Synchrony Financial (SYF) 8-K Synchrony Financial Reports Fourth Quarter Net Earnings of $547 Million or $0.65 Per Diluted Share

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			4Q'15 vs. 4Q'14					Dec 31, 2015			Dec 31, 2014			YTD'15 vs. YTD'14
EARNINGS
Net interest income	$	3,208		$	3,103		$	2,907		$	2,875		$	2,978		$	230		7.7	%	$	12,093		$	11,320		$	773		6.8	%
Retailer share arrangements	(734		)	(723		)	(621		)	(660		)	(698		)	(36		)	5.2	%	(2,738		)	(2,575		)	(163		)	6.3	%
Net interest income, after retailer share arrangements	2,474			2,380			2,286			2,215			2,280			194			8.5	%	9,355			8,745			610			7.0	%
Provision for loan losses	823			702			740			687			797			26			3.3	%	2,952			2,917			35			1.2	%
Net interest income, after retailer share arrangements and provision for loan losses	1,651			1,678			1,546			1,528			1,483			168			11.3	%	6,403			5,828			575			9.9	%
Other income	87			84			120			101			162			(75		)	(46.3	)%	392			485			(93		)	(19.2	)%
Other expense	870			843			805			746			792			78			9.8	%	3,264			2,927			337			11.5	%
Earnings before provision for income taxes	868			919			861			883			853			15			1.8	%	3,531			3,386			145			4.3	%
Provision for income taxes	321			345			320			331			322			(1		)	(0.3	)%	1,317			1,277			40			3.1	%
Net earnings	$	547		$	574		$	541		$	552		$	531		$	16		3.0	%	$	2,214		$	2,109		$	105		5.0	%
Net earnings attributable to common stockholders	$	547		$	574		$	541		$	552		$	531		$	16		3.0	%	$	2,214		$	2,109		$	105		5.0	%
COMMON SHARE STATISTICS
Basic EPS	$	0.66		$	0.69		$	0.65		$	0.66		$	0.64		$	0.02		3.1	%	$	2.66		$	2.78		$	(0.12	)	(4.3	)%
Diluted EPS	$	0.65		$	0.69		$	0.65		$	0.66		$	0.64		$	0.01		1.6	%	$	2.65		$	2.78		$	(0.13	)	(4.7	)%
Common stock price	$	30.41		$	31.30		$	32.93		$	30.35		$	29.75		$	0.66		2.2	%	$	30.41		$	29.75		$	0.66		2.2	%
Book value per share	$	15.12		$	14.58		$	13.89		$	13.24		$	12.57		$	2.55		20.3	%	$	15.12		$	12.57		$	2.55		20.3	%
Tangible book value per share(1)	$	13.14		$	12.67		$	12.06		$	11.43		$	10.81		$	2.33		21.6	%	$	13.14		$	10.81		$	2.33		21.6	%
Beginning common shares outstanding	833.8			833.8			833.8			833.8			833.8			—			—	%	833.8			705.3			128.5			18.2	%
Issuance of common shares through initial public offering	—			—			—			—			—			—			—	%	—			128.5			(128.5		)	(100.0	)%
Shares repurchased	—			—			—			—			—			—			—	%	—			—			—			—	%
Ending common shares outstanding	833.8			833.8			833.8			833.8			833.8			—			—	%	833.8			833.8			—			—	%
Weighted average common shares outstanding	833.8			833.8			833.8			833.8			833.8			—			—	%	833.8			757.4			76.4			10.1	%
Weighted average common shares outstanding (fully diluted)	835.8			835.8			835.4			835.0			834.3			1.5			0.2	%	835.5			757.6			77.9			10.3	%
(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

