Synchrony Financial (SYF) 8-K Synchrony Financial Reports Third Quarter Net Earnings of $555 Million or $0.70 Per Diluted Share

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Nine Months Ended
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			3Q'17 vs. 3Q'16					Sep 30, 2017			Sep 30, 2016			YTD'17 vs. YTD'16
EARNINGS
Net interest income	$	3,876		$	3,637		$	3,587		$	3,628		$	3,481		$	395		11.3	%	$	11,100		$	9,902		$	1,198		12.1	%
Retailer share arrangements	(805		)	(669		)	(684		)	(811		)	(757		)	(48		)	6.3	%	(2,158		)	(2,091		)	(67		)	3.2	%
Net interest income, after retailer share arrangements	3,071			2,968			2,903			2,817			2,724			347			12.7	%	8,942			7,811			1,131			14.5	%
Provision for loan losses	1,310			1,326			1,306			1,076			986			324			32.9	%	3,942			2,910			1,032			35.5	%
Net interest income, after retailer share arrangements and provision for loan losses	1,761			1,642			1,597			1,741			1,738			23			1.3	%	5,000			4,901			99			2.0	%
Other income	76			57			93			85			84			(8		)	(9.5	)%	226			259			(33		)	(12.7	)%
Other expense	958			911			908			918			859			99			11.5	%	2,777			2,498			279			11.2	%
Earnings before provision for income taxes	879			788			782			908			963			(84		)	(8.7	)%	2,449			2,662			(213		)	(8.0	)%
Provision for income taxes	324			292			283			332			359			(35		)	(9.7	)%	899			987			(88		)	(8.9	)%
Net earnings	$	555		$	496		$	499		$	576		$	604		$	(49	)	(8.1	)%	$	1,550		$	1,675		$	(125	)	(7.5	)%
Net earnings attributable to common stockholders	$	555		$	496		$	499		$	576		$	604		$	(49	)	(8.1	)%	$	1,550		$	1,675		$	(125	)	(7.5	)%
COMMON SHARE STATISTICS
Basic EPS	$	0.70		$	0.62		$	0.61		$	0.70		$	0.73		$	(0.03	)	(4.1	)%	$	1.93		$	2.01		$	(0.08	)	(4.0	)%
Diluted EPS	$	0.70		$	0.61		$	0.61		$	0.70		$	0.73		$	(0.03	)	(4.1	)%	$	1.93		$	2.01		$	(0.08	)	(4.0	)%
Dividend declared per share	$	0.15		$	0.13		$	0.13		$	0.13		$	0.13		$	0.02		15.4	%	$	0.41		$	0.13		$	0.28		NM
Common stock price	$	31.05		$	29.82		$	34.30		$	36.27		$	28.00		$	3.05		10.9	%	$	31.05		$	28.00		$	3.05		10.9	%
Book value per share	$	18.40		$	18.02		$	17.71		$	17.37		$	16.94		$	1.46		8.6	%	$	18.40		$	16.94		$	1.46		8.6	%
Tangible common equity per share(1)	$	16.15		$	15.79		$	15.47		$	15.34		$	14.90		$	1.25		8.4	%	$	16.15		$	14.90		$	1.25		8.4	%
Beginning common shares outstanding	795.3			810.8			817.4			825.5			833.9			(38.6		)	(4.6	)%	817.4			833.8			(16.4		)	(2.0	)%
Issuance of common shares	—			—			—			—			—			—			—	%	—			—			—			—	%
Stock-based compensation	0.1			0.2			—			—			0.1			—			—	%	0.3			0.2			0.1			50.0	%
Shares repurchased	(12.8		)	(15.7		)	(6.6		)	(8.1		)	(8.5		)	(4.3		)	50.6	%	(35.1		)	(8.5		)	(26.6		)	NM
Ending common shares outstanding	782.6			795.3			810.8			817.4			825.5			(42.9		)	(5.2	)%	782.6			825.5			(42.9		)	(5.2	)%
Weighted average common shares outstanding	787.3			804.0			813.1			820.5			828.4			(41.1		)	(5.0	)%	801.3			832.1			(30.8		)	(3.7	)%
Weighted average common shares outstanding (fully diluted)	790.9			807.4			817.1			823.8			830.6			(39.7		)	(4.8	)%	805.0			834.1			(29.1		)	(3.5	)%
