Synovus Financial Corp. reported diluted earnings per share of $1.18 for the third quarter ended September 30, 2024, a significant increase from $0.60 in the prior year's third quarter. Adjusted diluted earnings per share reached $1.23, up from $0.84 in the same period last year, demonstrating strong fundamental trends.
Net interest income for the quarter was $440.74 million, showing a 1% increase quarter-over-quarter, with the net interest margin expanding by 2 basis points to 3.22%. Non-interest revenue stood at $123.98 million, marking a 16% increase year-over-year, while non-interest expense decreased by 11% year-over-year to $313.69 million.
Credit quality improved, with the provision for credit losses declining substantially by 68% year-over-year to $23.434 million. The net charge-off ratio decreased to 0.25% from 0.61% in the third quarter of 2023, and the preliminary Common Equity Tier 1 (CET1) ratio reached 10.65%, its highest level in nine years.
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