SunTrust 2013 Annual Report Download - page 6

SunTrust Banks, Inc. 2013 Annual Report
2013 Financial Highlights
• We made substantial progress toward our long-
term e ciency ratio goal. We accomplished this
despite revenue challenges that resulted from
considerable mortgage income headwinds, as
longer-term interest rates began to climb and
refi nance activity slowed, as well as the e ect
of the prolonged low short-term interest rate
environment on net interest income.
• Adjusted noninterest expense was down 12%
from the prior year as a result of our continued
e orts to better manage expenses across the
company and the abatement of cyclical costs.
• Nonperforming loans and net charge-o s
declined substantially and are at their lowest
levels since 2007. This credit quality improvement
drove signifi cant year-over-year reductions in
the provision for credit losses. Our improved risk
profi le allows us to more fi rmly focus on the future
of the company and the opportunities we see
across our businesses.
• We delivered solid loan growth, with period-end
balances up 5% from 2012, driven by targeted
growth in commercial and industrial (C&I) and
commercial real estate loans. Also notable
was the improving momentum as the year
progressed, with loan balances and growth rates
increasing each quarter.
• We maintained a strong capital position with a
Tier 1 common ratio of 9.8% on a Basel I basis,
and 9.6% on a Basel III estimated basis. We
also increased capital return to shareholders by
doubling our quarterly dividend to $0.10 per share
and repurchasing $200 million of stock during
2013 and early 2014.