PR Newswire | Jul 21, 2020 06:31AM EDT

Diluted Share

07/21 05:30 CDT

Synchrony Reports Second Quarter Net Earnings of $48 Million or $0.06 Per Diluted ShareIncrease in Provision for Credit Losses Includes CECL Impact of $483 Million or $0.63 Per Diluted Share STAMFORD, Conn., July 21, 2020

STAMFORD, Conn., July 21, 2020 /PRNewswire/ -- Synchrony Financial (NYSE: SYF) today announced second quarter 2020 earnings results amid the continuing Coronavirus (COVID-19) pandemic. Synchrony reported second quarter 2020 net earnings of $48 million, or $0.06 per diluted share; this includes an increase in the provision for credit losses as a result of CECL implementation earlier this year of $483 million, or $365 million after tax, which equates to an EPS reduction of $0.63. Highlights included*:

* Loan receivables decreased 4% to $78.3 billion, or 3% on a Core** basis * Interest and fees on loans decreased 18% to $3.8 billion, or 7% on a Core basis * Purchase volume decreased 19% to $31.2 billion, or 13% on a Core basis * Average active accounts decreased 14% to 65 million, or 5% on a Core basis * Deposits decreased $1.5 billion, or 2%, to $64.1 billion * Successfully launched the new Verizon program * Established new relationships with Adorama, AdventHealth, Club Champion, Hisun, and Modani * Renewed and extended key relationships with CarX, Englert, Bernina, Hanks, Puronics, Vanderhall, and West Coast Dental * Returned $128 million in capital through common stock dividends

"We continue to support our employees, partners, customers and communities during the uncertainty of today's health and economic crisis. In addition, our country is awakening to the need to meaningfully address racial injustice and equality. We continue to be guided by the principle of putting clients, partners, shareholders and communities at the forefront of all we do, and believe that the values which underpin our organization will empower us to become an even stronger, better company," said Margaret Keane, Chief Executive Officer of Synchrony Financial. "As we navigate this new environment, we remain acutely focused on the future of our business. During the quarter, we successfully launched an exciting new program with Verizon and extended several programs, while also adding new partnerships. We believe we have an advantageous position as the shift to digital has accelerated-we will continue to prioritize investments to augment our digital assets and capabilities to meet the rapidly evolving needs of our cardholders and partners."

Business and Financial Highlights for the Second Quarter of 2020*

Earnings

* Net interest income decreased $759 million, or 18%, to $3.4 billion, mainly due to the Walmart consumer portfolio sale and impact of COVID-19. * Retailer share arrangements decreased $86 million, or 10%, to $773 million, reflecting the initial impact of COVID-19 on program performance. * Provision for credit losses increased $475 million, or 40%, to $1.7 billion, mainly driven by the reserve increase for the projected impact of COVID-19 related losses and the prior year reserve reduction related to Walmart. * Other income increased $5 million, or 6%, to $95 million. * Other expense decreased $73 million, or 7%, mainly due to the cost reductions from Walmart, lower purchase volume and accounts as well as reductions in certain discretionary spend, partially offset by higher operational losses, expenses related to the COVID-19 response and charitable contributions. * Net earnings totaled $48 million compared to $853 million last year.

Balance Sheet

* Period-end loan receivables decreased 4%, or 3% on a Core basis; purchase volume decreased 19%, or 13% on a Core basis; and average active accounts decreased 14%, or 5% on a Core basis. * Deposits decreased $1.5 billion, or 2%, to $64.1 billion and comprised 80% of funding. * The Company's balance sheet remained strong with total liquidity (liquid assets and undrawn credit facilities) of $28.0 billion, or 29.0% of total assets. * The Company has elected to defer the regulatory capital effects of CECL for two years; the estimated Common Equity Tier 1 ratio was 15.3% compared to 14.3%, and the estimated Tier 1 Capital ratio was 16.3% compared to 14.3%, reflecting the Company's strong capital generation capabilities. The estimated Tier 1 Capital ratio also reflects the $750 million preferred stock issuance in November 2019.

Key Financial Metrics

* Return on assets was 0.2% and return on equity was 1.6%. * Net interest margin was 13.53%. * Efficiency ratio was 36.3%.

Credit Quality

* Loans 30+ days past due as a percentage of total period-end loan receivables were 3.13% compared to 4.43% last year; excluding the Walmart consumer portfolio, the rate was down approximately 90 basis points compared to last year. * Net charge-offs as a percentage of total average loan receivables were 5.35% compared to 6.01% last year; excluding the Walmart consumer portfolio, the rate decreased approximately 20 basis points compared to last year. * The allowance for credit losses as a percentage of total period-end loan receivables was 12.52%.

Sales Platforms

* Retail Card period-end loan receivables decreased 4%, driven primarily by the impact from COVID-19, partially offset by growth in digital partners. Interest and fees on loans decreased 22%, purchase volume decreased 17%, and average active accounts decreased 18%, driven primarily by the sale of the Walmart consumer portfolio and the decline in loan receivables. * Payment Solutions period-end loan receivables decreased 3%; period-end loan receivables increased 1% on a Core basis led by growth in Power, substantially offset by the impact from COVID-19. Interest and fees on loans decreased 8%, driven primarily by lower late fees. Purchase volume decreased 19% and average active accounts decreased 3%. * CareCredit period-end loan receivables decreased 5%, driven primarily by the impact from COVID-19, partially offset by growth in Veterinary. Interest and fees on loans decreased 4%, driven primarily by lower merchant discount as a result of the decline in purchase volume, which decreased 31%. Average active accounts decreased 2%.

* All comparisons are for the second quarter of 2020 compared to the second quarter of 2019, unless otherwise noted.** Financial measures shown above on a Core basis are non-GAAP measures and exclude from both the prior year and the current year amounts related to the Walmart and Yamaha portfolios, sold in October 2019 and January 2020, respectively. See non-GAAP reconciliation in the financial tables.

