EX-99.2 3 financialtables4q20.htm EX-99.2 Document
Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
Quarter EndedTwelve Months Ended
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2020
Dec 31,
2019
4Q'20 vs. 4Q'19Dec 31,
2020
Dec 31,
2019
YTD'20 vs. YTD'19
EARNINGS
Net interest income$3,659 $3,457 $3,396 $3,890 $4,029 $(370)(9.2)%$14,402 $16,799 $(2,397)(14.3)%
Retailer share arrangements(1,047)(899)(773)(926)(1,029)(18)1.7 %(3,645)(3,858)213 (5.5)%
Provision for credit losses750 1,210 1,673 1,677 1,104 (354)(32.1)%5,310 4,180 1,130 27.0 %
Net interest income, after retailer share arrangements and provision for credit losses1,862 1,348 950 1,287 1,896 (34)(1.8)%5,447 8,761 (3,314)(37.8)%
Other income82 131 95 97 104 (22)(21.2)%405 371 34 9.2 %
Other expense1,000 1,067 986 1,002 1,079 (79)(7.3)%4,055 4,245 (190)(4.5)%
Earnings before provision for income taxes944 412 59 382 921 23 2.5 %1,797 4,887 (3,090)(63.2)%
Provision for income taxes206 99 11 96 190 16 8.4 %412 1,140 (728)(63.9)%
Net earnings$738 $313 $48 $286 $731 $1.0 %$1,385 $3,747 $(2,362)(63.0)%
Net earnings available to common stockholders$728 $303 $37 $275 $731 $(3)(0.4)%$1,343 $3,747 $(2,404)(64.2)%
COMMON SHARE STATISTICS
Basic EPS $1.25 $0.52 $0.06 $0.45 $1.15 $0.10 8.7 %$2.28 $5.59 $(3.31)(59.2)%
Diluted EPS $1.24 $0.52 $0.06 $0.45 $1.15 $0.09 7.8 %$2.27 $5.56 $(3.29)(59.2)%
Dividend declared per share$0.22 $0.22 $0.22 $0.22 $0.22 $— — %$0.88 $0.86 $0.02 2.3 %
Common stock price$34.71 $26.17 $22.16 $16.09 $36.01 $(1.30)(3.6)%$34.71 $36.01 $(1.30)(3.6)%
Book value per share $20.49 $19.47 $19.13 $19.27 $23.31 $(2.82)(12.1)%$20.49 $23.31 $(2.82)(12.1)%
Tangible common equity per share(1)
$16.72 $15.75 $15.28 $15.35 $19.50 $(2.78)(14.3)%$16.72 $19.50 $(2.78)(14.3)%
Beginning common shares outstanding583.8 583.7 583.2 615.9 653.7 (69.9)(10.7)%615.9 718.8 (102.9)(14.3)%
Issuance of common shares— — — — — — — %— — — — %
Stock-based compensation0.2 0.1 0.5 0.9 0.6 (0.4)(66.7)%1.7 3.1 (1.4)(45.2)%
Shares repurchased— — — (33.6)(38.4)38.4 (100.0)%(33.6)(106.0)72.4 (68.3)%
Ending common shares outstanding584.0 583.8 583.7 583.2 615.9 (31.9)(5.2)%584.0 615.9 (31.9)(5.2)%
Weighted average common shares outstanding 583.9 583.8 583.7 604.9 633.7 (49.8)(7.9)%589.0 670.2 (81.2)(12.1)%
Weighted average common shares outstanding (fully diluted) 586.6 584.8 584.4 607.4 637.7 (51.1)(8.0)%590.8 673.5 (82.7)(12.3)%
(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 EndedTwelve Months Ended
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2020
Dec 31,
2019
4Q'20 vs. 4Q'19Dec 31,
2020
Dec 31,
2019
YTD'20 vs. YTD'19
PERFORMANCE METRICS
Return on assets(1)
3.1 %1.3 %0.2 %1.1 %2.7 %0.4 %1.4 %3.5 %(2.1)%
Return on equity(2)
23.6 %10.3 %1.6 %9.1 %19.0 %4.6 %11.2 %25.1 %(13.9)%
