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Truist Financial Q2 2024 Earnings Summary

by Team Lumida
July 22, 2024
in Equities
Reading Time: 2 mins read
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Truist Financial Q2 2024 Earnings Summary

Source: Truist Financial

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Beats Earnings by ~10% & Misses Revenue expectations by ~33%

Total Revenue: -$1.63 Bn, down 132% YoY, down 134% QoQ

Net earnings: $826 Mn, down 33% YoY, down 24% QoQ

Shares unchanged after results

Key Takeaways:

Expects full-year 2024 revenue to decrease by 4%-5% YoY; Q3 revenue to drop ~2%

Provision for Credit Losses: $451 MM, down 16% YoY, down 9.8% QoQ

Average Total Deposits: $388 Bn, down 0.3% QoQ

Average Total Loans and Leases Held for Investment: $306 Bn, down 0.7% QoQ

CEO Bill Rogers on Revenue Drop:

“The significant revenue drop in the second quarter is primarily due to the strategic balance sheet repositioning, which resulted in substantial securities losses. While these adjustments have impacted our short-term revenue figures, they are part of our long-term strategy to improve our interest rate risk profile and create additional liquidity. Despite these challenges, we are seeing solid momentum in our core banking businesses, with strong year-over-year growth in investment banking and trading revenue.”

Tags: $TFCBankingEARNINGSfinancial servicesTruist Financial
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