Synchrony Financial (SYF) 8-K Synchrony Financial Reports Third Quarter Net Earnings of $1.1 Billion or $1.60 Per Diluted Share

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			3Q'19 vs. 3Q'18					Sep 30, 2019			Sep 30, 2018			YTD'19 vs. YTD'18
EARNINGS
Net interest income	$	4,389		$	4,155		$	4,226		$	4,333		$	4,206		$	183		4.4	%	$	12,770		$	11,785		$	985		8.4	%
Retailer share arrangements	(1,016		)	(859		)	(954		)	(855		)	(871		)	(145		)	16.6	%	(2,829		)	(2,244		)	(585		)	26.1	%
Provision for loan losses	1,019			1,198			859			1,452			1,451			(432		)	(29.8	)%	3,076			4,093			(1,017		)	(24.8	)%
Net interest income, after retailer share arrangements and provision for loan losses	2,354			2,098			2,413			2,026			1,884			470			24.9	%	6,865			5,448			1,417			26.0	%
Other income	85			90			92			64			63			22			34.9	%	267			201			66			32.8	%
Other expense	1,064			1,059			1,043			1,078			1,054			10			0.9	%	3,166			3,017			149			4.9	%
Earnings before provision for income taxes	1,375			1,129			1,462			1,012			893			482			54.0	%	3,966			2,632			1,334			50.7	%
Provision for income taxes	319			276			355			229			222			97			43.7	%	950			625			325			52.0	%
Net earnings	$	1,056		$	853		$	1,107		$	783		$	671		$	385		57.4	%	$	3,016		$	2,007		$	1,009		50.3	%
Net earnings attributable to common stockholders	$	1,056		$	853		$	1,107		$	783		$	671		$	385		57.4	%	$	3,016		$	2,007		$	1,009		50.3	%
COMMON SHARE STATISTICS
Basic EPS	$	1.60		$	1.25		$	1.57		$	1.09		$	0.91		$	0.69		75.8	%	$	4.42		$	2.68		$	1.74		64.9	%
Diluted EPS	$	1.60		$	1.24		$	1.56		$	1.09		$	0.91		$	0.69		75.8	%	$	4.40		$	2.66		$	1.74		65.4	%
Dividend declared per share	$	0.22		$	0.21		$	0.21		$	0.21		$	0.21		$	0.01		4.8	%	$	0.64		$	0.51		$	0.13		25.5	%
Common stock price	$	34.09		$	34.67		$	31.90		$	23.46		$	31.08		$	3.01		9.7	%	$	34.09		$	31.08		$	3.01		9.7	%
Book value per share	$	23.13		$	22.03		$	21.35		$	20.42		$	19.47		$	3.66		18.8	%	$	23.13		$	19.47		$	3.66		18.8	%
Tangible common equity per share(1)	$	19.68		$	18.60		$	17.96		$	17.41		$	16.51		$	3.17		19.2	%	$	19.68		$	16.51		$	3.17		19.2	%
Beginning common shares outstanding	668.9			688.8			718.8			718.7			746.6			(77.7		)	(10.4	)%	718.8			770.5			(51.7		)	(6.7	)%
Issuance of common shares	—			—			—			—			—			—			—	%	—			—			—			—	%
Stock-based compensation	0.4			1.2			0.9			0.1			2.4			(2.0		)	(83.3	)%	2.5			2.9			(0.4		)	(13.8	)%
Shares repurchased	(15.6		)	(21.1		)	(30.9		)	—			(30.3		)	14.7			(48.5	)%	(67.6		)	(54.7		)	(12.9		)	23.6	%
Ending common shares outstanding	653.7			668.9			688.8			718.8			718.7			(65.0		)	(9.0	)%	653.7			718.7			(65.0		)	(9.0	)%
Weighted average common shares outstanding	658.3			683.6			706.3			718.7			734.9			(76.6		)	(10.4	)%	682.5			750.2			(67.7		)	(9.0	)%
Weighted average common shares outstanding (fully diluted)	661.7			686.5			708.9			720.9			738.8			(77.1		)	(10.4	)%	685.6			755.7			(70.1		)	(9.3	)%
(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

1

SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions)
