Consumer financial services company Synchrony Financial (NYSE: SYF) reported earnings results for the first quarter of 2023.
- First-quarter net income available to stockholders decreased to $590 million or $1.35 per share from $922 million or $1.77 per share in the year-ago quarter
- Net interest income was $4.05 billion, which is up 6.9% year-over-year
- Purchase volume increased 3% annually to $41.6 billion, or 11% on a core basis
- Average active accounts decreased by 1% to 69.5 million or increased by 8% on a core basis
- Net interest margin decreased 58 basis points to 15.22%; return on equity decreased 9.3% to 18.2%
- During the quarter, the company returned $500 million of capital to shareholders, including $400 million of share repurchases
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