- Q1 earnings of $552M or $0.66 per share vs. $558M and $0.79 one year ago.
- Net interest income of $2.9B up 5% Y/Y. NIM of 15.79% down 304 basis points as deposits rolled in.
- Provision for loan losses down $77M to $687M thanks to improved asset quality trends.
- Loan-receivables growth of 7%, driven by purchase volume growth of 10% and average active account growth of 4%.
- Deposits of $35B up 28% Y/Y, and now make up 59% of funding, up from 55%.
- CET1 ratio of 16.4%.
- On the earnings call, management says it does not expect any buybacks or dividends until the separation from GE is complete, though capital will continue to grow in the meantime.
- Previously: Synchrony Financial beats by $0.02, beats on revenue (April 17)
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SYF -0.3%