	Quarter Ended																				Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			3Q'19 vs. 3Q'18					Sep 30, 2019			Sep 30, 2018			YTD'19 vs. YTD'18
PERFORMANCE METRICS
Return on assets(1)	3.9		%	3.3		%	4.3		%	2.9		%	2.7		%				1.2	%	3.8		%	2.8		%				1.0	%
Return on equity(2)	28.3		%	23.1		%	30.4		%	21.5		%	18.5		%				9.8	%	27.2		%	18.7		%				8.5	%
Return on tangible common equity(3)	33.4		%	27.4		%	35.8		%	25.2		%	21.5		%				11.9	%	32.2		%	21.5		%				10.7	%
Net interest margin(4)	16.29		%	15.75		%	16.08		%	16.06		%	16.41		%				(0.12	)%	16.04		%	15.94		%				0.10	%
Efficiency ratio(5)	30.8		%	31.3		%	31.0		%	30.4		%	31.0		%				(0.2	)%	31.0		%	31.0		%				—	%
Other expense as a % of average loan receivables, including held for sale	4.66		%	4.78		%	4.71		%	4.79		%	4.82		%				(0.16	)%	4.72		%	4.96		%				(0.24	)%
Effective income tax rate	23.2		%	24.4		%	24.3		%	22.6		%	24.9		%				(1.7	)%	24.0		%	23.7		%				0.3	%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	5.35		%	6.01		%	6.06		%	5.54		%	4.97		%				0.38	%	5.80		%	5.67		%				0.13	%
30+ days past due as a % of period-end loan receivables(6)	4.47		%	4.43		%	4.92		%	4.76		%	4.59		%				(0.12	)%	4.47		%	4.59		%				(0.12	)%
90+ days past due as a % of period-end loan receivables(6)	2.07		%	2.16		%	2.51		%	2.29		%	2.09		%				(0.02	)%	2.07		%	2.09		%				(0.02	)%
Net charge-offs	$	1,221		$	1,331		$	1,344		$	1,248		$	1,087		$	134		12.3	%	$	3,896		$	3,444		$	452		13.1	%
Loan receivables delinquent over 30 days(6)	$	3,723		$	3,625		$	3,957		$	4,430		$	4,021		$	(298	)	(7.4	)%	$	3,723		$	4,021		$	(298	)	(7.4	)%
Loan receivables delinquent over 90 days(6)	$	1,723		$	1,768		$	2,019		$	2,135		$	1,833		$	(110	)	(6.0	)%	$	1,723		$	1,833		$	(110	)	(6.0	)%
Allowance for loan losses (period-end)	$	5,607		$	5,809		$	5,942		$	6,427		$	6,223		$	(616	)	(9.9	)%	$	5,607		$	6,223		$	(616	)	(9.9	)%
Allowance coverage ratio(7)	6.74		%	7.10		%	7.39		%	6.90		%	7.11		%				(0.37	)%	6.74		%	7.11		%				(0.37	)%
BUSINESS METRICS
Purchase volume(8)(9)	$	38,395		$	38,291		$	32,513		$	40,320		$	36,443		$	1,952		5.4	%	$	109,199		$	100,337		$	8,862		8.8	%
Period-end loan receivables	$	83,207		$	81,796		$	80,405		$	93,139		$	87,521		$	(4,314	)	(4.9	)%	$	83,207		$	87,521		$	(4,314	)	(4.9	)%
Credit cards	$	79,788		$	78,446		$	77,251		$	89,994		$	84,319		$	(4,531	)	(5.4	)%	$	79,788		$	84,319		$	(4,531	)	(5.4	)%
Consumer installment loans	$	2,050		$	1,983		$	1,860		$	1,845		$	1,789		$	261		14.6	%	$	2,050		$	1,789		$	261		14.6	%
Commercial credit products	$	1,317		$	1,328		$	1,256		$	1,260		$	1,353		$	(36	)	(2.7	)%	$	1,317		$	1,353		$	(36	)	(2.7	)%
Other	$	52		$	39		$	38		$	40		$	60		$	(8	)	(13.3	)%	$	52		$	60		$	(8	)	(13.3	)%
Average loan receivables, including held for sale	$	90,556		$	88,792		$	89,903		$	89,340		$	86,783		$	3,773		4.3	%	$	89,752		$	81,270		$	8,482		10.4	%
Period-end active accounts (in thousands)(9)(10)	77,094			76,065			74,812			80,339			75,457			1,637			2.2	%	77,094			75,457			1,637			2.2	%
