Truist Financial’s Q1 EPS Up 25% to $1.09, Revenue Dips 5.1%
Truist Financial reported Q1 adjusted EPS of $1.09, beating estimates by $0.09 and marking a 25% year-over-year increase, while revenue dipped 5.1% to $5.15B, just $20M below forecasts. NI margin fell 5bps to 3.02%; average loans grew 0.7% to $327B; bank held 10.8% CET1 and returned $1.8B to shareholders.
1. Q1 Financial Results
Truist Financial delivered adjusted earnings per share of $1.09 for the quarter, surpassing consensus by $0.09 and rising 25% from $0.87 a year earlier. Total revenue reached $5.15 billion, down 5.1% year-over-year and missing estimates by $20 million.
2. Net Interest Income and Margin
Net interest income on a taxable-equivalent basis declined 2.8% sequentially to $3.64 billion, reflecting a shorter quarter and deposit mix shifts. The net interest margin contracted 5 basis points to 3.02%, weighing on overall profitability.
3. Balance Sheet Growth
Average loans held for investment increased by $2.3 billion, or 0.7%, to $327.0 billion, driven by commercial portfolio expansion. Average deposits rose by $2.9 billion, or 0.7%, reaching $398.9 billion, underscoring stable funding growth.
4. Capital and Shareholder Returns
Truist maintained a Common Equity Tier 1 capital ratio of 10.8%, reflecting solid regulatory capital levels. The bank returned $1.8 billion to shareholders through dividends and share repurchases during the quarter.