Synovus Financial Corp ( (SNV) ) has released its Q4 earnings. Here is a breakdown of the information Synovus Financial Corp presented to its investors.
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Synovus Financial Corp. is a financial services company headquartered in Columbus, Georgia, offering a comprehensive range of commercial and consumer banking services across the southeastern United States. With approximately $60 billion in assets, it operates through 244 branches in Georgia, Alabama, Florida, South Carolina, and Tennessee.
In its latest earnings report, Synovus Financial Corp. announced a significant improvement in its financial performance for the fourth quarter of 2024, with diluted earnings per share rising to $1.25 from $0.41 in the same quarter the previous year. Key highlights from the year include strong growth in commercial lending and deposits, strategic management of operating expenses, and a boost in credit quality.
The company reported a net income available to common shareholders of $439.6 million for 2024, with an adjusted diluted earnings per share of $4.43, reflecting a year-over-year improvement. Despite a decline in net interest income due to reduced loan balances, Synovus managed to increase its Common Equity Tier 1 ratio to 10.84%, the highest in over a decade, indicating strong capital positioning.
Synovus also experienced a decline in non-interest revenue primarily due to a securities loss earlier in the year, but adjusted non-interest revenue increased by 6% driven by growth in Treasury Management fees, Capital Markets income, and Wealth revenue. Non-interest expense decreased by 7% as the company effectively managed its cost base.
Looking ahead, Synovus Financial Corp. remains optimistic about its growth prospects in 2025, supported by its solid financial foundation and strategic focus on relationship-building and market expansion. The company anticipates continued success in maintaining healthy credit quality and improving operational efficiencies.
