Document


SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended														Nine Months Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		3Q'23 vs. 3Q'22				Sep 30, 2023		Sep 30, 2022		YTD'23 vs. YTD'22
EARNINGS
Net interest income	$	4,362	$	4,120	$	4,051	$	4,106	$	3,928	$	434	11.0	%	$	12,533	$	11,519	$	1,014	8.8	%
Retailer share arrangements	(979)		(887)		(917)		(1,043)		(1,057)		78		(7.4)	%	(2,783)		(3,288)		505		(15.4)	%

Provision for credit losses	1,488		1,383		1,290		1,201		929		559		60.2	%	4,161		2,174		1,987		91.4	%
Net interest income, after retailer share arrangements and provision for credit losses	1,895		1,850		1,844		1,862		1,942		(47)		(2.4)	%	5,589		6,057		(468)		(7.7)	%
Other income	92		61		65		30		44		48		109.1	%	218		350		(132)		(37.7)	%
Other expense	1,154		1,169		1,119		1,151		1,064		90		8.5	%	3,442		3,186		256		8.0	%
Earnings before provision for income taxes	833		742		790		741		922		(89)		(9.7)	%	2,365		3,221		(856)		(26.6)	%
Provision for income taxes	205		173		189		164		219		(14)		(6.4)	%	567		782		(215)		(27.5)	%
Net earnings	$	628	$	569	$	601	$	577	$	703	$	(75)	(10.7)	%	$	1,798	$	2,439	$	(641)	(26.3)	%
Net earnings available to common stockholders	$	618	$	559	$	590	$	567	$	692	$	(74)	(10.7)	%	$	1,767	$	2,407	$	(640)	(26.6)	%



COMMON SHARE STATISTICS
Basic EPS	$	1.49	$	1.32	$	1.36	$	1.27	$	1.48	$	0.01	0.7	%	$	4.16	$	4.89	$	(0.73)	(14.9)	%
Diluted EPS	$	1.48	$	1.32	$	1.35	$	1.26	$	1.47	$	0.01	0.7	%	$	4.14	$	4.86	$	(0.72)	(14.8)	%

Dividend declared per share	$	0.25	$	0.23	$	0.23	$	0.23	$	0.23	$	0.02	8.7	%	$	0.71	$	0.67	$	0.04	6.0	%
Common stock price	$	30.57	$	33.92	$	29.08	$	32.86	$	28.19	$	2.38	8.4	%	$	30.57	$	28.19	$	2.38	8.4	%
Book value per share	$	31.50	$	30.25	$	29.08	$	27.70	$	26.76	$	4.74	17.7	%	$	31.50	$	26.76	$	4.74	17.7	%
Tangible common equity per share(1)	$	26.00	$	24.67	$	23.48	$	22.24	$	22.10	$	3.90	17.6	%	$	26.00	$	22.10	$	3.90	17.6	%

Beginning common shares outstanding	418.1		428.4		438.2		458.9		487.8		(69.7)		(14.3)	%	438.2		526.8		(88.6)		(16.8)	%
Issuance of common shares	—		—		—		—		—		—		NM		—		—		—		—	%
Stock-based compensation	0.2		0.2		1.5		0.1		0.4		(0.2)		(50.0)	%	1.9		2.0		(0.1)		(5.0)	%
Shares repurchased	(4.5)		(10.5)		(11.3)		(20.8)		(29.3)		24.8		(84.6)	%	(26.3)		(69.9)		43.6		(62.4)	%
Ending common shares outstanding	413.8		418.1		428.4		438.2		458.9		(45.1)		(9.8)	%	413.8		458.9		(45.1)		(9.8)	%

Weighted average common shares outstanding	416.0		422.7		434.4		445.8		468.5		(52.5)		(11.2)	%	424.3		492.1		(67.8)		(13.8)	%
Weighted average common shares outstanding (fully diluted)	418.4		424.2		437.2		448.9		470.7		(52.3)		(11.1)	%	426.5		495.0		(68.5)		(13.8)	%

