SunTrust 2011 Annual Report Download - page 3
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1
to our shareholders
While 2011 continued to pose challenges for SunTrust and the industry, we are
pleased to report that we generated momentum in key business fundamentals
and continued to capitalize on the opportunities that presented themselves over
the course of the year.
Like the rest of the banking industry, we strived to adapt to a rapidly changing
marketplace — one best characterized by persistently slow growth in the
economy, ongoing issues in the housing and mortgage markets, and the
emerging effects of regulatory reform. We made notable progress in several
performance areas and reached key milestones in our efforts to improve
shareholder return.
2011 highlights
• Our nancial performance
steadily improved, with full-
year earnings per share up
meaningfully from 2010.
• Balance sheet trends closed the
year favorably as low-cost deposits
continued to increase (balances
up $8 billion or 8 percent over
the prior year), and loan growth
exhibited a notable pick-up during
the third and fourth quarters,
particularly in those areas targeted
for growth. Overall, loans were up
$7 billion or 6 percent compared
with the prior year.
• Many of our core businesses
demonstrated positive trends
throughout the year, which helped
offset some of the regulatory and
environmental headwinds we faced
on the fee side of the business.
• Credit quality improved steadily
throughout 2011, with delinquencies,
nonperforming assets, and net
charge-offs all improving
consistently throughout the year.
We further reduced our exposure
to higher-risk loans and produced
a much more diversied and
lower-risk balance sheet.
• Our capital ratios remained strong
and well in excess of current and
proposed regulatory requirements.
• We repaid the government’s TARP
investment, following a patient
approach that proved benecial
to our shareholders; and we
increased our common dividend.
• We launched a new mortgage
origination model and an array of
deposit products, and enhanced
ATM, online, and mobile channels.
• We received numerous industry
accolades, including several that
recognized us for our industry-
leading service quality.
• We demonstrated a strengthened
commitment to our communities
and nancial education.
• We made signicant headway
with our strategic priorities and
announced an expense savings
program to remove $300 million
from our expense base.