Synchrony Financial Q3 Earnings: 29% Profit Growth, Raised FY24 Forecast & More

Synchrony Financial (NYSE:SYF) reported third-quarter net interest income of $4.609 billion, beating the consensus of $4.491 billion.

Net interest income increased 5.7% YoY, driven by higher interest and fees on loans, partially offset by an increase in interest expense from higher benchmark rates and higher interest-bearing liabilities.

Net revenue rose 9.8% to $3.814 billion. Net interest margin declined 32 basis points to 15.04%. Period-end loan receivables rose 4% to $102.2 billion, and purchase volume declined 4% to $45 billion.

Interest and fees on loans increased 7% year over year to $5.5 billion, driven by loan growth, policy changes, and lower payment rates, partly offset by higher reversals.

Synchrony’s average active accounts were ...