Synchrony Financial (SYF) 8-K Synchrony Financial Reports Fourth Quarter Net Earnings of $731 Million

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Twelve Months Ended
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			4Q'19 vs. 4Q'18					Dec 31, 2019			Dec 31, 2018			YTD'19 vs. YTD'18
EARNINGS
Net interest income	$	4,029		$	4,389		$	4,155		$	4,226		$	4,333		$	(304	)	(7.0	)%	$	16,799		$	16,118		$	681		4.2	%
Retailer share arrangements	(1,029		)	(1,016		)	(859		)	(954		)	(855		)	(174		)	20.4	%	(3,858		)	(3,099		)	(759		)	24.5	%
Provision for loan losses	1,104			1,019			1,198			859			1,452			(348		)	(24.0	)%	4,180			5,545			(1,365		)	(24.6	)%
Net interest income, after retailer share arrangements and provision for loan losses	1,896			2,354			2,098			2,413			2,026			(130		)	(6.4	)%	8,761			7,474			1,287			17.2	%
Other income	104			85			90			92			64			40			62.5	%	371			265			106			40.0	%
Other expense	1,079			1,064			1,059			1,043			1,078			1			0.1	%	4,245			4,095			150			3.7	%
Earnings before provision for income taxes	921			1,375			1,129			1,462			1,012			(91		)	(9.0	)%	4,887			3,644			1,243			34.1	%
Provision for income taxes	190			319			276			355			229			(39		)	(17.0	)%	1,140			854			286			33.5	%
Net earnings	$	731		$	1,056		$	853		$	1,107		$	783		$	(52	)	(6.6	)%	$	3,747		$	2,790		$	957		34.3	%
Net earnings attributable to common stockholders	$	731		$	1,056		$	853		$	1,107		$	783		$	(52	)	(6.6	)%	$	3,747		$	2,790		$	957		34.3	%
COMMON SHARE STATISTICS
Basic EPS	$	1.15		$	1.60		$	1.25		$	1.57		$	1.09		$	0.06		5.5	%	$	5.59		$	3.76		$	1.83		48.7	%
Diluted EPS	$	1.15		$	1.60		$	1.24		$	1.56		$	1.09		$	0.06		5.5	%	$	5.56		$	3.74		$	1.82		48.7	%
Dividend declared per share	$	0.22		$	0.22		$	0.21		$	0.21		$	0.21		$	0.01		4.8	%	$	0.86		$	0.72		$	0.14		19.4	%
Common stock price	$	36.01		$	34.09		$	34.67		$	31.90		$	23.46		$	12.55		53.5	%	$	36.01		$	23.46		$	12.55		53.5	%
Book value per share	$	23.31		$	23.13		$	22.03		$	21.35		$	20.42		$	2.89		14.2	%	$	23.31		$	20.42		$	2.89		14.2	%
Tangible common equity per share(1)	$	19.50		$	19.68		$	18.60		$	17.96		$	17.41		$	2.09		12.0	%	$	19.50		$	17.41		$	2.09		12.0	%
Beginning common shares outstanding	653.7			668.9			688.8			718.8			718.7			(65.0		)	(9.0	)%	718.8			770.5			(51.7		)	(6.7	)%
Issuance of common shares	—			—			—			—			—			—			—	%	—			—			—			—	%
Stock-based compensation	0.6			0.4			1.2			0.9			0.1			0.5			NM		3.1			3.0			0.1			3.3	%
Shares repurchased	(38.4		)	(15.6		)	(21.1		)	(30.9		)	—			(38.4		)	NM		(106.0		)	(54.7		)	(51.3		)	93.8	%
Ending common shares outstanding	615.9			653.7			668.9			688.8			718.8			(102.9		)	(14.3	)%	615.9			718.8			(102.9		)	(14.3	)%
Weighted average common shares outstanding	633.7			658.3			683.6			706.3			718.7			(85.0		)	(11.8	)%	670.2			742.3			(72.1		)	(9.7	)%
Weighted average common shares outstanding (fully diluted)	637.7			661.7			686.5			708.9			720.9			(83.2		)	(11.5	)%	673.5			746.9			(73.4		)	(9.8	)%
(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																				Twelve Months Ended
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			4Q'19 vs. 4Q'18					Dec 31, 2019			Dec 31, 2018			YTD'19 vs. YTD'18
