- Consumer banking firm Synchrony Financial's first-quarter profit missed expectations on Wednesday, as reserves tied to its acquisition of Ally Financial's point-of-sale financing unit drove provisions higher.
Point-of-sale financing allows customers to pay for purchases over a period of time. It is similar to buy now, pay later loans but is typically used to finance bigger purchases with longer repayment periods. Profit more than doubled from last year. But excluding gains from the sale of its Pets Best pet insurance business, Synchrony earned $1.18 a share, lower than expectations of $1.35, according to LSEG.
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