Synchrony Financial July 2024 credit metrics: 30+ delinquency 4.6%, net charge-off 6.2%, both up YoY

Synchrony Financial

Period-end loan receivables $102.7B at July 31, 2024, up from $96.3B a year earlier.
30+ delinquency rate rose to 4.6% from 4.0% in July 2023, driven by moderation in customer payment rates.
Net charge-off rate (annualized) increased to 6.2% from 4.7% a year ago.
Adjusted net charge-off rate, which smooths recovery timing, was 6.3% vs. 4.7% in July 2023.
Credit card loan receivables (approx. 92% of total) had charge-off cycle dates varying by month.

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