Synchrony Financial (SYF) 8-K Synchrony Financial Reports Fourth Quarter Net Earnings of $576 Million or $0.70 Per Diluted Share

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			4Q'16 vs. 4Q'15					Dec 31, 2016			Dec 31, 2015			YTD'16 vs. YTD'15
EARNINGS
Net interest income	$	3,628		$	3,481		$	3,212		$	3,209		$	3,208		$	420		13.1	%	$	13,530		$	12,093		$	1,437		11.9	%
Retailer share arrangements	(811		)	(757		)	(664		)	(670		)	(734		)	(77		)	10.5	%	(2,902		)	(2,738		)	(164		)	6.0	%
Net interest income, after retailer share arrangements	2,817			2,724			2,548			2,539			2,474			343			13.9	%	10,628			9,355			1,273			13.6	%
Provision for loan losses	1,076			986			1,021			903			823			253			30.7	%	3,986			2,952			1,034			35.0	%
Net interest income, after retailer share arrangements and provision for loan losses	1,741			1,738			1,527			1,636			1,651			90			5.5	%	6,642			6,403			239			3.7	%
Other income	85			84			83			92			87			(2		)	(2.3	)%	344			392			(48		)	(12.2	)%
Other expense	918			859			839			800			870			48			5.5	%	3,416			3,264			152			4.7	%
Earnings before provision for income taxes	908			963			771			928			868			40			4.6	%	3,570			3,531			39			1.1	%
Provision for income taxes	332			359			282			346			321			11			3.4	%	1,319			1,317			2			0.2	%
Net earnings	$	576		$	604		$	489		$	582		$	547		$	29		5.3	%	$	2,251		$	2,214		$	37		1.7	%
Net earnings attributable to common stockholders	$	576		$	604		$	489		$	582		$	547		$	29		5.3	%	$	2,251		$	2,214		$	37		1.7	%
COMMON SHARE STATISTICS
Basic EPS	$	0.70		$	0.73		$	0.59		$	0.70		$	0.66		$	0.04		6.1	%	$	2.71		$	2.66		$	0.05		1.9	%
Diluted EPS	$	0.70		$	0.73		$	0.58		$	0.70		$	0.65		$	0.05		7.7	%	$	2.71		$	2.65		$	0.06		2.3	%
Dividend declared per share	$	0.13		$	0.13		$	—		$	—		$	—		$	0.13		NM		$	0.26		$	—		$	0.26		NM
Common stock price	$	36.27		$	28.00		$	25.28		$	28.66		$	30.41		$	5.86		19.3	%	$	36.27		$	30.41		$	5.86		19.3	%
Book value per share	$	17.37		$	16.94		$	16.45		$	15.84		$	15.12		$	2.25		14.9	%	$	17.37		$	15.12		$	2.25		14.9	%
Tangible common equity per share(1)	$	15.34		$	14.90		$	14.46		$	13.86		$	13.14		$	2.20		16.7	%	$	15.34		$	13.14		$	2.20		16.7	%
Beginning common shares outstanding	825.5			833.9			833.8			833.8			833.8			(8.3		)	(1.0	)%	833.8			833.8			—			—	%
Issuance of common shares	—			—			—			—			—			—			—	%	—			—			—			—	%
Stock-based compensation	—			0.1			0.1			—			—			—			—		0.2			—			0.2			NM
Shares repurchased	(8.1		)	(8.5		)	—			—			—			(8.1		)	NM		(16.6		)	—			(16.6		)	NM
Ending common shares outstanding	817.4			825.5			833.9			833.8			833.8			(16.4		)	(2.0	)%	817.4			833.8			(16.4		)	(2.0	)%
Weighted average common shares outstanding	820.5			828.4			833.9			833.8			833.8			(13.3		)	(1.6	)%	829.2			833.8			(4.6		)	(0.6	)%
Weighted average common shares outstanding (fully diluted)	823.8			830.6			836.2			835.5			835.8			(12.0		)	(1.4	)%	831.5			835.5			(4.0		)	(0.5	)%
(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(1)
(unaudited, $ in millions, except account data)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			4Q'16 vs. 4Q'15					Dec 31, 2016			Dec 31, 2015			YTD'16 vs. YTD'15
PERFORMANCE METRICS
Return on assets(2)	2.6		%	2.8		%	2.4		%	2.8		%	2.7		%				(0.1	)%	2.7		%	2.9		%				(0.2	)%
Return on equity(3)	16.3		%	17.4		%	14.6		%	18.1		%	17.5		%				(1.2	)%	16.6		%	19.1		%				(2.5	)%
Return on tangible common equity(4)	18.5		%	19.8		%	16.6		%	20.8		%	20.1		%				(1.6	)%	18.9		%	22.0		%				(3.1	)%