(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
(unaudited, $ in millions, except account data)
	Quarter Ended																				Nine Months Ended
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			3Q'17 vs. 3Q'16					Sept 30, 2017			Sept 30, 2016			YTD'17 vs. YTD'16
PERFORMANCE METRICS
Return on assets(1)	2.4		%	2.2		%	2.3		%	2.6		%	2.8		%				(0.4	)%	2.3		%	2.7		%				(0.4	)%
Return on equity(2)	15.3		%	13.8		%	14.1		%	16.2		%	17.3		%				(2.0	)%	14.4		%	16.6		%				(2.2	)%
Return on tangible common equity(3)	17.4		%	15.7		%	16.1		%	18.4		%	19.6		%				(2.2	)%	16.4		%	18.9		%				(2.5	)%
Net interest margin(4)	16.74		%	16.20		%	16.18		%	16.26		%	16.34		%				0.40	%	16.38		%	16.05		%				0.33	%
Efficiency ratio(5)	30.4		%	30.1		%	30.3		%	31.6		%	30.6		%				(0.2	)%	30.3		%	31.0		%				(0.7	)%
Other expense as a % of average loan receivables, including held for sale	4.99		%	4.93		%	4.97		%	5.04		%	4.93		%				0.06	%	4.96		%	4.95		%				0.01	%
Effective income tax rate	36.9		%	37.1		%	36.2		%	36.6		%	37.3		%				(0.4	)%	36.7		%	37.1		%				(0.4	)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.95		%	5.42		%	5.33		%	4.65		%	4.39		%				0.56	%	5.23		%	4.54		%				0.69	%
30+ days past due as a % of period-end loan receivables(6)	4.80		%	4.25		%	4.25		%	4.32		%	4.26		%				0.54	%	4.80		%	4.26		%				0.54	%
90+ days past due as a % of period-end loan receivables(6)	2.22		%	1.90		%	2.06		%	2.03		%	1.89		%				0.33	%	2.22		%	1.89		%				0.33	%
Net charge-offs	$	950		$	1,001		$	974		$	847		$	765		$	185		24.2	%	$	2,925		$	2,292		$	633		27.6	%
Loan receivables delinquent over 30 days(6)	$	3,694		$	3,208		$	3,120		$	3,295		$	3,008		$	686		22.8	%	$	3,694		$	3,008		$	686		22.8	%
Loan receivables delinquent over 90 days(6)	$	1,707		$	1,435		$	1,508		$	1,546		$	1,334		$	373		28.0	%	$	1,707		$	1,334		$	373		28.0	%
Allowance for loan losses (period-end)	$	5,361		$	5,001		$	4,676		$	4,344		$	4,115		$	1,246		30.3	%	$	5,361		$	4,115		$	1,246		30.3	%
Allowance coverage ratio(7)	6.97		%	6.63		%	6.37		%	5.69		%	5.82		%				1.15	%	6.97		%	5.82		%				1.15	%
BUSINESS METRICS
Purchase volume(8)	$	32,893		$	33,476		$	28,880		$	35,369		$	31,615		$	1,278		4.0	%	$	95,249		$	90,099		$	5,150		5.7	%
Period-end loan receivables	$	76,928		$	75,458		$	73,350		$	76,337		$	70,644		$	6,284		8.9	%	$	76,928		$	70,644		$	6,284		8.9	%
Credit cards	$	73,946		$	72,492		$	70,587		$	73,580		$	67,858		$	6,088		9.0	%	$	73,946		$	67,858		$	6,088		9.0	%
Consumer installment loans	$	1,561		$	1,514		$	1,411		$	1,384		$	1,361		$	200		14.7	%	$	1,561		$	1,361		$	200		14.7	%
Commercial credit products	$	1,384		$	1,386		$	1,311		$	1,333		$	1,385		$	(1	)	(0.1	)%	$	1,384		$	1,385		$	(1	)	(0.1	)%
Other	$	37		$	66		$	41		$	40		$	40		$	(3	)	(7.5	)%	$	37		$	40		$	(3	)	(7.5	)%
Average loan receivables, including held for sale	$	76,165		$	74,090		$	74,132		$	72,476		$	69,316		$	6,849		9.9	%	$	74,803		$	67,364		$	7,439		11.0	%
Period-end active accounts (in thousands)(9)	69,008			69,277			67,905			71,890			66,781			2,227			3.3	%	69,008			66,781			2,227			3.3	%