PERFORMANCE METRICS
Return on assets(1)	2.7		%	3.9		%	3.3		%	4.3		%	2.9		%				(0.2	)%	3.5		%	2.8		%				0.7	%
Return on equity(2)	19.0		%	28.3		%	23.1		%	30.4		%	21.5		%				(2.5	)%	25.1		%	19.4		%				5.7	%
Return on tangible common equity(3)	23.0		%	33.4		%	27.4		%	35.8		%	25.2		%				(2.2	)%	29.9		%	22.4		%				7.5	%
Net interest margin(4)	15.01		%	16.29		%	15.75		%	16.08		%	16.06		%				(1.05	)%	15.78		%	15.97		%				(0.19	)%
Efficiency ratio(5)	34.8		%	30.8		%	31.3		%	31.0		%	30.4		%				4.4	%	31.9		%	30.8		%				1.1	%
Other expense as a % of average loan receivables, including held for sale	5.01		%	4.66		%	4.78		%	4.71		%	4.79		%				0.22	%	4.79		%	4.92		%				(0.13	)%
Effective income tax rate	20.6		%	23.2		%	24.4		%	24.3		%	22.6		%				(2.0	)%	23.3		%	23.4		%				(0.1	)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	5.15		%	5.35		%	6.01		%	6.06		%	5.54		%				(0.39	)%	5.65		%	5.63		%				0.02	%
30+ days past due as a % of period-end loan receivables(6)	4.44		%	4.47		%	4.43		%	4.92		%	4.76		%				(0.32	)%	4.44		%	4.76		%				(0.32	)%
90+ days past due as a % of period-end loan receivables(6)	2.15		%	2.07		%	2.16		%	2.51		%	2.29		%				(0.14	)%	2.15		%	2.29		%				(0.14	)%
Net charge-offs	$	1,109		$	1,221		$	1,331		$	1,344		$	1,248		$	(139	)	(11.1	)%	$	5,005		$	4,692		$	313		6.7	%
Loan receivables delinquent over 30 days(6)	$	3,874		$	3,723		$	3,625		$	3,957		$	4,430		$	(556	)	(12.6	)%	$	3,874		$	4,430		$	(556	)	(12.6	)%
Loan receivables delinquent over 90 days(6)	$	1,877		$	1,723		$	1,768		$	2,019		$	2,135		$	(258	)	(12.1	)%	$	1,877		$	2,135		$	(258	)	(12.1	)%
Allowance for loan losses (period-end)	$	5,602		$	5,607		$	5,809		$	5,942		$	6,427		$	(825	)	(12.8	)%	$	5,602		$	6,427		$	(825	)	(12.8	)%
Allowance coverage ratio(7)	6.42		%	6.74		%	7.10		%	7.39		%	6.90		%				(0.48	)%	6.42		%	6.90		%				(0.48	)%
BUSINESS METRICS
Purchase volume(8)(9)	$	40,212		$	38,395		$	38,291		$	32,513		$	40,320		$	(108	)	(0.3	)%	$	149,411		$	140,657		$	8,754		6.2	%
Period-end loan receivables	$	87,215		$	83,207		$	81,796		$	80,405		$	93,139		$	(5,924	)	(6.4	)%	$	87,215		$	93,139		$	(5,924	)	(6.4	)%
Credit cards	$	84,606		$	79,788		$	78,446		$	77,251		$	89,994		$	(5,388	)	(6.0	)%	$	84,606		$	89,994		$	(5,388	)	(6.0	)%
Consumer installment loans	$	1,347		$	2,050		$	1,983		$	1,860		$	1,845		$	(498	)	(27.0	)%	$	1,347		$	1,845		$	(498	)	(27.0	)%
Commercial credit products	$	1,223		$	1,317		$	1,328		$	1,256		$	1,260		$	(37	)	(2.9	)%	$	1,223		$	1,260		$	(37	)	(2.9	)%
Other	$	39		$	52		$	39		$	38		$	40		$	(1	)	(2.5	)%	$	39		$	40		$	(1	)	(2.5	)%
Average loan receivables, including held for sale	$	85,376		$	90,556		$	88,792		$	89,903		$	89,340		$	(3,964	)	(4.4	)%	$	88,649		$	83,304		$	5,345		6.4	%
Period-end active accounts (in thousands)(9)(10)	75,471			77,094			76,065			74,812			80,339			(4,868		)	(6.1	)%	75,471			80,339			(4,868		)	(6.1	)%
Average active accounts (in thousands)(9)(10)	73,734			76,695			75,525			77,132			77,382			(3,648		)	(4.7	)%	75,721			73,847			1,874			2.5	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	12,147		$	11,461		$	11,755		$	12,963		$	9,396		$	2,751		29.3	%	$	12,147		$	9,396		$	2,751		29.3	%
