Synchrony Financial (SYF) 8-K Synchrony Reports Third Quarter Net Earnings of $313 Million or $0.52 Per Diluted Share

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended																				Nine Months Ended
	Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			3Q'20 vs. 3Q'19					Sep 30, 2020			Sep 30, 2019			YTD'20 vs. YTD'19
EARNINGS
Net interest income	$	3,457		$	3,396		$	3,890		$	4,029		$	4,389		$	(932	)	(21.2	)%	$	10,743		$	12,770		$	(2,027	)	(15.9	)%
Retailer share arrangements	(899		)	(773		)	(926		)	(1,029		)	(1,016		)	117			(11.5	)%	(2,598		)	(2,829		)	231			(8.2	)%
Provision for credit losses	1,210			1,673			1,677			1,104			1,019			191			18.7	%	4,560			3,076			1,484			48.2	%
Net interest income, after retailer share arrangements and provision for credit losses	1,348			950			1,287			1,896			2,354			(1,006		)	(42.7	)%	3,585			6,865			(3,280		)	(47.8	)%
Other income	131			95			97			104			85			46			54.1	%	323			267			56			21.0	%
Other expense	1,067			986			1,002			1,079			1,064			3			0.3	%	3,055			3,166			(111		)	(3.5	)%
Earnings before provision for income taxes	412			59			382			921			1,375			(963		)	(70.0	)%	853			3,966			(3,113		)	(78.5	)%
Provision for income taxes	99			11			96			190			319			(220		)	(69.0	)%	206			950			(744		)	(78.3	)%
Net earnings	$	313		$	48		$	286		$	731		$	1,056		$	(743	)	(70.4	)%	$	647		$	3,016		$	(2,369	)	(78.5	)%
Net earnings available to common stockholders	$	303		$	37		$	275		$	731		$	1,056		$	(753	)	(71.3	)%	$	615		$	3,016		$	(2,401	)	(79.6	)%
COMMON SHARE STATISTICS
Basic EPS	$	0.52		$	0.06		$	0.45		$	1.15		$	1.60		$	(1.08	)	(67.5	)%	$	1.04		$	4.42		$	(3.38	)	(76.5	)%
Diluted EPS	$	0.52		$	0.06		$	0.45		$	1.15		$	1.60		$	(1.08	)	(67.5	)%	$	1.04		$	4.40		$	(3.36	)	(76.4	)%
Dividend declared per share	$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	—		—	%	$	0.66		$	0.64		$	0.02		3.1	%
Common stock price	$	26.17		$	22.16		$	16.09		$	36.01		$	34.09		$	(7.92	)	(23.2	)%	$	26.17		$	34.09		$	(7.92	)	(23.2	)%
Book value per share	$	19.47		$	19.13		$	19.27		$	23.31		$	23.13		$	(3.66	)	(15.8	)%	$	19.47		$	23.13		$	(3.66	)	(15.8	)%
Tangible common equity per share(1)	$	15.75		$	15.28		$	15.35		$	19.50		$	19.68		$	(3.93	)	(20.0	)%	$	15.75		$	19.68		$	(3.93	)	(20.0	)%
Beginning common shares outstanding	583.7			583.2			615.9			653.7			668.9			(85.2		)	(12.7	)%	615.9			718.8			(102.9		)	(14.3	)%
Issuance of common shares	—			—			—			—			—			—			—	%	—			—			—			—	%
Stock-based compensation	0.1			0.5			0.9			0.6			0.4			(0.3		)	(75.0	)%	1.5			2.5			(1.0		)	(40.0	)%
Shares repurchased	—			—			(33.6		)	(38.4		)	(15.6		)	15.6			(100.0	)%	(33.6		)	(67.6		)	34.0			(50.3	)%
Ending common shares outstanding	583.8			583.7			583.2			615.9			653.7			(69.9		)	(10.7	)%	583.8			653.7			(69.9		)	(10.7	)%
Weighted average common shares outstanding	583.8			583.7			604.9			633.7			658.3			(74.5		)	(11.3	)%	590.8			682.5			(91.7		)	(13.4	)%
Weighted average common shares outstanding (fully diluted)	584.8			584.4			607.4			637.7			661.7			(76.9		)	(11.6	)%	592.2			685.6			(93.4		)	(13.6	)%
(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, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			3Q'20 vs. 3Q'19					Sep 30, 2020			Sep 30, 2019			YTD'20 vs. YTD'19
PERFORMANCE METRICS
