10:00 AM EDT, 04/24/2024 (MT Newswires) -- (Updates with share buyback program in the headline and fourth paragraph, dividend in the fifth paragraph and latest stock move in the sixth paragraph.)

Synchrony Financial ( SYF ) reported Q1 earnings Wednesday of $3.14 per diluted share, compared with $1.35 a year earlier.

Analysts surveyed by Capital IQ expected $2.01.

Revenue for the quarter ended March 31, expressed as the sum of net interest income and other income, was $5.56 billion, compared with $4.12 billion a year earlier. Analysts surveyed by Capital IQ expected $3.78 billion.

Synchrony said its board approved a share repurchase program of $1 billion, commencing this quarter through June 30, 2025, in addition to the $300 million remaining under its previous share buyback program as of March 31.

The board maintained a quarterly dividend of $0.25 per share, payable on May 15 to holders of record on May 6.

Shares of the company rose 3% in recent trading.

Price: 44.18, Change: +1.32, Percent Change: +3.08