SunTrust Banks reported first quarter net income of $340 million compared to $245 million in the first quarter of last year. SunTrust said current quarter net charge-offs were at their lowest level in five years. Provision charges for credit losses were $212 million, down from $317 million in the same period one-year ago. The bank said compared to one-year ago, nonperforming loans decreased $1.2 billion, or 45%, with reductions across all loan categories.

The bank noted that total revenue was down from $2.22 billion last year to $2.11 in the first quarter this year. The bank said the decline was driven primarily due to lower net interest income.

“First quarter 2013 earnings were notably higher than last year,” said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks. “Our expenses declined meaningfully, not only related to the continued abatement of cyclically high costs, but also as a direct result of our concerted efforts to improve our efficiency.”

To read the SunTrust Banks news release click here.