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CHARLOTTE -On Thursday, Truist Financial Corp. (NYSE:TFC) reported first quarter earnings that beat analyst expectations.
The company’s shares jumped 13.86% in premarket trading following the release.
The Charlotte-based lender posted earnings per share of $0.87 for Q1 2025, topping the consensus estimate of $0.86. Revenue came in at $4.95 billion, in line with analyst projections.
Truist’s net interest income decreased 2.4% quarter-over-quarter to $3.56 billion, while the net interest margin declined 6 basis points to 3.01%.
Average loans and leases held for investment grew 1.1% from the previous quarter to $306.4 billion, driven by increases in commercial and industrial, residential mortgage, and indirect auto portfolios. Average deposits rose 0.6% to $392.2 billion.
The bank’s provision for credit losses was $458 million, down from $471 million in Q4 2024. Net charge-offs as a percentage of average loans ticked up slightly to 0.60% from 0.59% in the prior quarter.
"We delivered solid first quarter results as we remain focused on executing on our strategy amidst market volatility," said Truist Chairman and CEO Bill Rogers. "Both average loans and deposits are higher to begin the year, and our expense discipline was evident again this quarter, while asset-quality metrics remained stable and capital ratios strong."
Truist repurchased $500 million of common stock during the quarter. The bank’s CET1 ratio stood at 11.3% as of March 31, down 20 basis points from the end of 2024.
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