EOP) $ 9 ,081 $ 345 $ 422 – P&C premiums increasing from growing inventory and growth in other dealer products Key Statistics - Insurance Ratios 4Q 23 3Q 23 4Q 22 Loss ratio 27.6% 33.0% 20.6% – F&I growth driven by higher volume in Canada and other US Underwriting expense ratio 67.2% 71.3% 73.0% ancillary products Combined ratio 94.8% 104.3% 93.6% Insurance Written Premiums Insurance Losses ($ millions) ($ millions) P&C Premium Other GAP P&C non- weather F&I Weather Premium VSC (1) Non-GAAP financial measure. See pages 35 – 37 for definitions. Note: F&I: Finance and insurance products and other. P&C: Property and 21 For additional footnotes see page 39. casualty insurance products.

4Q 2023 Preliminary Results Ally Bank: Deposit and Customer Trends $ # 142B 92% $5B 3M 1 97% Largest All-Digital, Retail Deposit FY ‘23 Growth FDIC Ally Bank Customer (1) (2) Direct U.S. Bank Balances (Balances ↑ Every Quarter) Insured Deposit Customers Retention Total Deposits: Retail & Brokered • Total deposits of $154.7 billion, up $2.4 billion YoY ($ billions; EoP) Avg. Retail – Retail deposits of $142.3 billion, up $4.6 billion YoY Portfolio Interest Rate and $2.2 billion QoQ – Total deposits up YoY driven by higher retail balances Brokered / Other • 3 million retail deposit customers, up 13% YoY – Record growth in net retail deposit customers Retail of 359 thousand in 2023 – Nearly 300 thousand multi-product bank customers Note: Brokered / Other includes sweep deposits, mortgage escrow and other deposits. Ally Bank: Multi-product Relationship Customers Net Growth in Retail Deposit Customers (# in thousands) Deposit customers with an Ally Invest, Ally Home or Ally Credit Card relationship (# in thousands) See page 39 for footnotes. Note: Ally Bank, Member FDIC and Equal Housing Lender, which offers mortgage lending, point-of-sale personal lending, and a variety of deposit and other banking products, a consumer credit card business, a corporate finance business for equity sponsors and middle-market companies. Additionally, we offer securities-brokerage and investment advisory services through Ally Invest. 22

4Q 2023 Preliminary Results Ally Credit Card DTC product offering with compelling return profile despite elevated losses • Digital first, customer centric approach with attractive risk-adjusted return profile – Focused on growing and deepening customer relationships responsibly – Legacy offering aligned well with traditional auto finance consumer customers; expanding product offering to meet the needs of deposit customers (1) – Floating rate asset with double digit risk adjusted margins is a strategic fit for Ally’s liability sensitive balance sheet • Credit trends are consistent with broader industry, however more pronounced given portfolio composition – Near-prime portfolio consisting of recent originations with limited benefit from better performing back-book; expect peak NCOs in mid 2024 – Ongoing actions since mid 2022 to limit exposure while pricing for risk to preserve margins; heightened focus on collections staffing and effectiveness Portfolio Composition Credit Tightening Actions Compelling Return Profile as a % of avg. earning assets • Tightened risk scores and credit limits on new accts. 68% of portfolio consists of ‘21 – ’23 Illustrative example • Increased pricing at acquisition originations Near Term Normalized Losses • Pulled back on credit line increase programs 2023 (2) Gross revenue 27% 27% • Restarted credit line decrease program 2022 Annualized NCO % 13% 9% 2021 (1) Risk-adj. margin 14% 10% $300M+ Total Risk Curtailment (FY ‘23) (3) $500M+ in ‘24 Pre-Tax ROA 2% 5% ‘20 and Prior 20% ↓ in new accounts (FY ‘23) 4Q ‘23 ~30% run-rate heading into ‘24 (1) Non-GAAP financial measure. See pages 35 - 37 for definitions. (2) Gross revenue including interest income and fee revenue (3) Net of all operating expenses excluding costs related to the 2021 acquisition of Fair Square including intangible amortization, and corporate allocations. 23 New Existing

4Q 2023 Preliminary Results Ally Home & Invest Deepening customer relationships and adapting to consumer preferences • Ally Home provides a best-in-class mortgage experience that enables Ally to deliver a frictionless, digital end-to-end experience in an innovative way – Strategically positioned with a variable cost structure that allows us to maintain flexibility in different operating environments – Accommodative strategy to meet existing customer needs while balancing growth; 66% of DTC volume from existing depositors in 4Q ‘23 • Ally Invest remains a compelling value proposition for customers who value low minimums and fees, a digital platform, and easy money movement between banking and investing – $13 billion of deposit balances related to Invest customers – 89% of new account volume from existing depositors in 4Q ‘23 Ally Home (Mortgage) Ally Invest (Brokerage & Advisory) Originations ($ in billions) | Launched 1Q’17 Net Customer Assets ($ in billions) | Acquired: 2Q’16 % of DTC originations % of new brokerage accounts from existing depositors from existing depositors More than 80% of 4Q ‘23 originations are conforming and held-for-sale 44% 52% 33% 56% 66% 68% 70% 70% 72% 89% 24

4Q 2023 Preliminary Results Mortgage Finance Inc / (Dec) v. • Mortgage pre-tax income of $24 million Key Financials ($ millions) 4Q 23 3Q 23 4Q 22 Net financing revenue $ 51 $ (2) $ (4) – Noninterest expense down $7 million YoY, reflecting the benefit Total other revenue 3 (1) 1 of variable cost structure Total net revenue $ 54 $ (3) $ (3) • Direct-to-Consumer (DTC) originations of $224 million, Provision for credit losses - 2 (1) (1) reflective of current environment Noninterest expense 30 (3) (7) Pre-tax income $ 24 $ (2) $ 5 – Less than 20% of loans retained on balance sheet Total assets (EOP) $ 18,512 $ (233) $ (1,017) • 4Q ’23 originations primarily from existing depositors, Mortgage Finance HFI Portfolio 4Q 23 3Q 23 4Q 22 Net Carry Value ($ billions) $ 18.4 $ 18.6 $ 19.4 highlighting the strong customer value proposition (2) 52.2% 53.1% 54.6% Wtd. Avg. LTV/CLTV – 66% of DTC originations sourced from existing depositors Refreshed FICO 782 782 781 • Continued focus on customer digital experience and operational efficiency Held-for-Investment Assets Direct-to-Consumer Originations ($ billions) ($ billions) DTC Bulk See page 39 for footnotes. 25

4Q 2023 Preliminary Results Corporate Finance Inc / (Dec) v. • Corporate Finance pre-tax income of $79 million Key Financials ($ millions) 4Q 23 3Q 23 4Q 22 – Pre-tax income of $307 million in full-year 2023, highest since IPO Net financing revenue $ 105 $ 8 $ 11 • Consistently generating strong returns Other revenue 23 ( 1) (2) Total net revenue 128 7 9 – 25% return on equity in 2023 (24% avg. over last five years) Provision for credit losses 17 12 1 • Held-for-investment loans of $10.9B, up 7% YoY (2) Noninterest expense 32 - (4) Pre-tax income $ 79 $ (5) $ 12 – Well diversified, high-quality, 100% first-lien, floating rate loans (3) Change in fair value of equity securities 0 1 ( 0) – Healthcare cashflow represents less than 1.5% of portfolio (1) Core pre-tax income $ 79 $ (4) $ 12 – CRE exposure of $1.3B is limited and performing well (no office CRE) Total assets (EOP) $ 1 1,212 $ 463 $ 668 • Solid credit performance over many years – Criticized assets and non-accrual loans at historically low levels – ~30bps annual NCO rate since IPO; annual NCO rate of 7bps excluding healthcare cash flow business (discontinued in 2020) Net Charge-Off History Asset Quality Summary ~30bps annual NCO rate since 2014 (7bps excluding Healthcare Cashflow exposures) 157% Criticized Nonaccrual Reserves as a % Assets Loans of Nonaccrual Excl. Healthcare Cashflow -0.5% -0.2% 0.6% 0.1% 0.4% 0.0% 0.2% 0.0% 0.2% -0.1% (1) Non-GAAP financial measure. See pages 35 – 37 for definitions. 26 For additional footnotes see page 40.

4Q 2023 Preliminary Results Financial Outlook FY 2024 Net Interest Margin 3.25% - 3.30% | 3.40% - 3.50% (FY | Exit Rate) Incl. ↓ ~5 bps impact from pending sale of Ally Lending and Card curtailments Other Revenue ↑ 5 - 10% Average Earning Assets Flat YoY Net Charge Offs 1.4 - 1.5% | ~1.9% (Consolidated | Retail Auto) (1) Adj. Noninterest Expense ↓ more than 1% | ↑ less than 1% YoY (2) (Controllable | Total OPEX) (3) Tax Rate 18% Remain confident in medium term outlook 4% NIM, $6 EPS, mid-teens RoTCE (1) Non-GAAP financial measures. See pages 35 – 37 for definitions. (2) Defined as total operating expenses excluding FDIC fees and certain insurance expenses (losses and commissions). (3) Assumes statutory U.S. Federal tax rate of 21% 27

4Q 2023 Preliminary Results Strategic Priorities Focused execution on driving long-term value for all stakeholders Ensure culture remains aligned with relentless focus on customers, communities, employees, and shareholders Differentiate as a financial ally for our consumer and commercial customers Continue to grow and diversify by scaling existing businesses Constant evolution to maintain leading digital experiences and brand Driving disciplined risk management and accretive capital deployment Delivering sustainable, enhanced results, and value for ALL stakeholders 28

4Q 2023 Preliminary Results Supplemental 29

4Q 2023 Preliminary Results Supplemental Results By Segment GAAP to Core pre-tax income Walk Inc / (Dec) v. ($ millions) Segment Detail 2023 2022 4Q 23 3Q 23 4Q 22 2022 3Q 23 4Q 22 Automotive Finance $ 1 ,614 $ 2 ,250 $ 294 $ 377 $ 437 $ (6 36) $ (8 3) $ (143) Insurance 213 (38) 129 (16) 101 251 145 28 Dealer Financial Services $ 1,827 $ 2,212 $ 423 $ 361 $ 538 $ (3 85) $ 62 $ (115) Corporate Finance 307 282 79 84 67 25 (5 ) 12 Mortgage Finance 92 55 24 26 19 37 (2) 5 Corporate and Other (1,143) (207) (4 62) (2 43) (179) (936) (219) (2 83) Pre-tax income from continuing operations $1 ,083 $2 ,342 $ 64 $ 228 $ 445 $(1 ,259) $ (1 64) $ (3 81) (1) 48 42 13 12 11 7 0 2 Core OID (2) Change in fair value of equity securities (107) 215 (7 4) 56 (49) (3 22) (130) (2 5) (3) Repositioning and other 201 77 172 30 57 124 142 115 (1) $1 ,226 $ 2,676 $ 174 $ 326 $ 464 $(1 ,450) $ (152) $ (2 90) Core pre-tax income (1) Non-GAAP financial measure. See pages 35 – 37 for definitions. 30 For additional footnotes see page 40.

4Q 2023 Preliminary Results Supplemental Funding Profile Details Funding Mix Deposit Mix Unsecured FHLB / Other Brokered / Other Secured Retail CD Deposits MMA/OSA/ Spend Note: Totals may not foot due to rounding. Note: Other includes sweep deposits, mortgage escrow and other deposits. Totals may not foot due to rounding. (1) Unsecured Long-Term Debt Maturities Wholesale Funding Issuance ($ billions) ($ billions) Principal Amount Weighted Avg. Maturity Date (2) Coupon Outstanding 2024 4.48% $ 1.45 2025 5.52% $ 2.30 (3) 2026+ $ 6.84 6.56% Term ABS Term Unsecured (1) Excludes retail notes and perpetual preferred equity; as of 12/31/2023. Note: Term ABS shown includes funding amounts (notes sold) at new issue and does not include private (2) Reflects notional value of outstanding bond. Excludes total GAAP OID and capitalized transaction costs. offerings. Excludes $2.35 billion of preferred equity issued in 2021. Totals may not foot due to rounding. (3) Weighted average coupon based on notional value and corresponding coupon for all unsecured bonds as of January 1st of the respective year. Does not reflect weighted average interest expense for the respective year. 31

4Q 2023 Preliminary Results Supplemental Corporate and Other ($ millions) Inc / (Dec) v. • Pre-tax loss of $462 million and Core pre-tax loss of Key Financials 4Q 23 3Q 23 4Q 22 (1) $284 million Net financing revenue $ (26) $ (20) $ (198) Total other revenue 49 14 - – Net financing revenue lower YoY driven by higher interest Total net revenue $ 23 $ (6) $ (198) expense Provision for credit losses 78 17 (19) Noninterest expense 407 196 104 – Provision expense lower YoY largely driven by release from Pre-tax income / (loss) $ (462) $ (219) $ (283) pending Ally Lending sale and slower portfolio growth in (1) Core OID 13 0 2 (2) unsecured Repositioning and other 172 142 115 (3) Change in fair value of equity securities (7) (17) (7) (1) • Total assets of $42 billion, relatively flat year over year Core pre-tax income / (loss) $ (284) $ (93) $ (173) Cash & securities $ 31,511 $ (444) $ (86) (4) Held for investment loans, net 2,045 (1,656) (990) (5) Assets of Operations, Held for sale 2,008 2,008 2,008 (6) Intercompany loan (619) (72) (202) (5) Other 7,292 (331) (124) Ally Financial Rating Details Total assets $ 42,237 $ (495) $ 606 LT Debt ST Debt Outlook Ally Invest 4Q 23 3Q 23 4Q 22 Net Funded Accounts (k) 523 524 518 Fitch BBB- F3 Stable Average Customer Trades Per Day (k) 23.4 24.9 27.1 Moody's Baa3 P-3 Negative Total Customer Cash Balances $ 1 ,454 $ 1 ,363 $ 1 ,757 S&P BBB- A-3 Stable Total Net Customer Assets $ 15,164 $ 13,981 $ 12,833 DBRS BBB R-2H Stable Ally Lending 4Q 23 3Q 23 4Q 22 Note: Ratings as of 12/31/2023. Our borrowing costs & access to the capital markets could be negatively Gross Originations $ 280 $ 382 $ 498 impacted if our credit ratings are downgraded or otherwise fail to meet investor expectations or demands. Held-for-investment Loans (EOP) $ - $ 2 ,206 $ 1 ,990 (5) Assets of Operations, Held for sale $ 2,008 $ - $ - Portfolio yield 9.9% 9.9% 10.4% NCO % 6.6% 5.3% 5.2% Ally Credit Card 4Q 23 3Q 23 4Q 22 Gross Receivable Growth (EOP) $ 118 $ 114 $ 172 Outstanding Balance (EOP) $ 1,990 $ 1,872 $ 1,599 NCO % 10.9% 8.4% 5.2% Active Cardholders (k) 1,222 1,199 1,042 (1) Non-GAAP financial measure. See pages 35 – 37 for definitions. 32 For additional footnotes see page 40.

4Q 2023 Preliminary Results Supplemental Interest Rate Risk (1) Net Financing Revenue Sensitivity Analysis ($ millions) 4Q 23 3Q 23 (2) (2) Change in interest rates Gradual Instantaneous Gradual Instantaneous -100 bps $ ( 96) $ ( 107) $ ( 111) $ ( 100) +100 bps $ 88 $ 3 $ 97 $ 101 Stable rate environment n/m $ 16 n/m $ 41 (1) Net financing revenue impacts reflect a rolling 12-month view. See page 38 for additional details. (2) Gradual changes in interest rates are recognized over 12 months. Effective Hedge Notional (EoP) 33

4Q 2023 Preliminary Results Supplemental Deferred Tax Asset (1) Deferred Tax Asset 4Q 23 3Q 23 ($ millions) Gross DTA Valuation Net DTA Net DTA Balance Allowance Balance Balance Net Operating Loss (Federal) $ 8 $ - $ 8 $ 9 Tax Credit Carryforwards 500 (41 ) 459 242 State/Local Tax Carryforwards 287 (135) 152 189 Other Deferred Tax Assets / (Liabilities) 594 - 594 1,066 Net Deferred Tax Asset $ 1,389 $ (176) $ 1,213 $ 1,506 (1) GAAP does not prescribe a method for calculating individual elements of deferred taxes for interim periods; therefore, these balances are estimates. Deferred Tax Asset / (Liability) Balances ($ millions) Net GAAP DTA Balance Disallowed DTA $1,506 $1,213 $1,071 $1,071 $1,009 $4 $4 $5 $5 $10 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 34

4Q 2023 Preliminary Results Supplemental Notes on Non-GAAP Financial Measures The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Accelerated issuance expense (Accelerated OID), Adjusted earnings per share (Adjusted EPS), Adjusted efficiency ratio, Adjusted noninterest expense, Adjusted other revenue, Adjusted tangible book value per share (Adjusted TBVPS), Adjusted total net revenue, Core net income attributable to common shareholders, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), Core pre-provision net revenue (Core PPNR), Core pre-tax income, Core return on tangible common equity (Core ROTCE), Investment income and other (adjusted), Net financing revenue (excluding Core OID), Net interest margin (excluding Core OID), Pre-provision net revenue (PPNR), and Tangible Common Equity. These measures are used by management, and we believe are useful to investors in assessing the company’s operating performance and capital. For calculation methodology, refer to the Reconciliation to GAAP later in this document. 1) Accelerated issuance expense (Accelerated OID) is the recognition of issuance expenses related to calls of redeemable debt. 2) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) change in fair value of equity securities, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions that have been taken by the company to normalize its capital structure, as applicable for respective periods. See pages 41 - 42 for calculation methodology and details. 3) Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. See pages 47 - 48 for calculation details. (1) In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Rep and warrant expense, Insurance segment expense, and repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities, restructuring and significant other one- time items, as applicable for respective periods. (2) In the denominator, total net revenue is adjusted for Core OID and Insurance segment revenue. See page 21 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance segment. 4) Adjusted noninterest expense is a non-GAAP financial measure that adjusts GAAP noninterest expense for repositioning items. Management believes adjusted noninterest expense is a helpful financial metric because it enables the reader better understand the business' expenses excluding nonrecurring items. See pages 47 - 48 for calculation methodology and details. 5) Adjusted other revenue is a non-GAAP financial measure that adjusts GAAP other revenue for OID expenses, repositioning, and change in fair value of equity securities. Management believes adjusted other revenue is a helpful financial metric because it enables the reader to better understand the business' ability to generate other revenue. See pages 49 - 50 for calculation methodology and details. 6) Adjusted provision for credit losses is a non-GAAP financial measure that adjusts GAAP provision for credit losses for repositioning items. Management believes adjusted provision for credit losses is a helpful financial metric because it enables the reader to better understand the business’ expenses excluding nonrecurring items. See pages 49 – 50 for calculation methodology and details. 35

