In This Article:
Synovus Financial (NYSE:SNV) Full Year 2024 Results
Key Financial Results
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Revenue: US$1.85b (down 8.9% from FY 2023).
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Net income: US$439.6m (down 13% from FY 2023).
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Profit margin: 24% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue.
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EPS: US$3.05 (down from US$3.48 in FY 2023).
SNV Banking Performance Indicators
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Net interest margin (NIM): 3.19% (down from 3.21% in FY 2023).
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Cost-to-income ratio: 54.3% (down from 54.9% in FY 2023).
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Non-performing loans: 0.73% (up from 0.66% in FY 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Synovus Financial EPS Beats Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%.
Looking ahead, revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are up 3.4% from a week ago.
Risk Analysis
It is worth noting though that we have found 1 warning sign for Synovus Financial that you need to take into consideration.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.