Synchrony's Q1 profit misses expectations on higher provisions tied to Ally deal [Reuters]
Ally Financial Inc. (ALLY)
Last ally financial inc. earnings: 4/20 07:30 am
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Source: Reuters
reserves tied to its acquisition of Ally Financial's point-of-sale financing unit drove provisions higher. Synchrony the business in March, in order to expand beyond its core products such as private label and co-branded credit cards. But the company had to build reserves of $190 million for the loans it acquired as part of the deal, Synchrony said. Point-of-sale financing allows customers to pay for purchases over a period of time. It is similar to buy now, pay later loans but is typically used to finance bigger purchases with longer repayment periods. Shares of Synchrony fell 3.2% before the bell. They have gained 12% this year as of their last close, compared with a 9.3% gain in the S&P 500 financials index In the quarter, net interest income - the difference between interest earned on loans and paid out on deposits - grew 9% to $4.41 billion, on the back of the Federal Reserve's rate hikes. Profit more than doubled from last year. But excluding gains from the sale of its
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