SunTrust Banks reported net income available to common shareholders of $413 million, or $0.77 per average common diluted share, for the fourth quarter of 2013 compared to $350 million or $0.65 per average common diluted share for the same quarter in 2012. Analysts polled by Thomson Reuters had expected earnings per share of $0.69.

“Broad-based loan growth, increased revenue, and further credit quality improvement led to core earnings expansion over the prior quarter,” said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks. “We closed the year with 25% core annual earnings growth and substantial efficiency ratio improvement. Our focus in 2014 will remain on meeting more of our clients’ needs, driving profitable growth, and further improving the efficiency of the Company.”

The bank noted that annualized net charge-offs decreased to 0.40% of average loans compared to 1.30% in the fourth quarter of 2012. Current quarter nonperforming loans and net charge-offs were at their lowest levels in more than six years. The provision for credit losses declined 69% compared to the fourth quarter of 2012 due in part to overall improvement in asset quality.

To read the SunTrust news release click here.