In its release on
Results for the quarter were primarily driven by strong performance from the auto finance franchise. Consumer financing originations increased to
"Ally's second quarter results demonstrate clear progress in our key objectives to improve profitability and drive value for our shareholders," said Chief Executive Officer
"Historically high weather losses due to severe hail storms in the Midwest during the quarter impacted results in the insurance business, but written premiums remained strong, totaling
Carpenter concluded, "We continue to make significant headway in all three areas of focus - net interest margin expansion, expense reduction and regulatory normalization - to reach double-digit core return on tangible common equity, which improved 190 basis points since last quarter to 8.4 percent. Going forward, our continued focus will be executing upon our three-pronged approach to further increase shareholder value, as we fully exit TARP and advance our leading dealer financial services and direct banking franchises."
Liquidity and Capital Highlights
-Improved cost of funds, excluding OID, by 63 basis points in the past year.
-Improved preliminary second quarter 2014 capital ratios, with Tier 1 at 12.3 percent and Tier 1 Common at 9.4 percent.
Ally's consolidated cash and cash equivalents were
Ally's total equity was