- Truist Financial Corporation TFC Revenue grew nearly 15% year over year to $6.1 billion in the first quarter, beat the consensus of $6.09 billion.
- Net interest income increased 22.1% year over year to $3.9 billion for the quarter, while noninterest income increased 4.3% year over year to $2.23 billion.
- The provision for credit losses was $502 million in the first quarter, compared to a $95 million benefit in the year-ago period. The increase in provision expense in the current quarter mainly reflects the heightened economic uncertainty in the current period.
- Average loans and leases increased 1.7% sequentially to $326.02 billion, driven by growth in the commercial and industrial portfolio.
- Average deposits for the first quarter were $408.5 billion, down 1.2% sequentially due to the impact of monetary tightening and higher-yielding alternatives.
- Its Common Equity Tier 1, or CET1, ratio was 9.1% as of March 31, 2023, with the financial company having $166 billion in available sources of liquidity.
- Net income for the first quarter totaled $1.41 billion, up 6% Y/Y. Adjusted earnings per share for the quarter were $1.09, beating consensus of $1.14.
- Net interest margin was 3.17%, up 41 basis points.
- “Also, in early April we completed the sale of a 20% minority stake in Truist Insurance Holdings, which increases our risk-based capital ratios by approximately 30 basis points and provides both Truist and TIH with strategic and financial flexibility over the long term. said the company’s Chairman and CEO, Bill Rogers.
- Price promotion: TFC shares ended Wednesday up 2.78% at 34.79.
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