Document


SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		4Q'21 vs. 4Q'20				Dec 31, 2021		Dec 31, 2020		YTD'21 vs. YTD'20
EARNINGS
Net interest income	$	3,830	$	3,658	$	3,312	$	3,439	$	3,659	$	171	4.7	%	$	14,239	$	14,402	$	(163)	(1.1)	%
Retailer share arrangements	(1,267)		(1,266)		(1,006)		(989)		(1,047)		(220)		21.0	%	(4,528)		(3,645)		(883)		24.2	%

Provision for credit losses	561		25		(194)		334		750		(189)		(25.2)	%	726		5,310		(4,584)		(86.3)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,002		2,367		2,500		2,116		1,862		140		7.5	%	8,985		5,447		3,538		65.0	%
Other income	167		94		89		131		82		85		103.7	%	481		405		76		18.8	%
Other expense	1,122		961		948		932		1,000		122		12.2	%	3,963		4,055		(92)		(2.3)	%
Earnings before provision for income taxes	1,047		1,500		1,641		1,315		944		103		10.9	%	5,503		1,797		3,706		206.2	%
Provision for income taxes	234		359		399		290		206		28		13.6	%	1,282		412		870		211.2	%
Net earnings	$	813	$	1,141	$	1,242	$	1,025	$	738	$	75	10.2	%	$	4,221	$	1,385	$	2,836	204.8	%
Net earnings available to common stockholders	$	803	$	1,130	$	1,232	$	1,014	$	728	$	75	10.3	%	$	4,179	$	1,343	$	2,836	211.2	%



COMMON SHARE STATISTICS
Basic EPS	$	1.49	$	2.02	$	2.13	$	1.74	$	1.25	$	0.24	19.2	%	$	7.40	$	2.28	$	5.12	224.6	%
Diluted EPS	$	1.48	$	2.00	$	2.12	$	1.73	$	1.24	$	0.24	19.4	%	$	7.34	$	2.27	$	5.07	223.3	%

Dividend declared per share	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	—	—	%	$	0.88	$	0.88	$	—	—	%
Common stock price	$	46.39	$	48.88	$	48.52	$	40.66	$	34.71	$	11.68	33.7	%	$	46.39	$	34.71	$	11.68	33.7	%
Book value per share	$	24.53	$	24.13	$	23.48	$	21.86	$	20.49	$	4.04	19.7	%	$	24.53	$	20.49	$	4.04	19.7	%
Tangible common equity per share(1)	$	20.21	$	20.12	$	19.64	$	17.95	$	16.72	$	3.49	20.9	%	$	20.21	$	16.72	$	3.49	20.9	%

Beginning common shares outstanding	547.2		573.4		581.1		584.0		583.8		(36.6)		(6.3)	%	584.0		615.9		(31.9)		(5.2)	%
Issuance of common shares	—		—		—		—		—		—		—	%	—		—		—		—	%
Stock-based compensation	0.1		0.5		1.0		2.2		0.2		(0.1)		(50.0)	%	3.8		1.7		2.1		123.5	%
Shares repurchased	(20.5)		(26.7)		(8.7)		(5.1)		—		(20.5)		NM		(61.0)		(33.6)		(27.4)		81.5	%
Ending common shares outstanding	526.8		547.2		573.4		581.1		584.0		(57.2)		(9.8)	%	526.8		584.0		(57.2)		(9.8)	%

Weighted average common shares outstanding	537.8		560.6		577.2		583.3		583.9		(46.1)		(7.9)	%	564.6		589.0		(24.4)		(4.1)	%
Weighted average common shares outstanding (fully diluted)	543.0		565.6		581.7		587.5		586.6		(43.6)		(7.4)	%	569.3		590.8		(21.5)		(3.6)	%

(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.


SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions)
	Quarter Ended																			Twelve Months Ended
	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			4Q'21 vs. 4Q'20				Dec 31, 2021			Dec 31, 2020			YTD'21 vs. YTD'20
PERFORMANCE METRICS
Return on assets(1)	3.4		%	4.9		%	5.3		%	4.3		%	3.1		%			0.3	%	4.5		%	1.4		%			3.1	%
Return on equity(2)	23.0		%	32.1		%	36.5		%	31.8		%	23.6		%			(0.6)	%	30.8		%	11.2		%			19.6	%
Return on tangible common equity(3)	28.7		%	40.1		%	46.3		%	40.8		%	30.4		%			(1.7)	%	38.8		%	14.4		%			24.4	%



Net interest margin(4)	15.77		%	15.45		%	13.78		%	13.98		%	14.64		%			1.13	%	14.74		%	14.29		%			0.45	%
Efficiency ratio(5)	41.1		%	38.7		%	39.6		%	36.1		%	37.1		%			4.0	%	38.9		%	36.3		%			2.6	%
Other expense as a % of average loan receivables, including held for sale	5.44		%	4.84		%	4.95		%	4.82		%	5.01		%			0.43	%	5.02		%	5.06		%			(0.04)	%
Effective income tax rate	22.3		%	23.9		%	24.3		%	22.1		%	21.8		%			0.5	%	23.3		%	22.9		%			0.4	%


CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	2.37		%	2.18		%	3.57		%	3.62		%	3.16		%			(0.79)	%	2.92		%	4.58		%			(1.66)	%
30+ days past due as a % of period-end loan receivables(6)	2.62		%	2.42		%	2.11		%	2.83		%	3.07		%			(0.45)	%	2.62		%	3.07		%			(0.45)	%
90+ days past due as a % of period-end loan receivables(6)	1.17		%	1.05		%	1.00		%	1.52		%	1.40		%			(0.23)	%	1.17		%	1.40		%			(0.23)	%
Net charge-offs	$	489		$	432		$	684		$	699		$	631		$	(142)	(22.5)	%	$	2,304		$	3,668		$	(1,364)	(37.2)	%
Loan receivables delinquent over 30 days(6)	$	2,114		$	1,850		$	1,653		$	2,175		$	2,514		$	(400)	(15.9)	%	$	2,114		$	2,514		$	(400)	(15.9)	%
Loan receivables delinquent over 90 days(6)	$	942		$	804		$	784		$	1,170		$	1,143		$	(201)	(17.6)	%	$	942		$	1,143		$	(201)	(17.6)	%

Allowance for credit losses (period-end)	$	8,688		$	8,616		$	9,023		$	9,901		$	10,265		$	(1,577)	(15.4)	%	$	8,688		$	10,265		$	(1,577)	(15.4)	%
Allowance coverage ratio(7)	10.76		%	11.28		%	11.51		%	12.88		%	12.54		%			(1.78)	%	10.76		%	12.54		%			(1.78)	%

BUSINESS METRICS
Purchase volume(8)(9)	$	47,072		$	41,912		$	42,121		$	34,749		$	39,874		$	7,198	18.1	%	$	165,854		$	139,084		$	26,770	19.2	%
Period-end loan receivables	$	80,740		$	76,388		$	78,374		$	76,858		$	81,867		$	(1,127)	(1.4)	%	$	80,740		$	81,867		$	(1,127)	(1.4)	%
Credit cards	$	76,628		$	72,289		$	74,429		$	73,244		$	78,455		$	(1,827)	(2.3)	%	$	76,628		$	78,455		$	(1,827)	(2.3)	%
Consumer installment loans	$	2,675		$	2,614		$	2,507		$	2,319		$	2,125		$	550	25.9	%	$	2,675		$	2,125		$	550	25.9	%
Commercial credit products	$	1,372		$	1,401		$	1,379		$	1,248		$	1,250		$	122	9.8	%	$	1,372		$	1,250		$	122	9.8	%
Other	$	65		$	84		$	59		$	47		$	37		$	28	75.7	%	$	65		$	37		$	28	75.7	%
Average loan receivables, including held for sale	$	81,784		$	78,714		$	76,821		$	78,358		$	79,452		$	2,332	2.9	%	$	78,928		$	80,138		$	(1,210)	(1.5)	%
Period-end active accounts (in thousands)(9)(10)	72,420			67,245			66,892			65,219			68,540			3,880		5.7	%	72,420			68,540			3,880		5.7	%
Average active accounts (in thousands)(9)(10)	69,397			67,189			65,810			66,280			66,261			3,136		4.7	%	67,334			67,131			203		0.3	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	8,337		$	9,806		$	11,117		$	16,620		$	11,524		$	(3,187)	(27.7)	%	$	8,337		$	11,524		$	(3,187)	(27.7)	%
Total liquid assets	$	12,989		$	14,664		$	16,297		$	22,636		$	18,321		$	(5,332)	(29.1)	%	$	12,989		$	18,321		$	(5,332)	(29.1)	%
Undrawn credit facilities
Undrawn credit facilities	$	2,700		$	3,700		$	4,900		$	5,400		$	5,400		$	(2,700)	(50.0)	%	$	2,700		$	5,400		$	(2,700)	(50.0)	%
Total liquid assets and undrawn credit facilities	$	15,689		$	18,364		$	21,197		$	28,036		$	23,721		$	(8,032)	(33.9)	%	$	15,689		$	23,721		$	(8,032)	(33.9)	%
Liquid assets % of total assets	13.57		%	15.95		%	17.71		%	23.62		%	19.09		%			(5.52)	%	13.57		%	19.09		%			(5.52)	%
Liquid assets including undrawn credit facilities % of total assets	16.39		%	19.97		%	23.04		%	29.25		%	24.72		%			(8.33)	%	16.39		%	24.72		%			(8.33)	%



