Synchrony credit card net charge-offs improve in July, delinquencies stable

[Synchrony Office Building, Charlotte]
J. Michael Jones

Synchrony Financial (NYSE:SYF [https://seekingalpha.com/symbol/SYF]) credit card delinquencies stayed [https://seekingalpha.com/filings/pdf/18700838]stable in July, while net charge-offs dipped, according to a company filing.

The delinquency rate for accounts 30-days or more past due was 4.2%, unchanged from the prior two months, down from 4.6% a year ago, and roughly even from the pre-pandemic level of 4.1% in July 2019.

The adjusted net charge-off rate of 5.1% dropped from 5.7% in June and 6.3% in July 2024. The metric also compares favorably with the 5.4% level in 2019.

Lending activity edged up from June, with the period-end receivables sitting at $100.3B, up 0.5% M/M and down 2.3% from July 2024.

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