Document


SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		4Q'23 vs. 4Q'22				Dec 31, 2023		Dec 31, 2022		YTD'23 vs. YTD'22
EARNINGS
Net interest income	$	4,466	$	4,362	$	4,120	$	4,051	$	4,106	$	360	8.8	%	$	16,999	$	15,625	$	1,374	8.8	%
Retailer share arrangements	(878)		(979)		(887)		(917)		(1,043)		165		(15.8)	%	(3,661)		(4,331)		670		(15.5)	%

Provision for credit losses	1,804		1,488		1,383		1,290		1,201		603		50.2	%	5,965		3,375		2,590		76.7	%
Net interest income, after retailer share arrangements and provision for credit losses	1,784		1,895		1,850		1,844		1,862		(78)		(4.2)	%	7,373		7,919		(546)		(6.9)	%
Other income	71		92		61		65		30		41		136.7	%	289		380		(91)		(23.9)	%
Other expense	1,316		1,154		1,169		1,119		1,151		165		14.3	%	4,758		4,337		421		9.7	%
Earnings before provision for income taxes	539		833		742		790		741		(202)		(27.3)	%	2,904		3,962		(1,058)		(26.7)	%
Provision for income taxes	99		205		173		189		164		(65)		(39.6)	%	666		946		(280)		(29.6)	%
Net earnings	$	440	$	628	$	569	$	601	$	577	$	(137)	(23.7)	%	$	2,238	$	3,016	$	(778)	(25.8)	%
Net earnings available to common stockholders	$	429	$	618	$	559	$	590	$	567	$	(138)	(24.3)	%	$	2,196	$	2,974	$	(778)	(26.2)	%



COMMON SHARE STATISTICS
Basic EPS	$	1.04	$	1.49	$	1.32	$	1.36	$	1.27	$	(0.23)	(18.1)	%	$	5.21	$	6.19	$	(0.98)	(15.8)	%
Diluted EPS	$	1.03	$	1.48	$	1.32	$	1.35	$	1.26	$	(0.23)	(18.3)	%	$	5.19	$	6.15	$	(0.96)	(15.6)	%

Dividend declared per share	$	0.25	$	0.25	$	0.23	$	0.23	$	0.23	$	0.02	8.7	%	$	0.96	$	0.90	$	0.06	6.7	%
Common stock price	$	38.19	$	30.57	$	33.92	$	29.08	$	32.86	$	5.33	16.2	%	$	38.19	$	32.86	$	5.33	16.2	%
Book value per share	$	32.36	$	31.50	$	30.25	$	29.08	$	27.70	$	4.66	16.8	%	$	32.36	$	27.70	$	4.66	16.8	%
Tangible common equity per share(1)(2)	$	27.59	$	27.18	$	25.89	$	24.71	$	23.49	$	4.10	17.5	%	$	27.59	$	23.49	$	4.10	17.5	%

Beginning common shares outstanding	413.8		418.1		428.4		438.2		458.9		(45.1)		(9.8)	%	438.2		526.8		(88.6)		(16.8)	%
Issuance of common shares	—		—		—		—		—		—		NM		—		—		—		NM
Stock-based compensation	0.4		0.2		0.2		1.5		0.1		0.3		300.0	%	2.3		2.1		0.2		9.5	%
Shares repurchased	(7.3)		(4.5)		(10.5)		(11.3)		(20.8)		13.5		(64.9)	%	(33.6)		(90.7)		57.1		(63.0)	%
Ending common shares outstanding	406.9		413.8		418.1		428.4		438.2		(31.3)		(7.1)	%	406.9		438.2		(31.3)		(7.1)	%

Weighted average common shares outstanding	411.9		416.0		422.7		434.4		445.8		(33.9)		(7.6)	%	421.2		480.4		(59.2)		(12.3)	%
Weighted average common shares outstanding (fully diluted)	414.6		418.4		424.2		437.2		448.9		(34.3)		(7.6)	%	423.5		483.4		(59.9)		(12.4)	%

(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.
(2) Prior period amounts have been recast to reflect the change in presentation of contract costs related to our retailer partner agreements on our Statement of Financial Condition. See Statements of Financial Position for additional information.


SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions)
	Quarter Ended																			Twelve Months Ended
	Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			4Q'23 vs. 4Q'22				Dec 31, 2023			Dec 31, 2022			YTD'23 vs. YTD'22
PERFORMANCE METRICS
Return on assets(1)	1.5		%	2.3		%	2.1		%	2.3		%	2.2		%			(0.7)	%	2.0		%	3.1		%			(1.1)	%
Return on equity(2)	12.4		%	18.1		%	17.0		%	18.2		%	17.5		%			(5.1)	%	16.4		%	22.6		%			(6.2)	%
Return on tangible common equity(3)(11)	14.7		%	21.9		%	20.6		%	22.1		%	21.1		%			(6.4)	%	19.8		%	27.3		%			(7.5)	%



Net interest margin(4)	15.10		%	15.36		%	14.94		%	15.22		%	15.58		%			(0.48)	%	15.15		%	15.63		%			(0.48)	%
Efficiency ratio(5)	36.0		%	33.2		%	35.5		%	35.0		%	37.2		%			(1.2)	%	34.9		%	37.2		%			(2.3)	%
Other expense as a % of average loan receivables, including held for sale	5.24		%	4.76		%	5.07		%	5.00		%	5.16		%			0.08	%	5.02		%	5.12		%			(0.10)	%
Effective income tax rate	18.4		%	24.6		%	23.3		%	23.9		%	22.1		%			(3.7)	%	22.9		%	23.9		%			(1.0)	%


CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	5.58		%	4.60		%	4.75		%	4.49		%	3.48		%			2.10	%	4.87		%	3.00		%			1.87	%
30+ days past due as a % of period-end loan receivables(6)	4.74		%	4.40		%	3.84		%	3.81		%	3.65		%			1.09	%	4.74		%	3.65		%			1.09	%
90+ days past due as a % of period-end loan receivables(6)	2.28		%	2.06		%	1.77		%	1.87		%	1.69		%			0.59	%	2.28		%	1.69		%			0.59	%
Net charge-offs	$	1,402		$	1,116		$	1,096		$	1,006		$	776		$	626	80.7	%	$	4,620		$	2,536		$	2,084	82.2	%
Loan receivables delinquent over 30 days(6)	$	4,885		$	4,304		$	3,641		$	3,474		$	3,377		$	1,508	44.7	%	$	4,885		$	3,377		$	1,508	44.7	%
Loan receivables delinquent over 90 days(6)	$	2,353		$	2,020		$	1,677		$	1,705		$	1,562		$	791	50.6	%	$	2,353		$	1,562		$	791	50.6	%

Allowance for credit losses (period-end)	$	10,571		$	10,176		$	9,804		$	9,517		$	9,527		$	1,044	11.0	%	$	10,571		$	9,527		$	1,044	11.0	%
Allowance coverage ratio(7)	10.26		%	10.40		%	10.34		%	10.44		%	10.30		%			(0.04)	%	10.26		%	10.30		%			(0.04)	%

BUSINESS METRICS
Purchase volume(8)(9)	$	49,339		$	47,006		$	47,276		$	41,557		$	47,923		$	1,416	3.0	%	$	185,178		$	180,187		$	4,991	2.8	%
Period-end loan receivables	$	102,988		$	97,873		$	94,801		$	91,129		$	92,470		$	10,518	11.4	%	$	102,988		$	92,470		$	10,518	11.4	%
Credit cards	$	97,043		$	92,078		$	89,299		$	86,113		$	87,630		$	9,413	10.7	%	$	97,043		$	87,630		$	9,413	10.7	%
Consumer installment loans	$	3,977		$	3,784		$	3,548		$	3,204		$	3,056		$	921	30.1	%	$	3,977		$	3,056		$	921	30.1	%
Commercial credit products	$	1,839		$	1,879		$	1,826		$	1,690		$	1,682		$	157	9.3	%	$	1,839		$	1,682		$	157	9.3	%
Other	$	129		$	132		$	128		$	122		$	102		$	27	26.5	%	$	129		$	102		$	27	26.5	%
Average loan receivables, including held for sale	$	99,683		$	96,230		$	92,489		$	90,815		$	88,436		$	11,247	12.7	%	$	94,832		$	84,672		$	10,160	12.0	%
Period-end active accounts (in thousands)(10)	73,484			70,137			70,269			68,589			70,763			2,721		3.8	%	73,484			70,763			2,721		3.8	%
Average active accounts (in thousands)(9)(10)	71,526			70,308			69,517			69,494			68,373			3,153		4.6	%	70,337			68,627			1,710		2.5	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	14,259		$	15,643		$	12,706		$	15,303		$	10,294		$	3,965	38.5	%	$	14,259		$	10,294		$	3,965	38.5	%
Total liquid assets	$	16,808		$	17,598		$	16,448		$	18,778		$	14,201		$	2,607	18.4	%	$	16,808		$	14,201		$	2,607	18.4	%
Undrawn credit facilities
Undrawn credit facilities	$	2,950		$	2,950		$	2,950		$	2,950		$	2,950		$	—	—	%	$	2,950		$	2,950		$	—	—	%
Total liquid assets and undrawn credit facilities(12)	$	19,758		$	20,548		$	19,398		$	21,728		$	17,151		$	2,607	15.2	%	$	19,758		$	17,151		$	2,607	15.2	%
Liquid assets % of total assets	14.31		%	15.58		%	15.13		%	17.41		%	13.58		%			0.73	%	14.31		%	13.58		%			0.73	%
Liquid assets including undrawn credit facilities % of total assets	16.82		%	18.19		%	17.85		%	20.15		%	16.40		%			0.42	%	16.82		%	16.40		%			0.42	%



