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SunTrust Banks Q4 net income up 33%

SunTrust Banks has reported a net income of $152m, or $0.28 earnings per diluted share, for the fourth quarter of 2011, compared to $114m, or $0.23 earnings per diluted share, for the same period in 2010.

The total revenue for the fourth quarter of 2011 was $2.04bn, compared to $2.32bn for the same period a year ago.

Net interest income was $1.32bn, up 2%, compared to $1.29bn for the same period in the previous year.

Investment banking income was $87m, compared to $103m for the same period in 2010.

SunTrust Banks chairman and CEO William Rogers said that the company experienced healthy loan growth again this quarter, particularly in its commercial and industrial portfolio, which it has targeted for expansion. Additionally, credit quality improved with further declines in net charge-offs and nonperforming loans.