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Mar 31, 2023
Synovus Q1 2023 Earnings Report
Synovus's first quarter results reflected a disciplined approach to execution, with a significant year-over-year increase in pre-provision net revenue and stable deposit base.
Key Takeaways
Synovus Financial Corp. reported a strong first quarter in 2023, marked by a 30% increase in pre-provision net revenue year over year, driven by loan growth and higher interest rates. The company's total revenue increased by 23% compared to the first quarter of 2022, and total deposits increased sequentially by $1.08 billion.
Net income available to common shareholders increased by $0.21 per diluted share compared to Q1 2022.
Total revenue increased by 23% compared to the first quarter 2022.
Pre-provision net revenue increased by 30% compared to the first quarter 2022.
Total deposits increased sequentially by $1.08 billion, or 2%.
Synovus
Synovus
Forward Guidance
The company did not provide specific forward guidance in this earnings report.