Truist Financial TFC, +2.78%, the Charlotte, N.C.-based regional lender, said its first-quarter net income rose to $1.41 billion, or $1.05 a share, from $1.33 billion, or 99 cents a share, as total revenue rose to $6.15 billion from $5.35 billion. Analysts polled by FactSet expected earnings of $1.14 a share on revenue of $6.09 billion. Average deposits decreased 1.2% compared to the prior quarter primarily driven by the impacts of monetary tightening and higher-rate alternatives, the bank said. It took a $502 million provision for credit losses, compared to $467 million in the fourth quarter and a $95 million gain in the year-ago quarter.
This article was originally published by Marketwatch.com. Read the original article here.