Return on assets(1)	1.3		%	0.2		%	1.1		%	2.7		%	3.9		%				(2.6	)%	0.9		%	3.8		%				(2.9	)%
Return on equity(2)	10.3		%	1.6		%	9.1		%	19.0		%	28.3		%				(18.0	)%	7.0		%	27.2		%				(20.2	)%
Return on tangible common equity(3)	13.1		%	1.6		%	11.6		%	23.0		%	33.4		%				(20.3	)%	8.8		%	32.2		%				(23.4	)%
Net interest margin(4)	13.80		%	13.53		%	15.15		%	15.01		%	16.29		%				(2.49	)%	14.17		%	16.04		%				(1.87	)%
Efficiency ratio(5)	39.7		%	36.3		%	32.7		%	34.8		%	30.8		%				8.9	%	36.1		%	31.0		%				5.1	%
Other expense as a % of average loan receivables, including held for sale	5.44		%	5.04		%	4.77		%	5.01		%	4.66		%				0.78	%	5.08		%	4.72		%				0.36	%
Effective income tax rate	24.0		%	18.6		%	25.1		%	20.6		%	23.2		%				0.8	%	24.2		%	24.0		%				0.2	%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.42		%	5.35		%	5.36		%	5.15		%	5.35		%				(0.93	)%	5.05		%	5.80		%				(0.75	)%
30+ days past due as a % of period-end loan receivables(6)	2.67		%	3.13		%	4.24		%	4.44		%	4.47		%				(1.80	)%	2.67		%	4.47		%				(1.80	)%
90+ days past due as a % of period-end loan receivables(6)	1.24		%	1.77		%	2.10		%	2.15		%	2.07		%				(0.83	)%	1.24		%	2.07		%				(0.83	)%
Net charge-offs	$	866		$	1,046		$	1,125		$	1,109		$	1,221		$	(355	)	(29.1	)%	$	3,037		$	3,896		$	(859	)	(22.0	)%
Loan receivables delinquent over 30 days(6)	$	2,100		$	2,453		$	3,500		$	3,874		$	3,723		$	(1,623	)	(43.6	)%	$	2,100		$	3,723		$	(1,623	)	(43.6	)%
Loan receivables delinquent over 90 days(6)	$	973		$	1,384		$	1,735		$	1,877		$	1,723		$	(750	)	(43.5	)%	$	973		$	1,723		$	(750	)	(43.5	)%
Allowance for credit losses (period-end)	$	10,146		$	9,802		$	9,175		$	5,602		$	5,607		$	4,539		81.0	%	$	10,146		$	5,607		$	4,539		81.0	%
Allowance coverage ratio(7)	12.92		%	12.52		%	11.13		%	6.42		%	6.74		%				6.18	%	12.92		%	6.74		%				6.18	%
BUSINESS METRICS
Purchase volume(8)(9)	$	36,013		$	31,155		$	32,042		$	40,212		$	38,395		$	(2,382	)	(6.2	)%	$	99,210		$	109,199		$	(9,989	)	(9.1	)%
Period-end loan receivables	$	78,521		$	78,313		$	82,469		$	87,215		$	83,207		$	(4,686	)	(5.6	)%	$	78,521		$	83,207		$	(4,686	)	(5.6	)%
Credit cards	$	75,204		$	75,353		$	79,832		$	84,606		$	79,788		$	(4,584	)	(5.7	)%	$	75,204		$	79,788		$	(4,584	)	(5.7	)%
Consumer installment loans	$	1,987		$	1,779		$	1,390		$	1,347		$	2,050		$	(63	)	(3.1	)%	$	1,987		$	2,050		$	(63	)	(3.1	)%
Commercial credit products	$	1,270		$	1,140		$	1,203		$	1,223		$	1,317		$	(47	)	(3.6	)%	$	1,270		$	1,317		$	(47	)	(3.6	)%
Other	$	60		$	41		$	44		$	39		$	52		$	8		15.4	%	$	60		$	52		$	8		15.4	%
Average loan receivables, including held for sale	$	78,005		$	78,697		$	84,428		$	85,376		$	90,556		$	(12,551	)	(13.9	)%	$	80,368		$	89,752		$	(9,384	)	(10.5	)%
Period-end active accounts (in thousands)(9)(10)	64,800			63,430			68,849			75,471			77,094			(12,294		)	(15.9	)%	64,800			77,094			(12,294		)	(15.9	)%
Average active accounts (in thousands)(9)(10)	64,270			64,836			72,078			73,734			76,695			(12,425		)	(16.2	)%	67,246			76,653			(9,407		)	(12.3	)%
LIQUIDITY
Liquid assets
Cash and equivalents	$	13,552		$	16,344		$	13,704		$	12,147		$	11,461		$	2,091		18.2	%	$	13,552		$	11,461		$	2,091		18.2	%
Total liquid assets	$	21,402		$	22,352		$	19,225		$	17,322		$	15,201		$	6,201		40.8	%	$	21,402		$	15,201		$	6,201		40.8	%
Undrawn credit facilities
