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Truist Financial reports Q4 2020 earnings

CHARLOTTE, N.C. — Truist Financial Corp., created in December 2019 with the merger of BB&T and SunTrust Banks, has reported earnings for the fourth quarter of 2020.

Net income was $1.2 billion, up 74.9 percent, compared to the fourth quarter last year. Earnings per diluted common share were 90 cents, an increase of 20 percent compared with the same period last year.

“In a year of unprecedented challenges for our nation and the financial services industry, I’m extremely proud of our teammates and their rapid and sustained response to meet the needs of our clients and communities,” said Chairman and Chief Executive Officer Kelly S. King. “Despite this difficult environment, our performance was very strong in 2020 and we closed the year on a high point with our best quarter yet in terms of financial performance.

The pandemic caused the company to take extraordinary measures in 2020 “to support our teammates, clients and communities,” King said.

“This included over $100 million in special COVID-19 support for teammates; payment relief assistance through more than 750,000 client loan accommodations; $50 million through Truist Cares to support front-line community needs and $78 million to support historically underrepresented communities; and helping approximately 80,000 companies secure nearly $13 billion in Paycheck Protection Program funding to save nearly three million jobs,” he said. “We strengthened our commitment to social justice, moving past words to meaningful and measurable actions. We also made great progress on our integration efforts with a focus on a smooth transition for our clients. We look forward to continued progress on these fronts, while serving our clients and communities and continuing to stand for better in 2021 and beyond.”

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