Synchrony Financial credit card delinquency rate stable, charge-offs slide in August

Synchrony Financial’s (NYSE:SYF) credit card delinquency rate remained unchanged, while its net charge-off rate retreated M/M in August, the company said in a recent SEC filing. Both rates, nonetheless, remain above their pre-pandemic levels.

The delinquency rate of 4.6% was flat from July and rose from 4.1% in the year-ago period. That’s also up from 4.4% in August 2019, before the pandemic hit.

Its adjusted net charge-off rate of 5.7% gapped down from 6.3% in the prior month and 4.7% a year earlier. That compares with 5.3% five years ago.

Lending activity decreased, with period-end loan receivables of $102.5B slipping from $102.7B in July and $97.3B in August 2023.