(1) Return on assets represents net earnings as a percentage of average total assets.
(2) Return on equity represents net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents net earnings available to common stockholders as a percentage of average tangible common equity. Tangible common equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Net interest margin represents net interest income divided by average interest-earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements.
(6) Based on customer statement-end balances extrapolated to the respective period-end date.
(7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.
(8) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(9) Includes activity and accounts associated with loan receivables held for sale.
(10) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.


SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		4Q'21 vs. 4Q'20				Dec 31, 2021		Dec 31, 2020		YTD'21 vs. YTD'20
Interest income:
Interest and fees on loans	$	4,042	$	3,887	$	3,567	$	3,732	$	3,981	$	61	1.5	%	$	15,228	$	15,950	$	(722)	(4.5)	%
Interest on cash and debt securities	11		11		11		10		12		(1)		(8.3)	%	43		117		(74)		(63.2)	%
Total interest income	4,053		3,898		3,578		3,742		3,993		60		1.5	%	15,271		16,067		(796)		(5.0)	%

Interest expense:
Interest on deposits	119		131		146		170		200		(81)		(40.5)	%	566		1,094		(528)		(48.3)	%
Interest on borrowings of consolidated securitization entities	33		41		44		51		52		(19)		(36.5)	%	169		237		(68)		(28.7)	%
Interest on senior unsecured notes	71		68		76		82		82		(11)		(13.4)	%	297		334		(37)		(11.1)	%

Total interest expense	223		240		266		303		334		(111)		(33.2)	%	1,032		1,665		(633)		(38.0)	%

Net interest income	3,830		3,658		3,312		3,439		3,659		171		4.7	%	14,239		14,402		(163)		(1.1)	%

Retailer share arrangements	(1,267)		(1,266)		(1,006)		(989)		(1,047)		(220)		21.0	%	(4,528)		(3,645)		(883)		24.2	%


Provision for credit losses	561		25		(194)		334		750		(189)		(25.2)	%	726		5,310		(4,584)		(86.3)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,002		2,367		2,500		2,116		1,862		140		7.5	%	8,985		5,447		3,538		65.0	%

Other income:
Interchange revenue	254		232		223		171		185		69		37.3	%	880		652		228		35.0	%
Debt cancellation fees	79		70		66		69		72		7		9.7	%	284		278		6		2.2	%
Loyalty programs	(310)		(256)		(247)		(179)		(202)		(108)		53.5	%	(992)		(649)		(343)		52.9	%
Other	144		48		47		70		27		117		NM		309		124		185		149.2	%
Total other income	167		94		89		131		82		85		103.7	%	481		405		76		18.8	%

Other expense:
Employee costs	409		369		359		364		347		62		17.9	%	1,501		1,380		121		8.8	%
Professional fees	207		196		189		190		186		21		11.3	%	782		759		23		3.0	%
Marketing and business development	167		110		114		95		139		28		20.1	%	486		448		38		8.5	%
Information processing	143		139		137		131		128		15		11.7	%	550		492		58		11.8	%
Other	196		147		149		152		200		(4)		(2.0)	%	644		976		(332)		(34.0)	%
Total other expense	1,122		961		948		932		1,000		122		12.2	%	3,963		4,055		(92)		(2.3)	%

Earnings before provision for income taxes	1,047		1,500		1,641		1,315		944		103		10.9	%	5,503		1,797		3,706		206.2	%
Provision for income taxes	234		359		399		290		206		28		13.6	%	1,282		412		870		211.2	%
Net earnings	$	813	$	1,141	$	1,242	$	1,025	$	738	$	75	10.2	%	$	4,221	$	1,385	$	2,836	204.8	%