Average active accounts (in thousands)(9)(10)	76,695			75,525			77,132			77,382			75,482			1,213			1.6	%	76,653			72,594			4,059			5.6	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	11,461		$	11,755		$	12,963		$	9,396		$	12,068		$	(607	)	(5.0	)%	$	11,461		$	12,068		$	(607	)	(5.0	)%
Total liquid assets	$	15,201		$	16,665		$	17,360		$	14,822		$	18,214		$	(3,013	)	(16.5	)%	$	15,201		$	18,214		$	(3,013	)	(16.5	)%
Undrawn credit facilities
Undrawn credit facilities	$	6,500		$	7,050		$	6,050		$	4,375		$	5,125		$	1,375		26.8	%	$	6,500		$	5,125		$	1,375		26.8	%
Total liquid assets and undrawn credit facilities	$	21,701		$	23,715		$	23,410		$	19,197		$	23,339		$	(1,638	)	(7.0	)%	$	21,701		$	23,339		$	(1,638	)	(7.0	)%
Liquid assets % of total assets	14.35		%	15.66		%	16.47		%	13.88		%	17.42		%				(3.07	)%	14.35		%	17.42		%				(3.07	)%
Liquid assets including undrawn credit facilities % of total assets	20.48		%	22.29		%	22.21		%	17.98		%	22.32		%				(1.84	)%	20.48		%	22.32		%				(1.84	)%
(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, plus other income, less retailer share arrangements.
(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) Includes activity and accounts associated with loan receivables held for sale.
(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																				Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			3Q'19 vs. 3Q'18					Sep 30, 2019			Sep 30, 2018			YTD'19 vs. YTD'18
Interest income:
Interest and fees on loans	$	4,890		$	4,636		$	4,687		$	4,774		$	4,617		$	273		5.9	%	$	14,213		$	12,870		$	1,343		10.4	%
Interest on cash and investment securities	91			102			99			102			77			14			18.2	%	292			242			50			20.7	%
Total interest income	4,981			4,738			4,786			4,876			4,694			287			6.1	%	14,505			13,112			1,393			10.6	%
Interest expense:
Interest on deposits	411			397			375			350			314			97			30.9	%	1,183			836			347			41.5	%
Interest on borrowings of consolidated securitization entities	88			90			100			104			86			2			2.3	%	278			240			38			15.8	%
Interest on senior unsecured notes	93			96			85			89			88			5			5.7	%	274			251			23			9.2	%
Total interest expense	592			583			560			543			488			104			21.3	%	1,735			1,327			408			30.7	%
Net interest income	4,389			4,155			4,226			4,333			4,206			183			4.4	%	12,770			11,785			985			8.4	%
Retailer share arrangements	(1,016		)	(859		)	(954		)	(855		)	(871		)	(145		)	16.6	%	(2,829		)	(2,244		)	(585		)	26.1	%
Provision for loan losses	1,019			1,198			859			1,452			1,451			(432		)	(29.8	)%	3,076			4,093			(1,017		)	(24.8	)%
Net interest income, after retailer share arrangements and provision for loan losses	2,354			2,098			2,413			2,026			1,884			470			24.9	%	6,865			5,448			1,417			26.0	%
Other income:
Interchange revenue	197			194			165			193			182			15			8.2	%	556			517			39			7.5	%
Debt cancellation fees	64			69			68			70			65			(1		)	(1.5	)%	201			197			4			2.0	%
Loyalty programs	(203		)	(192		)	(167		)	(208		)	(196		)	(7		)	3.6	%	(562		)	(543		)	(19		)	3.5	%
Other	27			19			26			9			12			15			125.0	%	72			30			42			140.0	%
Total other income	85			90			92			64			63			22			34.9	%	267			201			66			32.8	%
Other expense:
Employee costs	359			358			353			353			365			(6		)	(1.6	)%	1,070			1,074			(4		)	(0.4	)%
Professional fees	205			231			232			231			232			(27		)	(11.6	)%	668			575			93			16.2	%
Marketing and business development	139			135			123			166			131			8			6.1	%	397			362			35			9.7	%
Information processing	127			123			113			118			105			22			21.0	%	363			308			55			17.9	%
Other	234			212			222			210			221			13			5.9	%	668			698			(30		)	(4.3	)%
Total other expense	1,064			1,059			1,043			1,078			1,054			10			0.9	%	3,166			3,017			149			4.9	%
Earnings before provision for income taxes	1,375			1,129			1,462			1,012			893			482			54.0	%	3,966			2,632			1,334			50.7	%
Provision for income taxes	319			276			355			229			222			97			43.7	%	950			625			325			52.0	%
Net earnings attributable to common shareholders	$	1,056		$	853		$	1,107		$	783		$	671		$	385		57.4	%	$	3,016		$	2,007		$	1,009		50.3	%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Sep 30, 2019 vs. Sep 30, 2018
Assets
Cash and equivalents	$	11,461		$	11,755		$	12,963		$	9,396		$	12,068		$	(607	)	(5.0	)%
Debt securities	4,584			6,147			5,506			6,062			7,281			(2,697		)	(37.0	)%
Loan receivables:
Unsecuritized loans held for investment	56,220			55,178			54,907			64,969			59,868			(3,648		)	(6.1	)%
Restricted loans of consolidated securitization entities	26,987			26,618			25,498			28,170			27,653			(666		)	(2.4	)%
Total loan receivables	83,207			81,796			80,405			93,139			87,521			(4,314		)	(4.9	)%
Less: Allowance for loan losses	(5,607		)	(5,809		)	(5,942		)	(6,427		)	(6,223		)	616			(9.9	)%
Loan receivables, net	77,600			75,987			74,463			86,712			81,298			(3,698		)	(4.5	)%
Loan receivables held for sale	8,182			8,096			8,052			—			—			8,182			NM
Goodwill	1,078			1,078			1,076			1,024			1,024			54			5.3	%
Intangible assets, net	1,177			1,215			1,259			1,137			1,105			72			6.5	%
Other assets	1,861			2,110			2,065			2,461			1,769			92			5.2	%
Total assets	$	105,943		$	106,388		$	105,384		$	106,792		$	104,545		$	1,398		1.3	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	65,677		$	65,382		$	63,787		$	63,738		$	62,030		$	3,647		5.9	%
Non-interest-bearing deposit accounts	295			263			273			281			287			8			2.8	%
Total deposits	65,972			65,645			64,060			64,019			62,317			3,655			5.9	%
Borrowings:
Borrowings of consolidated securitization entities	10,912			11,941			12,091			14,439			14,187			(3,275		)	(23.1	)%
Senior unsecured notes	9,451			9,303			9,800			9,557			9,554			(103		)	(1.1	)%
Total borrowings	20,363			21,244			21,891			23,996			23,741			(3,378		)	(14.2	)%
Accrued expenses and other liabilities	4,488			4,765			4,724			4,099			4,491			(3		)	(0.1	)%
Total liabilities	90,823			91,654			90,675			92,114			90,549			274			0.3	%
Equity:
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,520			9,500			9,489			9,482			9,470			50			0.5	%
Retained earnings	11,533			10,627			9,939			8,986			8,355			3,178			38.0	%
Accumulated other comprehensive income:	(44		)	(43		)	(56		)	(62		)	(99		)	55			(55.6	)%
Treasury Stock	(5,890		)	(5,351		)	(4,664		)	(3,729		)	(3,731		)	(2,159		)	57.9	%
