Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

October 16, 2024

Date of Report

(Date of earliest event reported)

SYNCHRONY FINANCIAL

(Exact name of registrant as specified in its charter)

Delaware

001-36560

51-0483352

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)


777 Long Ridge Road
Stamford,	Connecticut	06902
(Address of principal executive offices)		(Zip Code)

(203) 585-2400

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	SYF	New York Stock Exchange
Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A	SYFPrA	New York Stock Exchange
Depositary Shares Each Representing a 1/40th Interest in a Share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B	SYFPrB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On October 16, 2024, Synchrony Financial (the “Company”) issued a press release setting forth the Company’s third quarter 2024 earnings. A copy of the Company’s press release is being furnished as Exhibit 99.1 and hereby incorporated by reference. The information furnished pursuant to this Item 2.02, including Exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are being furnished as part of this report:



Number						Description

99.1						Press release, dated October 16, 2024, issued by Synchrony Financial
99.2						Financial Data Supplement of the Company for the quarter ended September 30, 2024
99.3						Financial Results Presentation of the Company for the quarter ended September 30, 2024
99.4						Explanation of Non-GAAP Measures
104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SYNCHRONY FINANCIAL

Date: October 16, 2024

By:

/s/ Jonathan Mothner

Name:

Jonathan Mothner

Title:

Executive Vice President, Chief Risk and Legal Officer

Exhibit 99.1


For Immediate Release Synchrony Financial (NYSE: SYF) October 16, 2024

THIRD QUARTER 2024 RESULTS AND KEY METRICS

2.6%

Return on

Assets

13.1%

CET1

Ratio

$399M

Capital

Returned

CEO COMMENTARY

“Synchrony’s third quarter results reflect our focus on driving value for our many stakeholders through evolving market conditions,” said Brian Doubles, Synchrony’s President and Chief Executive Officer.

“During the quarter, we continued to provide responsible access to credit through powerful omnichannel experiences. Customers continued to engage across Synchrony's diversified portfolio, as the broad utility of our flexible financing solutions and compelling value propositions resonated amidst an inflationary environment.

“Whether it's through the delivery of scalable, innovative financial solutions that empower our customers, the addition and renewal of programs that span most consumer spend categories, Synchrony is driving access, versatility and value for our customers and partners alike.

“As we continue to leverage our core strengths and execute across our key strategic priorities, we are deepening our leadership position as the partner of choice in the consumer finance landscape.”

$102.2B

Loan Receivables

Net Earnings of $789 Million or $1.94 per Diluted Share

Continued Receivables Growth

Returned $399 Million of Capital to Shareholders, including $300 Million of Share Repurchases

STAMFORD, Conn. – Synchrony Financial (NYSE: SYF) today announced third quarter 2024 net earnings of $789 million, or $1.94 per diluted share, compared to $628 million, or $1.48 per diluted share in the third quarter 2023.

KEY OPERATING & FINANCIAL METRICS*

PERFORMANCE REFLECTS DIFFERENTIATED BUSINESS MODEL

•Purchase volume decreased 4% to $45.0 billion

•Loan receivables increased 4% to $102.2 billion

•Average active accounts remained flat at 70.4 million

•New accounts decreased 18% to 4.7 million

•Net interest margin decreased 32 basis points to 15.04%

•Efficiency ratio decreased 200 basis points to 31.2%

•Return on assets increased 30 basis points to 2.6%

•Return on equity increased 170 basis points to 19.8%

•Return on tangible common equity** increased 240 basis points to 24.3%

•Book value per share increased 20% to $37.92

•Tangible book value per share** increased 20% to $32.68

CFO COMMENTARY

BUSINESS AND FINANCIAL RESULTS FOR

THE THIRD QUARTER OF 2024*

“Synchrony delivered another strong performance during the third quarter, demonstrating both the resilience of our differentiated business model and our ability to deliver consistently compelling outcomes for our stakeholders,” said Brian Wenzel, Synchrony’s Executive Vice President and Chief Financial Officer.”

