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%.