Exhibit 99.1

News release: IMMEDIATE RELEASE

Ally Financial Reports First Quarter 2022 Financial Results

$1.86 GAAP EPS	18.0% RETURN ON COMMON EQUITY	$846 million PRE-TAX INCOME	$2.14 billion GAAP TOTAL NET REVENUE
$2.03 ADJUSTED EPS1	23.6% CORE ROTCE1	$921 million CORE PRE-TAX INCOME1	$2.21 billion ADJUSTED TOTAL NET REVENUE 1

		•  Established leader in dealer financial services offering comprehensive suite of auto finance and insurance products
		–  Consumer auto originations of $11.6 billion, from 3.2 million decisioned applications
		–  7.1% Estimated Retail Auto Originated Yield1 | Continued strong retail auto credit performance with 58 bps of net charge-offs
		–  Insurance written premiums of $265 million, durable investment income sourced from $6.2 billion portfolio
		•  Leading, digital-first Ally Bank platform generating strong growth across consumer and commercial product suite
		–  Retail deposit customers of 2.5 million grew for the 52nd consecutive quarter
		–  Retail balances of $136.0 billion, up 6% year over year (YoY), and $1.3 billion quarter over quarter (QoQ)
		–  Ally Home® direct-to-consumer mortgage originations of $1.7 billion | Lower originations reflecting market trends
		–  Ally Invest net customer assets of $16.8 billion, up 10% YoY | 517 thousand active self-directed and robo accounts, up 7% YoY
		–  Ally Lending gross originations of $442 million, up 109% YoY | 3.2 thousand merchants, up 30% YoY
		–  Ally Credit Card (Fair Square) balances of $1.0 billion, up 93% YoY2 | 844 thousand active cardholders, up 73% YoY2
		–  Corporate Finance held-for-investment portfolio of $8.0 billion, up 28% YoY | Stable credit and strong fee activity
		•  Announced 2Q 2022 common dividend of $0.30 per share | Remain on track with FY 2022 buyback authorization of $2.0 billion
	“Ally generated another quarter of strong financial and operational results in a rapidly changing market environment,” said Ally Chief Executive Officer Jeffery J. Brown. “First quarter results included record net financing revenue for the seventh consecutive quarter and a core return on tangible common equity of nearly 24%1. This success is underpinned by years of strategic positioning across our established Auto and Bank franchises, as well as growing momentum in our newer, consumer businesses.
	“While the operating environment continues to be dynamic, I remain confident in the businesses we’ve built and our ability to navigate and add value in a variety of market backdrops. Ally will continue to leverage the strengths of our market-leading positions within Auto Finance and Ally Bank to deepen, and strengthen, relationships with our growing customer base, now more than 10.5 million strong.”

First Quarter 2022 Financial Results

										Increase / (Decrease) vs.
($ millions except per share data)		1Q 22			4Q 21			1Q 21		4Q 21		1Q 21
GAAP Net Income Attributable to Common Shareholders	$	627		$	624		$	796		—	%	(21	)%
Core Net Income Attributable to Common Shareholders1	$	687		$	705		$	790		(3	)%	(13	)%
GAAP Earning per Common Share	$	1.86		$	1.79		$	2.11		4	%	(12	)%
Adjusted EPS1	$	2.03		$	2.02		$	2.09		1	%	(3	)%
Return on GAAP Shareholder’s Equity		18.0	%		16.8	%		21.7	%	7	%	(17	)%
Core ROTCE1		23.6	%		22.1	%		24.1	%	7	%	(2	)%
GAAP Common Shareholder’s Equity per Share	$	39.99		$	43.58		$	39.34		(8	)%	2	%
Adjusted Tangible Book Value per Share1	$	35.04		$	38.73		$	36.16		(10	)%	(3	)%
GAAP Total Net Revenue	$	2,135		$	2,199		$	1,937		(3	)%	10	%
Adjusted Total Net Revenue1	$	2,210		$	2,197		$	1,930		1	%	15	%
Pre-Provision Net Revenue1	$	1,013		$	1,109		$	994		(9	)%	2	%
Core Pre-Provision Net Revenue1	$	1,088		$	1,107		$	987		(2	)%	10	%

¹ The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Adjusted Total Net Revenue, Core Pre-Tax Income, Core Net Income Attributable to Common Shareholders, Pre-Provision Net Revenue (PPNR), Core Pre-Provision Net Revenue (Core PPNR), Core OID, Core Return on Tangible Common Equity (Core ROTCE), Estimated Retail Auto Originated Yield, Tangible Common Equity, Net Financing Revenue (excluding Core OID) and Adjusted Tangible Book Value per Share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this release.