4Q 2023 Preliminary Results Supplemental Notes on Non-GAAP Financial Measures 7) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered. Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate. See pages 43 - 44 for calculation methodology and details. 8) Adjusted total net revenue is a non-GAAP financial measure that management believes is helpful for readers to understand the ongoing ability of the company to generate revenue. For purposes of this calculation, GAAP net financing revenue is adjusted by excluding Core OID to calculate net financing revenue ex. core OID. GAAP other revenue is adjusted for OID expenses, repositioning, and change in fair value of equity securities to calculate adjusted other revenue. Adjusted total net revenue is calculated by adding net financing revenue ex. core OID to adjusted other revenue. See pages 49 - 50 for calculation methodology and details. 9) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, tax-effected repositioning and other primarily related to the extinguishment of high-cost legacy debt and strategic activities and significant other, preferred stock capital actions, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods. See pages 45 – 46 for calculation methodology and details. 10) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID and is believed by management to help the reader better understand the activity removed from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond exchange OID which excludes international operations and future issuances. Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment. See pages 51 – 52 for calculation methodology and details. 11) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. See pages 51 - 52 for calculation methodology and details. 12) Core pre-provision net revenue (Core PPNR) is a non-GAAP financial measure calculated by adding GAAP net financing revenue and GAAP other revenue and subtracting GAAP noninterest expense then adding Core OID and repositioning expenses, excluding provision for credit losses. Management believes that Core PPNR is a helpful financial metric because it enables the reader to assess the core business' ability to generate earnings to cover credit losses. See pages 51 - 52 for calculation methodology and details. 13) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) change in fair value of equity securities (change in fair value of equity securities impacts the Insurance and Corporate Finance segments), and (3) Repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods or businesses. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See pages 49 – 50 for calculation methodology and details. 36

4Q 2023 Preliminary Results Supplemental Notes on Non-GAAP Financial Measures 14) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share. See pages 45 – 46 for calculation details. (1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax-effected repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one- time items, change in fair value of equity securities, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods. (2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA. 15) Investment income and other (adjusted) is a non-GAAP financial measure that adjusts GAAP investment income and other for repositioning, and the change in fair value of equity securities. Management believes investment income and other (adjusted) is a helpful financial metric because it enables the reader to better understand the business' ability to generate investment income. 16) Net financing revenue excluding core OID is calculated using a non-GAAP measure that adjusts net financing revenue by excluding Core OID. The Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. Management believes net financing revenue ex. Core OID is a helpful financial metric because it enables the reader to better understand the business' ability to generate revenue. See pages 51 – 52 for calculation methodology and details. 17) Net interest margin excluding core OID is calculated using a non-GAAP measure that adjusts net interest margin by excluding Core OID. The Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. Management believes net interest margin ex. Core OID is a helpful financial metric because it enables the reader to better understand the business' profitability and margins. See page 13 for calculation methodology and details. 18) Pre-provision net revenue (PPNR) is a non-GAAP financial measure calculated by adding GAAP net financing revenue and GAAP other revenue then subtracting GAAP noninterest expense, excluding provision for credit losses. Management believes that PPNR is a helpful financial metric because it enables the reader to assess the business’ ability to generate earnings to cover credit losses and as it is utilized by Federal Reserve's approach to modeling within the Supervisory Stress Test Framework that generally follows U.S. generally accepted accounting principles (GAAP) and includes a calculation of PPNR as a component of projected pre-tax net income. See pages 51 – 52 for calculation methodology and details. 19) Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for Core OID balance and net deferred tax asset. See pages 45 – 46 for calculation methodology and details. 37

4Q 2023 Preliminary Results Supplemental Notes on Other Financial Measures 1) Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. 2) Customer retention rate is the annualized 3-month rolling average of 1 minus the monthly attrition rate; excludes escheatment. 3) Estimated impact of CECL on regulatory capital per final rule issued by U.S. banking agencies - In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020 and provided an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from the March 2020 interim final rule was issued by the FRB and other U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we are required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as the day-one impact of adoption plus 25% of the subsequent change in allowance during the two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and beginning January 1, 2022 are phasing in the regulatory capital impacts of CECL based on this five-year transition period. 4) Estimated retail auto originated yield is a financial measure determined by calculating the estimated average annualized yield for loans originated during the period. At this time there currently is no comparable GAAP financial measure for Estimated Retail Auto Originated Yield and therefore this forecasted estimate of yield at the time of origination cannot be quantitatively reconciled to comparable GAAP information. 5) Interest rate risk modeling – We prepare our forward-looking baseline forecasts of net financing revenue taking into consideration anticipated future business growth, asset/liability positioning, and interest rates based on the implied forward curve. The analysis is highly dependent upon a variety of assumptions including the repricing characteristics of retail deposits with both contractual and non-contractual maturities. We continually monitor industry and competitive repricing activity along with other market factors when contemplating deposit pricing actions. Please see our SEC filings for more details. 6) Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale. 7) Repositioning is primarily related to the extinguishment of high-cost legacy debt, strategic activities, restructuring, amounts related to nonrecurring business transactions or pending transactions, and significant other one-time items. 8) U.S. consumer auto originations ▪ New Retail – standard and subvented rate new vehicle loans; Lease – new vehicle lease originations; Used – used vehicle loans; Growth – total originations from non-GM/Stellantis dealers and direct-to-consumer loans. Note: Stellantis N.V. (“Stellantis”) announced January 17, 2021, following completion of the merger of Peugeot S.A. (“Groupe PSA”) and Fiat Chrysler Automobiles N.V. (“FCA”) on January 16, 2021, the combined company was renamed Stellantis; Nonprime – originations with a FICO® score of less than 620 38

4Q 2023 Preliminary Results Supplemental Additional Notes Page – 5 | Purpose Driven Culture (1) Customers include on-balance sheet Auto, U.S. and Canadian Insurance, active Depositors, on-balance sheet Ally Home DTC Mortgage, Ally Lending, Ally Invest, and Ally Credit Card. (2) Ally Bank Customer Satisfaction Rate as of 4Q ’23. (3) Digital interactions represent the number of online and mobile logins YTD across consumer auto (excluding SmartAuction, Insurance and consumer asset management), Ally Credit Card, Ally Home, Ally Invest, Ally Lending and Deposits. Page – 19 | Auto Finance: Agile Market Leader (1) ‘Prime Auto Lender’ - Source: PIN Navigator Data & Analytics, a business division of J.D. Power. The credit scores provided within these reports have been provided by FICO® Risk Score, Auto 08 FICO® is a registered trademark of Fair Isaac Corporation in the United States and other countries. Ally management defines retail auto market segmentation (unit based) for consumer automotive loans primarily as those loans with a FICO® Score (or an equivalent score) at origination by the following: • Super-prime 720+, Prime 620 – 719, Nonprime less than 620 (2) ‘Bank Floorplan Lender’ - Source: Company filings, including WFC and HBAN. (3) ‘Retail Auto Loan Outstandings’ - Source: Big Wheels Auto Finance Data 2022. (4) ‘#1 Dealer Satisfaction among Non-Captive Lenders with Sub-Prime Credit’ - Source: J.D. Power. (5) Non-OEM Franchised Dealers and Automotive Retailers primarily consist of public and large private, franchise-like, used retail dealer operations including Carvana, CarMax, EchoPark, Westlake, and other similar relationships. Page – 20 | Auto Finance (1) Noninterest expense includes corporate allocations of $288 million in 4Q 2023, $288 million in 3Q 2023, and $290 million in 4Q 2022. Page – 21 | Insurance (2) Acquisition and underwriting expenses includes corporate allocations of $22 million in 4Q 2023, $26 million in 3Q 2023, and $24 million in 4Q 2022. (3) Change in fair value of equity securities impacts the Insurance segment. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. Page – 22 | Ally Bank: Deposit and Customer Trends (1) Source: FDIC, FFIEC Call Reports and Company filings of branchless banks including Marcus, Discover, American Express, Synchrony. (2) Customer retention rate is the annualized 3-month rolling average of 1 minus the monthly attrition rate; excludes escheatment Page – 25 | Mortgage Finance (1) Noninterest expense includes corporate allocations of $19 million in 4Q 2023, $21 million in 3Q 2023, and $23 million in 4Q 2022. (2) 1st lien only. Updated home values derived using a combination of appraisals, Broker price opinion (BPOs), Automated Valuation Models (AVMs) and Metropolitan Statistical Area (MSA) level house price indices. 39

4Q 2023 Preliminary Results Supplemental Additional Notes Page – 26 | Corporate Finance (2) Noninterest expense includes corporate allocations of $13 million in 4Q 2023, $14 million in 3Q 2023, and $13 million in 4Q 2022. (3) Change in fair value of equity securities impacts the Corporate Finance segment. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. Page – 30 | Results by Segment (2) Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. (3) Repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities, restructuring, and significant other one-time items, as applicable for respective periods or businesses. Page – 32 | Corporate and Other (2) Repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities, restructuring, and significant other one-time items, as applicable for respective periods or businesses. (3) Change in fair value of equity securities impacts the Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. (4) HFI legacy mortgage portfolio and HFI Ally Credit Card portfolio 4Q ’23 and includes AFI Ally Lending in prior periods. (5) Amounts related to pending sale of Ally Lending. (6) Intercompany loan related to activity between Insurance and Corporate for liquidity purposes from the wind down of the Demand Notes program. Includes loans held-for-sale. 40

4Q 2023 Preliminary Results Supplemental GAAP to Core Results: Adjusted EPS – Annual Adjusted Earnings per Share ( Adjusted EPS ) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Numerator ($ millions) GAAP net income attributable to common shareholders $ 910 $ 1,604 $ 3,003 $ 1,085 $ 1,715 $ 1,263 $ 929 Discontinued operations, net of tax 2 1 5 1 6 - (3) Core OID 48 42 38 36 29 86 71 Repositioning items 201 77 228 50 - - - Change in fair value of equity securities (107) 215 7 (29) (89) 121 - Tax on Core OID, repositioning items, & change in fair value of equity securities (tax rate 21% starting 1Q18, 35% starting 1Q16; 34% prior) (30) (70) (57) (1) 13 (43) (25) Significant discrete tax items (94) 61 (78) - (201) - 119 Core net income attributable to common shareholders [a] $ 930 $ 1,929 $ 3,146 $ 1,141 $ 1,472 $ 1,427 $ 1,091 Denominator Weighted-average common shares outstanding - (Diluted, thousands) [b] 305,135 318,629 365,180 377,101 395,395 427,680 455,350 Metric Adjusted EPS [a] / [b] $ 3.05 $ 6.06 $ 8.61 $ 3.03 $ 3.72 $ 3.34 $ 2.39 41

4Q 2023 Preliminary Results Supplemental GAAP to Core Results: Adjusted EPS – Quarterly Adjusted Earnings per Share ( Adjusted EPS ) QUARTERLY TREND 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 Numerator ($ millions) GAAP net income attributable to common shareholders $ 49 $ 269 $ 301 $ 291 $ 251 $ 272 $ 454 $ 627 $ 624 $ 683 $ 900 $ 796 $ 687 Discontinued operations, net of tax 1 - - 1 - 1 - - 6 - (1) - - Core OID 13 12 12 11 11 11 10 10 9 9 9 10 9 Repositioning Items 172 30 - - 57 20 - - 107 52 70 - - Change in fair value of equity securities ( 74) 56 (25) (65) ( 49) 62 136 66 (21) 65 ( 19) (17) (111) Tax on Core OID, Repo & change in fair value of equity securities (assumes 21% tax rate) (23) (21) 3 11 (4) (20) ( 31) (16) (20) (26) ( 13) 1 21 Significant discrete tax items - ( 94) - - 61 - - - - - (78) - - Core net income attributable to common shareholders [a] $ 137 $ 252 $ 291 $ 250 $ 327 $ 346 $ 570 $ 687 $ 705 $ 782 $ 868 $ 790 $ 606 Denominator Weighted-average common shares outstanding - (Diluted, thousands) [b] 3 06,730 3 05,693 304,646 3 03,448 3 03,062 310,086 3 24,027 3 37,812 3 48,666 3 61,855 3 73,029 377,529 3 78,424 Metric GAAP EPS $ 0.16 $ 0.88 $ 0.99 $ 0.96 $ 0.83 $ 0.88 $ 1.40 $ 1.86 $ 1.79 $ 1.89 $ 2.41 $ 2.11 $ 1.82 Discontinued operations, net of tax 0.00 - - 0.00 - 0.00 - - 0.02 - (0.00) - - Core OID 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.03 0.02 Change in fair value of equity securities (0.24) 0.18 (0.08) (0.21) (0.16) 0.20 0.42 0.19 (0.06) 0.18 (0.05) (0.04) (0.29) Repositioning Items 0.56 0.10 - - 0.19 0.06 - - 0.31 0.14 0.19 - - Tax on Core OID, Repo & change in fair value of equity securities (assumes 21% tax rate) (0.08) (0.07) 0.01 0.04 (0.01) (0.06) (0.09) (0.05) (0.06) (0.07) (0.03) 0.00 0.06 Significant discrete tax items - (0.31) - - 0.20 - - - - - (0.21) - - Adjusted EPS [a] / [b] $ 0.45 $ 0.83 $ 0.96 $ 0.82 $ 1.08 $ 1.12 $ 1.76 $ 2.03 $ 2.02 $ 2.16 $ 2.33 $ 2.09 $ 1.60 42

4Q 2023 Preliminary Results Supplemental GAAP to Core Results: Adjusted TBVPS – Annual Adjusted Tangible Book Value per Share ( Adjusted TBVPS ) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Numerator ($ billions) GAAP shareholder's equity $ 13.8 $ 12.9 $ 17.1 $ 14.7 $ 14.4 $ 13.3 $ 13.5 Preferred equity (2.3) (2.3) (2.3) - - - - GAAP common shareholder's equity $ 11.4 $ 10.5 $ 14.7 $ 14.7 $ 14.4 $ 13.3 $ 13.5 Goodwill and identifiable intangibles, net of DTLs (0.7) (0.9) (0.9) (0.4) (0.5) (0.3) (0.3) Tangible common equity 10.7 9.6 13.8 14.3 1 4.0 13.0 1 3.2 Tax-effected Core OID balance (21% tax rate starting 4Q17, 35% starting 1Q16; 34% prior) (0.6) (0.7) (0.7) (0.8) (0.8) (0.9) (0.9) Series G discount - - - - - - - Adjusted tangible book value [a] $ 10.1 $ 9.0 $ 13.1 $ 13.5 $ 13.1 $ 12.1 $ 12.3 Denominator Issued shares outstanding (period-end, thousands) [b] 302,459 299,324 337,941 374,674 374,332 404,900 437,054 Metric GAAP shareholder's equity per share $ 45.5 $ 43.0 $ 50.5 $ 39.2 $ 38.5 $ 32.8 $ 30.9 Preferred equity per share (7.7) (7.8) (6.9) - - - - GAAP common shareholder's equity per share $ 37.8 $ 35.2 $ 43.6 $ 39.2 $ 38.5 $ 32.8 $ 30.9 Goodwill and identifiable intangibles, net of DTLs per share (2.4) (3.0) (2.8) (1.0) (1.2) (0.7) (0.7) Tangible common equity per share 35.4 32.2 4 0.8 3 8.2 37.3 3 2.1 3 0.2 Tax-effected Core OID balance (21% tax rate starting 4Q17, 35% starting 1Q16; 34% prior) per share (2.1) (2.2) (2.1) (2.2) (2.2) (2.1) (2.1) Adjusted tangible book value per share [a] / [b] $ 33.3 $ 30.0 $ 38.7 $ 36.1 $ 35.1 $ 29.9 $ 28.1 Calculated Impact to Adjusted TBVPS from CECL Day-1 1Q 20 Numerator ($ billions) Adjusted tangible book value $ 12.2 CECL Day-1 impact to retained earnings, net of tax 1.0 Adjusted tangible book value less CECL Day-1 impact [a] $ 13.3 Denominator Issued shares outstanding (period-end, thousands) [b] 373,155 Metric Adjusted TBVPS $ 32.8 CECL Day-1 impact to retained earnings, net of tax per share 2.7 Adjusted tangible book value, less CECL Day-1 impact per share [a] / [b] $ 35.5 Ally adopted CECL on January 1, 2020. Upon implementation of CECL Ally recognized a reduction to our opening retained earnings balance of approximately $1.0 billion, net of income tax, which reflects a pre-tax increase to the allowance for loan losses of approximately $1.3 billion. This increase is almost exclusively driven by our consumer automotive loan portfolio. 43

