Categories Earnings, Finance

Earnings: A snapshot of Synchrony Financial’s (SYF) Q1 2023 results

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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