Document


SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended														Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		3Q'24 vs. 3Q'23				Sep 30, 2024		Sep 30, 2023		YTD'24 vs. YTD'23
EARNINGS
Net interest income	$	4,609	$	4,405	$	4,405	$	4,466	$	4,362	$	247	5.7	%	$	13,419	$	12,533	$	886	7.1	%
Retailer share arrangements	(914)		(810)		(764)		(878)		(979)		65		(6.6)	%	(2,488)		(2,783)		295		(10.6)	%
Other income	119		117		1,157		71		92		27		29.3	%	1,393		218		1,175		NM
Net revenue	3,814		3,712		4,798		3,659		3,475		339		9.8	%	12,324		9,968		2,356		23.6	%
Provision for credit losses	1,597		1,691		1,884		1,804		1,488		109		7.3	%	5,172		4,161		1,011		24.3	%
Other expense	1,189		1,177		1,206		1,316		1,154		35		3.0	%	3,572		3,442		130		3.8	%
Earnings before provision for income taxes	1,028		844		1,708		539		833		195		23.4	%	3,580		2,365		1,215		51.4	%
Provision for income taxes	239		201		415		99		205		34		16.6	%	855		567		288		50.8	%
Net earnings	$	789	$	643	$	1,293	$	440	$	628	$	161	25.6	%	$	2,725	$	1,798	$	927	51.6	%
Net earnings available to common stockholders	$	768	$	624	$	1,282	$	429	$	618	$	150	24.3	%	$	2,674	$	1,767	$	907	51.3	%



COMMON SHARE STATISTICS
Basic EPS	$	1.96	$	1.56	$	3.17	$	1.04	$	1.49	$	0.47	31.5	%	$	6.71	$	4.16	$	2.55	61.3	%
Diluted EPS	$	1.94	$	1.55	$	3.14	$	1.03	$	1.48	$	0.46	31.1	%	$	6.65	$	4.14	$	2.51	60.6	%

Dividend declared per share	$	0.25	$	0.25	$	0.25	$	0.25	$	0.25	$	—	—	%	$	0.75	$	0.71	$	0.04	5.6	%
Common stock price	$	49.88	$	47.19	$	43.12	$	38.19	$	30.57	$	19.31	63.2	%	$	49.88	$	30.57	$	19.31	63.2	%
Book value per share	$	37.92	$	36.24	$	35.03	$	32.36	$	31.50	$	6.42	20.4	%	$	37.92	$	31.50	$	6.42	20.4	%
Tangible book value per share(1)	$	32.68	$	31.05	$	30.36	$	27.59	$	27.18	$	5.50	20.2	%	$	32.68	$	27.18	$	5.50	20.2	%

Beginning common shares outstanding	395.1		401.4		406.9		413.8		418.1		(23.0)		(5.5)	%	406.9		438.2		(31.3)		(7.1)	%
Issuance of common shares	—		—		—		—		—		—		NM		—		—		—		NM
Stock-based compensation	0.7		0.6		2.0		0.4		0.2		0.5		250.0	%	3.3		1.9		1.4		73.7	%
Shares repurchased	(6.6)		(6.9)		(7.5)		(7.3)		(4.5)		(2.1)		46.7	%	(21.0)		(26.3)		5.3		(20.2)	%
Ending common shares outstanding	389.2		395.1		401.4		406.9		413.8		(24.6)		(5.9)	%	389.2		413.8		(24.6)		(5.9)	%

Weighted average common shares outstanding	392.3		399.3		404.7		411.9		416.0		(23.7)		(5.7)	%	398.7		424.3		(25.6)		(6.0)	%
Weighted average common shares outstanding (fully diluted)	396.5		402.6		408.2		414.6		418.4		(21.9)		(5.2)	%	402.4		426.5		(24.1)		(5.7)	%

(1) Tangible book value per share is a non-GAAP measure, calculated based on Tangible common equity divided by common shares outstanding. For corresponding reconciliation of this measure 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, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			3Q'24 vs. 3Q'23				Sep 30, 2024			Sep 30, 2023			YTD'24 vs. YTD'23
PERFORMANCE METRICS
Return on assets(1)	2.6		%	2.2		%	4.4		%	1.5		%	2.3		%			0.3	%	3.0		%	2.2		%			0.8	%
Return on equity(2)	19.8		%	16.7		%	35.6		%	12.4		%	18.1		%			1.7	%	23.8		%	17.8		%			6.0	%
Return on tangible common equity(3)	24.3		%	20.2		%	43.6		%	14.7		%	21.9		%			2.4	%	29.1		%	21.5		%			7.6	%

