Synchrony Financial (SYF) 8-K Synchrony Financial Reports Third Quarter Net Earnings of $671 Million or $0.91 Per Diluted Share

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Nine Months Ended
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			3Q'18 vs. 3Q'17					Sep 30, 2018			Sep 30, 2017			YTD'18 vs. YTD'17
EARNINGS
Net interest income	$	4,206		$	3,737		$	3,842		$	3,916		$	3,876		$	330		8.5	%	$	11,785		$	11,100		$	685		6.2	%
Retailer share arrangements	(871		)	(653		)	(720		)	(779		)	(805		)	(66		)	8.2	%	(2,244		)	(2,158		)	(86		)	4.0	%
Net interest income, after retailer share arrangements	3,335			3,084			3,122			3,137			3,071			264			8.6	%	9,541			8,942			599			6.7	%
Provision for loan losses	1,451			1,280			1,362			1,354			1,310			141			10.8	%	4,093			3,942			151			3.8	%
Net interest income, after retailer share arrangements and provision for loan losses	1,884			1,804			1,760			1,783			1,761			123			7.0	%	5,448			5,000			448			9.0	%
Other income	63			63			75			62			76			(13		)	(17.1	)%	201			226			(25		)	(11.1	)%
Other expense	1,054			975			988			970			958			96			10.0	%	3,017			2,777			240			8.6	%
Earnings before provision for income taxes	893			892			847			875			879			14			1.6	%	2,632			2,449			183			7.5	%
Provision for income taxes	222			196			207			490			324			(102		)	(31.5	)%	625			899			(274		)	(30.5	)%
Net earnings	$	671		$	696		$	640		$	385		$	555		$	116		20.9	%	$	2,007		$	1,550		$	457		29.5	%
Net earnings attributable to common stockholders	$	671		$	696		$	640		$	385		$	555		$	116		20.9	%	$	2,007		$	1,550		$	457		29.5	%
Adjusted net earnings(1)	$	671		$	696		$	640		$	545		$	555		$	116		20.9	%	$	2,007		$	1,550		$	457		29.5	%
COMMON SHARE STATISTICS
Basic EPS	$	0.91		$	0.93		$	0.84		$	0.49		$	0.70		$	0.21		30.0	%	$	2.68		$	1.93		$	0.75		38.9	%
Diluted EPS	$	0.91		$	0.92		$	0.83		$	0.49		$	0.70		$	0.21		30.0	%	$	2.66		$	1.93		$	0.73		37.8	%
Adjusted diluted EPS(1)	$	0.91		$	0.92		$	0.83		$	0.70		$	0.70		$	0.21		30.0	%	$	2.66		$	1.93		$	0.73		37.8	%
Dividend declared per share	$	0.21		$	0.15		$	0.15		$	0.15		$	0.15		$	0.06		40.0	%	$	0.51		$	0.41		$	0.10		24.4	%
Common stock price	$	31.08		$	33.38		$	33.53		$	38.61		$	31.05		$	0.03		0.1	%	$	31.08		$	31.05		$	0.03		0.1	%
Book value per share	$	19.47		$	19.37		$	18.88		$	18.47		$	18.40		$	1.07		5.8	%	$	19.47		$	18.40		$	1.07		5.8	%
Tangible common equity per share(2)	$	16.51		$	16.84		$	16.55		$	16.22		$	16.15		$	0.36		2.2	%	$	16.51		$	16.15		$	0.36		2.2	%
Beginning common shares outstanding	746.6			760.3			770.5			782.6			795.3			(48.7		)	(6.1	)%	770.5			817.4			(46.9		)	(5.7	)%
Issuance of common shares	—			—			—			—			—			—			—	%	—			—			—			—	%
Stock-based compensation	2.4			0.3			0.2			0.1			0.1			2.3			NM		2.9			0.3			2.6			NM
Shares repurchased	(30.3		)	(14.0		)	(10.4		)	(12.2		)	(12.8		)	(17.5		)	136.7	%	(54.7		)	(35.1		)	(19.6		)	55.8	%
Ending common shares outstanding	718.7			746.6			760.3			770.5			782.6			(63.9		)	(8.2	)%	718.7			782.6			(63.9		)	(8.2	)%
Weighted average common shares outstanding	734.9			752.2			763.7			778.7			787.3			(52.4		)	(6.7	)%	750.2			801.3			(51.1		)	(6.4	)%
