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Tuesday, 23 April 2024

Earnings Summary: Highlights of Truist Financial Corp’s Q1 2024 results

by BD Banks

Financial services company Truist Financial Corp (NYSE: TFC) announced operating results for the first quarter of 2024, reporting lower revenues and profit.

Earnings Summary: Highlights of Truist Financial Corp’s Q1 2024 results

  • Q1 net income available to common shareholders was $1.1 billion or $0.81 per share, vs. $1.41 billion or $10.05 per share last year
  • Adjusted earnings dropped to $0.90 per share in the first quarter from $1.05 per share last year
  • Total revenues decreased to $4.87 billion in the March quarter from $5.34 billion in the year-ago quarter
  • Net interest income declined 13% year-over-year to $3.43 billion due to lower-earning assets and higher funding costs
  • Net interest margin was 2.89% during the three months, vs. 3.17% in the first quarter of 2023
  • Noninterest income was up 2% due to higher investment banking and trading income, partially offset by lower lending-related fees
  • Noninterest expense declined by 2% due to the goodwill impairment and the larger impact of the FDIC special assessment in the fourth quarter of 2024

The post Earnings Summary: Highlights of Truist Financial Corp’s Q1 2024 results first appeared on AlphaStreet.

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