From RTTNews:

Ally Financial Inc. reported a decline in its fourth quarter net income to shareholders, with earnings per share dropping from $0.83 to $0.16. Core net income also saw a significant decline, from $327 million to $137 million, with core net income per share at $0.45 compared to $1.08. Analysts had expected a profit per share of $0.45 for the quarter.
The company’s fourth quarter adjusted total net revenue was $2.01 billion, down from $2.16 billion the previous year. Analysts had estimated $2.00 billion in revenue.
Ally Financial Inc. has entered into a definitive agreement for Synchrony to acquire its point of sale financing business, including $2.2 billion of loan receivables. The sale is expected to increase Ally’s CET1 ratio by approximately 15 basis points upon closing and be modestly accretive to tangible book value and earnings per share in 2024.
Synchrony expects the acquisition to be accretive to 2024 earnings per share, excluding the impact of the initial reserve build for credit losses at acquisition.



Read more: Ally Financial Q4 Core Profit Declines; Synchrony To Acquire Ally’s Point Of Sale Financing Business