The company said net earnings for Q4 2023 were $440 million ($1.03 per diluted share), down from $577 million ($1.26 per diluted share) for Q4 2022. Return on assets was 1.5%.

1. 01

   The company said net earnings for Q4 2023 were $440 million ($1.03 per diluted share), down from $577 million ($1.26 per diluted share) for Q4 2022. Return on assets was 1.5%.

2. 02

   Synchrony said interest and fees on loans rose 16% to $5.3 billion in Q4. It said provision for credit losses increased $603 million to $1.8 billion. The company cited higher net charge-offs as the reason for the increase in provision.

3. 03

   The company said loans 30+ days past due as a percentage of total period-end loan receivables were 4.74% at the end of Q4 (3.65% a year earlier). It said net charge-offs as a percentage of total average loan receivables were 5.58% (3.48% a year earlier). The company said the net charge-off rate is within its underwriting target range of 5.5-6.0%.

4. 04

   Synchrony said it returned $353 million of capital to shareholders in Q4, including $250 million of share repurchases and $103 million of common stock dividends. As of December 31, 2023, the remaining share repurchase authorization was $600 million. The estimated Common Equity Tier 1 ratio was 12.2%.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.