Synchrony Financial (SYF) 8-K Results of Operations and Financial Condition

Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		1Q'22 vs. 1Q'21
EARNINGS
Net interest income	$	3,789	$	3,830	$	3,658	$	3,312	$	3,439	$	350	10.2	%
Retailer share arrangements	(1,104)		(1,267)		(1,266)		(1,006)		(989)		(115)		11.6	%
Provision for credit losses	521		561		25		(194)		334		187		56.0	%
Net interest income, after retailer share arrangements and provision for credit losses	2,164		2,002		2,367		2,500		2,116		48		2.3	%
Other income	108		167		94		89		131		(23)		(17.6)	%
Other expense	1,039		1,122		961		948		932		107		11.5	%
Earnings before provision for income taxes	1,233		1,047		1,500		1,641		1,315		(82)		(6.2)	%
Provision for income taxes	301		234		359		399		290		11		3.8	%
Net earnings	$	932	$	813	$	1,141	$	1,242	$	1,025	$	(93)	(9.1)	%
Net earnings available to common stockholders	$	922	$	803	$	1,130	$	1,232	$	1,014	$	(92)	(9.1)	%
COMMON SHARE STATISTICS
Basic EPS	$	1.79	$	1.49	$	2.02	$	2.13	$	1.74	$	0.05	2.9	%
Diluted EPS	$	1.77	$	1.48	$	2.00	$	2.12	$	1.73	$	0.04	2.3	%
Dividend declared per share	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	—	—	%
Common stock price	$	34.82	$	46.39	$	48.88	$	48.52	$	40.66	$	(5.84)	(14.4)	%
Book value per share	$	25.06	$	24.53	$	24.13	$	23.48	$	21.86	$	3.20	14.6	%
Tangible common equity per share(1)	$	20.60	$	20.21	$	20.12	$	19.64	$	17.95	$	2.65	14.8	%
Beginning common shares outstanding	526.8		547.2		573.4		581.1		584.0		(57.2)		(9.8)	%
Issuance of common shares	—		—		—		—		—		—		—	%
Stock-based compensation	1.4		0.1		0.5		1.0		2.2		(0.8)		(36.4)	%
Shares repurchased	(22.0)		(20.5)		(26.7)		(8.7)		(5.1)		(16.9)		NM
Ending common shares outstanding	506.2		526.8		547.2		573.4		581.1		(74.9)		(12.9)	%
Weighted average common shares outstanding	515.3		537.8		560.6		577.2		583.3		(68.0)		(11.7)	%
Weighted average common shares outstanding (fully diluted)	519.5		543.0		565.6		581.7		587.5		(68.0)		(11.6)	%
(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
	Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			1Q'22 vs. 1Q'21
PERFORMANCE METRICS
Return on assets(1)	4.0		%	3.4		%	4.9		%	5.3		%	4.3		%			(0.3)	%
Return on equity(2)	27.5		%	23.0		%	32.1		%	36.5		%	31.8		%			(4.3)	%
Return on tangible common equity(3)	34.9		%	28.7		%	40.1		%	46.3		%	40.8		%			(5.9)	%
Net interest margin(4)	15.80		%	15.77		%	15.45		%	13.78		%	13.98		%			1.82	%
Efficiency ratio(5)	37.2		%	41.1		%	38.7		%	39.6		%	36.1		%			1.1	%
Other expense as a % of average loan receivables, including held for sale	5.09		%	5.44		%	4.84		%	4.95		%	4.82		%			0.27	%
Effective income tax rate	24.4		%	22.3		%	23.9		%	24.3		%	22.1		%			2.3	%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	2.73		%	2.37		%	2.18		%	3.57		%	3.62		%			(0.89)	%
30+ days past due as a % of period-end loan receivables(6)	2.78		%	2.62		%	2.42		%	2.11		%	2.83		%			(0.05)	%
90+ days past due as a % of period-end loan receivables(6)	1.30		%	1.17		%	1.05		%	1.00		%	1.52		%			(0.22)	%
Net charge-offs	$	558		$	489		$	432		$	684		$	699		$	(141)	(20.2)	%
Loan receivables delinquent over 30 days(6)	$	2,194		$	2,114		$	1,850		$	1,653		$	2,175		$	19	0.9	%
Loan receivables delinquent over 90 days(6)	$	1,026		$	942		$	804		$	784		$	1,170		$	(144)	(12.3)	%
Allowance for credit losses (period-end)	$	8,651		$	8,688		$	8,616		$	9,023		$	9,901		$	(1,250)	(12.6)	%