Net interest margin(5)	16.22		%	16.27		%	15.86		%	15.76		%	15.73		%				0.49	%	16.01		%	15.77		%				0.24	%
Efficiency ratio(6)	31.6		%	30.6		%	31.9		%	30.4		%	34.0		%				(2.4	)%	31.1		%	33.5		%				(2.4	)%
Other expense as a % of average loan receivables, including held for sale	5.00		%	4.92		%	5.04		%	4.82		%	5.28		%				(0.28	)%	4.93		%	5.25		%				(0.32	)%
Effective income tax rate	36.6		%	37.3		%	36.6		%	37.3		%	37.0		%				(0.4	)%	36.9		%	37.3		%				(0.4	)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.62		%	4.38		%	4.49		%	4.70		%	4.23		%				0.39	%	4.53		%	4.33		%				0.20	%
30+ days past due as a % of period-end loan receivables(7)	4.32		%	4.26		%	3.79		%	3.85		%	4.06		%				0.26	%	4.32		%	4.06		%				0.26	%
90+ days past due as a % of period-end loan receivables(7)	2.03		%	1.89		%	1.67		%	1.84		%	1.86		%				0.17	%	2.03		%	1.86		%				0.17	%
Net charge-offs	$	847		$	765		$	747		$	780		$	697		$	150		21.5	%	$	3,139		$	2,691		$	448		16.6	%
Loan receivables delinquent over 30 days(7)	$	3,295		$	3,008		$	2,585		$	2,538		$	2,772		$	523		18.9	%	$	3,295		$	2,772		$	523		18.9	%
Loan receivables delinquent over 90 days(7)	$	1,546		$	1,334		$	1,143		$	1,212		$	1,273		$	273		21.4	%	$	1,546		$	1,273		$	273		21.4	%
Allowance for loan losses (period-end)	$	4,344		$	4,115		$	3,894		$	3,620		$	3,497		$	847		24.2	%	$	4,344		$	3,497		$	847		24.2	%
Allowance coverage ratio(8)	5.69		%	5.82		%	5.70		%	5.50		%	5.12		%				0.57	%	5.69		%	5.12		%				0.57	%
BUSINESS METRICS
Purchase volume(9)	$	35,369		$	31,615		$	31,507		$	26,977		$	32,460		$	2,909		9.0	%	$	125,468		$	113,615		$	11,853		10.4	%
Period-end loan receivables	$	76,337		$	70,644		$	68,282		$	65,849		$	68,290		$	8,047		11.8	%	$	76,337		$	68,290		$	8,047		11.8	%
Credit cards	$	73,580		$	67,858		$	65,511		$	63,309		$	65,773		$	7,807		11.9	%	$	73,580		$	65,773		$	7,807		11.9	%
Consumer installment loans	$	1,384		$	1,361		$	1,293		$	1,184		$	1,154		$	230		19.9	%	$	1,384		$	1,154		$	230		19.9	%
Commercial credit products	$	1,333		$	1,385		$	1,389		$	1,318		$	1,323		$	10		0.8	%	$	1,333		$	1,323		$	10		0.8	%
Other	$	40		$	40		$	89		$	38		$	40		$	—		—	%	$	40		$	40		$	—		—	%
Average loan receivables, including held for sale	$	72,987		$	69,525		$	66,943		$	66,705		$	65,406		$	7,581		11.6	%	$	69,220		$	62,120		$	7,100		11.4	%
Period-end active accounts (in thousands)(10)	71,890			66,781			66,491			64,689			68,314			3,576			5.2	%	71,890			68,314			3,576			5.2	%
Average active accounts (in thousands)(10)	68,701			66,639			65,531			66,134			64,892			3,809			5.9	%	66,928			62,643			4,285			6.8	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	9,321		$	13,588		$	11,787		$	12,500		$	12,325		$	(3,004	)	(24.4	)%	$	9,321		$	12,325		$	(3,004	)	(24.4	)%
Total liquid assets	$	13,612		$	16,362		$	13,956		$	14,915		$	14,836		$	(1,224	)	(8.3	)%	$	13,612		$	14,836		$	(1,224	)	(8.3	)%
Undrawn credit facilities
Undrawn credit facilities	$	6,700		$	7,150		$	7,025		$	7,325		$	6,075		$	625		10.3	%	$	6,700		$	6,075		$	625		10.3	%
Total liquid assets and undrawn credit facilities	$	20,312		$	23,512		$	20,981		$	22,240		$	20,911		$	(599	)	(2.9	)%	$	20,312		$	20,911		$	(599	)	(2.9	)%
Liquid assets % of total assets	15.09		%	18.77		%	16.94		%	18.27		%	17.66		%				(2.57	)%	15.09		%	17.66		%				(2.57	)%
Liquid assets including undrawn credit facilities % of total assets	22.52		%	26.98		%	25.47		%	27.24		%	24.90		%				(2.38	)%	22.52		%	24.90		%				(2.38	)%
