Truist’s average deposits rose 3.6% from a year earlier, with wholesale clients providing most of the growth.

Digital transactions reached 71% of consumer and small business transactions, while card spending rose 4.5% year over year.

Truist is putting more money into mobile banking, payments, branches and treasury management while cutting businesses that do not support core relationships.

Truist exited its third quarter with higher deposits, continued growth in consumer spending and stable underlying credit quality.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

An earnings call Friday (Oct. 16) indicated that the new Truist CEO, Mike Lyons, wants a larger share of customers’ primary banking relationships.

Average deposits rose 3.6% from a year earlier and 1.4% from the second quarter, driven mainly by wholesale clients, according to an earnings presentation. Consumer and Small Business Banking deposits were up 1.2% year over year and essentially flat from the previous quarter. Deposit costs remained relatively stable, with the total cost rising three basis points sequentially to 1.59%.

Lyons said Truist wants its consumer bank to “win the DDA of every client across our branch footprint.” That effort will direct investment toward products and services that support checking relationships, including mobile banking, payments, credit cards, branches and ATMs, according to management commentary on the call.

The approach comes as more activity already moves through Truist’s digital channels. Digital transactions represented 71% of Consumer and Small Business Banking transactions during the quarter, up 290 basis points from a year earlier.

Source link