Truist Financial Corporation (TFC) announced a net income of $1.22 billion for common shareholders in the fourth quarter, a significant turnaround from the $5.17 billion loss experienced during the same period last year. Earnings per share stood at $0.91, an improvement from the previous year's loss of $3.87 per share. The adjusted earnings per share (EPS) also rose to $0.91, up from $0.81 in the previous year. On average, analysts had expected a profit per share of $0.88 for the quarter, with forecasts generally excluding special items.
Total taxable-equivalent revenue for the fourth quarter reached $5.11 billion, up from $4.94 billion the previous year. Analysts had anticipated an average revenue of $5.06 billion.
Looking ahead to fiscal year 2025, Truist Financial anticipates an increase in adjusted taxable-equivalent revenue of 3.0% to 3.5%. However, for the first quarter, the company projects a sequential decline in adjusted taxable-equivalent revenue of approximately 2%.
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