(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																			Nine Months Ended
	Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			3Q'23 vs. 3Q'22				Sep 30, 2023			Sep 30, 2022			YTD'23 vs. YTD'22
PERFORMANCE METRICS
Return on assets(1)	2.3		%	2.1		%	2.3		%	2.2		%	2.8		%			(0.5)	%	2.2		%	3.4		%			(1.2)	%
Return on equity(2)	18.1		%	17.0		%	18.2		%	17.5		%	21.1		%			(3.0)	%	17.8		%	24.2		%			(6.4)	%
Return on tangible common equity(3)	22.9		%	21.7		%	23.2		%	22.1		%	26.6		%			(3.7)	%	22.6		%	30.6		%			(8.0)	%



Net interest margin(4)	15.36		%	14.94		%	15.22		%	15.58		%	15.52		%			(0.16)	%	15.17		%	15.64		%			(0.47)	%
Efficiency ratio(5)	33.2		%	35.5		%	35.0		%	37.2		%	36.5		%			(3.3)	%	34.5		%	37.1		%			(2.6)	%
Other expense as a % of average loan receivables, including held for sale	4.76		%	5.07		%	5.00		%	5.16		%	5.02		%			(0.26)	%	4.94		%	5.11		%			(0.17)	%
Effective income tax rate	24.6		%	23.3		%	23.9		%	22.1		%	23.8		%			0.8	%	24.0		%	24.3		%			(0.3)	%


CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.60		%	4.75		%	4.49		%	3.48		%	3.00		%			1.60	%	4.62		%	2.82		%			1.80	%
30+ days past due as a % of period-end loan receivables(6)	4.40		%	3.84		%	3.81		%	3.65		%	3.28		%			1.12	%	4.40		%	3.28		%			1.12	%
90+ days past due as a % of period-end loan receivables(6)	2.06		%	1.77		%	1.87		%	1.69		%	1.43		%			0.63	%	2.06		%	1.43		%			0.63	%
Net charge-offs	$	1,116		$	1,096		$	1,006		$	776		$	635		$	481	75.7	%	$	3,218		$	1,760		$	1,458	82.8	%
Loan receivables delinquent over 30 days(6)	$	4,304		$	3,641		$	3,474		$	3,377		$	2,818		$	1,486	52.7	%	$	4,304		$	2,818		$	1,486	52.7	%
Loan receivables delinquent over 90 days(6)	$	2,020		$	1,677		$	1,705		$	1,562		$	1,232		$	788	64.0	%	$	2,020		$	1,232		$	788	64.0	%

Allowance for credit losses (period-end)	$	10,176		$	9,804		$	9,517		$	9,527		$	9,102		$	1,074	11.8	%	$	10,176		$	9,102		$	1,074	11.8	%
Allowance coverage ratio(7)	10.40		%	10.34		%	10.44		%	10.30		%	10.58		%			(0.18)	%	10.40		%	10.58		%			(0.18)	%

BUSINESS METRICS
Purchase volume(8)(9)	$	47,006		$	47,276		$	41,557		$	47,923		$	44,557		$	2,449	5.5	%	$	135,839		$	132,264		$	3,575	2.7	%
Period-end loan receivables	$	97,873		$	94,801		$	91,129		$	92,470		$	86,012		$	11,861	13.8	%	$	97,873		$	86,012		$	11,861	13.8	%
Credit cards	$	92,078		$	89,299		$	86,113		$	87,630		$	81,254		$	10,824	13.3	%	$	92,078		$	81,254		$	10,824	13.3	%
Consumer installment loans	$	3,784		$	3,548		$	3,204		$	3,056		$	2,945		$	839	28.5	%	$	3,784		$	2,945		$	839	28.5	%
Commercial credit products	$	1,879		$	1,826		$	1,690		$	1,682		$	1,723		$	156	9.1	%	$	1,879		$	1,723		$	156	9.1	%
Other	$	132		$	128		$	122		$	102		$	90		$	42	46.7	%	$	132		$	90		$	42	46.7	%
Average loan receivables, including held for sale	$	96,230		$	92,489		$	90,815		$	88,436		$	84,038		$	12,192	14.5	%	$	93,198		$	83,404		$	9,794	11.7	%
Period-end active accounts (in thousands)(10)	70,137			70,269			68,589			70,763			66,503			3,634		5.5	%	70,137			66,503			3,634		5.5	%
Average active accounts (in thousands)(9)(10)	70,308			69,517			69,494			68,373			66,266			4,042		6.1	%	69,842			68,517			1,325		1.9	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	15,643		$	12,706		$	15,303		$	10,294		$	11,962		$	3,681	30.8	%	$	15,643		$	11,962		$	3,681	30.8	%
Total liquid assets	$	17,598		$	16,448		$	18,778		$	14,201		$	16,566		$	1,032	6.2	%	$	17,591		$	16,566		$	1,025	6.2	%
Undrawn credit facilities
Undrawn credit facilities	$	2,950		$	2,950		$	2,950		$	2,950		$	3,700		$	(750)	(20.3)	%	$	2,950		$	3,700		$	(750)	(20.3)	%
Total liquid assets and undrawn credit facilities	$	20,548		$	19,398		$	21,728		$	17,151		$	20,266		$	282	1.4	%	$	20,541		$	20,266		$	275	1.4	%
Liquid assets % of total assets	15.58		%	15.13		%	17.41		%	13.58		%	16.44		%			(0.86)	%	15.58		%	16.44		%			(0.86)	%
Liquid assets including undrawn credit facilities % of total assets	18.19		%	17.85		%	20.15		%	16.40		%	20.11		%			(1.92)	%	18.19		%	20.11		%			(1.92)	%