(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.
(11) Prior period amounts have been recast to reflect the change in presentation of contract costs related to our retailer partner agreements on our Statement of Financial Condition. See Statements of Financial Position for additional information.
(12) Excludes available borrowing capacity related to unencumbered assets.


SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		4Q'23 vs. 4Q'22				Dec 31, 2023		Dec 31, 2022		YTD'23 vs. YTD'22
Interest income:
Interest and fees on loans	$	5,323	$	5,151	$	4,812	$	4,616	$	4,576	$	747	16.3	%	$	19,902	$	16,881	$	3,021	17.9	%
Interest on cash and debt securities	226		203		209		170		132		94		71.2	%	808		265		543		204.9	%
Total interest income	5,549		5,354		5,021		4,786		4,708		841		17.9	%	20,710		17,146		3,564		20.8	%

Interest expense:
Interest on deposits	878		800		717		557		441		437		99.1	%	2,952		1,008		1,944		192.9	%
Interest on borrowings of consolidated securitization entities	99		86		78		77		69		30		43.5	%	340		196		144		73.5	%
Interest on senior unsecured notes	106		106		106		101		92		14		15.2	%	419		317		102		32.2	%

Total interest expense	1,083		992		901		735		602		481		79.9	%	3,711		1,521		2,190		144.0	%

Net interest income	4,466		4,362		4,120		4,051		4,106		360		8.8	%	16,999		15,625		1,374		8.8	%

Retailer share arrangements	(878)		(979)		(887)		(917)		(1,043)		165		(15.8)	%	(3,661)		(4,331)		670		(15.5)	%


Provision for credit losses	1,804		1,488		1,383		1,290		1,201		603		50.2	%	5,965		3,375		2,590		76.7	%
Net interest income, after retailer share arrangements and provision for credit losses	1,784		1,895		1,850		1,844		1,862		(78)		(4.2)	%	7,373		7,919		(546)		(6.9)	%

Other income:
Interchange revenue	270		267		262		232		251		19		7.6	%	1,031		982		49		5.0	%
Protection product revenue(1)	139		131		125		115		102		37		36.3	%	510		387		123		31.8	%
Loyalty programs	(369)		(358)		(345)		(298)		(351)		(18)		5.1	%	(1,370)		(1,257)		(113)		9.0	%
Other	31		52		19		16		28		3		10.7	%	118		268		(150)		(56.0)	%
Total other income	71		92		61		65		30		41		136.7	%	289		380		(91)		(23.9)	%

Other expense:
Employee costs	538		444		451		451		459		79		17.2	%	1,884		1,681		203		12.1	%
Professional fees	228		219		209		186		233		(5)		(2.1)	%	842		832		10		1.2	%
Marketing and business development	138		125		133		131		121		17		14.0	%	527		487		40		8.2	%
Information processing	190		177		179		166		165		25		15.2	%	712		623		89		14.3	%
Other	222		189		197		185		173		49		28.3	%	793		714		79		11.1	%
Total other expense	1,316		1,154		1,169		1,119		1,151		165		14.3	%	4,758		4,337		421		9.7	%

Earnings before provision for income taxes	539		833		742		790		741		(202)		(27.3)	%	2,904		3,962		(1,058)		(26.7)	%
Provision for income taxes	99		205		173		189		164		(65)		(39.6)	%	666		946		(280)		(29.6)	%
Net earnings	$	440	$	628	$	569	$	601	$	577	$	(137)	(23.7)	%	$	2,238	$	3,016	$	(778)	(25.8)	%

Net earnings available to common stockholders	$	429	$	618	$	559	$	590	$	567	$	(138)	(24.3)	%	$	2,196	$	2,974	$	(778)	(26.2)	%

(1) Protection product revenue, previously captioned 'Debt cancellation fees', represents fees earned from our debt cancellation product offered to our credit card customers.


