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BUZZ-Ally Financial rises on move to simplify business, Q4 profit beat

ReutersJan 22, 2025 12:54 PM

** Consumer lender Ally Financial's ALLY.N shares rise 6.5% to $40.65 premarket

** ALLY posts Q4 adjusted profit of 78 cents/share, beating Wall Street expectations of 57 cents/share, according to estimates compiled by LSEG

** Q4 net financing revenue rose $7 mln to $1.51 bln, driven by lower funding costs

** CEO Michael Rhodes expresses optimism on strong momentum across ALLY's business as the company enters 2025, driven by an improved outlook on credit

** ALLY also announced a raft of actions taken in Q4 to simplify and streamline the company

** Co has agreed to sell its credit card business to credit and payments company CardWorks

** ALLY is also ceasing new mortgage loan applications from Jan. 31 and said it paid $22 mln in severance pay to laid off workers

** ALLY stock rose 3.1% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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