Synchrony Financial lifts annual profit forecast
Oct 16 (Reuters) -Credit card-focused consumer banking firm Synchrony Financial SYF.N raised its forecast for annual profit on Wednesday and reported a rise in third-quarter profit, driven by higher interest and loan fees.
Shares of the lender rose 4.5% in premarket trading.
The Stamford, Connecticut-based company now expects its earnings per share between $8.45 and $8.55 in 2024, compared with its previous forecast of $7.60 to $7.80.
Lenders providing credit card debt, typically the costliest form of loans, have benefited from high rates that have boosted their net interest income (NII) - the difference between interest earned on loans and paid out on deposits.
Synchrony's NII rose to $4.61 billion in the third quarter, compared with $4.36 billion a year ago.
Its net income rose to $789 million, or $1.94 per share, in the three months ended Sept. 30, compared with $628 million, or $1.48 per share, last year.
The lender's purchase volume decreased by 4% to $45 billion in the quarter, reflecting a dip in spending on the company's credit cards as customers postponed discretionary purchases.
Provision for credit losses increased to $1.60 billion, up from $1.49 billion in the year-ago period.
Synchrony's shares have risen more than 40% so far this year, compared with a 24.5% gain in the benchmark S&P 500 financials index .SPSY.
Reporting by Prakhar Srivastava in Bengaluru; Editing by Maju Samuel
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