Synchrony Financial announced its third-quarter 2024 results on October 16, 2024, reporting net income of $768 million, or $1.94 per diluted share. This performance reflects the company's ability to generate solid earnings during the period.
The company's net interest income increased by 5.7% year-over-year to $4.609 billion, surpassing analyst expectations. Net revenue also saw a rise of 9.8% to $3.814 billion, driven by higher interest and fees on loans.
Period-end loan receivables grew by 4% to $102.2 billion, indicating an expansion in the loan portfolio. However, the net interest margin declined by 32 basis points to 15.04%, and credit card delinquency and net charge-off rates climbed in September.
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