Return on tangible common equity(3)
30.4 %13.1 %1.6 %11.6 %23.0 %7.4 %14.4 %29.9 %(15.5)%
Net interest margin(4)
14.64 %13.80 %13.53 %15.15 %15.01 %(0.37)%14.29 %15.78 %(1.49)%
Efficiency ratio(5)
37.1 %39.7 %36.3 %32.7 %34.8 %2.3 %36.3 %31.9 %4.4 %
Other expense as a % of average loan receivables, including held for sale5.01 %5.44 %5.04 %4.77 %5.01 %0.00 %5.06 %4.79 %0.27 %
Effective income tax rate21.8 %24.0 %18.6 %25.1 %20.6 %1.2 %22.9 %23.3 %(0.4)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale3.16 %4.42 %5.35 %5.36 %5.15 %(1.99)%4.58 %5.65 %(1.07)%
30+ days past due as a % of period-end loan receivables(6)
3.07 %2.67 %3.13 %4.24 %4.44 %(1.37)%3.07 %4.44 %(1.37)%
90+ days past due as a % of period-end loan receivables(6)
1.40 %1.24 %1.77 %2.10 %2.15 %(0.75)%1.40 %2.15 %(0.75)%
Net charge-offs$631 $866 $1,046 $1,125 $1,109 $(478)(43.1)%$3,668 $5,005 $(1,337)(26.7)%
Loan receivables delinquent over 30 days(6)
$2,514 $2,100 $2,453 $3,500 $3,874 $(1,360)(35.1)%$2,514 $3,874 $(1,360)(35.1)%
Loan receivables delinquent over 90 days(6)
$1,143 $973 $1,384 $1,735 $1,877 $(734)(39.1)%$1,143 $1,877 $(734)(39.1)%
Allowance for credit losses (period-end)$10,265 $10,146 $9,802 $9,175 $5,602 $4,663 83.2 %$10,265 $5,602 $4,663 83.2 %
Allowance coverage ratio(7)
12.54 %12.92 %12.52 %11.13 %6.42 %6.12 %12.54 %6.42 %6.12 %
BUSINESS METRICS
Purchase volume(8)(9)
$39,874 $36,013 $31,155 $32,042 $40,212 $(338)(0.8)%$139,084 $149,411 $(10,327)(6.9)%
Period-end loan receivables$81,867 $78,521 $78,313 $82,469 $87,215 $(5,348)(6.1)%$81,867 $87,215 $(5,348)(6.1)%
Credit cards$78,455 $75,204 $75,353 $79,832 $84,606 $(6,151)(7.3)%$78,455 $84,606 $(6,151)(7.3)%
Consumer installment loans$2,125 $1,987 $1,779 $1,390 $1,347 $778 57.8 %$2,125 $1,347 $778 57.8 %
Commercial credit products$1,250 $1,270 $1,140 $1,203 $1,223 $27 2.2 %$1,250 $1,223 $27 2.2 %
Other$37 $60 $41 $44 $39 $(2)(5.1)%$37 $39 $(2)(5.1)%
Average loan receivables, including held for sale$79,452 $78,005 $78,697 $84,428 $85,376 $(5,924)(6.9)%$80,138 $88,649 $(8,511)(9.6)%
Period-end active accounts (in thousands)(9)(10)
68,540 64,800 63,430 68,849 75,471 (6,931)(9.2)%68,540 75,471 (6,931)(9.2)%
Average active accounts (in thousands)(9)(10)
66,261 64,270 64,836 72,078 73,734 (7,473)(10.1)%67,131 75,721 (8,590)(11.3)%
LIQUIDITY
Liquid assets
Cash and equivalents$11,524 $13,552 $16,344 $13,704 $12,147 $(623)(5.1)%$11,524 $12,147 $(623)(5.1)%
Total liquid assets$18,321 $21,402 $22,352 $19,225 $17,322 $999 5.8 %$18,321 $17,322 $999 5.8 %
Undrawn credit facilities
Undrawn credit facilities$5,400 $5,400 $5,650 $5,600 $6,050 $(650)(10.7)%$5,400 $6,050 $(650)(10.7)%
Total liquid assets and undrawn credit facilities$23,721 $26,802 $28,002 $24,825 $23,372 $349 1.5 %$23,721 $23,372 $349 1.5 %
