The company said net earnings for the 3 months ended June 30, 2024 were $643 million, up from $569 million a year earlier, and for the 6 months were $1.9 billion, up from $1.2 billion a year earlier. It cited the after-tax gain on the sale of Pets Best of $802 million as a factor in the 6-month increase.

1. 01

   The company said net earnings for the 3 months ended June 30, 2024 were $643 million, up from $569 million a year earlier, and for the 6 months were $1.9 billion, up from $1.2 billion a year earlier. It cited the after-tax gain on the sale of Pets Best of $802 million as a factor in the 6-month increase.

2. 02

   The company said the CFPB final rule on credit card late fees lowers the safe harbor dollar amount from $30 (adjusted to $41 for each subsequent late payment) to $8, and that when effective it would significantly reduce interest and fees on loan receivables. It said the U.S. District Court for the Northern District of Texas granted an injunction and stay of the final rule on May 10, 2024, that the injunction remains in effect, and that the ultimate outcome of the industry challenge is uncertain.

3. 03

   The company said net interest income rose 6.9% to $4.4 billion for the 3 months and 7.8% to $8.8 billion for the 6 months. Provision for credit losses increased $308 million (22.3%) for the 3 months and $902 million (33.7%) for the 6 months, and the company cited higher net charge-offs as the main factor.

4. 04

   The company said it acquired Ally Lending for cash consideration of $2.0 billion in March 2024 and repurchased $600 million of common stock over the 6 months. In April 2024, it said, the board approved an incremental repurchase program of up to $1.0 billion, and as of June 30, 2024 the remaining authorization was $1.0 billion.

Key figures

Quarter ended June 30, 2024

Net income

$643M

EPS

$1.55

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.