Synchrony Financial (SYF) 8-K Synchrony Reports First Quarter Net Earnings of $1.0 Billion or

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		1Q'21 vs. 1Q'20
EARNINGS
Net interest income	$	3,439	$	3,659	$	3,457	$	3,396	$	3,890	$	(451)	(11.6)	%
Retailer share arrangements	(989)		(1,047)		(899)		(773)		(926)		(63)		6.8	%
Provision for credit losses	334		750		1,210		1,673		1,677		(1,343)		(80.1)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,116		1,862		1,348		950		1,287		829		64.4	%
Other income	131		82		131		95		97		34		35.1	%
Other expense	932		1,000		1,067		986		1,002		(70)		(7.0)	%
Earnings before provision for income taxes	1,315		944		412		59		382		933		244.2	%
Provision for income taxes	290		206		99		11		96		194		202.1	%
Net earnings	$	1,025	$	738	$	313	$	48	$	286	$	739	258.4	%
Net earnings available to common stockholders	$	1,014	$	728	$	303	$	37	$	275	$	739	268.7	%
COMMON SHARE STATISTICS
Basic EPS	$	1.74	$	1.25	$	0.52	$	0.06	$	0.45	$	1.29	286.7	%
Diluted EPS	$	1.73	$	1.24	$	0.52	$	0.06	$	0.45	$	1.28	284.4	%
Dividend declared per share	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	—	—	%
Common stock price	$	40.66	$	34.71	$	26.17	$	22.16	$	16.09	$	24.57	152.7	%
Book value per share	$	21.86	$	20.49	$	19.47	$	19.13	$	19.27	$	2.59	13.4	%
Tangible common equity per share(1)	$	17.95	$	16.72	$	15.75	$	15.28	$	15.35	$	2.60	16.9	%
Beginning common shares outstanding	584.0		583.8		583.7		583.2		615.9		(31.9)		(5.2)	%
Issuance of common shares	—		—		—		—		—		—		—	%
Stock-based compensation	2.2		0.2		0.1		0.5		0.9		1.3		144.4	%
Shares repurchased	(5.1)		—		—		—		(33.6)		28.5		(84.8)	%
Ending common shares outstanding	581.1		584.0		583.8		583.7		583.2		(2.1)		(0.4)	%
Weighted average common shares outstanding	583.3		583.9		583.8		583.7		604.9		(21.6)		(3.6)	%
Weighted average common shares outstanding (fully diluted)	587.5		586.6		584.8		584.4		607.4		(19.9)		(3.3)	%
(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
	Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			1Q'21 vs. 1Q'20
PERFORMANCE METRICS
Return on assets(1)	4.3		%	3.1		%	1.3		%	0.2		%	1.1		%			3.2	%
Return on equity(2)	31.8		%	23.6		%	10.3		%	1.6		%	9.1		%			22.7	%
Return on tangible common equity(3)	40.8		%	30.4		%	13.1		%	1.6		%	11.6		%			29.2	%
Net interest margin(4)	13.98		%	14.64		%	13.80		%	13.53		%	15.15		%			(1.17)	%
Efficiency ratio(5)	36.1		%	37.1		%	39.7		%	36.3		%	32.7		%			3.4	%
Other expense as a % of average loan receivables, including held for sale	4.82		%	5.01		%	5.44		%	5.04		%	4.77		%			0.05	%
Effective income tax rate	22.1		%	21.8		%	24.0		%	18.6		%	25.1		%			(3.0)	%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	3.62		%	3.16		%	4.42		%	5.35		%	5.36		%			(1.74)	%
30+ days past due as a % of period-end loan receivables(6)	2.83		%	3.07		%	2.67		%	3.13		%	4.24		%			(1.41)	%
90+ days past due as a % of period-end loan receivables(6)	1.52		%	1.40		%	1.24		%	1.77		%	2.10		%			(0.58)	%
Net charge-offs	$	699		$	631		$	866		$	1,046		$	1,125		$	(426)	(37.9)	%
Loan receivables delinquent over 30 days(6)	$	2,175		$	2,514		$	2,100		$	2,453		$	3,500		$	(1,325)	(37.9)	%
Loan receivables delinquent over 90 days(6)	$	1,170		$	1,143		$	973		$	1,384		$	1,735		$	(565)	(32.6)	%
Allowance for credit losses (period-end)	$	9,901		$	10,265		$	10,146		$	9,802		$	9,175		$	726	7.9	%
Allowance coverage ratio(7)	12.88		%	12.54		%	12.92		%	12.52		%	11.13		%			1.75	%
BUSINESS METRICS
Purchase volume(8)(9)	$	34,749		$	39,874		$	36,013		$	31,155		$	32,042		$	2,707	8.4	%
Period-end loan receivables	$	76,858		$	81,867		$	78,521		$	78,313		$	82,469		$	(5,611)	(6.8)	%
