The financial services holding company reported revenue declined $2.0 billion for the current quarter versus a $84 million decline in revenue lost during the first quarter 2013.
However, net income increased 16% to $393 million this quarter from $340 million in the first quarter of 2013.
"Our 16% earnings per share growth over the past year reflects progress in several key areas--expense management, credit quality improvement, and increased lending to clients," said CEO William H. Rogers Jr.
The company's earnings per common diluted share increased to 0.73% from 0.63% in the first quarter 2013.
TheStreet Ratings team rates SUNTRUST BANKS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNTRUST BANKS INC (STI) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins, good cash flow from operations, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: