June 20, 2008 / 7:25 PM / 11 years ago

SunTrust Banks sees no need to cut dividend, sell shares

June 20 (Reuters) - SunTrust Banks Inc (STI.N) on Friday said it does not expect to change its quarterly dividend or issue additional common shares.

Atlanta-based SunTrust said it still expects second-quarter net charge-offs to rise 15 percent to 20 percent from the first quarter. It also said it expects when it releases quarterly results on July 22 to discuss previously outlined capital-raising transactions. These, it said, should result in a Tier-1 capital ratio of about 8 percent, well above the regulatory minimum.

SunTrust shares were up $1.47 at $36.80 in late afternoon trading following the announcement, after having earlier been down as much as 8.5 percent. (Reporting by Jonathan Stempel in Bangalore; Editing by Carol Bishopric)

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