Synovus (SNV) Q2 Earnings Beat Estimates, Revenues Fall Y/Y

Provision for credit losses was $26.4 million, which decreased 32.1% year over year. Results benefited from a fall in expenses and provisions for credit losses, along with strong capital ratios. However, a decline in net interest income (NII) and lower loan and deposit balances were major headwinds. Total revenues in the second quarter were $306.1 million, plunging 46.1% from the prior-year quarter. Also, the top line missed the Zacks Consensus Estimate of $496.6 million. Non-interest revenues were a negati ...