Liquid assets % of total assets19.09 %22.37 %23.15 %19.61 %16.52 %2.57 %19.09 %16.52 %2.57 %
Liquid assets including undrawn credit facilities % of total assets24.72 %28.02 %29.00 %25.32 %22.30 %2.42 %24.72 %22.30 %2.42 %
(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 EndedTwelve Months Ended
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2020
Dec 31,
2019
4Q'20 vs. 4Q'19Dec 31,
2020
Dec 31,
2019
YTD'20 vs. YTD'19
Interest income: 
Interest and fees on loans$3,981 $3,821 $3,808 $4,340 $4,492 $(511)(11.4)%$15,950 $18,705 $(2,755)(14.7)%
Interest on cash and debt securities12 16 22 67 93 (81)(87.1)%117 385 (268)(69.6)%
Total interest income3,993 3,837 3,830 4,407 4,585 (592)(12.9)%16,067 19,090 (3,023)(15.8)%
Interest expense:
Interest on deposits200 245 293 356 383 (183)(47.8)%1,094 1,566 (472)(30.1)%
Interest on borrowings of consolidated securitization entities52 53 59 73 80 (28)(35.0)%237 358 (121)(33.8)%
Interest on senior unsecured notes82 82 82 88 93 (11)(11.8)%334 367 (33)(9.0)%
Total interest expense334 380 434 517 556 (222)(39.9)%1,665 2,291 (626)(27.3)%
Net interest income3,659 3,457 3,396 3,890 4,029 (370)(9.2)%14,402 16,799 (2,397)(14.3)%
Retailer share arrangements(1,047)(899)(773)(926)(1,029)(18)1.7 %(3,645)(3,858)213 (5.5)%
Provision for credit losses750 1,210 1,673 1,677 1,104 (354)(32.1)%5,310 4,180 1,130 27.0 %
Net interest income, after retailer share arrangements and provision for credit losses1,862 1,348 950 1,287 1,896 (34)(1.8)%5,447 8,761 (3,314)(37.8)%
Other income:
Interchange revenue185 172 134 161 192 (7)(3.6)%652 748 (96)(12.8)%
Debt cancellation fees72 68 69 69 64 12.5 %278 265 13 4.9 %
Loyalty programs(202)(155)(134)(158)(181)(21)11.6 %(649)(743)94 (12.7)%
Other27 46 26 25 29 (2)(6.9)%124 101 23 22.8 %
Total other income82 131 95 97 104 (22)(21.2)%405 371 34 9.2 %
Other expense:
Employee costs347 382 327 324 385 (38)(9.9)%1,380 1,455 (75)(5.2)%
Professional fees186 187 189 197 199 (13)(6.5)%759 867 (108)(12.5)%
Marketing and business development139 107 91 111 152 (13)(8.6)%448 549 (101)(18.4)%
Information processing128 125 116 123 122 4.9 %492 485 1.4 %
Other200 266 263 247 221 (21)(9.5)%976 889 87 9.8 %
Total other expense1,000 1,067 986 1,002 1,079 (79)(7.3)%4,055 4,245 (190)(4.5)%
Earnings before provision for income taxes944 412 59 382 921 23 2.5 %1,797 4,887 (3,090)(63.2)%
Provision for income taxes206 99 11 96 190 16 8.4 %412 1,140 (728)(63.9)%
Net earnings$738 $313 $48 $286 $731 $1.0 %$1,385 $3,747 $(2,362)(63.0)%
Net earnings available to common stockholders$728 $303 $37 $275 $731 $(3)(0.4)%$1,343 $3,747 $(2,404)(64.2)%
3



SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
Quarter Ended
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2020
Dec 31,
2019
Dec 31, 2020 vs.
