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SunTrust Banks reports Q4 net loss

SunTrust Banks has reported a net loss of $379.2 million

U.S. based SunTrust Banks has reported a net loss of $379.2 million, or $1.08 per average common diluted share available to common shareholders in the fourth quarter of 2008, compared to a net income of $3.3 million, or $0.01 per average common diluted share, in the fourth quarter of 2007.

Net income available to common shareholders for 2008 was $746.9 million, or $2.13 per average common diluted share, a decrease of 53.4% compared to $1.6 billion, or $4.55 per average common diluted share, in 2007.

For the year ended December 31, 2008, fully taxable-equivalent total revenue was $9.21 billion, an increase of $959.7 million, or 11.6%, over 2007.

Fully taxable-equivalent total revenue was $1.93 billion for the fourth quarter of 2008, an increase of $155.6 million, or 8.8%, compared to the fourth quarter of 2007.

James Wells III, chairman and CEO of SunTrust, said: The fact that SunTrust is not alone in paying the price of a deteriorating economy on our business and our clients does not make today’s results any less painful to report. We are under no illusions as to the severity of this credit cycle.