SunTrust Banks, Inc. (STI) has reported a 4.70 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $468 million, or $0.91 a share in the quarter, compared with $447 million, or $0.84 a share for the same period last year. Revenue during the quarter grew 6.73 percent to $2,094 million from $1,962 million in the previous year period. Net interest income for the quarter rose 6.55 percent over the prior year period to $1,366 million. Non-interest income for the quarter rose 8.45 percent over the last year period to $847 million.
SunTrust Banks, Inc. has made provision of $119 million for loan losses during the quarter, up 17.82 percent from $101 million in the same period last year.
Net interest margin improved 6 basis points to 3.02 percent in the quarter from 2.96 percent in the last year period.
"Our performance this quarter is the direct result of the investments we have been making in strengthening our franchise and diversifying our business mix," said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks, Inc. "2017 is off to a good start and we remain committed to investing in client growth, improving efficiency, and increasing capital returns."
Deposits stood at $162,853 million as on Mar. 31, 2017, up 7.03 percent compared with $152,161 million on Mar. 31, 2016.
Investments stood at $37,134 million as on Mar. 31, 2017, up 5.38 percent or $1,896 million from year-ago. Shareholders equity was at $23,484 million as on Mar. 31, 2017.
Return on average assets was stable at 0.93 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 48 basis points to 8.19 percent in the quarter from 7.71 percent in the last year period.
Credit quality improves
SunTrust Banks, Inc. recorded an improvement in credit quality during the quarter. Nonperforming assets moved down 17.10 percent or $177 million to $858 million on Mar. 31, 2017 from $1,035 million on Mar. 31, 2016. Nonperforming assets to total loans was 0.55 percent in the quarter, down from 0.70 percent in the last year period. Tier-1 leverage ratio stood at 9.09 percent for the quarter, down from 9.50 percent for the previous year quarter. Average equity to average assets ratio was 11.59 percent for the quarter, down from 12.33 percent for the previous year quarter. Book value per share was $45.62 for the quarter, up 1.45 percent or $0.65 compared to $44.97 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