(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														Nine Months Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		3Q'23 vs. 3Q'22				Sep 30, 2023		Sep 30, 2022		YTD'23 vs. YTD'22
Interest income:
Interest and fees on loans	$	5,151	$	4,812	$	4,616	$	4,576	$	4,258	$	893	21.0	%	$	14,579	$	12,305	$	2,274	18.5	%
Interest on cash and debt securities	203		209		170		132		84		119		141.7	%	582		133		449		NM
Total interest income	5,354		5,021		4,786		4,708		4,342		1,012		23.3	%	15,161		12,438		2,723		21.9	%

Interest expense:
Interest on deposits	800		717		557		441		280		520		185.7	%	2,074		567		1,507		265.8	%
Interest on borrowings of consolidated securitization entities	86		78		77		69		54		32		59.3	%	241		127		114		89.8	%
Interest on senior unsecured notes	106		106		101		92		80		26		32.5	%	313		225		88		39.1	%

Total interest expense	992		901		735		602		414		578		139.6	%	2,628		919		1,709		186.0	%

Net interest income	4,362		4,120		4,051		4,106		3,928		434		11.0	%	12,533		11,519		1,014		8.8	%

Retailer share arrangements	(979)		(887)		(917)		(1,043)		(1,057)		78		(7.4)	%	(2,783)		(3,288)		505		(15.4)	%


Provision for credit losses	1,488		1,383		1,290		1,201		929		559		60.2	%	4,161		2,174		1,987		91.4	%
Net interest income, after retailer share arrangements and provision for credit losses	1,895		1,850		1,844		1,862		1,942		(47)		(2.4)	%	5,589		6,057		(468)		(7.7)	%

Other income:
Interchange revenue	267		262		232		251		238		29		12.2	%	761		731		30		4.1	%
Debt cancellation fees	131		125		115		102		103		28		27.2	%	371		285		86		30.2	%
Loyalty programs	(358)		(345)		(298)		(351)		(326)		(32)		9.8	%	(1,001)		(906)		(95)		10.5	%
Other	52		19		16		28		29		23		79.3	%	87		240		(153)		(63.8)	%
Total other income	92		61		65		30		44		48		109.1	%	218		350		(132)		(37.7)	%

Other expense:
Employee costs	444		451		451		459		416		28		6.7	%	1,346		1,222		124		10.1	%
Professional fees	219		209		186		233		204		15		7.4	%	614		599		15		2.5	%
Marketing and business development	125		133		131		121		115		10		8.7	%	389		366		23		6.3	%
Information processing	177		179		166		165		150		27		18.0	%	522		458		64		14.0	%
Other	189		197		185		173		179		10		5.6	%	571		541		30		5.5	%
Total other expense	1,154		1,169		1,119		1,151		1,064		90		8.5	%	3,442		3,186		256		8.0	%

