SunTrust 3rd-qtr profit surges on Coca-Cola share sale

Mon Oct 22, 2012 6:33am EDT

Oct 22 (Reuters) - SunTrust Banks Inc's third-quarter profit surged as the bank gained from the accelerated sale of its shares in Coca-Cola Co that produced a pre-tax gain of $1.9 billion.

The Atlanta-based regional bank posted net income of $1.07 billion, or $1.98 per share, up sharply from $211 million, or 39 cents per share, a year earlier.

SunTrust has owned shares in Coca-Cola since 1919 when a predecessor bank participated in the underwriting of the company's initial public offering and received the shares in lieu of fees.