Truist’s Loan Income Misses Estimates as Deposit Costs Weigh

Truist Financial Corp. posted lower first-quarter lending profits than analysts expected as it was forced to pay customers more for deposits with interest rates remaining elevated, and the bank trimmed its revenue guidance for the rest of the year.

The Charlotte, North Carolina-based lender reported net interest income on a taxable-equivalent basis of $3.43 billion, down from the prior quarter’s level and missing analysts’ average estimate of $3.47 billion for NII, or what banks make from loan payments minus what they pay for deposits.