SunTrust Profits Top Expectations

NEW YORK ( TheStreet) -- SunTrust ( STI) reported net income of $114 million, or 23 cents a share, compared to a net loss of $248 million, or 64 cents per share in the fourth quarter of 2009.

Analysts polled by Thomson/Reuters had predicted the bank would earn seven cents a share in the fourth quarter of 2010.

For the year, SunTrust earned $189 million in net income before preferred dividends and reported a net loss to common shareholders of $0.18 per share, versus a net loss per share of $3.98 for 2009.

Total revenue increased from last year by 19 percent, to $2.3 billion, but was flat on a quarter to quarter basis. For the year total revenue was $8.7 billion, a five percent increase from 2009, the bank said.

SunTrust reported better credit and asset quality. For the year the allowance for loan losses was $3.0 billion, a decline of $112 million from the prior quarter. Net charge-offs for the year were $2.9 billion, down $384 million from 2009.

SunTrust has not yet repaid the $5 billion it borrowed from the government's Troubled Asset Relief Program.

SunTrust was up two cents at $27.89 in pre-market trading.

--Written by Maria Woehr in New York.

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