² The YoY variances shown were calculated using information provided by Fair Square relating to periods prior to the closing of our acquisition of Fair Square on December 1, 2021.

Discussion of First Quarter 2022 Results

Net income attributable to common shareholders was $627 million in the quarter, compared to $796 million in the first quarter of 2021, as higher net financing revenue was more than offset by higher provision for credit losses, higher noninterest expenses and lower other revenue. Net financing revenue was $1.69 billion, up $321 million year over year, driven by lower funding costs and continued strength in auto pricing and origination volumes, partially offset by lower commercial auto portfolio balances. Other revenue decreased $123 million year over year to $442 million, largely due to a $66 million decrease in the fair value of equity securities in the quarter compared to a $17 million increase in the fair value of equity securities in the prior-year quarter. Adjusted other revenueA, excluding the change in fair value of equity securities, decreased $41 million year over year to $508 million due to elevated investment gains in the prior year. Net interest margin (“NIM”) of 3.93%, including Core OIDB of 2 bps, increased 77 bps year over year. Excluding Core OIDB, NIM was 3.95%, up 77 bps year over year, primarily due to lower funding costs, lower excess cash, and commercial auto portfolio balances. Provision for credit losses increased $180 million year over year to $167 million, which reflects robust origination volume and larger reserve release activity in the prior year. Noninterest expense increased $179 million year over year due to the first full quarter of credit card operations and continued investments in business growth, talent and technology.

^AAdjusted other revenue is a non-GAAP financial measure. Adjusted for (i) repositioning items related to loss on extinguishment of debt associated with the redemption of TRUPs and (ii) change in the fair value of equity securities due to the implementation of ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

^BRepresents a non-GAAP financial measure. Refer to definitions of Non-GAAP Financial Measures and Other Key Terms later in this release.

    First Quarter 2022 Financial Results    

										Increase/(Decrease) vs.
($ millions except per share data)	1Q 22			4Q 21			1Q 21			4Q 21			1Q 21
Net Financing Revenue (excluding Core OID)1	$	1,703		$	1,663		$	1,382		$	39		$	321
Core OID		(10	)		(9	)		(10	)		0			0
(a) Net Financing Revenue		1,693			1,654			1,372			39			321
Adjusted Other Revenue2		508			533			548			(25	)		(41	)
Change in Fair Value of Equity Securities2		(66	)		21			17			(87	)		(82	)
Repositioning		—			(9	)		—			9			—
(b) Other Revenue		442			545			565			(103	)		(123	)
Adjusted Provision for Credit Losses3		167			113			(13	)		54			180
Repositioning		—			97			—			(97	)		—
(c) Provision for Credit Losses		167			210			(13	)		(43	)		180
(d) Noninterest Expense		1,122			1,090			943			32			179
Pre-Tax Income (a+b-c-d)	$	846		$	899		$	1,007		$	(53	)	$	(161	)
Income Tax Expense		191			241			211			(50	)		(20	)
Net Income from Discontinued Operations		—			(6	)		—			6			—
Net Income	$	655		$	652		$	796		$	3		$	(141	)
Preferred Dividends		28			28			—			—			28
Net Income Attributable to Common Shareholders	$	627		$	624		$	796		$	3		$	(169	)
GAAP EPS (diluted)	$	1.86		$	1.79		$	2.11		$	0.07		$	(0.25	)
Core OID, Net of Tax		0.02			0.02			0.02			0.00			0.00
Change in Fair Value of Equity Securities, Net of Tax		0.15			(0.05	)		(0.03	)		0.20			0.19
Repositioning, Discontinued Ops, and Other, Net of Tax4		—			0.26			—			(0.26	)		—
Adjusted EPS5	$	2.03		$	2.02		$	2.09		$	0.01		$	(0.06	)

(1) Represents a non-GAAP financial measure. Adjusted for Core OID. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.

(2) Represents a non-GAAP financial measure. Adjusted for change in the fair value of equity securities due to the implementation of ASU 2016-01, which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(3) Represents a non-GAAP financial measure. Adjusted for Day 1 activity from the Fair Square Financial acquisition.

