Truist increases prime rate to 5.50 percent

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) announced an increase in its prime lending rate from 4.75% to 5.50%, effective July 28, 2022. This adjustment reflects current economic conditions and will impact borrowing costs for consumers and businesses. As of June 30, 2022, Truist's total assets stood at $545 billion, showcasing its position as a top 10 U.S. commercial bank. The company focuses on various financial services, including retail banking, asset management, and corporate banking, aiming to enhance community and individual well-being.

Positive

• Truist's total assets reached $545 billion as of June 30, 2022, indicating strong financial stability.
• The company maintains a leading market share in high-growth areas, suggesting growth potential.

Negative

• The increase in the prime lending rate to 5.50% may lead to higher borrowing costs for consumers and businesses.

CHARLOTTE, N.C., July 27, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) announced an increase in its prime lending rate to 5.50 percent from 4.75 percent, effective tomorrow, July 28, 2022.

About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $545 billion as of June 30, 2022. Truist Bank, Member FDIC.  Learn more at Truist.com.

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SOURCE Truist Financial Corporation

FAQ

What is the new prime lending rate for Truist Financial (TFC)?

Truist Financial has increased its prime lending rate to 5.50%, effective July 28, 2022.

When did Truist Financial announce the increase in the prime lending rate?

The announcement was made on July 27, 2022.

How much are Truist Financial's total assets as of June 30, 2022?

As of June 30, 2022, Truist Financial's total assets were $545 billion.

What impact does the prime rate increase have on Truist Financial (TFC)?

The increase in the prime lending rate may raise borrowing costs for consumers and businesses, potentially impacting loan demand.