Truist Financial (NYSE: TFC), the nation's sixth largest bank, beat earnings estimates in the third quarter with net income rising 45% to $1.1 billion. The company's earning per share were down 16.8% to $0.79, including merger-related and restructuring costs stemming from the merger of BB&T and SunTrust that formed Truist last December. The adjusted net income was $1.3 billion, or $0.97 per share. The provision for credit losses was $421 million in the third quarter, down from $844 million in the second quarter. Net charge-offs were $326 million this past quarter, up from $316 million in the second quarter. The credit build reflects continued uncertainty due to the coronavirus and the expiration of relief packages. Image source: Getty Images. "Our earnings reflect a modest build in our allowance for loan and lease losses, benefiting from our relatively stable asset quality," CEO Kelly King said. "We also benefited from our diverse noninterest-income generating businesses and disciplined core expense control." The bank's fee income ratio is about 40%. Officials said the significant increases in earning assets and liabilities are mainly due to the merger, as well as the pandemic and stimulus programs. Noninterest expense was $3.8 billion in the quarter, up $1.9 billion year over year. Merger-related and restructuring charges increased expenses by $202 million, while other operating expenses related to the merger increased $100 million. The company also made a $50 million charitable contribution to the Truist Charitable Fund. Also, operating costs were elevated by another $26 million due to the coronavirus for various measures, including advanced cleaning. As part of the restructuring, the bank reportedly eliminated 769 jobs in the third quarter. It is a continuation of the integration plan that saw 735 jobs eliminated in the second quarter. Truist reported an efficiency ratio of 67.4%, up from 66.1% the prior quarter. The adjusted efficiency ratio, excluding merger-related costs, was 57.4%. Return on tangible common equity (ROTCE) was 13.3%, while the return on assets was 0.91%. 10 stocks we like better than TFCWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and TFC wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source