SunTrust's Profit Jumps

SunTrust Banks ( STI) reported higher second-quarter profit on broad-based growth, beating analysts' earnings expectations.

Net income rose 10% to $364.8 million, or $1.29 a share, compared with $330.4 million, or $1.17 a share, in the year ago period. The consensus estimate was for $1.26 a share, according to Thomson First Call.

Revenue, excluding the impact of securities, increased to $1.52 billion from $1.45 billion.

"SunTrust's capacity to translate the attractive demographics and high-growth profile of our markets into strong, sustainable and well-balanced earnings growth was amply demonstrated in the second quarter," the company said in a statement.

Noninterest income rose 4% to $622.7 million, while average consumer and commercial deposits for the quarter were $73.2 billion, up 6%. Average loans were $80.9 billion, 9% higher than a year ago.

All of SunTrust's main businesses -- retail banking, commercial banking, corporate and investment banking, mortgage banking and wealth management -- contributed to the double-digit gain.

Shares closed at $64.38 Friday.

SunTrust is the first major bank to report second-quarter results. Citigroup ( C ), Wachovia ( WB ) and Keycorp ( KEY ) report later this week.

SunTrust also beat first-quarter estimates with net income of $358.5 million, or $1.26 a share, vs. $327.8 million, or $1.17 a share, in the year-ago period. Total revenue during the period rose to $1.46 billion from $1.38 billion in the year-ago period.

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