Investing.com - Truist Financial (NYSE:TFC) Corp reported on Friday third quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Truist Financial Corp announced adjusted earnings per share of $1.42 on revenue of $5.62B. Analysts polled by Investing.com anticipated EPS of $1.09 on revenue of $5.52B. Unadjusted earnings were $1.20 per share.
The company reported 2% annualized loan growth quarter over quarter (excluding PPP loans); consumer loans were up 2% quarter over quarter. Provision for credit losses was a $324M benefit to profits.
Truist Financial Corp shares are up 26.52% from the beginning of the year, still down 3.27% from its 52 week high of $62.69 set on May 18. They are outperforming the S&P 500 which is up 18.16% from the start of the year.
"Truist produced solid results in the third quarter, driven by strong fee income from our diverse business mix - including wealth, insurance brokerage, investment banking, and positive trends in a number of other businesses given improving economic conditions," said Chief Executive Officer William H. Rogers (NYSE:ROG) Jr.
Read the earnings press release here.
Truist Financial Corp follows other major banking earnings this week
Truist Financial Corp's report follows an earnings beat by JPMorgan Chase & Co (NYSE:JPM) on Wednesday, who reported EPS of $3.74 on revenue of $30.44B, compared to forecasts EPS of $3 on revenue of $29.86B.
Morgan Stanley (NYSE:MS) also beat Morgan Stanley on Thursday with third quarter EPS of $2.04 on revenue of $14.75B, compared to forecast for EPS of $1.69 on revenue of $13.93B.
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