Synchrony Financial (SYF) 8-K Synchrony Financial Reports Second Quarter Net Earnings of $696 Million or $0.92 Per Diluted Share

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Six Months Ended
	Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Jun 30, 2017			2Q'18 vs. 2Q'17					Jun 30, 2018			Jun 30, 2017			YTD'18 vs. YTD'17
EARNINGS
Net interest income	$	3,737		$	3,842		$	3,916		$	3,876		$	3,637		$	100		2.7	%	$	7,579		$	7,224		$	355		4.9	%
Retailer share arrangements	(653		)	(720		)	(779		)	(805		)	(669		)	16			(2.4	)%	(1,373		)	(1,353		)	(20		)	1.5	%
Net interest income, after retailer share arrangements	3,084			3,122			3,137			3,071			2,968			116			3.9	%	6,206			5,871			335			5.7	%
Provision for loan losses	1,280			1,362			1,354			1,310			1,326			(46		)	(3.5	)%	2,642			2,632			10			0.4	%
Net interest income, after retailer share arrangements and provision for loan losses	1,804			1,760			1,783			1,761			1,642			162			9.9	%	3,564			3,239			325			10.0	%
Other income	63			75			62			76			57			6			10.5	%	138			150			(12		)	(8.0	)%
Other expense	975			988			970			958			911			64			7.0	%	1,963			1,819			144			7.9	%
Earnings before provision for income taxes	892			847			875			879			788			104			13.2	%	1,739			1,570			169			10.8	%
Provision for income taxes	196			207			490			324			292			(96		)	(32.9	)%	403			575			(172		)	(29.9	)%
Net earnings	$	696		$	640		$	385		$	555		$	496		$	200		40.3	%	$	1,336		$	995		$	341		34.3	%
Net earnings attributable to common stockholders	$	696		$	640		$	385		$	555		$	496		$	200		40.3	%	$	1,336		$	995		$	341		34.3	%
Adjusted net earnings(1)	$	696		$	640		$	545		$	555		$	496		$	200		40.3	%	$	1,336		$	995		$	341		34.3	%
COMMON SHARE STATISTICS
Basic EPS	$	0.93		$	0.84		$	0.49		$	0.70		$	0.62		$	0.31		50.0	%	$	1.76		$	1.23		$	0.53		43.1	%
Diluted EPS	$	0.92		$	0.83		$	0.49		$	0.70		$	0.61		$	0.31		50.8	%	$	1.75		$	1.23		$	0.52		42.3	%
Adjusted diluted EPS(1)	$	0.92		$	0.83		$	0.70		$	0.70		$	0.61		$	0.31		50.8	%	$	1.75		$	1.23		$	0.52		42.3	%
Dividend declared per share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.13		$	0.02		15.4	%	$	0.30		$	0.26		$	0.04		15.4	%
Common stock price	$	33.38		$	33.53		$	38.61		$	31.05		$	29.82		$	3.56		11.9	%	$	33.38		$	29.82		$	3.56		11.9	%
Book value per share	$	19.37		$	18.88		$	18.47		$	18.40		$	18.02		$	1.35		7.5	%	$	19.37		$	18.02		$	1.35		7.5	%
Tangible common equity per share(2)	$	16.84		$	16.55		$	16.22		$	16.15		$	15.79		$	1.05		6.6	%	$	16.84		$	15.79		$	1.05		6.6	%
Beginning common shares outstanding	760.3			770.5			782.6			795.3			810.8			(50.5		)	(6.2	)%	770.5			817.4			(46.9		)	(5.7	)%
Issuance of common shares	—			—			—			—			—			—			—	%	—			—			—			—	%
Stock-based compensation	0.3			0.2			0.1			0.1			0.2			0.1			50.0	%	0.5			0.2			0.3			150.0	%
Shares repurchased	(14.0		)	(10.4		)	(12.2		)	(12.8		)	(15.7		)	1.7			(10.8	)%	(24.4		)	(22.3		)	(2.1		)	9.4	%
Ending common shares outstanding	746.6			760.3			770.5			782.6			795.3			(48.7		)	(6.1	)%	746.6			795.3			(48.7		)	(6.1	)%
Weighted average common shares outstanding	752.2			763.7			778.7			787.3			804.0			(51.8		)	(6.4	)%	757.9			808.5			(50.6		)	(6.3	)%
