Synovus Financial Corp. (SNV) reported higher profit in its first quarter, helped by net interest margin expansion, a lower provision for credit losses and excellent expense management.
The financial services company posted net income available to common shareholders of $183.7 million or $1.30 per share in the quarter, higher than $114.8 million or $0.78 per share in the same period a year ago.
The company's adjusted net income available to common shareholders was $184.4 million, or $1.30 per share, compared to $116.0 million or $0.79 in the first quarter of last year.
According to the company, net interest margin expanded 7 basis points to 3.35 percent, due to effective deposit repricing, a lower cash position, hedge maturities and a stable Fed Funds environment.
During the three-month period, Synovus' total revenue climbed to $570.85 million from $537.73 million in the previous-year quarter. The company's net interest income rose 8 percent to $454.38 million from $418.85 million a year ago.
Provision for credit losses of $10.9 million was down 80 percent from last year's $54.0 million.
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