Truist Q1 2021 Earnings Report

Truist reported a strong financial performance, advanced its ESG strategy, and made progress towards its Community Benefits Plan.

Key Takeaways

Truist Financial Corporation reported a net income available to common shareholders of $1.3 billion for the first quarter of 2021, up 35.3% compared to the same period last year. Adjusted net income was $1.6 billion, an increase of 42% compared with the first quarter last year. Earnings per diluted common share were $0.98, an increase of 34.2 percent compared with the same period last year. Adjusted earnings per diluted common share were $1.18, also up 42% from last year.

Earnings per diluted common share were $0.98; adjusted diluted earnings per share were $1.18, up $0.35 per share compared to first quarter 2020.

Taxable-equivalent revenue was $5.5 billion, with a fee income ratio of 40.1 percent.

Noninterest expense was $3.6 billion, including $141 million of merger-related and restructuring charges and $175 million of incremental operating expenses related to the merger.

Asset quality ratios remained stable, reflecting diversification benefits of the merger and effective problem asset resolution.

Total Revenue

$5.48B

Previous year: $5.61B

GAAP Efficiency Ratio