Weighted average common shares outstanding (fully diluted)	738.8			758.3			770.3			784.0			790.9			(52.1		)	(6.6	)%	755.7			805.0			(49.3		)	(6.1	)%
(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																				Nine Months Ended
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			3Q'18 vs. 3Q'17					Sep 30, 2018			Sep 30, 2017			YTD'18 vs. YTD'17
PERFORMANCE METRICS
Return on assets(1)	2.7		%	2.9		%	2.7		%	1.6		%	2.4		%				0.3	%	2.8		%	2.3		%				0.5	%
Return on equity(2)	18.5		%	19.4		%	18.2		%	10.5		%	15.3		%				3.2	%	18.7		%	14.4		%				4.3	%
Return on tangible common equity(3)	21.5		%	22.1		%	20.7		%	12.0		%	17.4		%				4.1	%	21.5		%	16.4		%				5.1	%
Adjusted return on assets(4)	2.7		%	2.9		%	2.7		%	2.3		%	2.4		%				0.3	%	2.8		%	2.3		%				0.5	%
Adjusted return on equity(4)	18.5		%	19.4		%	18.2		%	14.9		%	15.3		%				3.2	%	18.7		%	14.4		%				4.3	%
Adjusted return on tangible common equity(5)	21.5		%	22.1		%	20.7		%	17.0		%	17.4		%				4.1	%	21.5		%	16.4		%				5.1	%
Net interest margin(6)	16.41		%	15.33		%	16.05		%	16.24		%	16.74		%				(0.33	)%	15.94		%	16.38		%				(0.44	)%
Efficiency ratio(7)	31.0		%	31.0		%	30.9		%	30.3		%	30.4		%				0.6	%	31.0		%	30.3		%				0.7	%
Other expense as a % of average loan receivables, including held for sale	4.82		%	5.02		%	5.07		%	4.91		%	4.99		%				(0.17	)%	4.96		%	4.96		%				—	%
Effective income tax rate	24.9		%	22.0		%	24.4		%	56.0		%	36.9		%				(12.0	)%	23.7		%	36.7		%				(13.0	)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.97		%	5.97		%	6.14		%	5.78		%	4.95		%				0.02	%	5.67		%	5.23		%				0.44	%
30+ days past due as a % of period-end loan receivables(8)	4.59		%	4.17		%	4.52		%	4.67		%	4.80		%				(0.21	)%	4.59		%	4.80		%				(0.21	)%
90+ days past due as a % of period-end loan receivables(8)	2.09		%	1.98		%	2.28		%	2.28		%	2.22		%				(0.13	)%	2.09		%	2.22		%				(0.13	)%
Net charge-offs	$	1,087		$	1,159		$	1,198		$	1,141		$	950		$	137		14.4	%	$	3,444		$	2,925		$	519		17.7	%
Loan receivables delinquent over 30 days(8)	$	4,021		$	3,293		$	3,521		$	3,831		$	3,694		$	327		8.9	%	$	4,021		$	3,694		$	327		8.9	%
Loan receivables delinquent over 90 days(8)	$	1,833		$	1,561		$	1,776		$	1,869		$	1,707		$	126		7.4	%	$	1,833		$	1,707		$	126		7.4	%
Allowance for loan losses (period-end)	$	6,223		$	5,859		$	5,738		$	5,574		$	5,361		$	862		16.1	%	$	6,223		$	5,361		$	862		16.1	%
Allowance coverage ratio(9)	7.11		%	7.43		%	7.37		%	6.80		%	6.97		%				0.14	%	7.11		%	6.97		%				0.14	%
BUSINESS METRICS
Purchase volume(10)	$	36,443		$	34,268		$	29,626		$	36,565		$	32,893		$	3,550		10.8	%	$	100,337		$	95,249		$	5,088		5.3	%
Period-end loan receivables	$	87,521		$	78,879		$	77,853		$	81,947		$	76,928		$	10,593		13.8	%	$	87,521		$	76,928		$	10,593		13.8	%
Credit cards	$	84,319		$	75,753		$	74,952		$	79,026		$	73,946		$	10,373		14.0	%	$	84,319		$	73,946		$	10,373		14.0	%
Consumer installment loans	$	1,789		$	1,708		$	1,590		$	1,578		$	1,561		$	228		14.6	%	$	1,789		$	1,561		$	228		14.6	%
Commercial credit products	$	1,353		$	1,356		$	1,275		$	1,303		$	1,384		$	(31	)	(2.2	)%	$	1,353		$	1,384		$	(31	)	(2.2	)%
Other	$	60		$	62		$	36		$	40		$	37		$	23		62.2	%	$	60		$	37		$	23		62.2	%