“While we continue to monitor consumer behavior and our portfolio performance closely, we are confident that the measures we’ve taken thus far to provide dynamic financial solutions to our customers – while also driving loyalty and sales for our partners – are driving progress toward our shared objectives.

“The unique combination of Synchrony’s industry expertise, proprietary data and analytics, and innovative digital capabilities is powering our trajectory forward, and we believe we are well-positioned to drive sustainable and strong risk-adjusted returns over the long-term.”

BUSINESS HIGHLIGHTS

CONTINUED TO EXPAND PORTFOLIO, ENHANCE PRODUCTS AND EXTEND REACH

•Added or renewed more than 15 programs, including Dick’s Sporting Goods, CF Moto, Reeds and Gibson.

•Extended partnership with Dick’s Sporting Goods, building on our more than 20 year long relationship, focused on enhancing athlete services and experiences with the continued ability to earn rewards twice as fast, exclusive member-only offers and digital account management for their ScoreRewards Credit Card and ScoreRewards Mastercard.

•Launched first-of-its-kind, patent-pending payment experience to seamlessly integrate CareCredit and Pets Best products and enable direct insurance claim reimbursement.

FINANCIAL HIGHLIGHTS

EARNINGS DRIVEN BY CORE BUSINESS DRIVERS

•Interest and fees on loans increased 7% to $5.5 billion, driven primarily by growth in average loan receivables, the impact of product, pricing and policy changes (“PPPC”), and lower payment rate, partially offset by higher reversals.

•Net interest income increased $247 million, or 6%, to $4.6 billion, driven by higher interest and fees on loans, partially offset by an increase in interest expense from higher benchmark rates and higher interest-bearing liabilities.

•Retailer share arrangements decreased $65 million, or 7%, to $914 million, reflecting higher net charge-offs.

•Provision for credit losses increased $109 million to $1.6 billion, driven by higher net charge-offs partially offset by a lower reserve build.

•Other income increased $27 million to $119 million, primarily reflecting the impact of PPPC related fees, partially offset by the impact of the Pets Best disposition and venture investment gains and losses.

•Other expense increased $35 million, or 3%, to $1.2 billion, primarily driven by costs related to the Ally Lending acquisition, technology investments, and preparatory expenses related to the Late Fee rule change, partially offset by lower operational losses.

•Net earnings increased 26% to $789 million, compared to $628 million.

CREDIT QUALITY

DELINQUENCY TRENDING IN LINE WITH SEASONALITY

•Loans 30+ days past due as a percentage of total period-end loan receivables were 4.78% compared to 4.40% in the prior year, an increase of 38 basis points and approximately 16 basis points above the average of the third quarters in 2017 through 2019.

•Net charge-offs as a percentage of total average loan receivables were 6.06% compared to 4.60% in the prior year, an increase of 146 basis points, and 97 basis points above the average of the third quarters in 2017 through 2019.

•The allowance for credit losses as a percentage of total period-end loan receivables was 10.79%, compared to 10.74% in the second quarter 2024.

SALES PLATFORM HIGHLIGHTS

PERFORMANCE CONTINUES TO BE IMPACTED BY CREDIT ACTIONS AND SELECTIVE CONSUMER SPEND DUE TO INFLATIONARY EFFECTS ON AFFORDABILITY

•Home & Auto purchase volume decreased 7%, as the impact of the Ally Lending acquisition was more than offset by a combination of lower consumer traffic, fewer large ticket purchases, and the impact of credit actions. Period-end loan receivables increased 3%, reflecting the impacts of the Ally Lending acquisition and lower payment rates. Interest and fees on loans were up 9%, primarily driven by higher average loan receivables and higher benchmark rates. Average active accounts remained flat.

•Digital purchase volume decreased 3%, driven by lower spend per account and the impact of credit actions. Period-end loan receivables increased 4%, driven primarily by lower payment rates. Interest and fees on loans increased 4%, reflecting the impacts of higher average loan receivables, lower payment rates, and higher benchmark rates. Average active accounts remained flat.

•Diversified & Value purchase volume decreased 3%, driven by lower spend per account and the impact of credit actions. Period-end loan receivables increased 3%, driven primarily by lower payment rates. Interest and fees on loans increased 4%, driven by the impacts of higher average loan receivables, lower payment rates, and higher benchmark rates. Average active accounts decreased 2%.

