Summary
Truist Financial Corporation (TFC), formerly BB&T, reported its 2017 fiscal year results, showcasing a diversified business model with a significant presence in both traditional banking and insurance services. The company's performance in 2017 demonstrated resilience, with a slight decrease in net income available to common shareholders compared to the prior year, attributed to factors including merger-related charges and expenses related to tax reform. Despite these headwinds, TFC achieved record noninterest income, driven by strong performance in its insurance segment and increased client activity across various fee-based services. From an investor's perspective, TFC's strategic focus on both organic growth and acquisitions, coupled with a commitment to returning capital to shareholders through dividends and share repurchases, are key highlights. The company maintained robust capital ratios, exceeding regulatory requirements, and managed its loan portfolio effectively with a continued focus on asset quality.
Financial Highlights
38 data points| Interest Expense | $839.00M |
| Net Income | $2.42B |
| EPS (Basic) | $2.78 |
| EPS (Diluted) | $2.74 |
| Shares Outstanding (Basic) | 799.22M |
| Shares Outstanding (Diluted) | 810.98M |
Key Highlights
- 1Net income available to common shareholders was $2.22 billion, a slight decrease of 1.7% from 2016.
- 2Diluted EPS was $2.74, down from $2.77 in the prior year.
- 3Total revenue (on a TE basis) increased by 4.8% to $11.48 billion.
- 4Noninterest income reached a record $4.78 billion, an increase of 6.9%, driven by strong insurance income and other fee-based services.
- 5The company repurchased $1.6 billion of common stock and paid $1.0 billion in common stock dividends in 2017.
- 6Capital ratios remained strong, with CET1 at 10.2% and Tier 1 capital at 11.9% as of December 31, 2017, exceeding regulatory minimums.
- 7Nonaccrual loans and leases (NPAs) decreased by 22.8% to $627 million from $813 million at the end of 2016, indicating improved asset quality.