Synchrony Q1 GAAP EPS $3.14, adj EPS $1.18; loan rec up 12%; net charge-offs 6.31%

Synchrony Financial

2024-Q1 EPS reported $3.14

GAAP net earnings $1.3B ($3.14 diluted EPS); adjusted net earnings $491M ($1.18) excl Pets Best gain.
Loan receivables $101.7B (+12% YoY); purchase volume $42.4B (+2%); net interest income $4.4B (+9%).
Net charge-off rate 6.31% vs 4.49% YoY; 30+ day delinquencies 4.74%; allowance coverage 10.72%.
Returned $402M capital ($300M buybacks, $102M dividends); Board approved $1B incremental buyback auth.
Completed Pets Best sale ($1.1B pretax gain) and Ally Lending acquisition ($190M reserve build).

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 0.95

Synchrony Financial reported first quarter 2024 results: net income $1.3 billion, EPS $3.14 per diluted share.

Period: first quarter 2024
Net income: $1.3 billion
EPS: $3.14 per diluted share
Result: reported results

Exact text from the filing

Synchrony Financial (NYSE: SYF) today announced first quarter 2024 net earnings of $1.3 billion, or $3.14 per diluted share, compared to $601 million, or $1.35 per diluted share in the first quarter 2023.

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Source: SEC EDGAR

accession 0001601712-24-000159

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