SunTrust reports record operating income

Posted 2:05PM on Wednesday 9th January 2002 ( 23 years ago )

ATLANTA - SunTrust Banks, Inc. today reported record operating income for the fourth quarter of 2001 of $356.7 million, up 7% from the fourth quarter of 2000. For the full year 2001, the Company reported record operating income of $1,395.7 million up 6% from the $1,321.7 million earned in 2000. Operating income per diluted share for 2001 was $4.79, up 9% from that earned in 2000. Including $20.2 million in after-tax non-recurring items associated with the Company's proposal to acquire the former Wachovia Corporation in 2001, and $27.6 million in after-tax merger-related charges in 2000, for the full year 2001 reported net income was $1,375.5 million, up 6% from the $1,294.1 million earned in 2000. "Record earnings for the fourth quarter were based primarily on good, solid revenue growth that helped offset the impact of a declining economy," said L. Phillip Humann, SunTrust's Chairman, President and Chief Executive Officer. "Equally important, the quarter capped another year in SunTrust's long history of consistently strong financial performance. We are particularly proud that despite industry pressures and economic cycles, SunTrust has posted 26 consecutive years of growth in operating earnings" At December 31, 2001, SunTrust had total assets of $104.7 billion. Equity capital of $8.4 billion represented 7.98% of total assets. Book value per share was $28.97, up 4% from December 31, 2000. SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is the nation's ninth-largest commercial banking organization. The company operates through an extensive distribution network in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia and also serves customers in selected markets nationally.

http://accesswdun.com/article/2002/1/200409