WASHINGTON (dpa-AFX) - Synchrony Financial (SYF), on Wednesday, reported its net earnings increased in the third quarter compared with the previous year.
For the third quarter, net earnings available to common stockholders increased to $1.06 billion from $768 million in the previous year.
Earnings per share were $2.86 versus $1.96 last year.
On average, sixteen analysts had expected the company to report $2.21 per share. Analysts' estimates typically exclude special items.
Net interest income increased 24 percent to $4.72 billion from $4.61 billion in the previous year.
Net revenue increased 37.6 percent to 3.82 billion from 3.81 billion in the prior year.
Loan receivable decreased to $100.18 billion from 102.19 billion in the previous year. Deposits slid to $79.89 billion from $82.28 billion in the prior year.
The company said its Board of Directors has approved a $1 billion increase to its share repurchase authorization, extending through June 30, 2026.
As of September 30, $1.1 billion remained under the previous program, bringing the total authorization for share repurchases to $2.1 billion through June 2026.
In the pre-market trading, Synchrony is 1.64% higher at $74 on the New York Stock Exchange.
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