Average loan receivables, including held for sale	$	86,783		$	77,853		$	79,090		$	78,369		$	76,165		$	10,618		13.9	%	$	81,270		$	74,803		$	6,467		8.6	%
Period-end active accounts (in thousands)(11)	75,457			69,767			68,891			74,541			69,008			6,449			9.3	%	75,457			69,008			6,449			9.3	%
Average active accounts (in thousands)(11)	75,482			69,344			71,323			71,348			69,331			6,151			8.9	%	72,594			69,319			3,275			4.7	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	12,068		$	15,675		$	13,044		$	11,602		$	13,915		$	(1,847	)	(13.3	)%	$	12,068		$	13,915		$	(1,847	)	(13.3	)%
Total liquid assets	$	18,214		$	21,491		$	18,557		$	15,087		$	16,391		$	1,823		11.1	%	$	18,214		$	16,391		$	1,823		11.1	%
Undrawn credit facilities
Undrawn credit facilities	$	5,125		$	6,500		$	6,000		$	6,000		$	5,650		$	(525	)	(9.3	)%	$	5,125		$	5,650		$	(525	)	(9.3	)%
Total liquid assets and undrawn credit facilities	$	23,339		$	27,991		$	24,557		$	21,087		$	22,041		$	1,298		5.9	%	$	23,339		$	22,041		$	1,298		5.9	%
Liquid assets % of total assets	17.42		%	21.68		%	19.42		%	15.75		%	17.71		%				(0.29	)%	17.42		%	17.71		%				(0.29	)%
Liquid assets including undrawn credit facilities % of total assets	22.32		%	28.24		%	25.70		%	22.01		%	23.82		%				(1.50	)%	22.32		%	23.82		%				(1.50	)%
(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																				Nine Months Ended
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			3Q'18 vs. 3Q'17					Sep 30, 2018			Sep 30, 2017			YTD'18 vs. YTD'17
Interest income:
Interest and fees on loans	$	4,617		$	4,081		$	4,172		$	4,233		$	4,182		$	435		10.4	%	$	12,870		$	11,986		$	884		7.4	%
Interest on investment securities	77			93			72			58			51			26			51.0	%	242			130			112			86.2	%
Total interest income	4,694			4,174			4,244			4,291			4,233			461			10.9	%	13,112			12,116			996			8.2	%
Interest expense:
Interest on deposits	314			273			249			233			219			95			43.4	%	836			615			221			35.9	%
Interest on borrowings of consolidated securitization entities	86			80			74			70			65			21			32.3	%	240			193			47			24.4	%
Interest on third-party debt	88			84			79			72			73			15			20.5	%	251			208			43			20.7	%
Total interest expense	488			437			402			375			357			131			36.7	%	1,327			1,016			311			30.6	%
Net interest income	4,206			3,737			3,842			3,916			3,876			330			8.5	%	11,785			11,100			685			6.2	%
Retailer share arrangements	(871		)	(653		)	(720		)	(779		)	(805		)	(66		)	8.2	%	(2,244		)	(2,158		)	(86		)	4.0	%
Net interest income, after retailer share arrangements	3,335			3,084			3,122			3,137			3,071			264			8.6	%	9,541			8,942			599			6.7	%
Provision for loan losses	1,451			1,280			1,362			1,354			1,310			141			10.8	%	4,093			3,942			151			3.8	%
Net interest income, after retailer share arrangements and provision for loan losses	1,884			1,804			1,760			1,783			1,761			123			7.0	%	5,448			5,000			448			9.0	%
Other income:
Interchange revenue	182			177			158			179			164			18			11.0	%	517			474			43			9.1	%
Debt cancellation fees	65			66			66			69			67			(2		)	(3.0	)%	197			203			(6		)	(3.0	)%
Loyalty programs	(196		)	(192		)	(155		)	(193		)	(168		)	(28		)	16.7	%	(543		)	(511		)	(32		)	6.3	%
Other	12			12			6			7			13			(1		)	(7.7	)%	30			60			(30		)	(50.0	)%