Weighted average common shares outstanding (fully diluted)	758.3			770.3			784.0			790.9			807.4			(49.1		)	(6.1	)%	764.3			812.2			(47.9		)	(5.9	)%
(1) Adjusted net earnings and Adjusted diluted EPS are non-GAAP measures. These measures represent the corresponding GAAP measure, adjusted to exclude the effects to Provision for income taxes in the quarter ended December 31, 2017, resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The effects primarily relate to additional tax expense arising from the remeasurement of our net deferred tax asset to reflect the reduction in the U.S. corporate tax rate from 35% to 21%. For a corresponding reconciliation to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) 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																				Six Months Ended
	Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Jun 30, 2017			2Q'18 vs. 2Q'17					Jun 30, 2018			Jun 30, 2017			YTD'18 vs. YTD'17
PERFORMANCE METRICS
Return on assets(1)	2.9		%	2.7		%	1.6		%	2.4		%	2.2		%				0.7	%	2.8		%	2.2		%				0.6	%
Return on equity(2)	19.4		%	18.2		%	10.5		%	15.3		%	13.8		%				5.6	%	18.8		%	14.0		%				4.8	%
Return on tangible common equity(3)	22.1		%	20.7		%	12.0		%	17.4		%	15.7		%				6.4	%	21.5		%	15.9		%				5.6	%
Adjusted return on assets(4)	2.9		%	2.7		%	2.3		%	2.4		%	2.2		%				0.7	%	2.8		%	2.2		%				0.6	%
Adjusted return on equity(4)	19.4		%	18.2		%	14.9		%	15.3		%	13.8		%				5.6	%	18.8		%	14.0		%				4.8	%
Adjusted return on tangible common equity(5)	22.1		%	20.7		%	17.0		%	17.4		%	15.7		%				6.4	%	21.5		%	15.9		%				5.6	%
Net interest margin(6)	15.33		%	16.05		%	16.24		%	16.74		%	16.20		%				(0.87	)%	15.69		%	16.19		%				(0.50	)%
Efficiency ratio(7)	31.0		%	30.9		%	30.3		%	30.4		%	30.1		%				0.9	%	30.9		%	30.2		%				0.7	%
Other expense as a % of average loan receivables, including held for sale	5.02		%	5.07		%	4.91		%	4.99		%	4.93		%				0.09	%	5.04		%	4.95		%				0.09	%
Effective income tax rate	22.0		%	24.4		%	56.0		%	36.9		%	37.1		%				(15.1	)%	23.2		%	36.6		%				(13.4	)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	5.97		%	6.14		%	5.78		%	4.95		%	5.42		%				0.55	%	6.06		%	5.37		%				0.69	%
30+ days past due as a % of period-end loan receivables(8)	4.17		%	4.52		%	4.67		%	4.80		%	4.25		%				(0.08	)%	4.17		%	4.25		%				(0.08	)%
90+ days past due as a % of period-end loan receivables(8)	1.98		%	2.28		%	2.28		%	2.22		%	1.90		%				0.08	%	1.98		%	1.90		%				0.08	%
Net charge-offs	$	1,159		$	1,198		$	1,141		$	950		$	1,001		$	158		15.8	%	$	2,357		$	1,975		$	382		19.3	%
Loan receivables delinquent over 30 days(8)	$	3,293		$	3,521		$	3,831		$	3,694		$	3,208		$	85		2.6	%	$	3,293		$	3,208		$	85		2.6	%
Loan receivables delinquent over 90 days(8)	$	1,561		$	1,776		$	1,869		$	1,707		$	1,435		$	126		8.8	%	$	1,561		$	1,435		$	126		8.8	%
Allowance for loan losses (period-end)	$	5,859		$	5,738		$	5,574		$	5,361		$	5,001		$	858		17.2	%	$	5,859		$	5,001		$	858		17.2	%
Allowance coverage ratio(9)	7.43		%	7.37		%	6.80		%	6.97		%	6.63		%				0.80	%	7.43		%	6.63		%				0.80	%