Average active accounts (in thousands)(9)	69,331			68,635			69,629			68,701			66,639			2,692			4.0	%	69,319			66,204			3,115			4.7	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	13,915		$	12,020		$	11,392		$	9,321		$	13,588		$	327		2.4	%	$	13,915		$	13,588		$	327		2.4	%
Total liquid assets	$	16,391		$	15,274		$	16,158		$	13,612		$	16,362		$	29		0.2	%	$	16,391		$	16,362		$	29		0.2	%
Undrawn credit facilities
Undrawn credit facilities	$	5,650		$	6,650		$	5,600		$	6,700		$	7,150		$	(1,500	)	(21.0	)%	$	5,650		$	7,150		$	(1,500	)	(21.0	)%
Total liquid assets and undrawn credit facilities	$	22,041		$	21,924		$	21,758		$	20,312		$	23,512		$	(1,471	)	(6.3	)%	$	22,041		$	23,512		$	(1,471	)	(6.3	)%
Liquid assets % of total assets	17.71		%	16.76		%	18.14		%	15.09		%	18.77		%				(1.06	)%	17.71		%	18.77		%				(1.06	)%
Liquid assets including undrawn credit facilities % of total assets	23.82		%	24.06		%	24.43		%	22.52		%	26.98		%				(3.16	)%	23.82		%	26.98		%				(3.16	)%
(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																				Nine Months Ended
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			3Q'17 vs. 3Q'16					Sept 30, 2017			Sept 30, 2016			YTD'17 vs. YTD'16
Interest income:
Interest and fees on loans	$	4,182		$	3,927		$	3,877		$	3,919		$	3,771		$	411		10.9	%	$	11,986		$	10,763		$	1,223		11.4	%
Interest on investment securities	51			43			36			28			25			26			104.0	%	130			68			62			91.2	%
Total interest income	4,233			3,970			3,913			3,947			3,796			437			11.5	%	12,116			10,831			1,285			11.9	%
Interest expense:
Interest on deposits	219			202			194			188			188			31			16.5	%	615			539			76			14.1	%
Interest on borrowings of consolidated securitization entities	65			63			65			64			63			2			3.2	%	193			180			13			7.2	%
Interest on third-party debt	73			68			67			67			64			9			14.1	%	208			210			(2		)	(1.0	)%
Total interest expense	357			333			326			319			315			42			13.3	%	1,016			929			87			9.4	%
Net interest income	3,876			3,637			3,587			3,628			3,481			395			11.3	%	11,100			9,902			1,198			12.1	%
Retailer share arrangements	(805		)	(669		)	(684		)	(811		)	(757		)	(48		)	6.3	%	(2,158		)	(2,091		)	(67		)	3.2	%
Net interest income, after retailer share arrangements	3,071			2,968			2,903			2,817			2,724			347			12.7	%	8,942			7,811			1,131			14.5	%
Provision for loan losses	1,310			1,326			1,306			1,076			986			324			32.9	%	3,942			2,910			1,032			35.5	%
Net interest income, after retailer share arrangements and provision for loan losses	1,761			1,642			1,597			1,741			1,738			23			1.3	%	5,000			4,901			99			2.0	%
Other income:
Interchange revenue	164			165			145			167			154			10			6.5	%	474			435			39			9.0	%
Debt cancellation fees	67			68			68			68			67			—			—	%	203			194			9			4.6	%
Loyalty programs	(168		)	(206		)	(137		)	(157		)	(145		)	(23		)	15.9	%	(511		)	(390		)	(121		)	31.0	%
Other	13			30			17			7			8			5			62.5	%	60			20			40			NM
Total other income	76			57			93			85			84			(8		)	(9.5	)%	226			259			(33		)	(12.7	)%
Other expense:
Employee costs	335			321			325			315			311			24			7.7	%	981			892			89			10.0	%
