Synchrony Continues to Drive Forward in Q3

In Q3, Synchrony 's stable funding model, strong management of capital and value of our products generated net earnings of $628 million, or $1.48 per diluted share, a return on average assets of 2.3% and a return on tangible common equity of 22.9%.?

Our broad product suite continues to resonate with our 70-plus million customers and drive growth across nearly all of our sales platforms. Additionally, customers are attracted to our consumer bank offerings, where we grew both direct and brokered deposits to fund our anticipated receivables growth. You can read the full report here.

Time-Tested and Prepared for Today and Tomorrow

Companies today, including Synchrony, must balance delivering for their stakeholders against a backdrop that includes many factors – from the economic environment, to evolving consumer preferences, to changing regulatory landscapes. But what enables companies to withstand the test of time is their ability to stay focused on driving the business forward despite outside circumstances. Synchrony, with its near-century of experience, knows how to balance managing shifting headwinds, while continuing to achieve the growth we and our shareholders expect.

Which is why Synchrony remains laser focused on expense discipline, credit risk, partner relationships, customer experience, and of course, the quality of our products. As we generate higher-than-anticipated growth, we’re maintaining our expectation for operating expenses while continuing to make investments in the future and long-term growth of our business.

Lowe's Deploys Synchrony Pay Later

In September, we were proud to launch Lowe's Pay - powered by Synchrony Pay Later. Lowe’s has been a valuable partner for more than 40 years. By adding our Buy Now, Pay Later offering to the ecosystem of Synchrony products available to Lowe’s customers? we’re helping them grow Lowe’s business while providing additional flexibility and choice to consumers. It’s a testament to the quality of our products, technology, user experience and depth of our relationship.

PayPal + Venmo Add Apple Wallet Provisioning

As customers become increasingly digital-first, Synchrony is there to meet their needs. Earlier this month, we rolled out auto-provisioning to Apple Wallet for our PayPal and Venmo co-brand cards – enabling customers to instantly add these cards to their digital wallet immediately upon receipt. As digital wallets gain in popularity, it’s now even easier for customers to extend our leading value propositions through out-of-partner purchases, accumulating rewards more quickly and finding even greater value.

The Importance of Adaptability

As guided by our business performance, market conditions, regulatory restrictions and subject to our capital plan, Synchrony remains well-positioned to return capital to shareholders. If we’ve learned anything in nearly a century of doing business, it’s the importance of adaptability. From earliest days to today through countless cycles and market evolutions, we’ve continued to innovate delivering financial products and capabilities that connect our consumers and partners, while meeting the needs of our many stakeholders.