BUSINESS METRICS
Purchase volume(10)	$	34,268		$	29,626		$	36,565		$	32,893		$	33,476		$	792		2.4	%	$	63,894		$	62,356		$	1,538		2.5	%
Period-end loan receivables	$	78,879		$	77,853		$	81,947		$	76,928		$	75,458		$	3,421		4.5	%	$	78,879		$	75,458		$	3,421		4.5	%
Credit cards	$	75,753		$	74,952		$	79,026		$	73,946		$	72,492		$	3,261		4.5	%	$	75,753		$	72,492		$	3,261		4.5	%
Consumer installment loans	$	1,708		$	1,590		$	1,578		$	1,561		$	1,514		$	194		12.8	%	$	1,708		$	1,514		$	194		12.8	%
Commercial credit products	$	1,356		$	1,275		$	1,303		$	1,384		$	1,386		$	(30	)	(2.2	)%	$	1,356		$	1,386		$	(30	)	(2.2	)%
Other	$	62		$	36		$	40		$	37		$	66		$	(4	)	(6.1	)%	$	62		$	66		$	(4	)	(6.1	)%
Average loan receivables, including held for sale	$	77,853		$	79,090		$	78,369		$	76,165		$	74,090		$	3,763		5.1	%	$	78,468		$	74,111		$	4,357		5.9	%
Period-end active accounts (in thousands)(11)	69,767			68,891			74,541			69,008			69,277			490			0.7	%	69,767			69,277			490			0.7	%
Average active accounts (in thousands)(11)	69,344			71,323			71,348			69,331			68,635			709			1.0	%	70,540			69,307			1,233			1.8	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	15,675		$	13,044		$	11,602		$	13,915		$	12,020		$	3,655		30.4	%	$	15,675		$	12,020		$	3,655		30.4	%
Total liquid assets	$	21,491		$	18,557		$	15,087		$	16,391		$	15,274		$	6,217		40.7	%	$	21,491		$	15,274		$	6,217		40.7	%
Undrawn credit facilities
Undrawn credit facilities	$	6,500		$	6,000		$	6,000		$	5,650		$	6,650		$	(150	)	(2.3	)%	$	6,500		$	6,650		$	(150	)	(2.3	)%
Total liquid assets and undrawn credit facilities	$	27,991		$	24,557		$	21,087		$	22,041		$	21,924		$	6,067		27.7	%	$	27,991		$	21,924		$	6,067		27.7	%
Liquid assets % of total assets	21.68		%	19.42		%	15.75		%	17.71		%	16.76		%				4.92	%	21.68		%	16.76		%				4.92	%
Liquid assets including undrawn credit facilities % of total assets	28.24		%	25.70		%	22.01		%	23.82		%	24.06		%				4.18	%	28.24		%	24.06		%				4.18	%
(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) Adjusted return on assets represents Adjusted net earnings as a percentage of average total assets. Adjusted return on equity represents Adjusted net earnings as a percentage of average total equity. Adjusted net earnings is a non-GAAP measure. For a corresponding reconciliation of Adjusted net earnings to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(5) Adjusted return on tangible common equity represents Adjusted net earnings as a percentage of average tangible common equity. Both Adjusted net earnings and tangible common equity are non-GAAP measures. For corresponding reconciliations to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(6) Net interest margin represents net interest income divided by average interest-earning assets.
(7) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.
(8) Based on customer statement-end balances extrapolated to the respective period-end date.
(9) Allowance coverage ratio represents allowance for loan losses divided by total period-end loan receivables.
(10) 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.
