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Financial Highlights

FOR THE YEARS ENDED, AND AT, DECEMBER 31

(in millions unless otherwise stated except for per share data and rations)

FINANCIAL HIGHLIGHTS 2020 2019
Net interest income $14,402 $16,799
Interest and fees on loans $15,950 $18,705
Net earnings $1,385 $3,747
Diluted earnings per share $2.27 $5.56
Shares outstanding1 590.8 673.5
PERIOD END
Total assets $95,948 $104,826
Loan receivables $81,867 $87,215
Deposits $62,782 $65,154
Common equity Tier 1 capital ratio 15.9% 14.1%
PERFORMANCE METRICS
Purchase volume (in billions)2 $139.1 $149.4
Active accounts (in thousands)3 68,540 75,471
Average active accounts (in thousands)3 67,131 75,721
Net interest margin4 14.29% 15.78%
Net charge-off ratio5 4.58% 5.65%
30+ delinquency rate6 3.07% 4.44%
Efficiency ratio7 36.3% 31.9%
Return on assets8 1.4% 3.5%

“We remain optimistic in the strength and strategic position of our business to exit the pandemic period in a stronger position than when we entered. We will continue to make investments in our people, products, technology and platforms to drive long-term value and continue to ensure the safety of our employees while meeting the needs of our partners, merchants, providers and cardholders.”

BRIAN WENZELExecutive Vice President
and Chief Financial Officer

1Diluted weighted average shares outstanding.

2Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period. Purchase volume includes activity related to our portfolios classified as held for sale.

3Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding ba class="footnote"lance in the current month.

4Net interest margin represents net interest income divided by average interest-earning assets.

5Net charge-off ratio represents net charge-offs as a percentage of average loan receivables.

6Based on customer statement-end balances extrapolated to the respective period-end date.

7Efficiency ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.

8Return on assets represents net earnings as a percentage of average total assets.