SunTrust 2010 Annual Report Download - page 3
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1
2010 will undoubtedly be remembered as
another year of challenge and opportunity
for our Company and the industry.
We are encouraged by the steady improvement
in credit quality and the return to profitability in
2010, and there is clear evidence that our client-
centric focus is working. Our low-cost deposits
grew 10 percent year over year, demonstrating
our success in increasing client loyalty and
market share. A significant expansion of our
net interest margin and solid performance
from several of our key businesses resulted in
improved revenue. Our capital ratios remained
strong and, in fact, expanded.
As you know, we were pleased to report improved financial
performance for 2010 compared to 2009, earning $189 million
in net income before preferred dividends and a net loss to
common shareholders of $0.18 per share.
Without question, the economy and its ongoing impact on
housing prices and the majority of consumers continue to affect
SunTrust. As we enter 2011, the strength of the U.S. economy
remains a top global financial and economic issue.
Industry Challenges Remain. As noted last year, ongoing
improvement in asset quality, revenues, and earnings remain
highly dependent on the strength and stability of the overall
economic recovery and on our own efforts to grow our business.
Unemployment levels will continue to drive foreclosure volume,
and both individuals and companies will need to emerge from
their more conservative spending and investing patterns of late
for significant growth to be realized.
We are living in a time when the competitive landscape
for banks continues to evolve and people have changed how
they look at their finances, their futures — and their banks.
U.S. consumers have once again demonstrated their ability to
rapidly change their behaviors — spending less and saving more,
reducing their use of credit, and investing more conservatively.
The problems in the housing market continue to challenge
both industry and government efforts to help distressed
homeowners. We have been working diligently with borrowers
To Our Shareholders
We were pleased to
report improved
financial performance
for 2010 compared
to 2009.
SunTrust 2010 Annual Report