Corresponding Financial Tables and Information

No representation is made that the information in this news release is complete. Investors are encouraged to review the foregoing summary and discussion of Synchrony Financial's earnings and financial condition in conjunction with the detailed financial tables and information that follow and the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as filed February 13, 2020, and the Company's forthcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. The detailed financial tables and other information are also available on the Investor Relations page of the Company's website at www.investors.synchronyfinancial.com. This information is also furnished in a Current Report on Form 8-K filed with the SEC today.

Conference Call and Webcast Information

On Tuesday, July 21, 2020, at 8:30 a.m. Eastern Time, Margaret Keane, Chief Executive Officer, Brian Doubles, President, and Brian Wenzel Sr., Executive Vice President and Chief Financial Officer, will host a conference call to review the financial results and outlook for certain business drivers. The conference call can be accessed via an audio webcast through the Investor Relations page on the Synchrony Financial corporate website, www.investors.synchronyfinancial.com, under Events and Presentations. A replay will also be available on the website.

About Synchrony Financial

Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.

Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions.

For more information, visit www.synchrony.com and Twitter: @Synchrony.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains certain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "targets," "outlook," "estimates," "will," "should," "may" or words of similar meaning, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include global political, economic, business, competitive, market, regulatory and other factors and risks, such as: the impact of macroeconomic conditions and whether industry trends we have identified develop as anticipated, including the future impacts of the novel coronavirus disease ("COVID-19") outbreak and measures taken in response thereto for which future developments are highly uncertain and difficult to predict; retaining existing partners and attracting new partners, concentration of our revenue in a small number of Retail Card partners, and promotion and support of our products by our partners; cyber-attacks or other security breaches; disruptions in the operations of our computer systems and data centers; the financial performance of our partners; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to the new CECL accounting guidance; higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to grow our deposits in the future; damage to our reputation; our ability to securitize our loan receivables, occurrence of an early amortization of our securitization facilities, loss of the right to service or subservice our securitized loan receivables, and lower payment rates on our securitized loan receivables; changes in market interest rates and the impact of any margin compression; effectiveness of our risk management processes and procedures, reliance on models which may be inaccurate or misinterpreted, our ability to manage our credit risk; our ability to offset increases in our costs in retailer share arrangements; competition in the consumer finance industry; our concentration in the U.S. consumer credit market; our ability to successfully develop and commercialize new or enhanced products and services; our ability to realize the value of acquisitions and strategic investments; reductions in interchange fees; fraudulent activity; failure of third parties to provide various services that are important to our operations; international risks and compliance and regulatory risks and costs associated with international operations; alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; litigation and regulatory actions; our ability to attract, retain and motivate key officers and employees; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; a material indemnification obligation to GE under the Tax Sharing and Separation Agreement with GE if we cause the split-off from GE or certain preliminary transactions to fail to qualify for tax-free treatment or in the case of certain significant transfers of our stock following the split-off; regulation, supervision, examination and enforcement of our business by governmental authorities, the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislative and regulatory developments and the impact of the Consumer Financial Protection Bureau's regulation of our business; impact of capital adequacy rules and liquidity requirements; restrictions that limit our ability to pay dividends and repurchase our common stock, and restrictions that limit the Synchrony Bank's ability to pay dividends to us; regulations relating to privacy, information security and data protection; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering and anti-terrorism financing laws.

For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this news release and in our public filings, including under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as filed on February 13, 2020, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, as filed on April 22, 2020. You should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

Non-GAAP Measures

The information provided herein includes measures we refer to as "tangible common equity" and certain "Core" financial measures that have been adjusted to exclude amounts related to the Walmart and Yamaha portfolios, sold in October 2019 and January 2020, respectively, which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please see the detailed financial tables and information that follow. For a statement regarding the usefulness of these measures to investors, please see the Company's Current Report on Form 8-K filed with the SEC today.

SYNCHRONY FINANCIAL

FINANCIAL SUMMARY

(unaudited, in millions, except per share statistics)

Quarter Ended Six Months Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2Q'20 vs. 2Q'19 Jun 30, Jun 30, YTD'20 vs. YTD'19 2020 2020 2019 2019 2019 2020 2019

EARNINGS

Net interest $3,396 $3,890 $4,029 $4,389 $4,155 $(759) (18.3)% $7,286 $8,381 $(1,095) (13.1)%income

Retailershare (773) (926) (1,029) (1,016) (859) 86 (10.0)% (1,699) (1,813) 114 (6.3)%arrangements

Provision for 1,673 1,677 1,104 1,019 1,198 475 39.6% 3,350 2,057 1,293 62.9%credit losses

Net interestincome, afterretailershare 950 1,287 1,896 2,354 2,098 (1,148) (54.7)% 2,237 4,511 (2,274) (50.4)%arrangementsand provisionfor creditlosses

Other income 95 97 104 85 90 5 5.6% 192 182 10 5.5%

Other expense 986 1,002 1,079 1,064 1,059 (73) (6.9)% 1,988 2,102 (114) (5.4)%

Earningsbefore 59 382 921 1,375 1,129 (1,070) (94.8)% 441 2,591 (2,150) (83.0)%provision forincome taxes

Provision for 11 96 190 319 276 (265) (96.0)% 107 631 (524) (83.0)%income taxes

Net earnings $48 $286 $731 $1,056 $853 $(805) (94.4)% $334 $1,960 $(1,626) (83.0)%

Net earningsavailable to $37 $275 $731 $1,056 $853 $(816) (95.7)% $312 $1,960 $(1,648) (84.1)%commonstockholders

COMMON SHARESTATISTICS

Basic EPS $0.06 $0.45 $1.15 $1.60 $1.25 $(1.19) (95.2)% $0.52 $2.82 $(2.30) (81.6)%

