SYF - Synchrony Financial (SYF) Q2 2024 Earnings Call Transcript

2024-07-17 11:45:06 ET

Synchrony Financial (SYF)

Q2 2024 Earnings Conference Call

July 17, 2024, 08:00 AM ET

Company Participants

Kathryn Miller - SVP of IR

Brian Doubles - President and CEO

Brian Wenzel - EVP and CFO

Conference Call Participants

Mihir Bhatia - Bank of America

Terry Ma - Barclays

Mark DeVries - Deutsche Bank

Moshe Orenbuch - TD Cowen

Ryan Nash - Goldman Sachs

Sanjay Sakhrani - KBW

Rick Shane - JPMorgan

Bill Carcache - Wolfe Research

Dave Rochester - Compass Point

John Hecht - Jefferies

Don Fandetti - Wells Fargo

Presentation

Operator

Good morning and welcome to the Synchrony Financial Second Quarter 2024 Earnings Conference Call. Please refer to the company's Investor Relations website for access to their earnings materials. Please be advised that today's conference call is being recorded. [Operator Instructions]

I will now turn the call over to Kathryn Miller, Senior Vice President of Investor Relations. Thank you. You may begin.

Kathryn Miller

Thank you and good morning, everyone. Welcome to our quarterly earnings conference call. In addition to today's press release, we have provided a presentation that covers the topics we plan to address during our call. The press release, detailed financial schedules and presentation are available on our website, synchronyfinancial.com. This information can be accessed by going to the Investor Relations section of the website.

Before we get started, I wanted to remind you that our comments today will include forward-looking statements. These statements are subject to risks and uncertainty, and actual results could differ materially. We list the factors that might cause actual results to differ materially in our SEC filings, which are available on our website.

During the call, we will refer to non-GAAP financial measures in discussing the company's performance. You can find a reconciliation of these measures to GAAP financial measures in our materials for today's call. Finally, Synchrony Financial is not responsible for and does not edit or guarantee the accuracy of our earnings teleconference transcripts provided by third parties. The only authorized webcasts are located on our website.

On the call this morning are Brian Doubles, Synchrony's President and Chief Executive Officer; and Brian Wenzel, Executive Vice President and Chief Financial Officer.

I will now turn the call over to Brian Doubles.

Brian Doubles

Thanks, Kathryn, and good morning everyone.

Today Synchrony reported strong second quarter results, including net earnings of $643 million, or $1.55 per diluted share, a return on average assets of 2.2% and a return on tangible common equity of 20.2%. This performance is a testament to our differentiated business model. We continue to leverage our diversified portfolio of products and sales platforms, disciplined approach to credit underwriting and management, and innovative digital capabilities to further progress on our strategic objectives and to deliver sustainable, risk-adjusted growth and returns over the long term....

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