•Health & Wellness purchase volume decreased 3%, as lower spend in Dental, Cosmetic, and Vision, combined with the impact of credit actions, was partially offset by growth in Pet and Audiology. Period-end loan receivables increased 10%, driven by continued higher purchase volume over the last 12 months and lower payment rates. Interest and fees on loans increased 13%, reflecting the impacts of higher average loan receivables. Average active accounts increased 7%.

•Lifestyle purchase volume decreased 5%, driven by lower transaction values and the impact of credit actions. Period-end loan receivables increased 5%, reflecting payment rate moderation. Interest and fees on loans increased 8%, driven by the impacts of higher average loan receivables and higher benchmark rates. Average active accounts increased 5%.

BALANCE SHEET, LIQUIDITY & CAPITAL

FUNDING, CAPITAL & LIQUIDITY REMAIN ROBUST

•Loan receivables of $102.2 billion increased 4%; purchase volume decreased 4% and average active accounts remained flat.

•Deposits increased $4.2 billion, or 5%, to $82.3 billion and comprised 84% of funding.

•Total liquid assets and undrawn credit facilities were $22.4 billion, or 18.8% of total assets.

•The company returned $399 million in capital to shareholders, including $300 million of share repurchases and $99 million of common stock dividends.

•As of September 30, 2024 the Company had a total remaining share repurchase authorization of $700 million.

•The estimated Common Equity Tier 1 ratio was 13.1% compared to 12.8%, and the estimated Tier 1 Capital ratio was 14.3% compared to 13.6% in the prior year.

* All comparisons are for the third quarter of 2024 compared to the third quarter of 2023, unless otherwise noted.

** Return on tangible common equity and tangible book value per share are non-GAAP financial measures. See non-GAAP reconciliation in the financial tables.

CORRESPONDING FINANCIAL TABLES AND INFORMATION

Investors should review the foregoing summary and discussion of Synchrony Financial's earnings and financial condition in conjunction with the detailed financial tables and information that follow, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed February 8, 2024, and the Company’s forthcoming Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. The detailed financial tables and other information are also available on the Investor Relations page of the Company’s website at www.investors.synchronyfinancial.com. This information is also furnished in a Current Report on Form 8-K filed with the SEC today.

CONFERENCE CALL AND WEBCAST

On Wednesday, October 16, 2024, at 8:00 a.m. Eastern Time, Brian Doubles, President and Chief Executive Officer, and Brian Wenzel Sr., Executive Vice President and Chief Financial Officer, will host a conference call to review the financial results and outlook for certain business drivers. The conference call can be accessed via an audio webcast through the Investor Relations page on the Synchrony Financial corporate website, www.investors.synchrony.com, under Events and Presentations. A replay will also be available on the website.

ABOUT SYNCHRONY FINANCIAL

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our “partners.” We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice.

For more information, visit www.synchrony.com


Investor Relations			Media Relations
Kathryn Miller			Lisa Lanspery
(203) 585-6291			(203) 585-6143

