SunTrust 2015 Annual Report Download - page 3
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1
To Our Shareholders,
SunTrust is one of the nation’s largest and strongest financial services companies.
As a purpose-driven organization, we are dedicated to Lighting the Way to
Financial Well-Being. We are passionate about helping people and businesses
move from financial stress to financial confidence, and we offer counsel and
solutions daily through all of our lines of business and online channels. As we
celebrate the 125th year since our founding and remain rooted in a client-first
culture, we believe that SunTrust is uniquely positioned to have a significant
impact on the people and communities we serve.
FINANCIAL RESULTS
Our commitment to our purpose and consistent strategic focus
allowed us to deliver strong results in 2015. We grew earnings per
share by 11%, met our efficiency ratio goal of being below 63%,
increased our return on average assets by 5 basis points, and
advanced the revenue growth trajectory of many businesses. We
also grew tangible book value per share1 by 6% and returned over
60% of our earnings to our shareholders, continuing our trajectory
of improving capital returns. Each of these was accomplished in the
face of the headwinds associated with the prolonged low interest
rate environment.
Our earnings growth and higher returns were primarily driven
by improvements in efficiency and asset quality. Total adjusted
EVERYTHING WE
DO STARTS WITH
OUR PURPOSE
WILLIAM H. ROGERS, JR.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
revenue1 was relatively stable to the prior year, as we were able to
offset the 16 basis point decline in net interest margin with positive
loan and deposit growth and higher investment banking and
mortgage-related revenue, each of which reflected solid execution
of our strategies.
Adjusted expenses1 declined approximately $60 million, due
primarily to a decline in operating losses and total compensation.
Moreover, expenses are down a full 17% since 2011, evidence of our
disciplined approach to operate more efficiently. As I noted earlier,
we achieved our goal of attaining a sub-63% efficiency ratio and
ended the year with an adjusted tangible efficiency ratio1 of 62.6%.
We have made considerable progress over the past few years and
1 See reconciliation of non-U.S. GAAP measures in Table 1, “Selected Financial Data and Reconcilement of Non-U.S. GAAP Measures,” in the MD&A section (Item 7) of the Company’s 2015 Annual
Report on Form 10-K.