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Truist Climbs on Stronger-Than-Estimated Adjusted Net

Financial-services group Truist reported second-quarter adjusted profit that topped analyst estimates.
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Shares of Truist Financial  (TFC) - Get Report were higher on Thursday after the financial-services provider reported second-quarter adjusted profit that topped analyst estimates. 

The Charlotte company provider of banking, capital-markets, asset-management and other services reported adjusted earnings of $1.16 a share on revenue of $3.28 billion. 

Analysts surveyed by FactSet were expecting earnings of 98 cents a share on revenue of $3.28 billion. 

At last check the stock was 0.8% higher at $54.85.

The results were driven by a negative loan-loss provision and strong fee revenue, particularly from insurance commissions, wealth-management services, card- and payment-related fees and commercial real estate services, Chief Executive Kelly King said in a statement. 

During the quarter Truist completed the acquisition of Constellation Affiliated Partners, the company's eighth acquisition in the past 18 months. 

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The bank also said that it passed the Federal Reserve's stress-testing process as one of the top performers amont its peers and had the second-lowest loan-loss rate in its group. 

Banks have been in the spotlight this week following earnings reports from JPMorgan Chase  (JPM) - Get Report, Citigroup  (C) - Get Report, Bank of America  (BAC) - Get Report and Wells Fargo  (WFC) - Get Report

Wells Fargo reported second-quarter net income of $6.04 billion, or $1.38 a share, on revenue of $20.27 billion.

Citigroup reported adjusted earnings per share of $2.85 on revenue of $17.5 billion.

Bank of America reported adjusted earnings per share of $1.03 on revenue of $21.5 billion.

Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that the overall takeaway from bank earnings is that right now markets and the consumer don't see the delta variant of the coronavirus as a threat.

Wells Fargo is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells WFC? Learn more now.