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023 vs. Dec 31, 2022
Assets
Cash and equivalents	$	14,259	$	15,643	$	12,706	$	15,303	$	10,294	$	3,965	38.5	%
Debt securities	3,799		2,882		4,294		4,008		4,879		(1,080)		(22.1)	%
Loan receivables:
Unsecuritized loans held for investment	81,554		78,470		75,532		72,079		72,638		8,916		12.3	%
Restricted loans of consolidated securitization entities	21,434		19,403		19,269		19,050		19,832		1,602		8.1	%
Total loan receivables	102,988		97,873		94,801		91,129		92,470		10,518		11.4	%
Less: Allowance for credit losses	(10,571)		(10,176)		(9,804)		(9,517)		(9,527)		(1,044)		11.0	%
Loan receivables, net	92,417		87,697		84,997		81,612		82,943		9,474		11.4	%

Goodwill	1,018		1,105		1,105		1,105		1,105		(87)		(7.9)	%
Intangible assets, net(1)	815		680		717		768		742		73		9.8	%
Other assets(1)	4,915		4,932		4,878		5,057		4,601		314		6.8	%
Assets held for sale	256		—		—		—		—		256		NM
Total assets	$	117,479	$	112,939	$	108,697	$	107,853	$	104,564	$	12,915	12.4	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	80,789	$	77,669	$	75,344	$	74,008	$	71,336	$	9,453	13.3	%
Non-interest-bearing deposit accounts	364		397		421		417		399		(35)		(8.8)	%
Total deposits	81,153		78,066		75,765		74,425		71,735		9,418		13.1	%
Borrowings:
Borrowings of consolidated securitization entities	7,267		6,519		5,522		6,228		6,227		1,040		16.7	%

Senior and Subordinated unsecured notes	8,715		8,712		8,709		8,706		7,964		751		9.4	%

Total borrowings	15,982		15,231		14,231		14,934		14,191		1,791		12.6	%
Accrued expenses and other liabilities	6,334		5,875		5,321		5,301		5,765		569		9.9	%
Liabilities held for sale	107		—		—		—		—		107		NM
Total liabilities	103,576		99,172		95,317		94,660		91,691		11,885		13.0	%
Equity:
Preferred stock	734		734		734		734		734		—		—	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,775		9,750		9,727		9,705		9,718		57		0.6	%
Retained earnings	18,662		18,338		17,828		17,369		16,716		1,946		11.6	%
Accumulated other comprehensive income (loss)	(68)		(96)		(96)		(102)		(125)		57		(45.6)	%
Treasury stock	(15,201)		(14,960)		(14,814)		(14,514)		(14,171)		(1,030)		7.3	%
Total equity	13,903		13,767		13,380		13,193		12,873		1,030		8.0	%
Total liabilities and equity	$	117,479	$	112,939	$	108,697	$	107,853	$	104,564	$	12,915	12.4	%



(1) At December 31, 2023, contract costs related to our retailer partner agreements of $489 million previously classified as Intangible Assets are now presented as a component of Other Assets on our Consolidated Statement of Financial Position. Reclassifications of prior period amounts have been made to conform with the current presentation. Prior period amounts subject to reclassification were $489 million, $509 million, $529 million and $545 million at September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.