Net interest margin(4)	15.04		%	14.46		%	14.55		%	15.10		%	15.36		%			(0.32)	%	14.68		%	15.17		%			(0.49)	%
Net revenue as a % of average loan receivables, including held for sale	14.87		%	14.71		%	19.11		%	14.56		%	14.33		%			0.54	%	16.22		%	14.30		%			1.92	%
Efficiency ratio(5)	31.2		%	31.7		%	25.1		%	36.0		%	33.2		%			(2.0)	%	29.0		%	34.5		%			(5.5)	%
Other expense as a % of average loan receivables, including held for sale	4.64		%	4.66		%	4.80		%	5.24		%	4.76		%			(0.12)	%	4.70		%	4.94		%			(0.24)	%
Effective income tax rate	23.2		%	23.8		%	24.3		%	18.4		%	24.6		%			(1.4)	%	23.9		%	24.0		%			(0.1)	%


CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	6.06		%	6.42		%	6.31		%	5.58		%	4.60		%			1.46	%	6.26		%	4.62		%			1.64	%
30+ days past due as a % of period-end loan receivables(6)	4.78		%	4.47		%	4.74		%	4.74		%	4.40		%			0.38	%	4.78		%	4.40		%			0.38	%
90+ days past due as a % of period-end loan receivables(6)	2.33		%	2.19		%	2.42		%	2.28		%	2.06		%			0.27	%	2.33		%	2.06		%			0.27	%
Net charge-offs	$	1,553		$	1,621		$	1,585		$	1,402		$	1,116		$	437	39.2	%	$	4,759		$	3,218		$	1,541	47.9	%
Loan receivables delinquent over 30 days(6)	$	4,883		$	4,574		$	4,820		$	4,885		$	4,304		$	579	13.5	%	$	4,883		$	4,304		$	579	13.5	%
Loan receivables delinquent over 90 days(6)	$	2,382		$	2,244		$	2,459		$	2,353		$	2,020		$	362	17.9	%	$	2,382		$	2,020		$	362	17.9	%

Allowance for credit losses (period-end)	$	11,029		$	10,982		$	10,905		$	10,571		$	10,176		$	853	8.4	%	$	11,029		$	10,176		$	853	8.4	%
Allowance coverage ratio(7)	10.79		%	10.74		%	10.72		%	10.26		%	10.40		%			0.39	%	10.79		%	10.40		%			0.39	%

BUSINESS METRICS
Purchase volume(8)	$	44,985		$	46,846		$	42,387		$	49,339		$	47,006		$	(2,021)	(4.3)	%	$	134,218		$	135,839		$	(1,621)	(1.2)	%
Period-end loan receivables	$	102,193		$	102,284		$	101,733		$	102,988		$	97,873		$	4,320	4.4	%	$	102,193		$	97,873		$	4,320	4.4	%
Credit cards	$	94,008		$	94,091		$	93,736		$	97,043		$	92,078		$	1,930	2.1	%	$	94,008		$	92,078		$	1,930	2.1	%
Consumer installment loans	$	6,125		$	6,072		$	5,957		$	3,977		$	3,784		$	2,341	61.9	%	$	6,125		$	3,784		$	2,341	61.9	%
Commercial credit products	$	1,936		$	2,003		$	1,912		$	1,839		$	1,879		$	57	3.0	%	$	1,936		$	1,879		$	57	3.0	%
Other	$	124		$	118		$	128		$	129		$	132		$	(8)	(6.1)	%	$	124		$	132		$	(8)	(6.1)	%
Average loan receivables, including held for sale	$	102,009		$	101,478		$	100,957		$	99,683		$	96,230		$	5,779	6.0	%	$	101,484		$	93,198		$	8,286	8.9	%
Period-end active accounts (in thousands)(9)	69,965			70,991			70,754			73,484			70,137			(172)		(0.2)	%	69,965			70,137			(172)		(0.2)	%
Average active accounts (in thousands)(9)	70,424			70,974			71,667			71,526			70,308			116		0.2	%	71,052			69,842			1,210		1.7	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	17,934		$	18,632		$	20,021		$	14,259		$	15,643		$	2,291	14.6	%	$	17,934		$	15,643		$	2,291	14.6	%
Total liquid assets	$	19,704		$	20,051		$	21,929		$	16,808		$	17,598		$	2,106	12.0	%	$	19,704		$	17,598		$	2,106	12.0	%
Undrawn credit facilities
Undrawn credit facilities	$	2,700		$	2,950		$	2,950		$	2,950		$	2,950		$	(250)	(8.5)	%	$	2,700		$	2,950		$	(250)	(8.5)	%
Total liquid assets and undrawn credit facilities(10)	$	22,404		$	23,001		$	24,879		$	19,758		$	20,548		$	1,856	9.0	%	$	22,404		$	20,548		$	1,856	9.0	%
Liquid assets % of total assets	16.53		%	16.64		%	18.10		%	14.31		%	15.58		%			0.95	%	16.53		%	15.58		%			0.95	%
Liquid assets including undrawn credit facilities % of total assets	18.79		%	19.09		%	20.53		%	16.82		%	18.19		%			0.60	%	18.79		%	18.19		%			0.60	%



