Truist Financial reports Q4 adjusted EPS 81c, consensus 89c

Reports Q4 revenue $5.76B, consensus $5.69B. Reports Q4 tangible book value per share $21.83. Reports Q4 CET1 capital ratio 10.1%. Reports Q4 net charge-offs .57%. The company said, “While reported results included several discrete items, we earned $1.1 billion on an adjusted basis during the fourth quarter, which excludes a non-cash goodwill impairment charge that has no impact on our regulatory capital ratios, liquidity, our ability to pay the common dividend, or service our clients. Underlying results were positive as our transformation into a simpler, more efficient, and profitable company is well underway. This transformative work was evident in our fourth quarter results given the sequential decline in adjusted expense and improvement in revenue. We continue to invest in our core franchise and risk management infrastructure and strengthen our balance sheet as we achieved a CET1 ratio of 10.1% at year-end. Asset quality continues to normalize but remains in-line relative to our outlook and allowance coverage ratios. Looking into 2024, we remain diligently focused on winning on our home court in the best U.S. markets by helping new and existing core clients reach their financial goals. Our heightened focus on capitalizing on this competitive advantage will drive efficiencies and growth that will lead to increased franchise and shareholder value.”