SunTrust Banks, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 19, 2018 at 04:33 pm IST
SunTrust Banks, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net income available to common shareholders of $710 million or $1.48 per average common diluted share against $448 million or $0.90 per average common diluted share a year ago. Net interest income was $1,434 million against $1,343 million a year ago. Interest income was $1,640 million against $1,492 million a year ago. Income before provision for income taxes was $668 million against $660 million a year ago. Return on average total assets was 1.43% against 0.91% a year ago. Return on average common shareholders' equity was 12.54% against 7.85% a year ago. Return on average tangible common shareholders' equity was 17.24% against 10.76% a year ago. Book value per common share as at December 31, 2017 was $47.94 against $45.38 as at December 31, 2016. Tangible book value per common share as at December 31, 2017 was $34.82 against $32.95 as at December 31, 2016.
For the full year, the company reported net income available to common shareholders of $2,179 million or $4.47 per average common diluted share against $1,811 million or $3.60 per average common diluted share a year ago. Net interest income was $5,633 million against $5,221 million a year ago. Interest income was $6,387 million against $5,778 million a year ago. Income before provision for income taxes was $2,814 million against $2,692 million a year ago. Return on average total assets was 1.11% against 0.94% a year ago. Return on average common shareholders' equity was 9.72% against 7.97% a year ago. Return on average tangible common shareholders' equity was 13.39% against 10.91% a year ago.
For the quarter, the company reported net charge-offs of $107 million compared to $136 million a year ago.