The news: Synchrony's purchase volume inched up 3% year over year (YoY) to hit a first-quarter record of $41.56 billion. Growth was marginally higher than last quarter and a year ago.
- The number of average active accounts fell 1% to 69.5 million, and new account volume fell 7% to $5.2 million.
- Purchase volume per account grew 4% to $598.
- Profit before tax narrowed 36% YoY to $790 million.
Breaking it down: CEO Brian Doubles highlighted product diversification and 15 new or renewed partnerships—including with the two largest US dental associations—during Synchrony's earnings call.