Synovus Q1 2022 Earnings Report
Key Takeaways
Synovus Financial Corp. reported strong execution against profitable growth objectives in Q1 2022, with 11% annualized loan growth and a 9% year-over-year increase in adjusted pre-provision net revenue. The company has increased its financial expectations for 2022.
Net income available to common shareholders was $162.7 million, or $1.11 per diluted share.
Adjusted diluted EPS was $1.08, primarily impacted by an increased provision for credit losses.
Period-end loans increased by $857.2 million sequentially, and $1.05 billion, or 11.0% annualized, excluding Paycheck Protection program (PPP) loans.
Core transaction deposits increased $405.0 million sequentially, or 4% annualized, driven by growth in non-interest bearing and savings deposits.
Synovus
Synovus
Synovus Revenue by Segment
Forward Guidance
Synovus anticipates enhancing performance throughout the year while proactively pursuing new and expanded sources of revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income