Truist Financial Reports Mixed Q1 Results, Lowers Annual Revenue Forecast

Truist Financial has revised its revenue outlook downward for 2024, citing challenges including higher funding costs and reduced loan demand.

Truist Financial's first-quarter earnings were bolstered by a 23.8% increase in investment banking and trading fees, totaling $323 million.
Net interest income declined by 12.6% year-over-year, with the bank facing higher funding costs and fewer earning assets.
The company has lowered its full-year revenue forecast to a decline of 4% to 5%, from an earlier projection of a 1% to 3% decrease.
Truist is planning strategic moves including share repurchases and adjustments to its balance sheet following the sale of its insurance holdings.
Shares of Truist Financial fluctuated following the earnings report, reflecting investor reactions to the mixed financial results.