SunTrust Banks plans to give a little more back to shareholders, raising its dividend to 5 cents per common share, the company said Tuesday.
Atlanta-based SunTrust last paid a stock dividend of greater than a penny per share in mid-2009, when it was 10 cents per share.
The bank paid as much as 77 cents per share in 2008, but started cutting the dividend amid souring loans in the wake of the financial crisis.
The 1-cent dividend was part of a plan that raised investor funds and improvedcapital in response to crisis-era bank "stress tests."
The 5-cent dividend will be payable Sept. 15 for shareholders of record as of Sept. 1.
SunTrust reported a profit in the second quarter of $174 million, or 33 cents per share, compared to a loss of $56 million, or 11 cents per share, in the period a year ago.
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