SunTrust Banks, Inc. (STI) reported Friday that its first-quarter net income available to common shareholders was $451 million or $0.91 per share, higher than last year's $430 million or $0.84 per share.
The latest quarter was favorably impacted by $0.04 per share of discrete tax benefits.
Adjusted earnings were $0.87 for the quarter. On average, 31 analysts polled by Thomson Reuters expected earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue increased 7% to $2.21 billion from $2.06 billion last year, driven largely by higher net interest income and record investment banking performance. Analysts were looking for revenues of $2.21 billion.
Net interest income increased to $1.37 billion from $1.28 billion a year ago. Net interest margin was 3.09% in the current quarter, up 5 basis points compared to the prior year.
Noninterest income increased to $847 million from $781 million last year.
William Rogers, Jr., chairman and CEO of SunTrust Banks, said, "Our performance this quarter is the direct result of the investments we have been making in strengthening our franchise and diversifying our business mix. 2017 is off to a good start and we remain committed to investing in client growth, improving efficiency, and increasing capital returns."
by RTT Staff Writer
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