Truist Financial 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 una
Truist Financial 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.
"We prudently increased our provision and allowance amid the uncertain economic backdrop," Truist CEO Bill Rogers said in a statement. Truist shares fell about 3 per cent in premarket trading after the results were announced. The stock is down 17.3 per cent so far this year, through previous close. Analysts have warned that banks would need to raise the interest they offer clients on their account balances, bringing deposit costs in focus for the remainder of the year.
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