SunTrust Sees Strong Corporate Loan Demand Ahead
Unlike Bank of America Corp. and Wachovia Corp. which see corporate loan demand as remaining disappointing, SunTrust Banks Inc. said it is recovering and starting to help its loan growth, The American Banker said. Phillip Humann, chairman and chief executive of the $165-billion SunTrust Banks Inc., said that after an absence of several years, companies are using bank loans again to finance capital expenses and to buy assets.
He said that while double-digit growth in such loans isn't likely, the market is finally turning up after being flat for several years.
SunTrust commercial loans rose 3.7% to $33.4 billion in the first quarter from the fourth quarter of last year. The bank didn't report on corporate loans alone.