Professional fees	161			158			151			164			174			(13		)	(7.5	)%	470			474			(4		)	(0.8	)%
Marketing and business development	124			124			94			130			92			32			34.8	%	342			293			49			16.7	%
Information processing	96			88			90			88			87			9			10.3	%	274			250			24			9.6	%
Other	242			220			248			221			195			47			24.1	%	710			589			121			20.5	%
Total other expense	958			911			908			918			859			99			11.5	%	2,777			2,498			279			11.2	%
Earnings before provision for income taxes	879			788			782			908			963			(84		)	(8.7	)%	2,449			2,662			(213		)	(8.0	)%
Provision for income taxes	324			292			283			332			359			(35		)	(9.7	)%	899			987			(88		)	(8.9	)%
Net earnings attributable to common shareholders	$	555		$	496		$	499		$	576		$	604		$	(49	)	(8.1	)%	$	1,550		$	1,675		$	(125	)	(7.5	)%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Sep 30, 2017 vs. Sep 30, 2016
Assets
Cash and equivalents	$	13,915		$	12,020		$	11,392		$	9,321		$	13,588		$	327		2.4	%
Investment securities	3,317			3,997			5,328			5,110			3,356			(39		)	(1.2	)%
Loan receivables:
Unsecuritized loans held for investment	53,997			52,550			50,398			52,332			47,517			6,480			13.6	%
Restricted loans of consolidated securitization entities	22,931			22,908			22,952			24,005			23,127			(196		)	(0.8	)%
Total loan receivables	76,928			75,458			73,350			76,337			70,644			6,284			8.9	%
Less: Allowance for loan losses	(5,361		)	(5,001		)	(4,676		)	(4,344		)	(4,115		)	(1,246		)	30.3	%
Loan receivables, net	71,567			70,457			68,674			71,993			66,529			5,038			7.6	%
Goodwill	991			991			992			949			949			42			4.4	%
Intangible assets, net	772			787			826			712			733			39			5.3	%
Other assets	1,986			2,888			1,838			2,122			2,004			(18		)	(0.9	)%
Total assets	$	92,548		$	91,140		$	89,050		$	90,207		$	87,159		$	5,389		6.2	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	54,232		$	52,659		$	51,359		$	51,896		$	49,611		$	4,621		9.3	%
Non-interest-bearing deposit accounts	222			226			246			159			204			18			8.8	%
Total deposits	54,454			52,885			51,605			52,055			49,815			4,639			9.3	%
Borrowings:
Borrowings of consolidated securitization entities	11,891			12,204			12,433			12,388			12,411			(520		)	(4.2	)%
Bank term loan	—			—			—			—			—			—			—	%
Senior unsecured notes	8,008			8,505			7,761			7,759			7,756			252			3.2	%
Total borrowings	19,899			20,709			20,194			20,147			20,167			(268		)	(1.3	)%
Accrued expenses and other liabilities	3,793			3,214			2,888			3,809			3,196			597			18.7	%
Total liabilities	78,146			76,808			74,687			76,011			73,178			4,968			6.8	%
Equity:
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,429			9,415			9,405			9,393			9,381			48			0.5	%
Retained earnings	6,543			6,109			5,724			5,330			4,861			1,682			34.6	%
Accumulated other comprehensive income:	(40		)	(49		)	(55		)	(53		)	(24		)	(16		)	66.7	%
Treasury Stock	(1,531		)	(1,144		)	(712		)	(475		)	(238		)	(1,293		)	NM
Total equity	14,402			14,332			14,363			14,196			13,981			421			3.0	%
Total liabilities and equity	$	92,548		$	91,140		$	89,050		$	90,207		$	87,159		$	5,389		6.2	%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2017							Jun 30, 2017							Mar 31, 2017							Dec 31, 2016							Sep 30, 2016
