Rochester, NY 7/30/2009 9:43:23 PM
STI - SunTrust Banks States Lesser than Expected 2nd Quarter loss
SUNTRUST BANKS
SUNTRUST BANKS, STI
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SunTrust Banks Inc. on Wednesday reported a $164 million loss for the second quarter, hurt by higher credit costs and the absence of a gain on the sale of stock a year earlier. The Atlanta-based regional bank said it lost 41 cents per share in the period ending June 30. That compared with a profit available to common shareholders of $530 million, or $1.52 per share, in the prior-year quarter.
Results, though, were better than analysts had been expecting, and shares rose as much as 6 percent in early trading. Shares rose $1.01, or 6.7 percent, to close at $16.19 Wednesday. Analysts polled by Thomson Reuters, on average, had forecast a loss of 52 cents per share.SunTrust set aside $962.2 million during the quarter to cover future loan losses, more than double the amount it reserved in the year-ago period.
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