(4) Repositioning, net of tax in 4Q 2021 includes $97 million of provision expense related to Day 1 activity from the Fair Square Financial acquisition as well as a $9 million charge related to loss on extinguishment of debt associated with the redemption of TRUPs

(4) Represents a non-GAAP financial measure. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this press release.

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    Pre-Tax Income by Segment    

										Increase/(Decrease) vs.
($ millions)		1Q 22		4Q 21			1Q 21			4Q 21			1Q 21
Automotive Finance	$	725	$	839		$	803		$	(114	)	$	(78	)
Insurance		13		91			141			(78	)		(128	)
Dealer Financial Services	$	738	$	930		$	944		$	(192	)	$	(206	)
Corporate Finance		64		73			53			(9	)		11
Mortgage Finance		11		3			23			8			(12	)
Corporate and Other		33		(107	)		(13	)		140			46
Pre-Tax Income from Continuing Operations	$	846	$	899		$	1,007		$	(53	)	$	(161	)
Core OID1		10		9			10			0			0
Change in Fair Value of Equity Securities2		66		(21	)		(17	)		87			82
Repositioning and Other3		—		107			—			(107	)		—
Core Pre-Tax Income4	$	921	$	994		$	1,000		$	(72	)	$	(78	)

(1) Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this release.

(2) Change in fair value of equity securities impacts the Insurance and Corporate Finance segments. Reflects equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

(3) Repositioning, net of tax in 4Q 2021 includes $97 million of provision expense related to Day 1 activity from the Fair Square Financial acquisition as well as a $9 million charge related to loss on extinguishment of debt associated with the redemption of TRUPs.

(4) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations for Core OID, equity fair value adjustments related to ASU 2016-01, and repositioning and other primarily related to the loss on extinguishment of debt associated with the redemption of TRUPs. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms later in this release.

Discussion of Segment Results

Auto Finance Pre-tax income of $725 million was down $78 million year over year, as higher noninterest expense and higher provision for credit losses were partially offset by higher net financing revenue. Net financing revenue of $1,295 million was $89 million higher year over year, driven by higher retail auto revenue due to continued strength in origination volume and pricing, partially offset by lower commercial auto portfolio balances. Ally’s retail auto portfolio yield, excluding the impact of hedges, decreased 15 bps year over year to 6.75% due to elevated pre-payment activity. Provision for credit losses was $104 million, increasing $126 million year over year, as strong consumer and commercial performance, improved economic trends, and disciplined collections efforts were offset by reserve release activity in the prior year. The retail auto net charge-off rate was 0.58%, up 5 bps year over year. Consumer auto originations increased to $11.6 billion from $10.2 billion in the prior-year period, which included $7.6 billion of used retail volume, or 66% of total originations, $3.0 billion of new retail volume, and $1.0 billion of leases. Estimated retail auto originated yieldC of 7.1% in the quarter was down 14 bps year over year. End-of-period auto earning assets increased $4.3 billion year over year from $103.0 billion to $107.3 billion, as an increase in consumer auto earning assets offset a decline in commercial earning assets. End-of-period consumer auto earning assets were up $6.2 billion year over year, driven by growth in retail loans and operating lease assets. End-of-period commercial earning assets of $17.3 billion were $1.9 billion lower year over year, driven by lower industry-wide vehicle inventory levels due to continued supply chain constraints and robust consumer demand. Insurance Pre-tax income of $13 million was $128 million lower year over year, primarily due to a $61 million decrease in the fair value of equity securitiesD in the quarter compared to a $11 million increase in the fair value of equity securitiesD in the prior-year quarter. Core pre-tax incomeE decreased $56 million year over year to $74 million, as record investment gains in the prior year did not fully repeat. Written premiums were $265 million, down $68 million year over year, driven by lower vehicle sales and lower dealer inventory levels. Total investment income, excluding a $61 million decrease in the fair value of equity securities during the quarterD, was $64 million, down $38 million year over year, as elevated realized gains in the prior year did not repeat.

^CRepresents a non-GAAP financial measure. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this release.

^DASU 2016-01 requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity.

^ERepresents a non-GAAP financial measure. Excludes equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/2018 in which such adjustments were recognized through other comprehensive income, a component of equity. Refer to the definitions of Non-GAAP Financial Measures and Other Key Terms and Reconciliation to GAAP later in this release.

