Ally Financial Q3 业绩双超但净息差指引上限下调、信贷拨备超预期，盘前涨2.1%

Ally Financial ( ALLY ) stock gained 2.1% in Tuesday premarket trading after the lender delivered a double-beat and lowered the top end of its full-year guidance for net interest margin and other revenue growth. Expense control helped contribute to the earnings beat. The bank and auto lender now expects net interest margin (excluding original issue discount) of 3.60%-3.65% in 2026 compared with its prior guidance of 3.60%-3.70%. Adjusted other revenue is expected to rise 2%-4%, compared with its prior outlook of flat to up 5%. The company reaffirmed its guidance for net charge-offs for retail auto at 1.8%-2.0% and for the consolidated net charge-off rate of 1.2%-1.3%. Q3 adjusted EPS of $1.34, topping the average analyst estimate of $1.33, rose from $1.21 in Q2 and $1.15 in last year’s Q3. Q3 adjusted total net revenue of $2.35B, beating the $2.29B consensus, increased from $2.28B in the prior quarter and $2.16B in the year-ago period. "We are growing our core franchises, improving returns, maintaining risk discipline, and demonstrating our ability to both strengthen capital and return it to shareholders," said CEO Michael Rhodes. Adjusted provision for credit losses increased to $529M, vs. the S&P CapIQ consensus of $482M, from $430M in Q2 and $415M in Q3 2025. The retail auto net charge-off rate rose to 1.89% from 1.57% in Q2 and 1.88% in the year-ago quarter. Its consolidated net charge-off rate was 1.17%, compared with 1.11% in the prior quarter and 1.18% in Q3 2025. Adjusted noninterest expense of $1.24B fell from $1.32B in the previous quarter and was roughly flat vs. a year ago. Net financing revenue (excluding core OID) was $1.77B, up from $1.70B in Q2 and $1.61B in last year’s Q3. Core return on tangible common equity grew to 13.1% from 11.8% in the previous quarter and 12.3% a year ago. Consumer auto loan originations of $12.9B included $8.2B of used retail volume, or 64% of total originations, $4.2B of new retail volume, and $474M of lease. Estimated retail auto originated yield was 9.44% in Q3, with 44% of originations in Ally’s ( ALLY ) highest credit quality tier. Pretax income by segment: Auto Finance: $337M vs. $410M in Q2 and $421M in last year’s Q3. Insurance: $80M vs. $53M in the prior quarter and $79M a year ago. Corporate Finance: $98M vs. $112M in Q2 and $95M in Q3 2025. Conference call at 9:00 AM ET.