1

SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions, except account data)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			4Q'15 vs. 4Q'14					Dec 31, 2015			Dec 31, 2014			YTD'15 vs. YTD'14
PERFORMANCE METRICS
Return on assets(1)	2.6		%	2.9		%	2.9		%	3.0		%	2.7		%				(0.1	)%	2.9		%	3.2		%				(0.3	)%
Return on equity(2)	17.5		%	19.2		%	19.2		%	20.8		%	20.2		%				(2.7	)%	19.1		%	26.7		%				(7.6	)%
Return on tangible common equity(3)	20.1		%	22.0		%	22.2		%	24.1		%	23.4		%				(3.3	)%	22.0		%	32.4		%				(10.4	)%
Net interest margin(4)	15.73		%	15.97		%	15.77		%	15.79		%	15.60		%				0.13	%	15.77		%	17.20		%				(1.43	)%
Efficiency ratio(5)	34.0		%	34.2		%	33.5		%	32.2		%	32.4		%				1.6	%	33.5		%	31.7		%				1.8	%
Other expense as a % of average loan receivables, including held for sale	5.28		%	5.35		%	5.37		%	5.06		%	5.16		%				0.12	%	5.25		%	5.13		%				0.12	%
Effective income tax rate	37.0		%	37.5		%	37.2		%	37.5		%	37.7		%				(0.7	)%	37.3		%	37.7		%				(0.4	)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.23		%	4.02		%	4.63		%	4.53		%	4.32		%				(0.09	)%	4.33		%	4.51		%				(0.18	)%
30+ days past due as a % of period-end loan receivables(6)	4.06		%	4.02		%	3.53		%	3.79		%	4.14		%				(0.08	)%	4.06		%	4.14		%				(0.08	)%
90+ days past due as a % of period-end loan receivables(6)	1.86		%	1.73		%	1.52		%	1.81		%	1.90		%				(0.04	)%	1.86		%	1.90		%				(0.04	)%
Net charge-offs	$	697		$	633		$	693		$	668		$	663		$	34		5.1	%	$	2,691		$	2,573		$	118		4.6	%
Loan receivables delinquent over 30 days(6)	$	2,772		$	2,553		$	2,171		$	2,209		$	2,536		$	236		9.3	%	$	2,772		$	2,536		$	236		9.3	%
Loan receivables delinquent over 90 days(6)	$	1,273		$	1,102		$	933		$	1,056		$	1,162		$	111		9.6	%	$	1,273		$	1,162		$	111		9.6	%
Allowance for loan losses (period-end)	$	3,497		$	3,371		$	3,302		$	3,255		$	3,236		$	261		8.1	%	$	3,497		$	3,236		$	261		8.1	%
Allowance coverage ratio(7)	5.12		%	5.31		%	5.38		%	5.59		%	5.28		%				(0.16	)%	5.12		%	5.28		%				(0.16	)%
BUSINESS METRICS
Purchase volume(8)	$	32,460		$	29,206		$	28,810		$	23,139		$	30,081		$	2,379		7.9	%	$	113,615		$	103,149		$	10,466		10.1	%
Period-end loan receivables	$	68,290		$	63,520		$	61,431		$	58,248		$	61,286		$	7,004		11.4	%	$	68,290		$	61,286		$	7,004		11.4	%
Credit cards	$	65,773		$	60,920		$	58,827		$	55,866		$	58,880		$	6,893		11.7	%	$	65,773		$	58,880		$	6,893		11.7	%
Consumer installment loans	$	1,154		$	1,171		$	1,138		$	1,062		$	1,063		$	91		8.6	%	$	1,154		$	1,063		$	91		8.6	%
Commercial credit products	$	1,323		$	1,380		$	1,410		$	1,295		$	1,320		$	3		0.2	%	$	1,323		$	1,320		$	3		0.2	%
Other	$	40		$	49		$	56		$	25		$	23		$	17		73.9	%	$	40		$	23		$	17		73.9	%
Average loan receivables, including held for sale	$	65,406		$	62,504		$	60,094		$	59,775		$	59,547		$	5,859		9.8	%	$	62,120		$	57,101		$	5,019		8.8	%
Period-end active accounts (in thousands)(9)	68,314			62,831			61,718			59,761			64,286			4,028			6.3	%	68,314			64,286			4,028			6.3	%
Average active accounts (in thousands)(9)	64,892			62,247			60,923			61,604			61,667			3,225			5.2	%	62,643			60,009			2,634			4.4	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	12,325		$	12,271		$	10,621		$	11,218		$	11,828		$	497		4.2	%	$	12,325		$	11,828		$	497		4.2	%
Total liquid assets	$	14,836		$	15,305		$	13,660		$	13,813		$	12,942		$	1,894		14.6	%	$	14,836		$	12,942		$	1,894		14.6	%
Undrawn credit facilities
Undrawn committed securitization financings	$	6,075		$	6,550		$	6,125		$	6,600		$	6,100		$	(25	)	(0.4	)%	$	6,075		$	6,100		$	(25	)	(0.4	)%
Total liquid assets and undrawn credit facilities	$	20,911		$	21,855		$	19,785		$	20,413		$	19,042		$	1,869		9.8	%	$	20,911		$	19,042		$	1,869		9.8	%
Liquid assets % of total assets	17.63		%	19.27		%	18.03		%	18.99		%	17.09		%				0.54	%	17.63		%	17.09		%				0.54	%
Liquid assets including undrawn committed securitization financings % of total assets	24.85		%	27.51		%	26.12		%	28.07		%	25.15		%				(0.30	)%	24.85		%	25.15		%				(0.30	)%
(1) Return on assets represents net earnings as a percentage of average total assets.
(2) Return on equity represents net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents net earnings as a percentage of average tangible common equity. Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Net interest margin represents net interest income divided by average interest-earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.
(6) Based on customer statement-end balances extrapolated to the respective period-end date.
(7) Allowance coverage ratio represents allowance for loan 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.

