Help SunTrust Net Income More Than Quadruples as Revenue Climbs
SunTrust Banks (STI) reported fourth-quarter profit that more than quadrupled as revenue climbed
SunTrust Banks (STI) reported fourth-quarter profit that more than quadrupled as revenue climbed
Net income rose to $356 million, or 65 cents a diluted share, from
$74 million, or 13 cents, a year earlier, the Atlanta-based lender said
today in a statement. The average adjusted estimate of 33 analysts
surveyed by Bloomberg was for per-share profit of 62 cents.
SunTrust has cut the amount it sets aside for soured loans for 11 of
the past 12 quarters, according to data compiled by Bloomberg. Chief
Executive Officer William Rogers said in December the lender is reducing
headcount and may increase the pace of branch closings to trim
expenses.
“Over the past several quarters, SunTrust has significantly improved
its asset quality, loan mix, and profitability,” Standard Poor’s said
last month when it revised its outlook on the company to positive. “The
bank’s asset quality metrics are now approaching those of its regional
banking peers.”
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