(1) Certain balance sheet amounts and related metrics have been updated to reflect the adoption of ASU 2015-03. More detail on this update is in footnote (1) on the Statements of Financial Position.
(2) Return on assets represents net earnings as a percentage of average total assets.
(3) Return on equity represents net earnings as a percentage of average total equity.
(4) 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.
(5) Net interest margin represents net interest income divided by average interest-earning assets.
(6) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.
(7) Based on customer statement-end balances extrapolated to the respective period-end date.
(8) Allowance coverage ratio represents allowance for loan losses divided by total period-end loan receivables.
(9) 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.
(10) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

2

SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			4Q'16 vs. 4Q'15					Dec 31, 2016			Dec 31, 2015			YTD'16 vs. YTD'15
Interest income:
Interest and fees on loans	$	3,919		$	3,771		$	3,494		$	3,498		$	3,494		$	425		12.2	%	$	14,682		$	13,179		$	1,503		11.4	%
Interest on investment securities	28			25			21			22			15			13			86.7	%	96			49			47			95.9	%
Total interest income	3,947			3,796			3,515			3,520			3,509			438			12.5	%	14,778			13,228			1,550			11.7	%
Interest expense:
Interest on deposits	188			188			179			172			165			23			13.9	%	727			607			120			19.8	%
Interest on borrowings of consolidated securitization entities	64			63			59			58			56			8			14.3	%	244			215			29			13.5	%
Interest on third-party debt	67			64			65			81			80			(13		)	(16.3	)%	277			309			(32		)	(10.4	)%
Interest on related party debt	—			—			—			—			—			—			—	%	—			4			(4		)	(100.0	)%
Total interest expense	319			315			303			311			301			18			6.0	%	1,248			1,135			113			10.0	%
Net interest income	3,628			3,481			3,212			3,209			3,208			420			13.1	%	13,530			12,093			1,437			11.9	%
Retailer share arrangements	(811		)	(757		)	(664		)	(670		)	(734		)	(77		)	10.5	%	(2,902		)	(2,738		)	(164		)	6.0	%
Net interest income, after retailer share arrangements	2,817			2,724			2,548			2,539			2,474			343			13.9	%	10,628			9,355			1,273			13.6	%
Provision for loan losses	1,076			986			1,021			903			823			253			30.7	%	3,986			2,952			1,034			35.0	%
Net interest income, after retailer share arrangements and provision for loan losses	1,741			1,738			1,527			1,636			1,651			90			5.5	%	6,642			6,403			239			3.7	%
Other income:
Interchange revenue	167			154			151			130			147			20			13.6	%	602			505			97			19.2	%
Debt cancellation fees	68			67			63			64			62			6			9.7	%	262			249			13			5.2	%
Loyalty programs	(157		)	(145		)	(135		)	(110		)	(125		)	(32		)	25.6	%	(547		)	(419		)	(128		)	30.5	%
Other	7			8			4			8			3			4			133.3	%	27			57			(30		)	(52.6	)%
Total other income	85			84			83			92			87			(2		)	(2.3	)%	344			392			(48		)	(12.2	)%
Other expense:
Employee costs	315			311			301			280			285			30			10.5	%	1,207			1,042			165			15.8	%
Professional fees	164			174			154			146			165			(1		)	(0.6	)%	638			645			(7		)	(1.1	)%
Marketing and business development	130			92			107			94			128			2			1.6	%	423			433			(10		)	(2.3	)%
Information processing	88			87			81			82			83			5			6.0	%	338			297			41			13.8	%
Other	221			195			196			198			209			12			5.7	%	810			847			(37		)	(4.4	)%
