By Dave Sebastian
Truist Financial Corp. said its net interest income rose in the company's first third-quarter period following its creation in the merger last year of BB&T Corp. and SunTrust Banks Inc.
The Charlotte, N.C.-based company Thursday said net interest income on a taxable equivalent basis was $3.39 billion, up from $1.72 billion a year earlier. Noninterest income rose to $2.21 billion from $1.3 billion.
Truist posted quarterly profit of $1.07 billion, or 79 cents a share, compared with $735 million, or 95 cents a share, in the same quarter last year. Excluding merger-related and restructuring charges, earnings were 97 cents a share.
Analysts polled by FactSet had been expecting earnings of 84 cents a share, or 89 cents a share on an adjusted basis.
Revenue rose to $5.57 billion from $3 billion. Analysts had been looking for $5.41 billion.
The bank said it set aside $421 million for loan losses, reflecting a build to the allowance for loan and lease losses due to its monitoring of clients' financial position and associated regrading actions as well as uncertainty after the expiration of Covid-19 relief packages. The allowance for loan and lease losses was 1.91% of loans and leases held for investment, the company said.
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(END) Dow Jones Newswires