SunTrust Banks reported Q3/14 net income available to common shareholders of $563 million up from $179 million in Q3/13. During the current quarter the company recognized a $130 million tax benefit as a result of the completion of a tax authority examination.

Total Q3/14 revenue of $2.03 billion, was up 6% from $1.92 billion for the same quarter in 2013. Net interest income and noninterest income of $1.25 million and $780 million, respectively was up from $1.24 billion and $680 million for the same quarter in 2013. Net interest margin of 3.03% was down from 3.19% in Q3/13. The bank said the decline in net interest margin was primarily driven by lower loan yields. Noninterest expense of $1.26 billion was down 27% from $1.73 billion a year earlier.

“We delivered solid performance this quarter driven by increased client loan and deposit business, further efficiency improvements, and continued strong asset quality performance, which helped mitigate the impact of the continued challenging low rate environment,” said William H. Rogers, Jr., chairman and chief executive officer of SunTrust Banks.

To view the full SunTrust Banks news release, click here.