Ally Financial CEO says ‘we maintain healthy levels of liquidity’

"Ally‘s operating results amid this dynamic macro environment highlight the continued strength of our franchises," said CEO Jeffrey Brown. "Despite the heightened volatility in markets, the team remained focused on what we can control and delivered another quarter of compelling operational results. We maintain healthy levels of liquidity, capital and reserves, positioning us well for a variety of outcomes ahead. Additionally, our deposit franchise demonstrated its resilience in large part due to the customer-centric approach we’ve taken since its inception. At Ally Bank, we generated the highest quarterly customer growth on record with 126 thousand net new customers. In total, retail deposit customers now total 2.8 million, up 12 percent year over year. This growth positions us well going forward, but also highlights the value of the Ally brand in times of market uncertainty. Our Dealer Financial Services business continues to demonstrate the benefits of scale with $9.5 billion in consumer originations with a retail yield approaching 11 percent as we’ve added more than 400 basis points during this tightening cycle. As we progress throughout 2023, we continue to see opportunities across all our businesses, but are mindful of the current environment and are making necessary adjustments to manage risks. Our focus remains on risk-adjusted returns, which may lead to slightly lower origination levels as we look to tighten underwriting in certain segments that don’t meet return thresholds. Our 11,700 teammates are powered by our LEAD core values and remain allies for our 11 million customers. Looking ahead, we are positioned to navigate this dynamic environment, demonstrate the strength of the franchises we’ve built, and deliver results for all stakeholders."