Truist Financial reports Q4 revenue miss, shares rise premarket
Investing.com | Editor Ahmed Abdulazez Abdulkadir
Published Jan 18, 2024 10:09AM ET
CHARLOTTE - Truist Financial (NYSE:TFC) Corp unveiled its financial results for the fourth quarter of fiscal year 2023 today, highlighting a mix of challenges and growth in certain areas. The bank reported revenue of $5.76 billion and an adjusted earnings per share (EPS) of $0.81. This performance did not meet analysts' expectations, who had predicted an EPS of $0.89.
In the detailed financials, Truist disclosed that its net interest income has seen a decrease, with the net interest margin contracting to 2.98%. However, it wasn't all a downward trend for the Charlotte-based financial institution. Truist experienced a boost in service charges and lending-related fees, particularly from its commercial and investment banking operations.
Despite the mixed financial outcomes, the bank's capital position remains robust, with a reported Common Equity Tier 1 (CET1) capital ratio of 10.1%. In response to the earnings report, Truist's CEO Bill Rogers (NYSE:ROG) underscored the company's commitment to maintaining market leadership and enhancing shareholder value.
Investors appeared to respond positively to the earnings announcement and the CEO's remarks, as Truist's shares experienced an uptick in premarket trading. The stock price rose by 0.89% to $36.10, signaling market optimism amidst the reported earnings miss.
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