01—Abstract
Summary
Summary of the 8-K filed April 22, 2025. Cited figures are marked; the original filing is the authoritative source.
Synchrony Financial (SYF) furnished Exhibit 99.1 under Item 7.01 (Regulation FD Disclosure), containing its monthly charge-off and delinquency statistics for the thirteen months ended March 31, 2025.
The statistics are unaudited and stated in billions of dollars. The company said it intends to continue furnishing these statistics monthly, and that for the last month of each calendar quarter they will be furnished alongside its announcement of quarterly financial results. The information is furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934.
At March 31, 2025, period-end loan receivables were $99.6 billiona, down from $101.7 billion at March 31, 2024, and down from $100.1 billion at February 28, 2025. Average loan receivables, including held for sale, were $99.3 billion for March 2025, compared with $101.2 billion for March 2024. The 30+ delinquency rate was 4.5% at March 31, 2025, compared with 4.7% at February 28, 2025 and 4.7% at March 31, 2024.
The net charge-off rate was 6.2%b for March 2025, versus 6.6% for March 2024, and the adjusted net charge-off rate was 6.2% versus 6.4% a year earlier. The filing notes that consumer credit card loan receivables represented approximately 92% of total period-end loan receivables at March 31, 2025.
It also explains that monthly charge-off figures can vary because charge-offs occur on cycle dates that differ in number from month to month. Recovery adjustments allocate recoveries, including debt sales, evenly across the three months of each quarter, and the company states that these estimates may change within a quarter.
02—Key points
Key Highlights
- Period-end loan receivables were $99.6 billion at March 31, 2025, down from $101.7 billion at March 31, 2024.
- The 30+ delinquency rate was 4.5% at March 31, 2025, down from 4.7% at March 31, 2024 and 4.7% at February 28, 2025.
- The net charge-off rate was 6.2% in March 2025, compared with 6.6% in March 2024, and 6.8% in February 2025.
- The adjusted net charge-off rate was 6.2% in March 2025, compared with 6.4% in March 2024.
- Average loan receivables, including held for sale, were $99.3 billion in March 2025, compared with $101.2 billion in March 2024.
- Consumer credit card loan receivables represented approximately 92% of total period-end loan receivables at March 31, 2025.
- Synchrony intends to furnish these statistics monthly, with quarter-end month figures released alongside its quarterly earnings announcements.
03—Questions
Frequently Asked Questions
What information did Synchrony Financial disclose in this 8-K filing?
The company furnished Exhibit 99.1 under Item 7.01, which contains unaudited monthly charge-off and delinquency statistics for the thirteen months ended March 31, 2025, stated in billions of dollars. The information is furnished rather than filed under Section 18 of the Exchange Act.
How did delinquencies and charge-offs trend in March 2025 compared with March 2024?
The 30+ delinquency rate was 4.5% at March 31, 2025, versus 4.7% at March 31, 2024. The net charge-off rate was 6.2% in March 2025, versus 6.6% in March 2024. The adjusted net charge-off rate was 6.2% versus 6.4% over the same comparison.
How did the loan portfolio change over the period?
Period-end loan receivables were $99.6 billion at March 31, 2025, compared with $101.7 billion at March 31, 2024, and $100.1 billion at February 28, 2025. Average loan receivables, including held for sale, were $99.3 billion for March 2025 versus $101.2 billion for March 2024.
Why might monthly charge-off figures fluctuate?
The filing explains that charge-offs are executed on charge-off cycle dates that vary by month based on the calendar and billing cycles, so charged-off amounts can vary between months without a corresponding change in portfolio performance. Recovery adjustments also spread recoveries, including debt sales, evenly across each quarter, and those estimates may change within the quarter.
What is the company's plan for future reporting of these statistics?
Synchrony intends to continue furnishing these statistics monthly. For the last month of each calendar quarter, the statistics will be furnished at the same time as its announcement of quarterly financial results.
04—Continue