SunTrust Banks – parent of GenSpring Family Offices – reported a loss applicable to common shareholders of $229 million for the first three months of this year, narrowing considerably from a loss of $875 million in the same period of 2009.

The first quarter of 2009 net loss included a non-cash charge of $715 million related to the impairment of goodwill. Excluding the goodwill charge, the net loss per average common share in the first quarter of 2009 was $0.46, equal to the first quarter of 2010, the firm said.

"We are increasingly encouraged by current operating trends and our outlook for the future," said James Wells, chairman and chief executive of SunTrust Banks.

The firm’s Tier 1 Capital ratio of 13.05 per cent in the first quarter of this year improved from a year before, when it was 11.02 per cent.