| Metric [Unit: $ Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Consumer Banking & Wealth (CB&W)** | N/A | **3,613**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **2,282**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **3,413**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **3,530**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:12]**  | **3,097**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | N/A | N/A |
| Net Interest Income | N/A | **2,740**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **1,454**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **2,657**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **2,675**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:12]**  | **2,603**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | **2,628**  **[0000092230-24-000041_ex992-qpsx2q24.htm:12]**  | **2,646**  **[0000092230-24-000071_ex992-qpsx3q24.htm:13]**  |
| Noninterest Income | N/A | **873**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **828**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **756**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **855**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:12]**  | **494**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | **507**  **[0000092230-24-000041_ex992-qpsx2q24.htm:12]**  | **506**  **[0000092230-24-000079_tfc-20240930.htm:60]**  |
| **Corporate & Commercial Banking (C&CB)** | N/A | **2,382**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **2,996**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **2,235**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **2,218**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:13]**  | **2,664**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | N/A | N/A |
| Net Interest Income | N/A | **1,752**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **2,420**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **1,651**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **1,665**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:13]**  | **1,679**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | **1,690**  **[0000092230-24-000041_ex992-qpsx2q24.htm:12]**  | **1,645**  **[0000092230-24-000071_ex992-qpsx3q24.htm:13]**  |
| Noninterest Income | N/A | **630**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **576**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **584**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **553**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:13]**  | **985**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | **991**  **[0000092230-24-000041_ex992-qpsx2q24.htm:12]**  | **1,047**  **[0000092230-24-000079_tfc-20240930.htm:60]**  |
| **Insurance Holdings (IH)** | N/A | **831**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **945**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **721**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **851**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:13]**  | N/A | N/A | N/A |
| Net Interest Income | N/A | **14**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **1**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **(80)**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **21**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:13]**  | N/A | N/A | N/A |
| Noninterest Income | N/A | **817**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **944**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **801**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | **830**  **[0000092230-24-000003_ex993-earningsdeck4q23.htm:13]**  | N/A | N/A | N/A |
| **Other, Treasury & Corporate (OT&C)** | N/A | **(724)**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **(305)**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **(697)**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | N/A | **(943)**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | N/A | N/A |
| Net Interest Income | N/A | **(638)**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **(250)**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **(664)**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | N/A | **(910)**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | **(791)**  **[0000092230-24-000041_ex992-qpsx2q24.htm:12]**  | **(689)**  **[0000092230-24-000071_ex992-qpsx3q24.htm:13]**  |
| Noninterest Income | N/A | **(86)**  **[0000092230-23-000047_tfc-20230331.htm:43]**  | **(55)**  **[0000092230-23-000064_ex992-qps2q23.htm:13]**  | **(33)**  **[0000092230-23-000084_tfc-20230930.htm:54]**  | N/A | **(33)**  **[0000092230-24-000016_ex992-qpsx1q24.htm:9]**  | **(6,710)**  **[0000092230-24-000041_ex992-qpsx2q24.htm:12]**  | **(70)**  **[0000092230-24-000079_tfc-20240930.htm:60]**  |

c460e1635a0bcc3626bd52e2b1b696183f3e35055f3efc4fa0b8aafdfd1f1c24

Truist Financial Corporation is a financial services company that operates primarily through two business segments: Consumer and Small Business Banking (CSBB) and Wholesale Banking (WB), with additional activities in Other, Treasury & Corporate (OT&C) **[0000092230-24-000045_tfc-20240630.htm:56]** **[0000092230-24-000029_tfc-20240510.htm:138]** **[0000092230-24-000010_tfc-20231231.htm:97]** **[0000092230-24-000029_tfc-20240510.htm:24]**. The company provides a range of financial products and services, including deposits, payment services, credit cards, loans, mortgages, and investment advisory services to consumer and small business clients through various channels **[0000092230-24-000045_tfc-20240630.htm:56]** **[0000092230-24-000029_tfc-20240510.htm:138]**. Truist also offers services to commercial, corporate, institutional, real estate, and wealth clients, including core banking, specialized lending, investment banking, capital markets, and wealth management **[0000092230-24-000045_tfc-20240630.htm:56]** **[0000092230-24-000029_tfc-20240510.htm:138]**. The company's strategy focuses on deepening client relationships through its Integrated Relationship Management approach, aiming to meet clients' financial needs with a full suite of products **[0000092230-24-000029_tfc-20240510.htm:139]** **[0000092230-24-000025_tfc-20240331.htm:48]** **[0000092230-24-000045_tfc-20240630.htm:57]**.

