Synchrony Q2 net earnings fall 29% to $569M, provision up 91%; credit normalizing

Synchrony Financial

2023-Q2 EPS reported $2.73

Diluted EPS $1.32 vs $1.60 YoY; net earnings $569M down from $804M.
Loan receivables $94.8B (+15% YoY); purchase volume flat at $47.3B.
Provision for credit losses $1.38B (+91% YoY) on higher net charge-offs and reserve build.
Net charge-offs 4.75% (up from 2.73%); 30+ day delinquencies 3.84% (up from 2.74%).
Returned $399M to shareholders; new $1B repurchase authorization through June 2024; dividend raised 9%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Synchrony Financial reported second quarter 2023 results: net income $569 million, EPS $1.32 per diluted share.

Period: second quarter 2023
Net income: $569 million
EPS: $1.32 per diluted share
Result: reported results

Exact text from the filing

SECOND QUARTER 2023 RESULTS AND KEY METRICS 2.1% Return on Assets 12.3% CET1 Ratio $399M Capital Returned CEO COMMENTARY

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Source: SEC EDGAR

accession 0001601712-23-000199

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