Truist Financial Corp. (TFC) Tops Q4 EPS by 21c

Truist Financial Corp. (NYSE: TFC) reported Q4 EPS of $1.18, $0.21 better than the analyst estimate of $0.97.

"In a year of unprecedented challenges for our nation and the financial services industry, I'm extremely proud of our teammates and their rapid and sustained response to meet the needs of our clients and communities," said Chairman and Chief Executive Officer Kelly S. King. "Despite this difficult environment, our performance was very strong in 2020 and we closed the year on a high point with our best quarter yet in terms of financial performance.

"Our fourth quarter results reflect a significant decline in the provision for credit losses and strong results from many of our noninterest-income generating businesses. Our adjusted efficiency ratio improved to 55.9 percent and our adjusted return on tangible common equity was very strong at 19.03 percent.

"Adjusted net income was a record $1.6 billion, or $1.18 per share, due to a strong performance from our insurance business, and record results from investment banking and commercial real estate income, as well as a solid performance in net interest income in this challenging interest rate environment.

"We continue to invest in the future with our client-first strategy and the overall growth and diversification of our company. This includes the acquisition of five insurance brokerages in the fourth quarter, which are expected to boost insurance revenues by $110 million annually. We're also investing selectively in digital and agile capabilities, as well as investment banking, residential mortgage and wealth management talent to meet the evolving needs of our clients.

"In the midst of a global health pandemic, our purpose to inspire and build better lives and communities guided us to take extraordinary measures in 2020 to support our teammates, clients, and communities. This included over $100 million in special COVID-19 support for teammates; payment relief assistance through more than 750,000 client loan accommodations; $50 million through Truist Cares to support front-line community needs and $78 million to support historically underrepresented communities; and helping approximately 80,000 companies secure nearly $13 billion in Paycheck Protection Program funding to save nearly three million jobs. We strengthened our commitment to social justice, moving past words to meaningful and measurable actions. We also made great progress on our integration efforts with a focus on a smooth transition for our clients. We look forward to continued progress on these fronts, while serving our clients and communities and continuing to stand for better in 2021 and beyond."

For earnings history and earnings-related data on Truist Financial Corp. (TFC) click here.

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