SunTrust to Restate Profit Higher
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SunTrust Banks Inc. said it expected to restate earnings higher for the first and second quarters of 2004 because of an error in entering the data used to calculate loan-loss allowances. It also said it planned to delay its third-quarter earnings release pending completion of an audit committee review.
The firm has placed its chief credit officer and its controller on paid administrative leave.
For the first quarter, earnings are expected to rise by $17.4 million, or 7 cents a share. Income for the second quarter will increase by about $4.8 million, or 1 cent a share.
Shares of Atlanta-based SunTrust fell 78 cents to $69 on the New York Stock Exchange.
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