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.

To contact the writer of this article, click here: Maria Woehr.

To follow the writer on Twitter, go to http://twitter.com/newsgirlmw.

To submit a news tip, send an email to: tips@thestreet.com.

If you liked this article you might like

Home Depot Latest Company to Award Employee Bonuses on Passage of U.S. Tax Law

Home Depot Latest Company to Award Employee Bonuses on Passage of U.S. Tax Law

Two Stocks Just Went in Double-Zombie Beat-Down Mode

Two Stocks Just Went in Double-Zombie Beat-Down Mode

Dow Jumps to New Record as Tax Reform Buoys Wall Street

Dow Jumps to New Record as Tax Reform Buoys Wall Street

Discovery Takes Majority Stake in Oprah's OWN Network: LIVE MARKETS BLOG

Discovery Takes Majority Stake in Oprah's OWN Network: LIVE MARKETS BLOG

9 Stock Picks for a Strengthening U.S. Dollar

9 Stock Picks for a Strengthening U.S. Dollar