Atlanta-based SunTrust Banks has reported fourth quarter earnings which show a net loss of $248.1 million, a slight improvement on the final quarter of 2008, when it reported a net loss of $347.6 million.

The firm attributed the losses to the challenging economic and credit environments, but said that better conditions as compared with the same period in 2008 had equated to a smaller earnings impact.

Revenue increased by 1.2 per cent year-over-year to $1.95 billion for the three months to December. SunTrust said in a statement that while revenue growth remained soft, there were continued signs of improvement in certain operating units.

Assets under advisement at the firm were $205.4 million, having grown 5.6 per cent year-over-year. Assets under administration grew by 4.2 per cent over the quarter and stood at $165.5 million at 31 December.

SunTrust’s Tier 1 capital ratio, a measure of financial stability, was 12.9 per cent, up from 10.87 per cent in the fourth quarter of 2008.