Synchrony Financial
Q2 2022 Earnings Call
Jul 18, 2022, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the Synchrony Financial second quarter 2022 earnings conference call. My name is Vanessa, and I will be your operator for today's call. [Operator instructions] I will now turn the call over to Kathryn Miller, senior vice president of investor relations. You may begin.
Kathryn Miller -- Senior Vice President, Investor Relations
Thank you, and good morning, everyone. Welcome to our quarterly earnings conference call. In addition to today's press release, we have provided a presentation that covers the topics we plan to address during our call. The press release, detailed financial schedules, and presentation are available on our website, synchronyfinancial.com.
This information can be accessed by going to the investor relations section of the website. Before we get started, I wanted to remind you that our comments today will include forward-looking statements. These statements are subject to risks and uncertainties, and actual results could differ materially. We list the factors that might cause actual results to differ materially in our SEC filings, which are available on our website.
During the call, we will refer to non-GAAP financial measures in discussing the company's performance. You can find a reconciliation of these measures to GAAP financial measures in our materials for today's call. Finally, Synchrony Financial is not responsible for and does not edit or guarantee the accuracy of our earnings teleconference transcripts provided by third parties. The only authorized webcast are located on our website.
On the call this morning are Brian Doubles, Synchrony's president and chief executive officer; and Brian Wenzel, executive vice president and chief financial officer. I will now turn the call over to Brian Doubles.
Brian Doubles -- President and Chief Executive Officer
Thanks, Kathryn. And good morning, everyone. Synchrony continued to execute on our key strategic priorities and delivered strong financial results for the second quarter 2022, including net earnings of 804 million, or a $1.60 per diluted share, a return on average assets of 3.4%, and a return on tangible common equity of 30.3%. These results were driven by Synchrony's differentiated business model and our deep understanding of the needs and expectations of our customers and partners.
Consumer health also remained strong during the second quarter, which supported continued demand for the wide variety of products and services that our partners, merchants, and providers offer. As a result, Synchrony added 6 million new accounts, grew average active accounts by 4%, and achieved our highest purchase volume ever in a quarter of 47 billion, a year-over-year increase of 12% or a 16% increase on a core basis. Dual and co-branded cards accounted for 38% of core purchase volume and increased 31% from the prior year. Consumer spend was broad-based across our platforms, leading to double-digit growth in our diversified and value, health and wellness, digital, and home and auto platforms, as well as single-digit growth in our lifestyle platform.