Diluted EPS $0.06 $0.45 $1.15 $1.60 $1.24 $(1.18) (95.2)% $0.52 $2.81 $(2.29) (81.5)%

Dividenddeclared per $0.22 $0.22 $0.22 $0.22 $0.21 $0.01 4.8% $0.44 $0.42 $0.02 4.8%share

Common stock $22.16 $16.09 $36.01 $34.09 $34.67 $(12.51) (36.1)% $22.16 $34.67 $(12.51) (36.1)%price

Book value $19.13 $19.27 $23.31 $23.13 $22.03 ($2.90) (13.2)% $19.13 $22.03 ($2.90) (13.2)%per share

Tangiblecommon equity $15.28 $15.35 $19.50 $19.68 $18.60 ($3.32) (17.8)% $15.28 $18.60 ($3.32) (17.8)%per share^(1)

Beginningcommon shares 583.2 615.9 653.7 668.9 688.8 (105.6) (15.3)% 615.9 718.8 (102.9) (14.3)%outstanding

Issuance of - - - - - - - % - - - - %common shares

Stock-based 0.5 0.9 0.6 0.4 1.2 (0.7) (58.3)% 1.4 2.1 (0.7) (33.3)%compensation

Shares - (33.6) (38.4) (15.6) (21.1) 21.1 (100.0)% (33.6) (52.0) 18.4 (35.4)%repurchased

Ending commonshares 583.7 583.2 615.9 653.7 668.9 (85.2) (12.7)% 583.7 668.9 (85.2) (12.7)%outstanding

Weightedaverage 583.7 604.9 633.7 658.3 683.6 (99.9) (14.6)% 594.3 694.8 (100.5) (14.5)%common sharesoutstanding

Weightedaveragecommon shares 584.4 607.4 637.7 661.7 686.5 (102.1) (14.9)% 595.9 697.7 (101.8) (14.6)%outstanding(fullydiluted)

(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For correspondingreconciliation of TCE to a GAAP financial measure, see Reconciliation ofNon-GAAP Measures and Calculations of Regulatory Measures.

SYNCHRONY FINANCIAL

SELECTED METRICS

(unaudited, $ in millions)

Quarter Ended Six Months Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2Q'20 vs. 2Q'19 Jun 30, Jun 30, YTD'20 vs. YTD'19 2020 2020 2019 2019 2019 2020 2019

PERFORMANCE METRICS

Return on assets^(1) 0.2% 1.1% 2.7% 3.9% 3.3% (3.1)% 0.7% 3.8% (3.1)%

Return on equity^(2) 1.6% 9.1% 19.0% 28.3% 23.1% (21.5)% 5.4% 26.7% (21.3)%

Return on tangible common equity^(3) 1.6% 11.6% 23.0% 33.4% 27.4% (25.8)% 6.7% 31.6% (24.9)%

Net interest margin^(4) 13.53% 15.15% 15.01% 16.29% 15.75% (2.22)% 14.35% 15.92% (1.57)%

Efficiency ratio^(5) 36.3% 32.7% 34.8% 30.8% 31.3% 5.0% 34.4% 31.1% 3.3%

Other expense as a % of average loan 5.04% 4.77% 5.01% 4.66% 4.78% 0.26% 4.90% 4.74% 0.16%receivables, including held for sale

Effective income tax rate 18.6% 25.1% 20.6% 23.2% 24.4% (5.8)% 24.3% 24.4% (0.1)%

CREDIT QUALITY METRICS

Net charge-offs as a % of average loan 5.35% 5.36% 5.15% 5.35% 6.01% (0.66)% 5.35% 6.04% (0.69)%receivables, including held for sale

30+ days past due as a % of period-end loan 3.13% 4.24% 4.44% 4.47% 4.43% (1.30)% 3.13% 4.43% (1.30)%receivables^(6)

90+ days past due as a % of period-end loan 1.77% 2.10% 2.15% 2.07% 2.16% (0.39)% 1.77% 2.16% (0.39)%receivables^(6)

Net charge-offs $1,046 $1,125 $1,109 $1,221 $1,331 $(285) (21.4)% $2,171 $2,675 $(504) (18.8)%

Loan receivables delinquent over 30 days^(6) $2,453 $3,500 $3,874 $3,723 $3,625 $(1,172) (32.3)% $2,453 $3,625 $(1,172) (32.3)%

Loan receivables delinquent over 90 days^(6) $1,384 $1,735 $1,877 $1,723 $1,768 $(384) (21.7)% $1,384 $1,768 $(384) (21.7)%

Allowance for credit losses (period-end) $9,802 $9,175 $5,602 $5,607 $5,809 $3,993 68.7% $9,802 $5,809 $3,993 68.7%

Allowance coverage ratio^(7) 12.52% 11.13% 6.42% 6.74% 7.10% 5.42% 12.52% 7.10% 5.42%

BUSINESS METRICS

Purchase volume^(8)(9) $31,155 $32,042 $40,212 $38,395 $38,291 $(7,136) (18.6)% $63,197 $70,804 $(7,607) (10.7)%

Period-end loan receivables $78,313 $82,469 $87,215 $83,207 $81,796 $(3,483) (4.3)% $78,313 $81,796 $(3,483) (4.3)%

Credit cards $75,353 $79,832 $84,606 $79,788 $78,446 $(3,093) (3.9)% $75,353 $78,446 $(3,093) (3.9)%

Consumer installment loans $1,779 $1,390 $1,347 $2,050 $1,983 $(204) (10.3)% $1,779 $1,983 $(204) (10.3)%

Commercial credit products $1,140 $1,203 $1,223 $1,317 $1,328 $(188) (14.2)% $1,140 $1,328 $(188) (14.2)%

Other $41 $44 $39 $52 $39 $2 5.1% $41 $39 $2 5.1%

Average loan receivables, including held for $78,697 $84,428 $85,376 $90,556 $88,792 $(10,095) (11.4)% $81,563 $89,344 $(7,781) (8.7)%sale

