Synchrony Financial posted earnings of $496 million for the second quarter, a slight increase over the $489 million in the second quarter of 2016. Net interest income rose by 13 percent to $3.6 billion over the same period.
The Stamford-based financial services company said that its loan receivables grew $7 billion, or 11 percent, from the second quarter of 2016 to $75 billion; purchase volume increased 6 percent from the second quarter of 2016; and its deposit growth for the same period grew by $6 billion or 14 percent.
Synchrony also said that loan losses increased $305 million to $1.326 billion, driven by credit normalization and loan receivables growth; other income was down $26 million to $57 million, largely driven by an increase in loyalty programs expense; and other expenses increased $72 million to $911 million, primarily driven by business growth.
