Sector • Financial Industry • Commercial Banks |
Industry • Commercial Banks |
Sector • Financial |
Synovus Financial Corp Achieves Impressive 18.92% Double Digit Earnings per Share Growth in Q1 2023?
Despite Net Income Decline, Synovus Financial Corp Demonstrates Strong Return on Assets Improvement and Overall Sectoral Advancement
Published May 06 2023 / Modified May 06 2023
CSIMarket Team / CSIMarket.com
In the first quarter of 2023, Synovus Financial Corp yielded a return on asset (ROA) of 1.34%, which is above SNV's average return on assets of 0.43%. Despite the company's net income deteriorating, Synovus Financial was able to improve its ROA compared to the fourth quarter of 2022.
Meanwhile, within the Financial sector, 157 other companies had a higher return on assets.
Return on assets, the overall ranking, has advanced in the Mar 31, 2023 quarter, so far to 945 from the total ROA ranking in the fourth quarter of 2022 at 2335.
Synovus Financial Corp delivered a bewildering first quarter of 2023 earnings season revenue and bottom-line improvement, where revenue grew by 19.651% to $581.72 million when compared with the prior year period, income surged by 18.92% at $1.32 per share.
EPS deteriorated from the previous financial reporting period by -2.76% from $1.36 per share, revenue surged by 2.254% from $568.90 million.
Earnings of $202.159 million in the first quarter of 2023 increased by 18.2% from net earnings of $171.037 million reported in the first quarter of 2023 a year ago.
Synovus Financial Corp shifted its focus on improving sales in the first quarter of 2023, as a result, the net margin eased to 34.75%. Operating earnings, however, rose 21.59% to $259.871 million.
Investors can expect to hear more from Synovus Financial Corp on August 01, 2023, when the company reports its next financial results.
The current strong earnings report puts Synovus Financial Corp in a good position to continue to grow and expand its operations in the coming months and years.
Other SNV's news
Synovus Exceeds Expectations with Successful Completion of Tender Offer
Synovus Financial Corp Shows Continued Growth in Dividend Payout Ratio, Declares Quarterly Dividends
Headline: Synovus Financial Corp Faces Revenue Decline, But Investors Remain Optimistic
Deterioration in profits in spite of Increase in demand in the fiscal time-frame ending June 30 2023
Synovus Financial Corp Achieves Impressive 18.92% Double Digit Earnings per Share Growth in Q1 2023?
Revenues and Profits Increased at in the fourth quarter of 2022 earnings season
Consolidating revenue at Synovus Financial Corp over the April to June 30 2022 three months
Other SNV's news
Synovus Exceeds Expectations with Successful Completion of Tender Offer
Synovus Financial Corp Shows Continued Growth in Dividend Payout Ratio, Declares Quarterly Dividends
Headline: Synovus Financial Corp Faces Revenue Decline, But Investors Remain Optimistic
Deterioration in profits in spite of Increase in demand in the fiscal time-frame ending June 30 2023
Synovus Financial Corp Achieves Impressive 18.92% Double Digit Earnings per Share Growth in Q1 2023?
Revenues and Profits Increased at in the fourth quarter of 2022 earnings season
Consolidating revenue at Synovus Financial Corp over the April to June 30 2022 three months