Undrawn credit facilities	$	5,400		$	5,650		$	5,600		$	6,050		$	6,500		$	(1,100	)	(16.9	)%	$	5,400		$	6,500		$	(1,100	)	(16.9	)%
Total liquid assets and undrawn credit facilities	$	26,802		$	28,002		$	24,825		$	23,372		$	21,701		$	5,101		23.5	%	$	26,802		$	21,701		$	5,101		23.5	%
Liquid assets % of total assets	22.37		%	23.15		%	19.61		%	16.52		%	14.35		%				8.02	%	22.37		%	14.35		%				8.02	%
Liquid assets including undrawn credit facilities % of total assets	28.02		%	29.00		%	25.32		%	22.30		%	20.48		%				7.54	%	28.02		%	20.48		%				7.54	%
(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 available to common stockholders 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 credit 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, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			3Q'20 vs. 3Q'19					Sep 30, 2020			Sep 30, 2019			YTD'20 vs. YTD'19
Interest income:
Interest and fees on loans	$	3,821		$	3,808		$	4,340		$	4,492		$	4,890		$	(1,069	)	(21.9	)%	$	11,969		$	14,213		$	(2,244	)	(15.8	)%
Interest on cash and debt securities	16			22			67			93			91			(75		)	(82.4	)%	105			292			(187		)	(64.0	)%
Total interest income	3,837			3,830			4,407			4,585			4,981			(1,144		)	(23.0	)%	12,074			14,505			(2,431		)	(16.8	)%
Interest expense:
Interest on deposits	245			293			356			383			411			(166		)	(40.4	)%	894			1,183			(289		)	(24.4	)%
Interest on borrowings of consolidated securitization entities	53			59			73			80			88			(35		)	(39.8	)%	185			278			(93		)	(33.5	)%
Interest on senior unsecured notes	82			82			88			93			93			(11		)	(11.8	)%	252			274			(22		)	(8.0	)%
Total interest expense	380			434			517			556			592			(212		)	(35.8	)%	1,331			1,735			(404		)	(23.3	)%
Net interest income	3,457			3,396			3,890			4,029			4,389			(932		)	(21.2	)%	10,743			12,770			(2,027		)	(15.9	)%
Retailer share arrangements	(899		)	(773		)	(926		)	(1,029		)	(1,016		)	117			(11.5	)%	(2,598		)	(2,829		)	231			(8.2	)%
Provision for credit losses	1,210			1,673			1,677			1,104			1,019			191			18.7	%	4,560			3,076			1,484			48.2	%
Net interest income, after retailer share arrangements and provision for credit losses	1,348			950			1,287			1,896			2,354			(1,006		)	(42.7	)%	3,585			6,865			(3,280		)	(47.8	)%
Other income:
Interchange revenue	172			134			161			192			197			(25		)	(12.7	)%	467			556			(89		)	(16.0	)%
Debt cancellation fees	68			69			69			64			64			4			6.3	%	206			201			5			2.5	%
Loyalty programs	(155		)	(134		)	(158		)	(181		)	(203		)	48			(23.6	)%	(447		)	(562		)	115			(20.5	)%
Other	46			26			25			29			27			19			70.4	%	97			72			25			34.7	%
Total other income	131			95			97			104			85			46			54.1	%	323			267			56			21.0	%
Other expense:
Employee costs	382			327			324			385			359			23			6.4	%	1,033			1,070			(37		)	(3.5	)%
Professional fees	187			189			197			199			205			(18		)	(8.8	)%	573			668			(95		)	(14.2	)%
Marketing and business development	107			91			111			152			139			(32		)	(23.0	)%	309			397			(88		)	(22.2	)%
Information processing	125			116			123			122			127			(2		)	(1.6	)%	364			363			1			0.3	%
Other	266			263			247			221			234			32			13.7	%	776			668			108			16.2	%
Total other expense	1,067			986			1,002			1,079			1,064			3			0.3	%	3,055			3,166			(111		)	(3.5	)%
Earnings before provision for income taxes	412			59			382			921			1,375			(963		)	(70.0	)%	853			3,966			(3,113		)	(78.5	)%
