SunTrust Banks 1Q Results Top Estimates (STI)

SunTrust Banks, Inc.

revealed that its net income advanced 4.2% to $447 million in the first quarter from $429 million in the year-ago quarter. Its earnings also advanced 7.7% to $0.84 a share from $0.78 a share in the comparable period. That meant, its earnings beat by $0.09 a share. SunTrust Banks' total revenue grew 5.4% to $2.01 billion from $1.99 billion in the previous year quarter. Analysts' expected the company to generate revenue of $2.03 billion. Provision for credit losses nearly doubled to $101 million from $55 million in the prior year quarter. The company blamed it on loan growth and higher energy-related reserves. The company's Chairman and CEO, William Rogers, Jr., said, "We delivered solid revenue growth this quarter as we continued to meet more client needs across each of our businesses, benefiting from our diverse business model and consistent strategies. This revenue performance, combined with continued expense discipline, resulted in a good start to the year with 8% earnings growth. We remain highly focused on improving the financial well-being of our clients and communities and delivering increased value to our shareholders." On Thursday, shares of the company closed higher by 0.25%.