Total other expense	918			859			839			800			870			48			5.5	%	3,416			3,264			152			4.7	%
Earnings before provision for income taxes	908			963			771			928			868			40			4.6	%	3,570			3,531			39			1.1	%
Provision for income taxes	332			359			282			346			321			11			3.4	%	1,319			1,317			2			0.2	%
Net earnings attributable to common stockholders	$	576		$	604		$	489		$	582		$	547		$	29		5.3	%	$	2,251		$	2,214		$	37		1.7	%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION(1)
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Dec 31, 2016 vs. Dec 31, 2015
Assets
Cash and equivalents	$	9,321		$	13,588		$	11,787		$	12,500		$	12,325		$	(3,004	)	(24.4	)%
Investment securities	5,110			3,356			2,723			2,949			3,142			1,968			62.6	%
Loan receivables:
Unsecuritized loans held for investment	52,332			47,517			44,854			41,730			42,826			9,506			22.2	%
Restricted loans of consolidated securitization entities	24,005			23,127			23,428			24,119			25,464			(1,459		)	(5.7	)%
Total loan receivables	76,337			70,644			68,282			65,849			68,290			8,047			11.8	%
Less: Allowance for loan losses	(4,344		)	(4,115		)	(3,894		)	(3,620		)	(3,497		)	(847		)	24.2	%
Loan receivables, net	71,993			66,529			64,388			62,229			64,793			7,200			11.1	%
Goodwill	949			949			949			949			949			—			—	%
Intangible assets, net	712			733			704			702			701			11			1.6	%
Other assets	2,122			2,004			1,833			2,327			2,080			42			2.0	%
Total assets	$	90,207		$	87,159		$	82,384		$	81,656		$	83,990		$	6,217		7.4	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	51,896		$	49,611		$	46,220		$	44,721		$	43,215		$	8,681		20.1	%
Non-interest-bearing deposit accounts	159			204			207			256			152			7			4.6	%
Total deposits	52,055			49,815			46,427			44,977			43,367			8,688			20.0	%
Borrowings:
Borrowings of consolidated securitization entities	12,388			12,411			12,236			12,423			13,589			(1,201		)	(8.8	)%
Bank term loan	—			—			—			1,494			4,133			(4,133		)	(100.0	)%
Senior unsecured notes	7,759			7,756			7,059			6,559			6,557			1,202			18.3	%
Related party debt	—			—			—			—			—			—			—	%
Total borrowings	20,147			20,167			19,295			20,476			24,279			(4,132		)	(17.0	)%
Accrued expenses and other liabilities	3,809			3,196			2,947			2,999			3,740			69			1.8	%
Total liabilities	76,011			73,178			68,669			68,452			71,386			4,625			6.5	%
Equity:
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,393			9,381			9,370			9,359			9,351			42			0.4	%
Retained earnings	5,330			4,861			4,364			3,875			3,293			2,037			61.9	%
Accumulated other comprehensive income:	(53		)	(24		)	(20		)	(31		)	(41		)	(12		)	29.3	%
Treasury Stock	(475		)	(238		)	—			—			—			(475		)	NM
Total equity	14,196			13,981			13,715			13,204			12,604			1,592			12.6	%
Total liabilities and equity	$	90,207		$	87,159		$	82,384		$	81,656		$	83,990		$	6,217		7.4	%
(1) In January 2016, we adopted ASU 2015-03, Interest–Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires the presentation of deferred issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability. Accordingly, we have reclassified issuance costs associated with our borrowings and certain brokered deposits, from other assets, and reflected as a reduction of borrowings and interest-bearing deposit accounts, as applicable, for each period presented to conform to the current period presentation. Related selected financial metrics included within this Financial Data Supplement have also been updated where applicable to reflect this reclassification.

