Synovus Financial Corp. SNV shares rose on Thursday after a strong Q3 earnings report. Here’s what you need to know.
Key Highlights: Synovus reported adjusted earnings of $1.23 per share, beating forecasts of $1.08. Revenue for the quarter was $564.72 million, exceeding expectations of $559.198 million, representing a 2.6% increase from last year.
They achieved a net margin of 8.40%, with a net income of $169.6 million, up from $87.4 million last year.
Kevin Blair, CEO, stated, “Our Q3 earnings show strong trends. We had an adjusted return on assets of 1.3% and return on equity of 17.1%. We also improved our efficiency ratio to 53%.”
He expressed optimism about growth due to increased loan production and strong fee generation, as well as a more secure balance sheet.
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Additionally, their net interest margin rose to 3.22%, with core deposits increasing by $294.6 million to $45.1 billion. Non-interest revenue grew 16% year-over-year to $124 million, boosted by treasury and payment solutions.
Stock Update: Synovus shares were up 5.64% at $51.09 at the time of writing, according to Benzinga Pro.
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