4Q 2023 Preliminary Results Supplemental GAAP to Core Results: Adjusted TBVPS – Quarterly Adjusted Tangible Book Value per Share ( Adjusted TBVPS ) QUARTERLY TREND 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 Numerator ($ billions) GAAP shareholder's equity $ 13.8 $ 12.8 $ 13.5 $ 13.4 $ 12.9 $ 12.4 $ 14.0 $ 15.4 $ 17.1 $ 17.3 $ 17.5 $ 14.6 $ 14.7 less: Preferred equity (2.3) ( 2.3) ( 2.3) ( 2.3) (2.3) (2.3) ( 2.3) (2.3) (2.3) ( 2.3) (2.3) - - GAAP common shareholder's equity $ 11.4 $ 10.5 $ 11.2 $ 11.1 $ 10.5 $ 10.1 $ 11.7 $ 13.1 $ 14.7 $ 15.0 $ 15.2 $ 14.6 $ 14.7 Goodwill and identifiable intangibles, net of DTLs (0.7) (0.9) (0.9) (0.9) (0.9) ( 0.9) (0.9) ( 0.9) (0.9) ( 0.4) (0.4) ( 0.4) (0.4) Tangible common equity 10.7 9.6 10.3 10.2 9.6 9.2 10.7 12.2 13.8 14.6 14.8 14.2 14.3 Tax-effected Core OID balance (assumes 21% tax rate) (0.6) (0.6) (0.6) (0.7) ( 0.7) (0.7) ( 0.7) ( 0.7) (0.7) ( 0.7) (0.8) (0.8) (0.8) Adjusted tangible book value [a] $ 10.1 $ 9.0 $ 9.7 $ 9.5 $ 9.0 $ 8.5 $ 10.1 $ 11.5 $ 13.1 $ 13.9 $ 14.1 $ 13.4 $ 13.5 Denominator Issued shares outstanding (period-end, thousands) [b] 3 02,459 301,630 3 01,619 300,821 2 99,324 300,335 3 12,781 3 27,306 3 37,941 3 49,599 3 62,639 3 71,805 3 74,674 Metric GAAP shareholder's equity per share $ 45.5 $ 42.5 $ 44.9 $ 44.5 $ 43.0 $ 41.4 $ 44.7 $ 47.1 $ 50.5 $ 49.5 $ 48.3 $ 39.3 $ 39.2 less: Preferred equity per share 7 .7 7 .7 7 .7 7 .7 7 .8 7.7 7.4 7 .1 6 .9 6 .6 6 .4 - - GAAP common shareholder's equity per share $ 37.8 $ 34.8 $ 37.2 $ 36.7 $ 35.2 $ 33.7 $ 37.3 $ 40.0 $ 43.6 $ 42.8 $ 41.9 $ 39.3 $ 39.2 Goodwill and identifiable intangibles, net of DTLs per share ( 2.4) (2.9) (2.9) ( 3.0) ( 3.0) ( 3.0) (2.9) ( 2.8) ( 2.8) (1.1) (1.0) ( 1.0) ( 1.0) Tangible common equity per share 35.4 31.9 34.2 33.8 32.2 30.6 34.3 37.1 40.8 41.8 40.9 38.3 38.2 Tax-effected Core OID balance (assumes 21% tax rate) per share ( 2.1) (2.1) ( 2.1) ( 2.2) (2.2) ( 2.2) ( 2.2) (2.1) (2.1) ( 2.0) (2.1) (2.2) (2.2) Adjusted tangible book value per share [a] / [b] $ 33.3 $ 29.8 $ 32.1 $ 31.6 $ 30.0 $ 28.4 $ 32.2 $ 35.0 $ 38.7 $ 39.7 $ 38.8 $ 36.2 $ 36.1 Calculated Impact to Adjusted TBVPS from CECL Day-1 1Q 20 Numerator ($ billions) Adjusted tangible book value $ 12.2 CECL Day-1 impact to retained earnings, net of tax 1.0 Adjusted tangible book value less CECL Day-1 impact [a] $ 13.3 Denominator Issued shares outstanding (period-end, thousands) [b] 373,155 Metric Adjusted TBVPS $ 32.8 CECL Day-1 impact to retained earnings, net of tax per share 2.7 Adjusted tangible book value, less CECL Day-1 impact per share [a] / [b] $ 35.5 Ally adopted CECL on January 1, 2020. Upon implementation of CECL Ally recognized a reduction to our opening retained earnings balance of approximately $1.0 billion, net of income tax, which reflects a pre-tax increase to the allowance for loan losses of approximately $1.3 billion. This increase is almost exclusively driven by our consumer automotive loan portfolio. 44

4Q 2023 Preliminary Results Supplemental GAAP to Core Results: Core ROTCE – Annual Core Return on Tangible Common Equity ( Core ROTCE ) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Numerator ($ millions) GAAP net income attributable to common shareholders $ 910 $ 1,604 $ 3,003 $ 1,085 $ 1,715 $ 1,263 $ 929 Discontinued operations, net of tax 2 1 5 1 6 - (3) Core OID 48 42 38 36 29 86 71 Repositioning items 201 77 228 50 - - - Change in fair value of equity securities ( 107) 215 7 (29) (89) 121 - Tax on Core OID & change in fair value of equity securities (tax rate 21% starting in 1Q18, 35% prior) (30) (70) (57) (1) 13 (43) (25) Significant Discrete tax items & other (94) 61 (78) - ( 201) - 119 Core net income attributable to common shareholders [a] $ 930 $ 1,929 $ 3,146 $ 1,141 $ 1,472 $ 1,427 $ 1,091 Denominator (Average, $ billions) GAAP shareholder's equity $ 13.3 $ 14.3 $ 16.2 $ 14.1 $ 13.8 $ 13.4 $ 13.4 Preferred equity 2.3 2.3 1.4 - - - - Goodwill & identifiable intangibles, net of deferred tax liabilities ( DTLs ) (0.9) (0.9) (0.5) (0.4) (0.4) (0.3) (0.3) Tangible common equity $ 10.1 $ 11.1 $ 14.4 $ 13.7 $ 13.5 $ 13.1 $ 13.1 Core OID balance (0.8) (0.9) (1.0) (1.0) (1.1) (1.1) (1.2) Net deferred tax asset ( DTA ) (1.2) (0.8) (0.5) (0.1) (0.2) (0.4) (0.7) Normalized common equity [b] $ 8.1 $ 9 .4 $ 12.9 $ 12.6 $ 12.2 $ 11.6 $ 11.2 Core Return on Tangible Common Equity [a] / [b] 11.5% 20.5% 24.3% 9.1% 12.0% 12.3% 9.8% 45

4Q 2023 Preliminary Results Supplemental GAAP to Core Results: Core ROTCE – Quarterly Core Return on Tangible Common Equity ( Core ROTCE ) QUARTERLY TREND 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 Numerator ($ millions) GAAP net income attributable to common shareholders $ 49 $ 269 $ 301 $ 291 $ 251 $ 272 $ 454 $ 627 $ 624 $ 683 $ 900 $ 796 $ 687 Discontinued operations, net of tax 1 - - 1 - 1 - - 6 - (1) - - Core OID 13 12 12 11 11 11 10 10 9 9 9 10 9 Repositioning Items 172 30 - - 57 20 - - 107 52 70 - - Change in fair value of equity securities (74) 56 (25) ( 65) ( 49) 62 136 66 (21) 65 (19) (17) (111) Tax on Core OID, Repo & change in fair value of equity securities (assumes 21% tax rate) (23) (21) 3 11 (4) ( 20) ( 31) ( 16) (20) ( 26) (13) 1 21 Significant discrete tax items & other - (94) - - 61 - - - - - ( 78) - - Core net income attributable to common shareholders [a] $ 137 $ 252 $ 291 $ 250 $ 327 $ 346 $ 570 $ 687 $ 705 $ 782 $ 868 $ 790 $ 606 Denominator (Average, $ billions) GAAP shareholder's equity $ 13.3 $ 13.2 $ 13.5 $ 13.1 $ 12.6 $ 13.2 $ 14.7 $ 16.2 $ 17.2 $ 17.4 $ 16.1 $ 14.7 $ 14.4 less: Preferred equity (2.3) (2.3) ( 2.3) (2.3) ( 2.3) ( 2.3) ( 2.3) (2.3) (2.3) ( 2.3) ( 1.2) - - GAAP common shareholder's equity $ 11.0 $ 10.9 $ 11.1 $ 10.8 $ 10.3 $ 10.9 $ 12.4 $ 13.9 $ 14.8 $ 15.1 $ 14.9 $ 14.7 $ 14.4 Goodwill & identifiable intangibles, net of deferred tax liabilities ( DTLs ) ( 0.8) ( 0.9) ( 0.9) (0.9) (0.9) (0.9) ( 0.9) ( 0.9) ( 0.7) ( 0.4) (0.4) (0.4) ( 0.4) Tangible common equity $ 10.2 $ 10.0 $ 10.2 $ 9.9 $ 9.4 $ 10.0 $ 11.4 $ 13.0 $ 14.2 $ 14.7 $ 14.5 $ 14.3 $ 14.0 Core OID balance (0.8) (0.8) (0.8) (0.8) (0.8) (0.9) (0.9) ( 0.9) ( 0.9) ( 0.9) ( 1.0) (1.0) ( 1.0) Net deferred tax asset ( DTA ) (1.4) ( 1.3) ( 1.1) (1.1) (1.2) ( 1.1) ( 0.8) ( 0.4) ( 0.6) ( 0.9) ( 0.6) (0.1) ( 0.1) Normalized common equity [b] $ 8.0 $ 7.9 $ 8.4 $ 8.0 $ 7.4 $ 8.0 $ 9.8 $ 11.7 $ 12.7 $ 12.9 $ 13.0 $ 13.1 $ 12.9 Core Return on Tangible Common Equity [a] / [b] 6.9% 12.9% 13.9% 12.5% 17.6% 17.2% 23.2% 23.6% 22.1% 24.2% 26.7% 24.1% 18.7% 46

4Q 2023 Preliminary Results Supplemental GAAP to Core Results: Adjusted Efficiency Ratio – Annual Adjusted Efficiency Ratio FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Numerator ($ millions) GAAP noninterest expense $ 5,163 $ 4,687 $ 4,110 $ 3,833 $ 3,429 $ 3,264 $ 3,110 Rep and warrant expense - - - 0 (0) 3 0 Insurance expense (1,332) (1,150) (1,061) (1,092) (1,013) (955) ( 950) Repositioning items ( 217) (77) - (50) - - - Adjusted noninterest expense for efficiency ratio [a] $ 3,614 $ 3,460 $ 3,049 $ 2,691 $ 2,416 $ 2,312 $ 2,160 Denominator ($ millions) Total net revenue $ 8,214 $ 8,428 $ 8,206 $ 6,686 $ 6,394 $ 5,804 $ 5,765 Core OID 48 42 38 36 29 86 71 Insurance revenue (1,545) (1,112) (1,404) (1,376) (1,328) (1,035) (1,118) Repositioning items - - 131 - - - - Adjusted net revenue for efficiency ratio [b] $ 6,717 $ 7,358 $ 6,970 $ 5,346 $ 5,095 $ 4,855 $ 4,718 Adjusted Efficiency Ratio [a] / [b] 53.8% 47.0% 43.7% 50.3% 47.4% 47.6% 45.8% 47

4Q 2023 Preliminary Results Supplemental GAAP to Core Results: Adjusted Efficiency Ratio – Quarterly Adjusted Efficiency Ratio QUARTERLY TREND 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 Numerator ($ millions) GAAP noninterest expense $ 1,416 $ 1,232 $ 1,249 $ 1,266 $ 1,266 Rep and warrant expense - - - - - Insurance expense (321) (338) (358) (315) (286) Repositioning items (187) ( 30) - - (57) Adjusted noninterest expense for efficiency ratio [a] $ 908 $ 864 $ 891 $ 951 $ 923 Denominator ($ millions) Total net revenue $ 2,067 $ 1,968 $ 2,079 $ 2,100 $ 2,201 Core OID 13 12 12 11 11 Repositioning items - - - - - Insurance revenue (450) (322) (366) (407) (387) Adjusted net revenue for the efficiency ratio [b] $ 1,630 $ 1,658 $ 1,725 $ 1,704 $ 1,825 Adjusted Efficiency Ratio [a] / [b] 55.7% 52.1% 51.7% 55.8% 50.6% 48

4Q 2023 Preliminary Results Supplemental Non-GAAP Reconciliation: Core Income – Annual ($ millions) FY 2023 FY 2022 FY 2021 Core OID & Change in fair Core OID & Change in fair Core OID & Change in fair (1) (1) (1) GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP GAAP Repositioning value of equity Non-GAAP Items securities Items securities Items securities Consolidated Ally Net financing revenue $ 6,201 $ 48 $ - 6 ,249 $ 6,850 $ 42 $ - 6,892 $ 6,167 $ 38 $ - $ 6,205 Total other revenue 2,013 - (107) 1,906 1,578 - 215 1,793 2,039 131 7 2,177 Provision for loan losses 1,968 (16) - 1,984 1 ,399 - - 1 ,399 241 (97) - 144 Noninterest expense 5,163 217 - 4,946 4,687 77 - 4,610 4 ,110 - - 4,110 Pre-tax income from continuing operations $ 1,083 $ 250 $ (107) $ 1,226 $ 2,342 $ 119 $ 215 $ 2,676 $ 3,855 $ 265 $ 7 $ 4,128 Corporate / Other Net financing revenue $ 115 $ 48 $ - $ 163 $ 982 $ 42 $ - $ 1,024 $ 467 $ 38 $ - $ 505 Total other revenue 144 - 3 147 100 - 1 101 221 131 1 353 Provision for loan losses 301 (16) - 285 317 - - 317 151 (97) - 54 Noninterest expense 1,101 217 - 884 972 77 - 895 723 - - 723 Pre-tax income from continuing operations $ (1,143) $ 250 $ 3 $ ( 859) $ (207) $ 119 $ 1 $ (87) $ (186) $ 265 $ 1 $ 81 Insurance Premiums, service revenue earned and other $ 1,284 $ - $ - $ 1,284 $ 1,166 $ - $ - $ 1,166 $ 1,129 $ - $ - $ 1,129 Losses and loss adjustment expenses 422 - - 422 280 - - 280 261 - - 261 Acquisition and underwriting expenses 910 - - 910 870 - - 870 800 - - 800 Investment income and other 261 - (110) 151 (54) - 210 156 275 - 10 285 Pre-tax income from continuing operations $ 213 $ - $ ( 110) $ 103 $ (38) $ - $ 210 $ 172 $ 343 $ - $ 10 $ 353 Corporate Finance Net financing revenue $ 397 $ - $ - $ 397 $ 334 $ - $ - $ 334 $ 308 $ - $ - $ 308 Total other revenue 104 - ( 1) 103 122 - 4 126 128 - ( 4) 124 Provision for loan losses 52 - - 52 43 - - 43 38 - - 38 Noninterest expense 142 - - 142 131 - - 131 116 - - 116 Pre-tax income from continuing operations $ 307 $ - $ (1) $ 306 $ 282 $ - $ 4 $ 286 $ 282 $ - $ (4) $ 278 (1) Non-GAAP line items walk to Core pre-tax income, a Non-GAAP financial measure that adjusts pre-tax income. See pages 35 – 37 for definitions. Note: Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. 49

4Q 2023 Preliminary Results Supplemental Non-GAAP Reconciliation: Core Income – Quarterly ($ millions) 4Q 23 3Q 23 4Q 22 Change in fair Change in fair Change in fair (1) (1) (1) GAAP Core OID value of equity Repositioning GAAP Core OID value of equity Repositioning GAAP Core OID value of equity Repositioning Non-GAAP Non-GAAP Non-GAAP securities securities securities Consolidated Ally Net financing revenue $ 1,493 $ 13 $ - $ - 1,506 $ 1,533 $ 12 $ - $ - 1 ,545 $ 1,674 $ 11 $ - $ - 1,685 Total other revenue 574 - ( 74) - 500 435 - 56 - 491 527 - (49) - 478 Provision for credit losses 587 - - (16) 603 508 - - - 508 490 - - - 490 Noninterest expense 1,416 - - 187 1 ,229 1,232 - - 30 1 ,202 1,266 - - 57 1,209 Pre-tax income $ 64 $ 13 $ (74) $ 172 $ 174 $ 228 $ 12 $ 56 $ 30 $ 326 $ 445 $ 11 $ (49) $ 57 $ 464 Corporate / Other Net financing revenue $ (26) $ 13 $ - $ - $ (13) $ (6) $ 12 $ - $ - $ 6 $ 172 $ 11 $ - $ - $ 183 Total other revenue 49 - (7) - 42 35 - 10 - 45 49 - (0) - 49 Provision for credit losses 78 - - (16) 94 61 - - - 61 97 - - - 97 Noninterest expense 407 - - 187 220 211 - - 30 181 303 - - 57 246 Pre-tax income $ ( 462) $ 13 $ (7) $ 172 $ ( 284) $ (243) $ 12 $ 10 $ 30 $ (191) $ (179) $ 11 $ (0) $ 57 $ (111) Insurance Premiums, service revenue earned and other $ 339 $ - $ - $ - $ 339 $ 324 $ - $ - $ - $ 324 $ 305 $ - $ - $ - $ 305 Losses and loss adjustment expenses 93 - - - 93 107 - - - 107 63 - - - 63 Acquisition and underwriting expenses 228 - - - 228 231 - - - 231 223 - - - 223 Investment income and other 111 - (67) - 44 (2) - 46 - 44 82 - (49) - 33 Pre-tax income $ 129 $ - $ (67) $ - $ 62 $ (16) $ - $ 46 $ - $ 30 $ 101 $ - $ (49) $ - $ 52 Corporate Finance Net financing revenue $ 105 $ - $ - $ - $ 105 $ 97 $ - $ - $ - $ 97 $ 94 $ - $ - $ - $ 94 Total other revenue 23 - 0 - 23 24 - ( 0) - 24 25 - 0 - 25 Provision for credit losses 17 - - - 17 5 - - - 5 16 - - - 16 Noninterest expense 32 - - - 32 32 - - - 32 36 - - - 36 Pre-tax income $ 79 $ - $ 0 $ - $ 79 $ 84 $ - $ (0) $ - $ 84 $ 67 $ - $ 0 $ - $ 67 (1) Non-GAAP line items walk to Core pre-tax income, a Non-GAAP financial measure that adjusts pre-tax income. See pages 35 – 37 for definitions. Note: Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. 50

