S&P 500 (NYSE:SPY) component Suntrust Banks Inc. (NYSE:STI) reported net income above Wall Street’s expectations for the second quarter. SunTrust Banks, Inc. is a financial services holding company whose businesses provide a range of financial services to consumer and corporate clients.
Suntrust Banks Earnings Cheat Sheet for the Second Quarter
Results: Net income for Suntrust Banks Inc. rose to $174 million (33 cents per share) vs. a loss of $56 million (11 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.
Revenue: Noninterest income was $912 million last quarter.
Actual vs. Wall St. Expectations: STI beat the mean analyst estimate of 31 cents per share.
Quoting Management: “Our earnings per share improvement continued this quarter,” said William H. Rogers, Jr., SunTrust’s president and chief executive officer.”While the economic recovery remains uneven, we continued to demonstrate meaningful improvements in asset quality.Additionally, our client-centric approach is driving even higher levels of loyalty and is increasingly evidencing itself in the form of enhanced performance by many of our businesses.”Mr.Rogers also noted that the company is committed to even stronger performance in the future, including an increased focus on expense management.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 9 cents in the first quarter, by 13 cents in the fourth quarter of the last fiscal year, and by 17 cents in the third quarter of the last fiscal year.
Competitors to Watch: Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), KeyCorp (NYSE:KEY), PNC Financial Services (NYSE:PNC), Regions Financial Corp. (NYSE:RF), Citigroup (NYSE:C), First Horizon National Corp. (NYSE:FHN), Citigroup Inc. (NYSE:C), Bank of America Corp. (NYSE:BAC), Cadence Financial Corp. (NASDAQ:CADE), and BB&T Corporation (NYSE:BBT).
(Source: Xignite Financials)