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN(1)
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2016							Sep 30, 2016								Jun 30, 2016							Mar 31, 2016							Dec 31, 2015
				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	$	11,723		$	17	0.58	%	$	12,574		$	16	0.51	%		$	11,692		$	14	0.48	%	$	12,185		$	16	0.53	%	$	12,070		$	9	0.30	%
Securities available for sale	4,253			11		1.03	%	3,018			9		1.19	%		2,805			7		1.00	%	2,995			6		0.81	%	3,445			6		0.69	%
Loan receivables:
Credit cards, including held for sale	70,195			3,851		21.83	%	66,746			3,705		22.08	%		64,269			3,432		21.48	%	64,194			3,436		21.53	%	62,834			3,432		21.67	%
Consumer installment loans	1,374			31		8.98	%	1,331			31		9.27	%		1,235			28		9.12	%	1,159			27		9.37	%	1,163			26		8.87	%
Commercial credit products	1,367			36		10.48	%	1,390			35		10.02	%		1,373			33		9.67	%	1,313			35		10.72	%	1,361			36		10.49	%
Other	51			1		NM		58			—		—	%		66			1		NM		39			—		—	%	48			—		—	%
Total loan receivables, including held for sale	72,987			3,919		21.36	%	69,525			3,771		21.58	%		66,943			3,494		20.99	%	66,705			3,498		21.09	%	65,406			3,494		21.19	%
Total interest-earning assets	88,963			3,947		17.65	%	85,117			3,796		17.74	%		81,440			3,515		17.36	%	81,885			3,520		17.29	%	80,921			3,509		17.20	%
Non-interest-earning assets:
Cash and due from banks	691							641							��	774							1,277							1,268
Allowance for loan losses	(4,226		)					(3,977		)						(3,729		)					(3,583		)					(3,440		)
Other assets	3,394							3,240								3,209							3,256							3,133
Total non-interest-earning assets	(141		)					(96		)						254							950							961
Total assets	$	88,822						$	85,021							$	81,694						$	82,835						$	81,882
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	50,901		$	188	1.47	%	$	47,926		$	188	1.56	%		$	45,490		$	179	1.58	%	$	44,101		$	172	1.57	%	$	42,079		$	165	1.56	%
Borrowings of consolidated securitization entities	12,387			64		2.06	%	12,369			63		2.03	%		12,291			59		1.93	%	12,950			58		1.80	%	13,550			56		1.64	%
Bank term loan(2)	—			—		—	%	—			—		—	%		374			7		7.53	%	2,565			24		3.76	%	4,507			28		2.46	%
Senior unsecured notes	7,758			67		3.44	%	7,408			64		3.44	%		6,809			58		3.43	%	6,558			57		3.50	%	5,810			52		3.55	%
Related party debt	—			—		—	%	—			—		—	%		—			—		—	%	—			—		—	%	—			—		—	%
Total interest-bearing liabilities	71,046			319		1.79	%	67,703			315		1.85	%		64,964			303		1.88	%	66,174			311		1.89	%	65,946			301		1.81	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	180							203								217							226							147
Other liabilities	3,563							3,314								3,046							3,534							3,396
Total non-interest-bearing liabilities	3,743							3,517								3,263							3,760							3,543
Total liabilities	74,789							71,220								68,227							69,934							69,489
Equity
Total equity	14,033							13,801								13,467							12,901							12,393
Total liabilities and equity	$	88,822						$	85,021							$	81,694						$	82,835						$	81,882
Net interest income				$	3,628						$	3,481							$	3,212						$	3,209						$	3,208
Interest rate spread(3)						15.86	%						15.89	%							15.48	%						15.40	%						15.39	%
Net interest margin(4)						16.22	%						16.27	%							15.86	%						15.76	%						15.73	%
(1) Certain balance sheet amounts and related metrics have been updated to reflect the adoption of ASU 2015-03. More detail on this update is in footnote (1) on the Statements of Financial Position.