2

SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			4Q'15 vs. 4Q'14					Dec 31, 2015			Dec 31, 2014			YTD'15 vs. YTD'14
Interest income:
Interest and fees on loans	$	3,494		$	3,379		$	3,166		$	3,140		$	3,252		$	242		7.4	%	$	13,179		$	12,216		$	963		7.9	%
Interest on investment securities	15			13			11			10			8			7			87.5	%	49			26			23			88.5	%
Total interest income	3,509			3,392			3,177			3,150			3,260			249			7.6	%	13,228			12,242			986			8.1	%
Interest expense:
Interest on deposits	165			159			146			137			139			26			18.7	%	607			470			137			29.1	%
Interest on borrowings of consolidated securitization entities	56			54			53			52			57			(1		)	(1.8	)%	215			215			—			—	%
Interest on third-party debt	80			76			71			82			78			2			2.6	%	309			124			185			149.2	%
Interest on related party debt	—			—			—			4			8			(8		)	(100.0	)%	4			113			(109		)	(96.5	)%
Total interest expense	301			289			270			275			282			19			6.7	%	1,135			922			213			23.1	%
Net interest income	3,208			3,103			2,907			2,875			2,978			230			7.7	%	12,093			11,320			773			6.8	%
Retailer share arrangements	(734		)	(723		)	(621		)	(660		)	(698		)	(36		)	5.2	%	(2,738		)	(2,575		)	(163		)	6.3	%
Net interest income, after retailer share arrangements	2,474			2,380			2,286			2,215			2,280			194			8.5	%	9,355			8,745			610			7.0	%
Provision for loan losses	823			702			740			687			797			26			3.3	%	2,952			2,917			35			1.2	%
Net interest income, after retailer share arrangements and provision for loan losses	1,651			1,678			1,546			1,528			1,483			168			11.3	%	6,403			5,828			575			9.9	%
Other income:
Interchange revenue	147			135			123			100			120			27			22.5	%	505			389			116			29.8	%
Debt cancellation fees	62			61			61			65			67			(5		)	(7.5	)%	249			275			(26		)	(9.5	)%
Loyalty programs	(125		)	(122		)	(94		)	(78		)	(91		)	(34		)	37.4	%	(419		)	(281		)	(138		)	49.1	%
Other	3			10			30			14			66			(63		)	(95.5	)%	57			102			(45		)	(44.1	)%
Total other income	87			84			120			101			162			(75		)	(46.3	)%	392			485			(93		)	(19.2	)%
Other expense:
Employee costs	285			268			250			239			227			58			25.6	%	1,042			866			176			20.3	%
Professional fees(1)	165			162			156			162			139			26			18.7	%	645			563			82			14.6	%
Marketing and business development	128			115			108			82			165			(37		)	(22.4	)%	433			460			(27		)	(5.9	)%
Information processing	83			77			74			63			60			23			38.3	%	297			212			85			40.1	%
Other(1)	209			221			217			200			201			8			4.0	%	847			826			21			2.5	%
Total other expense	870			843			805			746			792			78			9.8	%	3,264			2,927			337			11.5	%
Earnings before provision for income taxes	868			919			861			883			853			15			1.8	%	3,531			3,386			145			4.3	%
Provision for income taxes	321			345			320			331			322			(1		)	(0.3	)%	1,317			1,277			40			3.1	%
Net earnings attributable to common shareholders	$	547		$	574		$	541		$	552		$	531		$	16		3.0	%	$	2,214		$	2,109		$	105		5.0	%
(1) We have reclassified certain amounts within Professional fees to Other for all periods in 2014 to conform to the current period classifications.

