Originally published at www.seclive.com
SunTrust Banks, Inc. (NYSE:STI) announced its financial results for the first fiscal quarter 2014, posting a rise in profits from the year-ago quarter. Profits for the quarter were $405M and $0.73 per share, beating analyst predictions of $0.66 per share and up from $352M and $0.63 per share last year. With slowly rising interest rates affecting mortgage refinancing demand, the Atlanta-based bank, like many others, has found it necessary to cut costs to compensate for cooling revenues. Revenue fell 3.8% to $2.03B, above analyst expectations of $2.01B, while noninterest expenses rose 0.3% to $1.36B. Chairman and CEO William Rogers remarked that the company's strong earnings per share growth is attributed to cost-savings, improvements in its credit quality, and increased lending.
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