				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	$	11,895		$	37	1.23	%	$	10,758		$	28	1.04	%	$	10,552		$	21	0.81	%	$	12,210		$	17	0.55	%	$	12,480		$	16	0.51	%
Securities available for sale	3,792			14		1.46	%	5,195			15		1.16	%	5,213			15		1.17	%	4,076			11		1.07	%	2,960			9		1.21	%
Loan receivables:
Credit cards, including held for sale	73,172			4,111		22.29	%	71,206			3,858		21.73	%	71,365			3,811		21.66	%	69,660			3,851		21.99	%	66,519			3,705		22.16	%
Consumer installment loans	1,543			35		9.00	%	1,461			34		9.33	%	1,389			32		9.34	%	1,373			31		8.98	%	1,333			31		9.25	%
Commercial credit products	1,392			36		10.26	%	1,378			34		9.90	%	1,317			34		10.47	%	1,386			36		10.33	%	1,401			35		9.94	%
Other	58			—		—	%	45			1		NM		61			—		—	%	57			1		NM		63			—		—	%
Total loan receivables, including held for sale	76,165			4,182		21.78	%	74,090			3,927		21.26	%	74,132			3,877		21.21	%	72,476			3,919		21.51	%	69,316			3,771		21.64	%
Total interest-earning assets	91,852			4,233		18.28	%	90,043			3,970		17.68	%	89,897			3,913		17.65	%	88,762			3,947		17.69	%	84,756			3,796		17.82	%
Non-interest-earning assets:
Cash and due from banks	877							829							802							739							862
Allowance for loan losses	(5,125		)					(4,781		)					(4,408		)	��				(4,228		)					(3,933		)
Other assets	3,517							3,303							3,177							3,479							3,189
Total non-interest-earning assets	(731		)					(649		)					(429		)					(10		)					118
Total assets	$	91,121						$	89,394						$	89,468						$	88,752						$	84,874
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	53,294		$	219	1.63	%	$	51,836		$	202	1.56	%	$	51,829		$	194	1.52	%	$	51,006		$	188	1.47	%	$	47,895		$	188	1.56	%
Borrowings of consolidated securitization entities	11,759			65		2.19	%	12,213			63		2.07	%	12,321			65		2.14	%	12,389			64		2.06	%	12,254			63		2.05	%
Bank term loan	—			—		—	%	—			—		—	%	—			—		—	%	—			—		—	%	—			—		—	%
Senior unsecured notes	8,251			73		3.51	%	7,933			68		3.44	%	7,760			67		3.50	%	7,757			67		3.44	%	7,448			64		3.42	%
Total interest-bearing liabilities	73,304			357		1.93	%	71,982			333		1.86	%	71,910			326		1.84	%	71,152			319		1.78	%	67,597			315		1.85	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	232							218							240							176							204
Other liabilities	3,154							2,752							2,995							3,321							3,175
Total non-interest-bearing liabilities	3,386							2,970							3,235							3,497							3,379
Total liabilities	76,690							74,952							75,145							74,649							70,976
Equity
Total equity	14,431							14,442							14,323							14,103							13,898
Total liabilities and equity	$	91,121						$	89,394						$	89,468						$	88,752						$	84,874
Net interest income				$	3,876						$	3,637						$	3,587						$	3,628						$	3,481
Interest rate spread(1)						16.35	%						15.82	%						15.81	%						15.91	%						15.97	%
Net interest margin(2)						16.74	%						16.20	%						16.18	%						16.26	%						16.34	%
(1) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.

