Synovus Financial Corp. (NYSE:SNV) reported its Q2 results, with EPS of $1.17 coming in better than the consensus estimate of $1.09.
According to the analysts at RBC Capital, fundamental trends remain solid with consistent loan growth, good margin expansion, controlled expenses, and relatively clean credit that resulted in another manageable provision.
Reported loans increased 2.6% sequentially to $41.2 billion, with trends broad-based and balanced between commercial and consumer categories. The reported margin increased sequentially to 3.22% reflecting the rate environment. Net interest income increased 8.4% sequentially to $425.4 million.
The 2022 outlook was positively revised higher given management’s optimism on the progress of their ongoing strategic initiatives. The analysts increased their price target on the company’s shares to $52 from $48, while maintaining their outperform rating.
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