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Dec 31, 2015 vs. Dec 31, 2014
Assets
Cash and equivalents	$	12,325		$	12,271		$	10,621		$	11,218		$	11,828		$	497		4.2	%
Investment securities	3,142			3,596			3,682			3,121			1,598			1,544			96.6	%
Loan receivables:
Unsecuritized loans held for investment	42,826			38,325			36,019			33,424			34,335			8,491			24.7	%
Restricted loans of consolidated securitization entities	25,464			25,195			25,412			24,824			26,951			(1,487		)	(5.5	)%
Total loan receivables	68,290			63,520			61,431			58,248			61,286			7,004			11.4	%
Less: Allowance for loan losses	(3,497		)	(3,371		)	(3,302		)	(3,255		)	(3,236		)	(261		)	8.1	%
Loan receivables, net	64,793			60,149			58,129			54,993			58,050			6,743			11.6	%
Loan receivables held for sale	—			—			—			359			332			(332		)	(100.0	)%
Goodwill	949			949			949			949			949			—			—	%
Intangible assets, net	701			646			575			557			519			182			35.1	%
Other assets	2,225			1,831			1,794			1,524			2,431			(206		)	(8.5	)%
Total assets	$	84,135		$	79,442		$	75,750		$	72,721		$	75,707		$	8,428		11.1	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	43,295		$	40,408		$	37,629		$	34,788		$	34,847		$	8,448		24.2	%
Non-interest-bearing deposit accounts	152			140			143			162			108			44			40.7	%
Total deposits	43,447			40,548			37,772			34,950			34,955			8,492			24.3	%
Borrowings:
Borrowings of consolidated securitization entities	13,603			13,640			13,948			13,817			14,967			(1,364		)	(9.1	)%
Bank term loan	4,151			4,651			5,151			5,651			8,245			(4,094		)	(49.7	)%
Senior unsecured notes	6,590			5,590			4,593			4,592			3,593			2,997			83.4	%
Related party debt	—			—			—			—			655			(655		)	(100.0	)%
Total borrowings	24,344			23,881			23,692			24,060			27,460			(3,116		)	(11.3	)%
Accrued expenses and other liabilities	3,740			2,855			2,708			2,675			2,814			926			32.9	%
Total liabilities	71,531			67,284			64,172			61,685			65,229			6,302			9.7	%
Equity:
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,351			9,431			9,422			9,418			9,408			(57		)	(0.6	)%
Retained earnings	3,293			2,746			2,172			1,631			1,079			2,214			NM
Accumulated other comprehensive income:	(41		)	(20		)	(17		)	(14		)	(10		)	(31		)	NM
Total equity	12,604			12,158			11,578			11,036			10,478			2,126			20.3	%
Total liabilities and equity	$	84,135		$	79,442		$	75,750		$	72,721		$	75,707		$	8,428		11.1	%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2015							Sep 30, 2015							Jun 30, 2015							Mar 31, 2015							Dec 31, 2014
				Interest		Average					Interest		Average					Interest		Average					Interest		Average					Interest		Average
	Average			Income/		Yield/		Average			Income/		Yield/		Average			Income/		Yield/		Average			Income/		Yield/		Average			Income/		Yield/
	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	12,070		$	9	0.30	%	$	11,059		$	7	0.25	%	$	10,728		$	6	0.22	%	$	11,331		$	6	0.21	%	$	13,631		$	7	0.20	%
Securities available for sale	3,445			6		0.69	%	3,534			6		0.67	%	3,107			5		0.65	%	2,725			4		0.60	%	962			1		0.40	%
Loan receivables:
Credit cards, including held for sale	62,834			3,432		21.67	%	59,890			3,315		21.96	%	57,588			3,106		21.63	%	57,390			3,079		21.76	%	57,075			3,186		21.68	%
Consumer installment loans	1,163			26		8.87	%	1,160			27		9.23	%	1,101			26		9.47	%	1,057			25		9.59	%	1,072			27		9.78	%
Commercial credit products	1,361			36		10.49	%	1,400			36		10.20	%	1,372			34		9.94	%	1,305			36		11.19	%	1,379			38		10.70	%
Other	48			—		—	%	54			1		NM		33			—		—	%	23			—		—	%	21			1		NM
Total loan receivables, including held for sale	65,406			3,494		21.19	%	62,504			3,379		21.45	%	60,094			3,166		21.13	%	59,775			3,140		21.30	%	59,547			3,252		21.21	%
Total interest-earning assets	80,921			3,509		17.20	%	77,097			3,392		17.46	%	73,929			3,177		17.24	%	73,831			3,150		17.30	%	74,140			3,260		17.07	%
Non-interest-earning assets:
Cash and due from banks	1,268							1,216							583							497							1,220
Allowance for loan losses	(3,440		)					(3,341		)					(3,285		)					(3,272		)					(3,160		)
Other assets	3,280							3,023							2,916							2,802							2,831
Total non-interest-earning assets	1,108							898							214							27							891
Total assets	$	82,029						$	77,995						$	74,143						$	73,858						$	75,031
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	42,162		$	165	1.55	%	$	39,136		$	159	1.61	%	$	35,908		$	146	1.63	%	$	34,981		$	137	1.59	%	$	33,980		$	139	1.59	%
Borrowings of consolidated securitization entities	13,565			56		1.64	%	13,730			54		1.56	%	14,026			53		1.52	%	14,101			52		1.50	%	14,766			57		1.50	%
Bank term loan(1)	4,526			28		2.45	%	4,901			29		2.35	%	5,401			32		2.38	%	6,531			47		2.92	%	8,057			46		2.22	%
Senior unsecured notes	5,840			52		3.53	%	5,340			47		3.49	%	4,592			39		3.41	%	4,093			35		3.47	%	3,593			32		3.46	%
Related party debt	—			—		—	%	—			—		—	%	—			—		—	%	407			4		3.99	%	843			8		3.68	%
Total interest-bearing liabilities	66,093			301		1.81	%	63,107			289		1.82	%	59,927			270		1.81	%	60,113			275		1.86	%	61,239			282		1.79	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	147							149							166							142							182
Other liabilities	3,396							2,859							2,750							2,854							3,382
Total non-interest-bearing liabilities	3,543							3,008							2,916							2,996							3,564
Total liabilities	69,636							66,115							62,843							63,109							64,803
Equity
Total equity	12,393							11,880							11,300							10,749							10,228
Total liabilities and equity	$	82,029						$	77,995						$	74,143						$	73,858						$	75,031
Net interest income				$	3,208						$	3,103						$	2,907						$	2,875						$	2,978
Interest rate spread(2)						15.39	%						15.64	%						15.43	%						15.44	%						15.28	%
Net interest margin(3)						15.73	%						15.97	%						15.77	%						15.79	%						15.60	%
(1) Average interest rate on liabilities calculated above utilizes monthly average balances. The effective interest rates for the Bank term loan for the quarters ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015, and December 31, 2014 were 2.26%, 2.23%, 2.21%, 2.21%, and 2.19%, respectively. The Bank term loan effective rate excludes the impact of charges incurred in connection with prepayments of the loan.
(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 net interest income divided by average interest-earning assets.