Period-end active accounts (in thousands)^ 63,430 68,849 75,471 77,094 76,065 (12,635) (16.6)% 63,430 76,065 (12,635) (16.6)%(9)(10)

Average active accounts (in thousands)^(9) 64,836 72,078 73,734 76,695 75,525 (10,689) (14.2)% 68,401 76,545 (8,144) (10.6)%(10)

LIQUIDITY

Liquid assets

Cash and equivalents $16,344 $13,704 $12,147 $11,461 $11,755 $4,589 39.0% $16,344 $11,755 $4,589 39.0%

Total liquid assets $22,352 $19,225 $17,322 $15,201 $16,665 $5,687 34.1% $22,352 $16,665 $5,687 34.1%

Undrawn credit facilities

Undrawn credit facilities $5,650 $5,600 $6,050 $6,500 $7,050 $(1,400) (19.9)% $5,650 $7,050 $(1,400) (19.9)%

Total liquid assets and undrawn credit $28,002 $24,825 $23,372 $21,701 $23,715 $4,287 18.1% $28,002 $23,715 $4,287 18.1%facilities

Liquid assets % of total assets 23.15% 19.61% 16.52% 14.35% 15.66% 7.49% 23.15% 15.66% 7.49%

Liquid assets including undrawn credit 29.00% 25.32% 22.30% 20.48% 22.29% 6.71% 29.00% 22.29% 6.71%facilities % of total assets

(1) Return on assets represents net earnings as a percentage of average totalassets.

(2) Return on equity represents net earnings as a percentage of average totalequity.

(3) Return on tangible common equity represents net earnings available tocommon stockholders as a percentage of average tangible common equity. Tangiblecommon equity ("TCE") is a non-GAAP measure. For corresponding reconciliationof TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures andCalculations of Regulatory Measures.

(4) Net interest margin represents net interest income divided by averageinterest-earning assets.

(5) Efficiency ratio represents (i) other expense, divided by (ii) net interestincome, plus other income, less retailer share arrangements.

(6) Based on customer statement-end balances extrapolated to the respectiveperiod-end date.

(7) Allowance coverage ratio represents allowance for credit losses divided bytotal period-end loan receivables.

(8) Purchase volume, or net credit sales, represents the aggregate amount ofcharges incurred on credit cards or other credit product accounts less returnsduring the period.

(9) Includes activity and accounts associated with loan receivables held forsale.

(10) Active accounts represent credit card or installment loan accounts onwhich there has been a purchase, payment or outstanding balance in the currentmonth.

SYNCHRONY FINANCIAL

STATEMENTS OF EARNINGS

(unaudited, $ in millions)

Quarter Ended Six Months Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2Q'20 vs. 2Q'19 Jun 30, Jun 30, YTD'20 vs. YTD'19 2020 2020 2019 2019 2019 2020 2019

Interestincome:

Interest and $3,808 $4,340 $4,492 $4,890 $4,636 $(828) (17.9)% $8,148 $9,323 $(1,175) (12.6)%fees on loans

Interest oncash and debt 22 67 93 91 102 (80) (78.4)% 89 201 (112) (55.7)%securities

Total interest 3,830 4,407 4,585 4,981 4,738 (908) (19.2)% 8,237 9,524 (1,287) (13.5)%income

Interestexpense:

Interest on 293 356 383 411 397 (104) (26.2)% 649 772 (123) (15.9)%deposits

Interest onborrowings ofconsolidated 59 73 80 88 90 (31) (34.4)% 132 190 (58) (30.5)%securitizationentities

Interest onsenior 82 88 93 93 96 (14) (14.6)% 170 181 (11) (6.1)%unsecurednotes

Total interest 434 517 556 592 583 (149) (25.6)% 951 1,143 (192) (16.8)%expense

Net interest 3,396 3,890 4,029 4,389 4,155 (759) (18.3)% 7,286 8,381 (1,095) (13.1)%income

Retailer share (773) (926) (1,029) (1,016) (859) 86 (10.0)% (1,699) (1,813) 114 (6.3)%arrangements

Provision for 1,673 1,677 1,104 1,019 1,198 475 39.6% 3,350 2,057 1,293 62.9%credit losses

Net interestincome, afterretailer sharearrangements 950 1,287 1,896 2,354 2,098 (1,148) (54.7)% 2,237 4,511 (2,274) (50.4)%and provisionfor creditlosses

Other income:

Interchange 134 161 192 197 194 (60) (30.9)% 295 359 (64) (17.8)%revenue

Debtcancellation 69 69 64 64 69 - - % 138 137 1 0.7%fees

Loyalty (134) (158) (181) (203) (192) 58 (30.2)% (292) (359) 67 (18.7)%programs

Other 26 25 29 27 19 7 36.8% 51 45 6 13.3%

Total other 95 97 104 85 90 5 5.6% 192 182 10 5.5%income

Other expense:

Employee costs 327 324 385 359 358 (31) (8.7)% 651 711 (60) (8.4)%

Professional 189 197 199 205 231 (42) (18.2)% 386 463 (77) (16.6)%fees

Marketing andbusiness 91 111 152 139 135 (44) (32.6)% 202 258 (56) (21.7)%development

Information 116 123 122 127 123 (7) (5.7)% 239 236 3 1.3%processing

Other 263 247 221 234 212 51 24.1% 510 434 76 17.5%

Total other 986 1,002 1,079 1,064 1,059 (73) (6.9)% 1,988 2,102 (114) (5.4)%expense

Earningsbefore 59 382 921 1,375 1,129 (1,070) (94.8)% 441 2,591 (2,150) (83.0)%provision forincome taxes

Provision for 11 96 190 319 276 (265) (96.0)% 107 631 (524) (83.0)%income taxes

Net earnings $48 $286 $731 $1,056 $853 $(805) (94.4)% $334 $1,960 $(1,626) (83.0)%

