Synovus Financial Corp. (NYSE:SNV) Profit Rises In Q2


Dallas, Texas 08/13/2013 (Financialstrend) – Synovus Financial Corp (NYSE:SNV) recorded profit of around $30.7 million in its 2nd quarterly period as compared to $24.8 million during the corresponding period of 2012. The company’s EPS remained at $0.03.

Synovus Financial Corp’s net interest income declined by 5.3% to $202.1 million compared to its interest of $213.36 million during 2012. Non-interest income for the 2nd quarter stood at $65.1 million as compared to $76.5 million during 2012.

Synovus Financial Corp. (NYSE:SNV) Not In Synchronization with Profitability

It was announced that Synovus Financial Corp (NYSE:SNV) had accomplished all its procedural requirements, which were associated to the “Troubled Asset Relief Plan” and that it is now geared up for redemption of $968 million of its Series A scrips. In proportion to the redemption of its TARP preferred-stock, Synovus Financial Corp (NYSE:SNV) had bagged authorization from its stockholders and guaranteed a dividend of $680 million from the Synovus bank, which is an arm of Synovus Financial Corp. The “Troubled Asset Relief Plan” will consist of issuance of a novel offering of scrips of $185 million aggregate sum of its common stock and $130 million of preference shares.

The Public Offering for Synovus Financial Corp. (NYSE:SNV)

Earlier ANR had fixed the pricing for a public offering of approximately 5.2M shares, which had been valued at $25 per share. It is projected that the public offering will produce net-income of $125 million for the firm. The firm anticipates making use of the proceeds from this offering for the redemption plan under its TARP plan besides the dividends, which have been secured from the banking institution.

Fitch boosts rating for Synovus Financial Corp. (NYSE:SNV)

Fitch Ratings has lifted up its long-term issuer default ranking for the company by 1 notch to “BB” as compared to “BB-,” relating to news that the bank proposes to pay back the administrative loans it obtained during the financial disaster.

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