5

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Twelve Months Ended Dec 31, 2015							Twelve Months Ended Dec 31, 2014
				Interest		Average					Interest		Average
	Average			Income/		Yield/		Average			Income/		Yield/
	Balance			Expense		Rate		Balance			Expense		Rate
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	11,406		$	28	0.25	%	$	8,230		$	16	0.19	%
Securities available for sale	3,142			21		0.67	%	487			10		2.05	%
Loan receivables:
Credit cards, including held for sale	59,603			12,932		21.70	%	54,686			11,967		21.88	%
Consumer installment loans	1,119			104		9.29	%	1,025			99		9.66	%
Commercial credit products	1,359			142		10.45	%	1,373			149		10.85	%
Other	39			1		2.56	%	17			1		5.88	%
Total loan receivables, including held for sale	62,120			13,179		21.22	%	57,101			12,216		21.39	%
Total interest-earning assets	76,668			13,228		17.25	%	65,818			12,242		18.60	%
Non-interest-earning assets:
Cash and due from banks	904							881
Allowance for loan losses	(3,340		)					(3,039		)
Other assets	3,013							2,492
Total non-interest-earning assets	577							334
Total assets	$	77,245						$	66,152
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	38,148		$	607	1.59	%	$	30,110		$	470	1.56	%
Borrowings of consolidated securitization entities	13,868			215		1.55	%	14,835			215		1.45	%
Bank term loan(1)	5,383			136		2.53	%	3,056			74		2.42	%
Senior unsecured notes	4,976			173		3.48	%	1,382			50		3.62	%
Related party debt	125			4		3.20	%	5,335			113		2.12	%
Total interest-bearing liabilities	62,500			1,135		1.82	%	54,718			922		1.69	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	152							240
Other liabilities	3,015							3,306
Total non-interest-bearing liabilities	3,167							3,546
Total liabilities	65,667							58,264
Equity
Total equity	11,578							7,888
Total liabilities and equity	$	77,245						$	66,152
Net interest income				$	12,093						$	11,320
Interest rate spread(2)						15.43	%						16.91	%
Net interest margin(3)						15.77	%						17.20	%
(1) Average interest rate on liabilities calculated above utilizes monthly average balances. The effective interest rates for the Bank term loan for the 12 months ended December 31, 2015 and December 31, 2014 were 2.23% and 2.20%, respectively. The Bank term loan effective rate excludes the impact of charges incurred in connection with prepayments of the loan.
(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 net interest income divided by average interest-earning assets.

