• Most Popular
  • Most Shared

SunTrust Q2 profit falls, sells Coke shares

NEW YORK
Tue Jul 22, 2008 6:32am EDT

Stocks

   

NEW YORK (Reuters) - SunTrust Banks Inc (STI.N), a large U.S. southeast regional bank, said on Tuesday second-quarter profit declined, hurt by higher credit costs.

Stocks  |  Bonds

Net income available to common stockholders for the Atlanta-based company fell to $535.3 million, or $1.53 per share, from $673.9 million, or $1.89, a year earlier. One-time items increased profit by 75 cents per share, it said.

SunTrust also said it completed three transactions regarding its long-time holdings in soft drink maker Coca-Cola Co (KO.N). It said these increased its Tier 1 capital ratio, a measure of its ability to cover losses, by 0.68 of a percentage point.

(Reporting by Jonathan Stempel; Editing by Derek Caney)
Stocks
Bonds


More from Reuters

Photo

Employers see uptick in hiring in 2010

NEW YORK (Reuters) - U.S. employers expect to hire more new workers in 2010 than they did in 2009, a sign the U.S. recession may be easing its grip, research showed on Tuesday.

» More Top News
An employee swipes a customer's credit card through the card reader at a restaurant in Tokyo February 19, 2005.REUTERS/Issei Kato

Taking a swipe at credit cards

New legislation meant to protect consumers could be a "game changer" for the industry -- and not in a good way.  Full Article 

Economy
A young Kamchatka brown bear plays in its enclosure at the 'Tierpark Hagenbeck' zoo in Hamburg September 20, 2007. REUTERS/Christian Charisius

The return of the Russian bear

Jason Bush

As Russia's memories of crippling economic times fade, are reforms disappearing along with them?  Commentary 

Breakingviews