1. **Consumer and Small Business Banking (CSBB)** - Provides deposits, payment services, credit cards, loans, mortgages, and investment advisory services to consumer and small business clients through branches, ATMs, and digital platforms **[0000092230-24-000045_tfc-20240630.htm:56]** **[0000092230-24-000029_tfc-20240510.htm:138]**.
2. **Wholesale Banking (WB)** - Offers a comprehensive suite of services to commercial, corporate, institutional, real estate, and wealth clients, including core banking, specialized lending, investment banking, capital markets, and wealth management services **[0000092230-24-000045_tfc-20240630.htm:56]** **[0000092230-24-000029_tfc-20240510.htm:138]**.
3. **Other, Treasury & Corporate (OT&C)** - Includes additional functional activities that support the company's strategic objectives and financial operations **[0000092230-24-000045_tfc-20240630.htm:56]** **[0000092230-24-000029_tfc-20240510.htm:138]** **[0000092230-24-000010_tfc-20231231.htm:97]** **[0000092230-24-000029_tfc-20240510.htm:24]**.

e696809a2c609ea6c0f397d072c3823df29dced0b9192a3a9e05d6e85c068927

80e902ae836f80204701672054273915c088b6f3ccc955fb29e247bbc4d93be8

| Metric (Unit) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Loans 90 days or more past due and still accruing ($ million) | **1,600** **[0000092230-23-000002_ex992-qps4q22.htm:17]** **[0000092230-23-000002_ex991-pr4q22.htm:8]** | **1,361** **[0000092230-23-000042_ex992-qps1q23.htm:6]** **[0000092230-23-000047_tfc-20230331.htm:54]** | **662** **[0000092230-23-000067_tfc-20230630.htm:67]** | **574** **[0000092230-23-000077_ex991-pr3q23.htm:6]** | **534** **[0000092230-24-000003_ex991-pr4q23.htm:6]** **[0000092230-24-000010_tfc-20231231.htm:105]** **[0000092230-24-000003_ex992-qpsx4q23.htm:8]** | **538** **[0000092230-24-000016_ex992-qpsx1q24.htm:7]** **[0000092230-24-000025_tfc-20240331.htm:61]** **[0000092230-24-000025_tfc-20240331.htm:20]** | **489** **[0000092230-24-000041_ex991-pr2q24.htm:6]** **[0000092230-24-000041_ex992-qpsx2q24.htm:9]** **[0000092230-24-000045_tfc-20240630.htm:77]** | **518** **[0000092230-24-000079_tfc-20240930.htm:78]** **[0000092230-24-000071_ex991-pr3q24.htm:7]** |
| Total Modified Loans ($ million) | **2,200** **[0000092230-23-000034_tfc-20221231.htm:162]** | **855** **[0000092230-23-000047_tfc-20230331.htm:23]** | **769** **[0000092230-23-000067_tfc-20230630.htm:26]** | **1,070** **[0000092230-23-000084_tfc-20230930.htm:27]** | **1,090** **[0000092230-24-000025_tfc-20240331.htm:25]** | **1,102** **[0000092230-24-000045_tfc-20240630.htm:28]** | **1,302** **[0000092230-24-000079_tfc-20240930.htm:28]** |
| Percentage of Total Class of Financing Receivable (%) | **0.26** **[0000092230-23-000047_tfc-20230331.htm:23]** | **0.24** **[0000092230-23-000067_tfc-20230630.htm:26]** | **0.34** **[0000092230-23-000084_tfc-20230930.htm:27]** | **0.35** **[0000092230-24-000025_tfc-20240331.htm:25]** | **0.36** **[0000092230-24-000045_tfc-20240630.htm:28]** | **0.43** **[0000092230-24-000079_tfc-20240930.htm:28]** |
| Unused Borrowing Capacity at FRB ($ million) | **49,250** **[0000092230-23-000034_tfc-20221231.htm:180]** | **53,291** **[0000092230-23-000047_tfc-20230331.htm:68]** | **52,737** **[0000092230-23-000067_tfc-20230630.htm:80]** | **54,633** **[0000092230-23-000084_tfc-20230930.htm:84]** | **55,252** **[0000092230-24-000010_tfc-20231231.htm:124]** | **53,548** **[0000092230-24-000025_tfc-20240331.htm:74]** | **63,142** **[0000092230-24-000045_tfc-20240630.htm:91]** | **73,663** **[0000092230-24-000079_tfc-20240930.htm:92]** |
| Unused Borrowing Capacity at FHLB ($ million) | **20,800** **[0000092230-23-000034_tfc-20221231.htm:180]** | **24,678** **[0000092230-23-000047_tfc-20230331.htm:68]** | **23,219** **[0000092230-23-000067_tfc-20230630.htm:80]** | **23,615** **[0000092230-23-000084_tfc-20230930.htm:84]** | **24,712** **[0000092230-24-000010_tfc-20231231.htm:124]** | **25,031** **[0000092230-24-000025_tfc-20240331.htm:74]** | **32,892** **[0000092230-24-000045_tfc-20240630.htm:91]** | **36,689** **[0000092230-24-000079_tfc-20240930.htm:92]** |
