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Mar 31, 2023
Synchrony Q1 2023 Earnings Report
Synchrony's first quarter performance was driven by its differentiated business model and the strength of its customers, delivering strong growth across diversified partners and products.
Key Takeaways
Synchrony Financial reported net earnings of $601 million, or $1.35 per diluted share, for the first quarter of 2023. The company achieved record first quarter purchase volume and strong receivables growth, while returning $500 million of capital to shareholders.
Purchase volume increased 3% to $41.6 billion, or 11% on a Core basis.
Loan receivables were $91.1 billion and increased 15%, or 16% on a Core basis.
Net interest margin decreased 58 basis points to 15.22%.
Returned $500 million of capital to shareholders, including $400 million of share repurchases.
Synchrony
Synchrony
Forward Guidance
While the macroeconomic environment remains uncertain, Synchrony remains confident in their business performance and financial outlook for the remainder of this year.