Truist said net income available to common shareholders for Q1 2024 was $1.1 billion, down 23% from Q1 2023, and diluted earnings per common share were $0.81, a decrease of $0.24 (23%).

1. 01

   Truist said net income available to common shareholders for Q1 2024 was $1.1 billion, down 23% from Q1 2023, and diluted earnings per common share were $0.81, a decrease of $0.24 (23%).

2. 02

   The company said taxable-equivalent net interest income for Q1 2024 fell $493 million (13%) from Q1 2023, and net interest margin fell to 2.89%, down 28 basis points. It cited higher funding costs and lower earning assets as the main factors.

3. 03

   Truist said it completed the sale of its remaining equity interests in TIH on May 6, 2024. It said after-tax cash proceeds were about $10.1 billion and the after-tax gain was about $4.7 billion. The company said it reflected the TIH amounts as discontinued operations.

4. 04

   The company said its CET1 ratio was 10.1% on March 31, 2024, unchanged from December 31, 2023, and that it declared common dividends of $0.52 per share during Q1 2024 and did not repurchase any shares. It said that, following the sale of TIH, capital distributions require prior approval from the FRB.

Key figures

Quarter ended March 31, 2024

Revenue

$6.2B

Net income

$1.2B

EPS

$0.81

Operating cash flow

−$990M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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