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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 dieter.holger@wsj.com; @dieterholger

 

(END) Dow Jones Newswires

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

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