Curious about Synovus net worth in 2024? Join us as we delve into their financial performance, market cap, and more. Explore how Synovus stands among the largest worldwide banks with Ando Money.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Synovus Financial Corp. |
| Full Name | Synovus Financial Corp. |
| Traded as | NYSE: SNV |
| ISIN | N/A |
| Founded | 1888; 136 years ago |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | Columbus, Georgia |
| Chief Executive Officer | Kevin Blair |
| Number of Employees | 4,879 |
| Market Cap | $5.51 billion |
| Total Assets | $60 billion |
| Total Equity | N/A |
| Revenue | $537.7 million |
| Net Income | $114.8 million |
What is the Net Worth/Market Cap of Synovus in 2024?
As of 2024, Synovus Financial Corp. has a market capitalization of $5.51 billion.
This places Synovus in a competitive position within the banking industry, comparable to Valley Bank with the same market cap and below Webster Bank at $8.73 billion.
In contrast, Morgan Stanley boasts a significantly higher market cap at $149.6 billion. This comparison highlights Synovus’s steady presence in the market, especially when considering the top American banks list.
Despite the disparities with larger financial institutions, Synovus maintains a solid standing among mid-sized banks.
Synovus Financial Performance Overview
Net Worth and Asset Evaluation
Synovus boasts a robust asset base totaling $60 billion. This includes various asset categories such as loans, securities, and cash.
The company’s financial results have shown consistent growth, reinforcing its solid net worth.
When compared to industry peers, Synovus holds a strong position, reflecting its effective asset management strategies.
Earnings and Revenue Streams
In Q1 2024, Synovus reported net income of $114.8 million or $0.78 per diluted share, a notable increase from $60.6 million in the previous quarter.
The company’s total revenue for the quarter was $537.7 million, demonstrating significant sequential growth.
Synovus’s key revenue streams include:
- Commercial Banking Services: Contributing significantly to the overall revenue, these services encompass a variety of loan products and financial solutions for businesses.
- Consumer Banking Services: Providing personal banking solutions, including savings accounts, mortgages, and credit cards, this segment remains a steady revenue generator.
- Treasury Management and Wealth Management Services: These specialized services cater to high-net-worth individuals and businesses, offering tailored financial planning and asset management solutions.
Loan and Deposit Growth
Loan portfolio growth at Synovus is driven by core commercial and consumer lending.
Despite a $94.6 million decline in period-end loans from the previous quarter, there was a 1% increase in commercial and industrial loans.
Deposit growth is also noteworthy, with core deposits reaching $44.9 billion, driven by time deposit growth despite a slight decline in non-interest-bearing deposits.
Capital Ratios and Risk Management
Synovus maintains a healthy Common Equity Tier 1 (CET1) capital ratio of 10.38%, an indicator of strong financial health.
Other key capital ratios also show stability, reflecting effective risk management practices.
The company’s risk management strategies are evident in its controlled credit loss provisions and stable capital positions, ensuring resilience against market fluctuations.
Impact of FDIC Special Assessments
The FDIC special assessment of $12.8 million in Q1 2024 impacted Synovus’s reported and adjusted earnings per share by $0.07.
This follows a $51.0 million assessment in the previous quarter, affecting the financial results.
These assessments underscore the regulatory costs that banks like Synovus must manage, which can significantly influence quarterly earnings.
Non-Performing Loans and Credit Quality
The non-performing loan (NPL) ratio stood at 0.81% in Q1 2024, reflecting a manageable level of credit risk.
The allowance for credit losses ratio of 1.26% indicates prudent provisioning for potential loan defaults.
Synovus’s credit quality remains strong, with strategic initiatives aimed at minimizing credit risk and maintaining asset quality.
Non-Interest Expenses and Efficiency Ratios
Non-interest expenses for Synovus in Q1 2024 were $322.7 million, a 9% decline from the previous quarter.
The efficiency ratio improved to 59.87%, indicating better cost management and operational efficiency.
The company’s focus on reducing controllable operating costs and optimizing resources has positively impacted its financial performance.
Market Performance and Stock Analysis
Synovus’s stock, traded on the NYSE under the ticker SNV, reflects the company’s market valuation and investor sentiment.
The stock’s performance is influenced by Synovus’s financial results, market conditions, and broader economic factors.
When compared to other mid-sized banks, Synovus maintains a competitive market position.
Strategic Initiatives and Future Outlook
Looking ahead, Synovus continues to focus on strategic initiatives aimed at enhancing client relationships, growing non-interest revenue, and controlling expenses.
The company remains committed to building a risk-resilient bank while achieving steady financial growth.
Projections for future performance are optimistic, driven by ongoing improvements in operational efficiency and service delivery.
FAQs about Synovus
What services does Synovus offer?
Synovus provides personal banking, business banking, and wealth management. They offer checking and savings accounts, credit cards, loans, mortgages, treasury, payment solutions, and investment services.
How can I enroll in My Synovus for online banking?
To enroll, visit the Synovus website and select Enroll. Provide your name, Social Security Number, account number, and birth date. Ensure your contact details are up-to-date.
What features are available through My Synovus online banking?
My Synovus allows you to view account info, make payments, set spending limits, lock/unlock cards, receive electronic statements, monitor transactions, set up alerts, and update your profile.
How do I make a deposit at a Synovus ATM?
Insert your ATM card and enter your PIN. For checks, endorse and insert up to 30 checks at a time. For cash, deposit up to 50 bills without an envelope. Review the summary provided by the ATM.
What are the benefits of using a Synovus contactless payment card?
Contactless cards offer convenience and security. Tap your card at checkout for quick payments. Each transaction is protected by a one-time code. Accepted at millions of locations worldwide.
How does Zelle® work with Synovus?
Zelle® allows you to send, receive, and request money directly from your Synovus account. Log in to My Synovus online or via the app, and use an email or mobile number to transfer funds.
Are there any limits on transactions using Zelle®?
Yes, with Zelle®, you can send up to $1,000 per day and $10,000 in 30 days.
What should I do if my Synovus ATM card is lost or stolen?
If your ATM card is lost or stolen, contact Synovus Customer Service at 1-888-SYNOVUS immediately to report and request a replacement. Monitor your account for unauthorized transactions.
Can I use Synovus services without downloading their app?
Yes, the Synovus website is mobile-friendly. Access your account, make payments, and manage your banking activities from any device.
What security measures does Synovus employ for online banking?
Synovus uses multi-factor authentication, encryption, and one-time passcodes. Regularly update your password and monitor your account for suspicious activity.
Conclusion
Synovus showcases a strong financial profile and strategic growth. Share your thoughts, spread the word, or dive deeper into our content at andomoney.com. Engage with us!
