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SunTrust reports lower Q3 net income, higher revenues YOY

SunTrust Banks Inc. reported third-quarter net income available to common shareholders of $597 million, or $1.34 per share, down from $726 million, or $1.56 per share, a year ago.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the third quarter was $1.40.

Net income for the quarter included $22 million in merger-related costs, compared to $45 million for the first quarter. SunTrust Banks CEO and Chairman William Rogers said that the 8% year-over-year growth in both loans and noninterest income has provided the bank with good momentum heading into the proposed merger of equals with BB&T.

Total revenue was $2.35 billion for the current quarter, a decrease of 8% compared to the prior quarter and an increase of 3% from the prior year.

The average performing loan held for investment totaled $157.1 billion for the current quarter, up 1% compared to the prior quarter and up 8% compared to the prior year. Average consumer and commercial deposits totaled $162.5 billion for the current quarter, a 2% increase compared to both the prior quarter and the third quarter of 2018.

On a fully taxable-equivalent basis, net interest income for the quarter stood at $1.53 billion, flat from the year-ago period and a decrease from the $1.56 billion in the second quarter.

On a fully taxable-equivalent basis, net interest margin stood at 3.06%, down from both 3.16% in the second quarter and 3.27% in the year-ago period.

Provision for credit losses stood at $132 million, up from the previous quarter's $127 million and from $61 million in the year-ago period.