Net earnings available to common stockholders	$	803	$	1,130	$	1,232	$	1,014	$	728	$	75	10.3	%	$	4,179	$	1,343	$	2,836	211.2	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		Dec 31, 2021 vs. Dec 31, 2020
Assets
Cash and equivalents	$	8,337	$	9,806	$	11,117	$	16,620	$	11,524	$	(3,187)	(27.7)	%
Debt securities	5,283		5,444		5,728		6,550		7,469		(2,186)		(29.3)	%
Loan receivables:
Unsecuritized loans held for investment	60,211		56,745		55,994		53,823		56,472		3,739		6.6	%
Restricted loans of consolidated securitization entities	20,529		19,643		22,380		23,035		25,395		(4,866)		(19.2)	%
Total loan receivables	80,740		76,388		78,374		76,858		81,867		(1,127)		(1.4)	%
Less: Allowance for credit losses	(8,688)		(8,616)		(9,023)		(9,901)		(10,265)		1,577		(15.4)	%
Loan receivables, net	72,052		67,772		69,351		66,957		71,602		450		0.6	%
Loan receivables held for sale	4,361		3,450		—		23		5		4,356		NM
Goodwill	1,105		1,105		1,105		1,104		1,078		27		2.5	%
Intangible assets, net	1,168		1,090		1,098		1,169		1,125		43		3.8	%
Other assets	3,442		3,270		3,618		3,431		3,145		297		9.4	%
Total assets	$	95,748	$	91,937	$	92,017	$	95,854	$	95,948	$	(200)	(0.2)	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	61,911	$	59,998	$	59,500	$	62,419	$	62,469	$	(558)	(0.9)	%
Non-interest-bearing deposit accounts	359		355		341		342		313		46		14.7	%
Total deposits	62,270		60,353		59,841		62,761		62,782		(512)		(0.8)	%
Borrowings:
Borrowings of consolidated securitization entities	7,288		6,288		6,987		7,193		7,810		(522)		(6.7)	%

Senior unsecured notes	7,219		6,472		6,470		7,967		7,965		(746)		(9.4)	%

Total borrowings	14,507		12,760		13,457		15,160		15,775		(1,268)		(8.0)	%
Accrued expenses and other liabilities	5,316		4,888		4,522		4,494		4,690		626		13.3	%
Total liabilities	82,093		78,001		77,820		82,415		83,247		(1,154)		(1.4)	%
Equity:
Preferred stock	734		734		734		734		734		—		—	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,669		9,649		9,620		9,592		9,570		99		1.0	%
Retained earnings	14,245		13,562		12,560		11,470		10,621		3,624		34.1	%
Accumulated other comprehensive income (loss)	(69)		(64)		(56)		(56)		(51)		(18)		35.3	%
Treasury stock	(10,925)		(9,946)		(8,662)		(8,302)		(8,174)		(2,751)		33.7	%
Total equity	13,655		13,936		14,197		13,439		12,701		954		7.5	%
Total liabilities and equity	$	95,748	$	91,937	$	92,017	$	95,854	$	95,948	$	(200)	(0.2)	%


SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)

	Quarter Ended
	Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020
			Interest		Average				Interest		Average				Interest		Average				Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	9,024	$	4	0.18	%	$	9,559	$	3	0.12	%	$	13,584	$	4	0.12	%	$	14,610	$	4	0.11	%	$	11,244	$	4	0.14	%
Securities available for sale	5,517		7		0.50	%	5,638		8		0.56	%	5,988		7		0.47	%	6,772		6		0.36	%	8,706		8		0.37	%

Loan receivables, including held for sale:
Credit cards	77,642		3,946		20.16	%	74,686		3,793		20.15	%	72,989		3,484		19.15	%	74,865		3,657		19.81	%	76,039		3,908		20.45	%
Consumer installment loans	2,641		65		9.76	%	2,555		64		9.94	%	2,417		59		9.79	%	2,219		53		9.69	%	2,057		50		9.67	%
Commercial credit products	1,434		30		8.30	%	1,407		29		8.18	%	1,363		23		6.77	%	1,231		21		6.92	%	1,293		23		7.08	%
Other	67		1		NM		66		1		NM		52		1		NM		43		1		NM		63		—		—	%
Total loan receivables, including held for sale	81,784		4,042		19.61	%	78,714		3,887		19.59	%	76,821		3,567		18.62	%	78,358		3,732		19.32	%	79,452		3,981		19.93	%
Total interest-earning assets	96,325		4,053		16.69	%	93,911		3,898		16.47	%	96,393		3,578		14.89	%	99,740		3,742		15.22	%	99,402		3,993		15.98	%