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "targets," "outlook," "estimates," "will," "should," "may," “aim,” “focus,” “confident,” “trajectory” or words of similar meaning, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include global political, economic, business, competitive, market, regulatory and other factors and risks, such as: the impact of macroeconomic conditions and whether industry trends we have identified develop as anticipated; retaining existing partners and attracting new partners, concentration of our revenue in a small number of partners, and promotion and support of our products by our partners; cyber-attacks or other security incidents or breaches; disruptions in the operations of our and our outsourced partners' computer systems and data centers; the financial performance of our partners; the Consumer Financial Protection Bureau’s (the “CFPB”) final rule on credit card late fees, including the timing for resolution and outcome of the litigation challenging the final rule, as well as changes to consumer behaviors in response to the final rule, if implemented, and the product, policy and pricing changes that have been or will be implemented to mitigate the impacts of the final rule; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to the CECL accounting guidance; higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to grow our deposits in the future; damage to our reputation; our ability to securitize our loan receivables, occurrence of an early amortization of our securitization facilities, loss of the right to service or subservice our securitized loan receivables, and lower payment rates on our securitized loan receivables; changes in market interest rates and the impact of any margin compression; effectiveness of our risk management processes and procedures, reliance on models which may be inaccurate or misinterpreted, and our ability to manage our credit risk; our ability to offset increases in our costs in retailer share arrangements; competition in the consumer finance industry; our concentration in the U.S. consumer credit market; our ability to successfully develop and commercialize new or enhanced products and services; our ability to realize the value of acquisitions, dispositions and strategic investments; reductions in interchange fees; fraudulent activity; failure of third parties to provide various services that are important to our operations; international risks and compliance and regulatory risks and costs associated with international operations; alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; litigation and regulatory actions; our ability to attract, retain and motivate key officers and employees; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; regulation, supervision, examination and enforcement of our business by governmental authorities, the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislative and regulatory developments and the impact of the CFPB’s regulation of our business, including new requirements and constraints that the Company and the Bank are or will become subject to as a result of having $100 billion or more in total assets; impact of capital adequacy rules and liquidity requirements; restrictions that limit our ability to pay dividends and repurchase our common stock, and restrictions that limit the Bank’s ability to pay dividends to us; regulations relating to privacy, information security and data protection; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering and anti-terrorism financing laws.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS (Continued)

For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this news release and in our public filings, including under the heading "Risk Factors Relating to our Business" and “Risk Factors Relating to Regulation” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 8, 2024. You should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

NON-GAAP MEASURES

The information provided herein includes measures we refer to as "return on tangible common equity," “tangible book value per share” and certain “CECL fully phased-in" capital measures, which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please see the detailed financial tables and information that follow. For a statement regarding the usefulness of these measures to investors, please see the Company's Current Report on Form 8-K filed with the SEC today.

Exhibit 99.2


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.

3Q'24 FINANCIAL RESULTS October 16, 2024 Exhibit 99.3

2 Cautionary Statement Regarding Forward-Looking Statements The following slides are part of a presentation by Synchrony Financial in connection with reporting quarterly financial results and should be read in conjunction with the earnings release and financial supplement included as exhibits to our Current Report on Form 8-K filed today and available on our website (www.synchronyfinancial.com) and the SEC's website (www.sec.gov). All references to net earnings and net income are intended to have the same meaning. All comparisons are for the third quarter of 2024 compared to the third quarter of 2023, unless otherwise noted. This presentation contains certain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "targets," "outlook," "estimates," "will," "should," "may," “aim,” “focus,” “confident,” “trajectory” or words of similar meaning, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include global political, economic, business, competitive, market, regulatory and other factors and risks, such as: the impact of macroeconomic conditions and whether industry trends we have identified develop as anticipated; retaining existing partners and attracting new partners, concentration of our revenue in a small number of partners, and promotion and support of our products by our partners; cyber-attacks or other security incidents or breaches; disruptions in the operations of our and our outsourced partners' computer systems and data centers; the financial performance of our partners; the Consumer Financial Protection Bureau’s (the “CFPB”) final rule on credit card late fees, including the timing for resolution and outcome of the litigation challenging the final rule, as well as changes to consumer behaviors in response to the final rule, if implemented, and the product, policy and pricing changes that have been or will be implemented to mitigate the impacts of the final rule; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to the CECL accounting guidance; higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to grow our deposits in the future; damage to our reputation; our ability to securitize our loan receivables, occurrence of an early amortization of our securitization facilities, loss of the right to service or subservice our securitized loan receivables, and lower payment rates on our securitized loan receivables; changes in market interest rates and the impact of any margin compression; effectiveness of our risk management processes and procedures, reliance on models which may be inaccurate or misinterpreted, and our ability to manage our credit risk; our ability to offset increases in our costs in retailer share arrangements; competition in the consumer finance industry; our concentration in the U.S. consumer credit market; our ability to successfully develop and commercialize new or enhanced products and services; our ability to realize the value of acquisitions, dispositions and strategic investments; reductions in interchange fees; fraudulent activity; failure of third-parties to provide various services that are important to our operations; international risks and compliance and regulatory risks and costs associated with international operations; alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; litigation and regulatory actions; our ability to attract, retain and motivate key officers and employees; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; regulation, supervision, examination and enforcement of our business by governmental authorities, the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and other legislative and regulatory developments and the impact of the CFPB’s regulation of our business, including new requirements and constraints the Company and the Bank are or will become subject to as a result of having $100 billion or more in total assets; impact of capital adequacy rules and liquidity requirements; restrictions that limit our ability to pay dividends and repurchase our common stock, and restrictions that limit the Bank’s ability to pay dividends to us; regulations relating to privacy, information security and data protection; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering and anti-terrorism financing laws. For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this presentation and in our public filings, including under the headings “Risk Factors Relating to Our Business” and “Risk Factors Relating to Regulation” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on February 8, 2024. You should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement, including the Business Trends and Outlook on slide 12 of this presentation, to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. Disclaimers