Provision for income taxes	99			11			96			190			319			(220		)	(69.0	)%	206			950			(744		)	(78.3	)%
Net earnings	$	313		$	48		$	286		$	731		$	1,056		$	(743	)	(70.4	)%	$	647		$	3,016		$	(2,369	)	(78.5	)%
Net earnings available to common stockholders	$	303		$	37		$	275		$	731		$	1,056		$	(753	)	(71.3	)%	$	615		$	3,016		$	(2,401	)	(79.6	)%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Sep 30, 2020 vs. Sep 30, 2019
Assets
Cash and equivalents	$	13,552		$	16,344		$	13,704		$	12,147		$	11,461		$	2,091		18.2	%
Debt securities	8,432			6,623			6,146			5,911			4,584			3,848			83.9	%
Loan receivables:
Unsecuritized loans held for investment	52,613			52,629			54,765			58,398			56,220			(3,607		)	(6.4	)%
Restricted loans of consolidated securitization entities	25,908			25,684			27,704			28,817			26,987			(1,079		)	(4.0	)%
Total loan receivables	78,521			78,313			82,469			87,215			83,207			(4,686		)	(5.6	)%
Less: Allowance for credit losses(1)	(10,146		)	(9,802		)	(9,175		)	(5,602		)	(5,607		)	(4,539		)	81.0	%
Loan receivables, net	68,375			68,511			73,294			81,613			77,600			(9,225		)	(11.9	)%
Loan receivables held for sale	4			4			5			725			8,182			(8,178		)	(100.0	)%
Goodwill	1,078			1,078			1,078			1,078			1,078			—			—	%
Intangible assets, net	1,091			1,166			1,208			1,265			1,177			(86		)	(7.3	)%
Other assets	3,126			2,818			2,603			2,087			1,861			1,265			68.0	%
Total assets	$	95,658		$	96,544		$	98,038		$	104,826		$	105,943		$	(10,285	)	(9.7	)%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	63,195		$	63,857		$	64,302		$	64,877		$	65,677		$	(2,482	)	(3.8	)%
Non-interest-bearing deposit accounts	298			291			313			277			295			3			1.0	%
Total deposits	63,493			64,148			64,615			65,154			65,972			(2,479		)	(3.8	)%
Borrowings:
Borrowings of consolidated securitization entities	7,809			8,109			9,291			10,412			10,912			(3,103		)	(28.4	)%
Senior unsecured notes	7,962			7,960			7,957			9,454			9,451			(1,489		)	(15.8	)%
Total borrowings	15,771			16,069			17,248			19,866			20,363			(4,592		)	(22.6	)%
Accrued expenses and other liabilities	4,295			4,428			4,205			4,718			4,488			(193		)	(4.3	)%
Total liabilities	83,559			84,645			86,068			89,738			90,823			(7,264		)	(8.0	)%
Equity:
Preferred stock	734			734			734			734			—			734			NM
Common stock	1			1			1			1			1			—			—	%
Additional paid-in capital	9,552			9,532			9,523			9,537			9,520			32			0.3	%
Retained earnings	10,024			9,852			9,960			12,117			11,533			(1,509		)	(13.1	)%
Accumulated other comprehensive income (loss)	(31		)	(37		)	(49		)	(58		)	(44		)	13			(29.5	)%
Treasury stock	(8,181		)	(8,183		)	(8,199		)	(7,243		)	(5,890		)	(2,291		)	38.9	%
Total equity	12,099			11,899			11,970			15,088			15,120			(3,021		)	(20.0	)%
Total liabilities and equity	$	95,658		$	96,544		$	98,038		$	104,826		$	105,943		$	(10,285	)	(9.7	)%
(1) Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses ("CECL") that measures the allowance for credit losses based on management’s best estimate of expected credit losses for the life of our loan receivables. Prior periods presented reflect measurement of the allowance based on management’s estimate of probable incurred credit losses in accordance with the previous accounting guidance effective for those periods.

