Skip to Content
Global News Select

Truist Financial Profit Rises in 4Q

By Dieter Holger


Truist Financial Corp.'s profit rose in the fourth quarter on the back of record results in its investment banking and commercial real estate divisions.

The Charlotte, N.C.-based bank said Thursday that profit was $1.23 billion, or 90 cents a share, in the fourth quarter. A year ago, profit was $702 million or 75 cents a share.

Truist said adjusted earnings were $1.18 a share, excluding merger-related and restructuring charges. Analysts polled by FactSet expected adjusted earnings of 97 cents a share.

Net interest income as a taxable equivalent rose to $3.4 billion in the quarter from $2.25 billion in the previous year. Noninterest came to $2.29 billion, up from $1.4 billion.

Analysts expected net interest income of $3.3 billion and noninterest income of $2.1 billion.

Total revenue rose to $5.65 billion from $3.63 billion a year ago. Analysts expected $5.4 billion in revenue.

The bank set aside $177 million in the quarter for loan losses. Last quarter, it set aside $421 million.

"Our fourth-quarter results reflect a significant decline in the provision for credit losses and strong results from many of our noninterest-income generating businesses," Kelly King, chief executive of Truist, said.


Write to Dieter Holger at; @dieterholger


(END) Dow Jones Newswires

January 21, 2021 06:27 ET (11:27 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.