Daily News: January 22, 2018

SunTrust Earnings Benefit from Tax Reform


SunTrust’s reported Q4/17 net income of $710 million was up from $448 million for the same quarter one year ago. The bank’s noted results included a $172 million after-tax net benefit from tax reform-related items.

SunTrust also noted the net interest margin was 3.17% in Q4/17, up 17 basis points compared to the prior year. The year-over-year increase was driven primarily by higher earning asset yields arising from higher benchmark interest rates.

“Our performance this quarter rounded out a very strong year for SunTrust where we continued to deliver on the commitments we have made to our owners,” said William H. Rogers, Jr., chairman and CEO of SunTrust Banks. “Specifically, 2017 marked the sixth consecutive year in which we grew earnings per share, improved efficiency and increased capital return. We also took significant actions this quarter which better position the company for success and give me increased confidence that 2018 will be another great year for SunTrust.”