For the latest quarter period, the banks’ average earnings per common share rose by $0.33 from the fourth quarter of 2011 and by $0.38 from the first quarter of 2011.
SunTrust Banks chairman and chief executive officer William Rogers said the bank’s core performance in this quarter drove a solid start to 2012 and marked a continuation of the improved momentum it built during 2011.
"Improved revenue, as well as continued favorable trends in loans, deposits, and credit metrics were hallmarks for the quarter." Mr. Rogers also noted that the Company’s expense savings program continues to progress," Rogers added.
Total revenue of bank rose by 3% a year ago, and 8% from the fourth quarter of 2011, to $2.2bn.
The growth in revenue was boosted by higher mortgage income that summed up $63m in the first quarter against a loss of $62m in the last quarter of 2011 and of $1m in last year’s first quarter.
For the quarter ended on 31 March 2012, its net interest income rose by 1% and 5% compared to the fourth and first quarter of 2011, respectively.
Noninterest expense fell by 8% from the fourth quarter, when the bank set aside $120m for a tentative mortgage servicing settlement, when compared to the first quarter of 2011, expenses increased by 5%, backed by higher employee compensation and benefits expenses and higher operating losses.
Net interest income during the first quarter of 2012 stood at $1,342m versus $1,324m for the fourth quarter and $1,277m for the first quarter of 2011.
Total noninterest income for the quarter ended on 31 March 2012 was $876m compared to $723m during the fourth quarter of 2011 and $883m during the first quarter of 2011.
The investment banking income stood at $71m against $87m for the prior quarter and $67m for the first quarter of 2011.
