SunTrust profit plummets
First-quarter profit fell 45 percent as the company set aside more money to cover bad loans to homeowners and builders.
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Richmond Times-Dispatch
Published: April 22, 2008
Atlanta-based SunTrust Banks Inc., a major Richmond-area employer, today said first-quarter profit fell 45 percent as the company set aside more money to cover bad loans to homeowners and builders.
Net income declined to $283.6 million, or 81 cents a share, from $513.9 million, or $1.44, in the same period a year earlier.
SunTrust has nearly 3,600 full-time employees in the Richmond area. The company’s presence in the capital region includes SunTrust Mortgage Inc., SunTrust Investment Services Inc. and 48 bank branches.
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