Welcome to our dedicated page for Synchrony Financial news (Ticker: SYF), a resource for investors and traders seeking the latest updates and insights on Synchrony Financial stock.
Synchrony Financial (NYSE: SYF) is a consumer financing and consumer financial services company that regularly issues news about its credit programs, partnerships, capital actions and financial performance. This news page aggregates updates that reflect how Synchrony’s financing products and banking offerings are used across sectors such as retail, digital commerce, home, auto, health, wellness, travel and pet care.
Company announcements often highlight developments in CareCredit, Synchrony’s health and wellness credit card. Recent news includes the expansion of CareCredit’s integration with Clover devices from Fiserv, enabling health and wellness providers using Clover to accept CareCredit payments and process applications at the point of sale. Synchrony also reports on its extended partnership with the American Med Spa Association, under which CareCredit remains the exclusive financing solution for AmSpa members, with preferred merchant rates for qualifying transactions.
Beyond health and wellness, Synchrony issues releases on partnerships in home and equipment financing, such as its renewed residential consumer financing relationship with Mitsubishi Electric Trane HVAC US LLC (METUS) and the launch of The Toro Company credit card program for Toro, Exmark, Spartan and Z Turf Equipment dealers. These updates describe how Synchrony’s customizable, promotional financing options and digital application tools support contractors, dealers and their customers.
Investors and analysts can also find news about Synchrony’s quarterly earnings announcements, conference participation, dividends and share repurchase authorizations. The company uses press releases to announce earnings release dates, report results, describe changes to capital return plans and provide context on its role as a consumer financing company at the heart of American commerce and opportunity. This page offers a centralized view of these developments for users tracking SYF-related news.
Synchrony (NYSE: SYF) has announced the election of P.W. "Bill" Parker to its board of directors, effective immediately. Parker, 63, brings extensive experience from U.S. Bancorp, where he served for 34 years, significantly during the 2008 financial crisis. His expertise in risk management and credit policy is expected to enhance Synchrony's strategic direction. CEO Margaret Keane praised Parker's leadership in risk management. With this appointment, Synchrony continues to emphasize diversity within its board, which now consists of twelve members.
Synchrony Financial (NYSE: SYF) reported second quarter 2020 net earnings of $48 million, or $0.06 per diluted share, significantly down from $853 million year-over-year. The results reflect a $483 million increase in the provision for credit losses due to COVID-19, impacting EPS by $0.63. Key metrics include a 4% decline in loan receivables to $78.3 billion, an 18% decrease in interest and fees to $3.8 billion, and a 19% drop in purchase volume to $31.2 billion. The company maintained strong liquidity with total assets of $28.0 billion.
Synchrony (NYSE: SYF) has entered a multi-year agreement with Club Champion, the leading custom golf club fitter in the U.S., to provide customers special financing offers. This follows the successful extension of their previous financing program. With more than 70 locations nationwide, Club Champion aims to enhance affordability for consumers in the growing golf market. Synchrony will customize financing solutions to meet customer needs, helping to boost sales and customer loyalty.
Synchrony (SYF) is scheduled to report its second quarter 2020 results on July 21, 2020, at approximately 6:30 a.m. ET. Investors can access the earnings release and presentation materials via the Investor Relations section of the company's website. A conference call to discuss these results will take place at 8:30 a.m. ET the same day, with a live audio webcast available on the site. Synchrony is a leading consumer financial services company, specializing in private label credit cards and consumer financing.
Rollick and Synchrony have announced a partnership to enhance powersports sales through a new financing program. Launching with a pilot group of dealers, the initiative comes as demand for powersports vehicles surged with a 441% increase in GoRollick marketplace traffic year-over-year in April and May 2020. Eligible members can receive a $150 rebate for financing vehicles through Synchrony at participating dealers. This program aims to improve financing awareness and drive sales as consumers seek safe recreational options during the pandemic.