Total equity	15,120			14,734			14,709			14,678			13,996			1,124			8.0	%
Total liabilities and equity	$	105,943		$	106,388		$	105,384		$	106,792		$	104,545		$	1,398		1.3	%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2019							Jun 30, 2019							Mar 31, 2019							Dec 31, 2018							Sep 30, 2018
				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	$	10,947		$	59	2.14	%	$	10,989		$	66	2.41	%	$	11,033		$	65	2.39	%	$	10,856		$	62	2.27	%	$	7,901		$	39	1.96	%
Securities available for sale	5,389			32		2.36	%	6,010			36		2.40	%	5,640			34		2.44	%	6,837			40		2.32	%	7,022			38		2.15	%
Loan receivables:
Credit cards, including held for sale	87,156			4,807		21.88	%	85,488			4,557		21.38	%	86,768			4,611		21.55	%	86,131			4,695		21.63	%	83,609			4,538		21.53	%
Consumer installment loans	2,022			48		9.42	%	1,924			44		9.17	%	1,844			42		9.24	%	1,815			42		9.18	%	1,753			41		9.28	%
Commercial credit products	1,329			35		10.45	%	1,330			34		10.25	%	1,252			34		11.01	%	1,344			37		10.92	%	1,355			37		10.83	%
Other	49			—		—	%	50			1		NM		39			—		—	%	50			—		—	%	66			1		NM
Total loan receivables, including held for sale	90,556			4,890		21.42	%	88,792			4,636		20.94	%	89,903			4,687		21.14	%	89,340			4,774		21.20	%	86,783			4,617		21.11	%
Total interest-earning assets	106,892			4,981		18.49	%	105,791			4,738		17.96	%	106,576			4,786		18.21	%	107,033			4,876		18.07	%	101,706			4,694		18.31	%
Non-interest-earning assets:
Cash and due from banks	1,374							1,271							1,335							1,320							1,217
Allowance for loan losses	(5,773		)					(5,911		)					(6,341		)					(6,259		)					(5,956		)
Other assets	3,920							3,752							3,729							3,688							3,482
Total non-interest-earning assets	(479		)					(888		)					(1,277		)					(1,251		)					(1,257		)
Total assets	$	106,413						$	104,903						$	105,299						$	105,782						$	100,449
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	65,615		$	411	2.49	%	$	64,226		$	397	2.48	%	$	63,776		$	375	2.38	%	$	62,999		$	350	2.20	%	$	60,123		$	314	2.07	%
Borrowings of consolidated securitization entities	11,770			88		2.97	%	11,785			90		3.06	%	13,407			100		3.02	%	14,223			104		2.90	%	12,306			86		2.77	%
Senior unsecured notes	9,347			93		3.95	%	9,543			96		4.03	%	8,892			85		3.88	%	9,554			89		3.70	%	9,552			88		3.66	%
Total interest-bearing liabilities	86,732			592		2.71	%	85,554			583		2.73	%	86,075			560		2.64	%	86,776			543		2.48	%	81,981			488		2.36	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	283							271							286							284							275
Other liabilities	4,570							4,260							4,148							4,283							3,772
Total non-interest-bearing liabilities	4,853							4,531							4,434							4,567							4,047
Total liabilities	91,585							90,085							90,509							91,343							86,028
Equity
Total equity	14,828							14,818							14,790							14,439							14,421
Total liabilities and equity	$	106,413						$	104,903						$	105,299						$	105,782						$	100,449
Net interest income				$	4,389						$	4,155						$	4,226						$	4,333						$	4,206
