Synchrony Financial 1Q Results Top Expectations

Synchrony Financial SYF reported net income of $582 million for the first quarter, up 5.4% from $552 million in the previous year quarter. Its earnings also grew 6.1% to $0.70 a share from $0.66 a share in the same quarter last year. The earnings topped by a penny. Synchrony Financial's total revenue was $3.21 billion, up 11.6% from $2.875 billion in the year-ago quarter. Analysts estimated the company to generate $3.17 billion revenue. The company's President and CEO, Margaret Keane, said that "Our strong operational momentum and solid financial results continued in the first quarter. Each of our business platforms delivered strong performance resulting in double-digit growth in overall purchase volume, platform revenue and loan receivables." He continued to add that "To support this growth, we have significantly expanded our deposit base, growing deposits $10 billion over last year. Our innovative payments, analytics, loyalty and financing solutions are delivering value to our partners and cardholders and continue to build the foundation for future growth." The company provided some of its highlights likes its total platform revenue increasing 12%. Similarly, its loan receivables advanced 13% to $66 billion and purchase volume grew 17% YOY. The company also achieved 29% growth in deposit and renewed key programs. On Thursday, the stock ended with a loss of 0.78%.