Synchrony Financial (SYF) Q3 Earnings Top Estimates, Rise Y/Y
Zacks Investment Research | Oct 17, 2019 11:58PM ET
Synchrony Financial’s (NYSE:SYF) third-quarter 2019 earnings per share of $1.22 beat the Zacks Consensus Estimate by 8.9%. The bottom line also surged 34% year over year on the back of higher net interest income. This excludes the impact of the Walmart (NYSE:WMT) portfolio.
Results in Detail
The company’s net interest income increased 4% to $4.4 billion in the third quarter, primarily owing to loan receivables growth.
However, other income rose 35% to $85 million.
In the quarter under review, loan receivables climbed 6% year over year.
Deposits were $66 billion, up 6% from the year-ago quarter.
Provision for loan loss plunged 30% year over year to $1 billion on the back of a significant amount of reserve reductions pertaining to the Walmart portfolio.
Total other expenses inched up 1% to $1.1 billion, primarily due to higher marketing and business development, information processing and other expenses.
Synchrony Financial Price, Consensus and EPS Surprise
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