Credit cards	$	73,244		$	78,455		$	75,204		$	75,353		$	79,832		$	(6,588)	(8.3)	%
Consumer installment loans	$	2,319		$	2,125		$	1,987		$	1,779		$	1,390		$	929	66.8	%
Commercial credit products	$	1,248		$	1,250		$	1,270		$	1,140		$	1,203		$	45	3.7	%
Other	$	47		$	37		$	60		$	41		$	44		$	3	6.8	%
Average loan receivables, including held for sale	$	78,358		$	79,452		$	78,005		$	78,697		$	84,428		$	(6,070)	(7.2)	%
Period-end active accounts (in thousands)(9)(10)	65,219			68,540			64,800			63,430			68,849			(3,630)		(5.3)	%
Average active accounts (in thousands)(9)(10)	66,280			66,261			64,270			64,836			72,078			(5,798)		(8.0)	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	16,620		$	11,524		$	13,552		$	16,344		$	13,704		$	2,916	21.3	%
Total liquid assets	$	22,636		$	18,321		$	21,402		$	22,352		$	19,225		$	3,411	17.7	%
Undrawn credit facilities
Undrawn credit facilities	$	5,400		$	5,400		$	5,400		$	5,650		$	5,600		$	(200)	(3.6)	%
Total liquid assets and undrawn credit facilities	$	28,036		$	23,721		$	26,802		$	28,002		$	24,825		$	3,211	12.9	%
Liquid assets % of total assets	23.62		%	19.09		%	22.37		%	23.15		%	19.61		%			4.01	%
Liquid assets including undrawn credit facilities % of total assets	29.25		%	24.72		%	28.02		%	29.00		%	25.32		%			3.93	%
(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
	Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		1Q'21 vs. 1Q'20
Interest income:
Interest and fees on loans	$	3,732	$	3,981	$	3,821	$	3,808	$	4,340	$	(608)	(14.0)	%
Interest on cash and debt securities	10		12		16		22		67		(57)		(85.1)	%
Total interest income	3,742		3,993		3,837		3,830		4,407		(665)		(15.1)	%
Interest expense:
Interest on deposits	170		200		245		293		356		(186)		(52.2)	%
Interest on borrowings of consolidated securitization entities	51		52		53		59		73		(22)		(30.1)	%
Interest on senior unsecured notes	82		82		82		82		88		(6)		(6.8)	%
Total interest expense	303		334		380		434		517		(214)		(41.4)	%
Net interest income	3,439		3,659		3,457		3,396		3,890		(451)		(11.6)	%
Retailer share arrangements	(989)		(1,047)		(899)		(773)		(926)		(63)		6.8	%
Provision for credit losses	334		750		1,210		1,673		1,677		(1,343)		(80.1)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,116		1,862		1,348		950		1,287		829		64.4	%
Other income:
Interchange revenue	171		185		172		134		161		10		6.2	%
Debt cancellation fees	69		72		68		69		69		—		—	%
Loyalty programs	(179)		(202)		(155)		(134)		(158)		(21)		13.3	%
Other	70		27		46		26		25		45		180.0	%
Total other income	131		82		131		95		97		34		35.1	%
Other expense:
Employee costs	364		347		382		327		324		40		12.3	%
Professional fees	190		186		187		189		197		(7)		(3.6)	%
Marketing and business development	95		139		107		91		111		(16)		(14.4)	%
Information processing	131		128		125		116		123		8		6.5	%
Other	152		200		266		263		247		(95)		(38.5)	%
Total other expense	932		1,000		1,067		986		1,002		(70)		(7.0)	%
Earnings before provision for income taxes	1,315		944		412		59		382		933		244.2	%
Provision for income taxes	290		206		99		11		96		194		202.1	%
Net earnings	$	1,025	$	738	$	313	$	48	$	286	$	739	258.4	%
Net earnings available to common stockholders	$	1,014	$	728	$	303	$	37	$	275	$	739	268.7	%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Mar 31, 2021 vs. Mar 31, 2020
Assets
Cash and equivalents	$	16,620	$	11,524	$	13,552	$	16,344	$	13,704	$	2,916	21.3	%
Debt securities	6,550		7,469		8,432		6,623		6,146		404		6.6	%
Loan receivables:
Unsecuritized loans held for investment	53,823		56,472		52,613		52,629		54,765		(942)		(1.7)	%
Restricted loans of consolidated securitization entities	23,035		25,395		25,908		25,684		27,704		(4,669)		(16.9)	%
