Truist Financial Q3 Earnings Beats Estimates, $750M Cost Savings Program Underway
Portfolio Pulse from Nabaparna Bhattacharya
Truist Financial Corporation's Q3 revenues fell 2.7% YoY to $5.73 billion, beating the consensus of $5.7 billion. Adjusted EPS was 84 cents, beating the consensus of 82 cents. The company's provision for credit losses was $497 million, up from $234 million in Q3 2022. Truist's CET1 ratio was 9.9% as of Sept. 30. The company is focusing on core clients and paying down higher-cost borrowings to improve its net interest margin. A $750 million cost savings program is underway.
October 19, 2023 | 2:03 pm
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Truist Financial's Q3 results beat estimates, with a focus on core clients and cost savings. A $750 million cost savings program is underway.
Truist Financial's Q3 results beat estimates, which is a positive signal for investors. The company's focus on core clients and cost savings, along with the implementation of a $750 million cost savings program, indicates a strategic approach to improving profitability. This could potentially lead to a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100