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Mar 31, 2022
Truist Q1 2022 Earnings Report
Reported solid loan growth, strong expense control, and continued favorable credit results, while fee revenues were impacted by market volatility and geopolitical uncertainty. The final core bank conversion was completed.
Key Takeaways
Truist Financial Corporation reported first quarter 2022 GAAP earnings of $1.3 billion, or $0.99 per diluted share. Adjusted earnings were $1.6 billion, or $1.23 per diluted share. The results reflect solid loan growth, strong expense control, and continued favorable credit results. However, fee revenues were impacted by market volatility and geopolitical uncertainty.
Earnings per diluted common share were $0.99; adjusted diluted earnings per share were $1.23, up 4.2% compared to first quarter 2021.
Taxable-equivalent revenue was $5.4 billion, down 4.3% compared to fourth quarter 2021 and down 2.9% compared to first quarter 2021.
Noninterest expense was $3.7 billion, down 0.7% compared to fourth quarter 2021 and up 1.8% compared to first quarter 2021.
Asset quality remains excellent, reflecting prudent risk culture, diverse portfolio, and the continued favorable credit environment.
Forward Guidance
Truist anticipates higher interest rates, benefits from its diverse business model, and continued expense discipline. However, there is increasing uncertainty presented by geopolitical and economic risks.
Positive Outlook
- Improving core margin, with more upside from here
- Strong expense discipline
- Continued favorable credit results
- Expectations for higher interest rates
- Diverse business model
Challenges Ahead
- Market volatility
- Geopolitical uncertainty
- Challenging environment for investment banking
- Challenging environment for mortgage
- Increasing uncertainty presented by a range of geopolitical and economic risks
Historical Earnings Impact
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Avg. Return Before/After Earnings
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