Ally Bank 2011 Annual Report Download - page 122

Table of Contents
Consolidated Statement of Income
Ally Financial Inc. • Form 10−K
Year ended December 31, ($ in millions) 2011 2010 2009
Financing revenue and other interest income
Interest and fees on finance receivables and loans $ 6,635 $ 6,546 $ 6,471
Interest on loans held−for−sale 332 601 416
Interest on trading assets 19 15 132
Interest and dividends on available−for−sale investment securities 398 356 220
Interest−bearing cash 54 69 98
Operating leases 2,298 3,596 5,435
Total financing revenue and other interest income 9,736 11,183 12,772
Interest expense
Interest on deposits 700 641 677
Interest on short−term borrowings 314 324 465
Interest on long−term debt 5,209 5,701 5,949
Total interest expense 6,223 6,666 7,091
Depreciation expense on operating lease assets 1,038 1,903 3,519
Net financing revenue 2,475 2,614 2,162
Other revenue
Servicing fees 1,358 1,493 1,467
Servicing asset valuation and hedge activities, net (789) (394) (1,104)
Total servicing income, net 569 1,099 363
Insurance premiums and service revenue earned 1,573 1,750 1,861
Gain on mortgage and automotive loans, net 470 1,261 799
(Loss) gain on extinguishment of debt (64) (123) 665
Other gain on investments, net 294 504 162
Other income, net of losses 754 537 190
Total other revenue 3,596 5,028 4,040
Total net revenue 6,071 7,642 6,202
Provision for loan losses 219 442 5,603
Noninterest expense
Compensation and benefits expense 1,574 1,576 1,517
Insurance losses and loss adjustment expenses 713 820 992
Other operating expenses 3,498 3,665 4,999
Total noninterest expense 5,785 6,061 7,508
Income (loss) from continuing operations before income tax expense 67 1,139 (6,909)
Income tax expense from continuing operations 179 153 74
Net (loss) income from continuing operations (112) 986 (6,983)
(Loss) income from discontinued operations, net of tax (45) 89 (3,315)
Net (loss) income $ (157) $ 1,075 $ (10,298)
Statement continues on the next page.
The Notes to the Consolidated Financial Statements are an integral part of these statements.
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