Interest rate spread(1)						15.78	%						15.23	%						15.57	%						15.59	%						15.95	%
Net interest margin(2)						16.29	%						15.75	%						16.08	%						16.06	%						16.41	%
(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, 2019							Nine Months Ended Sep 30, 2018
				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	$	10,989		$	190	2.31	%	$	11,128		$	145	1.74	%
Securities available for sale	5,679			102		2.40	%	6,475			97		2.00	%
Loan receivables:
Credit cards, including held for sale	86,471			13,975		21.61	%	78,227			12,647		21.62	%
Consumer installment loans	1,931			134		9.28	%	1,658			114		9.19	%
Commercial credit products	1,304			103		10.56	%	1,329			107		10.76	%
Other	46			1		2.91	%	56			2		4.77	%
Total loan receivables, including held for sale	89,752			14,213		21.17	%	81,270			12,870		21.17	%
Total interest-earning assets	106,420			14,505		18.22	%	98,873			13,112		17.73	%
Non-interest-earning assets:
Cash and due from banks	1,327							1,192
Allowance for loan losses	(6,006		)					(5,779		)
Other assets	3,801							3,188
Total non-interest-earning assets	(878		)					(1,399		)
Total assets	$	105,542						$	97,474
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	64,546		$	1,183	2.45	%	$	57,941		$	836	1.93	%
Borrowings of consolidated securitization entities	12,315			278		3.02	%	12,178			240		2.63	%
Senior unsecured notes	9,262			274		3.96	%	9,156			251		3.67	%
Total interest-bearing liabilities	86,123			1,735		2.69	%	79,275			1,327		2.24	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	280							282
Other liabilities	4,327							3,548
Total non-interest-bearing liabilities	4,607							3,830
Total liabilities	90,730							83,105
Equity
Total equity	14,812							14,369
Total liabilities and equity	$	105,542						$	97,474
Net interest income				$	12,770						$	11,785
Interest rate spread(1)						15.53	%						15.49	%
Net interest margin(2)						16.04	%						15.94	%
(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, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Sep 30, 2019 vs. Sep 30, 2018
BALANCE SHEET STATISTICS
Total common equity	$	15,120		$	14,734		$	14,709		$	14,678		$	13,996		$	1,124	8.0	%
Total common equity as a % of total assets	14.27		%	13.85		%	13.96		%	13.74		%	13.39		%			0.88	%
Tangible assets	$	103,688		$	104,095		$	103,049		$	104,631		$	102,416		$	1,272	1.2	%
Tangible common equity(1)	$	12,865		$	12,441		$	12,374		$	12,517		$	11,867		$	998	8.4	%
Tangible common equity as a % of tangible assets(1)	12.41		%	11.95		%	12.01		%	11.96		%	11.59		%			0.82	%
Tangible common equity per share(1)	$	19.68		$	18.60		$	17.96		$	17.41		$	16.51		$	3.17	19.2	%
REGULATORY CAPITAL RATIOS(2)
	Basel III Fully Phased-in
Total risk-based capital ratio(3)	15.8		%	15.6		%	15.8		%	15.3		%	15.5		%
Tier 1 risk-based capital ratio(4)	14.5		%	14.3		%	14.5		%	14.0		%	14.2		%
Tier 1 leverage ratio(5)	12.6		%	12.4		%	12.3		%	12.3		%	12.3		%
Common equity Tier 1 capital ratio	14.5		%	14.3		%	14.5		%	14.0		%	14.2		%
(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, 2019 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.

