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This statistic highlights Ally Financial’s Revenue Breakdown Worldwide, split into Financing revenue and other interest income, and Other revenue, reported quarterly from Q1 2016 onwards.
Ally Financial’s Revenue Breakdown Worldwide
Ally Financial is a financial services provider with a wide range of automotive financing services, including retail, leasing, and wholesale. The company primarily focuses on four main business segments: auto finance, insurance, direct banking, and digital banking.
|Segment||2022 Q3||2022 Q4||2023 Q1||Contribution in 2023 Q1|
|Financing revenue and other interest income||2761||3099||3286||86.8%|
(All figures in USD millions, except percentages)
Ally Financial’s financing revenue and other interest income is a major source of income for the company because it contributes around 80-90% of the overall revenue. Whereas, other revenue contributes around 10-12% of the total revenue. Financing revenue and other interest income increased to $3.2bn, showing a growth of 42.2% year-over-year in the first quarter of 2023. While Other revenue exhibited a rise of 12.6% year-over-year as of 31st March 2023.
Financing revenue and other interest income
Financing revenue and other interest income include interest on loans and leases, interest on investments, and other interest income, including fees on servicing loans and leases. Ally Financial generates significant interest income on loans and leases by lending money to borrowers and charging higher interest rates than deposits, allowing the company to generate profit on lending activities. Ally Financial generates financing revenue through interest income on investments, servicing loans and leases, and fees from managing borrowers’ accounts. These sources contribute significantly to the company’s overall income.
It includes insurance premiums and service revenue, gains on mortgage and automotive loans, other gains on investment, etc. The primary source of other revenue consists of service revenue associated with various account management functions, as well as fee income generated by third-party lenders through the online automotive lender exchange, which is presented as other revenue in the Consolidated Statement of Revenue.
About Ally Financial Incorporation
Ally Financial Inc., formerly General Motors Acceptance Corporation (GMAC), is a premier digital financial services company based in Detroit, Michigan. Since 2010, Ally has been operating as an independent entity, providing a broad range of financial services to customers, businesses, automotive dealers, and corporate clients. Through its partnerships with automotive dealers, Ally provides consumers and businesses with the flexibility and competitive financing solutions they need.
Additionally, Ally offers a variety of insurance products to protect customers and their vehicles, including vehicle service contracts (VSCs), extended warranty coverage (WPCs), maintenance contracts (MCCs), and protection plans (GAPs, TIR, and wheel protection). These insurance products are designed to provide financial security and peace of mind. Ally’s banking services are digital, allowing customers to access a wide range of products and services, including checking, savings, money market, home loans, and capital market products. The company also operates a corporate finance segment to provide commercial finance solutions for businesses.
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