5

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Nine Months Ended Sept 30, 2017							Nine Months Ended Sept 30, 2016
				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	$	11,073		$	86	1.04	%	$	12,132		$	46	0.51	%
Securities available for sale	4,732			44		1.24	%	2,932			22		1.00	%
Loan receivables:
Credit cards, including held for sale	71,920			11,780		21.90	%	64,701			10,573		21.83	%
Consumer installment loans	1,465			101		9.22	%	1,240			86		9.26	%
Commercial credit products	1,363			104		10.20	%	1,367			103		10.06	%
Other	55			1		2.43	%	56			1		2.39	%
Total loan receivables, including held for sale	74,803			11,986		21.42	%	67,364			10,763		21.34	%
Total interest-earning assets	90,608			12,116		17.88	%	82,428			10,831		17.55	%
Non-interest-earning assets:
Cash and due from banks	836							1,041
Allowance for loan losses	(4,774		)					(3,752		)
Other assets	3,334							3,222
Total non-interest-earning assets	(604		)					511
Total assets	$	90,004						$	82,939
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	52,325		$	615	1.57	%	$	45,915		$	539	1.57	%
Borrowings of consolidated securitization entities	12,096			193		2.13	%	12,441			180		1.93	%
Bank term loan(1)	—			—		—	%	742			31		5.58	%
Senior unsecured notes	7,983			208		3.48	%	6,957			179		3.44	%
Total interest-bearing liabilities	72,404			1,016		1.88	%	66,055			929		1.88	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	230							215
Other liabilities	2,971							3,211
Total non-interest-bearing liabilities	3,201							3,426
Total liabilities	75,605							69,481
Equity
Total equity	14,399							13,458
Total liabilities and equity	$	90,004						$	82,939
Net interest income				$	11,100						$	9,902
Interest rate spread(2)						16.00	%						15.67	%
Net interest margin(3)						16.38	%						16.05	%
(1) The effective interest rate for the Bank term loan for the 9 months ended September 30, 2016 was 2.48%. 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
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			Sep 30, 2017 vs. Sep 30, 2016
BALANCE SHEET STATISTICS
Total common equity	$	14,402		$	14,332		$	14,363		$	14,196		$	13,981		$	421	3.0	%
Total common equity as a % of total assets	15.56		%	15.73		%	16.13		%	15.74		%	16.04		%			(0.48	)%
Tangible assets	$	90,785		$	89,362		$	87,232		$	88,546		$	85,477		$	5,308	6.2	%
Tangible common equity(1)	$	12,639		$	12,554		$	12,545		$	12,535		$	12,299		$	340	2.8	%
Tangible common equity as a % of tangible assets(1)	13.92		%	14.05		%	14.38		%	14.16		%	14.39		%			(0.47	)%
Tangible common equity per share(1)	$	16.15		$	15.79		$	15.47		$	15.34		$	14.90		$	1.25	8.4	%
REGULATORY CAPITAL RATIOS(2)
	Basel III Transition
Total risk-based capital ratio(3)	18.7		%	18.7		%	19.3		%	18.5		%	19.5		%
Tier 1 risk-based capital ratio(4)	17.3		%	17.4		%	18.0		%	17.2		%	18.2		%
Tier 1 leverage ratio(5)	14.6		%	14.8		%	14.8		%	15.0		%	15.4		%
Common equity Tier 1 capital ratio(6)	17.3		%	17.4		%	18.0		%	17.2		%	18.2		%
	Basel III Fully Phased-in
Common equity Tier 1 capital ratio(6)	17.2		%	17.2		%	17.7		%	17.0		%	17.9		%
(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 September 30, 2017 are preliminary and therefore subject to change.
