Synchrony Financial Reports Fourth Quarter Net Earnings of $783 Million or $1.09 Per Diluted Share

Wednesday, January 23, 2019 6:30 am EST

Dateline:

STAMFORD, Conn.

Public Company Information:

NYSE:
SYF

January 23, 2019 - STAMFORD, Conn. – Synchrony Financial (NYSE: SYF) today announced fourth quarter 2018 net earnings of $783 million, or $1.09 per diluted share. Highlights included:

  • Net interest income increased 11% from the fourth quarter of 2017 to $4.3 billion
  • Loan receivables grew $11 billion, or 14%, from the fourth quarter of 2017 to $93 billion
  • Purchase volume increased 10% from the fourth quarter of 2017 to $40 billion
  • Deposits grew $8 billion, or 13%, from the fourth quarter of 2017 to $64 billion
  • Renewed and extended key Retail Card relationships: Sam’s Club and Amazon
  • Extended and expanded relationship with Qurate Retail Group and brands QVC, HSN and zulily
  • Announced new Retail Card partnership with Harbor Freight
  • Renewed and extended key Payment Solutions relationship with Mohawk
  • Announced new Payment Solutions partnership with Fanatics
  • Expanded CareCredit network: Walgreens will begin accepting the CareCredit Card
  • In January, Synchrony reached agreement with Capital One on the sale of the Walmart loan portfolio
  • In January, Walmart agreed to dismiss its lawsuit against Synchrony

 

“Synchrony ended the year with significant momentum heading into 2019—we generated strong results this quarter, renewed and extended a number of key relationships, added new programs, and expanded our network. Our business continues to deliver organic growth through innovative marketing, promotions and value propositions, in addition to leveraging the investments we have been making in data analytics, artificial intelligence, and digital capabilities. And we did this while maintaining a strong balance sheet and returning capital to shareholders through growth, portfolio acquisitions, and the execution of our capital plan,” said Margaret Keane, President and Chief Executive Officer of Synchrony Financial. “We continue to be well positioned for the future and look forward to the opportunities ahead in 2019.”

Media Library

Press Kit: DOWNLOAD PRESS KIT PDF

Business Wire NewsHQsm