Synchrony Financial (NYSE: SYF) on Wednesday released financial results for the third quarter of 2024, reporting an increase in net income.
- Third-quarter net earnings increased to $768 million or $1.94 per share from $618 million or $1.48 per share in the year-ago quarter
- Purchase volume decreased 4% year-over-year to $45.0 billion during the three months
- Loan receivables were 102.2 billion in the September quarter, up 4% from the prior-year period
- Average active accounts remained flat at 70.4 million in Q3; new accounts decreased 18% to 4.7 million
- Net interest margin decreased 32 basis points to 15.04% in the third quarter of 2024
- In the quarter, the efficiency ratio decreased by 200 basis points to 31.2%; the return on assets rose 30 basis points to 2.6%
- Q3 return on equity increased 170 basis points to 19.8%; book value per share increased 20% to $37.92
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