Net earningsavailable to $37 $275 $731 $1,056 $853 $(816) (95.7)% $312 $1,960 $(1,648) (84.1)%commonstockholders

SYNCHRONY FINANCIAL

STATEMENTS OF FINANCIAL POSITION

(unaudited, $ in millions)

Quarter Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, 2020 vs. 2020 2020 2019 2019 2019 Jun 30, 2019

Assets

Cash and equivalents $16,344 $13,704 $12,147 $11,461 $11,755 $4,589 39.0%

Debt securities 6,623 6,146 5,911 4,584 6,147 476 7.7%

Loan receivables:

Unsecuritized loans 52,629 54,765 58,398 56,220 55,178 (2,549) (4.6)%held for investment

Restricted loans ofconsolidated 25,684 27,704 28,817 26,987 26,618 (934) (3.5)%securitizationentities

Total loan 78,313 82,469 87,215 83,207 81,796 (3,483) (4.3)%receivables

Less: Allowance for (9,802) (9,175) (5,602) (5,607) (5,809) (3,993) 68.7%credit losses^(1)

Loan receivables, 68,511 73,294 81,613 77,600 75,987 (7,476) (9.8)%net

Loan receivables 4 5 725 8,182 8,096 (8,092) (100.0)%held for sale

Goodwill 1,078 1,078 1,078 1,078 1,078 - - %

Intangible assets, 1,166 1,208 1,265 1,177 1,215 (49) (4.0)%net

Other assets 2,818 2,603 2,087 1,861 2,110 708 33.6%

Total assets $96,544 $98,038 $104,826 $105,943 $106,388 $(9,844) (9.3)%

Liabilities andEquity

Deposits:

Interest-bearing $63,857 $64,302 $64,877 $65,677 $65,382 $(1,525) (2.3)%deposit accounts

Non-interest-bearing 291 313 277 295 263 28 10.6%deposit accounts

Total deposits 64,148 64,615 65,154 65,972 65,645 (1,497) (2.3)%

Borrowings:

Borrowings ofconsolidated 8,109 9,291 10,412 10,912 11,941 (3,832) (32.1)%securitizationentities

Senior unsecured 7,960 7,957 9,454 9,451 9,303 (1,343) (14.4)%notes

Total borrowings 16,069 17,248 19,866 20,363 21,244 (5,175) (24.4)%

Accrued expenses and 4,428 4,205 4,718 4,488 4,765 (337) (7.1)%other liabilities

Total liabilities 84,645 86,068 89,738 90,823 91,654 (7,009) (7.6)%

Equity:

Preferred stock 734 734 734 - - 734 NM

Common stock 1 1 1 1 1 - - %

Additional paid-in 9,532 9,523 9,537 9,520 9,500 32 0.3%capital

Retained earnings 9,852 9,960 12,117 11,533 10,627 (775) (7.3)%

Accumulated othercomprehensive (37) (49) (58) (44) (43) 6 (14.0)%income:

Treasury stock (8,183) (8,199) (7,243) (5,890) (5,351) (2,832) 52.9%

Total equity 11,899 11,970 15,088 15,120 14,734 (2,835) (19.2)%

Total liabilities $96,544 $98,038 $104,826 $105,943 $106,388 $(9,844) (9.3)%and equity

(1) Effective January 1, 2020, the Company adopted ASU 2016-13, FinancialInstruments-Credit Losses ("CECL") that measures the allowance for creditlosses based on management's best estimate of expected credit losses for thelife of our loan receivables. Prior periods presented reflect measurement ofthe allowance based on management's estimate of probable incurred credit lossesin accordance with the previous accounting guidance effective for thoseperiods.

SYNCHRONY FINANCIAL

AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN

(unaudited, $ in millions)

Quarter Ended

Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 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 $15,413 $3 0.08% $12,902 $42 1.31% $16,269 $68 1.66% $10,947 $59 2.14% $10,989 $66 2.41%and equivalents

Securities available for 6,804 19 1.12% 5,954 25 1.69% 4,828 25 2.05% 5,389 32 2.36% 6,010 36 2.40%sale

Loan receivables,including held for sale:

Credit cards 75,942 3,740 19.81% 81,716 4,272 21.03% 81,960 4,409 21.34% 87,156 4,807 21.88% 85,488 4,557 21.38%

Consumer installment 1,546 37 9.63% 1,432 35 9.83% 2,058 48 9.25% 2,022 48 9.42% 1,924 44 9.17%loans

Commercial credit 1,150 30 10.49% 1,243 33 10.68% 1,311 34 10.29% 1,329 35 10.45% 1,330 34 10.25%products

Other 59 1 NM 37 - - % 47 1 NM 49 - - % 50 1 NM

Total loan receivables, 78,697 3,808 19.46% 84,428 4,340 20.67% 85,376 4,492 20.87% 90,556 4,890 21.42% 88,792 4,636 20.94%including held for sale

Total interest-earning 100,914 3,830 15.26% 103,284 4,407 17.16% 106,473 4,585 17.08% 106,892 4,981 18.49% 105,791 4,738 17.96%assets

Non-interest-earningassets:

Cash and due from banks 1,486 1,450 1,326 1,374 1,271

Allowance for credit (9,221) (8,708) (5,593) (5,773) (5,911)losses

Other assets 4,779 4,696 3,872 3,920 3,752

Totalnon-interest-earning (2,956) (2,562) (395) (479) (888)assets

Total assets $97,958 $100,722 $106,078 $106,413 $104,903

Liabilities

Interest-bearingliabilities:

Interest-bearing deposit $64,298 $293 1.83% $64,366 $356 2.22% $65,380 $383 2.32% $65,615 $411 2.49% $64,226 $397 2.48%accounts

Borrowings ofconsolidated 8,863 59 2.68% 9,986 73 2.94% 10,831 80 2.93% 11,770 88 2.97% 11,785 90 3.06%securitization entities

Senior unsecured notes 7,958 82 4.14% 8,807 88 4.02% 9,452 93 3.90% 9,347 93 3.95% 9,543 96 4.03%

Total interest-bearing 81,119 434 2.15% 83,159 517 2.50% 85,663 556 2.58% 86,732 592 2.71% 85,554 583 2.73%liabilities

Non-interest-bearingliabilities

Non-interest-bearing 309 299 281 283 271deposit accounts

Other liabilities 4,349 4,672 4,906 4,570 4,260

Totalnon-interest-bearing 4,658 4,971 5,187 4,853 4,531liabilities

Total liabilities 85,777 88,130 90,850 91,585 90,085

Equity

Total equity 12,181 12,592 15,228 14,828 14,818

Total liabilities and $97,958 $100,722 $106,078 $106,413 $104,903equity

Net interest income $3,396 $3,890 $4,029 $4,389 $4,155

Interest rate spread^(1) 13.11% 14.66% 14.50% 15.78% 15.23%

Net interest margin^(2) 13.53% 15.15% 15.01% 16.29% 15.75%

(1) Interest rate spread represents the difference between the yield on totalinterest-earning assets and the rate on total interest-bearing liabilities.

(2) Net interest margin represents net interest income divided by averageinterest-earning assets.

SYNCHRONY FINANCIAL

AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN

(unaudited, $ in millions)

Six Months Ended Six Months Ended Jun 30, 2020 Jun 30, 2019

Interest Average Interest Average

Average Income/ Yield/ Average Income/ Yield/

Balance Expense Rate Balance Expense Rate

Assets

Interest-earningassets:

Interest-earning cash $14,158 $45 0.64% $11,011 $131 2.40%and equivalents

Securities available 6,379 44 1.39% 5,826 70 2.42%for sale

Loan receivables,including held forsale:

Credit cards 78,830 8,012 20.44% 86,125 9,168 21.47%

Consumer installment 1,489 72 9.72% 1,884 86 9.21%loans

Commercial credit 1,196 63 10.59% 1,291 68 10.62%products

Other 48 1 4.19% 44 1 4.58%

Total loan receivables, 81,563 8,148 20.09% 89,344 9,323 21.04%including held for sale

Total interest-earning 102,100 8,237 16.22% 106,181 9,524 18.09%assets

Non-interest-earningassets:

Cash and due from banks 1,468 1,303

Allowance for credit (8,965) (6,125)losses

Other assets 4,737 3,741

Totalnon-interest-earning (2,760) (1,081)assets

Total assets $99,340 $105,100

Liabilities

Interest-bearingliabilities:

Interest-bearing $64,332 $649 2.03% $64,002 $772 2.43%deposit accounts

Borrowings ofconsolidated 9,425 132 2.82% 12,592 190 3.04%securitization entities

Senior unsecured notes 8,382 170 4.08% 9,219 181 3.96%

Total interest-bearing 82,139 951 2.33% 85,813 1,143 2.69%liabilities

Non-interest-bearingliabilities

Non-interest-bearing 304 278deposit accounts

Other liabilities 4,511 4,205

Totalnon-interest-bearing 4,815 4,483liabilities

Total liabilities 86,954 90,296

Equity

Total equity 12,386 14,804

Total liabilities and $99,340 $105,100equity

Net interest income $7,286 $8,381

Interest rate spread^ 13.89% 15.40%(1)

Net interest margin^(2) 14.35% 15.92%

(1) Interest rate spread represents the difference between the yield on totalinterest-earning assets and the rate on total interest-bearing liabilities.

(2) Net interest margin represents net interest income divided by averageinterest-earning assets.

SYNCHRONY FINANCIAL

BALANCE SHEET STATISTICS

(unaudited, $ in millions, except per share statistics)

Quarter Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Jun 30, 2020 vs. 2020 2020 2019 2019 2019 Jun 30, 2019

BALANCESHEETSTATISTICS

Totalcommon $11,165 $11,236 $14,354 $15,120 $14,734 ($3,569) (24.2)%equity

Totalcommonequity as 11.56% 11.46% 13.69% 14.27% 13.85% (2.29)%a % oftotalassets

Tangible $94,300 $95,752 $102,483 $103,688 $104,095 $(9,795) (9.4)%assets

Tangiblecommon $8,921 $8,950 $12,011 $12,865 $12,441 ($3,520) (28.3)%equity^(1)

Tangiblecommonequity as 9.46% 9.35% 11.72% 12.41% 11.95% (2.49)%a % oftangibleassets^(1)

Tangiblecommon $15.28 $15.35 $19.50 $19.68 $18.60 ($3.32) (17.8)%equity pershare^(1)

REGULATORYCAPITALRATIOS^(2)(3)

Basel III - CECL Transition Basel III

Totalrisk-based 17.6% 16.5% 16.3% 15.8% 15.6%capitalratio^(4)

Tier 1risk-based 16.3% 15.2% 15.0% 14.5% 14.3%capitalratio^(5)

Tier 1leverage 12.7% 12.3% 12.6% 12.6% 12.4%ratio^(6)

CommonequityTier 1 15.3% 14.3% 14.1% 14.5% 14.3%capitalratio

(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is amore meaningful measure of the net asset value of the Company to investors. Forcorresponding reconciliation of TCE to a GAAP financial measure, seeReconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

(2) Regulatory capital ratios at June 30, 2020 are preliminary and thereforesubject to change.

(3) Capital ratios starting March 31, 2020 reflect election to delay for twoyears an estimate of CECL's effect on regulatory capital in accordance with theinterim final rule issued by U.S. banking agencies in March 2020.

(4) Total risk-based capital ratio is the ratio of total risk-based capitaldivided by risk-weighted assets.

(5) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided byrisk-weighted assets.

(6) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by totalaverage assets, after certain adjustments. Tier 1 leverage ratios are basedupon the use of daily averages for all periods presented.

