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Wednesday, January 23, 2019

=Synchrony Financial (SYF) reported earnings on Wed 23 Jan 2019 (b/o)

Synchrony Financial beats by $0.16 
  • Reports Q4 (Dec) earnings of $1.09 per share, $0.16 better than the S&P Capital IQ Consensus of $0.93.
  • Provision for loan losses increased $98 million, or 7%, to $1.5 billion, driven by the PayPal Credit program reserve build partially offset by moderating credit trends.
Synchrony Financial announces extension of strategic partnership with Wal-Mart's (WMT) Sam's Club 
The co announced an extension of its strategic partnership with Sam's Club, a segment of Walmart, Inc. (WMT), to continue offering Club members enhanced financing options through the Sam's Club-branded credit cards. As part of the extension, Synchrony will continue to manage and service the credit card programs for Sam's Club members across the retailer's nearly 600 clubs.
  • Synchrony also announced it has reached agreement on the sale of the Walmart loan portfolio currently serviced by Synchrony. The portfolio is expected to transfer late in the third quarter or early in the fourth quarter of 2019.
  • In addition, Walmart has agreed to dismiss its lawsuit against Synchrony.
Synchrony Financial provides outlook in slide presentation
  • Co sees FY19 loan growth of +5-7%.
  • CO sees FY19 NIM of 15.75-16.0%.
  • Co sees FY19 efficiency ratio of approx 31%.

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