Synchrony Financial's monthly charge-off and delinquency statistics as of and for each of the thirteen months ended July 31, 2024, show some notable changes. Let's dive into the specifics.
The period-end loan receivables increased to $102.7 billion at July 31, 2024, from $96.3 billion at July 31, 2023.
The 30+ delinquency rate stood at 4.6% at July 31, 2024, up from 4.0% at July 31, 2023, indicating a year-over-year increase in delinquency.
The net charge-off rate for the month ended July 31, 2024, rose to 6.2% from 4.7% at July 31, 2023, reflecting a significant year-over-year increase in net charge-offs.
The average loan receivables, including those held for sale, increased to $101.9 billion at July 31, 2024, from $95.2 billion at July 31, 2023.
The adjusted net charge-off rate, which includes the recovery adjustment, increased to 6.3% at July 31, 2024, from 4.7% at July 31, 2023.
These figures indicate a noticeable shift in Synchrony Financial's charge-off and delinquency metrics compared to the same period last year, suggesting a change in the company's credit portfolio performance. Following these announcements, the company's shares moved 1.3%, and are now trading at a price of $46.32. Check out the company's full 8-K submission here.
