- Truist Financial Corporation TFC revenues in the first quarter jumped nearly 15% year-over-year to $6.1 billion, beating the consensus of $6.09 billion.
- Net interest income in the quarter under review jumped 22.1% year-over-year to $3.9 billion, while noninterest income soared 4.3% on year to $2.23 billion.
- The provision for credit losses was $502 million in the first quarter, compared to the benefit of $95 million in the year-ago period. The increase in the current quarter provision expense primarily reflects increased economic uncertainty in the current period.
- Average loans and leases increased 1.7% on quarter to $326.02 billion, driven by growth within the commercial and industrial portfolio.
- Average deposits for the first quarter were $408.5 billion, a decrease of 1.2% on quarter owing to the impacts of monetary tightening and higher-rate alternatives.
- The Common equity tier 1, or CET1 ratio, was 9.1% as of March 31, 2023, with the financial enterprise having $166 billion of available liquidity sources.
- Net income in the first quarter totaled $1.41 billion, up 6% Y/Y. Adjusted EPS in the quarter under review was $1.09, missing the consensus of $1.14.
- Net interest margin was 3.17%, up 41 basis points.
- "We also closed on the sale of a 20% minority stake in Truist Insurance Holdings in early April, which adds approximately 30 basis points to our risk-based capital ratios and, longer term, provides strategic and financial flexibility for both Truist and TIH," the company Chairman & CEO Bill Rogers said.
- Price Action: TFC shares closed higher by 2.78% at 34.79 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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