Dec 31, 2019
Assets
Cash and equivalents$11,524 $13,552 $16,344 $13,704 $12,147 $(623)(5.1)%
Debt securities7,469 8,432 6,623 6,146 5,911 1,558 26.4 %
Loan receivables:
Unsecuritized loans held for investment56,472 52,613 52,629 54,765 58,398 (1,926)(3.3)%
Restricted loans of consolidated securitization entities25,395 25,908 25,684 27,704 28,817 (3,422)(11.9)%
Total loan receivables81,867 78,521 78,313 82,469 87,215 (5,348)(6.1)%
Less: Allowance for credit losses(1)
(10,265)(10,146)(9,802)(9,175)(5,602)(4,663)83.2 %
Loan receivables, net71,602 68,375 68,511 73,294 81,613 (10,011)(12.3)%
Loan receivables held for sale725 (720)(99.3)%
Goodwill1,078 1,078 1,078 1,078 1,078 — — %
Intangible assets, net1,125 1,091 1,166 1,208 1,265 (140)(11.1)%
Other assets3,145 3,126 2,818 2,603 2,087 1,058 50.7 %
Total assets$95,948 $95,658 $96,544 $98,038 $104,826 $(8,878)(8.5)%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts$62,469 $63,195 $63,857 $64,302 $64,877 $(2,408)(3.7)%
Non-interest-bearing deposit accounts313 298 291 313 277 36 13.0 %
Total deposits62,782 63,493 64,148 64,615 65,154 (2,372)(3.6)%
Borrowings:
Borrowings of consolidated securitization entities7,810 7,809 8,109 9,291 10,412 (2,602)(25.0)%
Senior unsecured notes7,965 7,962 7,960 7,957 9,454 (1,489)(15.7)%
Total borrowings15,775 15,771 16,069 17,248 19,866 (4,091)(20.6)%
Accrued expenses and other liabilities4,690 4,295 4,428 4,205 4,718 (28)(0.6)%
Total liabilities83,247 83,559 84,645 86,068 89,738 (6,491)(7.2)%
Equity:
Preferred stock734 734 734 734 734 — — %
Common stock— — %
Additional paid-in capital9,570 9,552 9,532 9,523 9,537 33 0.3 %
Retained earnings10,621 10,024 9,852 9,960 12,117 (1,496)(12.3)%
Accumulated other comprehensive income (loss)(51)(31)(37)(49)(58)(12.1)%
Treasury stock(8,174)(8,181)(8,183)(8,199)(7,243)(931)12.9 %
Total equity12,701 12,099 11,899 11,970 15,088 (2,387)(15.8)%
Total liabilities and equity$95,948 $95,658 $96,544 $98,038 $104,826 $(8,878)(8.5)%
(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
Dec 31, 2020Sep 30, 2020Jun 30, 2020Mar 31, 2020Dec 31, 2019
InterestAverageInterestAverageInterestAverageInterestAverageInterestAverage
AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/
BalanceExpenseRateBalanceExpenseRateBalanceExpenseRateBalanceExpenseRateBalanceExpenseRate
Assets
Interest-earning assets:
Interest-earning cash and equivalents$11,244 $0.14 %$13,664 $0.12 %$15,413 $0.08 %$12,902 $42 1.31 %$16,269 $68 1.66 %
Securities available for sale8,706 0.37 %7,984 12 0.60 %6,804 19 1.12 %5,954 25 1.69 %4,828 25 2.05 %
Loan receivables, including held for sale:
Credit cards76,039 3,908 20.45 %74,798 3,752 19.96 %75,942 3,740 19.81 %81,716 4,272 21.03 %81,960 4,409 21.34 %
Consumer installment loans2,057 50 9.67 %1,892 46 9.67 %1,546 37 9.63 %1,432 35 9.83 %2,058 48 9.25 %
Commercial credit products1,293 23 7.08 %1,238 22 7.07 %1,150 30 10.49 %1,243 33 10.68 %1,311 34 10.29 %
Other63 — — %77 NM59 NM37 — — %47 NM
Total loan receivables, including held for sale79,452 3,981 19.93 %78,005 3,821 19.49 %78,697 3,808 19.46 %84,428 4,340 20.67 %85,376 4,492 20.87 %
Total interest-earning assets99,402 3,993 15.98 %99,653 3,837 15.32 %100,914 3,830 15.26 %103,284 4,407 17.16 %106,473 4,585 17.08 %
Non-interest-earning assets:
Cash and due from banks1,525 1,489 1,486 1,450 1,326 
Allowance for credit losses(10,190)(9,823)(9,221)(8,708)(5,593)
Other assets5,228 5,021 4,779 4,696 3,872 