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Discussion of Segment Results

Corporate Finance

Pre-tax income of $64 million in the quarter was $11 million higher year over year, as higher net financing revenue and lower provision for credit losses were partially offset by higher noninterest expense.

Net financing revenue was up $12 million year over year to $83 million. Other revenue decreased $2 million year over year to $24 million due to a $4 million decrease in fair value of equity securities versus a $5 million increase in the prior year period. Adjusted other revenue, excluding the change in fair value of equity securities increased $8 million year over year due to strong revenue trends from syndication and fee income.

Provision for credit losses was $6 million, decreasing $7 million from the prior-year period, continuing to reflect strong credit performance.

The held-for-investment loan portfolio increased 28% year over year from $6.3 billion to $8.0 billion.

Mortgage Finance

Pre-tax income of $11 million was down $12 million year over year, driven by lower other revenue and higher noninterest expense, partially offset by higher net financing revenue.

Net financing revenue was up $30 million year over year to $53 million, reflecting growth in asset balances from DTC origination volume and normalizing prepayment activity. Other revenue decreased $26 million year over year to $14 million, primarily driven by lower gain on sale margins. Noninterest expense increased $12 million as the business continues to scale.

Direct-to-consumer originations totaled $1.7 billion in the quarter, relatively flat year over year given the contraction in the overall mortgage market.

Existing Ally Bank deposit customers accounted for 37% of the quarter’s direct-to-consumer origination volume.

Capital, Liquidity & Deposits

Capital Ally paid a $0.30 per share quarterly common dividend which was up 58% year over year. Additionally, Ally completed $584 million of share repurchases in the first quarter, including shares withheld to cover income taxes owed by participants related to share-based incentive plans. Ally’s board of directors approved a $0.30 per share common dividend for the second quarter of 2022. Ally’s Common Equity Tier 1 (CET1) capital ratio decreased from 10.3% to 10.0% quarter over quarter while risk weighed assets (RWA) increased from $146.4 billion to $149.0 billion, driven by retail and commercial auto growth. The decline in CET1 was the result of aforementioned RWA growth, the first phase-in of CECL reserving, as well as dividend and share repurchase activity which offset strong net income generation. Liquidity & Funding Consolidated cash and cash equivalentsF totaled $3.6 billion at quarter-end, down from $4.4 billion at the end of the fourth quarter. Total liquidityG was $29.5 billion at quarter-end. Deposits represented 88% of Ally’s funding portfolio at quarter-end. Deposits Retail deposits increased to $136.0 billion at quarter-end, up $7.6 billion year over year and up $1.3 billion for the quarter. Total deposits increased $2.9 billion year over year to $142.5 billion and Ally maintained industry-leading customer retention at 96%. The average retail portfolio deposit rate was 0.59% for the quarter, down 22 bps year over year and down 2 bps quarter over quarter. Ally’s retail deposit customer base grew 8% year over year, totaling 2.5 million customers at quarter-end. Millennials and younger customers continue to comprise the largest generation segment of new customers, accounting for 70% of new customers in the quarter. Approximately 9% of deposit customers maintained an Ally Invest or Ally Home relationship at quarter-end.

^FCash & cash equivalents may include the restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date.

^GTotal liquidity includes cash & cash equivalents, highly liquid securities and current committed unused borrowing capacity. See page 18 of the Financial Supplement for more details.

^HCompany, operational and financial information provided by Fair Square Financial and is unaudited.

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Definitions of Non-GAAP Financial  Measures and Other Key Terms  

Ally believes the non-GAAP financial measures defined here are important to the reader of the Consolidated Financial Statements, but these are supplemental to and not a substitute for GAAP measures. See Reconciliation to GAAP below for calculation methodology and details regarding each measure.

Adjusted Earnings per Share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) excludes equity fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses and adjusts for preferred stock capital actions (e.g., Series A and Series G) that have been taken by the company to normalize its capital structure, as applicable for respective periods.

Adjusted Efficiency Ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted Efficiency Ratio, total noninterest expense is adjusted for Rep and warrant expense, Insurance segment expense, and repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods. In the denominator, total net revenue is adjusted for Core OID and Insurance segment revenue. See Reconciliation to GAAP on page 7 for calculation methodology and details.

Adjusted Tangible Book Value per Share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods.

Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate. See Reconciliation to GAAP on page 7 for calculation methodology and details.