4Q 2023 Preliminary Results Supplemental Non-GAAP Reconciliations – Annual Net Financing Revenue (ex. Core OID) ($ millions) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 GAAP Net Financing Revenue [x] $ 6,201 $ 6,850 $ 6,167 $ 4,703 $ 4,633 $ 4,390 $ 4,221 Core OID 48 42 38 36 29 86 71 Net Financing Revenue (ex. Core OID) [a] $ 6,249 $ 6,892 $ 6,205 $ 4,739 $ 4,662 $ 4,476 $ 4,292 Adjusted Other Revenue ($ millions) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 GAAP Other Revenue [y] $ 2,013 $ 1,578 $ 2,039 $ 1,983 $ 1,761 $ 1,414 $ 1,544 Accelerated OID & repositioning items - - 131 - - - - Change in fair value of equity securities (107) 215 7 (29) (89) 121 - Adjusted Other Revenue [b] $ 1,906 $ 1,793 $ 2,177 $ 1,954 $ 1,672 $ 1,535 $ 1,544 Adjusted NIE (ex. Repositioning) ($ millions) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 GAAP Noninterest Expense [z] $ 5,163 $ 4,687 $ 4,110 $ 3,833 $ 3,429 $ 3,264 $ 3,110 Repositioning 217 77 - 50 - - - Adjusted NIE (ex. Repositioning) [c] $ 4,946 $ 4,610 $ 4,110 $ 3,783 $ 3,429 $ 3,264 $ 3,110 Core Pre-Provision Net Revenue ($ millions) FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Pre-Provision Net Revenue [x]+[y]-[z] 3,051 3,741 4 ,096 2 ,853 2,965 2,540 2,655 Core Pre-Provision Net Revenue [a]+[b]-[c] $ 3,209 $ 4,075 $ 4,271 $ 2,909 $ 2,905 $ 2,747 $ 2,726 Adjusted Total Net Revenue ($ millions) Adjusted Total Net Revenue [a]+[b] $ 8,155 $ 8,685 $ 8,381 $ 6,692 $ 6,334 $ 6,011 $ 5,836 Original issue discount amortization expense ANNUAL TREND ($ millions) 2023 2022 2021 2020 2019 2018 2017 GAAP original issue discount amortization expense $ 61 $ 53 $ 49 $ 49 $ 42 $ 101 $ 90 Other OID ( 13) $ (11) (11) (13) (13) (15) (20) Core original issue discount (Core OID) amortization expense $ 48 $ 42 $ 38 $ 36 $ 29 $ 86 $ 71 Outstanding original issue discount balance ANNUAL TREND ($ millions) 2023 2022 2021 2020 2019 2018 2017 GAAP outstanding original issue discount balance $ (831) $ (882) $ (923) $ (1,064) $ (1,100) $ (1,135) $ (1,235) Other outstanding OID balance 39 40 40 37 37 43 57 Core outstanding original issue discount balance (Core OID balance) $ (793) $ ( 841) $ ( 883) $ (1,027) $ (1,063) $ (1,092) $ (1,178) Note: Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. 51

4Q 2023 Preliminary Results Supplemental Non-GAAP Reconciliations – Quarterly Net Financing Revenue (ex. Core OID) QUARTERLY TREND ($ millions) 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 GAAP Net Financing Revenue [x] $ 1,493 $ 1,533 $ 1,573 $ 1,602 $ 1,674 $ 1,719 $ 1,764 $ 1,693 $ 1,654 $ 1 ,594 $ 1 ,547 $ 1,372 $ 1,303 Core OID 13 12 12 11 11 11 10 10 9 9 9 10 9 Net Financing Revenue (ex. Core OID) [a] $ 1,506 $ 1,545 $ 1,585 $ 1,613 $ 1,685 $ 1 ,730 $ 1,774 $ 1,703 $ 1 ,663 $ 1 ,603 $ 1 ,556 $ 1,382 $ 1 ,312 Adjusted Other Revenue QUARTERLY TREND ($ millions) 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 GAAP Other Revenue [y] $ 574 $ 435 $ 506 $ 498 $ 527 $ 297 $ 312 $ 442 $ 545 $ 391 $ 538 $ 565 $ 678 Accelerated OID & repositioning items - - - - - - - - 9 52 70 - - Change in fair value of equity securities (74) 56 (25) (65) (49) 62 136 66 (21) 65 (19) (17) (111) Adjusted Other Revenue [b] $ 500 $ 491 $ 481 $ 433 $ 478 $ 359 $ 448 $ 508 $ 533 $ 507 $ 588 $ 548 $ 567 Adjusted NIE (ex. Repositioning) QUARTERLY TREND ($ millions) 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 GAAP Noninterest Expense [z] $ 1,416 $ 1,232 $ 1,249 $ 1,266 $ 1,266 $ 1,161 $ 1,138 $ 1,122 $ 1,090 $ 1,002 $ 1 ,075 $ 943 $ 1,023 Repositioning 187 30 - - 57 20 - - - - - - - Adjusted NIE (ex. Repositioning) [c] $ 1,229 $ 1,202 $ 1,249 $ 1,266 $ 1,209 $ 1 ,141 $ 1 ,138 $ 1 ,122 $ 1,090 $ 1 ,002 $ 1 ,075 $ 943 $ 1,023 Core Pre-Provision Net Revenue QUARTERLY TREND ($ millions) 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 Pre-Provision Net Revenue [x]+[y]-[z] 651 736 830 834 935 855 938 1,013 1,109 983 1,010 994 958 Core Pre-Provision Net Revenue [a]+[b]-[c] $ 777 $ 834 $ 817 $ 781 $ 954 $ 948 $ 1,084 $ 1 ,088 $ 1,107 $ 1 ,108 $ 1 ,070 $ 987 $ 856 Adjusted Total Net Revenue ($ millions) Adjusted Total Net Revenue [a]+[b] $ 2,006 $ 2,036 $ 2,066 $ 2,047 $ 2,163 $ 2 ,089 $ 2 ,222 $ 2,210 $ 2 ,197 $ 2 ,110 $ 2 ,145 $ 1 ,930 $ 1,879 Original issue discount amortization expense QUARTERLY TREND ($ millions) 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 GAAP original issue discount amortization expense $ 16 $ 15 $ 15 $ 15 $ 14 $ 13 $ 13 $ 13 $ 12 $ 12 $ 12 $ 12 $ 13 Other OID (3) (3) (3) (3) (3) (3) (2) (3) (3) (3) (3) (3) (3) Core original issue discount (Core OID) amortization expense $ 13 $ 12 $ 12 $ 11 $ 11 $ 11 $ 10 $ 10 $ 9 $ 9 $ 9 $ 10 $ 9 Outstanding original issue discount balance QUARTERLY TREND ($ millions) 4Q 23 3Q 23 2Q 23 1Q 23 4Q 22 3Q 22 2Q 22 1Q 22 4Q 21 3Q 21 2Q 21 1Q 21 4Q 20 GAAP outstanding original issue discount balance $ ( 831) $ ( 847) $ (863) $ ( 878) $ ( 882) $ ( 888) $ ( 901) $ ( 911) $ ( 923) $ (929) $ ( 983) $ (1,052) $ (1,064) Other outstanding OID balance 39 42 45 48 40 36 39 37 40 29 32 34 37 Core outstanding original issue discount balance (Core OID balance) $ ( 793) $ (806) $ ( 818) $ (830) $ (841) $ ( 852) $ (863) $ (873) $ (883) $ (900) $ (952) $ (1,018) $ (1,027) Note: Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income. 52

Exhibit 99.3

LOGO

FOURTH QUARTER 2023

FINANCIAL SUPPLEMENT

ALLY FINANCIAL INC.

FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION

This document and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication.

This document and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for financial and operating metrics, and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2022, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.

This document and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts. The term “partnerships” means business arrangements rather than partnerships as defined by law.


4Q 2023 Preliminary Results		2

ALLY FINANCIAL INC.

TABLE OF CONTENTS


			Page(s)
Consolidated Results

Consolidated Financial Highlights			4

Consolidated Income Statement			5

Consolidated Period-End Balance Sheet			6

Consolidated Average Balance Sheet			7

Segment Detail

Segment Highlights			8

Automotive Finance			9-10

Insurance			11

Mortgage Finance			12

Corporate Finance			13

Corporate and Other			14

Credit Related Information			15-16

Supplemental Detail

Capital			17

Liquidity and Deposits			18

Net Interest Margin			19

Ally Bank Consumer Mortgage HFI Portfolios			20

Earnings Per Share Related Information			21

Adjusted Tangible Book Per Share Related Information			22

Core ROTCE Related Information			23

Adjusted Efficiency Ratio Related Information			24


4Q 2023 Preliminary Results		3

ALLY FINANCIAL INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS


($ in millions, shares in thousands)	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Selected Income Statement Data	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Net financing revenue		1,493			1,533			1,573			1,602			1,674			(40	)		(181	)		6,201			6,850			(649	)

Core OID		13			12			12			11			11			0			2			48			42			7

Net financing revenue (excluding Core OID) ⁽¹⁾		1,506			1,545			1,585			1,613			1,685			(40	)		(179	)		6,249			6,892			(642	)

Other revenue		574			435			506			498			527			139			47			2,013			1,578			435

Change in fair value of equity securities ⁽²⁾		(74	)		56			(25	)		(65	)		(49	)		(130	)		(25	)		(107	)		215			(322	)

Adjusted other revenue ⁽¹⁾		500			491			481			433			478			9			22			1,906			1,793			113

Provision for credit losses		587			508			427			446			490			79			97			1,968			1,399			569

Repositioning		(16	)		—			—			—			—			(16	)		(16	)		(16	)		—			(16	)

Adjusted Provision for Credit Losses ⁽¹⁾		603			508			427			446			490			95			113			1,984			1,399			585

Total noninterest expense ⁽³⁾		1,416			1,232			1,249			1,266			1,266			184			150			5,163			4,687			476

Repositioning		187			30			—			—			57			157			130			217			77			140

Noninterest Expense (ex. Repositioning) ⁽¹⁾		1,229			1,202			1,249			1,266			1,209			27			20			4,946			4,610			336


Pre-tax income from continuing operations		64			228			403			388			445			(164	)		(381	)		1,083			2,342			(1,259	)

Income tax (benefit) expense		(13	)		(68	)		74			68			167			55			(180	)		61			627			(566	)

(Loss) from discontinued operations, net of tax		(1	)		—			—			(1	)		—			(1	)		(1	)		(2	)		(1	)		(1	)


Net Income	$	76		$	296		$	329		$	319		$	278		$	(220	)	$	(202	)	$	1,020		$	1,714		$	(694	)

Preferred Dividends		27			27			28			28			27			—			—			110			110			—


Net income attributable to common shareholders	$	49		$	269		$	301		$	291		$	251		$	(220	)	$	(202	)	$	910		$	1,604		$	(694	)


Core Pre-Provision Net Revenue ⁽⁴⁾	$	777		$	834		$	817		$	781		$	954		$	(57	)	$	(177	)	$	3,209		$	4,075		$	(866	)

Selected Balance Sheet Data (Period-End)

Total assets	$	196,429		$	195,704		$	197,241		$	196,165		$	191,826		$	725		$	4,603

Consumer loans		104,977			108,343			107,370			106,815			106,610			(3,366	)		(1,633	)

Commercial loans		34,462			31,917			31,079			29,489			29,138			2,545			5,324

Allowance for loan losses		(3,587	)		(3,837	)		(3,781	)		(3,751	)		(3,711	)		250			124

Deposits		154,666			152,835			154,310			154,013			152,297			1,831			2,369

Total equity		13,766			12,825			13,532			13,378			12,859			941			907

Common Share Count

Weighted average basic		304,506			304,134			303,684			302,657			301,279			372			3,227			303,751			316,690			(12,939	)

Weighted average diluted		306,730			305,693			304,646			303,448			303,062			1,036			3,668			305,135			318,629			(13,494	)

Issued shares outstanding (period-end)		302,459			301,630			301,619			300,821			299,324			830			3,135

Per Common Share Data

Earnings per share (basic)	$	0.16		$	0.88		$	0.99		$	0.96		$	0.83		$	(0.72	)	$	(0.67	)	$	3.00		$	5.06		$	(2.07	)

Earnings per share (diluted)		0.16			0.88			0.99			0.96			0.83			(0.72	)		(0.67	)		2.98			5.03			(2.05	)

Adjusted earnings per share ⁽¹⁾		0.45			0.83			0.96			0.82			1.08			(0.38	)		(0.63	)		3.05			6.06			(3.01	)

Book value per share		37.83			34.81			37.16			36.75			35.20			3.02			2.63

Tangible book value per share		35.41			31.90			34.22			33.77			32.18			3.51			3.23

Adjusted tangible book value per share ⁽⁵⁾		33.34			29.79			32.08			31.59			29.96			3.55			3.38

Select Financial Ratios

Net interest margin		3.17	%		3.24	%		3.38	%		3.51	%		3.65	%								3.32	%		3.85	%

Net interest margin (ex. Core OID) ⁽¹⁾		3.20	%		3.26	%		3.41	%		3.54	%		3.68	%								3.35	%		3.88	%

Cost of funds		4.35	%		4.21	%		3.89	%		3.44	%		2.77	%								3.97	%		1.74	%

Cost of funds (ex. Core OID)		4.29	%		4.15	%		3.84	%		3.39	%		2.73	%								3.92	%		1.71	%

Efficiency Ratio		68.5	%		62.6	%		60.1	%		60.3	%		57.5	%								62.9	%		55.6	%

Adjusted efficiency ratio ⁽⁶⁾		55.7	%		52.1	%		51.7	%		55.8	%		50.6	%								53.8	%		47.0	%

Return on average assets		0.1	%		0.5	%		0.6	%		0.6	%		0.5	%								0.5	%		0.9	%

Return on average total equity		1.5	%		8.2	%		8.9	%		8.9	%		7.9	%								6.9	%		11.2	%

Return on average tangible common equity		1.9	%		10.8	%		11.8	%		11.8	%		10.7	%								9.0	%		14.4	%

Core ROTCE ⁽⁷⁾		6.9	%		12.9	%		13.9	%		12.5	%		17.6	%								11.5	%		20.5	%

Capital Ratios ⁽⁸⁾

Common Equity Tier 1 (CET1) capital ratio		9.4	%		9.3	%		9.3	%		9.2	%		9.3	%

Tier 1 capital ratio		10.8	%		10.7	%		10.7	%		10.7	%		10.7	%

Total capital ratio		12.4	%		12.5	%		12.5	%		12.5	%		12.2	%

Tier 1 leverage ratio		8.7	%		8.6	%		8.6	%		8.5	%		8.6	%

(1)

Represents a non-GAAP financial measure. For more details refer to pages 25-27.

(2)

For more details refer to pages 25-27.

(3)

Including but not limited to employee related expenses, commissions and provision for losses and loss adjustment expense related to the insurance business, information technology expenses, servicing expenses, facilities expenses, marketing expenses, and other professional and legal expenses.

(4)

Represents a non-GAAP financial measure. For more details refer to page 25-27.

(5)

Represents a non-GAAP financial measure. For more details refer to page 22.

(6)

Represents a non-GAAP financial measure. For more details refer to page 24.

(7)

Represents a non-GAAP financial measure. For more details refer to page 23.

(8)

For more details on the final rules to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently phase-in its impact, see page 26.


4Q 2023 Preliminary Results		4

ALLY FINANCIAL INC.

CONSOLIDATED INCOME STATEMENT


	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
($ in millions)	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Financing revenue and other interest income

Interest and fees on finance receivables and loans	$	2,887		$	2,837		$	2,721		$	2,575		$	2,423		$	50		$	464		$	11,020		$	8,099		$	2,921

Interest on loans held-for-sale		5			7			7			15			13			(2	)		(8	)		34			31			3

Total interest and dividends on investment securities		260			256			238			226			220			4			40			980			804			176

Interest-bearing cash		90			99			87			56			31			(9	)		59			332			54			278

Other earning assets		10			11			9			12			12			(1	)		(2	)		42			37			5

Operating leases		371			385			392			402			400			(14	)		(29	)		1,550			1,596			(46	)


Total financing revenue and other interest income		3,623			3,595			3,454			3,286			3,099			28			524			13,958			10,621			3,337

Interest expense

Interest on deposits		1,621			1,563			1,418			1,217			946			58			675			5,819			1,987			3,832

Interest on short-term borrowings		37			13			11			12			40			24			(3	)		73			107			(34	)

Interest on long-term debt		248			274			252			227			200			(26	)		48			1,001			763			238

Interest on other		2			—			—			2			(1	)		2			3			4			—			4


Total interest expense		1,908			1,850			1,681			1,458			1,185			58			723			6,897			2,857			4,040

Depreciation expense on operating lease assets		222			212			200			226			240			10			(18	)		860			914			(54	)


Net financing revenue	$	1,493		$	1,533		$	1,573		$	1,602		$	1,674		$	(40	)	$	(181	)	$	6,201		$	6,850		$	(649	)

Other revenue

Insurance premiums and service revenue earned		335			320			310			306			302			15			33			1,271			1,151			120

Gain on mortgage and automotive loans, net		3			4			5			4			24			(1	)		(21	)		16			52			(36	)

Loss on extinguishment of debt		(0	)		—			0			(0	)		(0	)		(0	)		0			(0	)		(0	)		0

Other gain / (loss) on investments, net		85			(41	)		26			74			53			126			32			144			(120	)		264

Other income, net of losses		151			152			165			114			148			(1	)		3			582			495			87


Total other revenue		574			435			506			498			527			139			47			2,013			1,578			435

Total net revenue		2,067			1,968			2,079			2,100			2,201			99			(134	)		8,214			8,428			(214	)

Provision for loan losses		587			508			427			446			490			79			97			1,968			1,399			569

Noninterest expense

Compensation and benefits expense		453			463			448			537			503			(10	)		(50	)		1,901			1,900			1

Insurance losses and loss adjustment expenses		93			107			134			88			63			(14	)		30			422			280			142

Goodwill impairment		149			—			—			—			—			149			149			149			—			149

Other operating expenses		721			662			667			641			700			59			21			2,691			2,507			184


Total noninterest expense		1,416			1,232			1,249			1,266			1,266			184			150			5,163			4,687			476

Pre-tax income from continuing operations	$	64		$	228		$	403		$	388		$	445		$	(164	)	$	(381	)	$	1,083		$	2,342		$	(1,259	)

Income tax expense from continuing operations		(13	)		(68	)		74			68			167			55			(180	)		61			627			(566	)


Net income from continuing operations		77			296			329			320			278			(219	)		(201	)		1,022			1,715			(693	)

Loss from discontinued operations, net of tax		(1	)		—			—			(1	)		—			(1	)		(1	)		(2	)		(1	)		(1	)


Net income	$	76		$	296		$	329		$	319		$	278		$	(220	)	$	(202	)	$	1,020		$	1,714		$	(694	)

Preferred Dividends		27			27			28			28			27			—			—			110			110			—


Net income available to common shareholders	$	49		$	269		$	301		$	291		$	251		$	(220	)	$	(202	)	$	910		$	1,604		$	(694	)


Core pre-tax Income walk

Net financing revenue	$	1,493		$	1,533		$	1,573		$	1,602		$	1,674		$	(40	)	$	(181	)	$	6,201		$	6,850		$	(649	)

Other revenue		574			435			506			498			527			139			47			2,013			1,578			435

Provision for credit losses		587			508			427			446			490			79			97			1,968			1,399			569

Total noninterest expense		1,416			1,232			1,249			1,266			1,266			184			150			5,163			4,687			476


Pre-tax income from continuing operations	$	64		$	228		$	403		$	388		$	445		$	(164	)	$	(381	)	$	1,083		$	2,342		$	(1,259	)

Core OID ⁽²⁾		13			12			12			11			11			0			2			48			42			7

Change in the fair value of equity securities ⁽¹⁾		(74	)		56			(25	)		(65	)		(49	)		(130	)		(25	)		(107	)		215			(322	)

Repositioning ⁽¹⁾		172			30			—			—			57			142			115			201			77			124


Core pre-tax income ⁽²⁾	$	190		$	326		$	390		$	335		$	464		$	(136	)	$	(274	)	$	1,226		$	2,676		$	(1,450	)

(1)

For more details refer to pages 25-27.

