SunTrust Banks -- Earnings Review
19 January 2018 - 11:00PM
Dow Jones News
By Cara Lombardo
SunTrust Banks, Inc. (STI) reported its fourth-quarter earnings
Friday. Here's what you need to know:
EARNINGS: SunTrust reported a profit of $710 million, or $1.48 a
share. Excluding the impact of the new tax law and one-time items,
the bank earned $1.09 a share. Analysts polled by Thomson Reuters
had expected adjusted earnings of $1.05 cents a share.
REVENUE: Revenue increased 5% to $2.27 billion, which is what
analysts expected. Net interest income increased $5 million to
$1.47 billion due to a higher net interest margin, while
noninterest income decreased $13 million to $833 million, partly
due to items stemming from the new tax law.
TAX BENEFIT: The company's fourth-quarter results included a
$172 million net benefit from tax reform-related items include a
revaluation of its deferred tax liability.
DEPOSITS: Average consumer deposits were $160.7 billion, a 2%
increase from last year largely due to increases in time deposits
and negotiable order of withdraw accounts and offset by a decline
in money market account balances.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
January 19, 2018 06:45 ET (11:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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