Non-interest-earning assets:
Cash and due from banks	1,606						1,588						1,559						1,635						1,525
Allowance for credit losses	(8,648)						(8,956)						(9,801)						(10,225)						(10,190)
Other assets	5,424						5,405						5,238						5,305						5,228
Total non-interest-earning assets	(1,618)						(1,963)						(3,004)						(3,285)						(3,437)

Total assets	$	94,707					$	91,948					$	93,389					$	96,455					$	95,965

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	61,090	$	119	0.77	%	$	59,275	$	131	0.88	%	$	60,761	$	146	0.96	%	$	62,724	$	170	1.10	%	$	62,800	$	200	1.27	%
Borrowings of consolidated securitization entities	7,105		33		1.84	%	7,051		41		2.31	%	7,149		44		2.47	%	7,694		51		2.69	%	7,809		52		2.65	%

Senior unsecured notes	6,999		71		4.02	%	6,471		68		4.17	%	7,276		76		4.19	%	7,965		82		4.18	%	7,963		82		4.10	%

Total interest-bearing liabilities	75,194		223		1.18	%	72,797		240		1.31	%	75,186		266		1.42	%	78,383		303		1.57	%	78,572		334		1.69	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	343						358						349						346						308
Other liabilities	5,137						4,676						4,199						4,655						4,663
Total non-interest-bearing liabilities	5,480						5,034						4,548						5,001						4,971

Total liabilities	80,674						77,831						79,734						83,384						83,543

Equity
Total equity	14,033						14,117						13,655						13,071						12,422

Total liabilities and equity	$	94,707					$	91,948					$	93,389					$	96,455					$	95,965
Net interest income			$	3,830					$	3,658					$	3,312					$	3,439					$	3,659

Interest rate spread(1)					15.51	%					15.16	%					13.47	%					13.65	%					14.29	%
Net interest margin(2)					15.77	%					15.45	%					13.78	%					13.98	%					14.64	%



(1) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.



SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)

	Twelve Months Ended Dec 31, 2021						Twelve Months Ended Dec 31, 2020
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	11,673	$	15	0.13	%	$	13,301	$	53	0.40	%
Securities available for sale	5,975		28		0.47	%	7,367		64		0.87	%

Loan receivables, including held for sale:
Credit cards	75,052		14,880		19.83	%	77,115		15,672		20.32	%
Consumer installment loans	2,460		241		9.80	%	1,733		168		9.69	%
Commercial credit products	1,359		103		7.58	%	1,231		108		8.77	%
Other	57		4		7.02	%	59		2		3.39	%
Total loan receivables, including held for sale	78,928		15,228		19.29	%	80,138		15,950		19.90	%
Total interest-earning assets	96,576		15,271		15.81	%	100,806		16,067		15.94	%

Non-interest-earning assets:
Cash and due from banks	1,597						1,488
Allowance for loan losses	(9,402)						(9,488)
Other assets	5,343						4,932
Total non-interest-earning assets	(2,462)						(3,068)

Total assets	$	94,114					$	97,738

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	60,953	$	566	0.93	%	$	63,755	$	1,094	1.72	%
Borrowings of consolidated securitization entities	7,248		169		2.33	%	8,675		237		2.73	%

Senior unsecured notes	7,173		297		4.14	%	8,171		334		4.09	%

Total interest-bearing liabilities	75,374		1,032		1.37	%	80,601		1,665		2.07	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	349						306
Other liabilities	4,668						4,498
Total non-interest-bearing liabilities	5,017						4,804

Total liabilities	80,391						85,405

Equity
Total equity	13,723						12,333

Total liabilities and equity	$	94,114					$	97,738
Net interest income			$	14,239					$	14,402

Interest rate spread(1)					14.44	%					13.87	%
Net interest margin(2)					14.74	%					14.29	%

(1) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.


SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)

	Quarter Ended
	Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020			Dec 31, 2021 vs. Dec 31, 2020
BALANCE SHEET STATISTICS
Total common equity	$	12,921		$	13,202		$	13,463		$	12,705		$	11,967		$	954	8.0	%
Total common equity as a % of total assets	13.49		%	14.36		%	14.63		%	13.25		%	12.47		%			1.02	%

Tangible assets	$	93,475		$	89,742		$	89,814		$	93,581		$	93,745		$	(270)	(0.3)	%
Tangible common equity(1)	$	10,648		$	11,007		$	11,260		$	10,432		$	9,764		$	884	9.1	%
Tangible common equity as a % of tangible assets(1)	11.39		%	12.27		%	12.54		%	11.15		%	10.42		%			0.97	%
Tangible common equity per share(1)	$	20.21		$	20.12		$	19.64		$	17.95		$	16.72		$	3.49	20.9	%

REGULATORY CAPITAL RATIOS(2)(3)
	Basel III - CECL Transition
Total risk-based capital ratio(4)	17.8		%	19.3		%	20.1		%	19.7		%	18.1		%
Tier 1 risk-based capital ratio(5)	16.5		%	18.0		%	18.7		%	18.3		%	16.8		%

Tier 1 leverage ratio(6)	14.7		%	15.5		%	15.6		%	14.5		%	14.0		%
Common equity Tier 1 capital ratio	15.6		%	17.1		%	17.8		%	17.4		%	15.9		%



(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Regulatory capital ratios at December 31, 2021 are preliminary and therefore subject to change.
(3) Capital ratios starting March 31, 2020 reflect election to delay for two years an estimate of CECL’s effect on regulatory capital in accordance with the interim final rule issued by U.S. banking agencies in March 2020.
(4) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(5) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(6) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. Tier 1 leverage ratios are based upon the use of daily averages for all periods presented.


SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, unrounded, $ in millions)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020		4Q'21 vs. 4Q'20				Dec 31, 2021		Dec 31, 2020		YTD'21 vs. YTD'20
HOME & AUTO(6)
Purchase volume(1)	$	10,919	$	11,069	$	11,523	$	9,337	$	9,698	$	1,221	12.6	%	$	42,848	$	37,422	$	5,426	14.5	%
Period-end loan receivables	$	26,781	$	26,210	$	25,588	$	24,942	$	25,935	$	846	3.3	%	$	26,781	$	25,935	$	846	3.3	%
Average loan receivables, including held for sale	$	26,455	$	25,800	$	25,111	$	25,273	$	25,678	$	777	3.0	%	$	25,663	$	25,663	$	—	—	%
Average active accounts (in thousands)(3)	17,655		17,516		17,307		17,149		17,437		218		1.3	%	17,414		17,578		(164)		(0.9)	%

Interest and fees on loans	$	1,126	$	1,092	$	993	$	1,036	$	1,121	$	5	0.4	%	$	4,247	$	4,402	$	(155)	(3.5)	%
Other income	$	18	$	18	$	16	$	17	$	15	$	3	20.0	%	$	69	$	60	$	9	15.0	%




DIGITAL
Purchase volume(1)	$	13,451	$	10,980	$	10,930	$	9,340	$	11,005	$	2,446	22.2	%	$	44,701	$	35,876	$	8,825	24.6	%
Period-end loan receivables	$	21,751	$	19,636	$	19,233	$	18,907	$	20,427	$	1,324	6.5	%	$	21,751	$	20,427	$	1,324	6.5	%
Average loan receivables, including held for sale	$	20,388	$	19,286	$	18,783	$	19,437	$	19,392	$	996	5.1	%	$	19,475	$	19,253	$	222	1.2	%
Average active accounts (in thousands)(3)	18,375		17,655		17,258		17,318		16,898		1,477		8.7	%	17,685		16,593		1,092		6.6	%

Interest and fees on loans	$	1,025	$	973	$	891	$	903	$	976	$	49	5.0	%	$	3,792	$	3,801	$	(9)	(0.2)	%
Other income	$	(28)	$	(19)	$	(28)	$	(12)	$	(26)	$	(2)	7.7	%	$	(87)	$	(54)	$	(33)	61.1	%




DIVERSIFIED & VALUE
Purchase volume(1)	$	14,154	$	12,006	$	11,618	$	9,220	$	11,267	$	2,887	25.6	%	$	46,998	$	37,985	$	9,013	23.7	%
Period-end loan receivables	$	16,075	$	14,415	$	14,357	$	14,217	$	15,761	$	314	2.0	%	$	16,075	$	15,761	$	314	2.0	%
Average loan receivables, including held for sale	$	14,999	$	14,328	$	14,101	$	14,574	$	15,024	$	(25)	(0.2)	%	$	14,501	$	15,724	$	(1,223)	(7.8)	%
Average active accounts (in thousands)(3)	18,829		17,903		17,301		17,457		17,324		1,505		8.7	%	17,953		17,987		(34)		(0.2)	%

