Truist Financial Corp. (NYSE: TFC) reported Q1 EPS of $1.18, $0.07 better than the analyst estimate of $1.11. Revenue for the quarter came in at $5.51 billion versus the consensus estimate of $5.47 billion.

First Quarter 2021 Performance Highlights

• Earnings per diluted common share were $0.98
  • Adjusted diluted earnings per share were $1.18, up $0.35 per share compared to first quarter 2020
  • ROA was 1.17 percent; adjusted ROA was 1.39 percent
  • ROCE was 8.69 percent; adjusted ROCE was 10.41 percent
  • ROTCE was 16.40 percent; adjusted ROTCE was 19.36 percent
• Taxable-equivalent revenue was $5.5 billion
  • Fee income ratio was 40.1 percent, compared to 40.4 percent for fourth quarter 2020
  • Record revenues from insurance and investment banking and trading
  • Net interest margin was 3.01 percent, down seven basis points from fourth quarter 2020
  • Core net interest margin was 2.69 percent, down three basis points from fourth quarter 2020

"Truist and our teammates have a lot to be proud of in the first quarter, including a strong financial performance and several significant milestones reflective of our purpose in action," said Chairman and Chief Executive Officer Kelly S. King. "We advanced our ESG strategy with the issuance of our first social bond—becoming the first U.S. regional bank to do so—and became the lead investor for Greenwood, an innovative digital banking platform designed for Black and Latinx consumers and business owners. In addition, we received an 'Outstanding' CRA rating for our community development efforts, and continued to make great progress towards our Community Benefits Plan, after ending 2020 at 114 percent of our annual target. These achievements reflect our continued commitment to support and invest in the diverse communities we're proud to serve.

"Adjusted net income was $1.6 billion, an increase of 42 percent compared with the first quarter last year. On a diluted per share basis, adjusted net income was $1.18 per share, also up 42 percent from last year. This growth resulted from a record performance in our insurance business, record results from investment banking and a significantly lower provision for credit losses. We also demonstrated strong expense discipline by reducing expenses. The adjusted efficiency ratio for the quarter was 56.9 percent and the adjusted return on average tangible common shareholders' equity was a strong 19.36 percent.

"We continue to make important progress on our integration efforts, including completing the wealth brokerage transition earlier this quarter. Through our unique Integrated Relationship Management approach, we continued to deepen client relationships across our investment banking and insurance businesses, significantly increasing referral volumes.

"We were also honored to be recognized for our commitment to stand for better by the Human Rights Campaign's Corporate Equality Index with a perfect 100 score, by 'FORTUNE' as one of the world's most admired companies and as a top 50 employer by both 'Equal Opportunity' and 'CAREERS & the disABLED' magazines."

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