Synovus Financial Corp. (NYSE: SNV) is a financial services company based in Columbus, Georgia, managing approximately $60 billion in assets, primarily focusing on commercial and consumer banking, alongside offering specialized products like wealth services and treasury management.

In the fourth quarter of 2024, Synovus reported a significant rise in its financial performance, marking a recovery phase that contrasts with the previous year. Net income available to common shareholders reached $178.8 million, or $1.25 per diluted share, up 204% from $60.6 million, or $0.41 per diluted share, in the fourth quarter of 2023. Adjusted diluted earnings per share for the same period also showed substantial improvement, increasing to $1.25 from $0.80 year-over-year.

In terms of revenue, the total for Q4 2024 amounted to $580.6 million, representing a 19% increase compared to $488.7 million in Q4 2023. Pre-provision net revenue surged 100% year-over-year to $271.3 million, up from $135.8 million. Non-interest revenue steered this growth, totaling $125.6 million in the fourth quarter of 2024, compared to a much lower $51.5 million in the same quarter of the prior year, marking a 144% year-over-year increase.

Net interest income for the fourth quarter 2024 was reported at $455 million, a 4% increase compared to $437.2 million in Q4 2023. The net interest margin climbed to 3.28%, up from 3.11% a year prior. Period-end loans decreased by 2% year-over-year, falling to $42.6 billion from $43.4 billion, driven by lower commercial and consumer demand. In contrast, period-end deposits grew 1% to $51.1 billion, compared to $50.7 billion at the end of Q4 2023.

Looking at credit metrics, net charge-offs represented 0.26% of average loans in Q4 2024, a decline from 0.38% for the same quarter in 2023. The allowance for credit losses concluded the year at 1.27%, slightly higher than 1.24% from the previous year, reflecting improving credit quality.

Throughout 2024, Synovus encountered several challenges but ultimately registered a net income of $439.6 million, or $3.03 per diluted share, down from $507.8 million or $3.46 per diluted share in 2023. Adjusted earnings per share saw a rise to $4.43 from $4.12, demonstrating solid operational resilience.

The common equity tier one ratio increased to 10.84% by the end of Q4 2024, reflecting an upward trend compared to a ratio of 10.22% a year ago, illustrating improved capital strength. Non-interest expenses were tightly controlled, decreasing 12% year-over-year to $1.25 billion.

Overall, while facing declines in certain areas, Synovus displayed a clear ascent in profitability and revenue growth, alongside enhanced capital ratios and mitigated expense levels, signaling a strategic recovery heading into 2025.