Synchrony Financial (NYSE: SYF) reported its third-quarter financial results before the markets opened on Friday. The company had $0.69 in earnings per share (EPS) on $3.1 billion in revenue. That compared to Thomson Reuters consensus estimates of $0.66 in EPS on revenue of $3.02 billion. In the same period of the previous year, it had EPS of $0.70 and $2.88 billion in revenue.

During the quarter, return on assets was 2.9% and return on equity was 19.2%.

Deposits grew to $41 billion, up $8 billion, or 24%, from the third quarter of 2014 and comprised 63% of funding, compared to 54% last year.

The estimated Common Equity Tier 1 ratio under Basel III subject to transition provisions was 17.5%, and the estimated fully phased-in Common Equity Tier 1 ratio under Basel III was 16.6%.

A huge development in this quarter was that the company received approval from Federal Reserve Board to become a standalone savings and loan holding company following completion of GE’s proposed exchange offer.

In the earnings report the company said:

The approval we received from the Federal Reserve is a major milestone in our journey towards being a fully independent company. The third quarter marked another period of strong performance with the signing or renewal of several significant partnerships, continued advancement of our mobile wallet strategy, solid financial results, and ongoing deposit growth through our fast-growing online bank, said Margaret Keane, President and Chief Executive Officer of Synchrony Financial. We are concurrently focused on completing the separation from GE and driving our business forward staying at the forefront of consumer finance by developing innovative solutions for our partners, while continuing to drive incremental value for our customers.

Shares of Synchrony were down 3.5% to $30.22 Friday morning, with a consensus analyst price target of $38.14 and a 52-week trading range of $24.40 to $36.40.

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