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Truist Financial Corporation (TFC), headquartered in Charlotte, North Carolina, is a financial services company that provides banking and trust services in the Southeastern and Mid-Atlantic United States. Valued at $52.52 billion by market cap, the company offers a wide range of products and services through its wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. The regional banking major is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Monday, July 22.
Ahead of the event, analysts expect TFC to report a profit of $0.77 per share on a diluted basis, down 19% from $0.95 per share in the year-ago quarter. The company beat the consensus estimates in two of the last four quarters while missing on two other occasions. During the previous quarter, TFC grappled with muted loan demand amid a high interest-rate environment, leading to a fall in revenue.
