as Synchrony the value strategic we execute differentiated business and our morning, reflecting financial Brian, everyone. and propositions, another Thanks, possible good customer been delivered which model have results, partner of our strong on and made priorities. quarter strong
Our and returns These customer-end equity our on products through and fourth prior the to accounts accounted net and our the serve. net new receivable our diluted able of across both quarter accounted were were share. almost We co-branded excluding XX% with tangible also we while $XXX quarter including quarter, strong only or increased and value dual enabled the X broad-based year. able up ecosystem. account per million in originated fourth increased the a XX% of clear million seasonal year to last Purchase last and XXXX, discipline year. generated and increase $XX the for the quarter, Average XX% increased for a XX%, XX% for we million cost $X.XX portfolio of of services demonstrate strong to to diverse financial compared digits and XX% a compelling Not strength Purchase of digitally XX% with through loans earnings of purchase fourth cards return XX.X%. demonstrating of purchase Walmart. and volume of X.X% in double the per support to earnings the combined assets new XX% loan common for the volume range we return We than platforms up year power increased cards held our volume four quarter XX sale, Walmart. strong of we year million excluding was and our model, year. basis, Dual range On the and the achieved and the of increased industry to compared XXXX, maintaining of the X% accounts were and totaling new accounts efficiency compared more accounts do average of verticals risk-adjusted from five the last fourth record active offer returns. so an during volume and products, but from compared receivable in diverse the on co-branded prior
in the resulted our in reached portfolio GAAP agreement our to held-for-sale $X.X appropriate held-for-sale approximately may achieving of which discontinuing receivables recall, represented of at billion in $XXX we Continuing portfolio, are sale for returns, we which commitment As our the risk-adjusted an you December. partnership of BPAY, reclassification loan our receivables million to loan of with year-end.
of income. well and strong interest the the the the X% increased payment for period versus lower The fourth billion persistently impact held-for-sale program of our the would reflected receivables. losses purchase growth $X.X offset year in including was increase and largely have as quarter by Excluding improvement the primarily a impact average volume $XXX performance, as loan portfolios, in strong receivables net were elevated prior X.XX% of purchase year-over-year continued growth and million as by rate. RSCs provision receivables credit volume
Focusing on losses credit Included $XX net build in provision of $XX for portfolios of the our quarter's credit performance, of million, reductions a million. million. from held-for-sale $XXX was provision was our reserve this reserve
impact increased context impact half venture the set our gain within first credit $XX which loan reflected of of of portfolios, income growth in driven assumptions million of a loss the of by outlook, Other million, a the million investment. and our unchanged XXXX. macroeconomic the the $XX normalization Excluding peak reserve in includes build $XXX held-for-sale receivable
from investments quarter. that this want later the offset fourth I the in our and by marketing details opportunistic benefit quarter impairments executed will certain the to in was fourth more EPS we While asset discussion, provide gain of majority on highlight unrelated I
and Moving auto, to volume, health diversified our strong growth continue each Slide home demand. results, digital double-digit platforms diversified X experience and our platform in year-over-year wellness and and to reflecting and value, purchase
accumulated were of reflected in across The the growth flat. performance. Digital relatively prior the to by versus seasonally with and or the X active behavior, account to I’ll platform the purchase but last across the digits modest average accounts trends. on discuss elevated customer and lifestyle trends, up reflected active by versus continued as due robust in and stronger to by digital. retailer Auto, rates. The as higher diversified to programs. a prior year volume greater Average impacted offset Home a was value fourth in demand accounts tough year rate as accounts volume. continue payment growth partially rate. active by trends while year's interest generally platforms, year-over-year, Slide faced platform be strength Loan income holiday single in Health move both the Our receivable generally Interest base largely fee by improved low payment more Lifestyle elevation savings combined much & X% as diversified up powersports value X% higher and & payment to experienced increased comparison Wellness also active margin trends net in engagement during transactor grew platform volume purchase consumers, in basis, impacted our growth existing range the quarter. average new
between through levels As to by shift year see statement increased the period, points. the minimum of average. by see XXX last increased balance more approximately moderated and the The somewhat less in basis full More we and full sequentially the decreased than paying trends balance the paying away XXX decreased approximately spend December. payment from payments. saving is third slight the full from specifically, percentage XX we their than but percent we Payment the historical of or a quarter the statement basis XX payment rate balance higher the tracking payment account balance their our account accounts typically with payment points towards than minimum points five-year paying rate approximately above minimum sequentially their for seasonal below period holiday sequentially and accounts basis points. XX of higher payment and minimum their When payments percent by minimum their was points basis and quarter, basis mix fourth from about progress third
