21.10.2016 12:27:06
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SunTrust Banks Q3 Results Top Estimates - Quick Facts
(RTTNews) - SunTrust Banks, Inc. (STI) reported Friday that its third-quarter net income available to common shareholders declined 12 percent to $457 million from last year's $519 million. Earnings per share dropped 9 percent to $0.91 from $1.00 last year.
The prior year quarter was favorably impacted by discrete benefits of $0.11. Excluding this, earnings per share grew 2% year-over-year.
On average, 30 analysts polled by Thomson Reuters expected earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue increased 9 percent to $2.197 billion from $2.022 billion a year ago. Total revenue - FTE grew 8 percent to $2.231 billion from $2.058 billion a year ago. Analysts were looking for revenues of $2.15 billion.
Revenue growth was driven by an 8% increase in net interest income and 10% growth in noninterest income.
Net interest margin was 2.96% in the current quarter, up 2 basis points compared to the prior year quarter.
Provision for credit losses increased by $65 million from last year to $97 million, primarily due to higher net charge-offs.
William Rogers, Jr., chairman and CEO of SunTrust Banks, said, "Looking ahead, I remain confident in our ability to drive further long-term value for our shareholders and help our clients and communities achieve financial confidence."

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