Synovus Financial Corp (SNV) has recorded a 2.39 percent increase in profit for the quarter ended Sep. 30, 2014. The company earned $46.79 million or $0.32 a share in the third-quarter, compared with $45.69 million or $0.27 a share a year ago.
Revenue during the third-quarter went up marginally 2.15 percent to $266.40 million from $260.79 million in the last year period.
Net interest income for the quarter rose 1.12 percent over the prior year period to $206.26 million.
Non-interest income for the quarter rose 0.64 percent over the last year period to $63.98 million.
"The announced stock repurchase program and common dividend increase from $0.07 to $0.10 per share reflect our strong capital position, significantly improved risk profile, and earnings momentum," said Kessel D. Stelling, Synovus Chairman and CEO.
"These actions will provide increased returns to our broad shareholder base while still allowing us the flexibility needed to reinvest in the business and continue our pursuit of growth opportunities. These opportunities include the acquisition of specialized talent that enables us to reach untapped customer segments, expansion into new business lines, and significant investments in marketing and technology. Fundamentals such as expense management and credit quality remain high priorities as evidenced by our continued progress during the third quarter, but delivering exceptional customer service backed by comprehensive financial solutions is the primary focus of our team’s efforts and energy day-to-day."
Total assets stood at $26519.11 million as on Sep. 30, 2014, up 1.15 percent compared with $26218.36 million on Sep. 30, 2013.
On the other hand, total liabilities stood at $23442.56 million as on Sep. 30, 2014, up 0.67 percent from $23286.50 million on Sep. 30, 2013.
Net loans stood at $20319.19 million as on Sep. 30, 2014, up 4.78 percent compared with $19393.00 million on Sep. 30, 2013.
At the same time, deposits were almost flat at $20989.78 million as on Sep. 30, 2014, when compared with the last year period.
Equity capital of Synovus Financial Corp increased 4.93 percent to $3076.54 million as on Sep. 30, 2014 compared with $2931.86 million on Sep. 30, 2013.
