SunTrust Banks -- Earnings Review

By FeaturesDow Jones Newswires

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.

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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)

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