01—Abstract
Summary
Summary of the 8-K filed May 15, 2025. Cited figures are marked; the original filing is the authoritative source.
Synchrony Financial (SYF) furnished a Regulation FD disclosure under Item 7.01 containing its Monthly Charge-Off and Delinquency Statistics (Exhibit 99.1) for each of the thirteen months ended April 30, 2025.
The filing is unaudited and presented in billions of dollars. As of April 30, 2025, period-end loan receivables were $99.5 billiona, down from $99.6 billion at March 31, 2025 and $101.6 billion at April 30, 2024. Average loan receivables, including held for sale, were $99.1 billion for April 2025.
For April 2025, the 30+ delinquency rate was 4.3%b, compared with 4.5% in March 2025 and 4.6% in April 2024. The net charge-off rate was 6.3% in April 2025, versus 6.2% in March 2025 and 6.7% in April 2024. The adjusted net charge-off rate, a non-GAAP measure that includes a recovery adjustment, was also 6.3% for April 2025.
The company states that this adjusted measure is more indicative of its quarterly and annual net charge-off rates. The company intends to furnish these statistics monthly, with the last month of each calendar quarter's figures released alongside its quarterly financial results. The filing notes that monthly charge-off figures can vary because of the timing of charge-off cycle dates, and that consumer credit card loan receivables represent approximately 92%c of total period-end loan receivables at April 30, 2025.
02—Key points
Key Highlights
- Period-end loan receivables were $99.5 billion at April 30, 2025, down from $99.6 billion at March 31, 2025 and $101.6 billion at April 30, 2024.
- The 30+ delinquency rate improved to 4.3% in April 2025, from 4.5% in March 2025 and 4.6% in April 2024.
- The net charge-off rate was 6.3% in April 2025, compared with 6.2% in March 2025 and 6.7% in April 2024.
- The adjusted net charge-off rate, a non-GAAP measure, was 6.3% in April 2025, equal to the unadjusted rate for the month.
- Average loan receivables, including held for sale, were $99.1 billion in April 2025, versus $101.1 billion in April 2024.
- Consumer credit card loan receivables represent approximately 92% of total period-end loan receivables at April 30, 2025.
- Monthly statistics will continue to be furnished, with quarter-end months released alongside quarterly earnings results.
03—Questions
Frequently Asked Questions
What did Synchrony Financial disclose in this 8-K filing?
The company furnished its Monthly Charge-Off and Delinquency Statistics as Exhibit 99.1 under Item 7.01 (Regulation FD Disclosure). The statistics cover each of the thirteen months ended April 30, 2025, and are unaudited.
How did delinquency and charge-off rates trend in April 2025?
The 30+ delinquency rate was 4.3% in April 2025, down from 4.5% in March 2025 and 4.6% in April 2024. The net charge-off rate was 6.3%, up from 6.2% in March 2025 but down from 6.7% in April 2024.
What is the difference between the net charge-off rate and the adjusted net charge-off rate?
The adjusted net charge-off rate includes a recovery adjustment that allocates recoveries, including debt sales, evenly across the three months of each quarter. For April 2025, both rates were 6.3% because the recovery adjustment was zero. The company says the adjusted rate is more indicative of its quarterly and annual net charge-off rates.
Why can monthly charge-off figures fluctuate?
Charge-offs are executed on charge-off cycle dates that occur on various days each month. The number of cycle dates varies with the calendar and billing cycle timing, so charged-off balances can change between months without a corresponding change in portfolio performance.
When will investors receive future updates to these statistics?
The company intends to continue furnishing these statistics monthly. For the last month of each calendar quarter, the statistics will be released together with its quarterly financial results announcement.
04—Continue