SunTrust Says Overall Climate Has Improved. (cover story)

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    • Subject Terms:
      SUNTRUST Banks Inc. STI
    • Abstract:
      As the first large bank to report third-quarter earnings, SunTrust Banks Inc. on Thursday confirmed that the boom in mortgages and fixed income is winding down. But its report also contained promising signs for the economy and the industry. These included further credit quality improvement and less profit-margin shrinkage. SunTrust, which has assets of $127 billion, said its net income fell 3.3%, to $331.6 million, compared with last year's third quarter. Net interest income rose 3.4%, to $833 million, and fee income excluding securities gains rose 8%, to $543 million. Investment banking income was up 20% year over year but down 17% from the previous quarter as fixed-income underwriting and trading fell from record levels in the second quarter.