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.â€
…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.
