NEW YORK (
earned a profit for the first time in two years, earning $153 million, or 17 cents per share.
Revenues of $2.3 billion were up from $2.2 billion in the second quarter of this year and $1.9 billion in the third quarter of 2009. The company attributed the profit increase to its mortgage and capital markets-related businesses and higher net interest income--the difference between what SunTrust receives in interest payments versus what it pays out.
Chairman and CEO James Wells also cited decreased credit costs, while adding "We are even more encouraged by the improvement in our operating results that are driven by our several lines of business."
SunTrust also cited improved asset quality, an increase in deposits, and "slight" loan growth.
Written by Dan Freed in New York
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