Truist Financial cuts 2024 revenue guidance; Q1 beats, helped by investment banking

seekingalpha04-22

Truist Financial (NYSE:TFC) stock fell 3.8% in Monday premarket trading after the Charlotte, North Carolina-based regional bank trimmed its guidance for full-year 2024 revenue. That came after its ...

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That came after its ...</p>\n\n<a href=\"https://seekingalpha.com/news/4091838-truist-financial-cuts-2024-revenue-guidance-q1-beats-helped-by-investment-banking\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4211","symbol_name":"区域性银行","start_time":0,"source_url":"https://seekingalpha.com/news/4091838-truist-financial-cuts-2024-revenue-guidance-q1-beats-helped-by-investment-banking","article_id":"2429194764","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1446334604/image_1446334604.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2429194764","pubTimestamp":1713786354,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Truist Financial (NYSE:TFC) stock fell 3.8% in Monday premarket trading after the Charlotte, North Carolina-based regional bank trimmed its guidance for full-year 2024 revenue. That came after its ear","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","BK6052":"资产管理与托管银行","TFC":"Truist Financial Corp","BK4588":"碎股","BK6516":"银行与投资服务概念","BK4585":"ETF&股票定投概念","T55.SI":"TIH LIMITED","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD"},"translate_title":"Truist Financial削减2024年收入指导；Q1击败投资银行","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TFC":1,"T55.SI":0.74},"content_text":"Truist Financial (NYSE:TFC) stock fell 3.8% in Monday premarket trading after the Charlotte, North Carolina-based regional bank trimmed its guidance for full-year 2024 revenue. That came after its earnings for the first quarter of the year handily beat the average Wall Street estimate. The bank expects 2024 adjusted revenue (taxable equivalent) to drop 4%-5% from FY 2023's $20.2B, excluding the impact of interest income earned on the proceeds from its pending sale of Truist Insurance Holdings (\"TIH\") and potential balance sheet repositioning, a steeper drop than its prior guidance of down 1%-3%. That implies 2024 revenue of ~$19.2B-$19.4B, less than the $22.7B consensus estimate. Adjusted expenses are expected to be flat with 2023's $11.4B, compared with its prior outlook of flat to up 1%, including costs for TIH independence. The outlook for net charge-offs remained at ~65 basis points. For Q2, Truist (TFC) expects revenue (\"TE\") to decline ~2% from Q1's $4.9B, excluding the interest income impact from the pending sale of TIH and potential balance sheet repositioning. That implies Q2 revenue of ~$3.9B vs. the Visible Alpha consensus estimate of $6.0B. Q1 EPS of $0.90, topping the average analyst estimate of $0.81, rose from $0.81 in Q4 2023 and fell from $1.05 in Q1 2023.  Net interest income (\"TE\") of $3.43B, missing the Visible Alpha consensus of $3.46B, declined from $3.58B in the previous quarter and $3.92B a year ago. Net interest margin of 2.89% slipped from 2.96% in Q4 and 3.17% in Q1 2023. Noninterest income of $1.45B climbed from $1.36B in the previous quarter and $1.42B in the year-ago period. The Q/Q gain reflected higher investment banking and trading income, partly offset by lower lending related fees. Adjusted noninterest expense of $2.74B rose 0.7% Q/Q and fell 4.2% Y/Y.  Adjusted preprovision net revenue for the quarter was $2.13B, down 4.0% Q/Q and 14% Y/Y. Q1 provision for credit losses dropped to $500M from $572M in Q4 and $502M in Q1 2023. Average total deposits slipped to $389B from $395B in Q4. Average total loans and leases held for investment stood at $309B in Q1 vs. $313B in Q4. Conference call at 8:00 AM ET.  More on Truist Financial  Truist Financial: Improving Setup (Rating Upgrade) Truist Financial Q1 Earnings Preview: Capital Improvement But Deposit Weakness (Rating Downgrade) Truist Financial Non-GAAP EPS of $0.90 beats by $0.09, revenue of $4.87B misses by $830M","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429194764"}