Truist Financial's Q1 earnings show mixed results.

Truist Financial Corp reported a Q1 profit that missed Wall Street estimates as it set aside $502 million in provisions for credit losses due to increased economic uncertainty. Average deposits in the first quarter came in at $408.5 billion, down 1.2% from the previous quarter, as customers chased higher-rate alternatives after the banking crisis in March shook faith in the industry's stability. Truist earned $1.05 per share in the first quarter ended March 31, missing estimates of $1.14 per share.