UPDATE: SunTrust Posts Higher Q3 Profit

SunTrust Banks

reported a rise in its third-quarter profit. SunTrust's quarterly profit surged to $1.08 billion, from a year-ago profit of $215 million. Its per-share earnings rose to $1.98, from $0.39. SunTrust's total revenue surged 75% to $3.84 billion. Excluding securities impacts, its revenue dropped 13% to $1.9 billion. However, analysts were expecting earnings of $1.99 per share on revenue of $3.83 billion. SunTrust's net interest margin declined to 3.38% from 3.49%. SunTrust shares closed at $28.63 on Friday.