BFH - Bread Financial Holdings Inc. (BFH) Q4 2023 Earnings Call Transcript

2024-01-25 13:13:02 ET

Bread Financial Holdings, Inc. (BFH)

Q4 2023 Earnings Conference Call

January 25, 2024, 8:30 AM ET

Company Participants

Brian Vereb - Head, Investor Relations

Ralph Andretta - President and CEO

Perry Beberman - Executive Vice President and CFO

Conference Call Participants

Vincent Caintic - Stephens

Mihir Bhatia - Bank of America Merrill Lynch

Sanjay Sakhrani - KBW

Moshe Orenbuch - Cowen

Jeff Adelson - Morgan Stanley

Reggie Smith - JPMorgan

Bill Carcache - Wolfe Research

Dominick Gabriele - Oppenheimer

John Pancari - Evercore ISI

John Hecht - Jefferies

Presentation

Operator

Good morning. And welcome to Bread Financial’s Fourth Quarter Earnings Conference Call. My name is Emily, and I will be coordinating your call today. At this time, all parties have been placed on a listen-only mode. Following today’s presentation, the floor will be opened for your questions. [Operator Instructions]

It is now my pleasure to introduce Mr. Brian Vereb, Head of Investor Relations at Bread Financial. The floor is yours.

Brian Vereb

Thanks you. Copies of the slides we will be reviewing and the earnings release can be found on the Investor Relations section of our website. On the call today we have Ralph Andretta, President and Chief Executive Officer of Bread Financial; and Perry Beberman, Executive Vice President and Chief Financial Officer of Bread Financial.

Before we begin, I would like to remind you that some of the comments made on today’s call and some of the responses to your questions may contain forward-looking statements. These statements are based on management’s current expectations and assumptions, and are subject to the risks and uncertainties described in the company’s earnings release and other filings with the SEC.

Also on today’s call, our speakers will reference certain non-GAAP financial measures which we believe will provide useful information for investors. Reconciliation of those measures to GAAP are included in our quarterly earnings materials posted on our Investor Relations website at breadfinancial.com.

With that, I would like to turn the call over to Ralph Andretta.

Ralph Andretta

Thank you, Brian, and good morning to everyone joining the call. Starting with slide three. I will highlight our major accomplishments for 2023. We continue to execute on our strategic initiatives by growing responsibly and strengthening our balance sheet.

Additionally, we continue to optimize data and technology while investing to capture future growth opportunities, inclusive of the sale of the BJs portfolio in February of 2023 and our strategic credit tightening, loans grew at a low-to-mid single digit rate compared to 2022 as forecasted.

PPNR or profitless tax and loan loss provisions grew for the full year, as well as for each quarter in 2023, demonstrating our ability to deliver sustainable profitable growth....

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