SunTrust Banks, Inc. (STI) reported first-quarter net income available to common shareholders of $340 million, or $0.63 per share up from $245 million or $0.46 per share in the first quarter of last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter declined to $1.22 billion, from $1.31 billion last year. Noninterest income was $863 million lower than $876 million in the prior year quarter.
Netinterest income decreased $91 million compared to the first quarter of last year due to lower earning asset yields, which were impacted by a decrease in commercial loan-related swap income and the foregone dividend income related to the third quarter 2012 accelerated termination of the agreements regarding the shares formerly owned in The Coca-Cola Company. These decreases were partially offset by lower deposit rates and a reduction in long-term debt.
Total revenue, FTE excluding securities gains, decreased to $2.11 billion from $2.20 billion, due to declines in both net interest and noninterest income. Seventeen analysts had consensus revenue estimate of $2.25 billion for the quarter.
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