Truist Financial Corp. (NYSE: TFC) reported Q2 EPS of $0.82, $0.14 better than the analyst estimate of $0.68. Revenue for the quarter came in at $5.9 billion versus the consensus estimate of $5.52 billion.

Second Quarter 2020 Performance Highlights

Earnings per diluted common share were $0.67

• Adjusted diluted earnings per share were $0.82
• ROA was 0.75 percent; adjusted ROA was 0.91 percent
• ROCE was 5.90 percent; adjusted ROCE was 7.26 percent
• ROTCE was 11.83 percent; adjusted ROTCE was 14.17 percent

"I am pleased with our overall performance and Truist's actions to support all our stakeholders in this challenging and ever-changing operating environment," said Chairman and Chief Executive Officer Kelly S. King. "This quarter we continued to focus on supporting our clients, teammates and communities affected by the pandemic, doubling our Truist Cares relief efforts to $50 million to reach underserved communities in our footprint. We are also focused on addressing the critical issue of racial and social inequity in America, and are having authentic dialogue on how we at Truist can create meaningful, long-lasting and measurable changes for the Black community. There is much more work to be done, but we are committed to building a stronger, more equitable company and society.

"Our core financial performance during the quarter was strong, particularly in light of the challenging interest rate and credit environment," said King. "Adjusted net income was $1.1 billion, driven by growth in earning assets, a strong performance from our investment banking group, a record quarter from our insurance brokerage group, and great results from our residential mortgage banking team. We also demonstrated solid expense discipline on a core basis and experienced substantial growth in deposits.

"While asset quality ratios remained relatively stable, we provided $844 million for credit losses given economic uncertainty and the stressed environment. This affords strong coverage for expected credit losses in the future. We are also pleased by the performance of our loan portfolios under stress in the Federal Reserve's CCAR process. Following the results of this process, we will recommend a $0.45 third quarter dividend to our board of directors.

"I remain proud of our teammates, who continue to work hard to meet the immediate and long-term needs of our clients, demonstrating our purpose to inspire and build better lives and communities every single day."

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