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.