| Available Investment Securities (after haircuts) ($ million) | **85,401** **[0000092230-23-000034_tfc-20221231.htm:109]** | **56,626** **[0000092230-23-000047_tfc-20230331.htm:68]** | **77,875** **[0000092230-23-000067_tfc-20230630.htm:80]** | **73,010** **[0000092230-23-000084_tfc-20230930.htm:84]** | **74,717** **[0000092230-24-000010_tfc-20231231.htm:124]** | **73,520** **[0000092230-24-000025_tfc-20240331.htm:74]** | **64,610** **[0000092230-24-000045_tfc-20240630.htm:91]** | **72,300** **[0000092230-24-000079_tfc-20240930.htm:92]** |
| Available Secured Borrowing Capacity ($ million) | **155,421** **[0000092230-23-000034_tfc-20221231.htm:109]** | **134,595** **[0000092230-23-000047_tfc-20230331.htm:68]** | **153,831** **[0000092230-23-000067_tfc-20230630.htm:80]** | **151,258** **[0000092230-23-000084_tfc-20230930.htm:84]** | **154,681** **[0000092230-24-000010_tfc-20231231.htm:124]** | **152,099** **[0000092230-24-000025_tfc-20240331.htm:74]** | **160,644** **[0000092230-24-000045_tfc-20240630.htm:91]** | **182,652** **[0000092230-24-000079_tfc-20240930.htm:92]** |
| Nonperforming Loans and Leases Held for Investment ($ million) | **1,188** **[0000092230-23-000034_tfc-20221231.htm:89]** **[0000092230-23-000002_ex991-pr4q22.htm:8]** **[0000092230-23-000002_ex992-qps4q22.htm:17]** | **1,192** **[0000092230-23-000047_tfc-20230331.htm:54]** **[0000092230-23-000047_tfc-20230331.htm:23]** | **1,511** **[0000092230-23-000067_tfc-20230630.htm:67]** **[0000092230-23-000064_ex992-qps2q23.htm:8]** **[0000092230-23-000067_tfc-20230630.htm:26]** | **1,452** **[0000092230-23-000084_tfc-20230930.htm:70]** **[0000092230-23-000077_ex992-qpsx3q23.htm:8]** **[0000092230-23-000084_tfc-20230930.htm:27]** | **1,380** **[0000092230-24-000010_tfc-20231231.htm:104]** | **1,394** **[0000092230-24-000016_ex992-qpsx1q24.htm:7]** **[0000092230-24-000025_tfc-20240331.htm:61]** **[0000092230-24-000025_tfc-20240331.htm:25]** | **1,467** **[0000092230-24-000079_tfc-20240930.htm:77]** |
| Nonperforming Loans Held for Sale ($ million) | **0** **[0000092230-23-000034_tfc-20221231.htm:161]** | **0** **[0000092230-23-000047_tfc-20230331.htm:54]** | **13** **[0000092230-23-000064_ex992-qps2q23.htm:8]** **[0000092230-23-000067_tfc-20230630.htm:67]** **[0000092230-23-000067_tfc-20230630.htm:26]** | **75** **[0000092230-23-000077_ex992-qpsx3q23.htm:8]** **[0000092230-23-000084_tfc-20230930.htm:70]** | **51** **[0000092230-24-000029_tfc-20240510.htm:36]** | **22** **[0000092230-24-000025_tfc-20240331.htm:61]** | **9** **[0000092230-24-000045_tfc-20240630.htm:28]** | **5** **[0000092230-24-000079_tfc-20240930.htm:28]** |
| Foreclosed Real Estate ($ million) | **4** **[0000092230-23-000042_ex992-qps1q23.htm:6]** | **3** **[0000092230-23-000042_ex992-qps1q23.htm:6]** **[0000092230-23-000047_tfc-20230331.htm:23]** | **3** **[0000092230-23-000064_ex992-qps2q23.htm:8]** | **3** **[0000092230-23-000077_ex992-qpsx3q23.htm:8]** **[0000092230-23-000084_tfc-20230930.htm:27]** | **3** **[0000092230-24-000003_ex992-qpsx4q23.htm:8]** | **4** **[0000092230-24-000016_ex992-qpsx1q24.htm:7]** | **5** **[0000092230-24-000041_ex992-qpsx2q24.htm:9]** | **3** **[0000092230-24-000071_ex992-qpsx3q24.htm:10]** |
| Other Foreclosed Property ($ million) | **58** **[0000092230-23-000002_ex992-qps4q22.htm:17]** **[0000092230-23-000034_tfc-20221231.htm:161]** | **66** **[0000092230-23-000042_ex992-qps1q23.htm:6]** **[0000092230-23-000047_tfc-20230331.htm:23]** | **56** **[0000092230-23-000064_ex992-qps2q23.htm:8]** **[0000092230-23-000067_tfc-20230630.htm:67]** | **54** **[0000092230-23-000077_ex992-qpsx3q23.htm:8]** | **54** **[0000092230-24-000003_ex992-qpsx4q23.htm:8]** | **56** **[0000092230-24-000016_ex992-qpsx1q24.htm:7]** **[0000092230-24-000025_tfc-20240331.htm:25]** | **51** **[0000092230-24-000041_ex992-qpsx2q24.htm:9]** **[0000092230-24-000045_tfc-20240630.htm:77]** **[0000092230-24-000045_tfc-20240630.htm:28]** | **53** **[0000092230-24-000071_ex992-qpsx3q24.htm:10]** **[0000092230-24-000079_tfc-20240930.htm:28]** |
