SunTrust Banks (STI) Tops Q3 EPS by 1c
Get Alerts STI Hot Sheet
Financial Fact:
Marketing and customer development: 38M
Today's EPS Names:
UXIN, TOWN, NRIM, More
Join SI Premium – FREE
SunTrust Banks (NYSE: STI) reported Q3 EPS of $1.06, $0.01 better than the analyst estimate of $1.05. Revenue for the quarter came in at $2.31 billion versus the consensus estimate of $2.31 billion.
Income Statement
Net income available to common shareholders was $512 million, or $1.06 per average common diluted share, compared to $1.03 for the prior quarter and $0.91 for the third quarter of 2016.
Total revenue increased 2% compared to the prior quarter and 4% compared to the third quarter of 2016.
These increases were primarily driven by higher net interest income and strong investment banking performance.
- Net interest margin was 3.15% in the current quarter, up 1 basis point sequentially and up 19 basis points compared to the prior year, driven by higher earning asset yields arising from higher benchmark interest rates and continued positive mix shift in the loans held for investment ("LHFI") portfolio.
- Provision for credit losses increased $30 million sequentially and $23 million year-over-year due to anticipated losses from recent hurricanes.
- Noninterest expense was stable sequentially and year-over-year. The current quarter's noninterest expense level included accrual reversals related to the resolution of several legal matters which were mostly offset by charges related to ongoing efficiency initiatives.
- The efficiency and tangible efficiency ratios in the current quarter were 60.1% and 59.2%, respectively, which represent improvements compared to both the prior quarter and prior year, driven primarily by ongoing expense management initiatives and solid revenue growth.
For earnings history and earnings-related data on SunTrust Banks (STI) click here
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- A.O. Smith (AOS) Tops Q1 EPS by 1c ; Offers Guidance
- Labcorp (LH) Tops Q1 EPS by 19c ; Offers Guidance
- Reliance Steel (RS) Misses Q1 EPS by 25c; misses on guidance
Create E-mail Alert Related Categories
Earnings, GuidanceRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!