Key Points
July 20 (Reuters) - Truist Financial (TFC.N) missed estimates for second-quarter profit on Thursday, as the bank set aside more rainy-day funds to cover for potential defaults in a tough economy...
Banks have begun to raise their buffers for credit-loss provisions in the event customers, facing the brunt of high interest rates, are unable to pay back debt on their credit cards or miss loan repayments...
"We prudently increased our provision and allowance amid the uncertain economic backdrop," Truist CEO Bill Rogers said in a statement...
Net interest income, which measures the difference between what banks earn on loans and pay out on deposits, climbed 7% to $3.68 billion in the quarter, benefiting from the rise in benchmark lending rates...
Net income available to common shareholders of Truist in the three-month period was $1.23 billion, or 92 cents per share, compared with $1.45 billion, or $1.09 per share, a year earlier...
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