Truist Financial reports Q2 EPS 92c, consensus $1.01

Reports Q2 revenue $5.97B, consensus $5.99B. Reports Q2 CET1 capital ratio 9.6%. Reports Q2 ROCE 8.6%. Reports Q2 ROTCE 19.4%. Reports Q2 net charge-offs .54%. Reports Q2 tangible book value per share $20.44. The company said, “During the second quarter, we made significant progress adapting to the new operating environment by strengthening our balance sheet, sharpening our strategic focus on our core businesses, and intensifying our focus on disciplined expense management. Second quarter financial results were mixed as revenue headwinds from higher funding costs and lower-than-anticipated capital markets activity were partially offset by record insurance income. We prudently increased our provision and allowance amid the uncertain economic backdrop. Adjusted expenses were within our guidance range, though we are accelerating our plans to adjust our cost base to reflect efficiency opportunities and changing conditions.”