By Rob Curran
Synchrony Financial's first-quarter earnings and revenue fell as consumer-lending volumes contracted.
The lender, once part of General Electric, posted earnings of $757 million, or $1.89 a share, down from $1.29 billion, or $3.14 a share, a year earlier. The prior year's quarter had included a gain on the sale of a unit of $802 million, after tax. Analysts polled by FactSet had anticipated earnings of $1.67 a share.
Revenue at the company, which provides financing for purchases of appliances among other things, slipped to $3.72 billion, shy of the average Wall Street forecast of $3.76 billion, as per FactSet.
Net interest income rose 1% to $4.5 billion
Purchase volume slipped 4% to $40.7 billion during the three-month period. Average active accounts fell 3% to 69.3 million.
Purchase volumes fell across all categories of lending, including home-and-auto, lifestyle and digital.
In a good sign for credit quality, Synchrony's provision for credit losses decreased $393 million to $1.5 billion.
Synchrony increased its quarterly dividend by 20% to 30 cents a share, payable May 15 to shareholders of record May 5.
The lender's board also approved a share-buyback program of $2.5 billion, with share purchases scheduled from the second quarter through June 2026.
The company said it was on track to meet long-term financial growth targets.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 22, 2025 06:33 ET (10:33 GMT)
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