SYF - Synchrony Financial Efficiency Ratio Falls To 36% In Q4 Fuels Growth Engine For FY24 | Benzinga
Synchrony Financial (NYSE:SYF) reported fourth-quarter sales of $4.466 billion, in line with the consensus of $4.468 billion.
Net interest income rose 9% Y/Y led by higher interest and fees on loans, partly offset by higher interest expense from higher benchmark rates and increased funding liabilities. Net interest margin declined 48 basis points to 15.10%.
Loan receivables rose 11% to $103.0 billion and purchase volume increased 3% to $49.3 billion.
Interest and fees on loans increased 16% Y/Y to $5.3 billion, led by increased average loan receivables, higher benchmark rates, and lower payment rates.
Synchrony’s average active accounts rose 5%, and deposits grew 13% Y/Y to $81.2 billion in the quarter.
Provision for credit losses ...