Total other income	63			63			75			62			76			(13		)	(17.1	)%	201			226			(25		)	(11.1	)%
Other expense:
Employee costs(1)	365			351			358			330			333			32			9.6	%	1,074			974			100			10.3	%
Professional fees	232			177			166			159			161			71			44.1	%	575			470			105			22.3	%
Marketing and business development	131			110			121			156			124			7			5.6	%	362			342			20			5.8	%
Information processing	105			99			104			99			96			9			9.4	%	308			274			34			12.4	%
Other(1)	221			238			239			226			244			(23		)	(9.4	)%	698			717			(19		)	(2.6	)%
Total other expense	1,054			975			988			970			958			96			10.0	%	3,017			2,777			240			8.6	%
Earnings before provision for income taxes	893			892			847			875			879			14			1.6	%	2,632			2,449			183			7.5	%
Provision for income taxes	222			196			207			490			324			(102		)	(31.5	)%	625			899			(274		)	(30.5	)%
Net earnings attributable to common shareholders	$	671		$	696		$	640		$	385		$	555		$	116		20.9	%	$	2,007		$	1,550		$	457		29.5	%
(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
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Sep 30, 2018 vs. Sep 30, 2017
Assets
Cash and equivalents	$	12,068		$	15,675		$	13,044		$	11,602		$	13,915		$	(1,847	)	(13.3	)%
Debt securities	7,281			6,779			6,259			4,473			3,302			3,979			120.5	%
Loan receivables:
Unsecuritized loans held for investment	59,868			50,884			52,469			55,526			53,997			5,871			10.9	%
Restricted loans of consolidated securitization entities	27,653			27,995			25,384			26,421			22,931			4,722			20.6	%
Total loan receivables	87,521			78,879			77,853			81,947			76,928			10,593			13.8	%
Less: Allowance for loan losses	(6,223		)	(5,859		)	(5,738		)	(5,574		)	(5,361		)	(862		)	16.1	%
Loan receivables, net	81,298			73,020			72,115			76,373			71,567			9,731			13.6	%
Goodwill	1,024			1,024			991			991			991			33			3.3	%
Intangible assets, net	1,105			863			780			749			772			333			43.1	%
Other assets	1,769			1,761			2,370			1,620			2,001			(232		)	(11.6	)%
Total assets	$	104,545		$	99,122		$	95,559		$	95,808		$	92,548		$	11,997		13.0	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	62,030		$	58,734		$	56,285		$	56,276		$	54,232		$	7,798		14.4	%
Non-interest-bearing deposit accounts	287			277			285			212			222			65			29.3	%
Total deposits	62,317			59,011			56,570			56,488			54,454			7,863			14.4	%
Borrowings:
Borrowings of consolidated securitization entities	14,187			12,170			12,214			12,497			11,891			2,296			19.3	%
Senior unsecured notes	9,554			9,551			8,801			8,302			8,008			1,546			19.3	%
Total borrowings	23,741			21,721			21,015			20,799			19,899			3,842			19.3	%
Accrued expenses and other liabilities	4,491			3,932			3,618			4,287			3,793			698			18.4	%
Total liabilities	90,549			84,664			81,203			81,574			78,146			12,403			15.9	%
Equity:
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,470			9,486			9,470			9,445			9,429			41			0.4	%
Retained earnings	8,355			7,906			7,334			6,809			6,543			1,812			27.7	%
Accumulated other comprehensive income:	(99		)	(93		)	(86		)	(64		)	(40		)	(59		)	147.5	%
Treasury Stock	(3,731		)	(2,842		)	(2,363		)	(1,957		)	(1,531		)	(2,200		)	143.7	%
