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Synchrony Financial Q4 Profit Down; To Buy Back Up To $1.6 Bln Of Shares

Synchrony Financial (SYF) reported that its fourth quarter net earnings available to common stockholders decreased to $728 million from $731 million in the prior year.
On a per share basis, net income was $1.24 compared to $1.15 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings were $738 million up from $731 million last year.

Provision for credit losses decreased $354 million, or 32%, to $750 million, mainly driven by lower net charge-offs, partially offset by a $119 million reserve increase.

Net interest income decreased $370 million or 9%, to $3.7 billion from last year, mainly due to the impact of COVID-19.

The Board of Directors approved a share repurchase program of up to $1.6 billion, commencing in the first quarter of 2021 and expiring December 31, 2021.

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