Synovus Financial Corp. (NYSE:SNV) outlined its second quarter earnings results on Tuesday 21st July 2020 before market open.
The financial products and services provider, reported $ 0.57 income per share for the quarter
On adjusted basis, Synovus Financial Corp. reported income for the quarter of $ 0.23 per share, beat the consensus estimate of $ 0.05 income per share by $ 0.18 or 360.00 percent.
The quarterly earnings contracted 40.63 percent compared with the same quarter last year.
The firm had revenue of $ 550.05 million for the quarter, compared to the consensus estimate of $ 445.18 million. The revenues outshined analysts estimates by $ 104.87 million or 23.56 percent.
The financial report showed revenues up 12.74 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Kessel D. Stelling, Synovus Chairman and CEO, said, Our performance in the second quarter demonstrates the key role we play as a financial resource and community partner in the markets we serve. We delivered approximately $3 billion in Paycheck Protection Program loans to more than 19,000 customers and originated a record $1.4 billion in consumer mortgages. Through strong operating performance and effective balance sheet management, we further improved both our capital and liquidity levels during the quarter.
