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Synchrony Financial profit rises above expectations, but NII falls short

·1 min read
Synchrony Financial profit rises above expectations, but NII falls short
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Synchrony Financial reported Tuesday a second-quarter profit that rose well above expectations, boosted by a reserve release of nearly $900 million, while net interest income fell below forecasts. The consumer financial services company's stock was still inactive in premarket trading. Net income rose to $1.23 billion, or $2.12 a share, from $37 million, or 6 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $1.39. Net interest income (NII) fell 2.5% to $3.31