Daily News: April 23, 2012

SunTrust Reports Substantially Higher Q1 Earnings

SunTrust Banks reported net income available to common shareholders of $245 million for the first quarter of 2012 compared to $38 million for the same 2011 quarter. Total revenue of $2.22 billion was up 8% sequentially and 3% compared to the first quarter 2011.

The bank said its provision for credit losses was $317 million in the first quarter, down from $447 million in the same quarter last year. The bank noted that credit quality continued to improve with net charge-offs, non-performing loans and assets, and early stage delinquencies all declining.

“Our core performance this quarter drove a solid start to 2012 and marked a continuation of the improved momentum we built during 2011,” said William H. Rogers, Jr. chairman and chief executive officer of SunTrust Banks. “Improved revenue, as well as continued favorable trends in loans, deposits, and credit metrics were hallmarks for the quarter.”

To read the full SunTrust Banks news release, click here.