Southeast regional bank SunTrust Banks has posted higher quarterly net profits, helped by growth in fee income.
The Atlanta-based bank, the ninth-biggest in the US, earned $343 million, or $1.20 a share, in the third quarter, compared with $334.1 million, or $1.15 a share, a year earlier.
SunTrust's profits rose despite a continued slack economy and weakness in the telecommunications industry that have pressured borrowers and left banks holding unpaid loans.
SunTrust shares closed at $54.44 a share yesterday. The stock fell about 2 per cent in the first three quarters this year, outperforming the Standard & Poor's bank index, which dropped about 6 per cent in that time.