(11) 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																				Six Months Ended
	Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Jun 30, 2017			2Q'18 vs. 2Q'17					Jun 30, 2018			Jun 30, 2017			YTD'18 vs. YTD'17
Interest income:
Interest and fees on loans	$	4,081		$	4,172		$	4,233		$	4,182		$	3,927		$	154		3.9	%	$	8,253		$	7,804		$	449		5.8	%
Interest on investment securities	93			72			58			51			43			50			116.3	%	165			79			86			108.9	%
Total interest income	4,174			4,244			4,291			4,233			3,970			204			5.1	%	8,418			7,883			535			6.8	%
Interest expense:
Interest on deposits	273			249			233			219			202			71			35.1	%	522			396			126			31.8	%
Interest on borrowings of consolidated securitization entities	80			74			70			65			63			17			27.0	%	154			128			26			20.3	%
Interest on third-party debt	84			79			72			73			68			16			23.5	%	163			135			28			20.7	%
Total interest expense	437			402			375			357			333			104			31.2	%	839			659			180			27.3	%
Net interest income	3,737			3,842			3,916			3,876			3,637			100			2.7	%	7,579			7,224			355			4.9	%
Retailer share arrangements	(653		)	(720		)	(779		)	(805		)	(669		)	16			(2.4	)%	(1,373		)	(1,353		)	(20		)	1.5	%
Net interest income, after retailer share arrangements	3,084			3,122			3,137			3,071			2,968			116			3.9	%	6,206			5,871			335			5.7	%
Provision for loan losses	1,280			1,362			1,354			1,310			1,326			(46		)	(3.5	)%	2,642			2,632			10			0.4	%
Net interest income, after retailer share arrangements and provision for loan losses	1,804			1,760			1,783			1,761			1,642			162			9.9	%	3,564			3,239			325			10.0	%
Other income:
Interchange revenue	177			158			179			164			165			12			7.3	%	335			310			25			8.1	%
Debt cancellation fees	66			66			69			67			68			(2		)	(2.9	)%	132			136			(4		)	(2.9	)%
Loyalty programs	(192		)	(155		)	(193		)	(168		)	(206		)	14			(6.8	)%	(347		)	(343		)	(4		)	1.2	%
Other	12			6			7			13			30			(18		)	(60.0	)%	18			47			(29		)	(61.7	)%
Total other income	63			75			62			76			57			6			10.5	%	138			150			(12		)	(8.0	)%
Other expense:
Employee costs(1)	351			358			330			333			318			33			10.4	%	709			641			68			10.6	%
Professional fees	177			166			159			161			158			19			12.0	%	343			309			34			11.0	%
Marketing and business development	110			121			156			124			124			(14		)	(11.3	)%	231			218			13			6.0	%
Information processing	99			104			99			96			88			11			12.5	%	203			178			25			14.0	%
Other(1)	238			239			226			244			223			15			6.7	%	477			473			4			0.8	%
Total other expense	975			988			970			958			911			64			7.0	%	1,963			1,819			144			7.9	%
Earnings before provision for income taxes	892			847			875			879			788			104			13.2	%	1,739			1,570			169			10.8	%
Provision for income taxes	196			207			490			324			292			(96		)	(32.9	)%	403			575			(172		)	(29.9	)%
Net earnings attributable to common shareholders	$	696		$	640		$	385		$	555		$	496		$	200		40.3	%	$	1,336		$	995		$	341		34.3	%
(1) We have reclassified certain amounts within Employee costs to Other for all periods in 2017 to conform to the current period classifications.

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Jun 30, 2017			Jun 30, 2018 vs. Jun 30, 2017
Assets
Cash and equivalents	$	15,675		$	13,044		$	11,602		$	13,915		$	12,020		$	3,655		30.4	%
Debt securities	6,779			6,259			4,473			3,302			3,982			2,797			70.2	%
Loan receivables:
Unsecuritized loans held for investment	50,884			52,469			55,526			53,997			52,550			(1,666		)	(3.2	)%
Restricted loans of consolidated securitization entities	27,995			25,384			26,421			22,931			22,908			5,087			22.2	%
Total loan receivables	78,879			77,853			81,947			76,928			75,458			3,421			4.5	%
Less: Allowance for loan losses	(5,859		)	(5,738		)	(5,574		)	(5,361		)	(5,001		)	(858		)	17.2	%
Loan receivables, net	73,020			72,115			76,373			71,567			70,457			2,563			3.6	%