Interest and fees on loans	$	817	$	780	$	729	$	789	$	822	$	(5)	(0.6)	%	$	3,115	$	3,528	$	(413)	(11.7)	%
Other income	$	(23)	$	(8)	$	(2)	$	5	$	20	$	(43)	(215.0)	%	$	(28)	$	90	$	(118)	(131.1)	%




HEALTH & WELLNESS
Purchase volume(1)	$	3,055	$	3,024	$	2,988	$	2,648	$	2,676	$	379	14.2	%	$	11,715	$	10,025	$	1,690	16.9	%
Period-end loan receivables	$	10,244	$	9,879	$	9,515	$	9,317	$	9,580	$	664	6.9	%	$	10,244	$	9,580	$	664	6.9	%
Average loan receivables, including held for sale	$	10,057	$	9,654	$	9,334	$	9,442	$	9,476	$	581	6.1	%	$	9,623	$	9,591	$	32	0.3	%
Average active accounts (in thousands)(3)	5,922		5,707		5,585		5,706		5,724		198		3.5	%	5,739		5,952		(213)		(3.6)	%

Interest and fees on loans	$	603	$	587	$	523	$	558	$	589	$	14	2.4	%	$	2,271	$	2,273	$	(2)	(0.1)	%
Other income	$	42	$	41	$	36	$	40	$	27	$	15	55.6	%	$	159	$	107	$	52	48.6	%


LIFESTYLE
Purchase volume(1)	$	1,462	$	1,298	$	1,405	$	1,154	$	1,383	$	79	5.7	%	$	5,319	$	4,933	$	386	7.8	%
Period-end loan receivables	$	5,479	$	5,234	$	5,158	$	4,988	$	5,098	$	381	7.5	%	$	5,479	$	5,098	$	381	7.5	%
Average loan receivables, including held for sale	$	5,297	$	5,185	$	5,050	$	5,003	$	4,920	$	377	7.7	%	$	5,135	$	4,727	$	408	8.6	%
Average active accounts (in thousands)(3)	2,548		2,465		2,442		2,573		2,536		12		0.5	%	2,515		2,568		(53)		(2.1)	%

Interest and fees on loans	$	194	$	187	$	182	$	181	$	187	$	7	3.7	%	$	744	$	734	$	10	1.4	%
Other income	$	6	$	6	$	6	$	5	$	6	$	—	—	%	$	23	$	20	$	3	15.0	%


CORP, OTHER(4)(6)
Purchase volume(1)(2)	$	4,031	$	3,535	$	3,657	$	3,050	$	3,845	$	186	4.8	%	$	14,273	$	12,843	$	1,430	11.1	%
Period-end loan receivables(5)	$	410	$	1,014	$	4,523	$	4,487	$	5,066	$	(4,656)	(91.9)	%	$	410	$	5,066	$	(4,656)	(91.9)	%
Average loan receivables, including held for sale	$	4,588	$	4,461	$	4,442	$	4,629	$	4,962	$	(374)	(7.5)	%	$	4,531	$	5,180	$	(649)	(12.5)	%
Average active accounts (in thousands)(2)(3)	6,068		5,943		5,917		6,077		6,342		(274)		(4.3)	%	6,028		6,453		(425)		(6.6)	%

Interest and fees on loans	$	277	$	268	$	249	$	265	$	286	$	(9)	(3.1)	%	$	1,059	$	1,212	$	(153)	(12.6)	%
Other income	$	152	$	56	$	61	$	76	$	40	$	112	280.0	%	$	345	$	182	$	163	89.6	%


TOTAL SYF
Purchase volume(1)(2)	$	47,072	$	41,912	$	42,121	$	34,749	$	39,874	$	7,198	18.1	%	$	165,854	$	139,084	$	26,770	19.2	%
Period-end loan receivables(5)	$	80,740	$	76,388	$	78,374	$	76,858	$	81,867	$	(1,127)	(1.4)	%	$	80,740	$	81,867	$	(1,127)	(1.4)	%
Average loan receivables, including held for sale	$	81,784	$	78,714	$	76,821	$	78,358	$	79,452	$	2,332	2.9	%	$	78,928	$	80,138	$	(1,210)	(1.5)	%
Average active accounts (in thousands)(2)(3)	69,397		67,189		65,810		66,280		66,261		3,136		4.7	%	67,334		67,131		203		0.3	%

