Synchrony Financial (NYSE: SYF) reported Q1 EPS of $1.73, $0.35 better than the analyst estimate of $1.38. Revenue for the quarter came in at $3.74 billion versus the consensus estimate of $3.62 billion.

Key Highlights*:

• Loan receivables decreased 7% to $76.9 billion
• Interest and fees on loans decreased 14% to $3.7 billion
• Purchase volume increased 8% to $34.7 billion
• Average active accounts decreased 8% to 66.3 million
• Deposits decreased $1.9 billion, or 3%, to $62.7 billion
• Renewed 10 programs including American Eagle, Ashley HomeStores LTD, CITGO, and Phillips 66
• Added 10 new programs including Prime Healthcare, Mercyhealth, Emory Healthcare, and Southern Veterinary Partners in the CareCredit network
• Gap Inc. program agreement will not be renewed and will expire in April 2022; expect strategic options will be accretive to diluted earnings per share relative to renewal terms and if the portfolio is sold we expect to redeploy approximately $1 billion of capital
• Returned $328 million in capital through share repurchases of $200 million and common stock dividends

"As we begin to emerge from the pandemic, Synchrony is well positioned for a strong recovery and bright future. We're driving growth for Synchrony and our partners by investing in enhanced digital and data capabilities, seamless customer experiences, new products and capabilities, and expanding our networks. As we navigated the challenges of the past year, we further strengthened our competitive position and accelerated initiatives to help our partners compete and win in this dynamic environment," said Brian Doubles, President and Chief Executive Officer, Synchrony. "Though first quarter results continued to be impacted by the pandemic with slower loan growth, lower net interest income and resultant lower margins, credit continues to perform exceedingly well and we are driving operational efficiency. I am confident in our success as we accelerate our strategy and position the company for long-term growth."

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