Total non-interest-earning assets(3,437)(3,313)(2,956)(2,562)(395)
Total assets$95,965 $96,340 $97,958 $100,722 $106,078 
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts$62,800 $200 1.27 %$63,569 $245 1.53 %$64,298 $293 1.83 %$64,366 $356 2.22 %$65,380 $383 2.32 %
Borrowings of consolidated securitization entities7,809 52 2.65 %8,057 53 2.62 %8,863 59 2.68 %9,986 73 2.94 %10,831 80 2.93 %
Senior unsecured notes7,963 82 4.10 %7,960 82 4.10 %7,958 82 4.14 %8,807 88 4.02 %9,452 93 3.90 %
Total interest-bearing liabilities78,572 334 1.69 %79,586 380 1.90 %81,119 434 2.15 %83,159 517 2.50 %85,663 556 2.58 %
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts308 307 309 299 281 
Other liabilities4,663 4,308 4,349 4,672 4,906 
Total non-interest-bearing liabilities4,971 4,615 4,658 4,971 5,187 
Total liabilities83,543 84,201 85,777 88,130 90,850 
Equity
Total equity12,422 12,139 12,181 12,592 15,228 
Total liabilities and equity$95,965 $96,340 $97,958 $100,722 $106,078 
Net interest income$3,659 $3,457 $3,396 $3,890 $4,029 
Interest rate spread(1)
14.29 %13.42 %13.11 %14.66 %14.50 %
Net interest margin(2)
14.64 %13.80 %13.53 %15.15 %15.01 %
(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, 2020
Twelve Months Ended
Dec 31, 2019
InterestAverageInterestAverage
AverageIncome/Yield/AverageIncome/Yield/
BalanceExpenseRateBalanceExpenseRate
Assets
Interest-earning assets:
Interest-earning cash and equivalents$13,301 $53 0.40 %$12,320 $258 2.09 %
Securities available for sale7,367 64 0.87 %5,464 127 2.32 %
Loan receivables, including held for sale:
Credit cards77,115 15,672 20.32 %85,334 18,384 21.54 %
Consumer installment loans1,733 168 9.69 %1,963 182 9.27 %
Commercial credit products1,231 108 8.77 %1,306 137 10.49 %
Other59 3.39 %46 4.35 %
Total loan receivables, including held for sale80,138 15,950 19.90 %88,649 18,705 21.10 %
Total interest-earning assets100,806 16,067 15.94 %106,433 19,090 17.94 %
Non-interest-earning assets:
Cash and due from banks1,488 1,327 
Allowance for credit losses(9,488)(5,902)
Other assets4,932 3,819 
Total non-interest-earning assets(3,068)(756)
Total assets$97,738 $105,677 
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts$63,755 $1,094 1.72 %$64,756 $1,566 2.42 %
Borrowings of consolidated securitization entities8,675 237 2.73 %11,941 358 3.00 %
Senior unsecured notes8,171 334 4.09 %9,310 367 3.94 %
Total interest-bearing liabilities80,601 1,665 2.07 %86,007 2,291 2.66 %
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts306 280 
Other liabilities4,498 4,473 
Total non-interest-bearing liabilities4,804 4,753 
Total liabilities85,405 90,760 
Equity
Total equity12,333 14,917 
Total liabilities and equity$97,738 $105,677 
Net interest income$14,402 $16,799 
Interest rate spread(1)
13.87 %15.28 %
Net interest margin(2)
14.29 %15.78 %
(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,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2020
Dec 31,
2019
Dec 31, 2020 vs.
Dec 31, 2019
BALANCE SHEET STATISTICS
Total common equity$11,967 $11,365 $11,165 $11,236 $14,354 $(2,387)(16.6)%
Total common equity as a % of total assets12.47 %11.88 %11.56 %11.46 %13.69 %(1.22)%
Tangible assets$93,745 $93,489 $94,300 $95,752 $102,483 $(8,738)(8.5)%
Tangible common equity(1)
$9,764 $9,196 $8,921 $8,950 $12,011 $(2,247)(18.7)%
Tangible common equity as a % of tangible assets(1)
10.42 %9.84 %9.46 %9.35 %11.72 %(1.30)%
Tangible common equity per share(1)
$16.72 $15.75 $15.28 $15.35 $19.50 $(2.78)(14.3)%
