SunTrust Banks (NYSE:STI) announced that profit for the third quarter soared, mainly due to its sales of Coca-Cola (NYSE:KO) shares.
The company reported a profit of $1.1 billion, or $1.98 per share, up from a profit of $211 million, or 39 cents per share, in the same period last year. Results included a $1.9 billion pre-tax gain on the accelerated sale of Coca-Cola shares. Average loans declined to $116 billion from $123 billion in the second quarter.
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