Core Net Income Attributable to Common Shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core Net Income Attributable to Common Shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, tax-effected repositioning and other primarily related to the extinguishment of high-cost legacy debt and strategic activities and significant other, preferred stock capital actions, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods. See Reconciliation to GAAP on page 6 for calculation methodology and details.

Core Original Issue Discount (Core OID) Amortization Expense is a non-GAAP financial measure for OID, and is believed by management to help the reader better understand the activity removed from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond exchange OID which excludes international operations and future issuances. See page 7 for calculation methodology and details.

Core Outstanding Original Issue Discount Balance (Core OID balance) is a non-GAAP financial measure for outstanding OID and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. See page 7 for calculation methodology and details.

Core Pre-Tax Income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) equity fair value adjustments related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, and (3) Repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods. Management believes Core Pre-Tax Income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. See the Pre-Tax Income by Segment Table on page 3 for calculation methodology and details.

Core Pre-Provision Net Revenue (Core PPNR) is a non-GAAP financial measure calculated by adjusting Core pre-tax income to add back provision for credit losses. Management believes that Core PPNR is a helpful financial metric because it enables the reader to assess the core businesses ability to generate earnings to cover credit losses and as it is utilized by Federal Reserve’s approach to modeling within the Supervisory Stress Test Framework that generally follows U.S. generally accepted accounting principles (GAAP) and includes a calculation of PPNR as a component of projected pre-tax net income. See page 8 for calculation methodology and details.

Core Return on Tangible Common Equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

(1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, fair value adjustments (net of tax) related to ASU 2016-01 which requires change in the fair value of equity securities to be recognized in current period net income as compared to periods prior to 1/1/18 in which such adjustments were recognized through other comprehensive income, a component of equity, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods.

(2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

Corporate and Other primarily consists of activity related to centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with new debt issuances and bond exchanges, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, the management of our legacy mortgage portfolio, and reclassifications and eliminations between the reportable operating segments. Subsequent to June 1, 2016, the revenue and expense activity associated with Ally Invest was included within the Corporate and Other segment. Subsequent to October 1, 2019, the revenue and expense activity associated with Ally Lending was included within the Corporate and Other segment. Subsequent to December 1, 2021, the revenue and expense activity associated with Fair Square was included within the Corporate and Other segment.

Estimated impact of CECL on regulatory capital per final rule issued by U.S. banking agencies - In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020 and provided an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from the March 2020 interim final rule was issued by the FRB and other U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we are required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as the day-one impact of adoption plus 25% of the subsequent change in allowance during the two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and beginning January 1, 2022, are phasing in the regulatory capital impacts of CECL based on this five-year transition period.

5

Estimated Retail Auto Originated Yield is a forward-looking non-GAAP financial measure determined by calculating the estimated average annualized yield for loans originated during the period. At this time there currently is no comparable GAAP financial measure for Estimated Retail Auto Originated Yield and therefore this forecasted estimate of yield at the time of origination cannot be quantitatively reconciled to comparable GAAP information.

Net Charge-Off Ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale.

Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that Tangible Common Equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core Return on Tangible Common Equity (Core ROTCE), Tangible Common Equity is further adjusted for Core OID balance and net deferred tax asset. See page 6 for calculation methodology & details.

U.S. Consumer Auto Originations
New Retail – standard and subvented rate new vehicle loans	Used Retail – used vehicle loans
Growth – total originations from non-GM/Stellantis dealers and direct-to-consumer loans	Lease – new vehicle lease originations