(1) Return on assets represents annualized net earnings as a percentage of average total assets.
(2) Return on equity represents annualized net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents annualized 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 annualized net interest income divided by average total 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) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
(10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets.


SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended														Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		3Q'24 vs. 3Q'23				Sep 30, 2024		Sep 30, 2023		YTD'24 vs. YTD'23
Interest income:
Interest and fees on loans	$	5,522	$	5,301	$	5,293	$	5,323	$	5,151	$	371	7.2	%	$	16,116	$	14,579	$	1,537	10.5	%
Interest on cash and debt securities	263		281		275		226		203		60		29.6	%	819		582		237		40.7	%
Total interest income	5,785		5,582		5,568		5,549		5,354		431		8.1	%	16,935		15,161		1,774		11.7	%

Interest expense:
Interest on deposits	968		967		954		878		800		168		21.0	%	2,889		2,074		815		39.3	%
Interest on borrowings of consolidated securitization entities	108		110		105		99		86		22		25.6	%	323		241		82		34.0	%
Interest on senior unsecured notes	100		100		104		106		106		(6)		(5.7)	%	304		313		(9)		(2.9)	%

Total interest expense	1,176		1,177		1,163		1,083		992		184		18.5	%	3,516		2,628		888		33.8	%

Net interest income	4,609		4,405		4,405		4,466		4,362		247		5.7	%	13,419		12,533		886		7.1	%

Retailer share arrangements	(914)		(810)		(764)		(878)		(979)		65		(6.6)	%	(2,488)		(2,783)		295		(10.6)	%


Provision for credit losses	1,597		1,691		1,884		1,804		1,488		109		7.3	%	5,172		4,161		1,011		24.3	%
Net interest income, after retailer share arrangements and provision for credit losses	2,098		1,904		1,757		1,784		1,895		203		10.7	%	5,759		5,589		170		3.0	%

Other income:
Interchange revenue	256		263		241		270		267		(11)		(4.1)	%	760		761		(1)		(0.1)	%
Protection product revenue	145		125		141		139		131		14		10.7	%	411		371		40		10.8	%
Loyalty programs	(346)		(346)		(319)		(369)		(358)		12		(3.4)	%	(1,011)		(1,001)		(10)		1.0	%
Other	64		75		1,094		31		52		12		23.1	%	1,233		87		1,146		NM
Total other income	119		117		1,157		71		92		27		29.3	%	1,393		218		1,175		NM

Other expense:
Employee costs	464		434		496		538		444		20		4.5	%	1,394		1,346		48		3.6	%
Professional fees	231		236		220		228		219		12		5.5	%	687		614		73		11.9	%
Marketing and business development	123		129		125		138		125		(2)		(1.6)	%	377		389		(12)		(3.1)	%
Information processing	203		207		186		190		177		26		14.7	%	596		522		74		14.2	%
Other	168		171		179		222		189		(21)		(11.1)	%	518		571		(53)		(9.3)	%
Total other expense	1,189		1,177		1,206		1,316		1,154		35		3.0	%	3,572		3,442		130		3.8	%

