•
Jun 30, 2020
Synchrony Q2 2020 Earnings Report
Synchrony reported second quarter net earnings amid the continuing Coronavirus (COVID-19) pandemic.
Key Takeaways
Synchrony Financial reported a net earnings of $48 million, or $0.06 per diluted share in Q2 2020. This includes an increase in the provision for credit losses as a result of CECL implementation earlier this year of $483 million, or $365 million after tax, which equates to an EPS reduction of $0.63.
Loan receivables decreased 4% to $78.3 billion, or 3% on a Core basis
Interest and fees on loans decreased 18% to $3.8 billion, or 7% on a Core basis
Purchase volume decreased 19% to $31.2 billion, or 13% on a Core basis
Average active accounts decreased 14% to 65 million, or 5% on a Core basis