Allowance coverage ratio(7)	10.96		%	10.76		%	11.28		%	11.51		%	12.88		%			(1.92)	%
BUSINESS METRICS
Purchase volume(8)(9)	$	40,490		$	47,072		$	41,912		$	42,121		$	34,749		$	5,741	16.5	%
Period-end loan receivables	$	78,916		$	80,740		$	76,388		$	78,374		$	76,858		$	2,058	2.7	%
Credit cards	$	74,596		$	76,628		$	72,289		$	74,429		$	73,244		$	1,352	1.8	%
Consumer installment loans	$	2,719		$	2,675		$	2,614		$	2,507		$	2,319		$	400	17.2	%
Commercial credit products	$	1,530		$	1,372		$	1,401		$	1,379		$	1,248		$	282	22.6	%
Other	$	71		$	65		$	84		$	59		$	47		$	24	51.1	%
Average loan receivables, including held for sale	$	82,747		$	81,784		$	78,714		$	76,821		$	78,358		$	4,389	5.6	%
Period-end active accounts (in thousands)(9)(10)	69,122			72,420			67,245			66,892			65,219			3,903		6.0	%
Average active accounts (in thousands)(9)(10)	70,127			69,397			67,189			65,810			66,280			3,847		5.8	%
LIQUIDITY
Liquid assets
Cash and equivalents	$	10,541		$	8,337		$	9,806		$	11,117		$	16,620		$	(6,079)	(36.6)	%
Total liquid assets	$	14,687		$	12,989		$	14,664		$	16,297		$	22,636		$	(7,949)	(35.1)	%
Undrawn credit facilities
Undrawn credit facilities	$	3,100		$	2,700		$	3,700		$	4,900		$	5,400		$	(2,300)	(42.6)	%
Total liquid assets and undrawn credit facilities	$	17,787		$	15,689		$	18,364		$	21,197		$	28,036		$	(10,249)	(36.6)	%
Liquid assets % of total assets	15.42		%	13.57		%	15.95		%	17.71		%	23.62		%			(8.20)	%
Liquid assets including undrawn credit facilities % of total assets	18.67		%	16.39		%	19.97		%	23.04		%	29.25		%			(10.58)	%
(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, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		1Q'22 vs. 1Q'21
Interest income:
Interest and fees on loans	$	4,008	$	4,042	$	3,887	$	3,567	$	3,732	$	276	7.4	%
Interest on cash and debt securities	14		11		11		11		10		4		40.0	%
Total interest income	4,022		4,053		3,898		3,578		3,742		280		7.5	%
Interest expense:
Interest on deposits	127		119		131		146		170		(43)		(25.3)	%
Interest on borrowings of consolidated securitization entities	33		33		41		44		51		(18)		(35.3)	%
Interest on senior unsecured notes	73		71		68		76		82		(9)		(11.0)	%
Total interest expense	233		223		240		266		303		(70)		(23.1)	%
Net interest income	3,789		3,830		3,658		3,312		3,439		350		10.2	%
Retailer share arrangements	(1,104)		(1,267)		(1,266)		(1,006)		(989)		(115)		11.6	%
Provision for credit losses	521		561		25		(194)		334		187		56.0	%
Net interest income, after retailer share arrangements and provision for credit losses	2,164		2,002		2,367		2,500		2,116		48		2.3	%
Other income:
Interchange revenue	230		254		232		223		171		59		34.5	%
Debt cancellation fees	89		79		70		66		69		20		29.0	%
Loyalty programs	(258)		(310)		(256)		(247)		(179)		(79)		44.1	%
Other	47		144		48		47		70		(23)		(32.9)	%
Total other income	108		167		94		89		131		(23)		(17.6)	%
Other expense:
Employee costs	402		409		369		359		364		38		10.4	%
Professional fees	210		207		196		189		190		20		10.5	%
Marketing and business development	116		167		110		114		95		21		22.1	%
Information processing	145		143		139		137		131		14		10.7	%
Other	166		196		147		149		152		14		9.2	%
Total other expense	1,039		1,122		961		948		932		107		11.5	%
Earnings before provision for income taxes	1,233		1,047		1,500		1,641		1,315		(82)		(6.2)	%
Provision for income taxes	301		234		359		399		290		11		3.8	%