(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 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. Tier 1 leverage ratios are based upon the use of daily averages for all periods presented.
(6) 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																				Nine Months Ended
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016			3Q'17 vs. 3Q'16					Sept 30, 2017			Sept 30, 2016			YTD'17 vs. YTD'16
RETAIL CARD
Purchase volume(1)(2)	$	26,347		$	27,101		$	22,952		$	28,996		$	25,285		$	1,062		4.2	%	$	76,400		$	72,246		$	4,154		5.7	%
Period-end loan receivables	$	52,119		$	51,437		$	49,905		$	52,701		$	48,010		$	4,109		8.6	%	$	52,119		$	48,010		$	4,109		8.6	%
Average loan receivables, including held for sale	$	51,817		$	50,533		$	50,644		$	49,476		$	47,274		$	4,543		9.6	%	$	51,002		$	46,119		$	4,883		10.6	%
Average active accounts (in thousands)(2)(3)	54,471			54,058			55,049			54,489			52,959			1,512			2.9	%	54,639			52,834			1,805			3.4	%
Interest and fees on loans(2)	$	3,102		$	2,900		$	2,888		$	2,909		$	2,790		$	312		11.2	%	$	8,890		$	7,989		$	901		11.3	%
Other income(2)	$	61		$	25		$	77		$	70		$	70		$	(9	)	(12.9	)%	$	163		$	218		$	(55	)	(25.2	)%
Retailer share arrangements(2)	$	(795	)	$	(657	)	$	(681	)	$	(801	)	$	(752	)	$	(43	)	5.7	%	$	(2,133	)	$	(2,069	)	$	(64	)	3.1	%
PAYMENT SOLUTIONS
Purchase volume(1)	$	4,178		$	3,930		$	3,686		$	4,194		$	4,152		$	26		0.6	%	$	11,794		$	11,447		$	347		3.0	%
Period-end loan receivables	$	16,153		$	15,595		$	15,320		$	15,567		$	14,798		$	1,355		9.2	%	$	16,153		$	14,798		$	1,355		9.2	%
Average loan receivables	$	15,848		$	15,338		$	15,424		$	15,076		$	14,367		$	1,481		10.3	%	$	15,538		$	13,786		$	1,752		12.7	%
Average active accounts (in thousands)(3)	9,183			9,031			9,090			8,844			8,461			722			8.5	%	9,108			8,261			847			10.3	%
Interest and fees on loans	$	559		$	533		$	515		$	523		$	505		$	54		10.7	%	$	1,607		$	1,429		$	178		12.5	%
Other income	$	2		$	6		$	4		$	3		$	3		$	(1	)	(33.3	)%	$	12		$	10		$	2		20.0	%
Retailer share arrangements	$	(9	)	$	(9	)	$	(1	)	$	(9	)	$	(3	)	$	(6	)	NM		$	(19	)	$	(17	)	$	(2	)	11.8	%
CARECREDIT
Purchase volume(1)	$	2,368		$	2,445		$	2,242		$	2,179		$	2,178		$	190		8.7	%	$	7,055		$	6,406		$	649		10.1	%
Period-end loan receivables	$	8,656		$	8,426		$	8,125		$	8,069		$	7,836		$	820		10.5	%	$	8,656		$	7,836		$	820		10.5	%
Average loan receivables	$	8,500		$	8,219		$	8,064		$	7,924		$	7,675		$	825		10.7	%	$	8,263		$	7,459		$	804		10.8	%
Average active accounts (in thousands)(3)	5,677			5,546			5,490			5,368			5,219			458			8.8	%	5,572			5,109			463			9.1	%
Interest and fees on loans	$	521		$	494		$	474		$	487		$	476		$	45		9.5	%	$	1,489		$	1,345		$	144		10.7	%
Other income	$	13		$	26		$	12		$	12		$	11		$	2		18.2	%	$	51		$	31		$	20		64.5	%
Retailer share arrangements	$	(1	)	$	(3	)	$	(2	)	$	(1	)	$	(2	)	$	1		(50.0	)%	$	(6	)	$	(5	)	$	(1	)	20.0	%
TOTAL SYF