7

SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended																				Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			3Q'19 vs. 3Q'18					Sep 30, 2019			Sep 30, 2018			YTD'19 vs. YTD'18
RETAIL CARD(1)
Purchase volume(2)(3)	$	29,282		$	29,530		$	24,660		$	31,755		$	27,863		$	1,419		5.1	%	$	83,472		$	75,930		$	7,542		9.9	%
Period-end loan receivables	$	52,697		$	52,307		$	51,572		$	63,827		$	59,139		$	(6,442	)	(10.9	)%	$	52,697		$	59,139		$	(6,442	)	(10.9	)%
Average loan receivables, including held for sale	$	60,660		$	59,861		$	60,964		$	60,604		$	58,964		$	1,696		2.9	%	$	60,494		$	54,101		$	6,393		11.8	%
Average active accounts (in thousands)(3)(4)	58,082			57,212			58,632			58,962			57,459			623			1.1	%	58,156			54,717			3,439			6.3	%
Interest and fees on loans	$	3,570		$	3,390		$	3,454		$	3,502		$	3,383		$	187		5.5	%	$	10,414		$	9,313		$	1,101		11.8	%
Other income	$	65		$	59		$	76		$	59		$	57		$	8		14.0	%	$	200		$	180		$	20		11.1	%
Retailer share arrangements	$	(998	)	$	(836	)	$	(940	)	$	(825	)	$	(844	)	$	(154	)	18.2	%	$	(2,774	)	$	(2,189	)	$	(585	)	26.7	%
PAYMENT SOLUTIONS(1)
Purchase volume(2)	$	6,281		$	5,948		$	5,249		$	6,035		$	6,007		$	274		4.6	%	$	17,478		$	16,773		$	705		4.2	%
Period-end loan receivables	$	20,478		$	19,766		$	19,379		$	19,815		$	19,064		$	1,414		7.4	%	$	20,478		$	19,064		$	1,414		7.4	%
Average loan receivables, including held for sale	$	20,051		$	19,409		$	19,497		$	19,333		$	18,659		$	1,392		7.5	%	$	19,654		$	18,231		$	1,423		7.8	%
Average active accounts (in thousands)(4)	12,384			12,227			12,406			12,350			12,062			322			2.7	%	12,354			11,992			362			3.0	%
Interest and fees on loans	$	721		$	685		$	686		$	708		$	683		$	38		5.6	%	$	2,092		$	1,970		$	122		6.2	%
Other income	$	(1	)	$	11		$	1		$	(2	)	$	(2	)	$	1		(50.0	)%	$	11		$	(6	)	$	17		NM
Retailer share arrangements	$	(15	)	$	(21	)	$	(12	)	$	(25	)	$	(24	)	$	9		(37.5	)%	$	(48	)	$	(48	)	$	—		—	%
CARECREDIT
Purchase volume(2)	$	2,832		$	2,813		$	2,604		$	2,530		$	2,573		$	259		10.1	%	$	8,249		$	7,634		$	615		8.1	%
Period-end loan receivables	$	10,032		$	9,723		$	9,454		$	9,497		$	9,318		$	714		7.7	%	$	10,032		$	9,318		$	714		7.7	%
Average loan receivables, including held for sale	$	9,845		$	9,522		$	9,442		$	9,403		$	9,160		$	685		7.5	%	$	9,604		$	8,938		$	666		7.5	%
Average active accounts (in thousands)(4)	6,229			6,086			6,094			6,070			5,961			268			4.5	%	6,143			5,885			258			4.4	%
Interest and fees on loans	$	599		$	561		$	547		$	564		$	551		$	48		8.7	%	$	1,707		$	1,587		$	120		7.6	%
Other income	$	21		$	20		$	15		$	7		$	8		$	13		162.5	%	$	56		$	27		$	29		107.4	%
Retailer share arrangements	$	(3	)	$	(2	)	$	(2	)	$	(5	)	$	(3	)	$	—		—	%	$	(7	)	$	(7	)	$	—		—	%
TOTAL SYF
Purchase volume(2)(3)	$	38,395		$	38,291		$	32,513		$	40,320		$	36,443		$	1,952		5.4	%	$	109,199		$	100,337		$	8,862		8.8	%
Period-end loan receivables	$	83,207		$	81,796		$	80,405		$	93,139		$	87,521		$	(4,314	)	(4.9	)%	$	83,207		$	87,521		$	(4,314	)	(4.9	)%
Average loan receivables, including held for sale	$	90,556		$	88,792		$	89,903		$	89,340		$	86,783		$	3,773		4.3	%	$	89,752		$	81,270		$	8,482		10.4	%
Average active accounts (in thousands)(3)(4)	76,695			75,525			77,132			77,382			75,482			1,213			1.6	%	76,653			72,594			4,059			5.6	%
Interest and fees on loans	$	4,890		$	4,636		$	4,687		$	4,774		$	4,617		$	273		5.9	%	$	14,213		$	12,870		$	1,343		10.4	%
Other income	$	85		$	90		$	92		$	64		$	63		$	22		34.9	%	$	267		$	201		$	66		32.8	%
Retailer share arrangements	$	(1,016	)	$	(859	)	$	(954	)	$	(855	)	$	(871	)	$	(145	)	16.6	%	$	(2,829	)	$	(2,244	)	$	(585	)	26.1	%
(1) Beginning in 1Q 2019, our Oil and Gas retail credit programs are now included in our Payment Solutions sales platform. Prior period financial and operating metrics for Retail Card and Payment Solutions have been recast to reflect the current period presentation.