Net earnings	$	932	$	813	$	1,141	$	1,242	$	1,025	$	(93)	(9.1)	%
Net earnings available to common stockholders	$	922	$	803	$	1,130	$	1,232	$	1,014	$	(92)	(9.1)	%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Mar 31, 2022 vs. Mar 31, 2021
Assets
Cash and equivalents	$	10,541	$	8,337	$	9,806	$	11,117	$	16,620	$	(6,079)	(36.6)	%
Debt securities	4,677		5,283		5,444		5,728		6,550		(1,873)		(28.6)	%
Loan receivables:
Unsecuritized loans held for investment	59,643		60,211		56,745		55,994		53,823		5,820		10.8	%
Restricted loans of consolidated securitization entities	19,273		20,529		19,643		22,380		23,035		(3,762)		(16.3)	%
Total loan receivables	78,916		80,740		76,388		78,374		76,858		2,058		2.7	%
Less: Allowance for credit losses	(8,651)		(8,688)		(8,616)		(9,023)		(9,901)		1,250		(12.6)	%
Loan receivables, net	70,265		72,052		67,772		69,351		66,957		3,308		4.9	%
Loan receivables held for sale	4,046		4,361		3,450		—		23		4,023		NM
Goodwill	1,105		1,105		1,105		1,105		1,104		1		0.1	%
Intangible assets, net	1,149		1,168		1,090		1,098		1,169		(20)		(1.7)	%
Other assets	3,484		3,442		3,270		3,618		3,431		53		1.5	%
Total assets	$	95,267	$	95,748	$	91,937	$	92,017	$	95,854	$	(587)	(0.6)	%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	63,180	$	61,911	$	59,998	$	59,500	$	62,419	$	761	1.2	%
Non-interest-bearing deposit accounts	395		359		355		341		342		53		15.5	%
Total deposits	63,575		62,270		60,353		59,841		62,761		814		1.3	%
Borrowings:
Borrowings of consolidated securitization entities	6,139		7,288		6,288		6,987		7,193		(1,054)		(14.7)	%
Senior unsecured notes	7,221		7,219		6,472		6,470		7,967		(746)		(9.4)	%
Total borrowings	13,360		14,507		12,760		13,457		15,160		(1,800)		(11.9)	%
Accrued expenses and other liabilities	4,914		5,316		4,888		4,522		4,494		420		9.3	%
Total liabilities	81,849		82,093		78,001		77,820		82,415		(566)		(0.7)	%
Equity:
Preferred stock	734		734		734		734		734		—		—	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,643		9,669		9,649		9,620		9,592		51		0.5	%
Retained earnings	15,003		14,245		13,562		12,560		11,470		3,533		30.8	%
Accumulated other comprehensive income (loss)	(121)		(69)		(64)		(56)		(56)		(65)		116.1	%
Treasury stock	(11,842)		(10,925)		(9,946)		(8,662)		(8,302)		(3,540)		42.6	%
Total equity	13,418		13,655		13,936		14,197		13,439		(21)		(0.2)	%
Total liabilities and equity	$	95,267	$	95,748	$	91,937	$	92,017	$	95,854	$	(587)	(0.6)	%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021
			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	$	8,976	$	5	0.23	%	$	9,024	$	4	0.18	%	$	9,559	$	3	0.12	%	$	13,584	$	4	0.12	%	$	14,610	$	4	0.11	%
Securities available for sale	5,513		9		0.66	%	5,517		7		0.50	%	5,638		8		0.56	%	5,988		7		0.47	%	6,772		6		0.36	%
Loan receivables, including held for sale:
Credit cards	78,564		3,913		20.20	%	77,642		3,946		20.16	%	74,686		3,793		20.15	%	72,989		3,484		19.15	%	74,865		3,657		19.81	%
Consumer installment loans	2,682		66		9.98	%	2,641		65		9.76	%	2,555		64		9.94	%	2,417		59		9.79	%	2,219		53		9.69	%
Commercial credit products	1,434		28		7.92	%	1,434		30		8.30	%	1,407		29		8.18	%	1,363		23		6.77	%	1,231		21		6.92	%
Other	67		1		NM		67		1		NM		66		1		NM		52		1		NM		43		1		NM
Total loan receivables, including held for sale	82,747		4,008		19.64	%	81,784		4,042		19.61	%	78,714		3,887		19.59	%	76,821		3,567		18.62	%	78,358		3,732		19.32	%
