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![Synchrony Financial [SYF] reports annual net loss of $2.2 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FSYF.png&w=1200&q=75)
Synchrony Financial [SYF] has reported a net loss of $2.2 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $20.7 billion
Based in STAMFORD, Connecticut, Synchrony Financial operates in the FINANCE sector.
In the annual report for the 12 months ended on December 31, 2023, there were significant changes in the financial performance compared to the same period in 2022 and 2021.
Interest income recorded a notable increase over the years, reaching $20.71 billion in 2023 compared to $17.15 billion and $15.27 billion in 2022 and 2021, respectively. On the other hand, interest expense also rose to $3.71 billion in 2023 from $1.52 billion in 2022 and $1.03 billion in 2021. As a result, the net interest income climbed to $17 billion in 2023 from $15.63 billion in 2022 and $14.24 billion in 2021.
Retailer share arrangements showed improvements, with a decrease in losses from $4.33 billion in 2022 to $3.66 billion in 2023. Furthermore, the provision for credit losses increased significantly, reaching $5.97 billion in 2023 from $3.38 billion in 2022 and $726 million in 2021.
Other income experienced a slight decrease to $289 million in 2023 from $380 million in 2022 and $481 million in 2021. Meanwhile, total other expenses rose to $4.76 billion in 2023 from $4.34 billion in 2022 and $3.96 billion in 2021.
Earnings before provision for income taxes displayed a decline, totaling $2.90 billion in 2023 compared to $3.96 billion in 2022 and $5.50 billion in 2021. The provision for income taxes also decreased to $666 million in 2023 from $946 million in 2022 and $1.28 billion in 2021.
Net earnings saw a significant drop to $2.24 billion in 2023 from $3.02 billion in 2022 and $4.22 billion in 2021. Net earnings available to common stockholders amounted to $2.20 billion in 2023, down from $2.97 billion in 2022 and $4.18 billion in 2021.
Regarding earnings per share, the basic EPS decreased to $5.21 in 2023 from $6.19 in 2022 and $7.40 in 2021. Similarly, the diluted EPS dropped to $5.19 in 2023 from $6.15 in 2022 and $7.34 in 2021.
In the same period, for the Variable Interest Entity, Primary Beneficiary, interest income, expenses, and provision for credit losses were also reported, showcasing fluctuations in performance over the years.
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