Truist Financial Corp. reported Thursday fourth-quarter net income of $1.61 billion, up 5.6% from the fourth quarter of 2021.
Fourth-quarter revenue rose 11.9% to $6.26 billion.
On the company’s earnings call Thursday before markets opened, Chairman and CEO Bill Rogers said the bank had fully completed its integration of the 2019 merger of SunTrust Banks Inc. and the former BB&T Corp. who created Truist and will not post any additional integration fees.
Net income in Truist’s Insurance Holdings Inc. segment fell 4.7% to $121 million for Q4 2022. Revenue increased 20.3% to $847 million as net interest doubled to $46 million from Q4 2021.
The insurance holding segment produced organic revenue growth of 5.6% in the fourth quarter of 2022 and had acquired revenue of $76 million, according to the bank̵7;s earnings presentation.
Truist said property/casualty premium increases remained relatively consistent compared to previous quarters and that it continues to see growth in “units of exposure and growth in the value of units of exposure due to inflation.”
For the full year 2022, net income was $5.93 billion, up 1.8% from $6.03 billion in 2021. Revenue grew 3.5% to $23.18 billion.
For the full year, organic growth in insurance holdings was 6.7% and net acquired income amounted to USD 256 million. Segment net income increased 3% to $546 million, and net interest income increased 29.7% to $131 million.
Rogers warned on the call that “economic uncertainty remains high” as the bank expressed a cautious outlook for the first quarter of 2023 where revenues are expected to fall 2% to 3% while costs rise 1% to 2%.