SunTrust Posts Lower Profit, Higher Revenue

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)

SunTrust Banks (NYSE:STI)
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