Synovus Financial in Columbus, Ga., reported a double-digit increase in quarterly profit that reflected improved efficiency.

The $31 billion-asset company said in a press release Tuesday that its second-quarter earnings rose 27% from a year earlier to $57.9 million. Earnings per share of 60 cents topped the consensus among analysts’ estimates compiled by FactSet Research Systems by a penny.

“Profitability continued to improve as we delivered a 1% return on assets and an efficiency ratio below 60% for the quarter,” Kessel Stelling, Synovus’ chairman and CEO, said in the release.

Synovus Chairman and CEO Kessel Stelling.
Synovus Financial, led by CEO Kessel Stelling, controlled costs and increased lending during the second quarter.

Total revenue increased by 11% to $319.8 million.

Net interest income rose by 13.4% to $251.1 million. The net interest margin widened by 24 basis points to 3.51%.

Total loans increased by 6% to $24.4 billion. The company reported the biggest gains in consumer loans, which rose by 14.4% to $207.2 million. Commercial-and-industrial loans increased by 7.3%; commercial real estate loans fell by 1.2%.

Noninterest income increased by 3.4% to $68.7 million. Core banking fees rose by 1.3%. Fees tied to fiduciary and asset management services, brokerage and insurance increased by 5%. Mortgage banking income decreased by 2.6%.

Noninterest expenses increased by 1.7% to $191.7 million. The second quarter of 2016 included $5.8 million in restructuring charges.

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