Truist Financial (NYSE:TFC) reports Q2 net income of $826M
Full story: https://grafa.com/news/truist-financial--nyse-tfc--reports-q2-net-income-of--826m-249696
Truist Financial Corporation (NYSE:TFC) has announced its second quarter 2024 results, reporting a net income available to common shareholders of $826 million, or $0.62 per diluted share.
The results were impacted by a loss from the sale of certain available-for-sale investment securities and a charitable contribution to the Truist Foundation.
While the company's total revenues fell by $6.5 billion, when adjusted for these losses, revenues actually increased by 3%, driven by a 4.5% rise in net interest income, which benefited from balance sheet repositioning and higher rates on earning assets.
Even though the company's noninterest expenses rose by 4.8%, when adjusted, the increase was a more moderate 2.6%.
Additionally, the bank saw a slight decline of 0.7% in average loans and leases held for investment (HFI).
This decline was attributed to reductions in commercial and industrial loans, residential mortgages, and indirect auto loans.
In addition to fortifying its position with a significant capital boost from the TIH sale, the company also announced a share repurchase program of up to $5 billion through 2026, with the program set to begin in the third quarter of 2024.
Meanwhile, the company's Common Equity Tier 1 (CET1) ratio for the quarter came in at 11.6%.
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