Although Synchrony Financial reported first-quarter net earnings of $499 million, down from the previous first quarter”™s $582 million, net interest income was up 12 percent quarter-over-quarter to $3.6 billion. The Stamford-based consumer financial services firm also reported that loan receivables grew $8 billion, or 11 percent, to $73 billion. Deposit growth was up $7 billion, or 15 percent, on a first-quarter comparison.
“We are augmenting organic growth with the launch of new programs and the expansion of our network, while remaining focused on the application and development of digital innovations and analytics capabilities,” said Synchrony President and CEO Margaret Keane. “Furthermore, we continued strong growth in our direct deposit platform, which supports our operating objectives. We have maintained solid returns and a strong balance sheet as we continue to focus on growth and returning capital to shareholders.”
In other company news, it was announced today that Synchrony Financial was a recipient of the 2017 CIO 100. The 30th annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in information technology.
“Our strategic data analytics platform is focused on delivering outstanding customer experiences and driving value for our retail partners,” Carol Juel, Synchrony Financial executive vice president and CIO, said in a press release. “Synchrony Financial is honored to be a recipient of the CIO 100 award for the third year in a row highlighting our leadership in technology innovation to deliver business value.”