Synchrony (SYF) Q2 Earnings Beat Estimates on Expense Management

Net interest income improved 6.9% year over year to $4.4 billion in the second quarter. However, it missed the consensus mark by 0.8%. Q2 Results in Detail Total deposits were $83.1 billion, which rose 9.7% year over year and beat our model estimate by 2.4%. Provision for credit losses increased 22.3% year over year to $1.7 billion due to increased net charge-offs, higher than our estimate of $1.5 billion. Interest and fees on loans of $5.3 billion improved 10.2% year over year on the back of a growing aver ...