Bread Financial Q3 2024 Earnings Report
Key Takeaways
Bread Financial reported a net income of $2 million, or $0.05 per diluted share, and an adjusted net income of $93 million, or $1.83 per diluted share, which excludes the $91 million post-tax impact from the repurchased convertible notes. The company's revenue was $983 million, a decrease of 5% year-over-year, and the common equity tier 1 capital ratio increased 40 basis points to 13.3%.
Repurchased $262 million in principal amount of convertible notes, impacting pre-tax results by $96 million.
Average loans increased 1%, benefiting from new partner growth and stabilizing consumer spend.
Common equity tier 1 (CET1) capital ratio increased 40 basis points to 13.3%.
Completed the acquisition and launch of the Saks Fifth Avenue Credit Card and Saks World Elite Mastercard® Credit Card.
Bread Financial
Bread Financial
Forward Guidance
The 2024 outlook remains unchanged from the second quarter of 2024 and assumes no impact from the CFPB late fee rule given uncertainty surrounding the timing and outcome of the ongoing litigation.