Total interest-earning assets	97,236		4,022		16.78	%	96,325		4,053		16.69	%	93,911		3,898		16.47	%	96,393		3,578		14.89	%	99,740		3,742		15.22	%
Non-interest-earning assets:
Cash and due from banks	1,626						1,606						1,588						1,559						1,635
Allowance for credit losses	(8,675)						(8,648)						(8,956)						(9,801)						(10,225)
Other assets	5,369						5,424						5,405						5,238						5,305
Total non-interest-earning assets	(1,680)						(1,618)						(1,963)						(3,004)						(3,285)
Total assets	$	95,556					$	94,707					$	91,948					$	93,389					$	96,455
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	62,314	$	127	0.83	%	$	61,090	$	119	0.77	%	$	59,275	$	131	0.88	%	$	60,761	$	146	0.96	%	$	62,724	$	170	1.10	%
Borrowings of consolidated securitization entities	6,827		33		1.96	%	7,105		33		1.84	%	7,051		41		2.31	%	7,149		44		2.47	%	7,694		51		2.69	%
Senior unsecured notes	7,219		73		4.10	%	6,999		71		4.02	%	6,471		68		4.17	%	7,276		76		4.19	%	7,965		82		4.18	%
Total interest-bearing liabilities	76,360		233		1.24	%	75,194		223		1.18	%	72,797		240		1.31	%	75,186		266		1.42	%	78,383		303		1.57	%
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	374						343						358						349						346
Other liabilities	5,091						5,137						4,676						4,199						4,655
Total non-interest-bearing liabilities	5,465						5,480						5,034						4,548						5,001
Total liabilities	81,825						80,674						77,831						79,734						83,384
Equity
Total equity	13,731						14,033						14,117						13,655						13,071
Total liabilities and equity	$	95,556					$	94,707					$	91,948					$	93,389					$	96,455
Net interest income			$	3,789					$	3,830					$	3,658					$	3,312					$	3,439
Interest rate spread(1)					15.54	%					15.51	%					15.16	%					13.47	%					13.65	%
Net interest margin(2)					15.80	%					15.77	%					15.45	%					13.78	%					13.98	%
(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, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Mar 31, 2022 vs. Mar 31, 2021
BALANCE SHEET STATISTICS
Total common equity	$	12,684		$	12,921		$	13,202		$	13,463		$	12,705		$	(21)	(0.2)	%
Total common equity as a % of total assets	13.31		%	13.49		%	14.36		%	14.63		%	13.25		%			0.06	%
Tangible assets	$	93,013		$	93,475		$	89,742		$	89,814		$	93,581		$	(568)	(0.6)	%
Tangible common equity(1)	$	10,430		$	10,648		$	11,007		$	11,260		$	10,432		$	(2)	—	%
Tangible common equity as a % of tangible assets(1)	11.21		%	11.39		%	12.27		%	12.54		%	11.15		%			0.06	%
Tangible common equity per share(1)	$	20.60		$	20.21		$	20.12		$	19.64		$	17.95		$	2.65	14.8	%
REGULATORY CAPITAL RATIOS(2)(3)
	Basel III - CECL Transition
Total risk-based capital ratio(4)	17.2		%	17.8		%	19.3		%	20.1		%	19.7		%
Tier 1 risk-based capital ratio(5)	15.9		%	16.5		%	18.0		%	18.7		%	18.3		%
Tier 1 leverage ratio(6)	13.9		%	14.7		%	15.5		%	15.6		%	14.5		%
Common equity Tier 1 capital ratio	15.0		%	15.6		%	17.1		%	17.8		%	17.4		%
(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, 2022 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, unrounded, $ in millions)
	Quarter Ended
	Mar 31, 2022		Dec 31,  2021		Sep 30, 2021		Jun 30,  2021		Mar 31, 2021		1Q'22 vs. 1Q'21
HOME & AUTO(6)
Purchase volume(1)	$	10,260	$	10,919	$	11,069	$	11,523	$	9,337	$	923	9.9	%
Period-end loan receivables	$	26,532	$	26,781	$	26,210	$	25,588	$	24,942	$	1,590	6.4	%
