SunTrust earnings fall more than 80%
According to MarketWatch, SunTrust Banks Inc. (STI) third-quarter earnings fell more than 80% as the regional bank posted higher expenses from recent mortgage settlements.
SunTrust reported a profit of $189 million, down from $1.08 billion a year ago. Per-share earnings, which reflect the payment of preferred dividends, were 33 cents compared with $1.98 a year ago. The company last year posted a gain of about $1.9 billion related to the sale of Coca-Cola Co. stock. Excluding the mortgage-settlement costs and stock-sales gains from a year earlier, earnings were 66 cents, up from 58 cents.