Truist Financial Corporation reports news as a large U.S. banking and financial services company serving consumer, small business, commercial, corporate, institutional and high-net-worth clients. Its recurring updates cover quarterly results, common and preferred stock dividends, share repurchase activity, debt issuance, and business-line developments across consumer banking, wholesale banking, wealth management, payments, investment banking and specialized lending.
Company announcements also address digital banking and data-access partnerships, Enterprise Payments and treasury management activity, Truist Securities advisory and capital markets capabilities, and Truist Wealth investment solutions. Truist emerged from the combination of BB&T and SunTrust and operates through Truist Bank and related financial-services businesses.
Truist Financial Corporation (TFC) reported a strong fourth quarter for 2020, with net income of $1.2 billion, a 74.9% increase year-over-year, and earnings per share of $0.90, up 20%. Adjusted net income reached a record $1.6 billion, or $1.18 per diluted share, bolstered by strong performances in their insurance and investment banking sectors. The bank's adjusted efficiency ratio improved to 55.9%. However, noninterest expenses rose to $3.8 billion, influenced by merger-related costs. The provision for credit losses decreased significantly to $177 million, reflecting improved asset quality.
Truist Financial Corporation (NYSE: TFC) announced the redemption of all outstanding shares of its 5.200% Series F and Series G Non-Cumulative Perpetual Preferred Stock, including 18 million and 20 million depositary shares respectively. The redemptions will take place on March 1, 2021, at a redemption price of $25 per depositary share, equivalent to $25,000 per preferred share. Accrued dividends will not be included in the redemption price. Payment will be made through Computershare Trust Company, N.A., the appointed redemption agent.
Truist Financial Corporation (NYSE: TFC) has sold its institutional 401(k) investment advisory services to OneDigital and signed agreements to sell its recordkeeping businesses to Ascensus and Empower Retirement. The OneDigital sale, which involves about 1,200 plans with $10 billion in assets, closed on December 31, 2020. Ascensus and Empower are set to acquire the recordkeeping businesses, each managing around $5 billion in assets. Truist aims to focus on growth and strategic investments in wealth management amid industry consolidation.
Truist Financial Corporation (NYSE: TFC) has announced a redemption of all outstanding $1 billion of its 2.150% Series G Senior Notes and $300 million of its Series G Floating Rate Senior Notes, both due February 1, 2021. The redemption will take place on January 1, 2021, with the price set at 100% of the principal plus accrued interest. Payments will occur on the next business day, January 4, 2021. Truist is the sixth-largest commercial bank in the U.S., with total assets of $499 billion as of September 30, 2020.
Truist Financial Corporation (NYSE: TFC) will report its fourth-quarter 2020 financial results on January 21, 2021. The earnings call will start at 8 a.m. ET, featuring insights from CEO Kelly S. King and CFO Daryl N. Bible. Investors can join the call via a live audio webcast or by phone at 866-519-2796 using passcode 391805. Additionally, Truist has adjusted its third-quarter 2021 earnings call to October 15, 2021. The company, headquartered in Charlotte, NC, manages total assets of $499 billion as of September 30, 2020.
On December 3, 2020, the American Red Cross recognized Truist Foundation for its commitment to disaster relief through a $1 million annual grant as part of the Annual Disaster Giving Program (ADGP). This funding enables the Red Cross to prepare for and respond to disasters nationwide, offering essential resources, trained volunteers, and support for affected communities. The partnership ensures rapid mobilization in times of crisis and helps maintain operations during emergencies like the COVID-19 pandemic.
Truist Financial Corporation's Chairman and CEO, Kelly S. King, will present at the Goldman Sachs U.S. Financial Services Conference on December 8, 2020, at 10 a.m. ET. This conference will occur virtually.
A live audio webcast and presentation materials will be accessible on ir.truist.com during the conference, with a replay available for 30 days.
Truist, based in Charlotte, North Carolina, is the sixth-largest commercial bank in the U.S. with $499 billion in assets as of September 30, 2020.
Truist Financial Corporation (NYSE: TFC) announced the hiring of Sal Karakaplan as head of its newly formed Enterprise Payments Group. This group aims to enhance the company’s strategy and execution across its payments businesses, focusing on next-generation payment solutions. Karakaplan, with over 20 years in the payments sector including roles at JPMorgan Chase and MasterCard, will lead initiatives to strengthen Truist's payment offerings. Truist, the sixth-largest U.S. bank, seeks to leverage its scale to deliver innovative solutions to clients.
Truist Financial Corporation has awarded a $2.5 million grant to TechSoup to support the TechSoup COVID Recovery Fund, aimed at helping grassroots nonprofits manage technology challenges during the pandemic. This grant, the largest received by the fund, will benefit over 1,000 nonprofits across 15 states, allowing them to acquire remote-work tools and cloud-based solutions. The initiative is part of Truist's broader Truist Cares effort, which seeks to assist nonprofits and communities affected by COVID-19.
Truist Financial Corporation President and COO, William H. Rogers, Jr., will represent the company at the Bank of America Securities Future of Financials Conference on November 10, 2020, at 11:20 a.m. ET. This virtual conference will include a live audio webcast, along with presentation materials available on ir.truist.com, with a replay accessible for 30 days. Headquartered in Charlotte, N.C., Truist is the sixth-largest U.S. commercial bank, boasting total assets of $499 billion as of September 30, 2020.