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SunTrust Banks earnings rise 20% on lower expenses
SunTrust Banks Inc. said its fourth-quarter earnings rose 20% as a drop in the regional bank's expenses masked a decrease in revenue. The company has been cutting costs to offset slow loan growth and low interest rates. Noninterest expense dropped 8.8% from the year before to $1.38 billion, with a $96 million increase in the mortgage service advance reserve in the third quarter offsetting a $323 million impact on noninterest expenses coming from a mortgage settlement.
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