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2020							Jun 30, 2020							Mar 31, 2020							Dec 31, 2019							Sep 30, 2019
				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	$	13,664		$	4	0.12	%	$	15,413		$	3	0.08	%	$	12,902		$	42	1.31	%	$	16,269		$	68	1.66	%	$	10,947		$	59	2.14	%
Securities available for sale	7,984			12		0.60	%	6,804			19		1.12	%	5,954			25		1.69	%	4,828			25		2.05	%	5,389			32		2.36	%
Loan receivables, including held for sale:
Credit cards	74,798			3,752		19.96	%	75,942			3,740		19.81	%	81,716			4,272		21.03	%	81,960			4,409		21.34	%	87,156			4,807		21.88	%
Consumer installment loans	1,892			46		9.67	%	1,546			37		9.63	%	1,432			35		9.83	%	2,058			48		9.25	%	2,022			48		9.42	%
Commercial credit products	1,238			22		7.07	%	1,150			30		10.49	%	1,243			33		10.68	%	1,311			34		10.29	%	1,329			35		10.45	%
Other	77			1		NM		59			1		NM		37			—		—	%	47			1		NM		49			—		—	%
Total loan receivables, including held for sale	78,005			3,821		19.49	%	78,697			3,808		19.46	%	84,428			4,340		20.67	%	85,376			4,492		20.87	%	90,556			4,890		21.42	%
Total interest-earning assets	99,653			3,837		15.32	%	100,914			3,830		15.26	%	103,284			4,407		17.16	%	106,473			4,585		17.08	%	106,892			4,981		18.49	%
Non-interest-earning assets:
Cash and due from banks	1,489							1,486							1,450							1,326							1,374
Allowance for credit losses	(9,823		)					(9,221		)					(8,708		)					(5,593		)					(5,773		)
Other assets	5,021							4,779							4,696							3,872							3,920
Total non-interest-earning assets	(3,313		)					(2,956		)					(2,562		)					(395		)					(479		)
Total assets	$	96,340						$	97,958						$	100,722						$	106,078						$	106,413
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	63,569		$	245	1.53	%	$	64,298		$	293	1.83	%	$	64,366		$	356	2.22	%	$	65,380		$	383	2.32	%	$	65,615		$	411	2.49	%
Borrowings of consolidated securitization entities	8,057			53		2.62	%	8,863			59		2.68	%	9,986			73		2.94	%	10,831			80		2.93	%	11,770			88		2.97	%
Senior unsecured notes	7,960			82		4.10	%	7,958			82		4.14	%	8,807			88		4.02	%	9,452			93		3.90	%	9,347			93		3.95	%
Total interest-bearing liabilities	79,586			380		1.90	%	81,119			434		2.15	%	83,159			517		2.50	%	85,663			556		2.58	%	86,732			592		2.71	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	307							309							299							281							283
Other liabilities	4,308							4,349							4,672							4,906							4,570
Total non-interest-bearing liabilities	4,615							4,658							4,971							5,187							4,853
Total liabilities	84,201							85,777							88,130							90,850							91,585
Equity
Total equity	12,139							12,181							12,592							15,228							14,828
Total liabilities and equity	$	96,340						$	97,958						$	100,722						$	106,078						$	106,413
Net interest income				$	3,457						$	3,396						$	3,890						$	4,029						$	4,389
Interest rate spread(1)						13.42	%						13.11	%						14.66	%						14.50	%						15.78	%
Net interest margin(2)						13.80	%						13.53	%						15.15	%						15.01	%						16.29	%
(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, 2020							Nine Months Ended Sep 30, 2019
				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	$	13,992		$	49	0.47	%	$	10,989		$	190	2.31	%
Securities available for sale	6,918			56		1.08	%	5,679			102		2.40	%
Loan receivables, including held for sale:
Credit cards, including held for sale	77,476			11,764		20.28	%	86,471			13,975		21.61	%
Consumer installment loans	1,624			118		9.71	%	1,931			134		9.28	%
Commercial credit products	1,210			85		9.38	%	1,304			103		10.56	%
Other	58			2		4.61	%	46			1		2.91	%
Total loan receivables, including held for sale	80,368			11,969		19.89	%	89,752			14,213		21.17	%
Total interest-earning assets	101,278			12,074		15.92	%	106,420			14,505		18.22	%
Non-interest-earning assets:
Cash and due from banks	1,475							1,327
Allowance for loan losses	(9,253		)					(6,006		)
Other assets	4,833							3,801
Total non-interest-earning assets	(2,945		)					(878		)
Total assets	$	98,333						$	105,542
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	64,075		$	894	1.86	%	$	64,546		$	1,183	2.45	%
