By Will Feuer

Truist Financial Corp. posted lower profit for the recently ended quarter as a slowdown in residential mortgages and the investment-banking business weighed on results.

Truist posted a profit available to common shareholders of $1.54 billion for the third quarter, compared with $1.62 billion a year earlier. Earnings were $1.15 a share, compared with $1.20 a share. Analysts surveyed by FactSet expected earnings of $1.19 a share.

Stripping out merger-related costs and other one-time items, adjusted earnings came to $1.24 a share.

Revenue rose to $5.85 billion from $5.60 billion a year earlier. Analysts surveyed by FactSet expected revenue of $5.93 billion. The company reported an efficiency ratio of 61.8% for the quarter. Analysts expected a ratio of 58.6%, according to FactSet.

Noninterest income fell 11% from a year earlier to $2.1 billion, primarily due to lower residential mortgage, investment banking and other income, partially offset by growth in insurance revenues.

The company said it set aside $234 million for credit losses, compared with a benefit of $324 million in the year-ago period.

Chief Executive Bill Rogers described the results as mixed, saying the challenging market environment weighed on Truist's capital-markets revenue.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

October 18, 2022 06:43 ET (10:43 GMT)

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