Truist Tops Earnings Estimates on Lower Expected Credit Losses
Truist Financial (NYSE: TFC), the nation's sixth largest bank, beat earnings estimates in the third quarter with net income rising 45% to $1.1 billion.
The company's earning per share were down 16.8% to $0.79, including merger-related and restructuring costs stemming from the merger of BB&T and SunTrust that formed Truist last December. The adjusted net income was $1.3 billion, or $0.97 per share.
The provision for credit losses was $421 million in the third quarter, down from $844 million in the second quarter. Net charge-offs were $326 million this past quarter, up from $316 million in the second quarter. The credit build reflects continued uncertainty due to the coronavirus and the expiration of relief packages.
Source Fool.com
