Synchrony Financial: May metrics show further y/y loan growth acceleration

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Synchrony Financial: May metrics show further y/y loan growth acceleration

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Synchrony Financial

May metrics show further y/y loan growth

acceleration

Maintain Rating: BUY | PO: 91.00 USD | Price: 70.55 USD

Solid May results and conference update 09 June 2026

Buy-rated Synchrony Financial (SYF) reported strong May results including the third Equity

consecutive month of loan growth and delinquencies improving better than its typical

Mihir Bhatia

seasonality (’17-’19). At a conference appearance today, SYF highlighted that 2Q Research Analyst

purchase volume has maintained mid-to-high single digit growth with Memorial Day BofAS mihir.bhatia@bofa.com

showing ‘green shoots’ in discretionary categories (e.g. HVAC, home improvement,

Matthew C. O'Neill

furniture), signaling resilient consumer demand despite pressure in outdoor big‑ticket Research Analyst

items. SYF also noted elevated gas prices are shifting mix marginally toward non- BofAS matthew.c.oneill@bofa.com

discretionary spend but have not reduced overall consumption yet. Maintain Buy.

Caroline Latta

Research Analyst

BofASNCO rate 5.4% down 20bps m/m caroline.latta@bofa.com

May loss rate (NCO) of 5.4% was down 20bps m/m but up 20bps y/y. The 20bps m/m

Natalie Howe

was a touch worse than the typical May move of -30bps (7-year average). QTD losses Research Analyst

are running at 5.5%, and with the NCO rate typically down 12bps m/m in June, we BofASnatalie.howe@bofa.com

maintain our 2Q NCO forecast of 5.4%. The 30+ day delinquency (DQ) rate was 4.2%, Lawrence Aydlett

down 10bps from April, a touch weaker the 7-year average improvement of -13bps and Research Analyst

better than SYF’s guided typical range (2017-19 average) of 7bps. It is also flat on a y/y BofASlawrence.aydlettjr@bofa.com