Synchrony Financial Q1 2023 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : My first question is on the RSA, at 4.1% in the quarter, I think that it was about 20 basis points lower than what consensus had. And as we think about normalizing credit for the rest of the year, should we expect the rest of the year to be at the lower end of the range that you gave us, Brian?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. And I hate to ask about '24, but a lot of investors are now thinking about credit sensitive financials and trough earnings in a recession, and expecting trough earnings to be occurring in 2024. So as we think about the dynamics of your net charge-off dollars reaching prepandemic levels in 2024, the potential for Fed cuts potentially supporting your margin as you reprice deposits down. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 19, 2023 / 12:00PM, SYF.N - Q1 2023 Synchrony Financial Earnings Call How should your prospective and our investors think about the RSA in that environment, right? Because I think that as investors think about the step function higher in net charge-offs, is there a way for them to easily say, okay, here's a step function lower an RSA in a recessionary year. That's unique to your staff.