(2)

Represents a non-GAAP financial measure. For more details refer to pages 25-27.


4Q 2023 Preliminary Results		5

ALLY FINANCIAL INC.

CONSOLIDATED PERIOD-END BALANCE SHEET


($ in millions)	QUARTERLY TRENDS															CHANGE VS.
Assets	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22

Cash and cash equivalents

Noninterest-bearing	$	638		$	603		$	536		$	554		$	542		$	35		$	96

Interest-bearing		6,307			7,912			9,436			9,226			5,029			(1,605	)		1,278


Total cash and cash equivalents		6,945			8,515			9,972			9,780			5,571			(1,570	)		1,374

Investment securities ⁽¹⁾		29,905			28,532			30,453			31,215			31,284			1,373			(1,379	)

Loans held-for-sale, net		400			289			297			524			654			111			(254	)

Finance receivables and loans, net		139,439			140,260			138,449			136,304			135,748			(821	)		3,691

Allowance for loan losses		(3,587	)		(3,837	)		(3,781	)		(3,751	)		(3,711	)		250			124


Total finance receivables and loans, net		135,852			136,423			134,668			132,553			132,037			(571	)		3,815

Investment in operating leases, net		9,171			9,569			9,930			10,236			10,444			(398	)		(1,273	)

Premiums receivables and other insurance assets		2,749			2,775			2,768			2,713			2,698			(26	)		51

Other assets		9,399			9,601			9,153			9,144			9,138			(202	)		261

Assets of operations held-for-sale ⁽²⁾		2,008			—			—			—			—			2,008			2,008


Total assets	$	196,429		$	195,704		$	197,241		$	196,165		$	191,826		$	725		$	4,603


Liabilities

Deposit liabilities

Noninterest-bearing	$	139		$	188		$	160		$	174		$	185		$	(49	)	$	(46	)

Interest-bearing		154,527			152,647			154,150			153,839			152,112			1,880			2,415


Total deposit liabilities		154,666			152,835			154,310			154,013			152,297			1,831			2,369

Short-term borrowings		3,297			2,410			2,194			1,455			2,399			887			898

Long-term debt		17,570			20,096			20,141			20,480			17,762			(2,526	)		(192	)

Interest payable		858			1,437			955			759			408			(579	)		450

Unearned insurance premiums and service revenue		3,492			3,494			3,478			3,455			3,453			(2	)		39

Accrued expense and other liabilities		2,731			2,607			2,631			2,625			2,648			124			83

Liabilities of operations held-for-sale		49			—			—			—			—			49			49


Total liabilities	$	182,663		$	182,879		$	183,709		$	182,787		$	178,967		$	(216	)	$	3,696

Equity

Common stock and paid-in capital ⁽³⁾	$	15,104		$	15,069		$	15,048		$	15,015		$	14,978		$	35		$	126

Preferred stock		2,324			2,324			2,324			2,324			2,324			—			—

Retained earnings / (accumulated deficit)		154			197			23			(185	)		(384	)		(43	)		538

Accumulated other comprehensive income / (loss)		(3,816	)		(4,765	)		(3,863	)		(3,776	)		(4,059	)		949			243


Total equity		13,766			12,825			13,532			13,378			12,859			941			907


Total liabilities and equity	$	196,429		$	195,704		$	197,241		$	196,165		$	191,826		$	725		$	4,603

(1)

Includes Held-to-maturity securities.

(2)

Unsecured lending from point-of-sale financing. Moved to Assets of Operations Held-For-Sale (HFS) on 12/31/23.

(3)

Includes Treasury stock.


4Q 2023 Preliminary Results		6

ALLY FINANCIAL INC.

CONSOLIDATED AVERAGE BALANCE SHEET ⁽¹⁾


($ in millions)	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Assets	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Interest-bearing cash and cash equivalents	$	7,571		$	8,308		$	7,401		$	5,731		$	4,129		$	(737	)	$	3,442		$	7,261		$	3,886		$	3,375

Investment securities and other earning assets		29,407			30,364			31,537			32,168			32,131			(957	)		(2,724	)		30,861			34,397			(3,536	)

Loans held-for-sale, net		237			278			422			738			722			(41	)		(485	)		417			616			(199	)

Total finance receivables and loans, net ⁽²⁾⁽⁵⁾		140,326			139,153			137,185			135,819			134,170			1,173			6,156			138,136			128,178			9,958

Investment in operating leases, net		9,415			9,817			10,110			10,435			10,546			(402	)		(1,131	)		9,941			10,656			(715	)


Total interest earning assets		186,956			187,920			186,655			184,891			181,698			(964	)		5,258			186,616			177,733			8,883

Noninterest-bearing cash and cash equivalents		257			335			362			333			395			(78	)		(138	)		322			416			(94	)

Other assets		11,644			10,925			10,781			10,817			11,082			719			562			11,044			10,442			602

Allowance for loan losses		(3,801	)		(3,820	)		(3,777	)		(3,729	)		(3,641	)		19			(160	)		(3,782	)		(3,439	)		(343	)


Total assets	$	195,056		$	195,360		$	194,021		$	192,312		$	189,534		$	(304	)	$	5,522		$	194,200		$	185,152		$	9,048


Liabilities

Interest-bearing deposit liabilities

Retail deposit liabilities	$	140,117		$	139,372		$	138,285		$	138,071		$	135,340		$	745		$	4,777		$	138,968		$	133,587		$	5,381

Other interest-bearing deposit liabilities ⁽³⁾		13,391			13,973			13,935			14,503			12,933			(582	)		458			13,947			9,400			4,547


Total Interest-bearing deposit liabilities		153,508			153,345			152,220			152,573			148,273			163			5,235			152,915			142,987			9,928

Short-term borrowings		2,714			948			833			1,024			4,169			1,766			(1,455	)		1,383			4,292			(2,909	)

Long-term debt ⁽⁴⁾		17,933			20,315			20,256			18,389			17,282			(2,382	)		651			19,226			16,683			2,543


Total interest-bearing liabilities ⁽⁴⁾		174,155			174,608			173,309			171,986			169,724			(453	)		4,431			173,524			163,962			9,562

Noninterest-bearing deposit liabilities		164			181			162			179			212			(17	)		(48	)		172			193			(21	)

Other liabilities		7,826			6,503			6,760			6,662			6,809			1,323			1,017			6,940			6,606			334


Total liabilities	$	182,145		$	181,292		$	180,231		$	178,827		$	176,745		$	853		$	5,400		$	180,636		$	170,761		$	9,875

Equity

Total equity	$	12,911		$	14,068		$	13,790		$	13,485		$	12,789		$	(1,157	)	$	122		$	13,564		$	14,391		$	(827	)


Total liabilities and equity	$	195,056		$	195,360		$	194,021		$	192,312		$	189,534		$	(304	)	$	5,522		$	194,200		$	185,152		$	9,048

(1)

Average balances are calculated using a combination of monthly and daily average methodologies.

(2)

Nonperforming finance receivables and loans are included in the average balances net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(3)

Includes brokered (inclusive of sweep deposits) and other deposits.

(4)

Includes average Core OID balance of $799 million in 4Q23, $812 million in 3Q23, $824 million in 2Q23, $835 million in 1Q23, and $847 million in 4Q22.

(5)

Includes the effects of finance receivables and loans, net that were transferred to loans held-for-sale, net and subsequently transferred to assets of operations held-for-sale as of December 31, 2023.


4Q 2023 Preliminary Results		7

ALLY FINANCIAL INC.

SEGMENT HIGHLIGHTS


($ in millions)
	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Pre-tax Income / (Loss)	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Automotive Finance	$	294		$	377		$	501		$	442		$	437		$	(83	)	$	(143	)	$	1,614		$	2,250		$	(636	)

Insurance		129			(16	)		8			92			101			145			28			213			(38	)		251


Dealer Financial Services		423			361			509			534			538			62			(115	)		1,827			2,212			(385	)

Corporate Finance		79			84			72			72			67			(5	)		12			307			282			25

Mortgage Finance		24			26			21			21			19			(2	)		5			92			55			37

Corporate and Other ⁽¹⁾		(462	)		(243	)		(199	)		(239	)		(179	)		(219	)		(283	)		(1,143	)		(207	)		(936	)


Pre-tax income from continuing operations	$	64		$	228		$	403		$	388		$	445		$	(164	)	$	(381	)	$	1,083		$	2,342		$	(1,259	)

Core OID ⁽²⁾⁽⁴⁾		13			12			12			11			11			0			2			48			42			7

Change in the fair value of equity securities ⁽³⁾		(74	)		56			(25	)		(65	)		(49	)		(130	)		(25	)		(107	)		215			(322	)

Repositioning ⁽⁴⁾		172			30			—			—			57			142			115			201			77			124


Core pre-tax income ⁽⁴⁾	$	174		$	326		$	390		$	335		$	464		$	(152	)	$	(290	)	$	1,226		$	2,676		$	(1,450	)

(1)

Corporate and Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio, Ally Invest activity, Ally Lending activity and the Credit Card portfolio.

(2)

Core OID for all periods shown are applied to the pre-tax income of the Corporate and Other segment.

(3)

For more details refer to pages 25-27.

(4)

Represents a non-GAAP measure. For more details refer to pages 25-27.


4Q 2023 Preliminary Results		8

ALLY FINANCIAL INC.

AUTOMOTIVE FINANCE - CONDENSED FINANCIAL STATEMENTS


($ in millions)
	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Income Statement	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023		FY 2022		CHANGE

Net financing revenue

Consumer	$	1,799		$	1,748		$	1,649		$	1,576		$	1,555		$	51		$	244		$	6,772	$	5,680	$	1,092

Commercial		394			364			335			299			252			30			142			1,392		712		680

Loans held-for-sale		1			2			1			3			2			(1	)		(1	)		7		2		5

Operating leases		371			385			392			402			400			(14	)		(29	)		1,550		1,596		(46	)


Total financing revenue and other interest income		2,565			2,499			2,377			2,280			2,209			66			356			9,721		7,990		1,731

Interest expense		1,013			927			828			732			644			86			369			3,500		1,852		1,648

Depreciation expense on operating lease assets:

Depreciation expense on operating lease assets (ex. remarketing)		260			268			271			272			271			(8	)		(11	)		1,071		1,083		(12	)

Remarketing gains, net of repo valuation		37			57			70			47			31			(20	)		(6)			211		170		41


Total depreciation expense on operating lease assets		222			212			200			226			240			10			(18	)		860		914		(54	)


Net financing revenue		1,330			1,360			1,349			1,322			1,325			(30	)		5			5,361		5,224		137

Other revenue


Total other revenue		82			79			83			77			92			3			(10	)		321		306		15


Total net revenue		1,412			1,439			1,432			1,399			1,417			(27	)		(5	)		5,682		5,530		152

Provision for credit losses		492			444			331			351			376			48			116			1,618		1,036		582

Noninterest expense

Compensation and benefits		163			164			160			181			154			(1	)		9			668		629		39

Other operating expenses		463			454			440			425			450			9			13			1,782		1,615		167


Total noninterest expense		626			618			600			606			604			8			22			2,450		2,244		206


Pre-tax Income	$	294		$	377		$	501		$	442		$	437		$	(83	)	$	(143	)	$	1,614	$	2,250	$	(636	)


Memo: Net lease revenue

Operating lease revenue	$	371		$	385		$	392		$	402		$	400		$	(14	)	$	(29	)	$	1,550	$	1,596	$	(46	)

Depreciation expense on operating lease assets (ex. remarketing)		260			268			271			272			271			(8	)		(11	)		1,071		1,083		(12	)

Remarketing gains, net of repo valuation		37			57			70			47			31			(20	)		6			211		170		41


Total depreciation expense on operating lease assets		222			212			200			226			240			10			(18	)		860		914		(54	)


Net lease revenue	$	149		$	173		$	192		$	176		$	160		$	(24	)	$	(11	)	$	690	$	682	$	8


Balance Sheet (Period-End)

Cash, trading and investment securities	$	—		$	—		$	—		$	—		$	—		$	—		$	—

Loans held-for-sale, net		13			21			10			19			6			(8	)		7

Consumer loans		84,414			85,728			84,725			84,042			83,903			(1,314	)		511

Commercial loans		23,334			21,057			20,732			19,266			18,784			2,277			4,550

Allowance for loan losses		(3,117	)		(3,153	)		(3,103	)		(3,053	)		(3,053	)		36			(64	)


Total finance receivables and loans, net		104,631			103,632			102,354			100,255			99,634			999			4,997

Investment in operating leases, net		9,171			9,569			9,930			10,236			10,444			(398	)		(1,273	)

Other assets		1,572			1,520			1,463			1,450			1,379			52			193


Total assets	$	115,387		$	114,742		$	113,757		$	111,960		$	111,463		$	645		$	3,924


4Q 2023 Preliminary Results		9

ALLY FINANCIAL INC.

AUTOMOTIVE FINANCE - KEY STATISTICS


	QUARTERLY TRENDS										CHANGE VS.						FULL YEAR
*U.S. Consumer Originations ⁽¹⁾($ in billions)***	4Q 23		3Q 23		2Q 23		1Q 23		4Q 22		3Q 23			4Q 22			FY 2023		FY 2022		CHANGE

Retail standard - new vehicle GM	$	1.1	$	1.1	$	1.1	$	1.0	$	1.2	$	—		$	(0.1	)	$	4.3	$	4.4	$	(0.1	)

Retail standard - new vehicle Stellantis		0.7		0.7		0.8		0.7		0.7		(0.1	)		(0.1	)		2.9		3.6		(0.7	)

Retail standard - new vehicle Other		1.0		1.1		1.0		1.0		1.0		(0.1	)		—			4.1		4.4		(0.3	)

Used vehicle		6.2		6.9		6.6		6.1		5.5		(0.7	)		0.7			25.8		30.1		(4.3	)

Lease		0.6		0.7		0.8		0.8		0.7		(0.1	)		(0.1	)		2.9		3.7		(0.8	)

Retail subvented		0.0		0.0		0.0		0.0		0.0		0.0			0.0			0.0		0.2		(0.2	)


Total originations	$	9.6	$	10.6	$	10.4	$	9.5	$	9.2	$	(1.0	)	$	0.4		$	40.0	$	46.4	$	(6.4	)

U.S. Consumer Originations - FICO Score

Super prime (760-999)	$	2.4	$	2.5	$	2.4	$	1.8	$	1.8	$	(0.1	)	$	0.6		$	9.0	$	7.6	$	1.4

High prime (720-759)		1.4		1.5		1.4		1.2		1.3		(0.1	)		0.1			5.5		5.9		(0.4	)

Prime (660-719)		2.7		3.1		3.1		2.8		2.8		(0.4	)		(0.1	)		11.6		14.9		(3.3	)

Prime/Near (620-659)		1.5		1.8		1.8		2.0		1.8		(0.3	)		(0.3	)		7.1		10.2		(3.1	)

Non-Prime (540-619)		0.6		0.7		0.7		0.8		0.6		(0.1	)		0.1			2.8		3.5		(0.7	)

Sub-Prime (0-539)		0.2		0.2		0.2		0.1		0.1		—			0.1			0.7		0.6		0.1

No FICO (Primarily CSG)		0.8		0.8		0.8		0.8		0.9		—			(0.1	)		3.2		3.5		(0.4	)


Total originations	$	9.6	$	10.6	$	10.4	$	9.5	$	9.2	$	(1.0	)	$	0.4		$	40.0	$	46.4	$	(6.4	)

U.S. Consumer Retail Originations - Average FICO

New vehicle		718		712		709		700		707		5			11			710		700		10

Used vehicle		703		701		698		687		693		2			10			697		684		13

Total retail originations		707		704		701		691		697		3			10			701		688		12

U.S. Market

Light vehicle sales (SAAR - units in millions)		15.5		15.7		15.8		15.0		14.2		(0.1	)		1.4			15.5		13.7		1.7

Light vehicle sales (quarterly - units in millions)		3.9		4.0		4.1		3.5		3.5		(0.1	)		0.3			15.4		13.7		1.8

Dealer Engagement

Total Active DFS Dealers ⁽²⁾		21,829		22,323		22,171		22,136		21,869		(494	)		(40	)		21,829		21,869		(40	)

Total Application Volume (000s)		3,321		3,674		3,517		3,319		2,866		(353	)		455			13,831		12,480		1,351

Ally U.S. Commercial Outstandings EOP ($ in billions)

Floorplan outstandings	$	17.0	$	14.9	$	14.6	$	13.3	$	13.0	$	2.0		$	3.9

Dealer loans and other		6.3		6.1		6.1		5.9		5.7		0.2			0.6


Total Commercial outstandings	$	23.3	$	21.1	$	20.7	$	19.3	$	18.8	$	2.3		$	4.6

U.S. Off-Lease Remarketing

Off-lease vehicles terminated - on-balance sheet (# in units)		26,237		29,484		29,872		24,163		20,919		(3,247	)		5,318			109,756		110,634		(878	)

Average gain / (loss) per vehicle	$	1,422	$	1,944	$	2,335	$	1,932	$	1,476	$	(522	)	$	(54	)	$	1,923	$	1,533	$	390

Total gain ($ in millions)	$	37	$	57	$	70	$	47	$	31	$	(20	)		6		$	211	$	170	$	41

(1)

Some standard rate loan originations contain manufacturer sponsored cash back rebate incentives. Some lease originations contain rate subvention. While Ally may jointly develop marketing programs for these originations, Ally does not have exclusive rights to such originations under operating agreements with manufacturers.

(2)

A dealer is considered to have an active relationship with us if we provided automotive financing, remarketing, or insurance services during three months ended December 31, 2023.


4Q 2023 Preliminary Results		10

ALLY FINANCIAL INC.