| Total Nonperforming Assets ($ million) | **1,250** **[0000092230-23-000002_ex991-pr4q22.htm:8]** | **1,261** **[0000092230-23-000047_tfc-20230331.htm:54]** **[0000092230-23-000042_ex991-pr1q23.htm:6]** | **1,600** **[0000092230-23-000067_tfc-20230630.htm:67]** **[0000092230-23-000064_ex991-pr2q23.htm:5]** | **1,584** **[0000092230-23-000077_ex992-qpsx3q23.htm:8]** **[0000092230-23-000084_tfc-20230930.htm:70]** **[0000092230-23-000077_ex991-pr3q23.htm:5]** | **1,488** **[0000092230-24-000003_ex991-pr4q23.htm:6]** **[0000092230-24-000003_ex992-qpsx4q23.htm:8]** **[0000092230-24-000016_ex991-pr1q24.htm:6]** | **1,476** **[0000092230-24-000016_ex992-qpsx1q24.htm:7]** **[0000092230-24-000016_ex991-pr1q24.htm:6]** **[0000092230-24-000025_tfc-20240331.htm:61]** | **1,476** **[0000092230-24-000041_ex991-pr2q24.htm:6]** **[0000092230-24-000045_tfc-20240630.htm:77]** **[0000092230-24-000041_ex992-qpsx2q24.htm:9]** | **1,528** **[0000092230-24-000071_ex991-pr3q24.htm:6]** **[0000092230-24-000079_tfc-20240930.htm:78]** **[0000092230-24-000071_ex992-qpsx3q24.htm:10]** |
| Residential Mortgage Loans in Process of Foreclosure ($ million) | **248** **[0000092230-23-000034_tfc-20221231.htm:161]** | **226** **[0000092230-23-000047_tfc-20230331.htm:23]** | **229** **[0000092230-23-000067_tfc-20230630.htm:26]** | **233** **[0000092230-23-000084_tfc-20230930.htm:27]** | **214** **[0000092230-24-000010_tfc-20231231.htm:184]** | **201** **[0000092230-24-000025_tfc-20240331.htm:25]** | **184** **[0000092230-24-000045_tfc-20240630.htm:28]** | **179** **[0000092230-24-000079_tfc-20240930.htm:28]** |
| UPB of CRE Mortgages Serviced for Others ($ million) | **36,622** **[0000092230-23-000034_tfc-20221231.htm:165]** | **36,245** **[0000092230-23-000047_tfc-20230331.htm:28]** | **35,076** **[0000092230-23-000067_tfc-20230630.htm:32]** | **34,179** **[0000092230-23-000084_tfc-20230930.htm:34]** | **31,681** **[0000092230-24-000010_tfc-20231231.htm:191]** | **29,075** **[0000092230-24-000025_tfc-20240331.htm:31]** | **28,964** **[0000092230-24-000045_tfc-20240630.htm:38]** | **28,241** **[0000092230-24-000079_tfc-20240930.htm:37]** |
| Value of CRE Mortgages Serviced for Others Covered by Recourse Provisions ($ million) | **9,955** **[0000092230-23-000034_tfc-20221231.htm:177]** | **9,829** **[0000092230-23-000047_tfc-20230331.htm:28]** | **9,698** **[0000092230-23-000067_tfc-20230630.htm:32]** | **9,718** **[0000092230-23-000084_tfc-20230930.htm:34]** | **9,661** **[0000092230-24-000010_tfc-20231231.htm:191]** | **9,656** **[0000092230-24-000025_tfc-20240331.htm:31]** | **9,642** **[0000092230-24-000045_tfc-20240630.htm:38]** | **9,615** **[0000092230-24-000079_tfc-20240930.htm:37]** |
| Maximum Recourse Exposure from CRE Mortgages Sold with Recourse Liability ($ million) | **2,861** **[0000092230-23-000034_tfc-20221231.htm:165]** | **2,820** **[0000092230-23-000047_tfc-20230331.htm:28]** | **2,819** **[0000092230-23-000067_tfc-20230630.htm:32]** | **2,827** **[0000092230-23-000084_tfc-20230930.htm:34]** | **2,813** **[0000092230-24-000010_tfc-20231231.htm:191]** | **2,813** **[0000092230-24-000025_tfc-20240331.htm:31]** | **2,809** **[0000092230-24-000045_tfc-20240630.htm:38]** | **2,815** **[0000092230-24-000079_tfc-20240930.htm:37]** |
| Commercial MSRs at Fair Value ($ million) | **301** **[0000092230-23-000034_tfc-20221231.htm:165]** | **291** **[0000092230-23-000047_tfc-20230331.htm:28]** | **292** **[0000092230-23-000067_tfc-20230630.htm:32]** | **295** **[0000092230-23-000084_tfc-20230930.htm:34]** | **272** **[0000092230-24-000010_tfc-20231231.htm:191]** | **268** **[0000092230-24-000025_tfc-20240331.htm:31]** | **279** **[0000092230-24-000045_tfc-20240630.htm:38]** | **255** **[0000092230-24-000079_tfc-20240930.htm:37]** |