Earnings before provision for income taxes	1,028		844		1,708		539		833		195		23.4	%	3,580		2,365		1,215		51.4	%
Provision for income taxes	239		201		415		99		205		34		16.6	%	855		567		288		50.8	%
Net earnings	$	789	$	643	$	1,293	$	440	$	628	$	161	25.6	%	$	2,725	$	1,798	$	927	51.6	%

Net earnings available to common stockholders	$	768	$	624	$	1,282	$	429	$	618	$	150	24.3	%	$	2,674	$	1,767	$	907	51.3	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024 vs. Sep 30, 2023
Assets
Cash and equivalents	$	17,934	$	18,632	$	20,021	$	14,259	$	15,643	$	2,291	14.6	%
Debt securities	2,345		2,693		3,005		3,799		2,882		(537)		(18.6)	%
Loan receivables:
Unsecuritized loans held for investment	81,005		82,144		81,642		81,554		78,470		2,535		3.2	%
Restricted loans of consolidated securitization entities	21,188		20,140		20,091		21,434		19,403		1,785		9.2	%
Total loan receivables	102,193		102,284		101,733		102,988		97,873		4,320		4.4	%
Less: Allowance for credit losses	(11,029)		(10,982)		(10,905)		(10,571)		(10,176)		(853)		8.4	%
Loan receivables, net	91,164		91,302		90,828		92,417		87,697		3,467		4.0	%

Goodwill	1,274		1,274		1,073		1,018		1,105		169		15.3	%
Intangible assets, net	765		776		800		815		680		85		12.5	%
Other assets	5,747		5,812		5,446		4,915		4,932		815		16.5	%
Assets held for sale	—		—		—		256		—		—		NM
Total assets	$	119,229	$	120,489	$	121,173	$	117,479	$	112,939	$	6,290	5.6	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	81,901	$	82,708	$	83,160	$	80,789	$	77,669	$	4,232	5.4	%
Non-interest-bearing deposit accounts	383		392		394		364		397		(14)		(3.5)	%
Total deposits	82,284		83,100		83,554		81,153		78,066		4,218		5.4	%
Borrowings:
Borrowings of consolidated securitization entities	8,015		7,517		8,016		7,267		6,519		1,496		22.9	%

Senior and Subordinated unsecured notes	7,617		8,120		8,117		8,715		8,712		(1,095)		(12.6)	%

Total borrowings	15,632		15,637		16,133		15,982		15,231		401		2.6	%
Accrued expenses and other liabilities	5,333		6,212		6,204		6,334		5,875		(542)		(9.2)	%
Liabilities held for sale	—		—		—		107		—		—		NM
Total liabilities	103,249		104,949		105,891		103,576		99,172		4,077		4.1	%
Equity:
Preferred stock	1,222		1,222		1,222		734		734		488		66.5	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,822		9,793		9,768		9,775		9,750		72		0.7	%
Retained earnings	20,975		20,310		19,790		18,662		18,338		2,637		14.4	%
Accumulated other comprehensive income (loss)	(50)		(73)		(69)		(68)		(96)		46		(47.9)	%
Treasury stock	(15,990)		(15,713)		(15,430)		(15,201)		(14,960)		(1,030)		6.9	%
Total equity	15,980		15,540		15,282		13,903		13,767		2,213		16.1	%
Total liabilities and equity	$	119,229	$	120,489	$	121,173	$	117,479	$	112,939	$	6,290	5.6	%


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

	Quarter Ended
	Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2023						Sep 30, 2023
			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(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	17,316	$	235	5.40	%	$	18,337	$	249	5.46	%	$	17,405	$	236	5.45	%	$	13,762	$	188	5.42	%	$	12,753	$	172	5.35	%
Securities available for sale	2,587		28		4.31	%	2,731		32		4.71	%	3,432		39		4.57	%	3,895		38		3.87	%	3,706		31		3.32	%

