SunTrust 2003 Annual Report Download - page 11
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Annual Report 2003 SunTrust Banks, Inc. 9
To Our Shareholders
Just as we expected, SunTrust’s performance picture brightened during
2003 as various performance-oriented investments and programs we put
in place in recent years paid off with an increasingly positive impact.
By the end of 2003, against the backdrop of an improving economy,
earnings trends were strong – and considerably more promising than
they were when the year began.
For the full year, net income was a solid $1.3 billion, or $4.73 per
fully diluted share, a modest improvement over the prior year. Return on
average assets was 1.09% and return on common equity was 14.67%.
From an investment perspective, SunTrust share price improved
some 25% over the course of the year. This gain notwithstanding, we
see room for further share price appreciation over time as SunTrust’s
overall performance continues to improve – as we believe it will. In
addition, the Board of Directors in February 2004 approved an 11%
increase in the dividend on SunTrust common stock, bringing the annual
dividend to $2.00 per share.
L. Phillip Humann – Chairman, President and Chief Executive Officer