Strong Investment Banking Revenue …

• Net Income: $1.3 billion or $0.99 per share on a GAAP basis.

• Adjusted EPS: $0.97 per share.

• Adjusted Revenue Growth: Increased by 2.4% on a linked quarter basis.

• Adjusted Expenses: Increased by less than 1% linked quarter and declined year-over-year for the third consecutive quarter.

• Loan Loss Provision: $25 million related to Hurricane Helene.

• Capital Return: $1.2 billion returned to shareholders through dividends and $500 million in share repurchases.

• CET1 Capital Ratio: Remained stable at 11.6%.

• Consumer Loan Production: Increased by 3% linked quarter.

• Investment Banking Revenue: Increased 79% year-over-year and 43% year-to-date.

• Net Charge-Offs: Declined by 3 basis points linked quarter.

• Average Loans: Decreased by $3 billion or 1% sequentially.

• Average Deposits: Decreased by 1% sequentially or $3.7 billion.

• Net Interest Margin: Increased 10 basis points to 3.12% linked quarter.

• Non-Interest Income: Increased by 3.1% linked quarter.

• Office Portfolio: Down $232 million linked quarter, with a reserve increase to 10.4%.

Release Date: October 17, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Truist Financial Corp (NYSE:TFC) reported solid underlying earnings with a net income of $1.3 billion or $0.99 per share.

• The company achieved a 2.4% increase in adjusted revenue on a linked quarter basis, driven by strong investment banking and trading income.

• Truist Financial Corp (NYSE:TFC) demonstrated expense discipline, with adjusted expenses increasing by less than 1% linked quarter and declining year-over-year.

• The company returned $1.2 billion of capital to shareholders through dividends and share repurchases, with plans to repurchase an additional $500 million in the fourth quarter.

• Truist Financial Corp (NYSE:TFC) showed strong growth in digital capabilities, with a 6% increase in client mobile app users and a 15% increase in digital transactions year-over-year.

• Average loans decreased by $3 billion or 1% sequentially, reflecting weaker commercial client demand and line utilization.

• Average deposits decreased by 1% sequentially, with a decline in non-interest-bearing deposits.

• Net interest income is expected to decrease by 1.5% in the fourth quarter, driven by lower commercial loan balances and pressure on net interest margin.

• The company recorded a $25 million loan loss provision related to Hurricane Helene, impacting overall financial results.

• Truist Financial Corp (NYSE:TFC) faces ongoing pressure from deposit betas, which are expected to lag asset repricing in the near term.

Story Continues