SunTrust Banks reported Q4/15 net income of $467 million, up 24% from $378 million in Q4/14. Full-year 2015 earnings of $1,863 million were up 8% from $1,722 million a year earlier. Earnings per share for the year 2015 of $3.58, were up 11% compared to EPS of $3.23 a year earlier.

The following highlights were excerpted from the news release:

• Net charge-offs for the current quarter were $83 million, representing 0.24% of average loans on an annualized basis, decreasing from $94 million in the fourth quarter of 2014.
• The provision for credit losses increased $19 million compared to the prior quarter driven by increased net charge-offs, as well as a lower decline in the allowance for loan and lease losses, as a result of higher loan growth.
• Nonperforming loans increased $209 million from the prior quarter and represented 0.49% of total loans at December 31, 2015. The sequential increase was due largely to additional downgrades of certain energy-related loans.

“Our solid performance in the fourth quarter and strong 11% earnings growth for the year are the result of consistent execution of our strategies and the diversity of our business model,” said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks. Looking ahead, we will further advance our purpose of improving the financial well-being of our clients and communities, thus driving long-term value for our shareholders.”