Truist’s stock is plummeting

21.07.2023

Some of the nation’s largest regional banks reported Thursday that they attracted more deposits in the second quarter but paid more for them, dragging down a key measure of profitability.

Truist (TFC) shares fell 7% after the Charlotte, North Carolina-based bank released its numbers. The bank also revised its full-year revenue outlook by 1-2%, citing lower net interest income, slower loan growth and lower investment banking revenue.

Truist’s deposit volume increased slightly from the first quarter and beat analysts’ expectations, but the cost paid on those deposits increased 39 basis points.