Truist Q1 2020 Earnings Report
Key Takeaways
Truist Financial Corporation reported a net income of $986 million for Q1 2020, a 31.6% increase compared to the same period last year. Earnings per diluted common share were $0.73, a decrease of 24.7% year-over-year. The results were significantly affected by merger-related costs and discretionary costs related to supporting stakeholders during the COVID-19 pandemic. The company provided $893 million in reserves to address expected future losses.
Earnings per diluted common share were $0.73; adjusted diluted earnings per share were $0.87.
ROA was 0.90 percent; adjusted ROA was 1.06 percent.
ROCE was 6.58 percent; adjusted ROCE was 7.88 percent.
ROTCE was 13.23 percent; adjusted ROTCE was 15.51 percent.
Truist
Truist
Forward Guidance
Truist did not provide specific forward guidance in this earnings report. The report focuses on the impact of the COVID-19 pandemic and the merger-related activities.