Truist increases prime rate to 7.50%

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Truist Financial Corporation (NYSE: TFC) has raised its prime lending rate from 7.00% to 7.50%, effective December 15, 2022. This adjustment reflects current market conditions and may influence borrowing costs for consumers and businesses. The bank, headquartered in Charlotte, North Carolina, holds total assets of $548 billion as of September 30, 2022, establishing itself as a significant player in the financial services sector.

CHARLOTTE, N.C., Dec. 14, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) announced an increase in its prime lending rate to 7.50% from 7.00%, effective tomorrow, Dec. 15, 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, and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $548 billion as of September 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 announced by Truist Financial Corporation?

Truist Financial Corporation has increased its prime lending rate to 7.50% from 7.00%, effective December 15, 2022.

When did Truist Financial Corporation announce the increase in its prime rate?

The increase in the prime rate was announced on December 14, 2022.

What will be the impact of the prime lending rate increase by Truist on borrowers?

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

What are Truist Financial Corporation's total assets as of September 30, 2022?

As of September 30, 2022, Truist Financial Corporation's total assets were $548 billion.