REGULATORY CAPITAL RATIOS(2)(3)
Basel III - CECL TransitionBasel III
Total risk-based capital ratio(4)
18.1 %18.1 %17.6 %16.5 %16.3 %
Tier 1 risk-based capital ratio(5)
16.8 %16.7 %16.3 %15.2 %15.0 %
Tier 1 leverage ratio(6)
14.0 %13.3 %12.7 %12.3 %12.6 %
Common equity Tier 1 capital ratio15.9 %15.8 %15.3 %14.3 %14.1 %
(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 December 31, 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 EndedTwelve Months Ended
Dec 31,
2020
Sep 30,
2020
Jun 30,
2020
Mar 31,
2020
Dec 31,
2019
4Q'20 vs. 4Q'19Dec 31,
2020
Dec 31,
2019
YTD'20 vs. YTD'19
RETAIL CARD
Purchase volume(1)(2)
$31,256 $27,374 $24,380 $24,008 $30,968 $288 0.9 %$107,018 $114,440 $(7,422)(6.5)%
Period-end loan receivables$52,130 $49,595 $49,967 $52,390 $56,387 $(4,257)(7.5)%$52,130 $56,387 $(4,257)(7.5)%
Average loan receivables, including held for sale$50,235 $49,503 $50,238 $53,820 $54,505 $(4,270)(7.8)%$50,943 $58,984 $(8,041)(13.6)%
Average active accounts (in thousands)(2)(3)
49,001 47,065 46,970 53,018 54,662 (5,661)(10.4)%49,258 57,073 (7,815)(13.7)%
Interest and fees on loans$2,719 $2,619 $2,640 $3,037 $3,143 $(424)(13.5)%$11,015 $13,557 $(2,542)(18.8)%
Other income$50 $84 $56 $59 $77 $(27)(35.1)%$249 $277 $(28)(10.1)%
Retailer share arrangements$(1,026)$(877)$(752)$(904)$(988)$(38)3.8 %$(3,559)$(3,762)$203 (5.4)%
PAYMENT SOLUTIONS
Purchase volume(1)(2)
$5,942 $5,901 $4,823 $5,375 $6,402 $(460)(7.2)%$22,041 $23,880 $(1,839)(7.7)%
Period-end loan receivables$20,153 $19,550 $19,119 $19,973 $20,528 $(375)(1.8)%$20,153 $20,528 $(375)(1.8)%
Average loan receivables, including held for sale$19,734 $19,247 $19,065 $20,344 $20,701 $(967)(4.7)%$19,597 $19,918 $(321)(1.6)%
Average active accounts (in thousands)(2)(3)
11,536 11,497 11,900 12,681 12,713 (1,177)(9.3)%11,921 12,451 (530)(4.3)%
Interest and fees on loans$673 $650 $632 $706 $737 $(64)(8.7)%$2,661 $2,829 $(168)(5.9)%
Other income$$13 $14 $13 $$— — %$44 $15 $29 193.3 %
Retailer share arrangements$(17)$(20)$(18)$(18)$(37)$20 (54.1)%$(73)$(85)$12 (14.1)%
CARECREDIT
Purchase volume(1)
$2,676 $2,738 $1,952 $2,659 $2,842 $(166)(5.8)%$10,025 $11,091 $(1,066)(9.6)%
Period-end loan receivables$9,584 $9,376 $9,227 $10,106 $10,300 $(716)(7.0)%$9,584 $10,300 $(716)(7.0)%
Average loan receivables, including held for sale$9,483 $9,255 $9,394 $10,264 $10,170 $(687)(6.8)%$9,598 $9,747 $(149)(1.5)%
Average active accounts (in thousands)(3)
5,724 5,708 5,966 6,379 6,359 (635)(10.0)%5,952 6,197 (245)(4.0)%
Interest and fees on loans$589 $552 $536 $597 $612 $(23)(3.8)%$2,274 $2,319 $(45)(1.9)%
Other income$28 $34 $25 $25 $23 $21.7 %$112 $79 $33 41.8 %
Retailer share arrangements$(4)$(2)$(3)$(4)$(4)$— — %$(13)$(11)$(2)18.2 %
TOTAL SYF
Purchase volume(1)(2)
$39,874 $36,013 $31,155 $32,042 $40,212 $(338)(0.8)%$139,084 $149,411 $(10,327)(6.9)%
Period-end loan receivables$81,867 $78,521 $78,313 $82,469 $87,215 $(5,348)(6.1)%$81,867 $87,215 $(5,348)(6.1)%
Average loan receivables, including held for sale$79,452 $78,005 $78,697 $84,428 $85,376 $(5,924)(6.9)%$80,138 $88,649 $(8,511)(9.6)%
Average active accounts (in thousands)(2)(3)
66,261 64,270 64,836 72,078 73,734 (7,473)(10.1)%67,131 75,721 (8,590)(11.3)%
Interest and fees on loans$3,981 $3,821 $3,808 $4,340 $4,492 $(511)(11.4)%$15,950 $18,705 $(2,755)(14.7)%
Other income$82 $131 $95 $97 $104 $(22)(21.2)%$405 $371 $34 9.2 %
Retailer share arrangements$(1,047)$(899)$(773)$(926)$(1,029)$(18)1.7 %<