Synovus Q3 2021 Earnings Report
Key Takeaways
Synovus Financial Corp. reported strong financial results for the third quarter of 2021, with net income available to common shareholders of $178.5 million, or $1.21 per diluted share. The company saw growth in loans (excluding PPP), core transaction deposits, and pre-provision net revenue. Synovus also achieved a pre-tax run rate benefit of approximately $100 million from its Synovus Forward initiatives.
Net income available to common shareholders was $178.5 million, or $1.21 per diluted share.
Loans increased by $105.0 million sequentially, or $922.7 million excluding Paycheck Protection program (PPP) loans.
Core transaction deposits increased $1.03 billion, or 3% sequentially.
Synovus Forward initiatives reached a pre-tax run rate benefit of approximately $100 million by quarter end.
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Forward Guidance
Synovus is on track to achieve an aggregate $175 million pre-tax run rate benefit by the end of 2022 with Synovus Forward.