3e8d237ecd29c26b8eb8402aec46a90aa0f4dc25f6ece5588a8f2020ed599518

4e807fb3680de203abdfab699df2d755b52b4663b461d8d99f4399631627e1d4

1. Given your **ongoing investments in risk infrastructure**, including **cyber** and **data**, can you provide more clarity on how these expenditures will impact your **expense base** and **operating leverage**, especially considering the **elevated expenses expected in the fourth quarter**?  **[TFC_3402962_18]** **[TFC_3402962_19]** 

2. You mentioned a commitment to achieving **mid-teens ROTCE** in the medium term, but with peers aiming for higher returns, what specific strategies are you implementing to **accelerate your ROTCE growth** and close the gap with competitors?  **[TFC_3402962_13]** 

3. With **loan growth remaining muted** and **line utilizations at a five-quarter low**, how do you plan to drive **revenue growth**, and are you considering adjusting your **capital return strategy**, including **share buybacks**, to enhance shareholder value?  **[TFC_3402962_2]** **[TFC_3402962_11]** **[TFC_3402962_14]** 

4. Competitors are **aggressively expanding in your markets** by hiring and **gaining market share**; how do you plan to counter this and ensure Truist stops **losing market share** to these out-of-market competitors?  **[TFC_3402962_15]** 

