By Connor Hart
Synovus Financial posted higher revenue and profit in the fourth quarter, boosted by lower funding costs and stronger lending relationships.
The Columbus, Ga., bank-holding company on Wednesday reported a profit of $178.8 million, or $1.25 a share, compared with a profit of $60.6 million, or 41 cents a share, a year earlier.
Adjusted per-share earnings also came in at $1.25, beating the $1.15 that analysts polled by FactSet were expecting.
Revenue increased 19% to $580.6 million. Analysts surveyed by FactSet had been looking for $566.8 million.
Net interest income rose 4% to $14.3 million, largely attributable to lower funding costs, the company said. Net interest margin improved sequentially, also thanks to lower funding costs, as well as loan hedge maturities and a non-recurring favorable interest adjustment.
Chief Executive Kevin Blair said the successful implementation relationship-building strategies resulted in growth across core commercial lending, deposits and key fee-producing businesses. "This momentum, as well as our financial position and accelerated growth orientation, positions us well for continued success in 2025 and beyond," he said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 15, 2025 18:28 ET (23:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.