By Don Nico Forbes
Synchrony Financial reported a jump in net earnings in the fourth quarter after higher interest and fees on loans drove up net interest income.
The financial-services company posted net earnings of $774 million or $1.91 a share, compared with $440 million or $1.03 a share, in the same quarter a year ago. Analysts polled by FactSet had expected earnings of $1.91 a share.
Net interest income rose 3% to $4.6 billion, driven by higher interest and fees on loans.
Provision for credit losses fell $243 million to $1.6 billion, due to a reserve release of $100 million compared with a reserve build of $402 million in the prior year. This was partially offset by higher net charge-offs.
Common equity Tier 1 ratio--a key measure of balance-sheet strength in which higher is better--was 13.3%, up from 12.2%. Analysts had expected 13.4%.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
January 28, 2025 06:30 ET (11:30 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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