2023-04-19 17:04:00 ET
- Synovus press release ( NYSE: SNV ): Q1 Non-GAAP EPS of $1.33 beats by $0.10 .
- Revenue of $613.88M (+23.4% Y/Y) beats by $24.48M .
- Pre-provision net revenue of $292.0 million increased $66.9 million, or 30%, compared to the first quarter 2022.
- Period-end loans increased $328.6 million sequentially, primarily driven by new commercial production offset by a decline in third-party consumer loans from both runoff and a move to held-for-sale of $424 million.
- Total deposits increased $1.08 billion sequentially, or 2%, a result of growth in both core as well as brokered deposits.
- Fortified our liquidity position and currently maintain over $25 billion of contingent liquidity across a diverse set of sources.
- Credit quality metrics continue to remain at strong levels with a net charge-off ratio of 0.17% and a modest increase in the ACL ratio to 1.17%. The NPL and NPA ratios both moved to 0.41%.
- Preliminary CET1 ratio of 9.76% increased 13 bps sequentially as capital generation continued to support client loan growth while also buffering capital levels given economic and regulatory uncertainty.
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Synovus Non-GAAP EPS of $1.33 beats by $0.10, revenue of $613.88M beats by $24.48M