Truist Financial Clocks 15% Top-Line Growth In Q1

• Truist Financial Corporation (NYSE: TFC) revenues in the first quarter jumped nearly 15% year-over-year to $6.1 billion, beating the consensus of $6.09 billion.

• Net interest income in the quarter under review jumped 22.1% year-over-year to $3.9 billion, while noninterest income soared 4.3% on year to $2.23 billion.

• The provision for credit losses was $502 million in the first quarter, compared to the benefit of $95 million in the year-ago period. The increase in the current quarter provision expense primarily reflects increased economic uncertainty in the current period.

• Average loans and leases increased 1.7% on quarter to $326.02 billion, driven by growth within the commercial and industrial portfolio.

• Average deposits for the first quarter were $408.5 billion, a decrease of 1.2% on quarter owing to the impacts of monetary tightening and higher-rate alternatives.

• The Common equity tier 1, or CET1 ratio, was 9.1% as of March 31, 2023, with the financial enterprise having $166 billion of available liquidity sources.

• Net income in the first quarter totaled $1.41 billion, up 6% Y/Y. Adjusted EPS in the quarter under review was $1.09, missing the consensus of $1.14.

• Net interest margin was 3.17%, up 41 basis points.

• "We also closed on the sale of a 20% minority stake in Truist Insurance Holdings in early April, which adds approximately 30 basis points to our risk-based capital ratios and, longer term, provides strategic and financial flexibility for both Truist and TIH," the company Chairman & CEO Bill Rogers said.

• Price Action: TFC shares closed higher by 2.78% at 34.79 on Wednesday.

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Truist Financial Clocks 15% Top-Line Growth In Q1 originally appeared on Benzinga.com

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.