Total equity	13,996			14,458			14,356			14,234			14,402			(406		)	(2.8	)%
Total liabilities and equity	$	104,545		$	99,122		$	95,559		$	95,808		$	92,548		$	11,997		13.0	%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2018							Jun 30, 2018							Mar 31, 2018							Dec 31, 2017							Sep 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	$	7,901		$	39	1.96	%	$	13,097		$	59	1.81	%	$	12,434		$	47	1.53	%	$	13,591		$	43	1.26	%	$	11,895		$	37	1.23	%
Securities available for sale	7,022			38		2.15	%	6,803			34		2.00	%	5,584			25		1.82	%	3,725			15		1.60	%	3,792			14		1.46	%
Loan receivables:
Credit cards, including held for sale	83,609			4,538		21.53	%	74,809			4,010		21.50	%	76,181			4,099		21.82	%	75,389			4,161		21.90	%	73,172			4,111		22.29	%
Consumer installment loans	1,753			41		9.28	%	1,648			37		9.01	%	1,572			36		9.29	%	1,568			36		9.11	%	1,543			35		9.00	%
Commercial credit products	1,355			37		10.83	%	1,346			34		10.13	%	1,286			36		11.35	%	1,375			35		10.10	%	1,392			36		10.26	%
Other	66			1		NM		50			—		—	%	51			1		NM		37			1		NM		58			—		—	%
Total loan receivables, including held for sale	86,783			4,617		21.11	%	77,853			4,081		21.03	%	79,090			4,172		21.39	%	78,369			4,233		21.43	%	76,165			4,182		21.78	%
Total interest-earning assets	101,706			4,694		18.31	%	97,753			4,174		17.13	%	97,108			4,244		17.72	%	95,685			4,291		17.79	%	91,852			4,233		18.28	%
Non-interest-earning assets:
Cash and due from banks	1,217							1,161							1,197							1,037							877
Allowance for loan losses	(5,956		)					(5,768		)					(5,608		)					(5,443		)					(5,125		)
Other assets	3,482							3,068							3,010							3,219							3,517
Total non-interest-earning assets	(1,257		)					(1,539		)					(1,401		)					(1,187		)					(731		)
Total assets	$	100,449						$	96,214						$	95,707						$	94,498						$	91,121
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	60,123		$	314	2.07	%	$	57,303		$	273	1.91	%	$	56,356		$	249	1.79	%	$	55,690		$	233	1.66	%	$	53,294		$	219	1.63	%
Borrowings of consolidated securitization entities	12,306			86		2.77	%	11,821			80		2.71	%	12,410			74		2.42	%	12,425			70		2.24	%	11,759			65		2.19	%
Senior unsecured notes	9,552			88		3.66	%	9,114			84		3.70	%	8,795			79		3.64	%	7,940			72		3.60	%	8,251			73		3.51	%
Total interest-bearing liabilities	81,981			488		2.36	%	78,238			437		2.24	%	77,561			402		2.10	%	76,055			375		1.96	%	73,304			357		1.93	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	275							270							300							218							232
Other liabilities	3,772							3,299							3,570							3,716							3,154
Total non-interest-bearing liabilities	4,047							3,569							3,870							3,934							3,386
Total liabilities	86,028							81,807							81,431							79,989							76,690
Equity
Total equity	14,421							14,407							14,276							14,509							14,431
Total liabilities and equity	$	100,449						$	96,214						$	95,707						$	94,498						$	91,121
Net interest income				$	4,206						$	3,737						$	3,842						$	3,916						$	3,876
Interest rate spread(1)						15.95	%						14.89	%						15.62	%						15.83	%						16.35	%
Net interest margin(2)						16.41	%						15.33	%						16.05	%						16.24	%						16.74	%
