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 email@example.com; @dieterholger
(END) Dow Jones Newswires
January 21, 2021 06:27 ET (11:27 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.