3 15.04% NET INTEREST MARGIN compared to 15.36% 13.1% CET1 liquid assets of $19.7 billion, 16.5% of total assets SUMMARY FINANCIAL METRICS CAPITAL $1.94 DILUTED EPS compared to $1.48 31.2% EFFICIENCY RATIO compared to 33.2% 3Q'24 Financial Highlights $102.2 billion LOAN RECEIVABLES compared to $97.9 billion $82.3 billion DEPOSITS 84% of current funding 6.06% NET CHARGE-OFFS compared to 4.60% 70.4 million AVERAGE ACTIVE ACCOUNTS compared to 70.3 million $399 million CAPITAL RETURNED $300 million share repurchases

4 4% 6% $47.0 $45.0 3Q'23 3Q'24 Dual Card / Co-Brand BUSINESS EXPANSION CONSUMER PERFORMANCE (18)% (4)% New accounts Average balance per account (c) 5.7 4.7 3Q'23 3Q'24 (e) $669 $639 3Q'23 3Q'24 $1,369 $1,448 3Q'23 3Q'24 GROWTH METRICS (4)% —% Purchase volume Average active accounts $97.9 $102.2 3Q'23 3Q'24 70.3 70.4 3Q'23 3Q'24 Loan receivables $25.1 Dual Card / Co-Brand in millions $19.8 (2)%$19.5 $ billions $27.0 $ billions 3Q'24 Business Highlights 8% Purchase volume per account (a) (a) (d) (b)

5 $789 million Net earnings, $1.94 Diluted EPS • Net interest income up 6% – Interest and fees on loans up 7% driven primarily by growth in average loan receivables, the impact of our PPPC**, and lower payment rate, partially offset by higher reversals – Interest expense increase attributed to higher benchmark rates and higher interest-bearing liabilities • Retailer share arrangements decreased (7)% – Decrease driven primarily by higher net charge-offs • • Provision for credit losses up 7% – Higher provision driven by higher net charge-offs partially offset by a lower reserve build • Total Other income up 29% – Primarily driven by the impact of PPPC related fees partially offset by Pets Best disposition and venture investment gains and losses • Total Other expense up 3% – Increase primarily driven by costs related to the Ally Lending acquisition, technology investments and preparatory expenses related to Late Fee rule change, partially offset by lower operational losses B/(W) $ in millions, except per share statistics 3Q'24 3Q'23 $ % Total interest income $5,785 $5,354 $431 8% Total interest expense 1,176 992 (184) (19)% Net interest income (NII) 4,609 4,362 247 6% Retailer share arrangements (RSA) (914) (979) 65 7% Provision for credit losses 1,597 1,488 (109) (7)% Other income 119 92 27 29% Other expense 1,189 1,154 (35) (3)% Pre-tax earnings 1,028 833 195 23% Provision for income taxes 239 205 (34) (17)% Net earnings 789 628 161 26% Preferred dividends 21 10 (11) (52)% Net earnings available to common stockholders $768 $618 $150 24% Diluted earnings per share $1.94 $1.48 $0.46 31% Book value per share $37.92 $31.50 $6.42 20% Tangible book value per share* $32.68 $27.18 $5.50 20% Summary earnings statement Financial Results 3Q'24 Highlights *Tangible book value per share is a non-GAAP measure. See non-GAAP reconciliation in appendix. ** Product, Policy and Pricing Changes (or “PPPC”)

