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SunTrust Banks(STI Quote) on Tuesday reported a 45% drop in profit last quarter as it coped with higher credit costs and mark-to-market losses due to the downturn in the housing market.
The regional bank reported first-quarter earnings of $283.6 million, or 81 cents per share. That's down from $513.9 million, or $1.44 per share, a year earlier. Results were also far below average analyst expectations of $1.02 per share, according to Thomson Financial.
SunTrust shares tumbled 15 cents to $52.15 in recent trading. ...
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