Goodwill	1,024			991			991			991			991			33			3.3	%
Intangible assets, net	863			780			749			772			787			76			9.7	%
Other assets	1,761			2,370			1,620			2,001			2,903			(1,142		)	(39.3	)%
Total assets	$	99,122		$	95,559		$	95,808		$	92,548		$	91,140		$	7,982		8.8	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	58,734		$	56,285		$	56,276		$	54,232		$	52,659		$	6,075		11.5	%
Non-interest-bearing deposit accounts	277			285			212			222			226			51			22.6	%
Total deposits	59,011			56,570			56,488			54,454			52,885			6,126			11.6	%
Borrowings:
Borrowings of consolidated securitization entities	12,170			12,214			12,497			11,891			12,204			(34		)	(0.3	)%
Senior unsecured notes	9,551			8,801			8,302			8,008			8,505			1,046			12.3	%
Total borrowings	21,721			21,015			20,799			19,899			20,709			1,012			4.9	%
Accrued expenses and other liabilities	3,932			3,618			4,287			3,793			3,214			718			22.3	%
Total liabilities	84,664			81,203			81,574			78,146			76,808			7,856			10.2	%
Equity:
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,486			9,470			9,445			9,429			9,415			71			0.8	%
Retained earnings	7,906			7,334			6,809			6,543			6,109			1,797			29.4	%
Accumulated other comprehensive income:	(93		)	(86		)	(64		)	(40		)	(49		)	(44		)	89.8	%
Treasury Stock	(2,842		)	(2,363		)	(1,957		)	(1,531		)	(1,144		)	(1,698		)	148.4	%
Total equity	14,458			14,356			14,234			14,402			14,332			126			0.9	%
Total liabilities and equity	$	99,122		$	95,559		$	95,808		$	92,548		$	91,140		$	7,982		8.8	%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Jun 30, 2018								Mar 31, 2018							Dec 31, 2017							Sep 30, 2017							Jun 30, 2017
				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	$	13,097		$	59	1.81	%		$	12,434		$	47	1.53	%	$	13,591		$	43	1.26	%	$	11,895		$	37	1.23	%	$	10,758		$	28	1.04	%
Securities available for sale	6,803			34		2.00	%		5,584			25		1.82	%	3,725			15		1.60	%	3,792			14		1.46	%	5,195			15		1.16	%
Loan receivables:
Credit cards, including held for sale	74,809			4,010		21.50	%		76,181			4,099		21.82	%	75,389			4,161		21.90	%	73,172			4,111		22.29	%	71,206			3,858		21.73	%
Consumer installment loans	1,648			37		9.01	%		1,572			36		9.29	%	1,568			36		9.11	%	1,543			35		9.00	%	1,461			34		9.33	%
Commercial credit products	1,346			34		10.13	%		1,286			36		11.35	%	1,375			35		10.10	%	1,392			36		10.26	%	1,378			34		9.90	%
Other	50			—		—	%	��	51			1		NM		37			1		NM		58			—		—	%	45			1		NM
Total loan receivables, including held for sale	77,853			4,081		21.03	%		79,090			4,172		21.39	%	78,369			4,233		21.43	%	76,165			4,182		21.78	%	74,090			3,927		21.26	%
Total interest-earning assets	97,753			4,174		17.13	%		97,108			4,244		17.72	%	95,685			4,291		17.79	%	91,852			4,233		18.28	%	90,043			3,970		17.68	%
Non-interest-earning assets:
Cash and due from banks	1,161								1,197							1,037							877							829
Allowance for loan losses	(5,768		)						(5,608		)					(5,443		)					(5,125		)					(4,781		)
Other assets	3,068								3,010							3,219							3,517							3,303
Total non-interest-earning assets	(1,539		)						(1,401		)					(1,187		)					(731		)					(649		)
Total assets	$	96,214							$	95,707						$	94,498						$	91,121						$	89,394
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	57,303		$	273	1.91	%		$	56,356		$	249	1.79	%	$	55,690		$	233	1.66	%	$	53,294		$	219	1.63	%	$	51,836		$	202	1.56	%
Borrowings of consolidated securitization entities	11,821			80		2.71	%		12,410			74		2.42	%	12,425			70		2.24	%	11,759			65		2.19	%	12,213			63		2.07	%
Senior unsecured notes	9,114			84		3.70	%		8,795			79		3.64	%	7,940			72		3.60	%	8,251			73		3.51	%	7,933			68		3.44	%
Total interest-bearing liabilities	78,238			437		2.24	%		77,561			402		2.10	%	76,055			375		1.96	%	73,304			357		1.93	%	71,982			333		1.86	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	270								300							218							232							218