Total liquid assets	$	17,322		$	15,201		$	16,665		$	17,360		$	14,822		$	2,500		16.9	%	$	17,322		$	14,822		$	2,500		16.9	%
Undrawn credit facilities
Undrawn credit facilities	$	6,050		$	6,500		$	7,050		$	6,050		$	4,375		$	1,675		38.3	%	$	6,050		$	4,375		$	1,675		38.3	%
Total liquid assets and undrawn credit facilities	$	23,372		$	21,701		$	23,715		$	23,410		$	19,197		$	4,175		21.7	%	$	23,372		$	19,197		$	4,175		21.7	%
Liquid assets % of total assets	16.52		%	14.35		%	15.66		%	16.47		%	13.88		%				2.64	%	16.52		%	13.88		%				2.64	%
Liquid assets including undrawn credit facilities % of total assets	22.30		%	20.48		%	22.29		%	22.21		%	17.98		%				4.32	%	22.30		%	17.98		%				4.32	%
(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																				Twelve Months Ended
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			4Q'19 vs. 4Q'18					Dec 31, 2019			Dec 31, 2018			YTD'19 vs. YTD'18
Interest income:
Interest and fees on loans	$	4,492		$	4,890		$	4,636		$	4,687		$	4,774		$	(282	)	(5.9	)%	$	18,705		$	17,644		$	1,061		6.0	%
Interest on cash and investment securities	93			91			102			99			102			(9		)	(8.8	)%	385			344			41			11.9	%
Total interest income	4,585			4,981			4,738			4,786			4,876			(291		)	(6.0	)%	19,090			17,988			1,102			6.1	%
Interest expense:
Interest on deposits	383			411			397			375			350			33			9.4	%	1,566			1,186			380			32.0	%
Interest on borrowings of consolidated securitization entities	80			88			90			100			104			(24		)	(23.1	)%	358			344			14			4.1	%
Interest on senior unsecured notes	93			93			96			85			89			4			4.5	%	367			340			27			7.9	%
Total interest expense	556			592			583			560			543			13			2.4	%	2,291			1,870			421			22.5	%
Net interest income	4,029			4,389			4,155			4,226			4,333			(304		)	(7.0	)%	16,799			16,118			681			4.2	%
Retailer share arrangements	(1,029		)	(1,016		)	(859		)	(954		)	(855		)	(174		)	20.4	%	(3,858		)	(3,099		)	(759		)	24.5	%
Provision for loan losses	1,104			1,019			1,198			859			1,452			(348		)	(24.0	)%	4,180			5,545			(1,365		)	(24.6	)%
Net interest income, after retailer share arrangements and provision for loan losses	1,896			2,354			2,098			2,413			2,026			(130		)	(6.4	)%	8,761			7,474			1,287			17.2	%
Other income:
Interchange revenue	192			197			194			165			193			(1		)	(0.5	)%	748			710			38			5.4	%
Debt cancellation fees	64			64			69			68			70			(6		)	(8.6	)%	265			267			(2		)	(0.7	)%
Loyalty programs	(181		)	(203		)	(192		)	(167		)	(208		)	27			(13.0	)%	(743		)	(751		)	8			(1.1	)%
Other	29			27			19			26			9			20			NM		101			39			62			159.0	%
Total other income	104			85			90			92			64			40			62.5	%	371			265			106			40.0	%
Other expense:
Employee costs	385			359			358			353			353			32			9.1	%	1,455			1,427			28			2.0	%
Professional fees	199			205			231			232			231			(32		)	(13.9	)%	867			806			61			7.6	%
Marketing and business development	152			139			135			123			166			(14		)	(8.4	)%	549			528			21			4.0	%
Information processing	122			127			123			113			118			4			3.4	%	485			426			59			13.8	%
Other	221			234			212			222			210			11			5.2	%	889			908			(19		)	(2.1	)%
Total other expense	1,079			1,064			1,059			1,043			1,078			1			0.1	%	4,245			4,095			150			3.7	%
