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Sep 30, 2021
Truist Q3 2021 Earnings Report
Reported solid results driven by strong fee income, excellent credit performance, and successful conversion of heritage BB&T clients.
Key Takeaways
Truist Financial Corporation reported strong third-quarter results with a net income available to common shareholders of $1.6 billion, up 51% compared to the third quarter last year. Adjusted net income available to common shareholders was $1.9 billion. The results were driven by strong fee income from a diverse business mix and exceptional credit performance.
Earnings per diluted common share were $1.20, while adjusted diluted earnings per share were $1.42, up 46% compared to the third quarter of 2020.
Taxable-equivalent revenue was $5.6 billion, with adjusted taxable-equivalent revenue (excluding securities gains) up 2.3% compared to the third quarter of 2020.
Asset quality remained excellent, with nonperforming assets at 0.23% of total assets and net charge-offs at 0.19% of average loans and leases.
Capital and liquidity levels remained strong, with a common equity tier 1 to risk-weighted assets ratio of 10.1% and a consolidated average LCR ratio of 114%.
Forward Guidance
Truist expects to deploy approximately $1 billion to $2 billion of capital (either in the form of share repurchases or acquisitions) through 3Q22.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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