Suntrust Banks (STI)

SunTrust Banks Inc. on Thursday posted a big third-quarter loss as it set aside more money to cover bad loans, but said the rate at which mortgages were slipping into delinquency slowed for the first time in a year. The bank reported a loss of $377.1 million, or 76 cents per share, compared with a year-ago profit of $304.4 million, or 87 cents per share. The latest quarter included charges of 16 cents per share related to the valuation of certain debt.
"Negative earnings could continue until 2010 and normalized earnings may take longer to realize than peers,'' Bank of America Merrill Lynch analyst Kenneth Usdin had reported in an Oct. 13 report

Oct 22 · 10:37:00 AM · Source: AP
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by Larry Etter