Truist Financial Corp. (TFC) Tops Q1 EPS by 6c

Truist Financial Corp. (NYSE: TFC) reported Q1 EPS of $0.73, $0.06 better than the analyst estimate of $0.67.

"The COVID-19 pandemic has altered life as we know it, and our hearts go out to everyone affected by this global health crisis,\" said Chairman and Chief Executive Officer Kelly S. King. "The combination of our two heritage companies positions Truist well to support our clients, communities and teammates in this challenging environment. As a well-capitalized institution with a strong liquidity position, we have seen significant growth in loans as our commercial clients drew down their lines of credit and have also seen a flight to quality as many of our clients move funds out of the financial markets and into deposit accounts.

"Truist earned $986 million in the first quarter, affected significantly by merger-related costs and certain discretionary costs and fee rebates that were necessary to support our teammates, clients and communities during the pandemic. Excluding these costs and fee rebates, Truist earned $1.2 billion, or $0.87 per share for the quarter. While asset quality remained strong at quarter-end, we know credit costs will increase and we provided $893 million in reserves to address expected future losses.

For earnings history and earnings-related data on Shelton Greater China Fund (TFC) click here.

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