Average loan receivables, including held for sale	$	26,406	$	26,455	$	25,800	$	25,111	$	25,273	$	1,133	4.5	%
Average active accounts (in thousands)(3)	17,473		17,655		17,516		17,307		17,149		324		1.9	%
Interest and fees on loans	$	1,088	$	1,126	$	1,092	$	993	$	1,036	$	52	5.0	%
Other income	$	21	$	18	$	18	$	16	$	17	$	4	23.5	%
DIGITAL
Purchase volume(1)	$	11,196	$	13,451	$	10,980	$	10,930	$	9,340	$	1,856	19.9	%
Period-end loan receivables	$	21,075	$	21,751	$	19,636	$	19,233	$	18,907	$	2,168	11.5	%
Average loan receivables, including held for sale	$	21,160	$	20,388	$	19,286	$	18,783	$	19,437	$	1,723	8.9	%
Average active accounts (in thousands)(3)	19,000		18,375		17,655		17,258		17,318		1,682		9.7	%
Interest and fees on loans	$	1,022	$	1,025	$	973	$	891	$	903	$	119	13.2	%
Other income	$	(12)	$	(28)	$	(19)	$	(28)	$	(12)	$	—	—	%
DIVERSIFIED & VALUE
Purchase volume(1)	$	11,558	$	14,154	$	12,006	$	11,618	$	9,220	$	2,338	25.4	%
Period-end loan receivables	$	15,166	$	16,075	$	14,415	$	14,357	$	14,217	$	949	6.7	%
Average loan receivables, including held for sale	$	15,128	$	14,999	$	14,328	$	14,101	$	14,574	$	554	3.8	%
Average active accounts (in thousands)(3)	19,201		18,829		17,903		17,301		17,457		1,744		10.0	%
Interest and fees on loans	$	826	$	817	$	780	$	729	$	789	$	37	4.7	%
Other income	$	(9)	$	(23)	$	(8)	$	(2)	$	5	$	(14)	(280.0)	%
HEALTH & WELLNESS
Purchase volume(1)	$	3,107	$	3,055	$	3,024	$	2,988	$	2,648	$	459	17.3	%
Period-end loan receivables	$	10,407	$	10,244	$	9,879	$	9,515	$	9,317	$	1,090	11.7	%
Average loan receivables, including held for sale	$	10,251	$	10,057	$	9,654	$	9,334	$	9,442	$	809	8.6	%
Average active accounts (in thousands)(3)	6,027		5,922		5,707		5,585		5,706		321		5.6	%
Interest and fees on loans	$	616	$	603	$	587	$	523	$	558	$	58	10.4	%
Other income	$	53	$	42	$	41	$	36	$	40	$	13	32.5	%
LIFESTYLE
Purchase volume(1)	$	1,195	$	1,462	$	1,298	$	1,405	$	1,154	$	41	3.6	%
Period-end loan receivables	$	5,381	$	5,479	$	5,234	$	5,158	$	4,988	$	393	7.9	%
Average loan receivables, including held for sale	$	5,379	$	5,297	$	5,185	$	5,050	$	5,003	$	376	7.5	%
Average active accounts (in thousands)(3)	2,582		2,548		2,465		2,442		2,573		9		0.3	%
Interest and fees on loans	$	191	$	194	$	187	$	182	$	181	$	10	5.5	%
Other income	$	6	$	6	$	6	$	6	$	5	$	1	20.0	%
CORP, OTHER(4)(6)
Purchase volume(1)(2)	$	3,174	$	4,031	$	3,535	$	3,657	$	3,050	$	124	4.1	%
Period-end loan receivables(5)	$	355	$	410	$	1,014	$	4,523	$	4,487	$	(4,132)	(92.1)	%
Average loan receivables, including held for sale	$	4,423	$	4,588	$	4,461	$	4,442	$	4,629	$	(206)	(4.5)	%
Average active accounts (in thousands)(2)(3)	5,844		6,068		5,943		5,917		6,077		(233)		(3.8)	%
Interest and fees on loans	$	265	$	277	$	268	$	249	$	265	$	—	—	%
Other income	$	49	$	152	$	56	$	61	$	76	$	(27)	(35.5)	%
TOTAL SYF
Purchase volume(1)(2)	$	40,490	$	47,072	$	41,912	$	42,121	$	34,749	$	5,741	16.5	%
Period-end loan receivables(5)	$	78,916	$	80,740	$	76,388	$	78,374	$	76,858	$	2,058	2.7	%
Average loan receivables, including held for sale	$	82,747	$	81,784	$	78,714	$	76,821	$	78,358	$	4,389	5.6	%
Average active accounts (in thousands)(2)(3)	70,127		69,397		67,189		65,810		66,280		3,847		5.8	%
Interest and fees on loans	$	4,008	$	4,042	$	3,887	$	3,567	$	3,732	$	276	7.4	%
Other income	$	108	$	167	$	94	$	89	$	131	$	(23)	(17.6)	%
(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.