6

SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Dec 31, 2015 vs. Dec 31, 2014
BALANCE SHEET STATISTICS
Total common equity	$	12,604		$	12,158		$	11,578		$	11,036		$	10,478		$	2,126	20.3	%
Total common equity as a % of total assets	14.98		%	15.30		%	15.28		%	15.18		%	13.84		%			1.14	%
Tangible assets	$	82,485		$	77,847		$	74,226		$	71,215		$	74,239		$	8,246	11.1	%
Tangible common equity(1)	$	10,954		$	10,563		$	10,054		$	9,530		$	9,010		$	1,944	21.6	%
Tangible common equity as a % of tangible assets(1)	13.28		%	13.57		%	13.55		%	13.38		%	12.14		%			1.14	%
Tangible common equity per share(1)	$	13.14		$	12.67		$	12.06		$	11.43		$	10.81		$	2.33	21.6	%
REGULATORY CAPITAL RATIOS(2)
	Basel III Transition									Basel I
Total risk-based capital ratio(3)(8)	18.1		%	18.8		%	18.5		%	18.2		%	16.2		%
Tier 1 risk-based capital ratio(4)(8)	16.8		%	17.5		%	17.2		%	16.9		%	14.9		%
Tier 1 common ratio(5)(8)	n/a			n/a			n/a			16.9		%	14.9		%
Tier 1 leverage ratio(6)(8)	14.3		%	14.6		%	14.6		%	13.7		%	12.5		%
Common equity Tier 1 capital ratio(7)(8)	16.8		%	17.5		%	17.2		%	n/a			n/a
	Basel III Fully Phased-in
Common equity Tier 1 capital ratio(7)	15.9		%	16.6		%	16.4		%	16.4		%	14.5		%
(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Regulatory capital metrics at December 31, 2015 are preliminary and therefore subject to change. As a new savings and loan holding company, the Company historically has not been required by regulators to disclose capital ratios prior to December 31, 2015, and therefore these ratios are non-GAAP measures. See Reconciliation of Non-GAAP Measures and Calculation of Regulatory Measures for components of capital ratio calculations.
(3) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(4) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(5) Tier 1 common ratio is the ratio of common equity Tier 1 capital divided by risk-weighted assets.
(6) Tier 1 leverage ratio reported under Basel III transition rules is calculated based on Tier 1 capital divided by total average assets, after certain adjustments. Total assets, after certain adjustments is used as the denominator for prior periods calculated under Basel I rules.
(7) Common equity Tier 1 capital ratio is the ratio of common equity Tier 1 capital to total risk-weighted assets, each as calculated under Basel III rules. Common equity Tier 1 capital ratio (fully phased-in) is a preliminary estimate reflecting management’s interpretation of the final Basel III rules adopted in July 2013 by the Federal Reserve Board, which have not been fully implemented, and our estimate and interpretations are subject to, among other things, ongoing regulatory review and implementation guidance.
(8) Beginning June 30, 2015, regulatory capital ratios are calculated under Basel III rules subject to transition provisions. The Company reported under Basel I rules for periods prior to June 30, 2015.