Earnings before provision for income taxes	921			1,375			1,129			1,462			1,012			(91		)	(9.0	)%	4,887			3,644			1,243			34.1	%
Provision for income taxes	190			319			276			355			229			(39		)	(17.0	)%	1,140			854			286			33.5	%
Net earnings	$	731		$	1,056		$	853		$	1,107		$	783		$	(52	)	(6.6	)%	$	3,747		$	2,790		$	957		34.3	%
Net earnings attributable to common stockholders	$	731		$	1,056		$	853		$	1,107		$	783		$	(52	)	(6.6	)%	$	3,747		$	2,790		$	957		34.3	%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Dec 31, 2019 vs. Dec 31, 2018
Assets
Cash and equivalents	$	12,147		$	11,461		$	11,755		$	12,963		$	9,396		$	2,751		29.3	%
Debt securities	5,911			4,584			6,147			5,506			6,062			(151		)	(2.5	)%
Loan receivables:
Unsecuritized loans held for investment	58,398			56,220			55,178			54,907			64,969			(6,571		)	(10.1	)%
Restricted loans of consolidated securitization entities	28,817			26,987			26,618			25,498			28,170			647			2.3	%
Total loan receivables	87,215			83,207			81,796			80,405			93,139			(5,924		)	(6.4	)%
Less: Allowance for loan losses	(5,602		)	(5,607		)	(5,809		)	(5,942		)	(6,427		)	825			(12.8	)%
Loan receivables, net	81,613			77,600			75,987			74,463			86,712			(5,099		)	(5.9	)%
Loan receivables held for sale	725			8,182			8,096			8,052			—			725			NM
Goodwill	1,078			1,078			1,078			1,076			1,024			54			5.3	%
Intangible assets, net	1,265			1,177			1,215			1,259			1,137			128			11.3	%
Other assets	2,087			1,861			2,110			2,065			2,461			(374		)	(15.2	)%
Total assets	$	104,826		$	105,943		$	106,388		$	105,384		$	106,792		$	(1,966	)	(1.8	)%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	64,877		$	65,677		$	65,382		$	63,787		$	63,738		$	1,139		1.8	%
Non-interest-bearing deposit accounts	277			295			263			273			281			(4		)	(1.4	)%
Total deposits	65,154			65,972			65,645			64,060			64,019			1,135			1.8	%
Borrowings:
Borrowings of consolidated securitization entities	10,412			10,912			11,941			12,091			14,439			(4,027		)	(27.9	)%
Senior unsecured notes	9,454			9,451			9,303			9,800			9,557			(103		)	(1.1	)%
Total borrowings	19,866			20,363			21,244			21,891			23,996			(4,130		)	(17.2	)%
Accrued expenses and other liabilities	4,718			4,488			4,765			4,724			4,099			619			15.1	%
Total liabilities	89,738			90,823			91,654			90,675			92,114			(2,376		)	(2.6	)%
Equity:
Preferred stock	734			—			—			—			—			734			NM
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,537			9,520			9,500			9,489			9,482			55			0.6	%
Retained earnings	12,117			11,533			10,627			9,939			8,986			3,131			34.8	%
Accumulated other comprehensive income:	(58		)	(44		)	(43		)	(56		)	(62		)	4			(6.5	)%
Treasury stock	(7,243		)	(5,890		)	(5,351		)	(4,664		)	(3,729		)	(3,514		)	94.2	%
Total equity	15,088			15,120			14,734			14,709			14,678			410			2.8	%
Total liabilities and equity	$	104,826		$	105,943		$	106,388		$	105,384		$	106,792		$	(1,966	)	(1.8	)%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2019							Sep 30, 2019							Jun 30, 2019							Mar 31, 2019								Dec 31, 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	$	16,269		$	68	1.66	%	$	10,947		$	59	2.14	%	$	10,989		$	66	2.41	%	$	11,033		$	65	2.39	%		$	10,856		$	62	2.27	%