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

	Quarter Ended
	Dec 31, 2023						Sep 30, 2023						Jun 30, 2023						Mar 31, 2023						Dec 31, 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	$	13,762	$	188	5.42	%	$	12,753	$	172	5.35	%	$	14,198	$	178	5.03	%	$	12,365	$	140	4.59	%	$	11,092	$	104	3.72	%
Securities available for sale	3,895		38		3.87	%	3,706		31		3.32	%	3,948		31		3.15	%	4,772		30		2.55	%	5,002		28		2.22	%

Loan receivables, including held for sale:
Credit cards	93,744		5,162		21.85	%	90,587		5,003		21.91	%	87,199		4,679		21.52	%	85,904		4,497		21.23	%	83,597		4,462		21.18	%
Consumer installment loans	3,875		116		11.88	%	3,656		108		11.72	%	3,359		94		11.22	%	3,103		83		10.85	%	2,991		78		10.35	%
Commercial credit products	1,934		42		8.62	%	1,861		38		8.10	%	1,808		36		7.99	%	1,697		34		8.13	%	1,757		34		7.68	%
Other	130		3		9.16	%	126		2		6.30	%	123		3		9.78	%	111		2		7.31	%	91		2		8.72	%
Total loan receivables, including held for sale	99,683		5,323		21.19	%	96,230		5,151		21.24	%	92,489		4,812		20.87	%	90,815		4,616		20.61	%	88,436		4,576		20.53	%
Total interest-earning assets	117,340		5,549		18.76	%	112,689		5,354		18.85	%	110,635		5,021		18.20	%	107,952		4,786		17.98	%	104,530		4,708		17.87	%

Non-interest-earning assets:
Cash and due from banks	886						964						976						1,024						1,071
Allowance for credit losses	(10,243)						(9,847)						(9,540)						(9,262)						(9,167)
Other assets	6,616						6,529						6,330						6,128						5,772
Total non-interest-earning assets	(2,741)						(2,354)						(2,234)						(2,110)						(2,324)

Total assets	$	114,599					$	110,335					$	108,401					$	105,842					$	102,206

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	78,892	$	878	4.42	%	$	75,952	$	800	4.18	%	$	74,812	$	717	3.84	%	$	72,216	$	557	3.13	%	$	69,343	$	441	2.52	%
Borrowings of consolidated securitization entities	6,903		99		5.69	%	6,096		86		5.60	%	5,863		78		5.34	%	6,229		77		5.01	%	6,231		69		4.39	%

Senior and Subordinated unsecured notes	8,712		106		4.83	%	8,710		106		4.83	%	8,707		106		4.88	%	8,442		101		4.85	%	7,962		92		4.58	%

Total interest-bearing liabilities	94,507		1,083		4.55	%	90,758		992		4.34	%	89,382		901		4.04	%	86,887		735		3.43	%	83,536		602		2.86	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	379						401						420						411						388
Other liabilities	5,652						5,418						5,164						5,130						5,217
Total non-interest-bearing liabilities	6,031						5,819						5,584						5,541						5,605

Total liabilities	100,538						96,577						94,966						92,428						89,141

Equity
Total equity	14,061						13,758						13,435						13,414						13,065

Total liabilities and equity	$	114,599					$	110,335					$	108,401					$	105,842					$	102,206
Net interest income			$	4,466					$	4,362					$	4,120					$	4,051					$	4,106

Interest rate spread(1)					14.22	%					14.51	%					14.16	%					14.55	%					15.01	%
Net interest margin(2)					15.10	%					15.36	%					14.94	%					15.22	%					15.58	%



(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, 2023						Twelve Months Ended Dec 31, 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	$	13,272	$	678	5.11	%	$	10,215	$	194	1.90	%
Securities available for sale	4,077		130		3.19	%	5,108		71		1.39	%

Loan receivables, including held for sale:
Credit cards	89,383		19,341		21.64	%	80,119		16,471		20.56	%
Consumer installment loans	3,501		401		11.45	%	2,834		287		10.13	%
Commercial credit products	1,826		150		8.21	%	1,642		117		7.13	%
Other	122		10		8.20	%	77		6		7.79	%
Total loan receivables, including held for sale	94,832		19,902		20.99	%	84,672		16,881		19.94	%
Total interest-earning assets	112,181		20,710		18.46	%	99,995		17,146		17.15	%

Non-interest-earning assets:
Cash and due from banks	962						1,472
Allowance for credit losses	(9,726)						(8,844)
Other assets	6,402						5,529
Total non-interest-earning assets	(2,362)						(1,843)

Total assets	$	109,819					$	98,152

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	75,487	$	2,952	3.91	%	$	65,624	$	1,008	1.54	%
Borrowings of consolidated securitization entities	6,274		340		5.42	%	6,468		196		3.03	%

Senior and subordinated unsecured notes	8,644		419		4.85	%	7,315		317		4.33	%

Total interest-bearing liabilities	90,405		3,711		4.10	%	79,407		1,521		1.92	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	402						382
Other liabilities	5,343						4,991
Total non-interest-bearing liabilities	5,745						5,373

