Truist Financial Corp. reports quarter earnings
Earnings of $702M, or 75 cents per diluted share are reported
CHARLOTTE, N.C. — Truist Financial Corp. has reported earnings for the fourth quarter of 2019.
Reported results are reflective prior to the completion of the merger with BB&T and the results from both BB&T and SunTrust from the merger closing date forward.
The merger resulting in the formation of Truist was completed on Dec. 6.
Net income available to common shareholders was $702 million, down 6.9 percent, due to costs associated with the merger.
Earnings per diluted common share were 75 cents for the fourth quarter of 2019, a decrease of 22.7 percent compared with the same period last year.
Adjusted net income available to common shareholders was $1.0 billion, or $1.12 per diluted share, excluding merger-related and restructuring charges of $223 million ($176 million after-tax), incremental operating expenses related to the merger of $101 million ($79 million after-tax), securities losses of $116 million ($90 million after-tax), partially offset by the after-tax impact from the sale of residential mortgage loans of $1 million.
“The successful completion of our merger was due to the hard work of thousands of Truist teammates and I am truly grateful for their efforts. Our integration and execution efforts are underway and going smoothly. While the fourth quarter of 2019 includes a number of costs necessary to complete the merger, our underlying performance is strong. Taxable-equivalent revenue for the fourth quarter of 2019 totaled $3.7 billion and adjusted net income was $1.0 billion,” said Truist Chairman and Chief Executive Officer Kelly S. King.
“This month, we continued to hit key milestones that will bring Truist to life for our clients and teammates. We shared Truist’s purpose, mission, and values, which was positively embraced by our teammates. Our purpose to inspire and build better lives and communities is the reason Truist exists and the starting point for every decision we will make,” said King.
“Our purpose is embedded in our visual brand identity, which was rolled out this month as well. Within our new monogram logo and colors, you can see elements that acknowledge our heritage companies and signal how we’ll deliver a distinctive blend of touch and technology to build deeper trust with our clients.”