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Synchrony Financial reports 2.7% YOY growth in Q2 net interest income

Synchrony Financial reported second-quarter net earnings attributable to common shareholders of $696 million, or 92 cents per share, compared to $496 million, or 61 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 82 cents.

Net interest income increased 2.7% year over year to $3.74 billion from $3.64 billion, primarily driven by loan receivables growth.

Period-end loan receivables grew 4.5% to $78.88 billion from $75.46 billion, primarily driven by purchase volume growth of 2% and average active account growth of 1%.

Provision for loan losses decreased 3.5% to $1.28 billion from $1.33 billion, primarily driven by lower reserve build.

Net charge-offs as percentage of total average loan receivables, including held for sale, was 5.97% for the quarter, compared to 5.42% in the year-ago quarter.

The company earlier said that its co-branded card program with Walmart Inc. will not be renewed and will expire July 31, 2019.