Truist Finl Corp Stock Price, News & Analysis

Truist Financial Corporation (NYSE: TFC) has appointed Vinoo Vijay as its new chief marketing officer. With over 20 years in marketing leadership roles, Vijay will oversee all marketing aspects, including brand and digital strategies. His previous experience includes leading marketing at H&R Block and TD Bank, focusing on client-centric innovations. Vijay aims to enhance Truist's brand promise and client experience as the company seeks to redefine modern banking. Truist, headquartered in Charlotte, has total assets of $499 billion as of September 30, 2020.

Truist Financial Corporation (TFC) reported third-quarter 2020 earnings with net income of $1.1 billion, a 45.3% increase from the previous year. However, diluted earnings per share fell 16.8% to $0.79. Adjusted net income was $1.3 billion, translating to $0.97 per share, after merger-related expenses. The company’s ROA was 0.91%, while adjusted ROA was 1.11%. Notably, noninterest income dropped, driven by reduced securities gains. The bank maintained stable asset quality, with a modest increase in the allowance for loan losses due to COVID-19 uncertainties. Total deposits rose to $372.2 billion, reflecting strong noninterest-bearing deposit growth.

Truist Financial Corporation (NYSE: TFC) announced that Chairman and CEO Kelly S. King will participate in a virtual Moody's Banking Series event on October 19, 2020, at 9:00 a.m. Eastern. A live audio webcast of the event will be available at ir.truist.com, with a replay accessible for 30 days post-event. Truist, headquartered in Charlotte, North Carolina, is a leading financial services company with approximately 12 million households served and total assets of $504 billion as of June 30, 2020.

Greenville Technical College has launched the Truist Culinary and Hospitality Innovation Center, thanks to a $1 million grant from the Truist Foundation. This facility aims to bridge the gap between local restaurants' workforce needs and residents' training requirements. Featuring a 13,000-square-foot area, the center offers Quick Jobs programs in culinary skills with potential career pathways in hospitality. The center is backed by various donors, enhancing educational opportunities in the community.

Truist Financial Corporation's Leadership Institute, formerly BB&T Leadership Institute, rebrands to enhance its commitment to developing future leaders. Chairman Kelly S. King emphasizes the transformative impact of effective leadership on communities. The institute offers programs in leadership, team performance, and employee engagement. It provides free leadership training for public school principals and collaborates with over 75 colleges. With a 60-year legacy, Truist Leadership Institute combines neuroscience and behavioral science to foster strong leadership cultures across organizations.

Truist Financial Corporation (TFC) has announced a $40 million donation to create CornerSquare Community Capital, a nonprofit fund supporting community development financial institutions (CDFIs). This initiative aims to enhance lending capacity to diverse small business owners, focusing on women and individuals in low-income areas. CornerSquare, part of the NC Rural Center, will operate to increase access to loan products starting at $5,000. This funding represents Truist’s largest charitable commitment in the CDFI sector, furthering their goal to support underserved communities.

Truist Financial Corporation (NYSE: TFC) has launched Truist Ventures, integrating technology investments from SunTrust and BB&T. This new corporate venture capital division aims to establish strategic partnerships and invest in innovative firms, enhancing client solutions. Led by Vanessa Indriolo Vreeland, the focus includes disruptive technologies beyond traditional finance. Truist Ventures is also leading a funding round for Veem, a global payments network, to assist small and medium-sized businesses with seamless global transactions and expand Veem's product offerings.

Truist Financial Corporation (NYSE: TFC) has been awarded $65 million from the U.S. Treasury Department's Community Development Financial Institution Fund, tied for the largest allocation to any Community Development Entity. This marks the 10th award totaling $643 million since the program's inception. The funds will facilitate projects aimed at economic growth and community support, complementing Truist's $60 billion Community Benefits Plan. The bank has invested nearly $6 billion in capital to strengthen communities, enhancing its role as a leader in community development.