Other liabilities	3,299								3,570							3,716							3,154							2,752
Total non-interest-bearing liabilities	3,569								3,870							3,934							3,386							2,970
Total liabilities	81,807								81,431							79,989							76,690							74,952
Equity
Total equity	14,407								14,276							14,509							14,431							14,442
Total liabilities and equity	$	96,214							$	95,707						$	94,498						$	91,121						$	89,394
Net interest income				$	3,737							$	3,842						$	3,916						$	3,876						$	3,637
Interest rate spread(1)						14.89	%							15.62	%						15.83	%						16.35	%						15.82	%
Net interest margin(2)						15.33	%							16.05	%						16.24	%						16.74	%						16.20	%
(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)
	Six Months Ended Jun 30, 2018							Six Months Ended Jun 30, 2017
				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	$	12,768		$	106	1.67	%	$	10,656		$	49	0.93	%
Securities available for sale	6,197			59		1.92	%	5,204			30		1.16	%
Loan receivables:
Credit cards, including held for sale	75,492			8,109		21.66	%	71,285			7,669		21.69	%
Consumer installment loans	1,610			73		9.14	%	1,425			66		9.34	%
Commercial credit products	1,316			70		10.73	%	1,348			68		10.17	%
Other	50			1		4.03	%	53			1		3.80	%
Total loan receivables, including held for sale	78,468			8,253		21.21	%	74,111			7,804		21.23	%
Total interest-earning assets	97,433			8,418		17.42	%	89,971			7,883		17.67	%
Non-interest-earning assets:
Cash and due from banks	1,179							816
Allowance for loan losses	(5,689		)					(4,595		)
Other assets	3,039							3,239
Total non-interest-earning assets	(1,471		)					(540		)
Total assets	$	95,962						$	89,431
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	56,832		$	522	1.85	%	$	51,833		$	396	1.54	%
Borrowings of consolidated securitization entities	12,114			154		2.56	%	12,267			128		2.10	%
Senior unsecured notes	8,955			163		3.67	%	7,847			135		3.47	%
Total interest-bearing liabilities	77,901			839		2.17	%	71,947			659		1.85	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	285							229
Other liabilities	3,434							2,872
Total non-interest-bearing liabilities	3,719							3,101
Total liabilities	81,620							75,048
Equity
Total equity	14,342							14,383
Total liabilities and equity	$	95,962						$	89,431
Net interest income				$	7,579						$	7,224
Interest rate spread(1)						15.25	%						15.82	%
Net interest margin(2)						15.69	%						16.19	%
(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.

6

SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Jun 30, 2017			Jun 30, 2018 vs. Jun 30, 2017
BALANCE SHEET STATISTICS
Total common equity	$	14,458		$	14,356		$	14,234		$	14,402		$	14,332		$	126	0.9	%
Total common equity as a % of total assets	14.59		%	15.02		%	14.86		%	15.56		%	15.73		%			(1.14	)%
Tangible assets	$	97,235		$	93,788		$	94,068		$	90,785		$	89,362		$	7,873	8.8	%
Tangible common equity(1)	$	12,571		$	12,585		$	12,494		$	12,639		$	12,554		$	17	0.1	%
Tangible common equity as a % of tangible assets(1)	12.93		%	13.42		%	13.28		%	13.92		%	14.05		%			(1.12	)%
Tangible common equity per share(1)	$	16.84		$	16.55		$	16.22		$	16.15		$	15.79		$	1.05	6.6	%
REGULATORY CAPITAL RATIOS(2)
	Basel III Fully Phased-in(3)						Basel III Transition
Total risk-based capital ratio(4)	18.0		%	18.1		%	17.3		%	18.7		%	18.7		%
Tier 1 risk-based capital ratio(5)	16.6		%	16.8		%	16.0		%	17.3		%	17.4		%
Tier 1 leverage ratio(6)	13.6		%	13.7		%	13.8		%	14.6		%	14.8		%
Common equity Tier 1 capital ratio	16.6		%	16.8		%	16.0		%	17.3		%	17.4		%
	Basel III Fully Phased-in
Common equity Tier 1 capital ratio	16.6		%	16.8		%	15.8		%	17.2		%	17.2		%
(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 June 30, 2018 are preliminary and therefore subject to change.