Loan receivables, including held for sale:
Credit cards	93,785		5,236		22.21	%	93,267		5,013		21.62	%	94,216		5,096		21.75	%	93,744		5,162		21.85	%	90,587		5,003		21.91	%
Consumer installment loans	6,107		238		15.50	%	6,085		243		16.06	%	4,734		149		12.66	%	3,875		116		11.88	%	3,656		108		11.72	%
Commercial credit products	1,992		46		9.19	%	2,001		43		8.64	%	1,878		45		9.64	%	1,934		42		8.62	%	1,861		38		8.10	%
Other	125		2		6.37	%	125		2		6.44	%	129		3		9.35	%	130		3		9.16	%	126		2		6.30	%
Total loan receivables, including held for sale	102,009		5,522		21.54	%	101,478		5,301		21.01	%	100,957		5,293		21.09	%	99,683		5,323		21.19	%	96,230		5,151		21.24	%
Total interest-earning assets	121,912		5,785		18.88	%	122,546		5,582		18.32	%	121,794		5,568		18.39	%	117,340		5,549		18.76	%	112,689		5,354		18.85	%

Non-interest-earning assets:
Cash and due from banks	847						887						944						886						964
Allowance for credit losses	(10,994)						(10,878)						(10,677)						(10,243)						(9,847)
Other assets	7,624						7,309						6,973						6,616						6,529
Total non-interest-earning assets	(2,523)						(2,682)						(2,760)						(2,741)						(2,354)

Total assets	$	119,389					$	119,864					$	119,034					$	114,599					$	110,335

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	82,100	$	968	4.69	%	$	82,749	$	967	4.70	%	$	82,598	$	954	4.65	%	$	78,892	$	878	4.42	%	$	75,952	$	800	4.18	%
Borrowings of consolidated securitization entities	7,817		108		5.50	%	7,858		110		5.63	%	7,383		105		5.72	%	6,903		99		5.69	%	6,096		86		5.60	%

Senior and Subordinated unsecured notes	7,968		100		4.99	%	8,118		100		4.95	%	8,630		104		4.85	%	8,712		106		4.83	%	8,710		106		4.83	%

Total interest-bearing liabilities	97,885		1,176		4.78	%	98,725		1,177		4.80	%	98,611		1,163		4.74	%	94,507		1,083		4.55	%	90,758		992		4.34	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	387						396						390						379						401
Other liabilities	5,302						5,221						5,419						5,652						5,418
Total non-interest-bearing liabilities	5,689						5,617						5,809						6,031						5,819

Total liabilities	103,574						104,342						104,420						100,538						96,577

Equity
Total equity	15,815						15,522						14,614						14,061						13,758

Total liabilities and equity	$	119,389					$	119,864					$	119,034					$	114,599					$	110,335
Net interest income			$	4,609					$	4,405					$	4,405					$	4,466					$	4,362

Interest rate spread(2)					14.10	%					13.53	%					13.64	%					14.22	%					14.51	%
Net interest margin(3)					15.04	%					14.46	%					14.55	%					15.10	%					15.36	%



(1) Average yields/rates are based on annualized total interest income/expense divided by average balances.
(2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income divided by average total interest-earning assets.



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

	Nine Months Ended Sep 30, 2024						Nine Months Ended Sep 30, 2023
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate(1)		Balance		Expense		Rate(1)
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	17,685	$	720	5.44	%	$	13,107	$	490	5.00	%
Securities available for sale	2,915		99		4.54	%	4,138		92		2.97	%

Loan receivables, including held for sale:
Credit cards	93,757		15,345		21.86	%	87,914		14,179		21.56	%
Consumer installment loans	5,644		630		14.91	%	3,375		285		11.29	%
Commercial credit products	1,957		134		9.15	%	1,789		108		8.07	%
Other	126		7		7.42	%	120		7		7.80	%
Total loan receivables, including held for sale	101,484		16,116		21.21	%	93,198		14,579		20.91	%
Total interest-earning assets	122,084		16,935		18.53	%	110,443		15,161		18.35	%

Non-interest-earning assets:
Cash and due from banks	892						987
Allowance for credit losses	(10,850)						(9,552)
Other assets	7,303						6,331
Total non-interest-earning assets	(2,655)						(2,234)

Total assets	$	119,429					$	108,209

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	82,481	$	2,889	4.68	%	$	74,340	$	2,074	3.73	%
Borrowings of consolidated securitization entities	7,686		323		5.61	%	6,062		241		5.32	%

Senior and subordinated unsecured notes	8,238		304		4.93	%	8,621		313		4.85	%

Total interest-bearing liabilities	98,405		3,516		4.77	%	89,023		2,628		3.95	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	391						410
Other liabilities	5,315						5,239
Total non-interest-bearing liabilities	5,706						5,649

Total liabilities	104,111						94,672

Equity
Total equity	15,318						13,537

Total liabilities and equity	$	119,429					$	108,209
Net interest income			$	13,419					$	12,533

Interest rate spread(2)					13.76	%					14.41	%
Net interest margin(3)					14.68	%					15.17	%

(1) Average yields/rates are based on annualized total interest income/expense divided by average balances.
(2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income divided by average total interest-earning assets.