Securities available for sale	4,828			25		2.05	%	5,389			32		2.36	%	6,010			36		2.40	%	5,640			34		2.44	%		6,837			40		2.32	%
Loan receivables, including held for sale:
Credit cards	81,960			4,409		21.34	%	87,156			4,807		21.88	%	85,488			4,557		21.38	%	86,768			4,611		21.55	%		86,131			4,695		21.63	%
Consumer installment loans	2,058			48		9.25	%	2,022			48		9.42	%	1,924			44		9.17	%	1,844			42		9.24	%		1,815			42		9.18	%
Commercial credit products	1,311			34		10.29	%	1,329			35		10.45	%	1,330			34		10.25	%	1,252			34		11.01	%		1,344			37		10.92	%
Other	47			1		NM		49			—		—	%	50			1		NM		39			—		—	%		50			—		—	%
Total loan receivables, including held for sale	85,376			4,492		20.87	%	90,556			4,890		21.42	%	88,792			4,636		20.94	%	89,903			4,687		21.14	%		89,340			4,774		21.20	%
Total interest-earning assets	106,473			4,585		17.08	%	106,892			4,981		18.49	%	105,791			4,738		17.96	%	106,576			4,786		18.21	%		107,033			4,876		18.07	%
Non-interest-earning assets:
Cash and due from banks	1,326							1,374							1,271							1,335							��	1,320
Allowance for loan losses	(5,593		)					(5,773		)					(5,911		)					(6,341		)						(6,259		)
Other assets	3,872							3,920							3,752							3,729								3,688
Total non-interest-earning assets	(395		)					(479		)					(888		)					(1,277		)						(1,251		)
Total assets	$	106,078						$	106,413						$	104,903						$	105,299							$	105,782
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	65,380		$	383	2.32	%	$	65,615		$	411	2.49	%	$	64,226		$	397	2.48	%	$	63,776		$	375	2.38	%		$	62,999		$	350	2.20	%
Borrowings of consolidated securitization entities	10,831			80		2.93	%	11,770			88		2.97	%	11,785			90		3.06	%	13,407			100		3.02	%		14,223			104		2.90	%
Senior unsecured notes	9,452			93		3.90	%	9,347			93		3.95	%	9,543			96		4.03	%	8,892			85		3.88	%		9,554			89		3.70	%
Total interest-bearing liabilities	85,663			556		2.58	%	86,732			592		2.71	%	85,554			583		2.73	%	86,075			560		2.64	%		86,776			543		2.48	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	281							283							271							286								284
Other liabilities	4,906							4,570							4,260							4,148								4,283
Total non-interest-bearing liabilities	5,187							4,853							4,531							4,434								4,567
Total liabilities	90,850							91,585							90,085							90,509								91,343
Equity
Total equity	15,228							14,828							14,818							14,790								14,439
Total liabilities and equity	$	106,078						$	106,413						$	104,903						$	105,299							$	105,782
Net interest income				$	4,029						$	4,389						$	4,155						$	4,226							$	4,333
Interest rate spread(1)						14.50	%						15.78	%						15.23	%						15.57	%							15.59	%
Net interest margin(2)						15.01	%						16.29	%						15.75	%						16.08	%							16.06	%
(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)
	Twelve Months Ended Dec 31, 2019							Twelve Months Ended Dec 31, 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	$	12,320		$	258	2.09	%	$	11,059		$	207	1.87	%
Securities available for sale	5,464			127		2.32	%	6,566			137		2.09	%
Loan receivables, including held for sale:
Credit cards	85,334			18,384		21.54	%	80,219			17,342		21.62	%
Consumer installment loans	1,963			182		9.27	%	1,698			156		9.19	%
Commercial credit products	1,306			137		10.49	%	1,333			144		10.80	%
Other	46			2		4.35	%	54			2		3.70	%
Total loan receivables, including held for sale	88,649			18,705		21.10	%	83,304			17,644		21.18	%
Total interest-earning assets	106,433			19,090		17.94	%	100,929			17,988		17.82	%
Non-interest-earning assets:
Cash and due from banks	1,327							1,224
Allowance for loan losses	(5,902		)					(5,900		)
Other assets	3,819							3,315
Total non-interest-earning assets	(756		)					(1,361		)
Total assets	$	105,677						$	99,568
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	64,756		$	1,566	2.42	%	$	59,216		$	1,186	2.00	%
Borrowings of consolidated securitization entities	11,941			358		3.00	%	12,694			344		2.71	%
Senior unsecured notes	9,310			367		3.94	%	9,257			340		3.67	%
Total interest-bearing liabilities	86,007			2,291		2.66	%	81,167			1,870		2.30	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	280							282
Other liabilities	4,473							3,733
Total non-interest-bearing liabilities	4,753							4,015
Total liabilities	90,760							85,182
Equity
Total equity	14,917							14,386
Total liabilities and equity	$	105,677						$	99,568
Net interest income				$	16,799						$	16,118
Interest rate spread(1)						15.28	%						15.52	%
Net interest margin(2)						15.78	%						15.97	%
(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
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Dec 31, 2019 vs. Dec 31, 2018
BALANCE SHEET STATISTICS
Total common equity	$	14,354		$	15,120		$	14,734		$	14,709		$	14,678		$	(324	)	(2.2	)%
Total common equity as a % of total assets	13.69		%	14.27		%	13.85		%	13.96		%	13.74		%				(0.05	)%
Tangible assets	$	102,483		$	103,688		$	104,095		$	103,049		$	104,631		$	(2,148	)	(2.1	)%
Tangible common equity(1)	$	12,011		$	12,865		$	12,441		$	12,374		$	12,517		$	(506	)	(4.0	)%
Tangible common equity as a % of tangible assets(1)	11.72		%	12.41		%	11.95		%	12.01		%	11.96		%				(0.24	)%
Tangible common equity per share(1)	$	19.50		$	19.68		$	18.60		$	17.96		$	17.41		$	2.09		12.0	%
REGULATORY CAPITAL RATIOS(2)
	Basel III Fully Phased-in
Total risk-based capital ratio(3)	16.3		%	15.8		%	15.6		%	15.8		%	15.3		%
Tier 1 risk-based capital ratio(4)	15.0		%	14.5		%	14.3		%	14.5		%	14.0		%
Tier 1 leverage ratio(5)	12.6		%	12.6		%	12.4		%	12.3		%	12.3		%
Common equity Tier 1 capital ratio	14.1		%	14.5		%	14.3		%	14.5		%	14.0		%
(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 December 31, 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																				Twelve Months Ended
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			4Q'19 vs. 4Q'18					Dec 31, 2019			Dec 31, 2018			YTD'19 vs. YTD'18
RETAIL CARD(1)
Purchase volume(2)(3)	$	30,968		$	29,282		$	29,530		$	24,660		$	31,755		$	(787	)	(2.5	)%	$	114,440		$	107,685		$	6,755		6.3	%
Period-end loan receivables	$	56,387		$	52,697		$	52,307		$	51,572		$	63,827		$	(7,440	)	(11.7	)%	$	56,387		$	63,827		$	(7,440	)	(11.7	)%
Average loan receivables, including held for sale	$	54,505		$	60,660		$	59,861		$	60,964		$	60,604		$	(6,099	)	(10.1	)%	$	58,984		$	55,739		$	3,245		5.8	%