5. Given the focus on **digital initiatives** and the enhancement of your **Truist One View** platform, what measurable outcomes have you seen in terms of **client acquisition** and **efficiency improvements**, and how do these initiatives translate into tangible **financial benefits**?  **[TFC_3402962_3]** **[TFC_3402962_2]** 

c52056c0d8b2b053b3fb50290606504a3e9d779492f4db429aef18d26ece4254

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

383be71de45c5b09a525d08553e1e9f30b6018ed2aa0c187b6abbbae2e23f5d5

Loans 90 days or more past due and still accruing ($ million)

Unused Borrowing Capacity at FRB ($ million)

Unused Borrowing Capacity at FHLB ($ million)

Available Investment Securities (after haircuts) ($ million)

Available Secured Borrowing Capacity ($ million)

Nonperforming Loans and Leases Held for Investment ($ million)

Nonperforming Loans Held for Sale ($ million)

Foreclosed Real Estate ($ million)

Other Foreclosed Property ($ million)

Residential Mortgage Loans in Process of Foreclosure ($ million)

UPB of CRE Mortgages Serviced for Others ($ million)

Value of CRE Mortgages Serviced for Others Covered by Recourse Provisions ($ million)

Maximum Recourse Exposure from CRE Mortgages Sold with Recourse Liability ($ million)

Commercial MSRs at Fair Value ($ million)

2490f7250a0b8f7128966739450c3da04191bf590b800262dcbb83825501dd12

Truist’s Q4 2024 update points to 3–3.5% revenue growth in 2025 against only 1.5% in expenses, boosting operating leverage by 150–200 bps. Ongoing $500M buybacks each quarter highlight capital strength. However, net interest income hinges on two Fed rate cuts.

9e81d3ccb5022779e5baf5268f8b5c03e8c569db2fec452820857cd0da6493f4

- National, regional, and local financial services providers, including banks, thrifts, credit unions, investment advisers, asset managers, securities brokers and dealers, private-equity funds, hedge funds, mortgage-banking companies, finance companies, financial technology companies, and insurance companies  **[0000092230-24-000010_tfc-20231231.htm:10]** .
- Non-banking entities, including financial technology companies, which provide financial products and services directly or indirectly through partnerships  **[0000092230-24-000010_tfc-20231231.htm:10]** .

71340ee564718a5a5b5f3bf596c821a91bd2e2a33d4b5eedb81950d7806447cc

cc3396d49a23a3d2d1f76e1d4b6207d18ca1b49609799332402297894c75718a

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD, Units]

Earnings Per Share (EPS) - Diluted [USD, Units]

