J.P. Morgan & Co.'s surprisingly strong profits stole the spotlight on Thursday, but solid earnings from SunTrust Banks Inc. and PNC Financial Services Group offered the strongest evidence yet that the industry may have dodged much of the second-quarter damage that Wall Street expected from credit-quality problems and interest rates.

SunTrust of Atlanta said its net income rose 8% from the year earlier, to $317.5 million, fueled by double-digit loan growth and cost savings. Excluding a one-time charge, earnings per share of $1.09 beat the consensus by two cents. Though suspected as a southern banking company that might have a rise in problem loans, SunTrust's nonperforming assets were flat from the first quarter.

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