(2) Average interest rate on liabilities calculated above utilizes monthly average balances. The effective interest rates for the Bank term loan for the quarters ended June 30, 2016, March 31, 2016, and December 31, 2015 were 2.51%, 2.47%, and 2.26% respectively. The Bank term loan effective rate excludes the impact of charges incurred in connection with prepayments of the loan.
(3) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(4) 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(1)
(unaudited, $ in millions)
	Twelve Months Ended Dec 31, 2016							Twelve Months Ended Dec 31, 2015
				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	$	11,943		$	63	0.53	%	$	11,406		$	28	0.25	%
Securities available for sale	3,327			33		0.99	%	3,142			21		0.67	%
Loan receivables:
Credit cards, including held for sale	66,533			14,424		21.68	%	59,603			12,932		21.70	%
Consumer installment loans	1,274			117		9.18	%	1,119			104		9.29	%
Commercial credit products	1,360			139		10.22	%	1,359			142		10.45	%
Other	53			2		3.77	%	39			1		2.56	%
Total loan receivables, including held for sale	69,220			14,682		21.21	%	62,120			13,179		21.22	%
Total interest-earning assets	84,490			14,778		17.49	%	76,668			13,228		17.25	%
Non-interest-earning assets:
Cash and due from banks	890							904
Allowance for loan losses	(3,879		)					(3,340		)
Other assets	3,290							2,857
Total non-interest-earning assets	301							421
Total assets	$	84,791						$	77,089
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	47,163		$	727	1.54	%	$	38,060		$	607	1.59	%
Borrowings of consolidated securitization entities	12,532			244		1.95	%	13,853			215		1.55	%
Bank term loan(2)	789			31		3.93	%	5,357			136		2.54	%
Senior unsecured notes	7,135			246		3.45	%	4,949			173		3.50	%
Related party debt	—			—		—	%	125			4		3.20	%
Total interest-bearing liabilities	67,619			1,248		1.85	%	62,344			1,135		1.82	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	203							152
Other liabilities	3,437							3,015
Total non-interest-bearing liabilities	3,640							3,167
Total liabilities	71,259							65,511
Equity
Total equity	13,532							11,578
Total liabilities and equity	$	84,791						$	77,089
Net interest income				$	13,530						$	12,093
Interest rate spread(3)						15.64	%						15.43	%
Net interest margin(4)						16.01	%						15.77	%
(1) Certain balance sheet amounts and related metrics have been updated to reflect the adoption of ASU 2015-03. More detail on this update is in footnote (1) on the Statements of Financial Position.
(2) 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, 2016 and December 31, 2015 were 2.48% and 2.23%, respectively. The Bank term loan effective rate excludes the impact of charges incurred in connection with prepayments of the loan.
(3) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average interest-earning assets.

6

SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Dec 31, 2016 vs. Dec 31, 2015
BALANCE SHEET STATISTICS
Total common equity	$	14,196		$	13,981		$	13,715		$	13,204		$	12,604		$	1,592	12.6	%
Total common equity as a % of total assets	15.74		%	16.04		%	16.65		%	16.17		%	15.01		%			0.73	%
Tangible assets	$	88,546		$	85,477		$	80,731		$	80,005		$	82,340		$	6,206	7.5	%
Tangible common equity(2)	$	12,535		$	12,299		$	12,062		$	11,553		$	10,954		$	1,581	14.4	%
Tangible common equity as a % of tangible assets(2)	14.16		%	14.39		%	14.94		%	14.44		%	13.30		%			0.86	%
Tangible common equity per share(2)	$	15.34		$	14.90		$	14.46		$	13.86		$	13.14		$	2.20	16.7	%
REGULATORY CAPITAL RATIOS(3)
	Basel III Transition
Total risk-based capital ratio(4)	18.5		%	19.5		%	19.8		%	19.4		%	18.1		%
Tier 1 risk-based capital ratio(5)	17.2		%	18.2		%	18.5		%	18.1		%	16.8		%
Tier 1 leverage ratio(6)	15.0		%	15.3		%	15.6		%	14.8		%	14.4		%
Common equity Tier 1 capital ratio(7)	17.2		%	18.2		%	18.5		%	18.1		%	16.8		%
	Basel III Fully Phased-in
Common equity Tier 1 capital ratio(7)	17.0		%	17.9		%	18.0		%	17.5		%	15.9		%
(1) Certain balance sheet amounts and related metrics have been updated to reflect the adoption of ASU 2015-03. More detail on this update is in footnote (1) on the Statements of Financial Position.
