Ally Bank 2012 Annual Report Download - page 210

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30. Quarterly Financial Statements (unaudited)
2012 ($ in millions) First quarter Second quarter Third quarter Fourth quarter
Net financing revenue $ 342 $ 443 $ 473 $ 611
Other revenue 1,012 762 774 481
Total net revenue 1,354 1,205 1,247 1,092
Provision for loan losses 98 34 105 92
Total noninterest expense 1,120 2,290 877 1,037
Income (loss) from continuing operations before income tax expense (benefit) 136 (1,119) 265 (37)
Income tax expense (benefit) from continuing operations 18 (8) 43 (1,337)
Net income (loss) from continuing operations 118 (1,111) 222 1,300
Income from discontinued operations, net of tax 192 213 162 100
Net income (loss) $ 310 $ (898) $ 384 $ 1,400
Basic earnings per common share
Net (loss) income from continuing operations $ (62) $ (985) $ 16 $ 825
Net income (loss) 82 (825) 137 901
Diluted earnings per common share
Net (loss) income from continuing operations (62) (985) 16 647
Net income (loss) 82 (825) 137 700
2011
Net financing revenue $ 207 $ 341 $ 247 $ 286
Other revenue 827 873 385 812
Total net revenue 1,034 1,214 632 1,098
Provision for loan losses 85 59 57 (13)
Total noninterest expense 1,061 1,277 983 1,420
(Loss) from continuing operations before income tax expense (benefit) (112) (122) (408) (309)
Income tax expense from continuing operations 19 9 13 10
Net loss from continuing operations (131) (131) (421) (319)
Income from discontinued operations, net of tax 277 244 211 113
Net income (loss) $ 146 $ 113 $ (210) $ (206)
Basic and diluted earnings per common share
Net loss from continuing operations $ (227) $ (242) $ (467) $ (390)
Net loss (19) (58) (308) (305)
31. Subsequent Events
Declaration of Quarterly Dividend Payments
On January 3, 2013, the Ally Board of Directors declared quarterly dividend payments on certain outstanding preferred stock. This
included a cash dividend of $1.125 per share, or a total of $134 million, on Fixed Rate Cumulative Mandatorily Convertible Preferred Stock,
Series F-2; a cash dividend of $17.50 per share, or a total of $45 million, on Fixed Rate Cumulative Perpetual Preferred Stock, Series G; and a
cash dividend of $0.53 per share, or a total of $22 million, on Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A. The dividends
were paid on February 15, 2013.
Canadian Automotive Finance Operation Sale
On February 1, 2013, we completed the sale of our Canadian automotive finance operation, Ally Credit Canada Limited, and ResMor
Trust (Ally Canada) to Royal Bank of Canada. Ally received $4.1 billion USD for the business in the form of a $3.7 billion payment at
closing and $400 million of dividends from Ally Canada following the announcement of the transaction.
Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K