Synchrony Financial CFO Brian Doubles said the company is looking at potential M&A opportunities to deploy excess capital in addition to returning it to shareholders via dividends and share buybacks.

The company plans to bring down its capital ratio to more align with its peers but it has so much of excess capital that its going to take some time to get down to the peer average level, Doubles said at a Sanford C. Bernstein conference on June 2.

The company recently announced an increase in its quarterly cash dividend and approved a share repurchase program of up to $1.64 billion. But besides dividends and buyback, the company also expects to deploy capital for organic growth and some portfolio acquisitions, and is looking at M&A opportunities, Doubles said.

"We're going to be very disciplined around the M&A opportunities. We have got a lot of levers at our disposal to both return capital to shareholders and to grow the business and grow profitability," Doubles said.