Summary
Truist Financial Corporation (TFC), formerly BB&T Corporation, reported strong financial performance for the nine months ended September 30, 2011. Net income available to common shareholders increased significantly to $898 million, a 47.7% rise from the prior year. Diluted earnings per share were $1.27, up from $0.87 in the same period of 2010. This growth was driven by a substantial reduction in the provision for credit losses, which fell by 53.7% year-over-year due to improving asset quality and a decrease in nonperforming assets. The bank also benefited from lower interest expenses and a more favorable funding mix, leading to a stable net interest margin. Despite a decline in noninterest income, primarily due to lower securities gains and mortgage banking income, the company's overall financial health improved. Total assets grew by 6.7% to $167.7 billion, supported by robust deposit growth of 9.7% to $117.6 billion. The company maintained strong capital ratios, with the Tier 1 common ratio at 9.8% at the end of the period, well above regulatory requirements. Additionally, Truist announced strategic acquisitions, including BankAtlantic and several insurance agencies, to further expand its market presence and service offerings.
Financial Highlights
39 data points| Interest Expense | $334.00M |
| Net Income | $371.00M |
| EPS (Basic) | $0.52 |
| EPS (Diluted) | $0.52 |
| Shares Outstanding (Basic) | 697.05M |
| Shares Outstanding (Diluted) | 705.60M |
Key Highlights
- 1Net income available to common shareholders increased by 47.7% to $898 million for the first nine months of 2011 compared to the prior year.
- 2Diluted earnings per share rose to $1.27 for the first nine months of 2011, up from $0.87 in the same period of 2010.
- 3The provision for credit losses decreased by 53.7% for the nine months ended September 30, 2011, reflecting improved asset quality and a declining nonperforming asset balance.
- 4Total assets grew 6.7% to $167.7 billion, supported by a 9.7% increase in total deposits to $117.6 billion.
- 5The Tier 1 common equity ratio remained strong at 9.8% at September 30, 2011.
- 6The company announced strategic acquisitions, including BankAtlantic and several insurance agencies, to drive future growth.
- 7Net interest margin remained stable at 4.09% for the third quarter of 2011, indicating effective management of interest-earning assets and liabilities.