Earnings before provision for income taxes	833		742		790		741		922		(89)		(9.7)	%	2,365		3,221		(856)		(26.6)	%
Provision for income taxes	205		173		189		164		219		(14)		(6.4)	%	567		782		(215)		(27.5)	%
Net earnings	$	628	$	569	$	601	$	577	$	703	$	(75)	(10.7)	%	$	1,798	$	2,439	$	(641)	(26.3)	%

Net earnings available to common stockholders	$	618	$	559	$	590	$	567	$	692	$	(74)	(10.7)	%	$	1,767	$	2,407	$	(640)	(26.6)	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Sep 30, 2023 vs. Sep 30, 2022
Assets
Cash and equivalents	$	15,643	$	12,706	$	15,303	$	10,294	$	11,962	$	3,681	30.8	%
Debt securities	2,882		4,294		4,008		4,879		5,082		(2,200)		(43.3)	%
Loan receivables:
Unsecuritized loans held for investment	78,470		75,532		72,079		72,638		67,651		10,819		16.0	%
Restricted loans of consolidated securitization entities	19,403		19,269		19,050		19,832		18,361		1,042		5.7	%
Total loan receivables	97,873		94,801		91,129		92,470		86,012		11,861		13.8	%
Less: Allowance for credit losses	(10,176)		(9,804)		(9,517)		(9,527)		(9,102)		(1,074)		11.8	%
Loan receivables, net	87,697		84,997		81,612		82,943		76,910		10,787		14.0	%

Goodwill	1,105		1,105		1,105		1,105		1,105		—		—	%
Intangible assets, net	1,169		1,226		1,297		1,287		1,033		136		13.2	%
Other assets	4,443		4,369		4,528		4,056		4,674		(231)		(4.9)	%
Total assets	$	112,939	$	108,697	$	107,853	$	104,564	$	100,766	$	12,173	12.1	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	77,669	$	75,344	$	74,008	$	71,336	$	68,032	$	9,637	14.2	%
Non-interest-bearing deposit accounts	397		421		417		399		372		25		6.7	%
Total deposits	78,066		75,765		74,425		71,735		68,404		9,662		14.1	%
Borrowings:
Borrowings of consolidated securitization entities	6,519		5,522		6,228		6,227		6,360		159		2.5	%

Senior and Subordinated unsecured notes	8,712		8,709		8,706		7,964		7,961		751		9.4	%

Total borrowings	15,231		14,231		14,934		14,191		14,321		910		6.4	%
Accrued expenses and other liabilities	5,875		5,321		5,301		5,765		5,029		846		16.8	%
Total liabilities	99,172		95,317		94,660		91,691		87,754		11,418		13.0	%
Equity:
Preferred stock	734		734		734		734		734		—		—	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,750		9,727		9,705		9,718		9,685		65		0.7	%
Retained earnings	18,338		17,828		17,369		16,716		16,252		2,086		12.8	%
Accumulated other comprehensive income (loss)	(96)		(96)		(102)		(125)		(187)		91		(48.7)	%
Treasury stock	(14,960)		(14,814)		(14,514)		(14,171)		(13,473)		(1,487)		11.0	%
Total equity	13,767		13,380		13,193		12,873		13,012		755		5.8	%
Total liabilities and equity	$	112,939	$	108,697	$	107,853	$	104,564	$	100,766	$	12,173	12.1	%


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

	Quarter Ended
	Sep 30, 2023						Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022
			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	$	12,753	$	172	5.35	%	$	14,198	$	178	5.03	%	$	12,365	$	140	4.59	%	$	11,092	$	104	3.72	%	$	11,506	$	65	2.24	%
Securities available for sale	3,706		31		3.32	%	3,948		31		3.15	%	4,772		30		2.55	%	5,002		28		2.22	%	4,861		19		1.55	%