6 $14.0 $15.4 $31.6 $32.5 $26.7 $27.8 5% 10% 3% 4% 3% $18.9 $19.5 $6.5 $6.8 3Q'24 Platform Results Home & Auto Digital Diversified & Value Health & Wellness Lifestyle 3Q'23 3Q'24 V% $12.3 $11.4 (7)% 19.2 19.2 —% $1,367 $1,489 9% 3Q'23 3Q'24 V% $13.8 $13.4 (3)% 20.8 20.8 —% $1,530 $1,593 4% 3Q'23 3Q'24 V% $15.4 $15.0 (3)% 20.4 20.0 (2)% $1,168 $1,209 4% 3Q'23 3Q'24 V% $4.0 $3.9 (3)% 7.3 7.8 7% $844 $956 13% (a) Loan receivables Purchase volume Accounts Interest & fees on loans 3Q'23 3Q'24 V% $1.5 $1.4 (5)% 2.6 2.7 5% $249 $270 8%

7 $4,362 $4,609 $(979) $(914) $92 $119 Net interest income RSA Total other income 3Q'23 3Q'24 Net revenue $ in millions Net Revenue 15.1% 17.6% 16.3% 15.7% 3Q ‘15-’19 3Q'22 3Q'23 3Q'24 3Q'23 Net revenue $3,475 Interest and fees on loans 371 Interest on cash and debt securities 60 Total interest expense (184) Net interest income change $247 Retailer share arrangements 65 Total other income 27 3Q'24 Net revenue $3,814 3Q'24 Highlights (a) (b) Payment Rate Trends Net revenue $ in millions 10% $3,814 $3,475 • Net revenue increased $339 million, or 10% – Net interest income increased $247 million, or 6%, driven primarily by higher interest & fees on loans – Loan receivables yield of 21.54%, up 30 bps primarily driven by the impact of our PPPC and lower payment rate partially offset by higher reversals – Total interest-bearing liabilities cost of 4.78%, up 44 bps driven by higher benchmark rates – Retailer share arrangements decreased $65 million driven primarily by higher net charge-offs – Total Other income increase primarily driven by the impact of PPPC related fees partially offset by Pets Best disposition and venture investment gains and losses

8 B/(W) 3Q'23 3Q'24 V$ V% Employee costs $444 $464 $(20) (5)% Professional fees 219 231 (12) (5)% Marketing/BD 125 123 2 2% Information processing 177 203 (26) (15)% Other 189 168 21 11% Other expense $1,154 $1,189 $(35) (3)% Efficiency(a) 33.2% 31.2% 2.0 pts. Other Expense Other Expense $ in millions 3Q'24 Highlights $1,154 $1,189 3Q'23 3Q'24 3% • Total Other expense up 3% – Increase primarily driven by costs related to the Ally Lending acquisition, technology investments and preparatory expenses related to Late Fee rule change, partially offset by lower operational losses • Efficiency ratio 31.2% vs. 33.2% prior year – Decrease in ratio driven by higher revenue partially offset by higher expenses

9 Asset Quality Metrics Allowance for credit losses $ in millions, % of period-end loan receivables Net charge-offs $ in millions, annualized as a % of average loan receivables including held for sale 30+ days past due $ in millions, % of period-end loan receivables 90+ days past due $ in millions, % of period-end loan receivables 3.00% 3.48% 4.49% 4.75% 4.60% 5.58% 6.31% 6.42% 6.06% $635 $776 $1,006 $1,096 $1,116 $1,402 $1,585 $1,621 $1,553 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 1.43% 1.69% 1.87% 1.77% 2.06% 2.28% 2.42% 2.19% 2.33% $1,232 $1,562 $1,705 $1,677 $2,020 $2,353 $2,459 $2,244 $2,382 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 10.58% 10.30% 10.44% 10.34% 10.40% 10.26% 10.72% 10.74% 10.79% $9,102 $9,527 $9,517 $9,804 $10,176 $10,571 $10,905 $10,982 $11,029 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 3.28% 3.65% 3.81% 3.84% 4.40% 4.74% 4.74% 4.47% 4.78% $2,818 $3,377 $3,474 $3,641 $4,304 $4,885 $4,820 $4,574 $4,883 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 (a)(b)