Total loan receivables	76,858		81,867		78,521		78,313		82,469		(5,611)		(6.8)	%
Less: Allowance for credit losses	(9,901)		(10,265)		(10,146)		(9,802)		(9,175)		(726)		7.9	%
Loan receivables, net	66,957		71,602		68,375		68,511		73,294		(6,337)		(8.6)	%
Loan receivables held for sale	23		5		4		4		5		18		NM
Goodwill	1,104		1,078		1,078		1,078		1,078		26		2.4	%
Intangible assets, net	1,169		1,125		1,091		1,166		1,208		(39)		(3.2)	%
Other assets	3,431		3,145		3,126		2,818		2,603		828		31.8	%
Total assets	$	95,854	$	95,948	$	95,658	$	96,544	$	98,038	$	(2,184)	(2.2)	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	62,419	$	62,469	$	63,195	$	63,857	$	64,302	$	(1,883)	(2.9)	%
Non-interest-bearing deposit accounts	342		313		298		291		313		29		9.3	%
Total deposits	62,761		62,782		63,493		64,148		64,615		(1,854)		(2.9)	%
Borrowings:
Borrowings of consolidated securitization entities	7,193		7,810		7,809		8,109		9,291		(2,098)		(22.6)	%
Senior unsecured notes	7,967		7,965		7,962		7,960		7,957		10		0.1	%
Total borrowings	15,160		15,775		15,771		16,069		17,248		(2,088)		(12.1)	%
Accrued expenses and other liabilities	4,494		4,690		4,295		4,428		4,205		289		6.9	%
Total liabilities	82,415		83,247		83,559		84,645		86,068		(3,653)		(4.2)	%
Equity:
Preferred stock	734		734		734		734		734		—		—
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,592		9,570		9,552		9,532		9,523		69		0.7	%
Retained earnings	11,470		10,621		10,024		9,852		9,960		1,510		15.2	%
Accumulated other comprehensive income (loss)	(56)		(51)		(31)		(37)		(49)		(7)		14.3	%
Treasury stock	(8,302)		(8,174)		(8,181)		(8,183)		(8,199)		(103)		1.3	%
Total equity	13,439		12,701		12,099		11,899		11,970		1,469		12.3	%
Total liabilities and equity	$	95,854	$	95,948	$	95,658	$	96,544	$	98,038	$	(2,184)	(2.2)	%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2020						Mar 31, 2020
			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	$	14,610	$	4	0.11	%	$	11,244	$	4	0.14	%	$	13,664	$	4	0.12	%	$	15,413	$	3	0.08	%	$	12,902	$	42	1.31	%
Securities available for sale	6,772		6		0.36	%	8,706		8		0.37	%	7,984		12		0.60	%	6,804		19		1.12	%	5,954		25		1.69	%
Loan receivables, including held for sale:
Credit cards	74,865		3,657		19.81	%	76,039		3,908		20.45	%	74,798		3,752		19.96	%	75,942		3,740		19.81	%	81,716		4,272		21.03	%
Consumer installment loans	2,219		53		9.69	%	2,057		50		9.67	%	1,892		46		9.67	%	1,546		37		9.63	%	1,432		35		9.83	%
Commercial credit products	1,231		21		6.92	%	1,293		23		7.08	%	1,238		22		7.07	%	1,150		30		10.49	%	1,243		33		10.68	%
Other	43		1		NM		63		—		—		77		1		NM		59		1		NM		37		—		—	%
Total loan receivables, including held for sale	78,358		3,732		19.32	%	79,452		3,981		19.93	%	78,005		3,821		19.49	%	78,697		3,808		19.46	%	84,428		4,340		20.67	%
Total interest-earning assets	99,740		3,742		15.22	%	99,402		3,993		15.98	%	99,653		3,837		15.32	%	100,914		3,830		15.26	%	103,284		4,407		17.16	%
Non-interest-earning assets:
Cash and due from banks	1,635						1,525						1,489						1,486						1,450
Allowance for credit losses	(10,225)						(10,190)						(9,823)						(9,221)						(8,708)
Other assets	5,305						5,228						5,021						4,779						4,696
Total non-interest-earning assets	(3,285)						(3,437)						(3,313)						(2,956)						(2,562)
Total assets	$	96,455					$	95,965					$	96,340					$	97,958					$	100,722
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	62,724	$	170	1.10	%	$	62,800	$	200	1.27	%	$	63,569	$	245	1.53	%	$	64,298	$	293	1.83	%	$	64,366	$	356	2.22	%