(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 Sep 30, 2018							Nine Months Ended Sep 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	$	11,128		$	145	1.74	%	$	11,073		$	86	1.04	%
Securities available for sale	6,475			97		2.00	%	4,732			44		1.24	%
Loan receivables:
Credit cards, including held for sale	78,227			12,647		21.62	%	71,920			11,780		21.90	%
Consumer installment loans	1,658			114		9.19	%	1,465			101		9.22	%
Commercial credit products	1,329			107		10.76	%	1,363			104		10.20	%
Other	56			2		4.77	%	55			1		2.43	%
Total loan receivables, including held for sale	81,270			12,870		21.17	%	74,803			11,986		21.42	%
Total interest-earning assets	98,873			13,112		17.73	%	90,608			12,116		17.88	%
Non-interest-earning assets:
Cash and due from banks	1,192							836
Allowance for loan losses	(5,779		)					(4,774		)
Other assets	3,188							3,334
Total non-interest-earning assets	(1,399		)					(604		)
Total assets	$	97,474						$	90,004
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	57,941		$	836	1.93	%	$	52,325		$	615	1.57	%
Borrowings of consolidated securitization entities	12,178			240		2.63	%	12,096			193		2.13	%
Senior unsecured notes	9,156			251		3.67	%	7,983			208		3.48	%
Total interest-bearing liabilities	79,275			1,327		2.24	%	72,404			1,016		1.88	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	282							230
Other liabilities	3,548							2,971
Total non-interest-bearing liabilities	3,830							3,201
Total liabilities	83,105							75,605
Equity
Total equity	14,369							14,399
Total liabilities and equity	$	97,474						$	90,004
Net interest income				$	11,785						$	11,100
Interest rate spread(1)						15.49	%						16.00	%
Net interest margin(2)						15.94	%						16.38	%
(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
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			Sep 30, 2018 vs. Sep 30, 2017
BALANCE SHEET STATISTICS
Total common equity	$	13,996		$	14,458		$	14,356		$	14,234		$	14,402		$	(406	)	(2.8	)%
Total common equity as a % of total assets	13.39		%	14.59		%	15.02		%	14.86		%	15.56		%				(2.17	)%
Tangible assets	$	102,416		$	97,235		$	93,788		$	94,068		$	90,785		$	11,631		12.8	%
Tangible common equity(1)	$	11,867		$	12,571		$	12,585		$	12,494		$	12,639		$	(772	)	(6.1	)%
Tangible common equity as a % of tangible assets(1)	11.59		%	12.93		%	13.42		%	13.28		%	13.92		%				(2.33	)%
Tangible common equity per share(1)	$	16.51		$	16.84		$	16.55		$	16.22		$	16.15		$	0.36		2.2	%
REGULATORY CAPITAL RATIOS(2)
	Basel III Fully Phased-in(3)									Basel III Transition
Total risk-based capital ratio(4)	15.5		%	18.0		%	18.1		%	17.3		%	18.7		%
Tier 1 risk-based capital ratio(5)	14.2		%	16.6		%	16.8		%	16.0		%	17.3		%
Tier 1 leverage ratio(6)	12.3		%	13.6		%	13.7		%	13.8		%	14.6		%
Common equity Tier 1 capital ratio	14.2		%	16.6		%	16.8		%	16.0		%	17.3		%
	Basel III Fully Phased-in
Common equity Tier 1 capital ratio	14.2		%	16.6		%	16.8		%	15.8		%	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 September 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. Tier 1 leverage ratios are based upon the use of daily averages for all periods presented.