(2) 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.
(3) Regulatory capital metrics at December 31, 2016 are preliminary and therefore subject to change.
(4) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(5) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(6) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments.
(7) 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.

7

SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			4Q'16 vs. 4Q'15					Dec 31, 2016			Dec 31, 2015			YTD'16 vs. YTD'15
RETAIL CARD
Purchase volume(1)(2)	$	28,996		$	25,285		$	25,411		$	21,550		$	26,768		$	2,228		8.3	%	$	101,242		$	92,190		$	9,052		9.8	%
Period-end loan receivables	$	52,701		$	48,010		$	46,705		$	45,113		$	47,412		$	5,289		11.2	%	$	52,701		$	47,412		$	5,289		11.2	%
Average loan receivables, including held for sale	$	49,897		$	47,420		$	45,861		$	45,900		$	44,958		$	4,939		11.0	%	$	47,421		$	42,687		$	4,734		11.1	%
Average active accounts (in thousands)(2)(3)	54,489			52,959			52,314			52,969			52,038			2,451			4.7	%	53,344			50,358			2,986			5.9	%
Interest and fees on loans(2)	$	2,909		$	2,790		$	2,585		$	2,614		$	2,594		$	315		12.1	%	$	10,898		$	9,774		$	1,124		11.5	%
Other income(2)	$	70		$	70		$	69		$	79		$	76		$	(6	)	(7.9	)%	$	288		$	339		$	(51	)	(15.0	)%
Retailer share arrangements(2)	$	(801	)	$	(752	)	$	(656	)	$	(661	)	$	(723	)	$	(78	)	10.8	%	$	(2,870	)	$	(2,688	)	$	(182	)	6.8	%
PAYMENT SOLUTIONS
Purchase volume(1)	$	4,194		$	4,152		$	3,903		$	3,392		$	3,714		$	480		12.9	%	$	15,641		$	13,668		$	1,973		14.4	%
Period-end loan receivables	$	15,567		$	14,798		$	13,997		$	13,420		$	13,543		$	2,024		14.9	%	$	15,567		$	13,543		$	2,024		14.9	%
Average loan receivables	$	15,146		$	14,391		$	13,644		$	13,482		$	13,192		$	1,954		14.8	%	$	14,188		$	12,436		$	1,752		14.1	%
Average active accounts (in thousands)(3)	8,844			8,461			8,153			8,134			7,896			948			12.0	%	8,410			7,478			932			12.5	%
Interest and fees on loans	$	523		$	505		$	467		$	457		$	462		$	61		13.2	%	$	1,952		$	1,719		$	233		13.6	%
Other income	$	3		$	3		$	3		$	4		$	3		$	—		—	%	$	13		$	17		$	(4	)	(23.5	)%
Retailer share arrangements	$	(9	)	$	(3	)	$	(7	)	$	(7	)	$	(10	)	$	1		(10.0	)%	$	(26	)	$	(45	)	$	19		(42.2	)%
CARECREDIT
Purchase volume(1)	$	2,179		$	2,178		$	2,193		$	2,035		$	1,978		$	201		10.2	%	$	8,585		$	7,757		$	828		10.7	%
Period-end loan receivables	$	8,069		$	7,836		$	7,580		$	7,316		$	7,335		$	734		10.0	%	$	8,069		$	7,335		$	734		10.0	%
Average loan receivables	$	7,944		$	7,714		$	7,438		$	7,323		$	7,256		$	688		9.5	%	$	7,611		$	6,997		$	614		8.8	%
Average active accounts (in thousands)(3)	5,368			5,219			5,064			5,031			4,958			410			8.3	%	5,174			4,807			367			7.6	%
Interest and fees on loans	$	487		$	476		$	442		$	427		$	438		$	49		11.2	%	$	1,832		$	1,686		$	146		8.7	%
Other income	$	12		$	11		$	11		$	9		$	8		$	4		50.0	%	$	43		$	36		$	7		19.4	%
Retailer share arrangements	$	(1	)	$	(2	)	$	(1	)	$	(2	)	$	(1	)	$	—		—	%	$	(6	)	$	(5	)	$	(1	)	20.0	%
TOTAL SYF
