Synovus Financial (SNV) posted stronger fourth-quarter earnings after it recaptured substantially all of the value of its deferred tax asset.

The Columbus, Ga., company reported a profit of $712.8 million for the fourth quarter, up from $12.8 million a year earlier. This included roughly $800 million from its deferred tax asset, which drove an 89 cent increase in tangible book value per share during the quarter to $2.96.

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