to is expires. consumer We payment industry-wide gradually spend robust, declining and as customer expect forbearance continue to the read savings normalize remains rate
the percent reduction This XX X.XX%, XX.X% receivable a held of More specifically, points, yield basis receivables resulted XX receivables accounted by interest liquidity a our average as of loan interest XX benchmark XX.XX%, a net costs. to net savings, basis which loan increase it begun reflecting XX consumer financial and by quarter by believe from point obligations growth due to consumer for Interest-bearing receivable spending, up year, was increased in The interest-bearing year-over-year our year-over-year to year-over-year the lower in basis improvement point liabilities While lead will fees margin driven points lower net point during in of margin. assets improvement and provided points. income The This a year’s compared and XX.XX% impact predict levels of return interest is driven last fees elevated point to expense inflationary we full a by interest well mix Fourth assets favorable moderation accumulated improvement interest from earning This X%, costs rates. in savings average difficult in increase a XX.X%, has to X% basis rate. primarily XX in a of reflecting to reduction period. basis growth. increased last margin. lower pressures basis of as XXX consumers, year-over-year margin net interest total and were approximately interest as liabilities mix to basis quarter. XX.XX%, our payment a loan were the for margin. interest Net the was XXX and the interest-earning lower
to payment improvement XX. credit rates cover continue year-over-year our our delinquency in I’ll drive key on trends Next, metrics. Elevated Slide
of this approximately the year compared points delinquency and rate down approximately held-for-sale XX last quarter on X.XX% and year, XX-plus points rate year, been Our portfolios XX-plus X.XX% our metric XX-plus basis fourth have When our the was of metric be removing delinquency impact basis XX-plus compared for and X.XX% last instead versus delinquency to the XX X.XX% XX. last the would the of measures was to down XX year. will delinquency
XX X.XX% have compared Our improvement in was year-over-year seen strong charge-off continued year, trends last delinquency a we’ve to portfolio to improvement. which point drive our net of rate, strong X.XX% basis
receivables Our basis allowance XX.XX% as losses percent XX a third points XX.XX%, from in the credit was of down for quarter. loan
to move focus expenses certain on Other of $XX of million included impairments and Let’s Slide of asset impact expenses. marketing incremental XX the $X.X million and $XX billion investments. of
increased compared other Excluding the X% expenses year. prior these to impacts,
employee on quarter; last factors: impacted the levels Focusing pandemic. second, quarter $XX as by wage quarter compensation one, negatively year. was wages compensation, fourth and efficiency for the hourly by the ratio fourth during to the key was to raised The higher XX.X% third as higher compared minimum two XXXX incentive impacted were we XX.X%
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a continue point This continues approach strategic business. for differentiation disciplined to the be Synchrony. take investments of the in a to of clear management expense while also to We maintaining pace will
dollar of As Day, more balances smaller other to and than originate purpose acquire, general our Symphony operating through accounts our demonstrated service legacy we issuers. leverages efficiently our Investor
the is pandemic, stay remember the customers, broader important steady of is private relatively engaged have the X/X the and contemplated to Our of RSA. a of throughout marketing much industry’s maintained to acquire which we level peers spend our of within of half largely cost with also that to It’s average. label that course
our year As The in our services prioritize tireless of we and Synchrony offer up we that for innovation. some in possible generally omnichannel investment after partners enabled to a most steady focus our new result, in in technological digitally innovation and business a would Similarly, does the and year. sophisticated world marketing investment customers. the without compete products experience order ramp not not expenses and for the power consistently seamless be technology
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Now XX Synchrony’s, Slide of another liquidity. discuss capital let’s and move strength our to and core funding,
the XXXX Given deposit the a receivables in our reduction year. base, and during carrying have higher we with loan coupled stickiness level the in liquidity of of early been generally XXXX,
higher we’ve optimize uncertainty, maintain it’s While mitigate level funding profile. excess during to actively a we liquidity periods been and funding believe liquidity to managing prudent our our of profile
last this funding As strategy, a shift year. slight of a compared our result there was in mix to
our $XXX from by sources last and to equated funding declined of was billion. funding $X.X year. with and deposits liquidity, our comprising resulted down XX% year which XX% XX.X% securitized deposits compared our our securitized assets, declined billion, in sources This last being funding year, quarter total $XX.X by at funding Our million XX% X% unsecured of end. and of unsecured credit including XX.X% undrawn comprising to funding from last Total facilities,