Borrowings of consolidated securitization entities	8,966			185		2.76	%	12,315			278		3.02	%
Senior unsecured notes	8,241			252		4.08	%	9,262			274		3.96	%
Total interest-bearing liabilities	81,282			1,331		2.19	%	86,123			1,735		2.69	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	305							280
Other liabilities	4,443							4,327
Total non-interest-bearing liabilities	4,748							4,607
Total liabilities	86,030							90,730
Equity
Total equity	12,303							14,812
Total liabilities and equity	$	98,333						$	105,542
Net interest income				$	10,743						$	12,770
Interest rate spread(1)						13.73	%						15.53	%
Net interest margin(2)						14.17	%						16.04	%
(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, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			Sep 30, 2020 vs. Sep 30, 2019
BALANCE SHEET STATISTICS
Total common equity	$	11,365		$	11,165		$	11,236		$	14,354		$	15,120		$	(3,755	)	(24.8	)%
Total common equity as a % of total assets	11.88		%	11.56		%	11.46		%	13.69		%	14.27		%				(2.39	)%
Tangible assets	$	93,489		$	94,300		$	95,752		$	102,483		$	103,688		$	(10,199	)	(9.8	)%
Tangible common equity(1)	$	9,196		$	8,921		$	8,950		$	12,011		$	12,865		$	(3,669	)	(28.5	)%
Tangible common equity as a % of tangible assets(1)	9.84		%	9.46		%	9.35		%	11.72		%	12.41		%				(2.57	)%
Tangible common equity per share(1)	$	15.75		$	15.28		$	15.35		$	19.50		$	19.68		$	(3.93	)	(20.0	)%
REGULATORY CAPITAL RATIOS(2)(3)
	Basel III - CECL Transition									Basel III
Total risk-based capital ratio(4)	18.1		%	17.6		%	16.5		%	16.3		%	15.8		%
Tier 1 risk-based capital ratio(5)	16.7		%	16.3		%	15.2		%	15.0		%	14.5		%
Tier 1 leverage ratio(6)	13.3		%	12.7		%	12.3		%	12.6		%	12.6		%
Common equity Tier 1 capital ratio	15.8		%	15.3		%	14.3		%	14.1		%	14.5		%
(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 ratios at September 30, 2020 are preliminary and therefore subject to change.
(3) Capital ratios starting March 31, 2020 reflect election to delay for two years an estimate of CECL’s effect on regulatory capital in accordance with the interim final rule issued by U.S. banking agencies in March 2020.
(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, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019			3Q'20 vs. 3Q'19					Sep 30, 2020			Sep 30, 2019			YTD'20 vs. YTD'19
RETAIL CARD
Purchase volume(1)(2)	$	27,374		$	24,380		$	24,008		$	30,968		$	29,282		$	(1,908	)	(6.5	)%	$	75,762		$	83,472		$	(7,710	)	(9.2	)%
Period-end loan receivables	$	49,595		$	49,967		$	52,390		$	56,387		$	52,697		$	(3,102	)	(5.9	)%	$	49,595		$	52,697		$	(3,102	)	(5.9	)%
Average loan receivables, including held for sale	$	49,503		$	50,238		$	53,820		$	54,505		$	60,660		$	(11,157	)	(18.4	)%	$	51,181		$	60,494		$	(9,313	)	(15.4	)%
Average active accounts (in thousands)(2)(3)	47,065			46,970			53,018			54,662			58,082			(11,017		)	(19.0	)%	49,197			58,156			(8,959		)	(15.4	)%
Interest and fees on loans	$	2,619		$	2,640		$	3,037		$	3,143		$	3,570		$	(951	)	(26.6	)%	$	8,296		$	10,414		$	(2,118	)	(20.3	)%
Other income	$	84		$	56		$	59		$	77		$	65		$	19		29.2	%	$	199		$	200		$	(1	)	(0.5	)%
Retailer share arrangements	$	(877	)	$	(752	)	$	(904	)	$	(988	)	$	(998	)	$	121		(12.1	)%	$	(2,533	)	$	(2,774	)	$	241		(8.7	)%
PAYMENT SOLUTIONS
Purchase volume(1)(2)	$	5,901		$	4,823		$	5,375		$	6,402		$	6,281		$	(380	)	(6.0	)%	$	16,099		$	17,478		$	(1,379	)	(7.9	)%
Period-end loan receivables	$	19,550		$	19,119		$	19,973		$	20,528		$	20,478		$	(928	)	(4.5	)%	$	19,550		$	20,478		$	(928	)	(4.5	)%
Average loan receivables, including held for sale	$	19,247		$	19,065		$	20,344		$	20,701		$	20,051		$	(804	)	(4.0	)%	$	19,551		$	19,654		$	(103	)	(0.5	)%
Average active accounts (in thousands)(2)(3)	11,497			11,900			12,681			12,713			12,384			(887		)	(7.2	)%	12,031			12,354			(323		)	(2.6	)%
Interest and fees on loans	$	650		$	632		$	706		$	737		$	721		$	(71	)	(9.8	)%	$	1,988		$	2,092		$	(104	)	(5.0	)%
Other income	$	13		$	14		$	13		$	4		$	(1	)	$	14		NM		$	40		$	11		$	29		NM
Retailer share arrangements	$	(20	)	$	(18	)	$	(18	)	$	(37	)	$	(15	)	$	(5	)	33.3	%	$	(56	)	$	(48	)	$	(8	)	16.7	%
CARECREDIT
