Synchrony (SYF) Q1 Earnings Miss on Low Net Interest Margin

Synchrony Financial (SYF) reported first-quarter 2024 adjusted earnings per share (EPS) of $1.18, which missed the Zacks Consensus Estimate by 13.9%. The bottom line declined 12.6% year over year.Net interest income improved 8.9% year over year to $4.4 billion, however, missing the consensus mark by 0.9%.The quarterly results suffered from lower net interest margins, new accounts and higher net-charge off rates and expenses. Nevertheless, SYF’s performance received an impetus from robust purchase volume ste ...