Total liabilities	96,150						84,780

Equity
Total equity	13,669						13,372

Total liabilities and equity	$	109,819					$	98,152
Net interest income			$	16,999					$	15,625

Interest rate spread(1)					14.36	%					15.23	%
Net interest margin(2)					15.15	%					15.63	%

(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, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Dec 31, 2023 vs. Dec 31, 2022
BALANCE SHEET STATISTICS
Total common equity	$	13,169		$	13,033		$	12,646		$	12,459		$	12,139		$	1,030	8.5	%
Total common equity as a % of total assets	11.21		%	11.54		%	11.63		%	11.55		%	11.61		%			(0.40)	%

Tangible assets(7)	$	115,535		$	111,154		$	106,875		$	105,980		$	102,717		$	12,818	12.5	%
Tangible common equity(1)(7)	$	11,225		$	11,248		$	10,824		$	10,586		$	10,292		$	933	9.1	%
Tangible common equity as a % of tangible assets(1)(7)	9.72		%	10.12		%	10.13		%	9.99		%	10.02		%			(0.30)	%
Tangible common equity per share(1)(7)	$	27.59		$	27.18		$	25.89		$	24.71		$	23.49		$	4.10	17.5	%

REGULATORY CAPITAL RATIOS(2)(3)(7)
	Basel III - CECL Transition
Total risk-based capital ratio(4)	14.9		%	15.7		%	15.7		%	15.9		%	15.5		%
Tier 1 risk-based capital ratio(5)	12.9		%	13.6		%	13.6		%	13.8		%	14.1		%

Tier 1 leverage ratio(6)	11.7		%	12.2		%	12.0		%	12.1		%	12.7		%
Common equity Tier 1 capital ratio	12.2		%	12.8		%	12.8		%	13.0		%	13.3		%



(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 December 31, 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.
(7) Prior period amounts have been recast to reflect the change in presentation of contract costs related to our retailer partner agreements on our Statement of Financial Condition. See Statements of Financial Position for additional information.


SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		4Q'23 vs. 4Q'22				Dec 31, 2023		Dec 31, 2022		YTD'23 vs. YTD'22
HOME & AUTO
Purchase volume(1)	$	11,421	$	12,273	$	12,853	$	10,863	$	11,860	$	(439)	(3.7)	%	$	47,410	$	47,288	$	122	0.3	%
Period-end loan receivables	$	31,969	$	31,648	$	30,926	$	29,733	$	29,978	$	1,991	6.6	%	$	31,969	$	29,978	$	1,991	6.6	%
Average loan receivables, including held for sale	$	31,720	$	31,239	$	30,210	$	29,690	$	29,402	$	2,318	7.9	%	$	30,722	$	27,835	$	2,887	10.4	%
Average active accounts (in thousands)(3)	19,177		19,223		18,935		18,521		18,539		638		3.4	%	18,967		18,080		887		4.9	%

Interest and fees on loans	$	1,403	$	1,367	$	1,275	$	1,225	$	1,264	$	139	11.0	%	$	5,270	$	4,670	$	600	12.8	%
Other income	$	26	$	28	$	27	$	25	$	23	$	3	13.0	%	$	106	$	87	$	19	21.8	%




DIGITAL
Purchase volume(1)	$	15,510	$	13,808	$	13,472	$	12,261	$	14,794	$	716	4.8	%	$	55,051	$	51,394	$	3,657	7.1	%
Period-end loan receivables	$	28,925	$	26,685	$	25,758	$	24,944	$	25,522	$	3,403	13.3	%	$	28,925	$	25,522	$	3,403	13.3	%
Average loan receivables, including held for sale	$	27,553	$	26,266	$	25,189	$	24,982	$	23,931	$	3,622	15.1	%	$	26,005	$	22,185	$	3,820	17.2	%
Average active accounts (in thousands)(3)	21,177		20,768		20,559		20,564		20,073		1,104		5.5	%	20,793		19,421		1,372		7.1	%

Interest and fees on loans	$	1,579	$	1,530	$	1,422	$	1,363	$	1,322	$	257	19.4	%	$	5,894	$	4,599	$	1,295	28.2	%
Other income	$	(7)	$	(6)	$	(2)	$	1	$	(14)	$	7	(50.0)	%	$	(14)	$	(61)	$	47	(77.0)	%




