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Dec 31, 2024
Synovus Q4 2024 Earnings Report
Synovus reported diluted earnings per share of $1.25 and adjusted diluted earnings per share of $1.25 for the fourth quarter of 2024.
Key Takeaways
Synovus Financial Corp. reported strong growth across core commercial lending, deposits and key fee-producing businesses in Q4 2024. The company maintained strict control over operating expenses, saw improvements in loan losses and increased their Common Equity Tier 1 ratio to the highest level in over 10 years.
Net income available to common shareholders was $178.8 million, or $1.25 per diluted share, up 6% sequentially, and up sharply from $60.6 million in the fourth quarter 2023.
Pre-provision net revenue of $271.3 million increased $20.2 million, or 8%, sequentially and was up $135.4 million, or 100%, compared to the fourth quarter 2023.
Core deposits, which excludes brokered deposits, increased $1.13 billion, or 3%, sequentially. Total deposits ended the quarter at $51.10 billion, an increase of $901.6 million or 2% sequentially.
The CET1 ratio increased sequentially to 10.84% as strong earnings accretion more than offset approximately $50 million in common share repurchases during the fourth quarter.
Revenue by Segment
Forward Guidance
Synovus is well-positioned for continued success in 2025 and beyond due to its momentum, financial position, and accelerated growth orientation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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