Ally Financial Inc. (NYSE:ALLY) Q3 2024 Earnings Conference Call October 18, 2024 9:00 AM ET
Company Participants
Sean Leary - Head of IR
Michael Rhodes - CEO
Russ Hutchinson - CFO
Conference Call Participants
Ryan Nash - Goldman Sachs
John Pancari - Evercore ISI
Sanjay Sakhrani - KBW
Mark DeVries - Deutsche Bank
Robert Wildhack - Autonomous Research
Jeff Adelson - Morgan Stanley
Operator
Good day, and thank you for standing by. Welcome to the Ally Financial Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I'd now like to hand the conference over to Sean Leary, Head of Investor Relations. Please go ahead.
Sean Leary
Thank you, Elizabeth. Good morning, and welcome to Ally Financial's Third Quarter 2024 Earnings Call. This morning, our CEO, Michael Rhodes; and our CFO, Russ Hutchinson, will review Ally's results before taking questions. The presentation we'll reference can be found on the Investor Relations section of our website, ally.com.
Forward-looking statements and risk factor language governing today's call are on Slide 2. GAAP and non-GAAP measures pertaining to our operating performance and capital results are on Slide 3. As a reminder, non-GAAP or core metrics are supplemented to and not a substitute for US GAAP measures. Definitions and reconciliations can be found in the Appendix.
And with that, I'll turn the call over to Michael.
Michael Rhodes
Thank you, Sean. Good morning, everyone, and thank you for joining the call. I'll begin on Slide 4. Before we get into the quarter, I want to share my perspective on a few key items. After almost six months in the role, I'm incredibly excited about the future of Ally, but recognize we face some earning challenges over the next few quarters. Russ will get into the details of this in a few moments.
As for the future, I'm very encouraged by many of the underlying trends in our core businesses. We have outstanding franchises and dealer financial services, Ally Bank, and Corporate Finance. On the auto side, we continue to win business with compelling risk-adjusted margins, and growth in our insurance business continues to create strong fee revenue. At the bank, deposits are contributing more margin than at any point in the company's history, and corporate finance is on pace for its highest annual earnings ever.