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
Listen to the conference calls as they happen. Don't miss a beat! With AlphaStreet Intelligence, you can listen to live calls and interviews as they happen, so you never have to worry about missing out on important information.
Most Popular
AAPL Earnings: Apple’s Q2 sales and profit beat estimates; iPhone sales down 10%
Apple Inc. (NASDAQ: AAPL) on Thursday reported better-than-expected profit and revenue for the second quarter of 2024. There was a 10% decrease in iPhone sales. The gadget giant reported revenues
Shopify (SHOP) is all set to report Q1 2024 results. Here’s what to expect
Over the years, Shopify Inc. (NYSE: SHOP) has steadily expanded its footprint in the online retail market through constant innovation, like the recent launch of a mobile POS device for
eBay (EBAY): A look at how the ecommerce company fared in Q1 2024
Shares of eBay Inc. (NASDAQ: EBAY) were down over 2% on Thursday. The company reported its earnings results for the first quarter of 2024 a day ago, with revenue and