Borrowings of consolidated securitization entities	7,694		51		2.69	%	7,809		52		2.65	%	8,057		53		2.62	%	8,863		59		2.68	%	9,986		73		2.94	%
Senior unsecured notes	7,965		82		4.18	%	7,963		82		4.10	%	7,960		82		4.10	%	7,958		82		4.14	%	8,807		88		4.02	%
Total interest-bearing liabilities	78,383		303		1.57	%	78,572		334		1.69	%	79,586		380		1.90	%	81,119		434		2.15	%	83,159		517		2.50	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	346						308						307						309						299
Other liabilities	4,655						4,663						4,308						4,349						4,672
Total non-interest-bearing liabilities	5,001						4,971						4,615						4,658						4,971
Total liabilities	83,384						83,543						84,201						85,777						88,130
Equity
Total equity	13,071						12,422						12,139						12,181						12,592
Total liabilities and equity	$	96,455					$	95,965					$	96,340					$	97,958					$	100,722
Net interest income			$	3,439					$	3,659					$	3,457					$	3,396					$	3,890
Interest rate spread(1)					13.65	%					14.29	%					13.42	%					13.11	%					14.66	%
Net interest margin(2)					13.98	%					14.64	%					13.80	%					13.53	%					15.15	%
(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
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2021			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Mar 31, 2021 vs. Mar 31, 2020
BALANCE SHEET STATISTICS
Total common equity	$	12,705		$	11,967		$	11,365		$	11,165		$	11,236		$	1,469	13.1	%
Total common equity as a % of total assets	13.25		%	12.47		%	11.88		%	11.56		%	11.46		%			1.79	%
Tangible assets	$	93,581		$	93,745		$	93,489		$	94,300		$	95,752		$	(2,171)	(2.3)	%
Tangible common equity(1)	$	10,432		$	9,764		$	9,196		$	8,921		$	8,950		$	1,482	16.6	%
Tangible common equity as a % of tangible assets(1)	11.15		%	10.42		%	9.84		%	9.46		%	9.35		%			1.80	%
Tangible common equity per share(1)	$	17.95		$	16.72		$	15.75		$	15.28		$	15.35		$	2.60	16.9	%
REGULATORY CAPITAL RATIOS(2)(3)
	Basel III - CECL Transition
Total risk-based capital ratio(4)	19.7		%	18.1		%	18.1		%	17.6		%	16.5		%
Tier 1 risk-based capital ratio(5)	18.3		%	16.8		%	16.7		%	16.3		%	15.2		%
Tier 1 leverage ratio(6)	14.5		%	14.0		%	13.3		%	12.7		%	12.3		%
Common equity Tier 1 capital ratio	17.4		%	15.9		%	15.8		%	15.3		%	14.3		%
(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 March 31, 2021 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.

6

SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		1Q'21 vs. 1Q'20
RETAIL CARD
Purchase volume(1)(2)	$	26,540	$	31,256	$	27,374	$	24,380	$	24,008	$	2,532	10.5	%
Period-end loan receivables	$	47,855	$	52,130	$	49,595	$	49,967	$	52,390	$	(4,535)	(8.7)	%
Average loan receivables, including held for sale	$	49,044	$	50,235	$	49,503	$	50,238	$	53,820	$	(4,776)	(8.9)	%
Average active accounts (in thousands)(2)(3)	49,078		49,001		47,065		46,970		53,018		(3,940)		(7.4)	%
Interest and fees on loans	$	2,547	$	2,719	$	2,619	$	2,640	$	3,037	$	(490)	(16.1)	%
Other income	$	66	$	50	$	84	$	56	$	59	$	7	11.9	%
Retailer share arrangements	$	(970)	$	(1,026)	$	(877)	$	(752)	$	(904)	$	(66)	7.3	%
PAYMENT SOLUTIONS
Purchase volume(1)(2)	$	5,561	$	5,942	$	5,901	$	4,823	$	5,375	$	186	3.5	%
Period-end loan receivables	$	19,682	$	20,153	$	19,550	$	19,119	$	19,973	$	(291)	(1.5)	%
Average loan receivables, including held for sale	$	19,867	$	19,734	$	19,247	$	19,065	$	20,344	$	(477)	(2.3)	%
Average active accounts (in thousands)(2)(3)	11,496		11,536		11,497		11,900		12,681		(1,185)		(9.3)	%
Interest and fees on loans	$	627	$	673	$	650	$	632	$	706	$	(79)	(11.2)	%
Other income	$	19	$	4	$	13	$	14	$	13	$	6	46.2
Retailer share arrangements	$	(15)	$	(17)	$	(20)	$	(18)	$	(18)	$	3	(16.7)	%
CARECREDIT