10 Delinquency Trends 4.40% 4.74% 4.74% 4.47% 4.78% +112 +109 +93 +63 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q’22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 0.0% 2.5% 5.0% 2.06% 2.28% 2.42% 2.19% 2.33% +63 +59 +55 +42 DQ % Rate Y/Y Change 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q’22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 0.0% 1.3% 2.5% 0 bps 0 bps Basis point change versus prior year Basis point change versus prior year +38 bps +27 bps 30+ days past due % of period-end loan receivables (left axis); rate change versus prior year in basis points (right axis) 90+ days past due % of period-end loan receivables (left axis); rate change versus prior year in basis points (right axis)

11 CET1% Walk Tier 1 Capital + Credit Loss Reserve Ratio* 12.8% 13.1% 3Q'23 3Q'24 Capital ratios Funding, Capital and Liquidity Funding sources $ in billions % 8% 8% CET1 Capital Ratio Tier 1 Capital Ratio Total Capital Ratio * The “Tier 1 Capital + Credit Loss Reserve Ratio” is the sum of our “Tier 1 Capital” and “Allowance for Credit Losses,” divided by our “Total Risk-Weighted Assets”. Tier 1 Capital and Risk-Weighted Assets are adjusted to reflect the fully phased-in impact of CECL. These adjusted metrics are non-GAAP measures, see non-GAAP reconciliation in appendix. $93.3 $97.9 $78.1 $82.3 $6.5 $8.0$8.7 $7.6 3Q'23 3Q'24 Unsecured Securitization Deposits Liquid assets $17.6 $19.7 Undrawn credit facilities 2.9 2.7 Total $20.5 $22.4 % of Total assets 18.2% 18.8% 13.6% 14.3% 3Q'23 3Q'24 15.7% 16.4% 3Q'23 3Q'24 (a) 22.9% 24.5% 3Q'23 3Q'24 (b) 84% 3Q'23 CET1% 12.8% Net Earnings 2.6% Risk Weighted Asset changes (0.4)% Common & Preferred dividends (0.5)% Share repurchases (1.2)% CECL transition provisions (0.5)% Other activity, net —% Pets Best disposition & Ally Lending acquisition 0.3% 3Q'24 CET1% 13.1%

12 Business Trends and Outlook Prior 2024 Outlook (assumed late fee rule implementation on October 1, 2024) $7.60 - $7.80 Current 2024 Outlook (assumes no late fee rule implementation in 2024) $8.45 - $8.55 Purchase volume • Lower in Q3 due to selective consumer spend and credit actions • Expect low single-digit percentage decline versus the prior year in Q4 Loan receivables • Continued payment rate moderation versus the prior year, partially offset by lower purchase volume • Expect low single-digit percentage growth versus the prior year Net revenue • Assume no late fee rule implementation in 2024, with partial offset in RSA • Expect flat net interest income dollars sequentially in Q4 • Expect other income to remain stable near Q3 level • Expect RSA to decline sequentially due to seasonal increase in net charge-offs Other expense • Expect seasonal sequential dollar increase in Q4 Credit • Year-over-year growth of delinquencies continued to slow in Q3 • Expect 2H NCO rate to be below 1H, with delinquencies following seasonality in Q4 • Expect year end reserve coverage ratio to be generally in line with Q4 2023

