Synovus reports Q3 adjusted EPS 84c, consensus 86c

Reports Q3 revenue $550.3M, consensus $538.43M. Provision for credit losses of $72.6M increased $33.7M sequentially and rose $47.0M vs. last year. Tangible book value per share was $23.74 at quarter end from $23.78. “Our Q3 financial results reflect agility and disciplined execution amid complex market dynamics,” said CEO Kevin Blair. “While we navigate through this uncertain economic landscape, our primary focus remains on strengthening and growing our core client relationships and strategically positioning Synovus for future growth. This includes efforts to optimize the balance sheet as well as business mix. Our proactive measures taken in the third quarter have further derisked the company by reducing our wholesale funding ratio to 15% and elevating the CET1 ratio beyond 10%, while also streamlining ongoing expenses. We are confidently looking forward to a strong close for 2023, and we are optimistic about the return to a stronger growth orientation as we progress through 2024.”