INSURANCE - CONDENSED FINANCIAL STATEMENTS AND KEY STATISTICS


($ in millions)	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Income Statement *(GAAP View)*	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Net financing revenue

Total interest and fees on finance receivables and loans⁽¹⁾	$	3		$	2		$	3		$	2		$	2		$	1		$	1		$	10		$	9		$	1

Interest and dividends on investment securities		34			32			31			29			32			2			2			126			115			11

Interest bearing cash		5			3			2			3			1			2			4			13			2			11


Total financing revenue and other interest revenue		42			37			36			34			35			5			7			149			126			23

Interest expense		9			8			7			8			7			1			2			32			37			(5	)


Net financing revenue		33			29			29			26			28			4			5			117			89			28

Other revenue

Insurance premiums and service revenue earned		335			320			310			306			302			15			33			1,271			1,151			120

Other gain / (loss) on investments, net		78			(31	)		25			72			54			109			24			144			(143	)		287

Other income, net of losses		4			4			2			3			3			—			1			13			15			(2	)


Total other revenue		417			293			337			381			359			124			58			1,428			1,023			405


Total net revenue		450			322			366			407			387			128			63			1,545			1,112			433

Noninterest expense

Compensation and benefits expense		27			26			27			28			23			1			4			108			101			7

Insurance losses and loss adjustment expenses		93			107			134			88			63			(14	)		30			422			280			142

Other operating expenses		201			205			197			199			200			(4	)		1			802			769			33


Total noninterest expense		321			338			358			315			286			(17	)		35			1,332			1,150			182


Pre-tax (loss)	$	129		$	(16	)	$	8		$	92		$	101		$	145		$	28		$	213		$	(38	)	$	251


Memo: Income Statement (Managerial View)

Insurance premiums and other income

Insurance premiums and service revenue earned	$	335		$	320		$	310		$	306		$	302		$	15		$	33		$	1,271		$	1,151		$	120

Investment income and other (adjusted) ⁽²⁾		44			44			30			33			33			(1	)		11			151			156			(4	)

Other income		4			4			2			3			3			—			1			13			15			(2	)


Total insurance premiums and other income		383			368			342			342			338			14			45			1,435			1,322			114

Expense

Insurance losses and loss adjustment expenses		93			107			134			88			63			(14	)		30			422			280			142

Acquisition and underwriting expenses

Compensation and benefit expense		27			26			27			28			23			1			4			108			101			7

Insurance commission expense		161			160			158			157			158			1			3			637			611			26

Other expense		40			45			39			42			42			(5	)		(2	)		165			158			7


Total acquistion and underwriting expense		228			231			224			227			223			(3	)		5			910			870			40


Total expense		321			338			358			315			286			(17	)		35			1,332			1,150			182


Core pre-tax (loss) / income ⁽²⁾		62			30			(16	)		27			52			31			10			103			172			(68	)

Change in the fair value of equity securities ⁽³⁾		67			(46	)		24			65			49			114			18			110			(210	)		319


Income (loss) before income tax expense	$	129		$	(16	)	$	8		$	92		$	101		$	145		$	28		$	213		$	(38	)	$	251


Balance Sheet (Period-End)

Cash and investment securities	$	5,333		$	5,086		$	5,280		$	5,331		$	5,252		$	247		$	81

Intercompany loans⁽¹⁾		619			547			510			523			417			72			202

Premiums receivable and other insurance assets		2,767			2,791			2,783			2,728			2,712			(24	)		55

Other assets		362			312			317			285			278			50			84


Total assets	$	9,081		$	8,736		$	8,890		$	8,867		$	8,659		$	345		$	422


Key Statistics

Total written premiums and revenue ⁽⁴⁾	$	333		$	335		$	299		$	307		$	285		$	(2	)	$	48		$	1,274		$	1,103		$	171

Loss ratio ⁽⁵⁾		27.6	%		33.0	%		43.0	%		28.3	%		20.6	%								32.9	%		24.0	%

Underwriting expense ratio ⁽⁶⁾		67.2	%		71.3	%		71.5	%		73.7	%		73.0	%								70.8	%		74.6	%


Combined ratio		94.8	%		104.3	%		114.6	%		102.0	%		93.6	%								103.7	%		98.6	%

(1)

Intercompany activity represents excess liquidity placed with corporate segment.

(2)

Represents a non-GAAP financial measure. For more details refer to pages 25-27.

(3)

For more details refer to pages 25-27.

(4)

Written premiums are net of ceded premium for reinsurance.

(5)

Loss Ratio is calculated as Insurance losses and loss adjustment expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

(6)

Underwriting Expense Ratio is calculated as Compensation and benefits expense and Other operating expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.


4Q 2023 Preliminary Results		11

ALLY FINANCIAL INC.

MORTGAGE FINANCE - CONDENSED FINANCIAL STATEMENTS


($ in millions)
	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Income Statement	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022		CHANGE

Net financing revenue

Total financing revenue and other interest income	$	147		$	149		$	151		$	153		$	155		$	(2	)	$	(8	)	$	600		$	575	$ 25

Interest expense		96			96			98			99			100			—			(4	)		389			354	35


Net financing revenue		51			53			53			54			55			(2	)		(4	)		211			221	(10)

Gain on mortgage loans, net		3			4			5			4			1			(1	)		2			16			26	(10)

Other income, net of losses		—			—			—			—			1			—			(1	)		—			1	(1)


Total other revenue		3			4			5			4			2			(1	)		1			16			27	(11)


Total net revenue		54			57			58			58			57			(3	)		(3	)		227			248	(21)


Provision for loan losses		—			(2	)		—			(1	)		1			2			(1	)		(3	)		3	(6)

Noninterest expense

Compensation and benefits expense		4			5			5			6			6			(1	)		(2	)		20			23	(3)

Other operating expense		26			28			32			32			31			(2	)		(5	)		118			167	(49)


Total noninterest expense		30			33			37			38			37			(3	)		(7	)		138			190	(52)


Pre-tax Income	$	24		$	26		$	21		$	21		$	19		$	(2	)	$	5		$	92		$	55	$ 37


Balance Sheet (Period-End)

Finance receivables and loans, net:

Consumer loans	$	18,442		$	18,657		$	18,894		$	19,189		$	19,445		$	(215	)	$	(1,003	)

Allowance for loan losses		(18	)		(19	)		(20	)		(20	)		(22	)		1			4


Total finance receivables and loans, net		18,424			18,638			18,874			19,169			19,423			(214	)		(999	)

Loans held for sale, net		25			29			36			24			13			(4	)		12

Other assets		63			78			87			97			93			(15	)		(30	)


Total assets	$	18,512		$	18,745		$	18,997		$	19,290		$	19,529		$	(233	)	$	(1,017	)


4Q 2023 Preliminary Results		12

ALLY FINANCIAL INC.

CORPORATE FINANCE - CONDENSED FINANCIAL STATEMENTS


($ in millions)
	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Income Statement	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022		CHANGE

Net financing revenue

Total financing revenue and other interest income	$	264		$	248		$	234		$	234		$	199		$	16		$	65		$	980		$	546	$	434

Interest expense		159			151			142			131			105			8			54			583			212		371


Net financing revenue		105			97			92			103			94			8			11			397			334		63

Total other revenue		23			24			28			29			25			(1	)		(2	)		104			122		(18	)


Total net revenue		128			121			120			132			119			7			9			501			456		45

Provision for loan losses		17			5			15			15			16			12			1			52			43		9

Noninterest expense

Compensation and benefits expense		17			16			17			28			20			1			(3	)		78			75		3

Other operating expense		15			16			16			17			16			(1	)		(1	)		64			56		8


Total noninterest expense		32			32			33			45			36			—			(4	)		142			131		11


Pre-tax income	$	79		$	84		$	72		$	72		$	67		$	(5	)	$	12		$	307		$	282	$	25


Change in the fair value of equity securities ⁽¹⁾		0			(0	)		(1	)		0			0			1			(0	)		(1	)		4		(5	)


Core pre-tax income ⁽²⁾	$	79		$	84		$	71		$	72		$	67		$	(4	)	$	12		$	306		$	286	$	20


Balance Sheet (Period-End)

Equity securities	$	6		$	6		$	6		$	5		$	6		$	—		$	—

Loans held for sale, net		253			81			48			266			445			172			(192	)

Commercial loans		10,905			10,637			10,132			10,003			10,147			268			758

Allowance for loan losses		(153	)		(185	)		(176	)		(217	)		(202	)		32			49


Total finance receivables and loans, net		10,752			10,452			9,956			9,786			9,945			300			807

Other assets		201			210			180			169			148			(9	)		53


Total assets	$	11,212		$	10,749		$	10,190		$	10,226		$	10,544		$	463		$	668

(1)

For more details refer to pages 25-27.

(2)

Represents a non-GAAP financial measure. For more details refer to pages 25-27.


4Q 2023 Preliminary Results		13

ALLY FINANCIAL INC.

CORPORATE AND OTHER - CONDENSED FINANCIAL STATEMENTS


($ in millions)	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Income Statement	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Net financing revenue

Total financing revenue and other interest income	$	605		$	662		$	656		$	585		$	501		$	(57	)	$	104		$	2,508		$	1,384		$	1,124

Interest expense		631			668			606			488			329			(37	)		302			2,393			402			1,991


Net financing revenue		(26	)		(6	)		50			97			172			(20	)		(198	)		115			982			(867	)

Other revenue

Other gain on investments, net		8			(11	)		—			3			—			19			8			—			22			(22	)

Other income, net of losses ⁽¹⁾		41			46			53			4			49			(5	)		(8	)		144			78			66


Total other revenue		49			35			53			7			49			14			—			144			100			44


Total net revenue		23			29			103			104			221			(6	)		(198	)		259			1,082			(823	)

Provision for loan losses		78			61			81			81			97			17			(19	)		301			317			(16	)

Noninterest expense

Compensation and benefits expense		242			252			239			294			300			(10	)		(58	)		1,027			1,072			(45	)

Goodwill impairment		149			—			—			—			—			149			149			149			—			149

Other operating expense ⁽²⁾		16			(41	)		(18	)		(32	)		3			57			13			(75	)		(100	)		25


Total noninterest expense		407			211			221			262			303			196			104			1,101			972			129


Pre-tax (loss) income	$	(462	)	$	(243	)	$	(199	)	$	(239	)	$	(179	)	$	(219	)	$	(283	)	$	(1,143	)	$	(207	)	$	(936	)


Change in the fair value of equity securities ⁽³⁾		(7	)		10			—			—			—			(17	)		(7	)		3			1			3

Core OID ⁽⁴⁾		13			12			12			11			11			—			2			48			42			7

Repositioning ⁽³⁾		172			30			—			—			57			142			115			201			77			124


Core pre-tax (loss) income ⁽⁴⁾	$	(284	)	$	(191	)	$	(187	)	$	(228	)	$	(111	)	$	(93	)	$	(173	)	$	(890	)	$	(87	)	$	(803	)


Balance Sheet (Period-End)

Cash, trading and investment securities	$	31,511		$	31,955		$	35,139		$	35,659		$	31,597		$	(444	)	$	(86	)

Loans held-for-sale, net		109			158			203			215			190			(49	)		(81	)

Consumer loans		2,121			3,958			3,751			3,584			3,262			(1,837	)		(1,141	)

Commercial loans		223			223			215			220			207			—			16

Intercompany loans⁽⁵⁾		(619	)		(547	)		(510	)		(523	)		(417	)		(72	)		(202	)

Allowance for loan losses		(299	)		(480	)		(482	)		(461	)		(434	)		181			135


Total finance receivables and loans, net		1,426			3,154			2,974			2,820			2,618			(1,728	)		(1,192	)

Other assets		7,183			7,465			7,091			7,128			7,226			(282	)		(43	)

Assets of operations held-for-sale ⁽⁶⁾		2,008			—			—			—			—			2,008			2,008

Total assets	$	42,237		$	42,732		$	45,407		$	45,822		$	41,631		$	(495	)	$	606


Core OID Amortization Schedule ⁽⁴⁾	2024			2025			2026			2027			2028 & After

Remaining Core OID amortization expense	$	56		$	66		$	77		$	89		Avg = $	125/yr

(1) Includes the impact of centralized asset and liability management, corporate overhead allocation activities, the legacy mortgage portfolio, Ally Invest activity, and Ally Lending activity.

(2) Other operating expenses includes corporate overhead allocated to the other business segments. Amounts of corporate overhead allocated were $342 million for 4Q23, $348 million for 3Q23, $331 million for 2Q23, $334 million for 1Q23, and $350 million for 4Q22. The receiving business segment records the allocation of corporate overhead expense within other operating expenses.

(3) For more details refer to pages 25-27.

(4) Represents a non-GAAP financial measure. For more details refer to pages 25-27.

(5) Intercompany loans related to activity between Insurance and Corporate and Other for liquidity purposes.

(6) Unsecured lending from point-of-sale financing. Moved to Assets of Operations Held-For-Sale (HFS) on 12/31/23.


4Q 2023 Preliminary Results		14

ALLY FINANCIAL INC.

CREDIT RELATED INFORMATION


($ in millions)

	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Asset Quality - Consolidated ⁽¹⁾	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Ending loan balance	$	139,439		$	140,260		$	138,449		$	136,302		$	135,745		$	(821	)	$	3,694

30+ Accruing DPD	$	3,856		$	3,459		$	3,169		$	2,834		$	3,128		$	397		$	728

30+ Accruing DPD %		2.76	%		2.47	%		2.29	%		2.08	%		2.30	%

60+ Accruing DPD	$	1,077		$	934		$	841		$	707		$	779		$	143		$	298

60+ Accruing DPD %		0.77	%		0.67	%		0.61	%		0.52	%		0.57	%

Non-performing loans (NPLs)	$	1,394		$	1,500		$	1,404		$	1,384		$	1,454		$	(106	)	$	(60	)

Net charge-offs (NCOs)	$	623		$	456		$	399		$	409		$	390		$	167		$	233		$	1,887		$	952		$	935

Net charge-off rate ⁽²⁾		1.77	%		1.31	%		1.16	%		1.20	%		1.16	%								1.36	%		0.74	%

Provision for loan losses	$	587		$	508		$	427		$	446		$	490		$	79		$	97		$	1,968		$	1,399		$	569

Allowance for loan losses (ALLL)	$	3,587		$	3,837		$	3,781		$	3,751		$	3,711		$	(250	)	$	(124	)

ALLL as % of Loans ^(3) (4)		2.57	%		2.73	%		2.72	%		2.74	%		2.72	%

ALLL as % of NPLs ⁽³⁾		257	%		256	%		269	%		271	%		255	%

ALLL as % of NCOs ⁽³⁾		144	%		211	%		237	%		230	%		238	%

US Auto Delinquencies - HFI Retail Contract $‘s

30+ Delinquent contract $	$	3,730		$	3,290		$	3,032		$	2,714		$	2,962		$	440		$	768

% of retail contract $ outstanding		4.42	%		3.85	%		3.60	%		3.24	%		3.56	%

60+ Delinquent contract $	$	1,037		$	878		$	796		$	666		$	738		$	159		$	299

% of retail contract $ outstanding		1.23	%		1.03	%		0.94	%		0.80	%		0.89	%

U.S. Auto Annualized Net Charge-Offs - HFI Retail Contract $‘s

Net charge-offs	$	470		$	393		$	277		$	351		$	347		$	77		$	123		$	1,491		$	785		$	706

% of avg. HFI assets ⁽²⁾		2.21	%		1.85	%		1.32	%		1.68	%		1.66	%								1.77	%		0.97	%

U.S. Auto Annualized Net Charge-Offs - HFI Commercial Contract $‘s

Net charge-offs	$	19		$	(0	)	$	4		$	—		$	—		$	19		$	19		$	23		$	(2	)	$	25

% of avg. HFI assets ⁽²⁾		0.34	%		—	%		0.09	%		—	%		—	%								0.11	%		(0.01	)%

(1) Loans within this table are classified as held-for-investment recorded at amortized cost as these loans are included in our allowance for loan losses.

(2) Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance recievables and loans excluding loans measured at fair value, conditional repurchase loans and loans held-for-sale during the year for each loan category.

(3) Excludes provision for credit losses related to our reserve for unfunded commitments.

(4) ALLL coverage ratios are based on the allowance for loan losses related to loans held-for-investment excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.


4Q 2023 Preliminary Results		15

ALLY FINANCIAL INC.

CREDIT RELATED INFORMATION, CONTINUED


($ in millions)
Automotive Finance ⁽¹⁾	QUARTERLY TRENDS															CHANGE VS.

*Consumer*	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22
Allowance for loan losses	$	3,083		$	3,104		$	3,064		$	3,022		$	3,020		$	(21	)	$	63

Total consumer loans ⁽²⁾	$	84,320		$	85,370		$	84,294		$	83,640		$	83,286		$	(1,050	)	$	1,034

Coverage ratio ⁽³⁾		3.65	%		3.62	%		3.62	%		3.60	%		3.60	%

Commercial

Allowance for loan losses	$	34		$	49		$	39		$	31		$	33		$	(15	)	$	1

Total commercial loans	$	23,334		$	21,057		$	20,732		$	19,266		$	18,784		$	2,277		$	4,550

Coverage ratio		0.15	%		0.23	%		0.19	%		0.16	%		0.18	%

Mortgage ⁽¹⁾

*Consumer*

Mortgage Finance

Allowance for loan losses	$	18		$	19		$	20		$	20		$	22		$	(1	)	$	(4	)

Total consumer loans	$	18,442		$	18,657		$	18,894		$	19,189		$	19,445		$	(215	)	$	(1,003	)

Coverage ratio		0.10	%		0.10	%		0.10	%		0.11	%		0.11	%

Mortgage - Legacy

Allowance for loan losses	$	3		$	3		$	3		$	3		$	5		$	—		$	(2	)

Total consumer loans	$	225		$	238		$	255		$	272		$	290		$	(13	)	$	(65	)

Coverage ratio		1.32	%		1.29	%		1.28	%		1.11	%		1.78	%

Total Mortgage

Allowance for loan losses	$	21		$	22		$	23		$	23		$	27		$	(1	)	$	(6	)

Total consumer loans	$	18,667		$	18,895		$	19,149		$	19,461		$	19,735		$	(228	)	$	(1,068	)

Coverage ratio		0.11	%		0.11	%		0.12	%		0.12	%		0.14	%

Consumer Other - Ally Lending ^(1) (4)

Allowance for loan losses	$	—		$	202		$	210		$	213		$	194		$	(202	)	$	(194	)

Total consumer loans	$	—		$	2,206		$	2,170		$	2,072		$	1,987		$	(2,206	)	$	(1,987	)

Coverage ratio		—	%		9.16	%		9.68	%		10.29	%		9.77	%

Consumer Other - Ally Credit Card ⁽¹⁾

Allowance for loan losses	$	293		$	272		$	266		$	242			232		$	21		$	61

Total consumer loans	$	1,990		$	1,872		$	1,757		$	1,640			1,599		$	118		$	391

Coverage ratio		14.72	%		14.55	%		15.14	%		14.74	%		14.51	%

Corporate Finance ⁽¹⁾

Allowance for loan losses	$	153		$	185		$	176		$	217		$	202		$	(32	)	$	(49	)

Total commercial loans	$	10,905		$	10,636		$	10,132		$	10,003		$	10,147		$	269		$	758

Coverage ratio		1.40	%		1.74	%		1.74	%		2.17	%		1.99	%

Corporate and Other ⁽¹⁾

Allowance for loan losses	$	3		$	3		$	3		$	3		$	3		$	—		$	—

Total commercial loans	$	223		$	224		$	215		$	220		$	207		$	(1	)	$	16

Coverage ratio		1.36	%		1.36	%		1.36	%		1.36	%		1.36	%

(1) ALLL coverage ratios are based on the domestic allowance as a percentage of finance receivables and loans reported at their gross carrying value, which includes the principal amount outstanding, net of unearned income, unamortized deferred fees reduced by costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. Excludes loans held at fair value.

