UPDATE 1-Synovus Financial posts wider-than-expected Q3 loss

* Q3 loss/shr $0.25 vs est loss/shr $0.22

* Foreclosed real-estate expenses up 10 pct sequentially

Oct 25 (BestGrowthStock) – Synovus Financial Corp (SNV.N: ) posted a
wider-than-expected loss for the third straight quarter, hurt
by a rise in foreclosed real-estate expenses.

For the third quarter, the company lost $195.8 million, or
25 cents a share, compared with a loss of $453.8 million, or
$1.32 a share, last year.

Analysts were looking for a loss of 22 cents a share,
according to Thomson Reuters I/B/E/S.

Salaries and other personnel expenses were up 4 percent
sequentially at $108.5 million, while foreclosed real-estate
expense rose about 10 percent to $50.9 million.

Provision for bad loans halved to $239 million from $496.5
million last year.

The lender, which has about $35 billion in assets, holds
many commercial real-estate and construction loans in some of
the worst markets in the country, making credit quality and
return to profitability a major concern.

Synovus shares, which have lost more than 6 percent since
reporting its second-quarter results, closed at $2.44 Monday on
the New York Stock Exchange.
(Reporting by Abhinav Sharma in Bangalore; Editing by Vinu
Pilakkott)

UPDATE 1-Synovus Financial posts wider-than-expected Q3 loss