Purchase volume(1)	$	2,648	$	2,676	$	2,738	$	1,952	$	2,659	$	(11)	(0.4)	%
Period-end loan receivables	$	9,321	$	9,584	$	9,376	$	9,227	$	10,106	$	(785)	(7.8)	%
Average loan receivables, including held for sale	$	9,447	$	9,483	$	9,255	$	9,394	$	10,264	$	(817)	(8.0)	%
Average active accounts (in thousands)(3)	5,706		5,724		5,708		5,966		6,379		(673)		(10.6)	%
Interest and fees on loans	$	558	$	589	$	552	$	536	$	597	$	(39)	(6.5)	%
Other income	$	46	$	28	$	34	$	25	$	25	$	21	84.0	%
Retailer share arrangements	$	(4)	$	(4)	$	(2)	$	(3)	$	(4)	$	—	—	%
TOTAL SYF
Purchase volume(1)(2)	$	34,749	$	39,874	$	36,013	$	31,155	$	32,042	$	2,707	8.4	%
Period-end loan receivables	$	76,858	$	81,867	$	78,521	$	78,313	$	82,469	$	(5,611)	(6.8)	%
Average loan receivables, including held for sale	$	78,358	$	79,452	$	78,005	$	78,697	$	84,428	$	(6,070)	(7.2)	%
Average active accounts (in thousands)(2)(3)	66,280		66,261		64,270		64,836		72,078		(5,798)		(8.0)	%
Interest and fees on loans	$	3,732	$	3,981	$	3,821	$	3,808	$	4,340	$	(608)	(14.0)	%
Other income	$	131	$	82	$	131	$	95	$	97	$	34	35.1	%
Retailer share arrangements	$	(989)	$	(1,047)	$	(899)	$	(773)	$	(926)	$	(63)	6.8	%
(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.

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SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2021		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	13,439	$	12,701	$	12,099	$	11,899	$	11,970
Less: Preferred stock	(734)		(734)		(734)		(734)		(734)
Less: Goodwill	(1,104)		(1,078)		(1,078)		(1,078)		(1,078)
Less: Intangible assets, net	(1,169)		(1,125)		(1,091)		(1,166)		(1,208)
Tangible common equity	$	10,432	$	9,764	$	9,196	$	8,921	$	8,950
Add: CECL transition amount	2,595		2,686		2,656		2,570		2,417
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	354		341		305		302		304
Common equity Tier 1	$	13,381	$	12,791	$	12,157	$	11,793	$	11,671
Preferred stock	734		734		734		734		734
Tier 1 capital	$	14,115	$	13,525	$	12,891	$	12,527	$	12,405
Add: Allowance for credit losses includible in risk-based capital	1,031		1,079		1,034		1,031		1,082
Total Risk-based capital	$	15,146	$	14,604	$	13,925	$	13,558	$	13,487
ASSET MEASURES(2)
Total average assets	$	96,455	$	95,965	$	96,340	$	97,958	$	100,722
Adjustments for:
Add: CECL transition amount	2,595		2,686		2,656		2,570		2,417
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,987)		(1,924)		(1,906)		(1,980)		(2,010)
Total assets for leverage purposes	$	97,063	$	96,727	$	97,090	$	98,548	$	101,129
Risk-weighted assets	$	76,965	$	80,561	$	76,990	$	77,048	$	81,639
CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	14,115	$	13,525	$	12,891	$	12,527	$	12,405
Less: CECL transition adjustment	(2,595)		(2,686)		(2,656)		(2,570)		(2,417)
Tier 1 capital (CECL fully phased-in)	$	11,520	$	10,839	$	10,235	$	9,957	$	9,988
Add: Allowance for credit losses	9,901		10,265		10,146		9,802		9,175
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	21,421	$	21,104	$	20,381	$	19,759	$	19,163
Risk-weighted assets	$	76,965	$	80,561	$	76,990	$	77,048	$	81,639
Less: CECL transition adjustment	(2,386)		(2,477)		(2,447)		(2,361)		(2,204)
Risk-weighted assets (CECL fully phased-in)	$	74,579	$	78,084	$	74,543	$	74,687	$	79,435
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	21.86	$	20.49	$	19.47	$	19.13	$	19.27
Less: Goodwill	(1.90)		(1.85)		(1.85)		(1.85)		(1.85)
Less: Intangible assets, net	(2.01)		(1.92)		(1.87)		(2.00)		(2.07)
Tangible common equity per share	$	17.95	$	16.72	$	15.75	$	15.28	$	15.35
(1) Regulatory measures at March 31, 2021 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

8