SYNCHRONY FINANCIAL

PLATFORM RESULTS

(unaudited, $ in millions)

Quarter Ended Six Months Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2Q'20 vs. 2Q'19 Jun 30, Jun 30, YTD'20 vs. YTD'19 2020 2020 2019 2019 2019 2020 2019

RETAIL CARD

Purchasevolume^(1) $24,380 $24,008 $30,968 $29,282 $29,530 $(5,150) (17.4)% $48,388 $54,190 $(5,802) (10.7)%(2)

Period-endloan $49,967 $52,390 $56,387 $52,697 $52,307 $(2,340) (4.5)% $49,967 $52,307 $(2,340) (4.5)%receivables

Average loanreceivables,including $50,238 $53,820 $54,505 $60,660 $59,861 $(9,623) (16.1)% $52,029 $60,409 $(8,380) (13.9)%held forsale

Averageactiveaccounts (in 46,970 53,018 54,662 58,082 57,212 (10,242) (17.9)% 49,982 58,132 (8,150) (14.0)%thousands)^(2)(3)

Interest andfees on $2,640 $3,037 $3,143 $3,570 $3,390 $(750) (22.1)% $5,677 $6,844 $(1,167) (17.1)%loans

Other income $56 $59 $77 $65 $59 $(3) (5.1)% $115 $135 $(20) (14.8)%

Retailershare $(752) $(904) $(988) $(998) $(836) $84 (10.0)% $(1,656) $(1,776) $120 (6.8)%arrangements

PAYMENTSOLUTIONS

Purchasevolume^(1) $4,823 $5,375 $6,402 $6,281 $5,948 $(1,125) (18.9)% $10,198 $11,197 $(999) (8.9)%(2)

Period-endloan $19,119 $19,973 $20,528 $20,478 $19,766 $(647) (3.3)% $19,119 $19,766 $(647) (3.3)%receivables

Average loanreceivables,including $19,065 $20,344 $20,701 $20,051 $19,409 $(344) (1.8)% $19,705 $19,453 $252 1.3%held forsale

Averageactiveaccounts (in 11,900 12,681 12,713 12,384 12,227 (327) (2.7)% 12,266 12,321 (55) (0.4)%thousands)^(2)(3)

Interest andfees on $632 $706 $737 $721 $685 $(53) (7.7)% $1,338 $1,371 $(33) (2.4)%loans

Other income $14 $13 $4 $(1) $11 $3 27.3% $27 $12 $15 125.0%

Retailershare $(18) $(18) $(37) $(15) $(21) $3 (14.3)% $(36) $(33) $(3) 9.1%arrangements

CARECREDIT

Purchase $1,952 $2,659 $2,842 $2,832 $2,813 $(861) (30.6)% $4,611 $5,417 $(806) (14.9)%volume^(1)

Period-endloan $9,227 $10,106 $10,300 $10,032 $9,723 $(496) (5.1)% $9,227 $9,723 $(496) (5.1)%receivables

Average loanreceivables,including $9,394 $10,264 $10,170 $9,845 $9,522 $(128) (1.3)% $9,829 $9,482 $347 3.7%held forsale

Averageactiveaccounts (in 5,966 6,379 6,359 6,229 6,086 (120) (2.0)% 6,153 6,092 61 1.0%thousands)^(3)

Interest andfees on $536 $597 $612 $599 $561 $(25) (4.5)% $1,133 $1,108 $25 2.3%loans

Other income $25 $25 $23 $21 $20 $5 25.0% $50 $35 $15 42.9%

Retailershare $(3) $(4) $(4) $(3) $(2) $(1) 50.0% $(7) $(4) $(3) 75.0%arrangements

TOTAL SYF

Purchasevolume^(1) $31,155 $32,042 $40,212 $38,395 $38,291 $(7,136) (18.6)% $63,197 $70,804 $(7,607) (10.7)%(2)

Period-endloan $78,313 $82,469 $87,215 $83,207 $81,796 $(3,483) (4.3)% $78,313 $81,796 $(3,483) (4.3)%receivables

Average loanreceivables,including $78,697 $84,428 $85,376 $90,556 $88,792 $(10,095) (11.4)% $81,563 $89,344 $(7,781) (8.7)%held forsale

Averageactiveaccounts (in 64,836 72,078 73,734 76,695 75,525 (10,689) (14.2)% 68,401 76,545 (8,144) (10.6)%thousands)^(2)(3)

Interest andfees on $3,808 $4,340 $4,492 $4,890 $4,636 $(828) (17.9)% $8,148 $9,323 $(1,175) (12.6)%loans

Other income $95 $97 $104 $85 $90 $5 5.6% $192 $182 $10 5.5%

Retailershare $(773) $(926) $(1,029) $(1,016) $(859) $86 (10.0)% $(1,699) $(1,813) $114 (6.3)%arrangements

(1) Purchase volume, or net credit sales, represents the aggregate amount ofcharges incurred on credit cards or other credit product accounts less returnsduring the period.

(2) Includes activity and balances associated with loan receivables held forsale.

(3) Active accounts represent credit card or installment loan accounts on whichthere has been a purchase, payment or outstanding balance in the current month.

