Synchrony Reports High-Single-Digit Growth in Consumer Credit Market

Synchrony reported that it achieved high-single-digit purchase-volume growth early in the third quarter, consistent with the approximately 8% growth seen during the second quarter. The company stated that this growth was supported by partnerships with Walmart, Lowe's, and various digital platforms. While consumer spending remained resilient for super-prime customers, categories like outdoor, furniture, and health and wellness faced affordability pressures.

Synchrony stated that the company is selectively expanding credit and is currently operating below its long-term net charge-off framework of 5.5% to 6%. The company reaffirmed its goal of achieving mid-single-digit receivables growth by year-end, with a longer-term target of 7% to 10% through-cycle growth.