By Maitane Sardon
Truist Financial Corp. Thursday posted a rise in first-quarter profit.
The Charlotte, N.C.-based bank said net income was $1.33 billion, up 35% from the prior year. Per-share earnings were 98 cents, compared with 73 cents a year ago.
Excluding merger-related and restructuring charges, earnings were $1.18 a share.
Analysts polled by FactSet were looking for earnings of $1.19 a share, or $1.39 a share on an adjusted basis.
The bank set aside $48 million in the quarter for loan losses. Last quarter, it had set aside $177 million.
The taxable equivalent for net interest income was $3.29 billion, compared with $3.65 billion in the comparable quarter last year.
Noninterest income was $2.2 billion, compared with $1.96 billion in last year's first quarter.
Analysts expected net interest income of $4.1 billion and noninterest income of $2.7 billion.
Revenue fell to $5.48 billion from $5.61 billion a year ago and came in below analysts expectations of $6.82 billion.
Write to Maitane Sardon at email@example.com
(END) Dow Jones Newswires
April 15, 2021 06:30 ET (10:30 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.