SYNCHRONY FINANCIAL - SYF STOCK NEWS

Synchrony (NYSE: SYF) announces participation in the Barclays Global Financial Services Conference on September 14, 2020, at 9:45 a.m. (ET). CEO Margaret M. Keane and CFO Brian J. Wenzel will discuss company trends and business drivers during this virtual event. A live webcast and replay will be accessible on the Investor Relations website. Synchrony is a leading consumer financial services company, specializing in private label credit cards and consumer financing solutions.

Synchrony (NYSE: SYF) has been ranked #8 on PEOPLE Magazine's 50 Companies That Care list for 2020, leading the financial services sector. This recognition highlights Synchrony's commitment to supporting employees, communities, and the environment during the COVID-19 pandemic. The company has implemented several initiatives, including mental health support, a virtual summer camp, and significant donations to help those affected by the crisis. Synchrony's efforts also include a commitment of $10 million to aid communities and small businesses impacted by COVID-19.

Harbor Freight Tools has launched a new credit card in partnership with Synchrony (NYSE: SYF) to enhance customer value. The card offers a 10% discount on the first purchase and 5% back on future purchases, or a 0% interest financing option for purchases over $299. Customers can apply at any of Harbor Freight's 1,085 stores or online, with credit decisions made in minutes. The new offering aims to provide payment flexibility and rewards for loyal customers, promoting sales growth in the retail sector.

Synchrony Financial (NYSE: SYF) declared a quarterly cash dividend of $0.22 per share of common stock, payable on August 13, 2020, for shareholders of record as of August 3, 2020. Additionally, a dividend of approximately $14.06 per share on its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, is set for August 17, 2020. This signifies continued confidence in shareholder returns, reinforcing Synchrony's position as a leading consumer financial services company.

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.