DIVERSIFIED & VALUE
Purchase volume(1)	$	16,987	$	15,445	$	15,356	$	13,439	$	16,266	$	721	4.4	%	$	61,227	$	56,666	$	4,561	8.0	%
Period-end loan receivables	$	20,666	$	18,865	$	18,329	$	17,702	$	18,617	$	2,049	11.0	%	$	20,666	$	18,617	$	2,049	11.0	%
Average loan receivables, including held for sale	$	19,422	$	18,565	$	17,935	$	17,713	$	17,274	$	2,148	12.4	%	$	18,414	$	16,042	$	2,372	14.8	%
Average active accounts (in thousands)(3)	21,038		20,410		20,346		20,807		20,386		652		3.2	%	20,738		19,594		1,144		5.8	%

Interest and fees on loans	$	1,204	$	1,168	$	1,091	$	1,070	$	1,023	$	181	17.7	%	$	4,533	$	3,610	$	923	25.6	%
Other income	$	(30)	$	(28)	$	(21)	$	(14)	$	(42)	$	12	(28.6)	%	$	(93)	$	(105)	$	12	(11.4)	%




HEALTH & WELLNESS
Purchase volume(1)	$	3,870	$	3,990	$	4,015	$	3,690	$	3,505	$	365	10.4	%	$	15,565	$	13,569	$	1,996	14.7	%
Period-end loan receivables	$	14,521	$	14,019	$	13,327	$	12,581	$	12,179	$	2,342	19.2	%	$	14,521	$	12,179	$	2,342	19.2	%
Average loan receivables, including held for sale	$	14,251	$	13,600	$	12,859	$	12,309	$	11,846	$	2,405	20.3	%	$	13,261	$	10,975	$	2,286	20.8	%
Average active accounts (in thousands)(3)	7,447		7,276		7,063		6,887		6,673		774		11.6	%	7,169		6,326		843		13.3	%

Interest and fees on loans	$	866	$	844	$	786	$	735	$	744	$	122	16.4	%	$	3,231	$	2,710	$	521	19.2	%
Other income	$	82	$	74	$	54	$	61	$	60	$	22	36.7	%	$	271	$	217	$	54	24.9	%


LIFESTYLE
Purchase volume(1)	$	1,550	$	1,490	$	1,580	$	1,302	$	1,498	$	52	3.5	%	$	5,922	$	5,498	$	424	7.7	%
Period-end loan receivables	$	6,744	$	6,483	$	6,280	$	5,971	$	5,970	$	774	13.0	%	$	6,744	$	5,970	$	774	13.0	%
Average loan receivables, including held for sale	$	6,568	$	6,383	$	6,106	$	5,919	$	5,772	$	796	13.8	%	$	6,246	$	5,552	$	694	12.5	%
Average active accounts (in thousands)(3)	2,620		2,556		2,529		2,611		2,585		35		1.4	%	2,587		2,559		28		1.1	%

Interest and fees on loans	$	255	$	249	$	232	$	223	$	221	$	34	15.4	%	$	959	$	814	$	145	17.8	%
Other income	$	7	$	8	$	7	$	7	$	7	$	—	—	%	$	29	$	28	$	1	3.6	%


CORP, OTHER(4)
Purchase volume(1)(2)	$	1	$	—	$	—	$	2	$	—	$	1	NM		$	3	$	5,772	$	(5,769)	(99.9)	%
Period-end loan receivables	$	163	$	173	$	181	$	198	$	204	$	(41)	(20.1)	%	$	163	$	204	$	(41)	(20.1)	%
Average loan receivables, including held for sale	$	169	$	177	$	190	$	202	$	211	$	(42)	(19.9)	%	$	184	$	2,083	$	(1,899)	(91.2)	%
Average active accounts (in thousands)(2)(3)	67		75		85		104		117		(50)		(42.7)	%	83		2,647		(2,564)		(96.9)	%

Interest and fees on loans	$	16	$	(7)	$	6	$	—	$	2	$	14	NM		$	15	$	478	$	(463)	(96.9)	%
Other income	$	(7)	$	16	$	(4)	$	(15)	$	(4)	$	(3)	75.0	%	$	(10)	$	214	$	(224)	(104.7)	%


