Truist Financial 1Q Profit Rises
April 15 2021 - 6:45AM
Dow Jones News
By Maitane Sardon
Truist Financial Corp. Thursday posted a rise in first-quarter
profit.
The Charlotte, N.C.-based bank said net income was $1.33
billion, up 35% from the prior year. Per-share earnings were 98
cents, compared with 73 cents a year ago.
Excluding merger-related and restructuring charges, earnings
were $1.18 a share.
Analysts polled by FactSet were looking for earnings of $1.19 a
share, or $1.39 a share on an adjusted basis.
The bank set aside $48 million in the quarter for loan losses.
Last quarter, it had set aside $177 million.
The taxable equivalent for net interest income was $3.29
billion, compared with $3.65 billion in the comparable quarter last
year.
Noninterest income was $2.2 billion, compared with $1.96 billion
in last year's first quarter.
Analysts expected net interest income of $4.1 billion and
noninterest income of $2.7 billion.
Revenue fell to $5.48 billion from $5.61 billion a year ago and
came in below analysts expectations of $6.82 billion.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
April 15, 2021 06:30 ET (10:30 GMT)
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