Synovus Q3 Profit Rises, Ups Dividend, To Buy Back Shares

(RTTNews) - Financial services company Synovus Financial Corp. (SNV) Tuesday reported an increase in its profit for the third quarter, and said its board approved 20 percent raise in quarterly dividend and a new $300-million share buyback program.

For the quarter, profit rose $55.4 million or $0.42 per share from $44.2 million or $0.32 per share a year ago. On average, 18 analysts polled by Thomson Reuters expected earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income edged up 0.7 percent to $207.8 million, and non-interest income grew 4.8 percent to $67.06 million.

Total loans grew 6.2 percent as compared to the third quarter 2014. Average core deposits rose 10.6 percent.

The company said its board approved a new share repurchase program of up to $300 million of its common stock to be executed over the next 15 months. In addition, the company declared a 20% increase in its quarterly dividend to $0.12 per share, payable in January 2016.