SunTrust Banks Inc. (NYSE: STI) on Friday reported that it swung to a second-quarter profit of $174 million, or 33 cents a share, compared to a loss of $56 million, or 11 cents a share, in the year-ago quarter. Revenue increased 3% to $2.17 billion. Analysts, on average, had expected earnings of 31 cents a share on revenue of $2.15 billion.
"Our earnings per share improvement continued this quarter," said William H. Rogers, Jr., SunTrust's president and chief executive officer. "While the economic recovery remains uneven, we continued to demonstrate meaningful improvements in asset quality. Additionally, our client-centric approach is driving even higher levels of loyalty and is increasingly evidencing itself in the form of enhanced performance by many of our businesses." Mr. Rogers also noted that the company is committed to even stronger performance in the future, including an increased focus on expense management.
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