— Synchrony Financial (NYSE: SYF) reported earnings of $731 million or $1.15 per share for the fourth quarter of 2019, vs. $1.07 per share expected.
— Net interest income dropped 7% to $4 billion, with impact from the sale of Walmart consumer portfolio offsetting loan receivables growth, vs. $4.07 billion expected
— Loan receivables declined 6% to $87.2 billion, while purchase volume remained flat at $40.2 billion
— Average active accounts dropped 5% to 74 million; deposits grew 2% to $65.1 billion
— Announced partnership with Verizon, making Synchrony the exclusive issuer of the latter’s co-branded consumer credit card
— Paid quarterly dividend of $0.22 per share; repurchased $1.4 billion of stock
— Provision for loan losses decreased 24% to $1.1 billion; efficiency ratio came in at 34.8%
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