Synchrony Financial's Q3 net earnings fall 17%
SYF•Synchrony Financial's third-quarter net earnings fell 17% year over year to $892 million. Net interest income rose 2% to $4.8 billion, while the provision for credit losses increased 10% to $1.3 billion.
1. Quarterly results
Synchrony Financial reported third-quarter net earnings of $892 million, down 17% year over year. Net interest income rose 2% to $4.8 billion, driven by growth in average loan receivables.
2. Credit and capital
The provision for credit losses increased 10% to $1.3 billion. Purchase volume rose 8% to $49.7 billion, and the company returned $1.2 billion to shareholders through buybacks and dividends. Earnings per share were $2.68 and return on common equity was 21%.
