UPDATE: SunTrust Posts Higher Q4 Profit
SunTrust Banks (NYSE: STI) reported a rise in its fourth-quarter profit.
SunTrust's quarterly profit surged to $356 million, from $74 million, in the year-ago period. Its per-share earnings rose to $0.65 from $0.13.
Its revenue climbed 12% to $2.29 billion. However, analysts were expecting earnings of $0.61 per share on revenue of $2.32 billion.
SunTrust's net interest margin declined to 3.36%, from 3.46% in the year-ago period, while noninterest income rose 40% to $1.02 billion.
SunTrust shares closed at $29.57 yesterday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.