May 03, 2013 (Datamonitor via COMTEX) -- Synovus Financial Corp., a provider of commercial and retail banking, financial management, insurance and mortgage services, has reported a net income available to the common shareholders of $14.80 million, or $0.02 per diluted share, for the first quarter ended March 31, 2013, compared to $21.37 million, or $0.02 per diluted share, for the same quarter ended March 31, 2012.
Net interest income for the first quarter ended March 31, 2013 was $199.81 million, compared to $220.96 million for the same quarter ended March 31, 2012.
Income before income taxes for the first quarter ended March 31, 2013 was $46.55 million, compared to $35.92 million for the same quarter ended March 31, 2012.
Total assets as of March 31, 2013 were $26.21 billion, compared to $26.76 billion, as of December 31, 2012.
Kessel Stelling, chairman and CEO of Synovus, said: "Pre-tax income reached $47 million, the highest level in five years, led by significant reductions in credit costs and operating expenses. We achieved broad-based credit quality improvement during the quarter, including a 40% reduction in non-performing loan inflows from the first quarter of last year. Our keen focus on expense management continues, and our initiatives to reduce core expenses by $30 million in 2013 are well on track."
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