Truist Q3 2022 Earnings Report

Truist's financial performance in Q3 2022 reflected mixed results due to strong loan growth and expanded net interest margin offset by challenging market conditions.

Key Takeaways

Truist Financial Corporation reported mixed results for the third quarter of 2022, with strong loan growth and expanded net interest margin offset by the challenging market environment impacting capital markets related revenue. GAAP earnings were $1.5 billion, or $1.15 per diluted share, while adjusted earnings were $1.7 billion, or $1.24 per diluted share.

Earnings per diluted common share were $1.15; adjusted diluted earnings per share were $1.24.

Pre-provision net revenue (PPNR) was $2.3 billion, up 8.0% compared to second quarter 2022 and 24% compared to third quarter 2021.

Taxable-equivalent revenue was $5.9 billion, up 3.6% compared to second quarter 2022 and up 4.6% compared to third quarter 2021.

Average loans and leases held for investment were $309.4 billion, up $12.7 billion, or 4.3%, compared to the second quarter of 2022.