7

SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended																				Nine Months Ended
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017			3Q'18 vs. 3Q'17					Sep 30, 2018			Sep 30, 2017			YTD'18 vs. YTD'17
RETAIL CARD
Purchase volume(1)(2)	$	29,264		$	27,340		$	23,382		$	29,839		$	26,347		$	2,917		11.1	%	$	79,986		$	76,400		$	3,586		4.7	%
Period-end loan receivables	$	60,564		$	52,918		$	52,531		$	56,230		$	52,119		$	8,445		16.2	%	$	60,564		$	52,119		$	8,445		16.2	%
Average loan receivables, including held for sale	$	60,389		$	52,427		$	53,673		$	53,256		$	51,817		$	8,572		16.5	%	$	55,522		$	51,002		$	4,520		8.9	%
Average active accounts (in thousands)(2)(3)	59,846			54,092			55,927			56,113			54,471			5,375			9.9	%	57,140			54,639			2,501			4.6	%
Interest and fees on loans(2)	$	3,465		$	2,993		$	3,096		$	3,133		$	3,102		$	363		11.7	%	$	9,554		$	8,890		$	664		7.5	%
Other income(2)	$	51		$	48		$	65		$	49		$	61		$	(10	)	(16.4	)%	$	164		$	163		$	1		0.6	%
Retailer share arrangements(2)	$	(851	)	$	(644	)	$	(714	)	$	(771	)	$	(795	)	$	(56	)	7.0	%	$	(2,209	)	$	(2,133	)	$	(76	)	3.6	%
PAYMENT SOLUTIONS
Purchase volume(1)	$	4,606		$	4,288		$	3,823		$	4,366		$	4,178		$	428		10.2	%	$	12,717		$	11,794		$	923		7.8	%
Period-end loan receivables	$	17,639		$	16,875		$	16,513		$	16,857		$	16,153		$	1,486		9.2	%	$	17,639		$	16,153		$	1,486		9.2	%
Average loan receivables	$	17,234		$	16,562		$	16,629		$	16,386		$	15,848		$	1,386		8.7	%	$	16,810		$	15,538		$	1,272		8.2	%
Average active accounts (in thousands)(3)	9,675			9,433			9,545			9,421			9,183			492			5.4	%	9,569			9,108			461			5.1	%
Interest and fees on loans	$	601		$	566		$	562		$	574		$	559		$	42		7.5	%	$	1,729		$	1,607		$	122		7.6	%
Other income	$	4		$	4		$	2		$	2		$	2		$	2		100.0	%	$	10		$	12		$	(2	)	(16.7	)%
Retailer share arrangements	$	(17	)	$	(7	)	$	(4	)	$	(5	)	$	(9	)	$	(8	)	88.9	%	$	(28	)	$	(19	)	$	(9	)	47.4	%
CARECREDIT
Purchase volume(1)	$	2,573		$	2,640		$	2,421		$	2,360		$	2,368		$	205		8.7	%	$	7,634		$	7,055		$	579		8.2	%
Period-end loan receivables	$	9,318		$	9,086		$	8,809		$	8,860		$	8,656		$	662		7.6	%	$	9,318		$	8,656		$	662		7.6	%
Average loan receivables	$	9,160		$	8,864		$	8,788		$	8,727		$	8,500		$	660		7.8	%	$	8,938		$	8,263		$	675		8.2	%
Average active accounts (in thousands)(3)	5,961			5,819			5,851			5,814			5,677			284			5.0	%	5,885			5,572			313			5.6	%
Interest and fees on loans	$	551		$	522		$	514		$	526		$	521		$	30		5.8	%	$	1,587		$	1,489		$	98		6.6	%
Other income	$	8		$	11		$	8		$	11		$	13		$	(5	)	(38.5	)%	$	27		$	51		$	(24	)	(47.1	)%
Retailer share arrangements	$	(3	)	$	(2	)	$	(2	)	$	(3	)	$	(1	)	$	(2	)	NM		$	(7	)	$	(6	)	$	(1	)	16.7	%
TOTAL SYF
Purchase volume(1)(2)	$	36,443		$	34,268		$	29,626		$	36,565		$	32,893		$	3,550		10.8	%	$	100,337		$	95,249		$	5,088		5.3	%
Period-end loan receivables	$	87,521		$	78,879		$	77,853		$	81,947		$	76,928		$	10,593		13.8	%	$	87,521		$	76,928		$	10,593		13.8	%
