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SunTrust Gets Profit Pop From Coke Sale

Stock quotes in this article: STI , KO , WB  

SunTrust Banks(STI Quote) outpaced Wall Street's profit expectations in the second quarter, thanks to the sale of its remaining holdings in Coca-Cola(KO Quote).

SunTrust reported second-quarter net income of $540 million, or $1.53 per average diluted common share, coming in way ahead of analysts' consensus estimate of just 64 cents per share. The Atlanta holding company's results compare with a profit of $291 million last quarter and $681 million for the second quarter of 2007.

The company booked a total of $550 million in securities gains for the quarter. The sale of Coke stock was completed on July 15. ...

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