SunTrust Posts Lower Profit, Higher Revenue

Date : 10/17/2019 @ 10:49AM
Source : Dow Jones News
Stock : SunTrust Banks Inc (STI)
Quote : 70.58  0.0 (0.00%) @ 12:00PM

SunTrust Posts Lower Profit, Higher Revenue

SunTrust Banks (NYSE:STI)
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2 Months : From Sep 2019 to Nov 2019

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By Patrick Thomas

 

SunTrust Banks Inc. (STI) profit fell in its third quarter as the bank reported additional charges related to its merger with BB&T Corp.

Atlanta-based SunTrust reported a third-quarter profit of $623 million, or $1.34 a share, compared with $752 million, or $1.56 a share, a year ago. Analysts polled by FactSet were expecting $1.40 a share.

The company said its earnings results include a 6 cents a share hit from impacts related to merging with BB&T Corp.

Total revenue rose about 3% to $2.35 billion. Analysts were expecting $2.34 billion.

Net interest income was $1.51 billion, about flat from a year earlier. Analysts expected $1.53 billion, according to FactSet.

Noninterest income rose 8% to $843 million, above the $810 million analysts had expected, driven by higher mortgage-related and investment banking income.

Net interest margin, a profitability metric for banks, was 3.06%, down from 3.27% the same quarter a year earlier.

 

Write to Patrick Thomas at patrick.thomas@wsj.com

 

(END) Dow Jones Newswires

October 17, 2019 06:34 ET (10:34 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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