Ally Financial, a Detroit, Michigan-headquartered automotive financial services company, posted first-quarter 2021 results showing net income of $796 million, after reporting a loss in the same period in 2020, according to a Friday (April 16) press release.
The company posted a profit of $2.11 per share, with a reduction to $2.09 adjusted for non-recurring gains. Ally’s first-quarter income boost beat expectations from Wall Street and Zacks Investment Research, which expected a median price of $1.18 per share.
The company also posted $1.94 billion total net revenue, which also beat Wall Street forecasts. Four analysts surveyed by Zacks expected $1.76 billion, according to the release and other reports. Ally Financial’s stock has more than tripled in the last 12 months. The digital financial services firm said it has $181.9 billion in assets as of March 31.
Ally Bank is backed by the FDIC and offers mortgages and consumer lending, as well as additional financial services and products.
Buy now, pay later (BNPL) firm Sezzle recently teamed up with Ally to advance the notion that it is a complement to legacy credit options, rather than a rival to the typical financial business model.
Sezzle said last month it is an avenue that people can use to move forward on the path to credit. In an interview with PYMNTS’ Karen Webster in March, Sezzle CEO Charlie Youakim said that the company is moving forward to be more competitive and propel its position of being a leader.
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