(4) Includes activity and balances associated with our program agreement with Gap Inc. and BP except where noted, which are both scheduled to expire in 2Q 2022.
(5) Reflects the reclassification of $3.5 billion and $0.5 billion to loan receivables held for sale in 3Q 2021 and 4Q 2021, respectively.
(6) In December 2021, we entered into an agreement to sell $0.5 billion of loan receivables associated with our program agreement with BP. In connection with this agreement, revenue activities for the BP portfolio are no longer managed within our Home & Auto sales platform. All metrics for the BP portfolio previously reported within our Home & Auto sales platform, are now reported within our Corp, Other information. We have recast all prior-period reported metrics for our Home & Auto sales platform and Corp, Other to conform to the current-period presentation.

7

SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	13,418	$	13,655	$	13,936	$	14,197	$	13,439
Less: Preferred stock	(734)		(734)		(734)		(734)		(734)
Less: Goodwill	(1,105)		(1,105)		(1,105)		(1,105)		(1,104)
Less: Intangible assets, net	(1,149)		(1,168)		(1,090)		(1,098)		(1,169)
Tangible common equity	$	10,430	$	10,648	$	11,007	$	11,260	$	10,432
Add: CECL transition amount	1,719		2,292		2,274		2,376		2,595
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	371		329		299		301		354
Common equity Tier 1	$	12,520	$	13,269	$	13,580	$	13,937	$	13,381
Preferred stock	734		734		734		734		734
Tier 1 capital	$	13,254	$	14,003	$	14,314	$	14,671	$	14,115
Add: Allowance for credit losses includible in risk-based capital	1,106		1,119		1,052		1,039		1,031
Total Risk-based capital	$	14,360	$	15,122	$	15,366	$	15,710	$	15,146
ASSET MEASURES(2)
Total average assets	$	95,556	$	94,707	$	91,948	$	93,389	$	96,455
Adjustments for:
Add: CECL transition amount	1,719		2,292		2,274		2,376		2,595
Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,964)		(1,999)		(1,960)		(1,965)		(1,987)
Total assets for leverage purposes	$	95,311	$	95,000	$	92,262	$	93,800	$	97,063
Risk-weighted assets	$	83,251	$	84,950	$	79,597	$	78,281	$	76,965
CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	13,254	$	14,003	$	14,314	$	14,671	$	14,115
Less: CECL transition adjustment	(1,719)		(2,292)		(2,274)		(2,376)		(2,595)
Tier 1 capital (CECL fully phased-in)	$	11,535	$	11,711	$	12,040	$	12,295	$	11,520
Add: Allowance for credit losses	8,651		8,688		8,616		9,023		9,901
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	20,186	$	20,399	$	20,656	$	21,318	$	21,421
Risk-weighted assets	$	83,251	$	84,950	$	79,597	$	78,281	$	76,965
Less: CECL transition adjustment	(870)		(1,353)		(2,065)		(2,166)		(2,386)
Risk-weighted assets (CECL fully phased-in)	$	82,381	$	83,597	$	77,532	$	76,115	$	74,579
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share	$	25.06	$	24.53	$	24.13	$	23.48	$	21.86
Less: Goodwill	(2.18)		(2.10)		(2.02)		(1.93)		(1.90)
Less: Intangible assets, net	(2.28)		(2.22)		(1.99)		(1.91)		(2.01)
Tangible common equity per share	$	20.60	$	20.21	$	20.12	$	19.64	$	17.95
(1) Regulatory measures at March 31, 2022 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