Reconciliation to GAAP

Adjusted Earnings per Share
Numerator ($ millions)		1Q 22			4Q 21			1Q 21
GAAP Net Income Attributable to Common Shareholders		$	627		$	624		$	796
Discontinued Operations, Net of Tax			—			6			—
Core OID			10			9			10
Repositioning and Other			—			107			—
Change in the Fair Value of Equity Securities			66			(21	)		(17	)
Tax on: Core OID & Change in Fair Value of Equity Securities (21% starting 1Q18)			(16	)		(20	)		1
Core Net Income Attributable to Common Shareholders	[a]	$	687		$	705 $			790
Denominator
Weighted-Average Common Shares Outstanding - (Diluted, thousands)	[b]		337,812			348,666			377,529
Adjusted EPS	[a] ÷ [b]	$	2.03		$	2.02 $			2.09
Core Return on Tangible Common Equity (ROTCE)
Numerator ($ millions)		1Q 22			4Q 21			1Q 21
GAAP Net Income Attributable to Common Shareholders		$	627		$	624		$	796
Discontinued Operations, Net of Tax			—			6			—
Core OID			10			9			10
Repositioning and Other			—			107			—
Change in Fair Value of Equity Securities			66			(21	)		(17	)
Tax on: Core OID & Change in Fair Value of Equity Securities (21% starting 1Q18)			(16	)		(20	)		1
Core Net Income Attributable to Common Shareholders	[a]	$	687		$	705		$	790
Denominator (Average, $ millions)
GAAP Shareholder’s Equity		$	16,232		$	17,170		$	14,664
Preferred Equity			(2,324	)		(2,324	)		—
GAAP Common Shareholder’s Equity		$	13,908			14,846		$	14,664
Goodwill & Identifiable Intangibles, Net of Deferred Tax Liabilities (DTLs)			(937	)		(655	)		(380	)
Tangible Common Equity		$	12,971		$	14,190		$	14,284
Core OID Balance			(878	)		(892	)		(1,023	)
Net Deferred Tax Asset (DTA)			(437	)		(551	)		(136	)
Normalized Common Equity	[b]	$	11,656		$	12,747		$	13,125
Core Return on Tangible Common Equity	[a] ÷ [b]		23.6	%		22.1	%		24.1	%

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Adjusted Tangible Book Value per Share
Numerator ($ millions)		1Q 22			4Q 21			1Q 21
GAAP Shareholder’s Equity		$	15,413		$	17,050		$	14,625
Preferred Equity			(2,324	)		(2,324	)		—
GAAP Common Shareholder’s Equity		$	13,089		$	14,726		$	14,625
Goodwill and Identifiable Intangible Assets, Net of DTLs			(932	)		(941	)		(378	)
Tangible Common Equity			12,157			13,785			14,247
Tax-effected Core OID Balance (21% starting in 4Q17)			(690	)		(698	)		(804	)
Adjusted Tangible Book Value	[a]	$	11,468		$	13,087		$	13,443
Denominator
Issued Shares Outstanding (period-end, thousands)	[b]		327,306			337,941			371,805
Metric
GAAP Common Shareholder’s Equity per Share		$	39.99		$	43.58		$	39.34
Goodwill and Identifiable Intangible Assets, Net of DTLs per Share			(2.85	)		(2.79	)		(1.02	)
Tangible Common Equity per Share		$	37.14		$	40.79		$	38.32
Tax-effected Core OID Balance (21% starting in 4Q17) per Share			(2.11	)		(2.06	)		(2.16	)
Adjusted Tangible Book Value per Share	[a] ÷ [b]	$	35.04		$	38.73		$	36.16
Adjusted Efficiency Ratio
Numerator ($ millions)		1Q 22			4Q 21			1Q 21
GAAP Noninterest Expense		$	1,122		$	1,090		$	943
Insurance Expense			(274	)		(263	)		(253	)
Adjusted Noninterest Expense for Adjusted Efficiency Ratio	[a]	$	848		$	827		$	690
Denominator ($ millions)
Total Net Revenue		$	2,135		$	2,199		$	1,937
Core OID			10			9			10
Repositioning Items			—			9			—
Insurance Revenue			(287	)		(354	)		(394	)
Adjusted Net Revenue for Adjusted Efficiency Ratio	[b]	$	1,858		$	1,864		$	1,553
Adjusted Efficiency Ratio	[a] ÷ [b]		45.6	%		44.4	%		44.4	%
Original Issue Discount Amortization Expense ($ millions)
		1Q 22			4Q 21			1Q 21
Core Original Issue Discount (Core OID) Amortization Expense		$	10		$	9		$	10
Other OID			3			3			3
GAAP Original Issue Discount Amortization Expense		$	13		$	12		$	12
Outstanding Original Issue Discount Balance ($ millions)
		1Q 22			4Q 21			1Q 21
Core Outstanding Original Issue Discount Balance (Core OID Balance)		$	(873	)	$	(883	)	$	(1,018	)
Other Outstanding OID Balance			(37	)		(40	)		(34	)
GAAP Outstanding Original Issue Discount Balance		$	(911	)	$	(923	)	$	(1,052	)