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

	Quarter Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024 vs. Sep 30, 2023
BALANCE SHEET STATISTICS
Total common equity	$	14,758		$	14,318		$	14,060		$	13,169		$	13,033		$	1,725	13.2	%
Total common equity as a % of total assets	12.38		%	11.88		%	11.60		%	11.21		%	11.54		%			0.84	%

Tangible assets	$	117,190		$	118,439		$	119,300		$	115,535		$	111,154		$	6,036	5.4	%
Tangible common equity(1)	$	12,719		$	12,268		$	12,187		$	11,225		$	11,248		$	1,471	13.1	%
Tangible common equity as a % of tangible assets(1)	10.85		%	10.36		%	10.22		%	9.72		%	10.12		%			0.73	%
Tangible book value per share(2)	$	32.68		$	31.05		$	30.36		$	27.59		$	27.18		$	5.50	20.2	%

REGULATORY CAPITAL RATIOS(3)(4)
	Basel III - CECL Transition
Total risk-based capital ratio(5)	16.4		%	15.8		%	15.8		%	14.9		%	15.7		%
Tier 1 risk-based capital ratio(6)	14.3		%	13.8		%	13.8		%	12.9		%	13.6		%

Tier 1 leverage ratio(7)	12.5		%	12.0		%	12.0		%	11.7		%	12.2		%
Common equity Tier 1 capital ratio	13.1		%	12.6		%	12.6		%	12.2		%	12.8		%



(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) Tangible book value per share is a non-GAAP measure, calculated based on Tangible common equity divided by common shares outstanding. For corresponding reconciliation of this measure to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(3) Regulatory capital ratios at September 30, 2024 are preliminary and therefore subject to change.
(4) 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 2024 and 2023 reflect 75% and 50%, respectively, of the phase-in of CECL effects.
(5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(6) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(7) 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, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		3Q'24 vs. 3Q'23				Sep 30, 2024		Sep 30, 2023		YTD'24 vs. YTD'23
HOME & AUTO
Purchase volume(1)	$	11,361	$	12,496	$	10,512	$	11,421	$	12,273	$	(912)	(7.4)	%	$	34,369	$	35,989	$	(1,620)	(4.5)	%
Period-end loan receivables	$	32,542	$	32,822	$	32,615	$	31,969	$	31,648	$	894	2.8	%	$	32,542	$	31,648	$	894	2.8	%
Average loan receivables, including held for sale	$	32,613	$	32,592	$	31,865	$	31,720	$	31,239	$	1,374	4.4	%	$	32,358	$	30,386	$	1,972	6.5	%
Average active accounts (in thousands)(2)	19,157		19,335		18,969		19,177		19,223		(66)		(0.3)	%	19,136		18,894		242		1.3	%

Interest and fees on loans	$	1,489	$	1,419	$	1,382	$	1,403	$	1,367	$	122	8.9	%	$	4,290	$	3,867	$	423	10.9	%
Other income	$	56	$	38	$	33	$	26	$	28	$	28	100.0	%	$	127	$	80	$	47	58.8	%




DIGITAL
Purchase volume(1)	$	13,352	$	13,403	$	12,628	$	15,510	$	13,808	$	(456)	(3.3)	%	$	39,383	$	39,541	$	(158)	(0.4)	%
Period-end loan receivables	$	27,771	$	27,704	$	27,734	$	28,925	$	26,685	$	1,086	4.1	%	$	27,771	$	26,685	$	1,086	4.1	%
Average loan receivables, including held for sale	$	27,704	$	27,542	$	28,081	$	27,553	$	26,266	$	1,438	5.5	%	$	27,776	$	25,484	$	2,292	9.0	%
Average active accounts (in thousands)(2)	20,787		20,920		21,349		21,177		20,768		19		0.1	%	21,033		20,641		392		1.9	%

