Financial services company Truist Financial Corp (NYSE: TFC) announced operating results for the first quarter of 2024, reporting lower revenues and profit.
- Q1 net income available to common shareholders was $1.1 billion or $0.81 per share, vs. $1.41 billion or $10.05 per share last year
- Adjusted earnings dropped to $0.90 per share in the first quarter from $1.05 per share last year
- Total revenues decreased to $4.87 billion in the March quarter from $5.34 billion in the year-ago quarter
- Net interest income declined 13% year-over-year to $3.43 billion due to lower-earning assets and higher funding costs
- Net interest margin was 2.89% during the three months, vs. 3.17% in the first quarter of 2023
- Noninterest income was up 2% due to higher investment banking and trading income, partially offset by lower lending-related fees
- Noninterest expense declined by 2% due to the goodwill impairment and the larger impact of the FDIC special assessment in the fourth quarter of 2024