7

SYNCHRONY FINANCIAL
PLATFORM RESULTS AND RECONCILIATION OF NON-GAAP MEASURES
(unaudited, $ in millions)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			4Q'15 vs. 4Q'14					Dec 31, 2015			Dec 31, 2014			YTD'15 vs. YTD'14
RETAIL CARD
Purchase volume(1)(2)	$	26,768		$	23,560		$	23,452		$	18,410		$	24,855		$	1,913		7.7	%	$	92,190		$	83,591		$	8,599		10.3	%
Period-end loan receivables	$	47,412		$	43,432		$	42,315		$	39,685		$	42,308		$	5,104		12.1	%	$	47,412		$	42,308		$	5,104		12.1	%
Average loan receivables, including held for sale	$	44,958		$	42,933		$	41,303		$	40,986		$	40,929		$	4,029		9.8	%	$	42,687		$	39,278		$	3,409		8.7	%
Average active accounts (in thousands)(2)(3)	52,038			49,953			48,981			49,617			49,871			2,167			4.3	%	50,358			48,599			1,759			3.6	%
Interest and fees on loans(2)	$	2,594		$	2,508		$	2,335		$	2,337		$	2,405		$	189		7.9	%	$	9,774		$	9,040		$	734		8.1	%
Other income(2)	76			70			107			86			141			(65		)	(46.1	)%	339			407			(68		)	(16.7	)%
Platform revenue, excluding retailer share arrangements(2)	2,670			2,578			2,442			2,423			2,546			124			4.9	%	10,113			9,447			666			7.0	%
Retailer share arrangements(2)	(723		)	(708		)	(606		)	(651		)	(686		)	(37		)	5.4	%	(2,688		)	(2,530		)	(158		)	6.2	%
Platform revenue(2)	$	1,947		$	1,870		$	1,836		$	1,772		$	1,860		$	87		4.7	%	$	7,425		$	6,917		$	508		7.3	%
PAYMENT SOLUTIONS
Purchase volume(1)	$	3,714		$	3,635		$	3,371		$	2,948		$	3,419		$	295		8.6	%	$	13,668		$	12,447		$	1,221		9.8	%
Period-end loan receivables	$	13,543		$	12,933		$	12,194		$	11,833		$	12,095		$	1,448		12.0	%	$	13,543		$	12,095		$	1,448		12.0	%
Average loan receivables	$	13,192		$	12,523		$	11,971		$	11,970		$	11,772		$	1,420		12.1	%	$	12,436		$	11,171		$	1,265		11.3	%
Average active accounts (in thousands)(3)	7,896			7,468			7,231			7,271			7,113			783			11.0	%	7,478			6,869			609			8.9	%
Interest and fees on loans	$	462		$	442		$	412		$	403		$	426		$	36		8.5	%	$	1,719		$	1,582		$	137		8.7	%
Other income	3			5			4			5			9			(6		)	(66.7	)%	17			32			(15		)	(46.9	)%
Platform revenue, excluding retailer share arrangements	465			447			416			408			435			30			6.9	%	1,736			1,614			122			7.6	%
Retailer share arrangements	(10		)	(13		)	(14		)	(8		)	(11		)	1			(9.1	)%	(45		)	(41		)	(4		)	9.8	%
Platform revenue	$	455		$	434		$	402		$	400		$	424		$	31		7.3	%	$	1,691		$	1,573		$	118		7.5	%
CARECREDIT
Purchase volume(1)	$	1,978		$	2,011		$	1,987		$	1,781		$	1,807		$	171		9.5	%	$	7,757		$	7,111		$	646		9.1	%
Period-end loan receivables	$	7,335		$	7,155		$	6,922		$	6,730		$	6,883		$	452		6.6	%	$	7,335		$	6,883		$	452		6.6	%
Average loan receivables	$	7,256		$	7,048		$	6,820		$	6,819		$	6,846		$	410		6.0	%	$	6,997		$	6,652		$	345		5.2	%
Average active accounts (in thousands)(3)	4,958			4,826			4,711			4,716			4,683			275			5.9	%	4,807			4,541			266			5.9	%
Interest and fees on loans	$	438		$	429		$	419		$	400		$	421		$	17		4.0	%	$	1,686		$	1,594		$	92		5.8	%
Other income	8			9			9			10			12			(4		)	(33.3	)%	36			46			(10		)	(21.7	)%
Platform revenue, excluding retailer share arrangements	446			438			428			410			433			13			3.0	%	1,722			1,640			82			5.0	%
Retailer share arrangements	(1		)	(2		)	(1		)	(1		)	(1		)	—			—	%	(5		)	(4		)	(1		)	25.0	%
Platform revenue	$	445		$	436		$	427		$	409		$	432		$	13		3.0	%	$	1,717		$	1,636		$	81		5.0	%
TOTAL SYF
Purchase volume(1)(2)	$	32,460		$	29,206		$	28,810		$	23,139		$	30,081		$	2,379		7.9	%	$	113,615		$	103,149		$	10,466		10.1	%
Period-end loan receivables	$	68,290		$	63,520		$	61,431		$	58,248		$	61,286		$	7,004		11.4	%	$	68,290		$	61,286		$	7,004		11.4	%
Average loan receivables, including held for sale	$	65,406		$	62,504		$	60,094		$	59,775		$	59,547		$	5,859		9.8	%	$	62,120		$	57,101		$	5,019		8.8	%
Average active accounts (in thousands)(2)(3)	64,892			62,247			60,923			61,604			61,667			3,225			5.2	%	62,643			60,009			2,634			4.4	%
Interest and fees on loans(2)	$	3,494		$	3,379		$	3,166		$	3,140		$	3,252		$	242		7.4	%	$	13,179		$	12,216		$	963		7.9	%
Other income(2)	87			84			120			101			162			(75		)	(46.3	)%	392			485			(93		)	(19.2	)%
Platform revenue, excluding retailer share arrangements(2)	3,581			3,463			3,286			3,241			3,414			167			4.9	%	13,571			12,701			870			6.8	%
Retailer share arrangements(2)	(734		)	(723		)	(621		)	(660		)	(698		)	(36		)	5.2	%	(2,738		)	(2,575		)	(163		)	6.3	%
Platform revenue(2)	$	2,847		$	2,740		$	2,665		$	2,581		$	2,716		$	131		4.8	%	$	10,833		$	10,126		$	707		7.0	%
(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