(2) Includes ($93M) of fair value adjustment for loans in hedge accounting relationships in 4Q23, ($358M) in 3Q23, ($432M) in 2Q23, ($402M) in 1Q23 and ($617M) in 4Q22.

(3) Excludes ($93M) of fair value adjustment for loans in hedge accounting relationships in 4Q23, ($358M) in 3Q23, ($432M) in 2Q23, ($402M) in 1Q23 and ($617M) in 4Q22.

(4) Unsecured consumer lending from point-of-sale financing.


4Q 2023 Preliminary Results		16

ALLY FINANCIAL INC.

CAPITAL


($ in billions)	QUARTERLY TRENDS										CHANGE VS.

Capital	4Q 23		3Q 23		2Q 23		1Q 23		4Q 22		3Q 23		4Q 22
Risk-weighted assets	$	161.7	$	161.1	$	159.2	$	157.6	$	157.3	$	0.6	$	4.4
Common Equity Tier 1 (CET1) capital ratio		9.4%		9.3%		9.3%		9.2%		9.3%
Tier 1 capital ratio		10.8%		10.7%		10.7%		10.7%		10.7%
Total capital ratio		12.4%		12.5%		12.5%		12.5%		12.2%
Tangible common equity / Tangible assets ⁽¹⁾⁽²⁾		5.5%		4.9%		5.3%		5.2%		5.0%
Tangible common equity / Risk-weighted assets ⁽¹⁾		6.6%		6.0%		6.5%		6.4%		6.1%
Shareholders’ equity	$	13.8	$	12.8	$	13.5	$	13.4	$	12.9	$	1.0	$	0.9
add: CECL phase-in adjustment		0.6		0.6		0.6		0.6		0.9		—		(0.3)
less: Certain AOCI items and other adjustments		3.1		3.9		3.0		2.9		3.2		(0.8)		(0.1)
Preferred equity		(2.3)		(2.3)		(2.3)		(2.3)		(2.3)		—		—

Common Equity Tier 1 capital	$	15.1	$	15.0	$	14.8	$	14.5	$	14.6	$	0.1	$	0.5


Common Equity Tier 1 capital	$	15.1	$	15.0	$	14.8	$	14.5	$	14.6	$	0.1	$	0.5
add: Preferred equity		2.3		2.3		2.3		2.3		2.3		—		—
less: Other adjustments		(0.1)		(0.1)		(0.1)		(0.1)		—		—		(0.1)

Tier 1 capital	$	17.4	$	17.3	$	17.1	$	16.8	$	16.9	$	0.1	$	0.5


Tier 1 capital	$	17.4	$	17.3	$	17.1	$	16.8	$	16.9	$	0.1	$	0.5
add: Qualifying subordinated debt		0.7		0.9		0.9		0.9		0.4		(0.2)		0.3
Allowance for loan and lease losses includible in Tier 2 capital and other adjustments		2.0		2.0		1.9		1.9		1.9		—		0.1

Total capital	$	20.1	$	20.1	$	19.9	$	19.6	$	19.2	$	—	$	0.9

Total shareholders’ equity	$	13.8	$	12.8	$	13.5	$	13.4	$	12.9	$	1.0	$	0.9
less: Preferred equity		(2.3)		(2.3)		(2.3)		(2.3)		(2.3)		—		—
Goodwill and intangible assets, net of deferred tax liabilities		(0.7)		(0.9)		(0.9)		(0.9)		(0.9)		0.2		0.2

Tangible common equity ⁽¹⁾	$	10.7	$	9.6	$	10.3	$	10.2	$	9.6	$	1.1	$	1.1

Total assets	$	196.4	$	195.7	$	197.2	$	196.2	$	191.8	$	0.7	$	4.6
less: Goodwill and intangible assets, net of deferred tax liabilities		(0.7)		(0.9)		(0.9)		(0.9)		(0.9)		0.2		0.2

Tangible assets ⁽²⁾	$	195.7	$	194.8	$	196.4	$	195.3	$	190.9	$	0.9	$	4.8

Note: Numbers may not foot due to rounding

(1) Represents a non-GAAP financial measure. For more details refer to pages 25-27.

(2) Ally defines tangible assets as total assets less goodwill and intangible assets, net of deferred tax liabilities.

For more details on the final rules to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently phase-in its impact, see page 26.


4Q 2023 Preliminary Results		17

ALLY FINANCIAL INC.

LIQUIDITY AND DEPOSITS


	QUARTERLY TRENDS										CHANGE VS.
Consolidated Available Liquidity ($ in billions)	4Q 23		3Q 23		2Q 23		1Q 23		4Q 22		3Q 23			4Q 22

Liquid cash and cash equivalents ⁽¹⁾	$	6.5	$	8.0	$	9.5	$	9.3	$	5.1	$	(1.5	)	$	1.4

Highly liquid securities ⁽²⁾		20.6		19.6		20.7		21.5		22.2		1.1			(1.5	)


Subtotal	$	27.1	$	27.6	$	30.2	$	30.8	$	27.3	$	(0.5	)	$	(0.2	)


FHLB Unused Pledged Borrowing Capacity		10.3		11.0		12.3		12.2		11.1		(0.7	)		(0.8	)

FRB Discount Window Unused Pledged Capacity		26.0		25.6		2.1		2.1		2.0		0.4			24.0


Total unused pledged capacity	$	36.4	$	36.6	$	14.4	$	14.3	$	13.2	$	(0.2	)	$	23.2


Total current available liquidity	$	63.5	$	64.1	$	44.6	$	45.0	$	40.5	$	(0.7	)	$	23.0


Unsecured Long-Term Debt Maturity Profile	2024		2025		2026		2027		2028		2029 & After

Consolidated remaining maturities ⁽³⁾	$	1.5	$	2.3	$	—	$	1.5	$	0.8	$	4.6

Ally Bank Deposits

Key Deposit Statistics

Average retail CD maturity (months)		19.0		19.1		16.2		18.7		19.4		(0.1	)		(0.4	)

Average retail deposit rate		4.15%		4.00%		3.68%		3.16%		2.45%

End of Period Deposit Levels ($ in millions)

Retail	$	142,265	$	140,100	$	138,983	$	138,497	$	137,684	$	2,164		$	4,580

Brokered & other		12,402		12,735		15,327		15,516		14,613		(333	)		(2,211	)


Total deposits	$	154,666	$	152,835	$	154,310	$	154,013	$	152,297	$	1,831		$	2,369


Deposit Mix

Retail CD		29%		28%		27%		25%		20%

MMA/OSA/Checking		63%		64%		63%		65%		71%

Brokered & other		8%		8%		10%		10%		9%

(1)

May include the restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date

(2)

Includes unencumbered UST, Agency debt, Agency MBS, and highly liquid Corporates

(3)

Excludes retail notes; as of 12/31/2023. Reflects notional value of outstanding bond. Excludes total GAAP OID and capitalized transaction costs.


4Q 2023 Preliminary Results		18

ALLY FINANCIAL INC.

NET INTEREST MARGIN


($ in millions)
	QUARTERLY TRENDS										CHANGE VS.				FULL YEAR
Average Balance Details	4Q 23		3Q 23		2Q 23		1Q 23		4Q 22		3Q 23		4Q 22		FY 2023		FY 2022		CHANGE

Retail Auto Loans	$	84,711	$	85,131	$	84,097	$	83,615	$	83,781	$	(420)	$	930	$	84,393	$	81,035	$	3,358

Auto Lease (net of dep)		9,415		9,817		10,110		10,435		10,546		(402)		(1,131)		9,941		10,656		(715)

Dealer Floorplan		15,693		14,507		13,764		12,893		11,822		1,186		3,871		14,223		11,418		2,805

Other Dealer Loans		6,115		6,023		5,945		5,756		5,462		92		653		5,961		5,044		917

Corporate Finance		10,787		10,309		10,240		10,606		10,181		478		606		10,486		8,974		1,512

Mortgage⁽¹⁾		18,788		19,028		19,325		19,621		19,876		(240)		(1,088)		19,188		19,218		(30)

Consumer Other—Ally Lending ⁽²⁾		2,167		2,201		2,114		2,037		1,904		(34)		263		2,130		1,508		622

Consumer Other—Ally Credit Card		1,925		1,826		1,701		1,618		1,486		99		439		1,769		1,216		553

Cash and Cash Equivalents		7,571		8,308		7,401		5,731		4,129		(737)		3,442		7,261		3,886		3,375

Investment Securities and Other		29,784		30,769		31,958		32,578		32,513		(985)		(2,729)		31,264		34,778		(3,514)


Total Earning Assets	$	186,956	$	187,920	$	186,655	$	184,891	$	181,698	$	(964)	$	5,258	$	186,616	$	177,733	$	8,883

Interest Revenue		3,401		3,383		3,254		3,060		2,859		18		542		13,098		9,707		3,391

Unsecured Debt (ex. Core OID balance) ⁽³⁾	$	10,595	$	11,590	$	11,442	$	11,193	$	10,447	$	(995)	$	148	$	11,205	$	10,037	$	1,168

Secured Debt		2,279		3,120		2,879		2,552		1,917		(841)		362		2,708		1,386		1,322

Deposits ⁽⁴⁾		153,672		153,526		152,382		152,752		148,485		146		5,187		153,087		143,180		9,907

Other Borrowings		8,572		7,365		7,592		6,503		9,934		1,207		(1,362)		7,513		10,414		(2,901)


Total Funding Sources (ex. Core OID balance) ⁽³⁾	$	175,118	$	175,601	$	174,295	$	173,000	$	170,783	$	(483)	$	4,335	$	174,513	$	165,017	$	9,496

Interest Expense (ex. Core OID) ⁽³⁾		1,895		1,838		1,669		1,447		1,174		57		721		6,849		2,815		4,034

Net Financing Revenue (ex. Core OID) ⁽³⁾	$	1,506	$	1,545	$	1,585	$	1,613	$	1,685	$	(39)	$	(179)	$	6,249	$	6,892	$	(643)

Net Interest Margin (yield details)

Retail Auto Loan		8.98%		8.90%		8.81%		8.49%		7.98%		0.08%		1.00%		8.80%		7.19%		1.61%

Retail Auto Loan (excl. hedge impact)		8.43%		8.16%		7.87%		7.66%		7.37%		0.27%		1.06%		8.03%		7.01%		1.02%

Auto Lease (net of dep)		6.24%		7.00%		7.60%		6.84%		6.02%		(0.76)%		0.22%		6.93%		6.41%		0.52%

Dealer Floorplan		7.84%		7.88%		7.71%		7.29%		6.42%		(0.04)%		1.42%		7.70%		4.49%		3.21%

Other Dealer Loans		5.35%		5.25%		5.16%		5.04%		4.82%		0.10%		0.53%		5.20%		4.38%		0.82%

Corporate Finance		9.70%		9.54%		9.15%		8.96%		7.78%		0.16%		1.92%		9.34%		6.09%		3.25%

Mortgage		3.21%		3.20%		3.22%		3.25%		3.17%		0.01%		0.04%		3.22%		3.06%		0.16%

Consumer Other—Ally Lending		9.86%		9.94%		9.99%		9.97%		10.37%		(0.08)%		(0.51)%		9.94%		11.31%		(1.37)%

Consumer Other—Ally Credit Card		22.02%		22.39%		21.88%		21.84%		21.75%		(0.37)%		0.27%		22.04%		20.54%		1.50%

Cash and Cash Equivalents		4.72%		4.73%		4.70%		3.95%		2.94%		(0.01)%		1.78%		4.57%		1.38%		3.19%

Investment Securities and Other		3.66%		3.53%		3.17%		3.04%		2.89%		0.13%		0.77%		3.34%		2.46%		0.88%

Total Earning Assets		7.22%		7.14%		6.99%		6.71%		6.24%		0.08%		0.98%		7.02%		5.46%		1.56%

Unsecured Debt (ex. Core OID & Core OID balance) ⁽³⁾		6.08%		5.55%		5.40%		5.34%		5.12%		0.53%		0.96%		5.58%		5.09%		0.49%

Secured Debt		5.15%		6.81%		5.61%		6.04%		4.73%		(1.66)%		0.42%		5.96%		5.77%		0.19%

Deposits ⁽⁴⁾		4.19%		4.04%		3.74%		3.23%		2.53%		0.15%		1.66%		3.81%		1.39%		2.42%

Other Borrowings ⁽⁵⁾		3.79%		3.23%		3.00%		2.74%		2.80%		0.56%		0.99%		3.23%		2.29%		0.94%

Total Funding Sources (ex. Core OID & Core OID balance) ⁽³⁾		4.29%		4.15%		3.84%		3.39%		2.73%		0.14%		1.56%		3.92%		1.71%		2.21%
NIM (as reported)		3.17%		3.24%		3.38%		3.51%		3.65%		(0.07)%		(0.48)%		3.32%		3.85%		(0.53)%
NIM (ex. Core OID & Core OID balance) ⁽³⁾		3.20%		3.26%		3.41%		3.54%		3.68%		(0.06)%		(0.48)%		3.35%		3.88%		(0.53)%

(1)

Mortgage includes held-for-investment (HFI) loans from the Mortgage Finance segment and the HFI legacy mortgage portfolio in run-off at the Corporate and Other segment.

(2)

Unsecured lending from point-of-sale financing. Moved to Assets of Operations Held-For-Sale (HFS) on 12/31/23.

(3)

Represents a non-GAAP financial measure. Excludes Core OID from interest expense and Core OID balance from Unsecured Debt. For more details refer to pages 25-27.

(4)

Includes retail, brokered, and other deposits. Other includes sweep deposits and other deposits.

(5)

Includes FHLB Borrowings, Repurchase Agreements and other.


4Q 2023 Preliminary Results		19

ALLY FINANCIAL INC.

ALLY BANK CONSUMER MORTGAGE HFI PORTFOLIOS (PERIOD-END)


($ in billions)	QUARTERLY TRENDS
Mortgage Finance HFI Portfolio	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22
Loan Value

Gross carry value	$	18.4		$	18.7		$	18.9		$	19.2		$	19.4

Net carry value	$	18.4		$	18.6		$	18.9		$	19.2		$	19.4

Estimated Pool Characteristics

% Second lien		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%

% Interest only		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%

% 30+ Day delinquent⁽¹⁾⁽²⁾		0.5	%		0.5	%		0.4	%		0.4	%		0.6	%

% Low/No documentation		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%

% Non-primary residence		4.1	%		4.1	%		4.1	%		4.1	%		4.4	%

Refreshed FICO⁽³⁾		782			782			782			781			781

Wtd. Avg. LTV/CLTV ⁽⁴⁾		52.2	%		53.1	%		54.5	%		55.0	%		54.6	%

Corporate Other Legacy Mortgage HFI Portfolio
Loan Value

Gross carry value	$	0.2		$	0.2		$	0.3		$	0.3		$	0.3

Net carry value	$	0.2		$	0.2		$	0.3		$	0.3		$	0.3

Estimated Pool Characteristics

% Second lien		12.5	%		12.4	%		12.5	%		12.9	%		13.0	%

% Interest only		0.2	%		0.2	%		0.0	%		0.0	%		0.1	%

% 30+ Day delinquent⁽¹⁾⁽²⁾		7.0	%		6.7	%		6.6	%		6.5	%		6.4	%

% Low/No documentation		25.5	%		25.2	%		24.8	%		24.2	%		23.6	%

% Non-primary residence		3.1	%		3.2	%		3.4	%		3.3	%		3.3	%

Refreshed FICO⁽³⁾		742			743			742			741			742

Wtd. Avg. LTV/CLTV ⁽⁴⁾		46.9	%		47.3	%		48.1	%		48.1	%		47.4	%

1)	MBA Delinquency buckets were used for First Lien products and OTS Delinquency buckets were used for all others.

2)	%30+Day Delinquency bucket excludes loans which are current but are in bankruptcy.

3)	Refreshed FICO includes the entire Bank HFI portfolio, inclusive of SBO. Previously, SBO loans had been excluded from our reporting.

4)	1st lien only. Updated home values derived using a combination of appraisals, BPOs, AVMs and MSA level house price indices.


4Q 2023 Preliminary Results		20

ALLY FINANCIAL INC.

