US lender SunTrust has reported a jump in its net income of 300% to $1.9bn in fiscal 2012, on the back of a sharp rise in mortgage related income.
Highlights for SunTrust in 2012 include:
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– Total annual revenue rose by 23% to $10.6bn;
– Net non-interest income rose by 57% to $5.4bn;
– Assets at the bank rose by 2% to $176bn.
– Loans at the bank rose by 6% to $122bn.
– Deposits at the bank rose by 3% to $126bn.
The banks efficiency ratio fell by nearly 13 percentage points to 59%.
Net interest margin at the bank fell – under pressure from a low rise in net interest income – by 10 basis points to 3.40%.
The bank cut its interest expense in 2012 by 31% to $765m.
Less positive retail banking metrics include a fall in credit card fees by 35% to $240m.
William Rogers Jr., chairman and CEO of SunTrust, said: "Favourable performance trends continued, including strong noninterest income and lower expenses, marking another quarter of core earnings expansion."
"We concluded the year in an even stronger position, driving higher revenue and efficiency gains, while further improving our overall risk profile."
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