(3) Amounts presented do not reflect certain modifications to the regulatory capital rules proposed by the federal banking agencies in September 2017, which among other things, may increase the risk weighting of certain deferred tax assets from 100% to 250% if the proposed rule becomes effective.
(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

SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended																				Six Months Ended
	Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Jun 30, 2017			2Q'18 vs. 2Q'17					Jun 30, 2018			Jun 30, 2017			YTD'18 vs. YTD'17
RETAIL CARD
Purchase volume(1)(2)	$	27,340		$	23,382		$	29,839		$	26,347		$	27,101		$	239		0.9	%	$	50,722		$	50,053		$	669		1.3	%
Period-end loan receivables	$	52,918		$	52,531		$	56,230		$	52,119		$	51,437		$	1,481		2.9	%	$	52,918		$	51,437		$	1,481		2.9	%
Average loan receivables, including held for sale	$	52,427		$	53,673		$	53,256		$	51,817		$	50,533		$	1,894		3.7	%	$	53,047		$	50,588		$	2,459		4.9	%
Average active accounts (in thousands)(2)(3)	54,092			55,927			56,113			54,471			54,058			34			0.1	%	55,211			54,729			482			0.9	%
Interest and fees on loans(2)	$	2,993		$	3,096		$	3,133		$	3,102		$	2,900		$	93		3.2	%	$	6,089		$	5,788		$	301		5.2	%
Other income(2)	$	48		$	65		$	49		$	61		$	25		$	23		92.0	%	$	113		$	102		$	11		10.8	%
Retailer share arrangements(2)	$	(644	)	$	(714	)	$	(771	)	$	(795	)	$	(657	)	$	13		(2.0	)%	$	(1,358	)	$	(1,338	)	$	(20	)	1.5	%
PAYMENT SOLUTIONS
Purchase volume(1)	$	4,288		$	3,823		$	4,366		$	4,178		$	3,930		$	358		9.1	%	$	8,111		$	7,616		$	495		6.5	%
Period-end loan receivables	$	16,875		$	16,513		$	16,857		$	16,153		$	15,595		$	1,280		8.2	%	$	16,875		$	15,595		$	1,280		8.2	%
Average loan receivables	$	16,562		$	16,629		$	16,386		$	15,848		$	15,338		$	1,224		8.0	%	$	16,595		$	15,381		$	1,214		7.9	%
Average active accounts (in thousands)(3)	9,433			9,545			9,421			9,183			9,031			402			4.5	%	9,492			9,061			431			4.8	%
Interest and fees on loans	$	566		$	562		$	574		$	559		$	533		$	33		6.2	%	$	1,128		$	1,048		$	80		7.6	%
Other income	$	4		$	2		$	2		$	2		$	6		$	(2	)	(33.3	)%	$	6		$	10		$	(4	)	(40.0	)%
Retailer share arrangements	$	(7	)	$	(4	)	$	(5	)	$	(9	)	$	(9	)	$	2		(22.2	)%	$	(11	)	$	(10	)	$	(1	)	10.0	%
CARECREDIT
Purchase volume(1)	$	2,640		$	2,421		$	2,360		$	2,368		$	2,445		$	195		8.0	%	$	5,061		$	4,687		$	374		8.0	%
Period-end loan receivables	$	9,086		$	8,809		$	8,860		$	8,656		$	8,426		$	660		7.8	%	$	9,086		$	8,426		$	660		7.8	%
Average loan receivables	$	8,864		$	8,788		$	8,727		$	8,500		$	8,219		$	645		7.8	%	$	8,826		$	8,142		$	684		8.4	%
Average active accounts (in thousands)(3)	5,819			5,851			5,814			5,677			5,546			273			4.9	%	5,837			5,517			320			5.8	%
Interest and fees on loans	$	522		$	514		$	526		$	521		$	494		$	28		5.7	%	$	1,036		$	968		$	68		7.0	%
Other income	$	11		$	8		$	11		$	13		$	26		$	(15	)	(57.7	)%	$	19		$	38		$	(19	)	(50.0	)%
Retailer share arrangements	$	(2	)	$	(2	)	$	(3	)	$	(1	)	$	(3	)	$	1		(33.3	)%	$	(4	)	$	(5	)	$	1		(20.0	)%
TOTAL SYF
Purchase volume(1)(2)	$	34,268		$	29,626		$	36,565		$	32,893		$	33,476		$	792		2.4	%	$	63,894		$	62,356		$	1,538		2.5	%
