SunTrust Banks Q1 Results Rise, Beat Estimates - Quick Facts

(RTTNews) - SunTrust Banks Inc. (STI) reported Friday that its first-quarter net income available to common shareholders increased 5 percent to $430 million from $411 million last year.

Earnings per share grew 8 percent to $0.84 from $0.78 last year. On average, 31 analysts polled by Thomson Reuters expected earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased 5% to $2.10 billion from prior year's $1.99 billion. Analysts were looking for $2.03 billion.

The company noted that higher net interest income in the current quarter more than offset the 4% decline in noninterest income compared to the first quarter of 2015.

Net interest margin was 3.04%, 21 basis points higher than last year.

Provision for credit losses climbed to $101 million from $55 million a year ago, due to loan growth, higher energy-related reserves, and moderating asset quality improvements.

William Rogers, Jr., chairman and CEO of SunTrust Banks, said, "We delivered solid revenue growth this quarter as we continued to meet more client needs across each of our businesses, benefiting from our diverse business model and consistent strategies. This revenue performance, combined with continued expense discipline, resulted in a good start to the year with 8% earnings growth."