By Owen Tucker-Smith
Truist shares rose Friday after the company swung to a quarterly profit that beat Wall Street expectations.
Shares of the Charlotte, N.C., bank were recently up 4.5% to $46.98. The stock is up about 26% over the past year and about 8% over the past three months.
The company Friday reported net income of $1.28 billion for the fourth quarter, or 91 cents a share, compared with a loss of $5.09 billion, or $3.87 a share, in the same quarter of the prior year. Truist's earnings a year earlier were hit by special assessment charges from the Federal Deposit Insurance Corp.
On an adjusted basis, the company said earnings for the quarter were 91 cents a share, up from 81 cents a share a year before. Analysts surveyed by FactSet expected 87 cents a share.
Truist also said net interest income of $3.64 billion, up from $3.58 billion. Analysts were looking for $3.59 billion.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 17, 2025 11:06 ET (16:06 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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