Synchrony Financial (NYSE: SYF) reported Q2 EPS of $0.06, $0.09 worse than the analyst estimate of $0.15.

• Loan receivables decreased 4% to $78.3 billion, or 3% on a Core** basis
• Interest and fees on loans decreased 18% to $3.8 billion, or 7% on a Core basis
• Purchase volume decreased 19% to $31.2 billion, or 13% on a Core basis
• Average active accounts decreased 14% to 65 million, or 5% on a Core basis
• Deposits decreased $1.5 billion, or 2%, to $64.1 billion
• Successfully launched the new Verizon program
• Established new relationships with Adorama, AdventHealth, Club Champion, Hisun, and Modani
• Renewed and extended key relationships with CarX, Englert, Bernina, Hanks, Puronics, Vanderhall, and West Coast Dental
• Returned $128 million in capital through common stock dividends

"We continue to support our employees, partners, customers and communities during the uncertainty of today's health and economic crisis. In addition, our country is awakening to the need to meaningfully address racial injustice and equality. We continue to be guided by the principle of putting clients, partners, shareholders and communities at the forefront of all we do, and believe that the values which underpin our organization will empower us to become an even stronger, better company," said Margaret Keane, Chief Executive Officer of Synchrony Financial. "As we navigate this new environment, we remain acutely focused on the future of our business. During the quarter, we successfully launched an exciting new program with Verizon and extended several programs, while also adding new partnerships. We believe we have an advantageous position as the shift to digital has accelerated—we will continue to prioritize investments to augment our digital assets and capabilities to meet the rapidly evolving needs of our cardholders and partners."

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