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Truist’s net income increases 5.6% in Q4


Truist Financial Corp. on Thursday reported fourth-quarter net income of $1.61 billion, up 5.6% from the fourth quarter of 2021.

Revenues for the fourth quarter rose 11.9% to $6.26 billion.

On the company’s earnings call Thursday before markets opened, Chairman and CEO Bill Rogers said the bank had fully completed its integration of the 2019 merger of SunTrust Banks Inc. and the former BB&T Corp. that created Truist and would be posting no further integration charges.

Net income in Truist’s Insurance Holdings Inc. segment fell 4.7% to $121 million for the fourth quarter of 2022. Revenue increased 20.3% to $847 million as net interest income doubled to $46 million from the fourth quarter of 2021.

The insurance holdings segment produced organic revenue growth of 5.6% in fourth-quarter 2022 and had acquired revenue of $76 million, according to the bank’s earnings presentation.

Truist said that property/casualty premium rate increases remained relatively consistent compared with prior quarters and that it continues to see growth in “exposure units and growth in the value of the exposure units due to inflation.”

For full-year 2022, net income totaled $5.93 billion, off 1.8% from $6.03 billion in 2021. Revenue grew 3.5% to $23.18 billion.

For the full year, organic growth in insurance holdings was 6.7% and net acquired revenue totaled $256 million. Segment net income rose 3% to $546 million, and net interest income rose 29.7% to $131 million.

Mr. Rogers cautioned on the call that “economic uncertainty remains high” as the bank expressed a cautious outlook for first-quarter 2023 in which revenue is forecast to slide 2% to 3% while expenses rise 1% to 2%.