(2) 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.
(3) Includes activity and balances associated with loan receivables held for sale.
(4) 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, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
COMMON EQUITY MEASURES
GAAP Total common equity	$	15,120		$	14,734		$	14,709		$	14,678		$	13,996
Less: Goodwill	(1,078		)	(1,078		)	(1,076		)	(1,024		)	(1,024		)
Less: Intangible assets, net	(1,177		)	(1,215		)	(1,259		)	(1,137		)	(1,105		)
Tangible common equity	$	12,865		$	12,441		$	12,374		$	12,517		$	11,867
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	290			283			287			284			311
Basel III - Common equity Tier 1 (fully phased-in)	$	13,155		$	12,724		$	12,661		$	12,801		$	12,178
RISK-BASED CAPITAL
Common equity Tier 1	$	13,155		$	12,724		$	12,661		$	12,801		$	12,178
Add: Allowance for loan losses includible in risk-based capital	1,190			1,169			1,152			1,212			1,137
Risk-based capital	$	14,345		$	13,893		$	13,813		$	14,013		$	13,315
ASSET MEASURES
Total average assets	$	106,413		$	104,903		$	105,299		$	105,782		$	100,449
Adjustments for:
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,975		)	(2,003		)	(2,039		)	(1,845		)	(1,836		)
Total assets for leverage purposes	$	104,438		$	102,900		$	103,260		$	103,937		$	98,613
Risk-weighted assets - Basel III (fully phased-in)	$	90,772		$	88,890		$	87,331		$	91,742		$	85,941
CORE LOAN RECEIVABLES
Loan receivables	$	83,207		$	81,796		$	80,405		$	93,139		$	87,521
Less: Walmart receivables	(112		)	(431		)	(692		)	(9,519		)	(9,217		)
Core Loan receivables	$	83,095		$	81,365		$	79,713		$	83,620		$	78,304
Retail Card Loan receivables(2)	$	52,697		$	52,307		$	51,572		$	63,827		$	59,139
Less: Walmart receivables	(112		)	(431		)	(692		)	(9,519		)	(9,217		)
Core Retail Card Loan receivables	$	52,585		$	51,876		$	50,880		$	54,308		$	49,922
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	23.13		$	22.03		$	21.35		$	20.42		$	19.47
Less: Goodwill	(1.65		)	(1.61		)	(1.56		)	(1.42		)	(1.42		)
Less: Intangible assets, net	(1.80		)	(1.82		)	(1.83		)	(1.59		)	(1.54		)
Tangible common equity per share	$	19.68		$	18.60		$	17.96		$	17.41		$	16.51
(1) Regulatory measures at September 30, 2019 are presented on an estimated basis.
(2) Beginning in 1Q 2019, our Oil and Gas retail credit programs are now included in our Payment Solutions sales platform. Prior period financial and operating metrics for Retail Card and Payment Solutions have been recast to reflect the current period presentation.

9