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Jun 30, 2023
Synovus Q2 2023 Earnings Report
Synovus's financial performance in the second quarter of 2023 reflected team strength and resiliency, with pre-provision net revenue growing 8% year over year and adjusted return on tangible common equity at 18%.
Key Takeaways
Synovus Financial Corp. reported financial results for the quarter ended June 30, 2023, with total revenue of $567.8 million, an increase of 9% compared to the second quarter 2022. Diluted earnings per share were $1.13, while adjusted diluted earnings per share were $1.16.
Total revenue increased by 9% compared to the second quarter 2022, driven by net interest income growth of 7% and a 7% increase in core client fee income (excluding mortgage).
Pre-provision net revenue increased by 8% compared to the second quarter 2022.
Total deposits increased sequentially, influenced by remixing due to the rate environment.
Credit quality metrics remained solid, with a net charge-off ratio of 0.24% and a stable loan portfolio.
Forward Guidance
Synovus is proactively optimizing the balance sheet, adjusting revenue expectations, and significantly reducing expense growth to position the company for sustainable, long-term growth amid challenging market conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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