Loan receivables, including held for sale:
Credit cards	90,587		5,003		21.91	%	87,199		4,679		21.52	%	85,904		4,497		21.23	%	83,597		4,462		21.18	%	79,354		4,153		20.76	%
Consumer installment loans	3,656		108		11.72	%	3,359		94		11.22	%	3,103		83		10.85	%	2,991		78		10.35	%	2,884		74		10.18	%
Commercial credit products	1,861		38		8.10	%	1,808		36		7.99	%	1,697		34		8.13	%	1,757		34		7.68	%	1,720		30		6.92	%
Other	126		2		6.30	%	123		3		9.78	%	111		2		7.31	%	91		2		8.72	%	80		1		4.96	%
Total loan receivables, including held for sale	96,230		5,151		21.24	%	92,489		4,812		20.87	%	90,815		4,616		20.61	%	88,436		4,576		20.53	%	84,038		4,258		20.10	%
Total interest-earning assets	112,689		5,354		18.85	%	110,635		5,021		18.20	%	107,952		4,786		17.98	%	104,530		4,708		17.87	%	100,405		4,342		17.16	%

Non-interest-earning assets:
Cash and due from banks	964						976						1,024						1,071						1,580
Allowance for credit losses	(9,847)						(9,540)						(9,262)						(9,167)						(8,878)
Other assets	6,529						6,330						6,128						5,772						5,587
Total non-interest-earning assets	(2,354)						(2,234)						(2,110)						(2,324)						(1,711)

Total assets	$	110,335					$	108,401					$	105,842					$	102,206					$	98,694

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	75,952	$	800	4.18	%	$	74,812	$	717	3.84	%	$	72,216	$	557	3.13	%	$	69,343	$	441	2.52	%	$	66,787	$	280	1.66	%
Borrowings of consolidated securitization entities	6,096		86		5.60	%	5,863		78		5.34	%	6,229		77		5.01	%	6,231		69		4.39	%	6,258		54		3.42	%

Senior and Subordinated unsecured notes	8,710		106		4.83	%	8,707		106		4.88	%	8,442		101		4.85	%	7,962		92		4.58	%	7,102		80		4.47	%

Total interest-bearing liabilities	90,758		992		4.34	%	89,382		901		4.04	%	86,887		735		3.43	%	83,536		602		2.86	%	80,147		414		2.05	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	401						420						411						388						371
Other liabilities	5,418						5,164						5,130						5,217						4,938
Total non-interest-bearing liabilities	5,819						5,584						5,541						5,605						5,309

Total liabilities	96,577						94,966						92,428						89,141						85,456

Equity
Total equity	13,758						13,435						13,414						13,065						13,238

Total liabilities and equity	$	110,335					$	108,401					$	105,842					$	102,206					$	98,694
Net interest income			$	4,362					$	4,120					$	4,051					$	4,106					$	3,928

Interest rate spread(1)					14.51	%					14.16	%					14.55	%					15.01	%					15.11	%
Net interest margin(2)					15.36	%					14.94	%					15.22	%					15.58	%					15.52	%



(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)

	Nine Months Ended Sep 30, 2023						Nine Months Ended Sep 30, 2022
			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	$	13,107	$	490	5.00	%	$	9,920	$	90	1.21	%
Securities available for sale	4,138		92		2.97	%	5,143		43		1.12	%

Loan receivables, including held for sale:
Credit cards	87,914		14,179		21.56	%	78,946		12,009		20.34	%
Consumer installment loans	3,375		285		11.29	%	2,781		209		10.05	%
Commercial credit products	1,789		108		8.07	%	1,604		83		6.92	%
Other	120		7		7.80	%	73		4		7.33	%
Total loan receivables, including held for sale	93,198		14,579		20.91	%	83,404		12,305		19.73	%
Total interest-earning assets	110,443		15,161		18.35	%	98,467		12,438		16.89	%

Non-interest-earning assets:
Cash and due from banks	987						1,607
Allowance for credit losses	(9,552)						(8,735)
Other assets	6,331						5,447
Total non-interest-earning assets	(2,234)						(1,681)

Total assets	$	108,209					$	96,786

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	74,340	$	2,074	3.73	%	$	64,371	$	567	1.18	%
Borrowings of consolidated securitization entities	6,062		241		5.32	%	6,547		127		2.59	%

Senior and subordinated unsecured notes	8,621		313		4.85	%	7,098		225		4.24	%

Total interest-bearing liabilities	89,023		2,628		3.95	%	78,016		919		1.57	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	410						380
Other liabilities	5,239						4,915
Total non-interest-bearing liabilities	5,649						5,295