Period-end loan receivables	$	78,879		$	77,853		$	81,947		$	76,928		$	75,458		$	3,421		4.5	%	$	78,879		$	75,458		$	3,421		4.5	%
Average loan receivables, including held for sale	$	77,853		$	79,090		$	78,369		$	76,165		$	74,090		$	3,763		5.1	%	$	78,468		$	74,111		$	4,357		5.9	%
Average active accounts (in thousands)(2)(3)	69,344			71,323			71,348			69,331			68,635			709			1.0	%	70,540			69,307			1,233			1.8	%
Interest and fees on loans(2)	$	4,081		$	4,172		$	4,233		$	4,182		$	3,927		$	154		3.9	%	$	8,253		$	7,804		$	449		5.8	%
Other income(2)	$	63		$	75		$	62		$	76		$	57		$	6		10.5	%	$	138		$	150		$	(12	)	(8.0	)%
Retailer share arrangements(2)	$	(653	)	$	(720	)	$	(779	)	$	(805	)	$	(669	)	$	16		(2.4	)%	$	(1,373	)	$	(1,353	)	$	(20	)	1.5	%
(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
	Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Jun 30, 2017
COMMON EQUITY MEASURES
GAAP Total common equity	$	14,458		$	14,356		$	14,234		$	14,402		$	14,332
Less: Goodwill	(1,024		)	(991		)	(991		)	(991		)	(991		)
Less: Intangible assets, net	(863		)	(780		)	(749		)	(772		)	(787		)
Tangible common equity	$	12,571		$	12,585		$	12,494		$	12,639		$	12,554
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	287			278			254			344			337
Basel III - Common equity Tier 1 (fully phased-in)	$	12,858		$	12,863		$	12,748		$	12,983		$	12,891
Adjustment related to capital components during transition							142			142			146
Basel III - Common equity Tier 1 (transition)							$	12,890		$	13,125		$	13,037
RISK-BASED CAPITAL
Common equity Tier 1	$	12,858		$	12,863		$	12,890		$	13,125		$	13,037
Add: Allowance for loan losses includible in risk-based capital	1,027			1,015			1,064			1,001			985
Risk-based capital	$	13,885		$	13,878		$	13,954		$	14,126		$	14,022
ASSET MEASURES
Total average assets	$	96,214		$	95,707		$	94,498		$	91,121		$	89,394
Adjustments for:
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,670		)	(1,560		)	(1,392		)	(1,304		)	(1,325		)
Total assets for leverage purposes	$	94,544		$	94,147		$	93,106		$	89,817		$	88,069
Risk-weighted assets - Basel III (fully phased-in)	$	77,322		$	76,509		$	80,526		$	75,614		$	74,748
Risk-weighted assets - Basel III (transition)							$	80,669		$	75,729		$	74,792
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	19.37		$	18.88		$	18.47		$	18.40		$	18.02
Less: Goodwill	(1.37		)	(1.30		)	(1.29		)	(1.27		)	(1.25		)
Less: Intangible assets, net	(1.16		)	(1.03		)	(0.96		)	(0.98		)	(0.98		)
Tangible common equity per share	$	16.84		$	16.55		$	16.22		$	16.15		$	15.79
ADJUSTED NET EARNINGS
GAAP net earnings	$	696		$	640		$	385		$	555		$	496
Adjustment for tax law change(2)	—			—			160			—			—
Adjusted net earnings	$	696		$	640		$	545		$	555		$	496
ADJUSTED DILUTED EPS
GAAP diluted EPS	$	0.92		$	0.83		$	0.49		$	0.70		$	0.61
Adjustment for tax law change(2)	—			—			0.21			—			—
Adjusted diluted EPS	$	0.92		$	0.83		$	0.70		$	0.70		$	0.61
(1) Regulatory measures at June 30, 2018 are presented on an estimated basis.
(2) Adjustment to exclude the effects to Provision for income taxes in the quarter ended December 31, 2017, resulting from the Tax Act.

9