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Synovus Financial Corp  (SNV)
    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


architecture-2256489_960_720.jpgSynovus Financial Corp Delivers Strong Q1 Earnings

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.



Synovus Financial's Asset Turnover

Synovus Financial's Asset Turnover



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