Total liabilities	94,672						83,311

Equity
Total equity	13,537						13,475

Total liabilities and equity	$	108,209					$	96,786
Net interest income			$	12,533					$	11,519

Interest rate spread(1)					14.41	%					15.32	%
Net interest margin(2)					15.17	%					15.64	%

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

	Quarter Ended
	Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Sep 30, 2023 vs. Sep 30, 2022
BALANCE SHEET STATISTICS
Total common equity	$	13,033		$	12,646		$	12,459		$	12,139		$	12,278		$	755	6.1	%
Total common equity as a % of total assets	11.54		%	11.63		%	11.55		%	11.61		%	12.18		%			(0.64)	%

Tangible assets	$	110,665		$	106,366		$	105,451		$	102,172		$	98,628		$	12,037	12.2	%
Tangible common equity(1)	$	10,759		$	10,315		$	10,057		$	9,747		$	10,140		$	619	6.1	%
Tangible common equity as a % of tangible assets(1)	9.72		%	9.70		%	9.54		%	9.54		%	10.28		%			(0.56)	%
Tangible common equity per share(1)	$	26.00		$	24.67		$	23.48		$	22.24		$	22.10		$	3.90	17.6	%

REGULATORY CAPITAL RATIOS(2)(3)
	Basel III - CECL Transition
Total risk-based capital ratio(4)	15.3		%	15.2		%	15.4		%	15.0		%	16.5		%
Tier 1 risk-based capital ratio(5)	13.2		%	13.1		%	13.3		%	13.6		%	15.2		%

Tier 1 leverage ratio(6)	11.8		%	11.6		%	11.6		%	12.3		%	13.2		%
Common equity Tier 1 capital ratio	12.4		%	12.3		%	12.5		%	12.8		%	14.3		%



(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 September 30, 2023 are preliminary and therefore subject to change.
(3) Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022 through 2024. Capital ratios for 2023 and 2022 reflect 50% and 25%, respectively, of the phase-in of CECL effects.
(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.


SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended														Nine Months Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		3Q'23 vs. 3Q'22				Sep 30, 2023		Sep 30, 2022		YTD'23 vs. YTD'22
HOME & AUTO
Purchase volume(1)	$	12,273	$	12,853	$	10,863	$	11,860	$	12,273	$	—	—	%	$	35,989	$	35,428	$	561	1.6	%
Period-end loan receivables	$	31,648	$	30,926	$	29,733	$	29,978	$	29,017	$	2,631	9.1	%	$	31,648	$	29,017	$	2,631	9.1	%
Average loan receivables, including held for sale	$	31,239	$	30,210	$	29,690	$	29,402	$	28,387	$	2,852	10.0	%	$	30,386	$	27,307	$	3,079	11.3	%
Average active accounts (in thousands)(3)	19,223		18,935		18,521		18,539		18,350		873		4.8	%	18,894		17,923		971		5.4	%

Interest and fees on loans	$	1,367	$	1,275	$	1,225	$	1,264	$	1,210	$	157	13.0	%	$	3,867	$	3,406	$	461	13.5	%
Other income	$	28	$	27	$	25	$	23	$	20	$	8	40.0	%	$	80	$	64	$	16	25.0	%




DIGITAL
Purchase volume(1)	$	13,808	$	13,472	$	12,261	$	14,794	$	12,941	$	867	6.7	%	$	39,541	$	36,600	$	2,941	8.0	%
Period-end loan receivables	$	26,685	$	25,758	$	24,944	$	25,522	$	22,925	$	3,760	16.4	%	$	26,685	$	22,925	$	3,760	16.4	%
Average loan receivables, including held for sale	$	26,266	$	25,189	$	24,982	$	23,931	$	22,361	$	3,905	17.5	%	$	25,484	$	21,596	$	3,888	18.0	%
Average active accounts (in thousands)(3)	20,768		20,559		20,564		20,073		19,418		1,350		7.0	%	20,641		19,176		1,465		7.6	%

Interest and fees on loans	$	1,530	$	1,422	$	1,363	$	1,322	$	1,197	$	333	27.8	%	$	4,315	$	3,277	$	1,038	31.7	%
Other income	$	(6)	$	(2)	$	1	$	(14)	$	(22)	$	16	(72.7)	%	$	(7)	$	(47)	$	40	(85.1)	%