SYNCHRONY FINANCIAL

RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES^(1)

(unaudited, $ in millions, except per share statistics)

Quarter Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2020 2020 2019 2019 2019

COMMON EQUITY AND REGULATORYCAPITAL MEASURES^(2)

GAAP Total equity $11,899 $11,970 $15,088 $15,120 $14,734

Less: Preferred stock (734) (734) (734) - -

Less: Goodwill (1,078) (1,078) (1,078) (1,078) (1,078)

Less: Intangible assets, net (1,166) (1,208) (1,265) (1,177) (1,215)

Tangible common equity $8,921 $8,950 $12,011 $12,865 $12,441

Add: CECL transition amount 2,570 2,417 - - -

Adjustments for certaindeferred tax liabilities and 302 304 319 290 283certain items in accumulatedcomprehensive income (loss)

Common equity Tier 1 $11,793 $11,671 $12,330 $13,155 $12,724

Preferred stock 734 734 734 - -

Tier 1 capital $12,527 $12,405 $13,064 $13,155 $12,724

Add: Allowance for creditlosses includible in risk-based 1,031 1,082 1,147 1,190 1,169capital

Total Risk-based capital $13,558 $13,487 $14,211 $14,345 $13,893

ASSET MEASURES^(2)

Total average assets $97,958 $100,722 $106,078 $106,413 $104,903

Adjustments for:

Add: CECL transition amount 2,570 2,417 - - -

Disallowed goodwill and otherdisallowed intangible assets (1,980) (2,010) (2,059) (1,975) (2,003)(net of related deferred taxliabilities) and other

Total assets for leverage $98,548 $101,129 $104,019 $104,438 $102,900purposes

Risk-weighted assets $77,048 $81,639 $87,302 $90,772 $88,890

CECL FULLY PHASED-IN CAPITALMEASURES

Tier 1 capital $12,527 $12,405 $13,064 $13,155 $12,724

Less: CECL transition (2,570) (2,417) - - -adjustment

Tier 1 capital (CECL fully $9,957 $9,988 $13,064 $13,155 $12,724phased-in)

Add: Allowance for credit 9,802 9,175 5,602 5,607 5,809losses

Tier 1 capital (CECL fullyphased-in) + Reserves for $19,759 $19,163 $18,666 $18,762 $18,533credit losses

Risk-weighted assets $77,048 $81,639 $87,302 $90,772 $88,890

Less: CECL transition (2,361) (2,204) - - -adjustment

Risk-weighted assets (CECL $74,687 $79,435 $87,302 $90,772 $88,890fully phased-in)

TANGIBLE COMMON EQUITY PERSHARE

GAAP book value per share $19.13 $19.27 $23.31 $23.13 $22.03

Less: Goodwill (1.85) (1.85) (1.75) (1.65) (1.61)

Less: Intangible assets, net (2.00) (2.07) (2.06) (1.80) (1.82)

Tangible common equity per $15.28 $15.35 $19.50 $19.68 $18.60share

(1) Regulatory measures at June 30, 2020 are presented on an estimated basis.

(2) Capital ratios starting March 31, 2020 reflect election to delay for twoyears an estimate of CECL's effect on regulatory capital in accordance with theinterim final rule issued by U.S. banking agencies in March 2020

SYNCHRONY FINANCIAL

RECONCILIATION OF NON-GAAP MEASURES (Continued)

(unaudited, $ in millions, except per share statistics)

Quarter Ended

Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, 2020 2020 2019 2019 2019

ALLOWANCE FOR LOAN LOSSES ^(1)

Allowance for credit losses $9,802 $9,175 N/A N/A N/A

Less: Impact from CECL^(2) (3,605) (3,122) - - -

Allowance for loan losses^(1) $6,197 $6,053 $5,602 $5,607 $5,809

ALLOWANCE FOR LOAN LOSSES AS A % OFPERIOD-END LOAN RECEIVABLES

Allowance for credit losses as a % 12.52% 11.13% N/A N/A N/Aof period-end loan receivables

Less: Impact from CECL^(2) (4.61)% (3.79)% - % - % - %

Allowance for loan losses as a % of 7.91% 7.34% 6.42% 6.74% 7.10%period-end loan receivables

CORE PURCHASE VOLUME

Purchase Volume $31,155 $32,042 $40,212 $38,395 $38,291

Less: Walmart and Yamaha Purchase - - (267) (2,381) (2,512)volume

Core Purchase volume $31,155 $32,042 $39,945 $36,014 $35,779

CORE LOAN RECEIVABLES

Loan receivables $78,313 $82,469 $87,215 $83,207 $81,796

Less: Walmart and Yamaha Loan - - (3) (872) (1,188)receivables

Core Loan receivables $78,313 $82,469 $87,212 $82,335 $80,608

Retail Card Loan receivables $49,967 $52,390 $56,387 $52,697 $52,307

Less: Walmart Loan receivables - - - (112) (431)

Core Loan receivables $49,967 $52,390 $56,387 $52,585 $51,876

Payment Solutions Loan receivables $19,119 $19,973 $20,528 $20,478 $19,766

Less: Yamaha Loan receivables - - (3) (760) (757)

Core Loan receivables $19,119 $19,973 $20,525 $19,718 $19,009

CORE AVERAGE ACTIVE ACCOUNTS (inthousands)

Average active accounts (in 64,836 72,078 73,734 76,695 75,525thousands)

Less: Walmart and Yamaha average - - (1,777) (7,001) (7,215)Active accounts (in thousands)

Core Average active accounts (in 64,836 72,078 71,957 69,694 68,310thousands)

CORE INTEREST AND FEES ON LOANS

Interest and fees on loans $3,808 $4,340 $4,492 $4,890 $4,636

Less: Walmart and Yamaha Interest - - (69) (531) (520)and fees on loans

Core Interest and fees on loans $3,808 $4,340 $4,423 $4,359 $4,116

(1) Beginning in 1Q'20, allowance for loan losses is calculated based uponaccounting standards no longer effective, and as such is a Non-GAAP measure.

(2) Impact from CECL reflects the additional allowance for credit lossesrecorded in accordance with ASC 2016-13, as compared to the allowance forcredit losses required had the prior accounting guidance been applied.

Investor Relations Greg Ketron(203) 585-6291 Media Relations Sue Bishop(203) 585-2802

View original content to download multimedia: http://www.prnewswire.com/news-releases/synchrony-reports-second-quarter-net-earnings-of-48-million-or-0-06-per-diluted-share-301096536.html

SOURCE Synchrony Financial