Interest and fees on loans	$	4,042	$	3,887	$	3,567	$	3,732	$	3,981	$	61	1.5	%	$	15,228	$	15,950	$	(722)	(4.5)	%
Other income	$	167	$	94	$	89	$	131	$	82	$	85	103.7	%	$	481	$	405	$	76	18.8	%



(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
(4) Includes activity and balances associated with our program agreement with Gap Inc. and BP except where noted, which are both scheduled to expire in 2Q 2022.
(5) Reflects the reclassification of $3.5 billion and $0.5 billion to loan receivables held for sale in 3Q 2021 and 4Q 2021, respectively.
(6) In December 2021, we entered into an agreement to sell $0.5 billion of loan receivables associated with our program agreement with BP. In connection with this agreement, revenue activities for the BP portfolio are no longer managed within our Home & Auto sales platform. All metrics for the BP portfolio previously reported within our Home & Auto sales platform, are now reported within our Corp, Other information. We have recast all prior-period reported metrics for our Home & Auto sales platform and Corp, Other to conform to the current-period presentation.


SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Dec 31, 2020
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	13,655	$	13,936	$	14,197	$	13,439	$	12,701
Less: Preferred stock	(734)		(734)		(734)		(734)		(734)
Less: Goodwill	(1,105)		(1,105)		(1,105)		(1,104)		(1,078)
Less: Intangible assets, net	(1,168)		(1,090)		(1,098)		(1,169)		(1,125)
Tangible common equity	$	10,648	$	11,007	$	11,260	$	10,432	$	9,764
Add: CECL transition amount	2,292		2,274		2,376		2,595		2,686



Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	329		299		301		354		341
Common equity Tier 1	$	13,269	$	13,580	$	13,937	$	13,381	$	12,791
Preferred stock	734		734		734		734		734
Tier 1 capital	$	14,003	$	14,314	$	14,671	$	14,115	$	13,525

Add: Allowance for credit losses includible in risk-based capital	1,119		1,052		1,039		1,031		1,079
Total Risk-based capital	$	15,122	$	15,366	$	15,710	$	15,146	$	14,604

ASSET MEASURES(2)
Total average assets	$	94,707	$	91,948	$	93,389	$	96,455	$	95,965
Adjustments for:
Add: CECL transition amount	2,292		2,274		2,376		2,595		2,686
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,999)		(1,960)		(1,965)		(1,987)		(1,924)

Total assets for leverage purposes	$	95,000	$	92,262	$	93,800	$	97,063	$	96,727


Risk-weighted assets	$	84,950	$	79,597	$	78,281	$	76,965	$	80,561

CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	14,003	$	14,314	$	14,671	$	14,115	$	13,525
Less: CECL transition adjustment	(2,292)		(2,274)		(2,376)		(2,595)		(2,686)
Tier 1 capital (CECL fully phased-in)	$	11,711	$	12,040	$	12,295	$	11,520	$	10,839
Add: Allowance for credit losses	8,688		8,616		9,023		9,901		10,265
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	20,399	$	20,656	$	21,318	$	21,421	$	21,104

Risk-weighted assets	$	84,950	$	79,597	$	78,281	$	76,965	$	80,561
Less: CECL transition adjustment	(1,353)		(2,065)		(2,166)		(2,386)		(2,477)
Risk-weighted assets (CECL fully phased-in)	$	83,597	$	77,532	$	76,115	$	74,579	$	78,084

TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	24.53	$	24.13	$	23.48	$	21.86	$	20.49
Less: Goodwill	(2.10)		(2.02)		(1.93)		(1.90)		(1.85)
Less: Intangible assets, net	(2.22)		(1.99)		(1.91)		(2.01)		(1.92)
Tangible common equity per share	$	20.21	$	20.12	$	19.64	$	17.95	$	16.72

(1) Regulatory measures at December 31, 2021 are presented on an estimated basis.
(2) Capital ratios starting March 31, 2020 reflect election to delay for two years an estimate of CECL’s effect on regulatory capital in accordance with the interim final rule issued by U.S. banking agencies in March 2020.