DIVERSIFIED & VALUE
Purchase volume(1)	$	15,445	$	15,356	$	13,439	$	16,266	$	14,454	$	991	6.9	%	$	44,240	$	40,400	$	3,840	9.5	%
Period-end loan receivables	$	18,865	$	18,329	$	17,702	$	18,617	$	16,566	$	2,299	13.9	%	$	18,865	$	16,566	$	2,299	13.9	%
Average loan receivables, including held for sale	$	18,565	$	17,935	$	17,713	$	17,274	$	16,243	$	2,322	14.3	%	$	18,074	$	15,627	$	2,447	15.7	%
Average active accounts (in thousands)(3)	20,410		20,346		20,807		20,386		19,411		999		5.1	%	20,571		19,258		1,313		6.8	%

Interest and fees on loans	$	1,168	$	1,091	$	1,070	$	1,023	$	935	$	233	24.9	%	$	3,329	$	2,587	$	742	28.7	%
Other income	$	(28)	$	(21)	$	(14)	$	(42)	$	(19)	$	(9)	47.4	%	$	(63)	$	(63)	$	—	—	%




HEALTH & WELLNESS
Purchase volume(1)	$	3,990	$	4,015	$	3,690	$	3,505	$	3,514	$	476	13.5	%	$	11,695	$	10,064	$	1,631	16.2	%
Period-end loan receivables	$	14,019	$	13,327	$	12,581	$	12,179	$	11,590	$	2,429	21.0	%	$	14,019	$	11,590	$	2,429	21.0	%
Average loan receivables, including held for sale	$	13,600	$	12,859	$	12,309	$	11,846	$	11,187	$	2,413	21.6	%	$	12,927	$	10,681	$	2,246	21.0	%
Average active accounts (in thousands)(3)	7,276		7,063		6,887		6,673		6,411		865		13.5	%	7,076		6,207		869		14.0	%

Interest and fees on loans	$	844	$	786	$	735	$	744	$	706	$	138	19.5	%	$	2,365	$	1,966	$	399	20.3	%
Other income	$	74	$	54	$	61	$	60	$	55	$	19	34.5	%	$	189	$	157	$	32	20.4	%


LIFESTYLE
Purchase volume(1)	$	1,490	$	1,580	$	1,302	$	1,498	$	1,374	$	116	8.4	%	$	4,372	$	4,000	$	372	9.3	%
Period-end loan receivables	$	6,483	$	6,280	$	5,971	$	5,970	$	5,686	$	797	14.0	%	$	6,483	$	5,686	$	797	14.0	%
Average loan receivables, including held for sale	$	6,383	$	6,106	$	5,919	$	5,772	$	5,610	$	773	13.8	%	$	6,137	$	5,478	$	659	12.0	%
Average active accounts (in thousands)(3)	2,556		2,529		2,611		2,585		2,524		32		1.3	%	2,572		2,546		26		1.0	%

Interest and fees on loans	$	249	$	232	$	223	$	221	$	208	$	41	19.7	%	$	704	$	593	$	111	18.7	%
Other income	$	8	$	7	$	7	$	7	$	8	$	—	—	%	$	22	$	21	$	1	4.8	%


CORP, OTHER(4)
Purchase volume(1)(2)	$	—	$	—	$	2	$	—	$	1	$	(1)	(100.0)	%	$	2	$	5,772	$	(5,770)	(100.0)	%
Period-end loan receivables	$	173	$	181	$	198	$	204	$	228	$	(55)	(24.1)	%	$	173	$	228	$	(55)	(24.1)	%
Average loan receivables, including held for sale	$	177	$	190	$	202	$	211	$	250	$	(73)	(29.2)	%	$	190	$	2,715	$	(2,525)	(93.0)	%
Average active accounts (in thousands)(2)(3)	75		85		104		117		152		(77)		(50.7)	%	88		3,407		(3,319)		(97.4)	%

Interest and fees on loans	$	(7)	$	6	$	—	$	2	$	2	$	(9)	NM		$	(1)	$	476	$	(477)	(100.2)	%
Other income	$	16	$	(4)	$	(15)	$	(4)	$	2	$	14	NM		$	(3)	$	218	$	(221)	(101.4)	%


