Truist Financial Corporation (TFC) announced a decrease in profits for the first quarter in comparison to the previous year. The corporation's net income amounted to $1.09 billion, or $0.81 per share, a decrease from $1.41 billion, or $1.05 per share, of the first quarter of the previous year.
After factoring out certain items, Truist Financial Corporation posted an adjusted net income of $1.22 billion or $0.90 per share during the period under review.
Revenue intake for this quarter slumped by 8.8%, reducing from last year's $5.34 billion to the current $4.87 billion.
A summary of Truist Financial Corporation's earnings (GAAP) shows:
- A decrease in Q1 Earnings from the previous year's $1.41 billion to the current $1.09 billion.
- A drop in Q1 Earnings Per Share (EPS) from the previous year's $1.05 to $0.81.
- A reduction in Q1 Revenue from the previous year's $5.34 billion to the current $4.87 billion.
