Net charge-offs were $273 million in the quarter, at a 0.27% ratio, up from last year’s $182 million and 0.25% ratio.ĭuring the conference call with analysts, CEO Bill Rogers took note of ongoing digital initiatives and pointed to last year’s opening of its Innovation and Technology Center, which he said “brings our cross-functional teams together with clients and large tech companies to reimagine banking experiences for everyone. The reserves, management stated on the call, come in tandem with a “moderately slower” economic outlook, and credit trends are beginning to normalize. The company’s branch count was down 16% year on year due to merger-related branch closures through 2022 (in the wake of the 2019 deal), to 2,123 locations.Įchoing the commentary and actions last week by the national players, Truist boosted its credit loss provisions, by $467 million in the fourth quarter, up from a release of reserves last year that stood at $103 million. ![]() Average consumer loans in the quarter were up $3.3 billion, or 2.7%, primarily due to growth in residential mortgage loans, the company said in its release. Digital transactions grew by 13% over the same period to 65.7 million, while Zelle transactions surged by 42% to 19 million in the latest period. 19) supplemental materials reveal that mobile app users grew 3% in the fourth quarter from the end of the first quarter, to 4.4 million users. Super-regional bank Truist’s latest results show a digital transformation that rivals the largest national FIs.Ĭoming off a year where Truist- formed from the 2019 merger between SunTrust and BB&T - launched Truist Assist, Truist Invest Pro and Truist Trade, management spotlighted continued digital growth and online client engagement.
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