Synovus Q2 Earnings Beat Estimates, Revenues Fall Y/Y
Synovus Financial Corp. (NYSE: SNV) reported second-quarter 2024 adjusted earnings per share of $1.16, which surpassed the Zacks Consensus Estimate of 96 cents. Adjusted earnings were the same as that reported in the year-ago quarter.
Results benefited from a fall in expenses and provisions for credit losses, along with strong capital ratios. However, a decline in net interest income (NII) and lower loan and deposit balances were major headwinds.
Net loss available to common shareholders was $23.7 million against net income available to common shareholders of $165.8 million in the prior-year quarter.
Revenues & Expenses Decline
Total revenues in the second quarter were $306.1 million, plunging 46.1% from the prior-year quarter. Also, the top line missed the Zacks Consensus Estimate of $496.6 million.
NII fell 4.5% year over year to $435 million, while the net interest margin remained flat at 3.2% year over year.
Non-interest revenues were a negative $128.9 million. The figure includes a loss of $256.7 million from investment securities. Excluding this loss, adjusted non-interest revenues were $127.8 million, up 15% year over year. The increase was primarily due to a rise in …
Full story available on Benzinga.com