ATLANTA: SunTrust Banks, Inc. announced net income available to common shareholders of $378 million, or $0.72 per average common diluted share.
SunTrust earned for the last year $3.23 per share compared to $2.41 per share for 2013. Adjusted earnings per share were $3.24 for 2014, representing an 18% improvement compared to 2013 adjusted earnings per share of $2.74.
The results of the current quarter include a $145 million legal provision, or $0.17 per share, related to legacy mortgage matters, to increase legal reserves and complete the resolution of a specific matter. Excluding the impact of this expense, adjusted earnings per share for the current quarter were $0.88 compared to $0.81, on an adjusted basis, in the prior quarter and $0.77 in the fourth quarter of 2013.
William H. Rogers, Jr. chairman and chief executive officer of SunTrust Banks, Inc., said, “Core earnings growth of 18 percent over the past year reflects our focus on expanding client relationships and executing our core strategies. Our strong performance in the fourth quarter and 2014 was driven by good loan and deposit growth, continued expense discipline, and improved credit quality. Looking into 2015, we will build on the momentum generated in 2014 to meet more client needs and expand key businesses, creating a more valuable company for all of our stakeholders.”