TOTAL SYF(4)
Purchase volume(1)(2)	$	49,339	$	47,006	$	47,276	$	41,557	$	47,923	$	1,416	3.0	%	$	185,178	$	180,187	$	4,991	2.8	%
Period-end loan receivables	$	102,988	$	97,873	$	94,801	$	91,129	$	92,470	$	10,518	11.4	%	$	102,988	$	92,470	$	10,518	11.4	%
Average loan receivables, including held for sale	$	99,683	$	96,230	$	92,489	$	90,815	$	88,436	$	11,247	12.7	%	$	94,832	$	84,672	$	10,160	12.0	%
Average active accounts (in thousands)(2)(3)	71,526		70,308		69,517		69,494		68,373		3,153		4.6	%	70,337		68,627		1,710		2.5	%

Interest and fees on loans	$	5,323	$	5,151	$	4,812	$	4,616	$	4,576	$	747	16.3	%	$	19,902	$	16,881	$	3,021	17.9	%
Other income	$	71	$	92	$	61	$	65	$	30	$	41	136.7	%	$	289	$	380	$	(91)	(23.9)	%



(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
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)(3)
GAAP Total equity	$	13,903	$	13,767	$	13,380	$	13,193	$	12,873
Less: Preferred stock	(734)		(734)		(734)		(734)		(734)
Less: Goodwill(4)	(1,105)		(1,105)		(1,105)		(1,105)		(1,105)
Less: Intangible assets, net(5)	(839)		(680)		(717)		(768)		(742)
Tangible common equity	$	11,225	$	11,248	$	10,824	$	10,586	$	10,292
Add: CECL transition amount	1,146		1,146		1,146		1,146		1,719



Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	229		255		255		258		281
Common equity Tier 1	$	12,600	$	12,649	$	12,225	$	11,990	$	12,292
Preferred stock	734		734		734		734		734
Tier 1 capital	$	13,334	$	13,383	$	12,959	$	12,724	$	13,026

Add: Subordinated debt	741		741		741		740		—
Add: Allowance for credit losses includible in risk-based capital	1,389		1,322		1,282		1,239		1,227
Total Risk-based capital	$	15,464	$	15,446	$	14,982	$	14,703	$	14,253

ASSET MEASURES(2)(3)
Total average assets	$	114,599	$	110,335	$	108,401	$	105,842	$	102,206
Adjustments for:
Add: CECL transition amount	1,146		1,146		1,146		1,146		1,719
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,671)		(1,507)		(1,537)		(1,564)		(1,513)

Total assets for leverage purposes	$	114,074	$	109,974	$	108,010	$	105,424	$	102,412


Risk-weighted assets	$	103,460	$	98,451	$	95,546	$	92,379	$	92,118

CECL FULLY PHASED-IN CAPITAL MEASURES(3)
Tier 1 capital	$	13,334	$	13,383	$	12,959	$	12,724	$	13,026
Less: CECL transition adjustment	(1,146)		(1,146)		(1,146)		(1,146)		(1,719)
Tier 1 capital (CECL fully phased-in)	$	12,188	$	12,237	$	11,813	$	11,578	$	11,307
Add: Allowance for credit losses	10,571		10,176		9,804		9,517		9,527
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	22,759	$	22,413	$	21,617	$	21,095	$	20,834

Risk-weighted assets	$	103,460	$	98,451	$	95,546	$	92,379	$	92,118
Less: CECL transition adjustment	(580)		(580)		(580)		(580)		(870)
Risk-weighted assets (CECL fully phased-in)	$	102,880	$	97,871	$	94,966	$	91,799	$	91,248

TANGIBLE COMMON EQUITY PER SHARE(3)
GAAP book value per share	$	32.36	$	31.50	$	30.25	$	29.08	$	27.70
Less: Goodwill	(2.72)		(2.67)		(2.65)		(2.58)		(2.52)
Less: Intangible assets, net	(2.05)		(1.65)		(1.71)		(1.79)		(1.69)
Tangible common equity per share	$	27.59	$	27.18	$	25.89	$	24.71	$	23.49

(1) Regulatory measures at December 31, 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.
(3) Prior period amounts have been recast to reflect the change in presentation of contract costs related to our retailer partner agreements on our Statement of Financial Condition. See Statements of Financial Position for additional information.
(4) At December 31, 2023, includes $87 million of goodwill classified as assets held for sale on the Consolidated Statement of Financial Position.
(5) At December 31, 2023, includes $24 million of intangible assets, net classified as assets held for sale on the Consolidated Statement of Financial Position.