Interest and fees on loans	$	1,593	$	1,544	$	1,567	$	1,579	$	1,530	$	63	4.1	%	$	4,704	$	4,315	$	389	9.0	%
Other income	$	4	$	—	$	6	$	(7)	$	(6)	$	10	(166.7)	%	$	10	$	(7)	$	17	(242.9)	%




DIVERSIFIED & VALUE
Purchase volume(1)	$	14,992	$	15,333	$	14,023	$	16,987	$	15,445	$	(453)	(2.9)	%	$	44,348	$	44,240	$	108	0.2	%
Period-end loan receivables	$	19,466	$	19,516	$	19,559	$	20,666	$	18,865	$	601	3.2	%	$	19,466	$	18,865	$	601	3.2	%
Average loan receivables, including held for sale	$	19,413	$	19,360	$	19,593	$	19,422	$	18,565	$	848	4.6	%	$	19,455	$	18,074	$	1,381	7.6	%
Average active accounts (in thousands)(2)	19,960		20,253		21,032		21,038		20,410		(450)		(2.2)	%	20,448		20,571		(123)		(0.6)	%

Interest and fees on loans	$	1,209	$	1,165	$	1,214	$	1,204	$	1,168	$	41	3.5	%	$	3,588	$	3,329	$	259	7.8	%
Other income	$	(11)	$	(22)	$	(17)	$	(30)	$	(28)	$	17	(60.7)	%	$	(50)	$	(63)	$	13	(20.6)	%




HEALTH & WELLNESS
Purchase volume(1)	$	3,867	$	4,089	$	3,980	$	3,870	$	3,990	$	(123)	(3.1)	%	$	11,936	$	11,695	$	241	2.1	%
Period-end loan receivables	$	15,439	$	15,280	$	15,065	$	14,521	$	14,019	$	1,420	10.1	%	$	15,439	$	14,019	$	1,420	10.1	%
Average loan receivables, including held for sale	$	15,311	$	15,111	$	14,697	$	14,251	$	13,600	$	1,711	12.6	%	$	15,041	$	12,927	$	2,114	16.4	%
Average active accounts (in thousands)(2)	7,801		7,752		7,611		7,447		7,276		525		7.2	%	7,713		7,076		637		9.0	%

Interest and fees on loans	$	956	$	911	$	869	$	866	$	844	$	112	13.3	%	$	2,736	$	2,365	$	371	15.7	%
Other income	$	68	$	48	$	66	$	82	$	74	$	(6)	(8.1)	%	$	182	$	189	$	(7)	(3.7)	%


LIFESTYLE
Purchase volume(1)	$	1,411	$	1,525	$	1,244	$	1,550	$	1,490	$	(79)	(5.3)	%	$	4,180	$	4,372	$	(192)	(4.4)	%
Period-end loan receivables	$	6,831	$	6,822	$	6,604	$	6,744	$	6,483	$	348	5.4	%	$	6,831	$	6,483	$	348	5.4	%
Average loan receivables, including held for sale	$	6,823	$	6,723	$	6,631	$	6,568	$	6,383	$	440	6.9	%	$	6,726	$	6,137	$	589	9.6	%
Average active accounts (in thousands)(2)	2,677		2,662		2,642		2,620		2,556		121		4.7	%	2,668		2,572		96		3.7	%

Interest and fees on loans	$	270	$	258	$	255	$	255	$	249	$	21	8.4	%	$	783	$	704	$	79	11.2	%
Other income	$	9	$	6	$	8	$	7	$	8	$	1	12.5	%	$	23	$	22	$	1	4.5	%


CORP, OTHER
Purchase volume(1)	$	2	$	—	$	—	$	1	$	—	$	2	NM		$	2	$	2	$	—	—	%
Period-end loan receivables	$	144	$	140	$	156	$	163	$	173	$	(29)	(16.8)	%	$	144	$	173	$	(29)	(16.8)	%
Average loan receivables, including held for sale	$	145	$	150	$	90	$	169	$	177	$	(32)	(18.1)	%	$	128	$	190	$	(62)	(32.6)	%
Average active accounts (in thousands)(2)	42		52		64		67		75		(33)		(44.0)	%	54		88		(34)		(38.6)	%

