Sector: Financials|Industry: Banks - Regional|Market Cap: $57.23B|Employees: 50.8K
Truist Financial Corporation is a leading U.S. commercial bank offering a wide array of financial products and services to both consumer and commercial clients. The company's core business model revolves around consumer and small business banking, commercial banking, and wealth management. Truist operates primarily in high-growth markets in the Southeast and Mid-Atlantic regions, leveraging its market position and digital platform to compete effectively.
Net income available to common shareholders reached $1.336 billion, up from $1.071 billion in the same quarter last year, driven by improved profitability and balance sheet repositioning.
Taxable-equivalent net interest income rose to $3.657 billion, up from $3.592 billion in the prior year, with net interest margin increasing 20 basis points to 3.12%.
Noninterest expense decreased to $2.927 billion, down from $3.060 billion in the prior year, as a result of lower personnel costs, restructuring charges, and the FDIC special assessment.