Synchrony Financial (NYSE: SYF) reported Q1 EPS of $0.45, $0.76 better than the analyst estimate of ($0.31).

"I am encouraged and inspired by the resolve of our society to come together in moments of crisis. To all those working around the clock - especially our healthcare professionals and first responders on the front lines, and those behind the scenes, including our dedicated employees who are working to serve our customers and partners, thank you. Supporting our communities is paramount and Synchrony will continue to do all we can to support those who support us," said Margaret Keane, Chief Executive Officer of Synchrony Financial.

Synchrony reported first quarter 2020 net earnings of $286 million, or $0.45 per diluted share; this includes an increase in the provision for credit losses as a result of CECL implementation in January 2020 of $101 million, or $76 million after-tax, which equates to an EPS reduction of $0.13. Highlights included*:

• Loan receivables increased 3% to $82.5 billion; loan receivables grew 4% on a Core** basis
• Interest and fees on loans decreased 7% to $4.3 billion; interest and fees on loans increased 5% on a Core basis
• Purchase volume decreased 1% to $32.0 billion; purchase volume was up 6% on a Core basis
• Average active accounts decreased 7% to 72 million; average active accounts grew 4% on a Core basis
• Deposits grew $0.5 billion, or 1%, to $64.6 billion
• Significant actions taken in response to COVID-19: taking action to ensure the health and safety of employees and stabilize operations while mitigating the uncertainty and financial pressures faced by consumers and partners
• Extended and renewed several key relationships and continue to work with both Verizon and Venmo to prepare for launches later this year
• Paid quarterly common stock dividend of $0.22 per share and repurchased $1.0 billion of Synchrony Financial common stock; suspended remaining authorized share repurchase capacity of $366 million in response to COVID-19

"The underlying strength of our business and balance sheet, combined with our experience, heritage, culture and talented employees will enable us to navigate these uncertain times. Our focus is clear and we have prioritized to deliver on the most critical initiatives to ensure success: we will protect our employees while continuing to deliver for our cardholders, retailers, merchants and providers," said Margaret Keane, Chief Executive Officer of Synchrony Financial.

For earnings history and earnings-related data on Synchrony Financial (SYF) click here.