Purchase volume(1)	$	2,738		$	1,952		$	2,659		$	2,842		$	2,832		$	(94	)	(3.3	)%	$	7,349		$	8,249		$	(900	)	(10.9	)%
Period-end loan receivables	$	9,376		$	9,227		$	10,106		$	10,300		$	10,032		$	(656	)	(6.5	)%	$	9,376		$	10,032		$	(656	)	(6.5	)%
Average loan receivables, including held for sale	$	9,255		$	9,394		$	10,264		$	10,170		$	9,845		$	(590	)	(6.0	)%	$	9,636		$	9,604		$	32		0.3	%
Average active accounts (in thousands)(3)	5,708			5,966			6,379			6,359			6,229			(521		)	(8.4	)%	6,018			6,143			(125		)	(2.0	)%
Interest and fees on loans	$	552		$	536		$	597		$	612		$	599		$	(47	)	(7.8	)%	$	1,685		$	1,707		$	(22	)	(1.3	)%
Other income	$	34		$	25		$	25		$	23		$	21		$	13		61.9	%	$	84		$	56		$	28		50.0	%
Retailer share arrangements	$	(2	)	$	(3	)	$	(4	)	$	(4	)	$	(3	)	$	1		(33.3	)%	$	(9	)	$	(7	)	$	(2	)	28.6	%
TOTAL SYF
Purchase volume(1)(2)	$	36,013		$	31,155		$	32,042		$	40,212		$	38,395		$	(2,382	)	(6.2	)%	$	99,210		$	109,199		$	(9,989	)	(9.1	)%
Period-end loan receivables	$	78,521		$	78,313		$	82,469		$	87,215		$	83,207		$	(4,686	)	(5.6	)%	$	78,521		$	83,207		$	(4,686	)	(5.6	)%
Average loan receivables, including held for sale	$	78,005		$	78,697		$	84,428		$	85,376		$	90,556		$	(12,551	)	(13.9	)%	$	80,368		$	89,752		$	(9,384	)	(10.5	)%
Average active accounts (in thousands)(2)(3)	64,270			64,836			72,078			73,734			76,695			(12,425		)	(16.2	)%	67,246			76,653			(9,407		)	(12.3	)%
Interest and fees on loans	$	3,821		$	3,808		$	4,340		$	4,492		$	4,890		$	(1,069	)	(21.9	)%	$	11,969		$	14,213		$	(2,244	)	(15.8	)%
Other income	$	131		$	95		$	97		$	104		$	85		$	46		54.1	%	$	323		$	267		$	56		21.0	%
Retailer share arrangements	$	(899	)	$	(773	)	$	(926	)	$	(1,029	)	$	(1,016	)	$	117		(11.5	)%	$	(2,598	)	$	(2,829	)	$	231		(8.2	)%
(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

8

SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	12,099		$	11,899		$	11,970		$	15,088		$	15,120
Less: Preferred stock	(734		)	(734		)	(734		)	(734		)	—
Less: Goodwill	(1,078		)	(1,078		)	(1,078		)	(1,078		)	(1,078		)
Less: Intangible assets, net	(1,091		)	(1,166		)	(1,208		)	(1,265		)	(1,177		)
Tangible common equity	$	9,196		$	8,921		$	8,950		$	12,011		$	12,865
Add: CECL transition amount	2,656			2,570			2,417			—			—
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	305			302			304			319			290
Common equity Tier 1	$	12,157		$	11,793		$	11,671		$	12,330		$	13,155
Preferred stock	734			734			734			734			—
Tier 1 capital	$	12,891		$	12,527		$	12,405		$	13,064		$	13,155
Add: Allowance for credit losses includible in risk-based capital	1,034			1,031			1,082			1,147			1,190
Total Risk-based capital	$	13,925		$	13,558		$	13,487		$	14,211		$	14,345
ASSET MEASURES(2)
Total average assets	$	96,340		$	97,958		$	100,722		$	106,078		$	106,413
Adjustments for:
Add: CECL transition amount	2,656			2,570			2,417			—			—
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,906		)	(1,980		)	(2,010		)	(2,059		)	(1,975		)
Total assets for leverage purposes	$	97,090		$	98,548		$	101,129		$	104,019		$	104,438
Risk-weighted assets	$	76,990		$	77,048		$	81,639		$	87,302		$	90,772
CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	12,891		$	12,527		$	12,405		$	13,064		$	13,155
Less: CECL transition adjustment	(2,656		)	(2,570		)	(2,417		)	—			—
Tier 1 capital (CECL fully phased-in)	$	10,235		$	9,957		$	9,988		$	13,064		$	13,155
Add: Allowance for credit losses	10,146			9,802			9,175			5,602			5,607
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	20,381		$	19,759		$	19,163		$	18,666		$	18,762
Risk-weighted assets	$	76,990		$	77,048		$	81,639		$	87,302		$	90,772
Less: CECL transition adjustment	(2,447		)	(2,361		)	(2,204		)	—			—
Risk-weighted assets (CECL fully phased-in)	$	74,543		$	74,687		$	79,435		$	87,302		$	90,772
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	19.47		$	19.13		$	19.27		$	23.31		$	23.13
Less: Goodwill	(1.85		)	(1.85		)	(1.85		)	(1.75		)	(1.65		)
Less: Intangible assets, net	(1.87		)	(2.00		)	(2.07		)	(2.06		)	(1.80		)
Tangible common equity per share	$	15.75		$	15.28		$	15.35		$	19.50		$	19.68
(1) Regulatory measures at September 30, 2020 are presented on an estimated basis.
