SunTrust reported Q1/16 net income available to common shareholders of $430 million compared to $411 million for the same quarter in 2015. The bank said total revenue in Q1/16 of $2,099 million was up 5.4% or $107 million from $1,992 million a year earlier. According to the report, the increase was driven primarily by higher net interest income as a result of loan growth and net interest margin expansion.

Highlights from the report include:

• Net interest margin was 3.04% in Q1/16, up 6 basis points and 21 basis points compared to the prior quarter and Q1/15, respectively. The year/year increase was due primarily to higher benchmark interest rates, improved loan mix and an increase in commercial loan-related swap income.
• Provision for credit losses of $101 million was up from $50 million sequentially and $55 million a year-ago, respectively, due to loan growth, higher energy-related reserves and moderating asset quality improvements.

“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,” said William H. Rogers, Jr., chairman and CEO of SunTrust Banks. “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.”