Truist beats on profit, sells $7.7bn LightStream loan book to Carlyle
Third-quarter earnings per share of $1.16 came in above forecasts, even as reported revenue trailed estimates by a wide margin
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Chart: TFC, one-minute prices, three sessions
Truist Financial reported third-quarter earnings per share of $1.16, $0.04 above expectations. Revenue came in at $3.79 billion, well short of the $5.41 billion forecast, a gap wide enough to raise questions about how comparable this quarter's figure is to prior estimates.
The bank declared a quarterly dividend of $0.52 per share and repurchased $1.2 billion of common stock during the quarter.
Truist also agreed on October 14 to sell $7.7 billion of unsecured consumer loans from its LightStream platform to Carlyle Group. Chief executive Mike Lyons said the quarter's actions strengthen the company's risk, liquidity and funding profile, and that management remains confident in meeting its near and long term return on tangible common equity targets.
The LightStream sale marks a deliberate exit from unsecured consumer lending, trimming balance sheet risk at a time when credit normalization worries continue to linger across regional lenders. Paired with the buyback and steady dividend, it signals management is prioritizing capital return even while shrinking a business line rather than growing it. Lyons cast both moves as strengthening funding and liquidity rather than a response to loan demand, a distinction regional bank watchers are likely to track closely.