EARNINGS PER SHARE RELATED INFORMATION


($ in millions, shares in thousands)		QUARTERLY TRENDS										CHANGE VS.				FULL YEAR
Earnings Per Share Data		4Q 23		3Q 23		2Q 23		1Q 23		4Q 22		3Q 23		4Q 22		FY 2023		FY 2022		CHANGE

GAAP net income attributable to common shareholders		$	49	$	269	$	301	$	291	$	251	$	(220)	$	(202)	$	910	$	1,604	$	(694)

Weighted-average common shares outstanding - basic			304,506		304,134		303,684		302,657		301,279		372		3,227		303,751		316,690		(12,939)

Weighted-average common shares outstanding - diluted			306,730		305,693		304,646		303,448		303,062		1,036		3,668		305,135		318,629		(13,494)

Issued shares outstanding (period-end)			302,459		301,630		301,619		300,821		299,324		830		3,135		302,459		299,324		3,135


Net income per share - basic		$	0.16	$	0.88	$	0.99	$	0.96	$	0.83	$	(0.72)	$	(0.67)	$	3.00	$	5.06	$	(2.07)


Net income per share - diluted		$	0.16	$	0.88	$	0.99	$	0.96	$	0.83	$	(0.72)	$	(0.67)	$	2.98	$	5.03	$	(2.05)


Adjusted Earnings per Share (“Adjusted EPS”) ⁽²⁾

Numerator

GAAP net income attributable to common shareholders		$	49	$	269	$	301	$	291	$	251	$	(220)	$	(202)	$	910	$	1,604	$	(694)

Discontinued operations, net of tax			1		—		—		1		—		1		1		2		1		1

Core OID			13		12		12		11		11		0		2		48		42		7

Change in the fair value of equity securities ⁽³⁾			(74)		56		(25)		(65)		(49)		(130)		(25)		(107)		215		(322)

Core OID, repositioning & change in the fair value of equity securities tax (tax rate 21%)			(23)		(21)		3		11		(4)		(3)		(19)		(30)		(70)		40

Repositioning ⁽³⁾			172		30		—		—		57		142		115		201		77		124

Significant discrete tax items			—		(94)		—		—		61		94		(61)		(94)		61		(155)


Core net income attributable to common shareholders ⁽¹⁾		$	137	$	252	$	291	$	250	$	327	$	(115)	$	(189)	$	930	$	1,929	$	(999)

Denominator

Weighted-average common shares outstanding - diluted			306,730		305,693		304,646		303,448		303,062		1,036		3,668		305,135		318,629		(13,494)

Adjusted EPS ⁽²⁾		$	0.45	$	0.83	$	0.96	$	0.82	$	1.08	$	(0.38)	$	(0.63)	$	3.05	$	6.06	$	(3.01)

GAAP original issue discount amortization expense		$	16	$	15	$	15	$	15	$	14	$	1	$	2	$	61	$	53	$	8

Other OID			(3)		(3)		(3)		(3)		(3)		—		—		(13)		(11)		(2)


Core original issue discount (Core OID) amortization expense ⁽¹⁾		$	13	$	12	$	12	$	11	$	11	$	—	$	2	$	48	$	42	$	7


GAAP outstanding original issue discount balance		$	(831)	$	(847)	$	(863)	$	(878)	$	(882)	$	16	$	50	$	(831)	$	(882)	$	50

Other outstanding OID balance			39		42		45		48		40		(3)		(2)		39		40		(2)


Core outstanding original issue discount balance (Core OID balance) ⁽¹⁾		$	(793)	$	(806)	$	(818)	$	(830)	$	(841)	$	13	$	48	$	(793)	$	(841)	$	48


GAAP Net Financing Revenue	[A]	$	1,493	$	1,533	$	1,573	$	1,602	$	1,674	$	(40)	$	(181)	$	6,201	$	6,850	$	(649)

Core OID			13		12		12		11		11		—		2		48		42		7


Net Financing Revenue (ex. Core OID) ⁽¹⁾	[B]	$	1,506	$	1,545	$	1,585	$	1,613	$	1,685	$	(40)	$	(179)	$	6,249	$	6,892	$	(642)


GAAP Other Revenue	[C]	$	574	$	435	$	506	$	498	$	527	$	139	$	47	$	2,013	$	1,578	$	435

Change in the fair value of equity securities ⁽³⁾			(74)		56		(25)		(65)		(49)		(130)		(25)		(107)		215		(322)


Adjusted Other Revenue ⁽¹⁾	[D]	$	500	$	491	$	481	$	433	$	478	$	9	$	22	$	1,906	$	1,793	$	113


GAAP Provision Expense		$	587	$	508	$	427	$	446	$	490	$	79	$	97	$	1,968	$	1,399	$	569

Repositioning			(16)		—		—		—		—		(16)		(16)		(16)		—		(16)


Adjusted Provision (ex. Repositioning) ⁽¹⁾		$	603	$	508	$	427	$	446	$	490	$	95	$	113	$	1,984	$	1,399	$	585


GAAP Noninterest expense	[E]	$	1,416	$	1,232	$	1,249	$	1,266	$	1,266	$	184	$	150	$	5,163	$	4,687	$	476

Repositioning and other			187		30		—		—		57		157		130		217		77		140


Adjusted Noninterest Expense ⁽¹⁾	[F]	$	1,229	$	1,202	$	1,249	$	1,266	$	1,209	$	27	$	20	$	4,946	$	4,610	$	336


Pre-Provision Net Revenue (PPNR)	[A]+[C]-[E]	$	651	$	736	$	830	$	834	$	935	$	(85)	$	(284)	$	3,051	$	3,741	$	(690)

Core Pre-Provision Net Revenue (PPNR) ⁽¹⁾	[B]+[D]-[F]	$	777	$	834	$	817	$	781	$	954	$	(57)	$	(177)	$	3,209	$	4,075	$	(866)

(1) Represents a non-GAAP financial measure. For more details refer to pages 25-27.

(2) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) change in fair value of equity securities, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions that have been taken by the company to normalize its capital structure, as applicable for respective periods. See pages 25-27 for details.

(3) For more details refer to pages 25-27.


4Q 2023 Preliminary Results		21

ALLY FINANCIAL INC.

ADJUSTED TANGIBLE BOOK PER SHARE RELATED INFORMATION


($ in millions, shares in thousands)	QUARTERLY TRENDS										CHANGE VS.

Adjusted Tangible Book Value Per Share (“Adjusted TBVPS”) Information	4Q 23		3Q 23		2Q 23		1Q 23		4Q 22		3Q 23		4Q 22

Numerator

GAAP shareholder’s equity	$	13,766	$	12,825	$	13,532	$	13,378	$	12,859	$	941	$	907

Preferred equity		(2,324)		(2,324)		(2,324)		(2,324)		(2,324)		—		—

GAAP common shareholder’s equity	$	11,442	$	10,501	$	11,208	$	11,054	$	10,535	$	941	$	907

Goodwill and identifiable intangibles, net of DTLs		(731)		(879)		(887)		(895)		(902)		147		171


Tangible common equity ⁽¹⁾		10,711		9,622		10,321		10,159		9,633		1,088		1,078

Tax-effected Core OID balance (21% tax rate) ⁽¹⁾		(626)		(636)		(646)		(656)		(665)		10		38

Adjusted tangible book value ⁽²⁾	$	10,084	$	8,986	$	9,675	$	9,504	$	8,968	$	1,098	$	1,116


Denominator

Issued shares outstanding (period-end, thousands)		302,459		301,630		301,619		300,821		299,324		830		3,135

GAAP shareholder’s equity per share	$	45.51	$	42.52	$	44.86	$	44.47	$	42.96	$	2.99	$	2.55

Preferred equity per share		(7.68)		(7.70)		(7.71)		(7.73)		(7.76)		0.02		0.08

GAAP common shareholder’s equity per share	$	37.83	$	34.81	$	37.16	$	36.75	$	35.20	$	3.02	$	2.63

Goodwill and identifiable intangibles, net of DTLs per share		(2.42)		(2.91)		(2.94)		(2.97)		(3.01)		0.50		0.60


Tangible common equity per share ⁽¹⁾		35.41		31.90		34.22		33.77		32.18		3.51		3.23

Tax-effected Core OID balance (21% tax rate) per share ⁽¹⁾		(2.07)		(2.11)		(2.14)		(2.18)		(2.22)		0.04		0.15


Adjusted tangible book value per share ⁽²⁾	$	33.34	$	29.79	$	32.08	$	31.59	$	29.96	$	3.55	$	3.38

(1) Represents a non-GAAP financial measure. For more details refer to pages 25-27.

(2) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods.


4Q 2023 Preliminary Results		22

ALLY FINANCIAL INC.

CORE ROTCE RELATED INFORMATION


($ in millions) unless noted otherwise	QUARTERLY TRENDS															CHANGE VS.						FULL YEAR
Core Return on Tangible Common Equity (“Core ROTCE”)	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Numerator

GAAP net income attributable to common shareholders	$	49		$	269		$	301		$	291		$	251		$	(220	)	$	(202	)	$	910		$	1,604		$	(694	)

Discontinued operations, net of tax		1			—			—			1			—			1			1			2			1			1

Core OID ⁽²⁾		13			12			12			11			11			—			2			48			42			7

Change in the fair value of equity securities		(74	)		56			(25	)		(65	)		(49	)		(130	)		(25	)		(107	)		215			(322	)

Core OID, repositioning & change in the fair value of equity securities tax (tax rate 21%)		(23	)		(21	)		3			11			(4	)		(3	)		(19	)		(30	)		(70	)		40

Repositioning ⁽²⁾		172			30			—			—			57			142			115			201			77			124

Significant discrete tax items		—			(94	)		—			—			61			94			(61	)		(94	)		61			(155	)


Core net income attributable to common shareholders ⁽¹⁾	$	137		$	252		$	291		$	250		$	327		$	(115	)	$	(189	)	$	930		$	1,929		$	(999	)

Denominator (average, $ millions)

GAAP shareholder’s equity	$	13,296		$	13,179		$	13,455		$	13,119		$	12,647		$	117		$	649		$	13,272		$	14,348		$	(1,076	)

Preferred equity		(2,324	)		(2,324	)		(2,324	)		(2,324	)		(2,324	)		—			—			(2,324	)		(2,324	)		—

Goodwill & identifiable intangibles, net of deferred tax liabilities (“DTLs”)		(805	)		(883	)		(891	)		(898	)		(906	)		78			101			(859	)		(921	)		62


Tangible common equity ⁽¹⁾	$	10,167		$	9,972		$	10,240		$	9,896		$	9,417		$	195		$	750		$	10,089		$	11,103		$	(1,014	)

Core OID balance		(799	)		(812	)		(824	)		(835	)		(847	)		13			48			(817	)		(862	)		45

Net deferred tax asset (“DTA”)		(1,378	)		(1,310	)		(1,060	)		(1,059	)		(1,165	)		(68	)		(213	)		(1,193	)		(820	)		(373	)


Normalized common equity	$	7,989		$	7,850		$	8,357		$	8,002		$	7,405		$	139		$	584		$	8,079		$	9,421		$	(1,342	)

Core Return on Tangible Common Equity ⁽³⁾		6.9	%		12.9	%		13.9	%		12.5	%		17.6	%								11.5	%		20.5	%

(1) Represents a non-GAAP measure. See pages 25-27 for methodology and detail.

(2) For more details see pages 25-27.

(3) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

(1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax-effected repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, change in fair value of equity securities, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods.

(2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.


4Q 2023 Preliminary Results		23

ALLY FINANCIAL INC.

ADJUSTED EFFICIENCY RATIO RELATED INFORMATION


($ in millions)	QUARTERLY TREND															CHANGE VS.						FULL YEAR

	4Q 23			3Q 23			2Q 23			1Q 23			4Q 22			3Q 23			4Q 22			FY 2023			FY 2022			CHANGE

Numerator

GAAP Noninterest expense	$	1,416		$	1,232		$	1,249		$	1,266		$	1,266		$	184		$	150		$	5,163		$	4,687		$	476

Rep and warrant expense		—			—			—			—			—			—			—			—			—			—

Insurance expense		(321	)		(338	)		(358	)		(315	)		(286	)		17			(35	)		(1,332	)		(1,150	)		(182	)

Repositioning ⁽²⁾		(187	)		(30	)		—			—			(57	)		(157	)		(130	)		(217	)		(77	)		(140	)


Adjusted noninterest expense for the efficiency ratio	$	908		$	864		$	891		$	951		$	923		$	44		$	(15	)	$	3,614		$	3,460		$	154

Denominator

Total net revenue	$	2,067		$	1,968		$	2,079		$	2,100		$	2,201		$	99		$	(134	)	$	8,214		$	8,428		$	(214	)

Core OID ⁽²⁾		13			12			12			11			11			0			2			48			42			7

Insurance revenue		(450	)		(322	)		(366	)		(407	)		(387	)		(128	)		(63	)		(1,545	)		(1,112	)		(433	)


Adjusted net revenue for the efficiency ratio	$	1,630		$	1,658		$	1,725		$	1,704		$	1,825		$	(29	)	$	(195	)	$	6,717		$	7,358		$	(640	)

Adjusted Efficiency Ratio ⁽¹⁾		55.7	%		52.1	%		51.7	%		55.8	%		50.6	%								53.8	%		47.0	%

(1) Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Insurance segment expense, Rep and warrant expense, and repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. In the denominator, total net revenue is adjusted for Insurance segment revenue and Core OID. See page 11 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance business.

(2) For more details see pages 25-27.


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ALLY FINANCIAL INC.

The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Accelerated issuance expense (Accelerated OID), Adjusted earnings per share (Adjusted EPS), Adjusted efficiency ratio, Adjusted noninterest expense, Adjusted other revenue, Adjusted tangible book value per share (Adjusted TBVPS), Adjusted total net revenue, Core net income attributable to common shareholders, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), Core pre-provision net revenue (Core PPNR), Core pre-tax income, Core return on tangible common equity (Core ROTCE), Investment income and other (adjusted), Net financing revenue (excluding Core OID), Net interest margin (excluding Core OID), Pre-provision net revenue (PPNR), and Tangible Common Equity. These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital.

1) Accelerated issuance expense (Accelerated OID) is the recognition of issuance expenses related to calls of redeemable debt.

2) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other onetime items, (4) change in fair value of equity securities, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions that have been taken by the company to normalize its capital structure, as applicable for respective periods.

3) Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers.

(1) In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Rep and warrant expense, Insurance segment expense, and repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods.

(2) In the denominator, total net revenue is adjusted for Core OID and Insurance segment revenue.

4) Adjusted noninterest expense is a non-GAAP financial measure that adjusts GAAP noninterest expense for repositioning items. Management believes adjusted noninterest expense is a helpful financial metric because it enables the reader better understand the business’ expenses excluding nonrecurring items.

5) Adjusted other revenue is a non-GAAP financial measure that adjusts GAAP other revenue for OID expenses, repositioning, and change in fair value of equity securities. Management believes adjusted other revenue is a helpful financial metric because it enables the reader to better understand the business’ ability to generate other revenue.

6) Adjusted Provision for Credit Losses is a non-GAAP financial measure that adjusts GAAP provision for credit losses for repositioning items. Management believes adjusted provision for credit losses is a helpful financial metric because it enables the reader better understand the business’s expenses excluding nonrecurring items.

7) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered, and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods. Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate.

8) Adjusted total net revenue is a non-GAAP financial measure that management believes is helpful for readers to understand the ongoing ability of the company to generate revenue. For purposes of this calculation, GAAP net financing revenue is adjusted by excluding Core OID to calculate net financing revenue ex. core OID. GAAP other revenue is adjusted for OID expenses, repositioning, and change in fair value of equity securities to calculate adjusted other revenue. Adjusted total net revenue is calculated by adding net financing revenue ex. core OID to adjusted other revenue.

9) Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income.

10) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, tax-effected repositioning and other primarily related to the extinguishment of high-cost legacy debt and strategic activities and significant other, preferred stock capital actions, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods.


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ALLY FINANCIAL INC.

11) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID and is believed by management to help the reader better understand the activity removed from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond exchange OID which excludes international operations and future issuances. Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment.

12) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances.

13) Core pre-provision net revenue (Core PPNR) is a non-GAAP financial measure calculated by adding GAAP net financing revenue and GAAP other revenue and subtracting GAAP noninterest expense then adding Core OID and repositioning expenses, excluding provision for credit losses. Management believes that Core PPNR is a helpful financial metric because it enables the reader to assess the core business’ ability to generate earnings to cover credit losses.

14) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) change in fair value of equity securities (change in fair value of equity securities impacts the Insurance and Corporate Finance segments), and (3) Repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods or businesses. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

15) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

(1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax-effected repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other onetime items, change in fair value of equity securities, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods.

(2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

16) Estimated impact of CECL on regulatory capital per final rule issued by U.S. banking agencies - In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020 and provided an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from the March 2020 interim final rule was issued by the FRB and other U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we are required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as the day-one impact of adoption plus 25% of the subsequent change in allowance during the two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and beginning January 1, 2022, are phasing in the regulatory capital impacts of CECL based on this five-year transition period.

17) Investment income and other (adjusted) is a non-GAAP financial measure that adjusts GAAP investment income and other for repositioning, and the change in fair value of equity securities. Management believes investment income and other (adjusted) is a helpful financial metric because it enables the reader to better understand the business’ ability to generate investment income.

18) Net financing revenue excluding core OID is calculated using a non-GAAP measure that adjusts net financing revenue by excluding Core OID. The Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. Management believes net financing revenue ex. Core OID is a helpful financial metric because it enables the reader to better understand the business’ ability to generate revenue.

19) Net interest margin excluding core OID is calculated using a non-GAAP measure that adjusts net interest margin by excluding Core OID. The Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. Management believes net interest margin ex. Core OID is a helpful financial metric because it enables the reader to better understand the business’ profitability and margins.


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ALLY FINANCIAL INC.

20) Pre-provision net revenue (PPNR) is a non-GAAP financial measure calculated by adding GAAP net financing revenue and GAAP other revenue then subtracting GAAP noninterest expense, excluding provision for credit losses. Management believes that PPNR is a helpful financial metric because it enables the reader to assess the business’ ability to generate earnings to cover credit losses and as it is utilized by Federal Reserve’s approach to modeling within the Supervisory Stress Test Framework that generally follows U.S. generally accepted accounting principles (GAAP) and includes a calculation of PPNR as a component of projected pre-tax net income.

21) Repositioning is primarily related to the extinguishment of high-cost legacy debt, strategic activities, restructuring, amounts related to nonrecurring business transactions or pending transactions, and significant other one-time items.

22) Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for Core OID balance and net deferred tax asset.


4Q 2023 Preliminary Results		27

Document and Entity Information	Jan. 19, 2024
Document And Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 19, 2024
Entity File Number	1-3754
Entity Registrant Name	ALLY FINANCIAL INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	38-0572512
Entity Address Address Line 1	500 Woodward Ave.
Entity Address Address Line 2	Floor 10
Entity Address City Or Town	Detroit
Entity Address Address Description	Ally Detroit Center
Entity Address State Or Province	MI
Entity Address Postal Zip Code	48226
City Area Code	866
Local Phone Number	710-4623
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.01 per share
Trading Symbol	ALLY
Entity Emerging Growth Company	false
Security Exchange Name	NONE
Amendment Flag	false
Entity Central Index Key	0000040729