Average loan receivables, including held for sale	$	86,783		$	77,853		$	79,090		$	78,369		$	76,165		$	10,618		13.9	%	$	81,270		$	74,803		$	6,467		8.6	%
Average active accounts (in thousands)(2)(3)	75,482			69,344			71,323			71,348			69,331			6,151			8.9	%	72,594			69,319			3,275			4.7	%
Interest and fees on loans(2)	$	4,617		$	4,081		$	4,172		$	4,233		$	4,182		$	435		10.4	%	$	12,870		$	11,986		$	884		7.4	%
Other income(2)	$	63		$	63		$	75		$	62		$	76		$	(13	)	(17.1	)%	$	201		$	226		$	(25	)	(11.1	)%
Retailer share arrangements(2)	$	(871	)	$	(653	)	$	(720	)	$	(779	)	$	(805	)	$	(66	)	8.2	%	$	(2,244	)	$	(2,158	)	$	(86	)	4.0	%
(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

8

SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
COMMON EQUITY MEASURES
GAAP Total common equity	$	13,996		$	14,458		$	14,356		$	14,234		$	14,402
Less: Goodwill	(1,024		)	(1,024		)	(991		)	(991		)	(991		)
Less: Intangible assets, net	(1,105		)	(863		)	(780		)	(749		)	(772		)
Tangible common equity	$	11,867		$	12,571		$	12,585		$	12,494		$	12,639
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	311			287			278			254			344
Basel III - Common equity Tier 1 (fully phased-in)	$	12,178		$	12,858		$	12,863		$	12,748		$	12,983
Adjustment related to capital components during transition										142			142
Basel III - Common equity Tier 1 (transition)										$	12,890		$	13,125
RISK-BASED CAPITAL
Common equity Tier 1	$	12,178		$	12,858		$	12,863		$	12,890		$	13,125
Add: Allowance for loan losses includible in risk-based capital	1,137			1,027			1,015			1,064			1,001
Risk-based capital	$	13,315		$	13,885		$	13,878		$	13,954		$	14,126
ASSET MEASURES
Total average assets	$	100,449		$	96,214		$	95,707		$	94,498		$	91,121
Adjustments for:
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,836		)	(1,670		)	(1,560		)	(1,392		)	(1,304		)
Total assets for leverage purposes	$	98,613		$	94,544		$	94,147		$	93,106		$	89,817
Risk-weighted assets - Basel III (fully phased-in)	$	85,941		$	77,322		$	76,509		$	80,526		$	75,614
Risk-weighted assets - Basel III (transition)										$	80,669		$	75,729
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	19.47		$	19.37		$	18.88		$	18.47		$	18.40
Less: Goodwill	(1.42		)	(1.37		)	(1.30		)	(1.29		)	(1.27		)
Less: Intangible assets, net	(1.54		)	(1.16		)	(1.03		)	(0.96		)	(0.98		)
Tangible common equity per share	$	16.51		$	16.84		$	16.55		$	16.22		$	16.15
ADJUSTED NET EARNINGS
GAAP net earnings	$	671		$	696		$	640		$	385		$	555
Adjustment for tax law change(2)	—			—			—			160			—
Adjusted net earnings	$	671		$	696		$	640		$	545		$	555
ADJUSTED DILUTED EPS
GAAP diluted EPS	$	0.91		$	0.92		$	0.83		$	0.49		$	0.70
Adjustment for tax law change(2)	—			—			—			0.21			—
Adjusted diluted EPS	$	0.91		$	0.92		$	0.83		$	0.70		$	0.70
(1) Regulatory measures at September 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