Synovus Financial Corp. SNV shares rose Thursday after strong Q3 earnings. Here’s what you should know.
Key Highlights: Synovus reported adjusted earnings of $1.23 per share, exceeding the $1.08 forecast. Quarterly revenue was $564.72 million, beating the expected $559.2 million and showing a 2.6% increase from last year.
Net margin was 8.40%, with net income for common shareholders jumping to $169.6 million from $87.4 million last year.
Kevin Blair, CEO, stated, “Our Q3 earnings reflect strong fundamentals, with an adjusted return on assets of 1.3% and return on common equity of 17.1%. We improved our efficiency ratio to 53%.”
He added, “As conditions improve, I am optimistic about growth due to increased loan production and solid fee generation. We also strengthened our balance sheet this quarter.”
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Net interest margin rose to 3.22%, and core deposits increased by $294.6 million to $45.1 billion. Non-interest revenue grew 16% year-over-year to $124 million.
Stock Movement: Synovus shares were up 5.64%, trading at $51.09, according to Benzinga Pro.
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