Average active accounts (in thousands)(3)(4)	54,662			58,082			57,212			58,632			58,962			(4,300		)	(7.3	)%	57,073			55,828			1,245			2.2	%
Interest and fees on loans	$	3,143		$	3,570		$	3,390		$	3,454		$	3,502		$	(359	)	(10.3	)%	$	13,557		$	12,815		$	742		5.8	%
Other income	$	77		$	65		$	59		$	76		$	59		$	18		30.5	%	$	277		$	239		$	38		15.9	%
Retailer share arrangements	$	(988	)	$	(998	)	$	(836	)	$	(940	)	$	(825	)	$	(163	)	19.8	%	$	(3,762	)	$	(3,014	)	$	(748	)	24.8	%
PAYMENT SOLUTIONS(1)
Purchase volume(2)(3)	$	6,402		$	6,281		$	5,948		$	5,249		$	6,035		$	367		6.1	%	$	23,880		$	22,808		$	1,072		4.7	%
Period-end loan receivables	$	20,528		$	20,478		$	19,766		$	19,379		$	19,815		$	713		3.6	%	$	20,528		$	19,815		$	713		3.6	%
Average loan receivables, including held for sale	$	20,701		$	20,051		$	19,409		$	19,497		$	19,333		$	1,368		7.1	%	$	19,918		$	18,509		$	1,409		7.6	%
Average active accounts (in thousands)(3)(4)	12,713			12,384			12,227			12,406			12,350			363			2.9	%	12,451			12,087			364			3.0	%
Interest and fees on loans	$	737		$	721		$	685		$	686		$	708		$	29		4.1	%	$	2,829		$	2,678		$	151		5.6	%
Other income	$	4		$	(1	)	$	11		$	1		$	(2	)	$	6		NM		$	15		$	(8	)	$	23		NM
Retailer share arrangements	$	(37	)	$	(15	)	$	(21	)	$	(12	)	$	(25	)	$	(12	)	48.0	%	$	(85	)	$	(73	)	$	(12	)	16.4	%
CARECREDIT
Purchase volume(2)	$	2,842		$	2,832		$	2,813		$	2,604		$	2,530		$	312		12.3	%	$	11,091		$	10,164		$	927		9.1	%
Period-end loan receivables	$	10,300		$	10,032		$	9,723		$	9,454		$	9,497		$	803		8.5	%	$	10,300		$	9,497		$	803		8.5	%
Average loan receivables, including held for sale	$	10,170		$	9,845		$	9,522		$	9,442		$	9,403		$	767		8.2	%	$	9,747		$	9,056		$	691		7.6	%
Average active accounts (in thousands)(4)	6,359			6,229			6,086			6,094			6,070			289			4.8	%	6,197			5,932			265			4.5	%
Interest and fees on loans	$	612		$	599		$	561		$	547		$	564		$	48		8.5	%	$	2,319		$	2,151		$	168		7.8	%
Other income	$	23		$	21		$	20		$	15		$	7		$	16		NM		$	79		$	34		$	45		132.4	%
Retailer share arrangements	$	(4	)	$	(3	)	$	(2	)	$	(2	)	$	(5	)	$	1		(20.0	)%	$	(11	)	$	(12	)	$	1		(8.3	)%
TOTAL SYF
Purchase volume(2)(3)	$	40,212		$	38,395		$	38,291		$	32,513		$	40,320		$	(108	)	(0.3	)%	$	149,411		$	140,657		$	8,754		6.2	%
Period-end loan receivables	$	87,215		$	83,207		$	81,796		$	80,405		$	93,139		$	(5,924	)	(6.4	)%	$	87,215		$	93,139		$	(5,924	)	(6.4	)%
Average loan receivables, including held for sale	$	85,376		$	90,556		$	88,792		$	89,903		$	89,340		$	(3,964	)	(4.4	)%	$	88,649		$	83,304		$	5,345		6.4	%
Average active accounts (in thousands)(3)(4)	73,734			76,695			75,525			77,132			77,382			(3,648		)	(4.7	)%	75,721			73,847			1,874			2.5	%
Interest and fees on loans	$	4,492		$	4,890		$	4,636		$	4,687		$	4,774		$	(282	)	(5.9	)%	$	18,705		$	17,644		$	1,061		6.0	%
Other income	$	104		$	85		$	90		$	92		$	64		$	40		62.5	%	$	371		$	265		$	106		40.0	%
Retailer share arrangements	$	(1,029	)	$	(1,016	)	$	(859	)	$	(954	)	$	(855	)	$	(174	)	20.4	%	$	(3,858	)	$	(3,099	)	$	(759	)	24.5	%
(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
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
