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- Truist Financial Corporation (NYSE: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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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