By Ian Walker

Truist Financial Corp. on Tuesday reported a 24% rise in fourth-quarter profit as it booked a benefit in its accounts against credit losses to reflect an improved economic outlook.

The Charlotte, N.C.-based company's net income attributable to shareholders was $1.52 billion, compared with $1.23 billion a year ago. Earnings per share were $1.13, up from 90 cents in the comparable quarter a year ago.

The provision for credit losses booked for the quarter was a benefit of $103 million.

Fourth-quarter adjusted earnings were $1.38 a share.

Truist said that it continues to maintain a strong liquidity position and is prepared to meet the funding needs of clients.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 18, 2022 06:30 ET (11:30 GMT)

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