By Will Feuer
Synchrony Financial’s earnings fell in the fourth quarter, as the company posted more than twice as much debt income than the same period last year.
The Stamford, Conn.-based company. reported fourth-quarter revenue of $577 million, down from $813 million in the same period a year earlier.
Earnings per share were $1.26, compared to $1.48 per share a year earlier. Analysts polled by FactSet had expected earnings of $1.12 per share.
Interest income rose 7% to $4.11 billion, mainly due to higher interest and loan fees, the company said. Average operating dollars fell 1% from the prior year to 68.4 million.
Synchrony’s provision for bad debts was $1.2 billion in the quarter, up from $561 million a year ago.
“As expected, credit performance in our portfolio continued to evolve as consumers worked through more savings and payment behavior toward pre-pandemic levels,” the statement said. said Chief Financial Officer Brian Wenzel.
Write to Will Feuer at Will.Feuer@wsj.com