UPDATE: SunTrust Posts Higher Q4 Profit

SunTrust Banks

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.