Truist's Q3 adjusted EPS beats estimates
TFC•Truist reported Q3 adjusted EPS of $1.16, above the $1.11 analyst estimate. Net interest income was $3.66 billion, the CET1 capital ratio was 10.7%, and provision for credit losses was $253 million.
1. Quarterly results
Truist's third-quarter adjusted earnings per share were $1.16, beating the $1.11 consensus estimate. Net interest income was $3.66 billion, and the CET1 capital ratio was 10.7%.
2. Key drivers
A $1.4 billion loss on sales of available-for-sale securities weighed on non-interest income. Releasing remaining credit-loss reserves after a loan sale generated a $581 million benefit, partly offset by $106 million of sale-related impacts. Tax-equivalent net interest income rose $40 million quarter over quarter, driven by an extra day and fixed asset and liability repricing, partly offset by lower loans.
3. Credit provisions
The provision for credit losses was $253 million. Truist did not provide specific guidance for future quarters or the full year in the press release.
