AI English summary of an SEC filing — figures as filed
Synchrony Financial SYFThe company said net earnings for the 3 months ended September 30, 2024 were $789 million ($628 million a year earlier), and for the 9 months were $2.7 billion ($1.8 billion a year earlier). The company cited a 9-month increase driven in part by the after-tax gain on the sale of Pets Best of $802 million.
Key points
AI summaryThe company said net earnings for the 3 months ended September 30, 2024 were $789 million ($628 million a year earlier), and for the 9 months were $2.7 billion ($1.8 billion a year earlier). The company cited a 9-month increase driven in part by the after-tax gain on the sale of Pets Best of $802 million.
The company said loan receivables reached $102.2 billion as of September 30, 2024, up 4.4% from the end of the prior-year period. Its over-30-day delinquency rate was 4.78% (up 38 basis points), its 3-month net charge-off rate was 6.06% (up 146 basis points), and its allowance coverage ratio was 10.79%.
The company said the CFPB final rule would lower the safe harbor dollar amount for credit card late fees from $30 to $8, and that on May 10, 2024 a court injunction and stay of the rule were granted and remain in effect. The company said it remains uncertain whether the final rule will take effect in 2024.
The company said it sold Pets Best on March 2024 and recognized a disposition gain of $1.1 billion ($802 million after tax). It repurchased $900 million of common stock over the 9 months, and the remaining repurchase authorization as of September 30 was $700 million.
Key figures
Quarter ended September 30, 2024
- Net income
- $789M
- EPS
- $1.94
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Quarterly and 9-month net earnings rise
The company said net earnings for the 3 months ended September 30, 2024 were $789 million ($628 million a year earlier), and for the 9 months were $2.7 billion ($1.8 billion a year earlier). The company cited a 9-month increase driven in part by the after-tax gain on the sale of Pets Best of $802 million.
Source · Based on the MD&A text of the filing
Loan receivables, delinquencies and net charge-offs
The company said loan receivables reached $102.2 billion as of September 30, 2024, up 4.4% from the end of the prior-year period. Its over-30-day delinquency rate was 4.78% (up 38 basis points), its 3-month net charge-off rate was 6.06% (up 146 basis points), and its allowance coverage ratio was 10.79%.
Source · Based on the MD&A text of the filing
CFPB final rule on credit card late fees
The company said the CFPB final rule would lower the safe harbor dollar amount for credit card late fees from $30 to $8, and that on May 10, 2024 a court injunction and stay of the rule were granted and remain in effect. The company said it remains uncertain whether the final rule will take effect in 2024.
Source · Based on the MD&A text of the filing
Pets Best sale and capital returns
The company said it sold Pets Best on March 2024 and recognized a disposition gain of $1.1 billion ($802 million after tax). It repurchased $900 million of common stock over the 9 months, and the remaining repurchase authorization as of September 30 was $700 million.
Source · Based on the MD&A text of the filing
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.
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