TOTAL SYF
Purchase volume(1)(2)	$	47,006	$	47,276	$	41,557	$	47,923	$	44,557	$	2,449	5.5	%	$	135,839	$	132,264	$	3,575	2.7	%
Period-end loan receivables	$	97,873	$	94,801	$	91,129	$	92,470	$	86,012	$	11,861	13.8	%	$	97,873	$	86,012	$	11,861	13.8	%
Average loan receivables, including held for sale	$	96,230	$	92,489	$	90,815	$	88,436	$	84,038	$	12,192	14.5	%	$	93,198	$	83,404	$	9,794	11.7	%
Average active accounts (in thousands)(2)(3)	70,308		69,517		69,494		68,373		66,266		4,042		6.1	%	69,842		68,517		1,325		1.9	%

Interest and fees on loans	$	5,151	$	4,812	$	4,616	$	4,576	$	4,258	$	893	21.0	%	$	14,579	$	12,305	$	2,274	18.5	%
Other income	$	92	$	61	$	65	$	30	$	44	$	48	109.1	%	$	218	$	350	$	(132)	(37.7)	%



(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) YTD 2022 includes activity and balances associated with Gap Inc. and BP portfolios which were both sold in 2Q 2022.


SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	13,767	$	13,380	$	13,193	$	12,873	$	13,012
Less: Preferred stock	(734)		(734)		(734)		(734)		(734)
Less: Goodwill	(1,105)		(1,105)		(1,105)		(1,105)		(1,105)
Less: Intangible assets, net	(1,169)		(1,226)		(1,297)		(1,287)		(1,033)
Tangible common equity	$	10,759	$	10,315	$	10,057	$	9,747	$	10,140
Add: CECL transition amount	1,146		1,146		1,146		1,719		1,719



Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	267		267		270		293		419
Common equity Tier 1	$	12,172	$	11,728	$	11,473	$	11,759	$	12,278
Preferred stock	734		734		734		734		734
Tier 1 capital	$	12,906	$	12,462	$	12,207	$	12,493	$	13,012

Add: Subordinated debt	741		741		740		—		—
Add: Allowance for credit losses includible in risk-based capital	1,317		1,276		1,233		1,220		1,142
Total Risk-based capital	$	14,964	$	14,479	$	14,180	$	13,713	$	14,154

ASSET MEASURES(2)
Total average assets	$	110,335	$	108,401	$	105,842	$	102,206	$	98,694
Adjustments for:
Add: CECL transition amount	1,146		1,146		1,146		1,719		1,719
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,984)		(2,035)		(2,081)		(2,046)		(1,776)

Total assets for leverage purposes	$	109,497	$	107,512	$	104,907	$	101,879	$	98,637


Risk-weighted assets	$	97,987	$	95,060	$	91,873	$	91,596	$	85,664

CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	12,906	$	12,462	$	12,207	$	12,493	$	13,012
Less: CECL transition adjustment	(1,146)		(1,146)		(1,146)		(1,719)		(1,719)
Tier 1 capital (CECL fully phased-in)	$	11,760	$	11,316	$	11,061	$	10,774	$	11,293
Add: Allowance for credit losses	10,176		9,804		9,517		9,527		9,102
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	21,936	$	21,120	$	20,578	$	20,301	$	20,395

Risk-weighted assets	$	97,987	$	95,060	$	91,873	$	91,596	$	85,664
Less: CECL transition adjustment	(580)		(580)		(580)		(870)		(870)
Risk-weighted assets (CECL fully phased-in)	$	97,407	$	94,480	$	91,293	$	90,726	$	84,794

TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	31.50	$	30.25	$	29.08	$	27.70	$	26.76
Less: Goodwill	(2.67)		(2.65)		(2.58)		(2.52)		(2.41)
Less: Intangible assets, net	(2.83)		(2.93)		(3.02)		(2.94)		(2.25)
Tangible common equity per share	$	26.00	$	24.67	$	23.48	$	22.24	$	22.10

(1) Regulatory measures at September 30, 2023 are presented on an estimated basis.
(2) Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022 through 2024. Capital ratios for 2023 and 2022 reflect 50% and 25%, respectively, of the phase-in of CECL effects.