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Synchrony Financial Reports Increased Earnings in Q1

Stamford, Conn.-based Synchrony Financial (NYSE: SYF) has announced first quarter 2016 net earnings of $582 million. 

Total platform revenue increased 13 percent from the first quarter of 2015 to $2.9 billion. Loan receivables grew $8 billion, or 13 percent, from the first quarter of 2015 to $66 billion. Purchase volume increased 17 percent from the first quarter of 2015. 

“Our strong operational momentum and solid financial results continued in the first quarter,” said Margaret Keane, president and CEO of Synchrony Financial. “Each of our business platforms delivered strong performance resulting in double-digit growth in overall purchase volume, platform revenue and loan receivables. To support this growth, we have significantly expanded our deposit base, growing deposits $10 billion during 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.” 

Synchrony Financial renewed key programs in the first quarter of 2016 with Stein Mart and La-Z-Boy, signed a partnership with Marvel to offer Marvel MasterCard and co-promote Synchrony Bank deposit products, launched the Citgo card program and introduced a new value proposition at Walmart called the 3-2-1 Save cash-back program.

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