Synovus Q3 2023 Earnings Report
Key Takeaways
Synovus Financial Corp. reported financial results for Q3 2023, with diluted earnings per share of $0.60 and adjusted diluted earnings per share of $0.84. The company completed sales of third-party consumer loans and medical office building loans, while total revenue declined by 5% year-over-year. Deposits increased, and the CET1 ratio rose to 10.13%.
Completed the sales of $338 million of third-party consumer loans and $1.2 billion of medical office building loans.
Total revenue of $550.3 million declined 5% compared to the third quarter 2022.
Total deposits increased $123.5 million sequentially, while core deposits grew $431.5 million.
The preliminary CET1 ratio of 10.13% increased 27 bps sequentially.
Synovus
Synovus
Synovus Revenue by Segment
Forward Guidance
Synovus is confidently looking forward to a strong close for 2023 and is optimistic about returning to a stronger growth orientation as they progress through 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income