Interest and fees on loans	$	5	$	4	$	6	$	16	$	(7)	$	12	(171.4)	%	$	15	$	(1)	$	16	NM
Other income	$	(7)	$	47	$	1,061	$	(7)	$	16	$	(23)	(143.8)	%	$	1,101	$	(3)	$	1,104	NM


TOTAL SYF
Purchase volume(1)	$	44,985	$	46,846	$	42,387	$	49,339	$	47,006	$	(2,021)	(4.3)	%	$	134,218	$	135,839	$	(1,621)	(1.2)	%
Period-end loan receivables	$	102,193	$	102,284	$	101,733	$	102,988	$	97,873	$	4,320	4.4	%	$	102,193	$	97,873	$	4,320	4.4	%
Average loan receivables, including held for sale	$	102,009	$	101,478	$	100,957	$	99,683	$	96,230	$	5,779	6.0	%	$	101,484	$	93,198	$	8,286	8.9	%
Average active accounts (in thousands)(2)	70,424		70,974		71,667		71,526		70,308		116		0.2	%	71,052		69,842		1,210		1.7	%

Interest and fees on loans	$	5,522	$	5,301	$	5,293	$	5,323	$	5,151	$	371	7.2	%	$	16,116	$	14,579	$	1,537	10.5	%
Other income	$	119	$	117	$	1,157	$	71	$	92	$	27	29.3	%	$	1,393	$	218	$	1,175	NM



(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) 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
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	15,980	$	15,540	$	15,282	$	13,903	$	13,767
Less: Preferred stock	(1,222)		(1,222)		(1,222)		(734)		(734)
Less: Goodwill	(1,274)		(1,274)		(1,073)		(1,105)		(1,105)
Less: Intangible assets, net	(765)		(776)		(800)		(839)		(680)
Tangible common equity	$	12,719	$	12,268	$	12,187	$	11,225	$	11,248
Add: CECL transition amount	573		573		573		1,146		1,146



Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	209		227		225		229		255
Common equity Tier 1	$	13,501	$	13,068	$	12,985	$	12,600	$	12,649
Preferred stock	1,222		1,222		1,222		734		734
Tier 1 capital	$	14,723	$	14,290	$	14,207	$	13,334	$	13,383

Add: Subordinated debt	741		741		741		741		741
Add: Allowance for credit losses includible in risk-based capital	1,400		1,407		1,399		1,389		1,322
Total Risk-based capital	$	16,864	$	16,438	$	16,347	$	15,464	$	15,446

ASSET MEASURES(2)
Total average assets	$	119,389	$	119,864	$	119,034	$	114,599	$	110,335
Adjustments for:
Add: CECL transition amount	573		573		573		1,146		1,146
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,808)		(1,805)		(1,631)		(1,671)		(1,507)

Total assets for leverage purposes	$	118,154	$	118,632	$	117,976	$	114,074	$	109,974


Risk-weighted assets	$	103,103	$	103,718	$	103,242	$	103,460	$	98,451

CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	14,723	$	14,290	$	14,207	$	13,334	$	13,383
Less: CECL transition adjustment	(573)		(573)		(573)		(1,146)		(1,146)
Tier 1 capital (CECL fully phased-in)	$	14,150	$	13,717	$	13,634	$	12,188	$	12,237
Add: Allowance for credit losses	11,029		10,982		10,905		10,571		10,176
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	25,179	$	24,699	$	24,539	$	22,759	$	22,413

Risk-weighted assets	$	103,103	$	103,718	$	103,242	$	103,460	$	98,451
Less: CECL transition adjustment	(290)		(290)		(290)		(580)		(580)
Risk-weighted assets (CECL fully phased-in)	$	102,813	$	103,428	$	102,952	$	102,880	$	97,871

TANGIBLE BOOK VALUE PER SHARE
Book value per share	$	37.92	$	36.24	$	35.03	$	32.36	$	31.50
Less: Goodwill	(3.27)		(3.23)		(2.68)		(2.72)		(2.67)
Less: Intangible assets, net	(1.97)		(1.96)		(1.99)		(2.05)		(1.65)
Tangible book value per share	$	32.68	$	31.05	$	30.36	$	27.59	$	27.18

(1) Regulatory measures at September 30, 2024 are preliminary and therefore subject to change.
(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 2024 and 2023 reflect 75% and 50%, respectively, of the phase-in of CECL effects.