Truist Financial Corp. (NYSE:TFC) reported first-quarter results that exceeded earnings expectations but fell slightly short on revenue.
The bank posted adjusted earnings per share of $1.09, surpassing the consensus estimate of $1.00 and representing a 25% increase from $0.87 in the prior-year quarter. Revenue totaled $5.15 billion, slightly below the $5.17 billion estimate and down 5.1% year over year.
Net interest income on a taxable-equivalent basis declined 2.8% sequentially to $3.64 billion, reflecting two fewer days in the quarter and changes in deposit mix. The net interest margin contracted 5 basis points to 3.02%.
Compared to the first quarter of 2025, net interest income increased 2.5%, supported by repricing of fixed-rate assets and loan growth.
Average loans held for investment rose $2.3 billion, or 0.7%, to $327.0 billion, driven by growth in the commercial portfolio. Average deposits increased $2.9 billion, or 0.7%, to $398.9 billion.
Truist maintained a Common Equity Tier 1 ratio of 10.8% and returned $1.8 billion to shareholders through dividends and share repurchases during the quarter.
