Synchrony credit card deliquency, charge-off rates rise in October

Synchrony Financial’s (NYSE:SYF) credit card delinquency and net charge-off rates both climbed in October as lending stayed roughly stable for the past six months, the company disclosed in a filing.

The percentage of loans that are 30 days or more late on paymentincreased to 4.9% from 4.8% in September and 4.6% in October 2023. That compares with the 4.5% level it stood at in October 2019, before COVID disrupted typical credit trends.

The net charge-off rate of 6.4% rose from 6.2% in the prior month and 5.6% in October 2023. The most recent reading is 130 basis points higher than the 5.1% level in October 2019.

Synchrony’s (NYSE:SYF) loan receivables as of Oct. 31, 2024, were $102.3B, up 0.1% M/M and 3.4% Y/Y. The loan level has stayed within the $102.2B-$102.7B range in the past six months.