8

SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014
COMMON EQUITY MEASURES
GAAP Total common equity	$	12,604		$	12,158		$	11,578		$	11,036		$	10,478
Less: Goodwill	(949		)	(949		)	(949		)	(949		)	(949		)
Less: Intangible assets, net	(701		)	(646		)	(575		)	(557		)	(519		)
Tangible common equity	$	10,954		$	10,563		$	10,054		$	9,530		$	9,010
Adjustments for certain other intangible assets, deferred tax liabilities and certain items in accumulated comprehensive income (loss)										293			287
Basel I - Tier 1 capital and Tier 1 common equity										$	9,823		$	9,297
Adjustments for certain other intangible assets and deferred tax liabilities										(12		)	(20		)
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	280			291			293
Basel III - Common equity Tier 1 (fully phased-in)	$	11,234		$	10,854		$	10,347		$	9,811		$	9,277
Adjustment related to capital components during transition	399			375			331
Basel III - Common equity Tier I (transition)	$	11,633		$	11,229		$	10,678
RISK-BASED CAPITAL
Tier 1 capital and Tier 1 common equity(2)	$	11,633		$	11,229		$	10,678		$	9,823		$	9,297
Add: Allowance for loan losses includible in risk-based capital	900			835			806			759			809
Risk-based capital(2)	$	12,533		$	12,064		$	11,484		$	10,582		$	10,106
ASSET MEASURES
Total assets(3)	$	82,029		$	77,995		$	74,143		$	72,721		$	75,707
Adjustments for:
Disallowed goodwill and other disallowed intangible assets, net of related deferred tax liabilities	(992		)	(931		)	(903		)	(1,213		)	(1,181		)
Other	92			104			60			136			79
Total assets for leverage purposes(2)	$	81,129		$	77,168		$	73,300		$	71,644		$	74,605
Risk-weighted assets - Basel I	n/a			n/a			n/a			$	58,184		$	62,270
Risk-weighted assets - Basel III (fully phased-in)(4)	$	70,654		$	65,278		$	62,970		$	59,926		$	64,162
Risk-weighted assets - Basel III (transition)(4)	$	69,386		$	64,244		$	61,985		n/a			n/a
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	15.12		$	14.58		$	13.89		$	13.24		$	12.57
Less: Goodwill	(1.14		)	(1.14		)	(1.14		)	(1.14		)	(1.14		)
Less: Intangible assets, net	(0.84		)	(0.77		)	(0.69		)	(0.67		)	(0.62		)
Tangible common equity per share	$	13.14		$	12.67		$	12.06		$	11.43		$	10.81
(1) Regulatory capital metrics at December 31, 2015 are preliminary and therefore subject to change.
(2) Beginning June 30, 2015, regulatory capital amounts are calculated under Basel III rules subject to transition provisions. The company reported under Basel I rules for periods prior to June 30, 2015.
(3) Represents total average assets beginning June 30, 2015 and total assets for all periods prior to June 30, 2015.
(4) Key differences between Basel III transitional rules and fully phased-in Basel III rules in the calculation of risk-weighted assets include, but not limited to, risk weighting of deferred tax assets and adjustments for certain intangible assets.

9