Synovus Financial Corp. reported diluted earnings per share of $1.25 for the fourth quarter ended December 31, 2024, a substantial increase from $0.41 in the prior year's fourth quarter. Adjusted diluted earnings per share also reached $1.25, up from $0.80 in the same period last year, reflecting successful relationship-building strategies.
Net interest income for the quarter was $454.99 million, increasing 3% quarter-over-quarter and 4% year-over-year, with the net interest margin expanding by 6 basis points to 3.28%. Total revenue for the quarter was $580.58 million, up 19% year-over-year, driven by growth in core commercial lending and fee-producing businesses.
The company maintained strong control over operating expenses, with non-interest expense decreasing by 12% year-over-year to $309.31 million. Credit quality showed improvements, and the preliminary Common Equity Tier 1 (CET1) ratio rose to 10.84%, marking its highest level in over 10 years, inclusive of approximately $50 million in share repurchases.
For the full year 2024, Synovus successfully implemented strategies resulting in strong growth across core commercial lending, deposits, and key fee-producing businesses. The company's financial position and accelerated growth orientation are expected to position it well for continued success in 2025 and beyond.
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