13 Footnotes All amounts and metrics included in this presentation are as of, or for the three months ended, September 30, 2024, unless otherwise stated. 3Q'24 Business Highlights a. Dual Card / Co-Brand metrics are consumer only and include in-partner and out-of-partner activity. b. Average active accounts are credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month. c. New accounts represent accounts that were approved in the respective period, in millions. d. Purchase volume per account is calculated as total Purchase volume divided by Average active accounts, in $. e. Average balance per account is calculated as the Average loan receivables divided by Average active accounts, in $. Platform Results a. Accounts represent Average active accounts in millions. Loan receivables $ in billions, Purchase volume $ in billions and Interest and fees on loans $ in millions. Net Revenue a. Payment rate is calculated as customer payments divided by beginning of period loan receivables. b. Historical payment rate excludes portfolios sold in 2019 and 2022. Other Expense a. Efficiency ratio is calculated as Total Other expense divided by sum of Net interest income plus Other income less Retailer share arrangements. Asset Quality Metrics a. Allowance for credit losses reflects the adoption of ASU 2022-22, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” on January 1, 2023, which included a $294 million reduction to the allowance for credit losses upon adoption. b. Allowance for credit losses includes impact of Ally Lending acquisition beginning in 1Q’24. Funding, Capital and Liquidity a. Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets. b. 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, with effects fully phased-in beginning in the first quarter of 2025. CET1, Tier 1, and Total Capital Ratio are presented on a Transition basis and capital ratios for 2024 and 2023 reflect 75% and 50%, respectively, of the phase-in of CECL effects.

15 Notable Other Expense Items The following table sets forth notable items incurred during the quarter included in Total Other expense. Quarter Ended September 30, 2024 Preparatory expenses related to Late Fee rule change $11 Total $11 $ in millions

16 Non-GAAP Reconciliation* The following table sets forth the components of our Tier 1 Capital + Reserves ratio for the periods indicated below. $ in millions At September 30 2023 2024 Tier 1 Capital $ 13,383 $ 14,723 Less: CECL transition adjustment (1,146) (573) Tier 1 capital (CECL fully phased-in) $ 12,237 $ 14,150 Add: Allowance for credit losses 10,176 11,029 Tier 1 capital (CECL fully phased-in) plus Reserves for credit losses $ 22,413 $ 25,179 Risk-weighted assets $ 98,451 $ 103,103 Less: CECL transition adjustment (580) (290) Risk-weighted assets (CECL fully phased-in) $ 97,871 $ 102,813 * Amounts at September 30, 2024 are preliminary and therefore subject to change.

17 Non-GAAP Reconciliation (Continued) The following table sets forth a reconciliation between GAAP results and non-GAAP adjusted results. At September 30 2023 2024 Tangible book value per share: Book value per share $31.50 $37.92 Less: Goodwill (2.67) (3.27) Less: Intangible assets, net (1.65) (1.97) Tangible book value per share $27.18 $32.68

Exhibit 99.4

Explanation of Non-GAAP Measures

The information provided in this Form 8-K and exhibits includes measures which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP").

We present certain capital measures in this Form 8-K and exhibits. Our “fully-phased Tier 1 Capital and Credit Loss Reserve Ratio” is not required by regulators to be disclosed, and therefore is considered a non-GAAP measure. We believe this ratio is a useful measure to investors as it provides a meaningful measure of what the Company’s total loss absorption capacity would be if the transitional rules currently in effect, which permit the temporary deferral of the regulatory capital effects of CECL, were no longer available for us to apply.

We also present measures we refer to as “return on tangible common equity” and “tangible book value per share” in this Form 8-K and exhibits. Tangible book value per share is calculated based on tangible common equity divided by common shares outstanding. Tangible common equity itself is not a measure presented in accordance with GAAP. We believe tangible common equity, and tangible book value per share, are more meaningful measures to investors of the net asset value of the Company.

The reconciliations of these capital and equity related non-GAAP measures to the applicable comparable GAAP financial measures are included in the detailed financial tables included in Exhibit 99.2.

8-K Cover Page	Oct. 16, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 16, 2024
Entity Registrant Name	SYNCHRONY FINANCIAL
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36560
Entity Tax Identification Number	51-0483352
Entity Address, Address Line One	777 Long Ridge Road
Entity Address, City or Town	Stamford,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	585-2400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001601712
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	SYF
Security Exchange Name	NYSE
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	SYFPrA
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing a 1/40th Interest in a Share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B
Trading Symbol	SYFPrB
Security Exchange Name	NYSE