COMMON EQUITY AND REGULATORY CAPITAL MEASURES
GAAP Total equity	$	15,088		$	15,120		$	14,734		$	14,709		$	14,678
Less: Preferred stock	(734		)	—			—			—			—
Less: Goodwill	(1,078		)	(1,078		)	(1,078		)	(1,076		)	(1,024		)
Less: Intangible assets, net	(1,265		)	(1,177		)	(1,215		)	(1,259		)	(1,137		)
Tangible common equity	$	12,011		$	12,865		$	12,441		$	12,374		$	12,517
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	319			290			283			287			284
Basel III - Common equity Tier 1	$	12,330		$	13,155		$	12,724		$	12,661		$	12,801
Preferred stock	734			—			—			—			—
Basel III - Tier 1 capital	$	13,064		$	13,155		$	12,724		$	12,661		$	12,801
Add: Allowance for loan losses includible in risk-based capital	1,147			1,190			1,169			1,152			1,212
Total Risk-based capital	$	14,211		$	14,345		$	13,893		$	13,813		$	14,013
ASSET MEASURES
Total average assets	$	106,078		$	106,413		$	104,903		$	105,299		$	105,782
Adjustments for:
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(2,059		)	(1,975		)	(2,003		)	(2,039		)	(1,845		)
Total assets for leverage purposes	$	104,019		$	104,438		$	102,900		$	103,260		$	103,937
Risk-weighted assets - Basel III (fully phased-in)	$	87,302		$	90,772		$	88,890		$	87,331		$	91,742
CORE PURCHASE VOLUME
Purchase volume	$	40,212		$	38,395		$	38,291		$	32,513		$	40,320
Less: Walmart and Yamaha Purchase volume	(267		)	(2,381		)	(2,512		)	(2,151		)	(3,028		)
Core Purchase volume	$	39,945		$	36,014		$	35,779		$	30,362		$	37,292
CORE LOAN RECEIVABLES
Loan receivables	$	87,215		$	83,207		$	81,796		$	80,405		$	93,139
Less: Walmart and Yamaha Loan receivables	(3		)	(872		)	(1,188		)	(1,420		)	(10,264		)
Core Loan receivables	$	87,212		$	82,335		$	80,608		$	78,985		$	82,875
Retail Card Loan receivables(2)	$	56,387		$	52,697		$	52,307		$	51,572		$	63,827
Less: Walmart Loan receivables	—			(112		)	(431		)	(692		)	(9,519		)
Core Loan receivables	$	56,387		$	52,585		$	51,876		$	50,880		$	54,308
Payment Solutions Loan receivables(2)	$	20,528		$	20,478		$	19,766		$	19,379		$	19,815
Less: Yamaha Loan receivables	(3		)	(760		)	(757		)	(728		)	(745		)
Core Loan receivables	$	20,525		$	19,718		$	19,009		$	18,651		$	19,070
CORE AVERAGE ACTIVE ACCOUNTS (in thousands)
Average active accounts (in thousands)	73,734			76,695			75,525			77,132			77,382
Less: Walmart and Yamaha Average active accounts (in thousands)	(1,777		)	(7,001		)	(7,215		)	(7,618		)	(7,720		)
Core Average active accounts (in thousands)	71,957			69,694			68,310			69,514			69,662
CORE INTEREST AND FEES ON LOANS
Interest and fees on loans	$	4,492		$	4,890		$	4,636		$	4,687		$	4,774
Less: Walmart and Yamaha Interest and fees on loans	(69		)	(531		)	(520		)	(549		)	(559		)
Core Interest and fees on loans	$	4,423		$	4,359		$	4,116		$	4,138		$	4,215
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	23.31		$	23.13		$	22.03		$	21.35		$	20.42
Less: Goodwill	(1.75		)	(1.65		)	(1.61		)	(1.56		)	(1.42		)
Less: Intangible assets, net	(2.06		)	(1.80		)	(1.82		)	(1.83		)	(1.59		)
Tangible common equity per share	$	19.50		$	19.68		$	18.60		$	17.96		$	17.41
(1) Regulatory measures at December 31, 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