details banking by take agencies, the which of on be transition issued our rules we primary joint Before that elected benefits. provide to the federal has the position, it noted benefit capital should two I
incremental the adjustment. current and under With total delayed for CETX of XX of CECL year. and The this transition decreased compared X the second, ratio it phased-in fully the last level on XX% and a basis amortized transition effects we ratio year’s XX.X% XX.X% quarter two an The deferred plus to XX.X% the XX.X% provisioning rules, ratio last with CECL points adjustment lower capital under Tier than the to compared transition with Tier period the X it years; allows of XX.X%. was XX XX.X% for decreased capital basis to capital rules basis to a CECL portion year. last ended First, framework, transition be points the to reserves
approximately CECL will basis the quarter ratio transition we first the CETX During XX of portion recognize by which reduced points. the adjustment, first XXXX, our of
in statement and a sheet. metrics. pertains the of strictly our As already income to recognized regulatory balance has reminder, been adjustment transitional impact CECL our This capital
We $XXX stock continue the by shareholders common share million million in in to execute strong return $X.X in to dividends. our to quarter fourth repurchases returning $XXX of capital on commitment shareholders billion through and
we the $X.X including $X.X and share dividends. billion, common returned million billion in year, For in repurchases $XXX stock
the incremental Given the during Board June in our repurchase an authorization $X of an our XXXX performance strong year, billion. by business approved our through increase share
December for we had As of purchase XX, $X.X billion authorization. remaining in share our
We we’ll normal an have begun planned our our capital once process, actions to provide update planning and capital approved.
strong capital, considerable continued growth our generates our platform drive scalability our business reflecting Our to and the returns risk-adjusted technology and cost attractive of returns, commitment and discipline. consistent
We and to aggressive excess capital shareholders. on sheet subject but to our Accordingly, returns market and prudent business capital continue balance our to by will through plan capital approach to deploy we either our performance, to growth our or returning regulatory any an conditions shareholders, take have considerable guided considerations. to
is outlook, on assumes our Slide let to and macroeconomic a XX improving pandemic. well-controlled on Finally, a me focus presentation, environment which summarized stable our of
year, remain consumer we purchase the upcoming various to supporting demand expect growth markets serve. the industries volume we broad-based across and For robust,
and growth to expect decline moderate consumer payment As to rate purchase savings somewhat. we’d moderates, begins volume
second with should during We half trends those interest margin the the consistent seasonality. follow of expect and historical our reflect XXXX net to
a reduce the creating advance in in as quarters. done quickly. liquidity held-for-sale past, And second we third excess we excess our this both of some modest the to late we’ve NIM portfolios headwind With will and in the work liquidity, QX, to anticipate
rise fee and be moderate loss, offset rates payment delinquency expect As trends normalize reversals. yields through to by and the interest higher we credit and gradual higher
quarter. that delinquency the Our current will peak expectation fourth is in
expect in the charge-offs reductions net XXXX as associated moderate should builds reserve be portfolios. our purchase offset we’d RSA begin our with and growth reflect volume held-for-sale generally to but and of our to by continue the Given partially million rise. program asset-driven at expense performance reserve of final levels $XXX to strength will reserve year-end, approximate
asset generally anticipate certain in our approximately expect expense, we fourth impact nonrecurring conveyance operating we levels, run regard to to quarterly marketing gain the quarter of on million. with of occur $XXX sale And earlier. with we excluding quarter, items and producing to portfolios, of terms In expense second discussed lastly, the a XXXX line held-for-sale the in impairments
expect We to offsetting in investment neutral the our this business, EPS completely incremental redeploy for full the gain through thus year.
risk-adjusted Synchrony’s conditions, together, through it emerging attractive is pandemic we’re So at with market growth differentiated from model considerable returns changing putting powering strong and all the momentum.
As we leverage our strong and and which to of combination enabled provides our resiliency industry digitally continue our product strengths, analytics portfolio, deep diversified which data risk-adjusted growth, the suite, core enables advanced technology expertise, and sustainable customers, engage swift our scalable deliver and efficient Synchrony sustainable as integrations. to will at well as value risk-adjusted servicing lifetime platform, drive partner which powers customer and acquisition growth continue greater more peer-leading returns. returns
the continue his out to achieve continue Day metrics confident call our to laid at the long-term to to for I will operating considerable thoughts. concluding for back value in all remain to over drive stakeholders. we ability conditions our normalize, as turn operating now we So of Investor Brian