Purchase volume(1)(2)	$	35,369		$	31,615		$	31,507		$	26,977		$	32,460		$	2,909		9.0	%	$	125,468		$	113,615		$	11,853		10.4	%
Period-end loan receivables	$	76,337		$	70,644		$	68,282		$	65,849		$	68,290		$	8,047		11.8	%	$	76,337		$	68,290		$	8,047		11.8	%
Average loan receivables, including held for sale	$	72,987		$	69,525		$	66,943		$	66,705		$	65,406		$	7,581		11.6	%	$	69,220		$	62,120		$	7,100		11.4	%
Average active accounts (in thousands)(2)(3)	68,701			66,639			65,531			66,134			64,892			3,809			5.9	%	66,928			62,643			4,285			6.8	%
Interest and fees on loans(2)	$	3,919		$	3,771		$	3,494		$	3,498		$	3,494		$	425		12.2	%	$	14,682		$	13,179		$	1,503		11.4	%
Other income(2)	$	85		$	84		$	83		$	92		$	87		$	(2	)	(2.3	)%	$	344		$	392		$	(48	)	(12.2	)%
Retailer share arrangements(2)	$	(811	)	$	(757	)	$	(664	)	$	(670	)	$	(734	)	$	(77	)	10.5	%	$	(2,902	)	$	(2,738	)	$	(164	)	6.0	%
(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)(2)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
COMMON EQUITY MEASURES
GAAP Total common equity	$	14,196		$	13,981		$	13,715		$	13,204		$	12,604
Less: Goodwill	(949		)	(949		)	(949		)	(949		)	(949		)
Less: Intangible assets, net	(712		)	(733		)	(704		)	(702		)	(701		)
Tangible common equity	$	12,535		$	12,299		$	12,062		$	11,553		$	10,954
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	337			299			282			281			280
Basel III - Common equity Tier 1 (fully phased-in)	$	12,872		$	12,598		$	12,344		$	11,834		$	11,234
Adjustment related to capital components during transition	263			273			266			265			399
Basel III - Common equity Tier 1 (transition)	$	13,135		$	12,871		$	12,610		$	12,099		$	11,633
RISK-BASED CAPITAL
Common equity Tier 1	$	13,135		$	12,871		$	12,610		$	12,099		$	11,633
Add: Allowance for loan losses includible in risk-based capital	994			923			890			869			898
Risk-based capital	$	14,129		$	13,794		$	13,500		$	12,968		$	12,531
ASSET MEASURES
Total average assets	$	88,822		$	85,021		$	81,694		$	82,835		$	81,882
Adjustments for:
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,059		)	(1,117		)	(1,113		)	(1,117		)	(991		)
Total assets for leverage purposes	$	87,763		$	83,904		$	80,581		$	81,718		$	80,891
Risk-weighted assets - Basel III (fully phased-in)(3)	$	75,941		$	70,448		$	68,462		$	67,697		$	70,493
Risk-weighted assets - Basel III (transition)(3)	$	76,179		$	70,660		$	68,188		$	66,689		$	69,224
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	17.37		$	16.94		$	16.45		$	15.84		$	15.12
Less: Goodwill	(1.16		)	(1.14		)	(1.14		)	(1.14		)	(1.14		)
Less: Intangible assets, net	(0.87		)	(0.90		)	(0.85		)	(0.84		)	(0.84		)
Tangible common equity per share	$	15.34		$	14.90		$	14.46		$	13.86		$	13.14
(1) Certain balance sheet amounts and related metrics have been updated to reflect the adoption of ASU 2015-03. More detail on this update is in footnote (1) on the Statements of Financial Position.
(2) Regulatory measures at December 31, 2016 are presented on an estimated basis.
(3) 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