SunTrust Banks, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
For the year, the company reported net income of $1,344 million against $1,958 million a year ago. Net income available to common shareholders was $1,297 million against $1,931 million a year ago. Total revenue - FTE was $8,194 million against $10,598 million a year ago. Diluted net income per average common share was $2.41 against $3.59 a year ago. Return on average total assets was 0.78% against 1.11% a year ago. Return on average common shareholders' equity was 6.34% against 9.56% a year ago. Return on average tangible common shareholders' equity was 9.25% against 14.02% a year ago. Non-GAAP net interest income was $4,853 million against $5,102 million a year ago.
Net charge-offs were $128 million during the quarter compared to $146 million for the prior quarter and $398 million for the fourth quarter of 2012. The decrease in net charge-offs from the prior quarter and fourth quarter of 2012 was primarily driven by lower commercial and residential loan charge-offs.