SunTrust Banks, Inc. (STI) has reported a 5.93 percent rise in profit for the quarter ended Mar. 31, 2015. The company has earned $429 million, or $0.78 a share in the quarter, compared with $405 million, or $0.73 a share for the same period last year. Revenue during the quarter went up marginally by 0.48 percent to $1,902 million from $1,893 million in the previous year period. Net interest income for the quarter dropped 5.32 percent over the prior year period to $1,140 million. Non-interest income for the quarter rose 3.29 percent over the last year period to $817 million.
SunTrust Banks, Inc. has made provision of $55 million for loan losses during the quarter, down 46.08 percent from $102 million in the same period last year.
Efficiency ratio for the quarter improved to 64.23 percent from 66.83 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Continued expense discipline and strong asset quality performance, coupled with growth in noninterest income, contributed to solid performance in the first quarter and helped to mitigate the impact of the persistent low rate environment," said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks, Inc. "As we look forward, we remain focused on deepening client relationships and executing our strategic priorities, particularly improving returns and efficiency, to further enhance shareholder value."
Total assets stood at $189,881 million as on Mar. 31, 2015, up 5.76 percent compared with $179,542 million on Mar. 31, 2014. On the other hand, total liabilities stood at $166,621 million as on Mar. 31, 2015, up 5.64 percent from $157,725 million on Mar. 31, 2014.
Net loans stood at $130,487 million as on Mar. 31, 2015, up 2.62 percent compared with $127,156 million on Mar. 31, 2014. Deposits stood at $144,423 million as on Mar. 31, 2015, up 8.62 percent compared with $132,956 million on Mar. 31, 2014.
Investments stood at $33,356 million as on Mar. 31, 2015, up 18.49 percent or $5,206 million from year-ago. Shareholders equity stood at $23,260 million as on Mar. 31, 2015, up 6.61 percent or $1,443 million from year-ago.
Return on average assets moved down to 0.92 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity was stable at 7.59 percent in the quarter, when compared with the last year period.
Nonperforming assets moved down 36.44 percent or $399 million to $696 million on Mar. 31, 2015 from $1,095 million on Mar. 31, 2014.
Book value per share was $42.21 for the quarter, up 7.02 percent or $2.77 compared to $39.44 for the same period last year.
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