SunTrust reported net income available to common shareholders of $211 million for the third quarter 2011, up from $84 million for the same period last year. Year-to-date earnings of $424 million compared to a net loss of $201 million for the first nine months in 2010.

The bank said results benefited from continued improvement in credit quality, resulting in a decline in the provision for credit losses, as well as higher loan balances. Net charge-offs declined 29% compared to the third quarter 2010.
Provision charges were $347 million and $1.19 billion in the third quarter and first nine months, respectively down $268 million and $952 million from $615 million and $2.14 billion in the same periods last year.

“Lower-cost deposit growth and improved credit quality continued in the third quarter,” said SunTrust president and CEO, William H. Rogers, Jr. “Further, overall loan growth was driven by solid increases in targeted consumer and commercial loan portfolios.”

To read the full SunTrust news release PDF click here.