Ally Bank 2014 Annual Report Download - page 46
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Table of Contents
Management's Discussion and Analysis
Ally Financial Inc. • Form 10-K
34
Dealer Financial Services
Results for Dealer Financial Services are presented by reportable segment, which includes our Automotive Finance and Insurance
operations.
Automotive Finance Operations
Results of Operations
The following table summarizes the operating results of our Automotive Finance operations excluding discontinued operations for the
periods shown. The amounts presented are before the elimination of balances and transactions with our other reportable segments.
Year ended December 31, ($ in millions) 2014 2013 2012
Favorable/
(unfavorable)
2014-2013
% change
Favorable/
(unfavorable)
2013-2012
% change
Net financing revenue
Consumer $ 3,046 $ 3,004 $ 2,827 16
Commercial 1,024 1,061 1,152 (3) (8)
Loans held-for-sale ——15
—(100)
Operating leases 3,558 3,209 2,379 11 35
Other interest income 10 22 52 (55) (58)
Total financing revenue and other interest income 7,638 7,296 6,425 514
Interest expense 2,084 2,142 2,199 33
Depreciation expense on operating lease assets 2,233 1,995 1,399 (12) (43)
Net financing revenue 3,321 3,159 2,827 512
Other revenue
Servicing fees 31 58 109 (47) (47)
Gain on automotive loans, net 10 —41
n/m (100)
Other income 223 210 172 622
Total other revenue 264 268 322 (1) (17)
Total net revenue 3,585 3,427 3,149 59
Provision for loan losses 542 494 253 (10) (95)
Noninterest expense
Compensation and benefits expense 454 450 416 (1) (8)
Other operating expenses 1,064 1,212 1,091 12 (11)
Total noninterest expense 1,518 1,662 1,507 9(10)
Income from continuing operations before income tax
expense (benefit) $ 1,525 $ 1,271 $ 1,389 20 (8)
Total assets (a) $ 113,188 $ 109,312 $ 128,411 4(15)
n/m = not meaningful
(a) The decline in total assets from 2012 to 2013 was primarily due to the sale of substantially all of our international automotive finance businesses. Refer to
Note 2 to the Consolidated Financial Statements for further details.
Year ended December 31, ($ in millions) 2014 2013 2012
Favorable/
(unfavorable)
2014-2013
% change
Favorable/
(unfavorable)
2013-2012
% change
Net operating lease revenue
Operating lease revenue $ 3,558 $ 3,209 $ 2,379 11 35
Depreciation expense
Depreciation expense on operating lease assets (excluding
remarketing gains) 2,666 2,327 1,515 (15) (54)
Remarketing gains (433) (332) (116) 30 186
Total depreciation expense on operating lease assets 2,233 1,995 1,399 (12) (43)
Total net operating lease revenue $ 1,325 $ 1,214 $ 980 924