April 24, 2018 / 12:47 PM / 7 months ago

BRIEF-Suntrust Banks Qtrly Earnings Per Share $1.29

April 24 (Reuters) - SunTrust Banks Inc:

* QTRLY EARNINGS PER SHARE $1.29

* QTRLY NET INTEREST MARGIN WAS 3.24 PERCENT, UP 15 BASIS POINTS

* QTRLY NET INTEREST INCOME $1,441 MILLION VERSUS $1,366 MILLION

* SUNTRUST BANKS - EXPECTS TO REPURCHASE ABOUT $330 MILLION OF ADDITIONAL COMMON STOCK OVER NEXT QUARTER IN ACCORDANCE WITH 2017 CAPITAL PLAN

* COMMON EQUITY TIER 1 RATIO WAS ESTIMATED TO BE 9.9% AS OF MARCH 31, 2018, SLIGHTLY HIGHER THAN PRIOR QUARTER

* BOOK VALUE PER COMMON SHARE WAS $47.14 AND TANGIBLE BOOK VALUE PER COMMON SHARE WAS $33.97 AT QUARTER-END

* APPLICATION OF ASU 2016-01 RESULTED IN A $23 MILLION INCREASE IN OTHER ASSETS ON CONSOLIDATED BALANCE SHEETS DURING QUARTER

* NET CHARGE-OFFS FOR CURRENT QUARTER WERE $79 MILLION, DOWN $33 MILLION YEAR-OVER-YEAR

* QTRLY PROVISION FOR CREDIT LOSSES DECREASED $51 MILLION SEQUENTIALLY AND $91 MILLION YEAR-OVER-YEAR

* SUNTRUST BANKS - APPLICATION OF ASU 2016-01 ALSO RESULTED IN CORRESPONDING $23 MILLION INCREASE IN NONINTEREST INCOME DURING QUARTER

* Q2 EARNINGS PER SHARE VIEW $1.30 — THOMSON REUTERS I/B/E/S

* SUNTRUST BANKS - UPON ADOPTION OF ASU 2018-02, ELECTED TO RECLASSIFY ABOUT $154 MILLION OF STRANDED TAX EFFECTS FROM AOCI TO RETAINED EARNINGS

* RECORDED A PROVISION FOR INCOME TAXES OF $147 MILLION IN QUARTER, COMPARED TO AN INCOME TAX PROVISION OF $159 MILLION FOR Q1 OF 2017 Source text: (bit.ly/2qZZV34) Further company coverage:

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