(2) Capital ratios starting March 31, 2020 reflect election to delay for two years an estimate of CECL’s effect on regulatory capital in accordance with the interim final rule issued by U.S. banking agencies in March 2020

9

SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES (Continued)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Sep 30, 2019
ALLOWANCE FOR LOAN LOSSES(1)
Allowance for credit losses	$	10,146		$	9,802		$	9,175		N/A			N/A
Less: Impact from CECL(2)	(3,671		)	(3,605		)	(3,122		)	—			—
Allowance for loan losses(1)	$	6,475		$	6,197		$	6,053		$	5,602		$	5,607
ALLOWANCE FOR LOAN LOSSES AS A % OF PERIOD-END LOAN RECEIVABLES
Allowance for credit losses as a % of period-end loan receivables	12.92		%	12.52		%	11.13		%	N/A			N/A
Less: Impact from CECL(2)	(4.67		)%	(4.61		)%	(3.79		)%	—		%	—		%
Allowance for loan losses as a % of period-end loan receivables	8.25		%	7.91		%	7.34		%	6.42		%	6.74		%
CORE PURCHASE VOLUME
Purchase Volume	$	36,013		$	31,155		$	32,042		$	40,212		$	38,395
Less: Walmart and Yamaha Purchase volume	—			—			—			(267		)	(2,381		)
Core Purchase volume	$	36,013		$	31,155		$	32,042		$	39,945		$	36,014
CORE LOAN RECEIVABLES
Loan receivables	$	78,521		$	78,313		$	82,469		$	87,215		$	83,207
Less: Walmart and Yamaha Loan receivables	—			—			—			(3		)	(872		)
Core Loan receivables	$	78,521		$	78,313		$	82,469		$	87,212		$	82,335
Retail Card Loan receivables	$	49,595		$	49,967		$	52,390		$	56,387		$	52,697
Less: Walmart Loan receivables	—			—			—			—			(112		)
Core Loan receivables	$	49,595		$	49,967		$	52,390		$	56,387		$	52,585
Payment Solutions Loan receivables	$	19,550		$	19,119		$	19,973		$	20,528		$	20,478
Less: Yamaha Loan receivables	—			—			—			(3		)	(760		)
Core Loan receivables	$	19,550		$	19,119		$	19,973		$	20,525		$	19,718
CORE AVERAGE ACTIVE ACCOUNTS (in thousands)
Average active accounts (in thousands)	64,270			64,836			72,078			73,734			76,695
Less: Walmart and Yamaha average Active accounts (in thousands)	—			—			—			(1,777		)	(7,001		)
Core Average active accounts (in thousands)	64,270			64,836			72,078			71,957			69,694
CORE INTEREST AND FEES ON LOANS
Interest and fees on loans	$	3,821		$	3,808		$	4,340		$	4,492		$	4,890
Less: Walmart and Yamaha Interest and fees on loans	—			—			—			(69		)	(531		)
Core Interest and fees on loans	$	3,821		$	3,808		$	4,340		$	4,423		$	4,359
(1) Beginning in 1Q'20, allowance for loan losses is calculated based upon accounting standards no longer effective, and as such is a Non-GAAP measure.
(2) Impact from CECL reflects the additional allowance for credit losses recorded in accordance with ASC 2016-13, as compared to the allowance for credit losses required had the prior accounting guidance been applied.

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