SunTrust Banks Q1 Profit & Revenue Top Expectations Amid Higher Rates

SunTrust Banks, Inc. (NYSE: STI) early Friday posted market-beating first quarter earnings results, as the company benefitted from higher interest rates.

Written by StockNews.com

The Atlanta-based banking giant reported Q1:

  • earnings per share (EPS) of $0.91, which was $0.07 better than the Wall Street consensus estimate of $0.84.
  • Revenues rose 7.1% from last year to $2.25 billion, also beating out analysts’ view for $2.21 billion...
  • Net interest margin reached 3.09% in the latest period, up 9 basis points on a sequential basis, and up 5 basis points year-over-year, amid higher interest rates...
  • Provision for credit losses rose by $18 million following the prior period’s reserve release.

William H. Rogers, Jr., chairman and CEO of SunTrust Banks, Inc., commented via press release:

“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.”

...Year-to-date, STI has gained 1.61%, versus a 5.74% rise in the benchmark S&P 500 index during the same period.

STI currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #10 of 11 stocks in the Money Center Banks category.

This article may have been edited ([ ]), abridged (...) and reformatted (structure, title/subtitles, font) by the editorial team of munKNEE.com (Your Key to Making Money!) to provide a ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.