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$ in millions
Net Financing Revenue (ex. Core OID)			1Q 22		4Q 21			1Q 21
GAAP Net Financing Revenue	[w]		$	1,693	$	1,654		$	1,372
Core OID				10		9			10
Net Financing Revenue (ex. Core OID)	[a]		$	1,703	$	1,663		$	1,382
Adjusted Other Revenue				1Q 22		4Q 21			1Q 21
GAAP Other Revenue	[x]		$	442	$	545		$	565
Accelerated OID & repositioning items				—		9			—
Change in Fair Value of Equity Securities				66		(21	)		(17	)
Adjusted Other Revenue	[b]		$	508	$	533		$	548
Adjusted Total Net Revenue				1Q 22		4Q 21			1Q 21
Adjusted Total Net Revenue	[a]+[b]		$	2,210	$	2,197		$	1,930
Adjusted Provision for Credit Losses				1Q 22		4Q 21			1Q 21
GAAP Provision for Credit Losses	[y	]	$	167	$	210		$	(13	)
Repositioning				—		(97)			—
Adjusted Provision for Credit Losses	[c]		$	167	$	113		$	(13	)
Adjusted NIE (ex. Repositioning)				1Q 22		4Q 21			1Q 21
GAAP Noninterest Expense	[z]		$	1,122	$	1,090		$	943
Adjusted NIE (ex. Repositioning)	[d]		$	1,122	$	1,090		$	943
Core Pre-Tax Income			1Q 22		4Q 21			1Q 21
Pre-Tax Income	[w]+[x]-[y]-[z]		$	846	$	899		$	1,007
Core Pre-Tax Income	[a]+[b]-[c]-[d]		$	921	$	994		$	1,000
Core Pre-Provision Net Revenue (Core PPNR)				1Q 22		4Q 21			1Q 21
Pre-Provision Net Revenue	[w]+[x]-[z]		$	1,013	$	1,109		$	994
Core Pre-Provision Net Revenue	[a]+[b]-[d]		$	1,088	$	1,107		$	987

Insurance Non-GAAP Walk to Core Pre-Tax Income

($ millions)			1Q 2022								1Q 2021
	GAAP		Core OID		Change in the fair value of equity securities		Non-GAAP1		GAAP		Core OID		Change in the fair value of equity securities			Non-GAAP1
Insurance
Premiums, Service Revenue Earned and Other	$	284	$	—	$	—	$	284	$	281	$	—	$	—		$	281
Losses and Loss Adjustment Expenses		58		—		—		58		63		—		—			63
Acquisition and Underwriting Expenses		216		—		—		216		190		—		—			190
Investment Income and Other		3		—		61		64		113		—		(11	)		102
Pre-Tax Income from Continuing Operations	$	13	$	—	$	61	$	74	$	141	$	—	$	(11	)	$	130

¹Non-GAAP line items walk to Core Pre-Tax Income, a non-GAAP financial measure that adjusts Pre-Tax Income.

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Additional Financial Information

For additional financial information, the first quarter 2022 earnings presentation and financial supplement are available in the Events & Presentations section of Ally’s Investor Relations Website at http://www.ally.com/about/investor/events-presentations/.

About Ally Financial

Ally Financial Inc. (NYSE: ALLY) is a digital financial services company committed to its promise to “Do It Right” for its consumer, commercial and corporate customers. Ally is composed of an industry-leading independent auto finance and insurance operation, an award-winning digital direct bank (Ally Bank, Member FDIC and Equal Housing Lender, which offers mortgage lending, point-of-sale personal lending, and a variety of deposit and other banking products), a consumer credit card business, a corporate finance business for equity sponsors and middle-market companies, and securities brokerage and investment advisory services. Our brand conviction is that we are all better off with an ally, and our focus is on helping our customers achieve their strongest financial well-being, a notion personalized to what is important to them. For more information, please visit www.ally.com and follow @allyfinancial.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

For further images and news on Ally, please visit http://media.ally.com.

Forward-Looking Statements

This earnings release and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the release or related communication.

This earnings release and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts — such as statements about the outlook for financial and operating metrics and performance and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future.

Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2021, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.

This earnings release and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the release.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts. The term “partnerships” means business arrangements rather than partnerships as defined by law.

Contacts:
Sean Leary	Peter Gilchrist
Ally Investor Relations	Ally Communications (Media)
704-444-4830	704-644-6299
sean.leary@ally.com	peter.gilchrist@ally.com

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