Purchase volume(1)(2)	$	32,893		$	33,476		$	28,880		$	35,369		$	31,615		$	1,278		4.0	%	$	95,249		$	90,099		$	5,150		5.7	%
Period-end loan receivables	$	76,928		$	75,458		$	73,350		$	76,337		$	70,644		$	6,284		8.9	%	$	76,928		$	70,644		$	6,284		8.9	%
Average loan receivables, including held for sale	$	76,165		$	74,090		$	74,132		$	72,476		$	69,316		$	6,849		9.9	%	$	74,803		$	67,364		$	7,439		11.0	%
Average active accounts (in thousands)(2)(3)	69,331			68,635			69,629			68,701			66,639			2,692			4.0	%	69,319			66,204			3,115			4.7	%
Interest and fees on loans(2)	$	4,182		$	3,927		$	3,877		$	3,919		$	3,771		$	411		10.9	%	$	11,986		$	10,763		$	1,223		11.4	%
Other income(2)	$	76		$	57		$	93		$	85		$	84		$	(8	)	(9.5	)%	$	226		$	259		$	(33	)	(12.7	)%
Retailer share arrangements(2)	$	(805	)	$	(669	)	$	(684	)	$	(811	)	$	(757	)	$	(48	)	6.3	%	$	(2,158	)	$	(2,091	)	$	(67	)	3.2	%
(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
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016
COMMON EQUITY MEASURES
GAAP Total common equity	$	14,402		$	14,332		$	14,363		$	14,196		$	13,981
Less: Goodwill	(991		)	(991		)	(992		)	(949		)	(949		)
Less: Intangible assets, net	(772		)	(787		)	(826		)	(712		)	(733		)
Tangible common equity	$	12,639		$	12,554		$	12,545		$	12,535		$	12,299
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	344			337			340			337			299
Basel III - Common equity Tier 1 (fully phased-in)	$	12,983		$	12,891		$	12,885		$	12,872		$	12,598
Adjustment related to capital components during transition	142			146			154			263			273
Basel III - Common equity Tier 1 (transition)	$	13,125		$	13,037		$	13,039		$	13,135		$	12,871
RISK-BASED CAPITAL
Common equity Tier 1	$	13,125		$	13,037		$	13,039		$	13,135		$	12,871
Add: Allowance for loan losses includible in risk-based capital	1,001			985			954			994			923
Risk-based capital	$	14,126		$	14,022		$	13,993		$	14,129		$	13,794
ASSET MEASURES
Total average assets(2)	$	91,121		$	89,394		$	89,468		$	88,752		$	84,874
Adjustments for:
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,304		)	(1,325		)	(1,358		)	(1,059		)	(1,117		)
Total assets for leverage purposes	$	89,817		$	88,069		$	88,110		$	87,693		$	83,757
Risk-weighted assets - Basel III (fully phased-in)(3)	$	75,614		$	74,748		$	72,596		$	75,941		$	70,448
Risk-weighted assets - Basel III (transition)(3)	$	75,729		$	74,792		$	72,627		$	76,179		$	70,660
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	18.40		$	18.02		$	17.71		$	17.37		$	16.94
Less: Goodwill	(1.27		)	(1.25		)	(1.22		)	(1.16		)	(1.14		)
Less: Intangible assets, net	(0.98		)	(0.98		)	(1.02		)	(0.87		)	(0.90		)
Tangible common equity per share	$	16.15		$	15.79		$	15.47		$	15.34		$	14.90
(1) Regulatory measures at September 30, 2017 are presented on an estimated basis.
(2) Total average assets are presented based upon the use of daily averages.
(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