23db59ede6b7f25435ff24454c1f3338f87e50ce1192087bcdbc84dc396d20c4

b9eaf5e1fdcf4385a0e96ab95699e41d42e257e182b3305f21baf391659df727

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2024
- **Guidance**:
  1. **Revenue**: Expected to decrease by **1.5%** in Q4 2024 from Q3 2024 adjusted revenue of **$5.1 billion**. Full year 2024 revenues expected to be down **0.5% to 1%**  **[TFC_3402962_6]** .
  2. **Net Interest Income**: Expected to decrease by **1.5%** in Q4 2024  **[TFC_3402962_6]** .
  3. **Noninterest Income**: Expected to decline by **2%** in Q4 2024  **[TFC_3402962_6]** .
  4. **Adjusted Expenses**: Expected to increase by **4%** in Q4 2024. Full year 2024 adjusted expenses expected to be slightly lower than 2023  **[TFC_3402962_6]** .
  5. **Net Charge-Offs**: Expected to be closer to **60 basis points** for FY 2024  **[TFC_3402962_6]** .
  6. **Share Repurchases**: Targeting approximately **$500 million** in Q4 2024  **[TFC_3402962_6]** .
  7. **Effective Tax Rate**: Expected to approximate **17.5%** or **20%** on a taxable equivalent basis in Q4 2024  **[TFC_3402962_6]** .
  8. **Net Interest Margin**: Expected to decrease by about **1.5%** in Q4 2024, leading to a margin in the **305 to 306 basis points** area  **[TFC_3402962_8]** .
  9. **Deposit Balances**: Expected to remain relatively stable in Q4 2024  **[TFC_3402962_4]** .
  10. **Capital**: CET1 ratio expected to remain stable  **[TFC_3402962_5]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  1. **Revenue**: Expected to increase by **1% to 2%** in Q3 2024. Full year 2024 revenues expected to decline by **0.5% to 1%**  **[TFC_3393859_8]** .
  2. **Net Interest Income**: Expected to increase by **2% to 3%** in Q3 2024  **[TFC_3393859_8]** .
  3. **Noninterest Income**: Expected to remain stable in Q3 2024  **[TFC_3393859_8]** .
  4. **Expenses**: Adjusted expenses expected to increase by **3%** in Q3 2024. Full year 2024 expenses expected to remain flat compared to 2023  **[TFC_3393859_8]** .
  5. **Net Charge-Offs**: Expected to be about **65 basis points** in 2024  **[TFC_3393859_8]** .
  6. **Share Repurchases**: Targeting approximately **$500 million** per quarter for the remainder of 2024  **[TFC_3393859_8]** .
  7. **Effective Tax Rate**: Expected to approximate **16% or 19%** in Q3 and Q4 2024  **[TFC_3393859_8]** .
  8. **Client Loan Demand**: Expected to remain muted in Q3 2024  **[TFC_3393859_6]** .
  9. **Deposit Trends**: Continued pressure expected  **[TFC_3393859_6]** .
  10. **Net Interest Margin**: Increased **14 basis points** to **3.03%**  **[TFC_3393859_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue**: Expected to decline by **4% to 5%** for FY 2024  **[TFC_3380179_7]** .
  2. **Net Interest Income**: Expected to trough in Q2 2024 and improve in the second half  **[TFC_3380179_7]** .
  3. **Expenses**: Expected to remain flat compared to 2023  **[TFC_3380179_7]** .
  4. **Net Charge-Offs**: Expected to be about **65 basis points** in 2024  **[TFC_3380179_7]** .
  5. **Effective Tax Rate**: Expected to approximate **16% or 19%**  **[TFC_3380179_7]** .
  6. **Capital**: Sale of TIH expected to generate significant CET1 basis points  **[TFC_3380179_6]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Q1 2024 and FY 2024
- **Guidance**:
  1. **Net Interest Income**: Expected to trough in H1 2024  **[TFC_3370403_8]** .
  2. **Adjusted Expenses**: Expected to rise by 4% in Q1 2024, flat or increase by 1% for FY 2024  **[TFC_3370403_8]** .
  3. **Net Charge-Offs**: Expected to be about **65 basis points**  **[TFC_3370403_8]** .
  4. **Effective Tax Rate**: Expected to approximate **17% or 20%**  **[TFC_3370403_8]** .
  5. **Revenues**: Expected to remain flat or decline by 1% in Q1 2024, decrease by 1% to 3% for FY 2024  **[TFC_3370403_7]** .
  6. **Net Interest Margin**: Expected to contract in Q1 2024  **[TFC_3370403_5]** .
  7. **Capital**: Focus on building capital, no share repurchases planned  **[TFC_3370403_6]** .
  8. **Asset Quality**: Nonperforming loans declined, ALLL ratio increased  **[TFC_3370403_6]** .
  9. **AOCI**: Expected decline in AOCI attributable to securities by 2026  **[TFC_3370403_7]** .
  10. **Long-term Debt Requirement**: Estimated shortfall to be met through normal issuance  **[TFC_3370403_7]** .

af4ed5e8feabda97e29ff9372f882ed28ad309a124c2e7130b3af956dfcdb120

| Name                   | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                 |
|------------------------|--------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| William H. Rogers, Jr. | Chairman and Chief Executive Officer                                     | CEO: Sep 2021<br>Chairman: Mar 2022 | William H. Rogers, Jr. has been the CEO since **September 2021** and Chairman since **March 2022**. Previously, he was President and COO from December 2019 to September 2021, and Chairman and CEO of SunTrust from January 2012 to December 2019  **[0000092230-24-000010_tfc-20231231.htm:33]** **[0000092230-23-000034_tfc-20221231.htm:32]** **[0001193125-24-064251_d614580ddef14a.htm:17]** . |
| Michael B. Maguire     | Senior Executive Vice President and Chief Financial Officer              | Sep 2022            | Michael B. Maguire has been the CFO since **September 2022**. He was previously the Chief National Consumer Finance Services and Payments Officer from September 2021 to September 2022  **[0000092230-24-000010_tfc-20231231.htm:33]** **[0001193125-24-064251_d614580ddef14a.htm:53]** .                                                |
| Hugh S. (Beau) Cummins, III | Vice Chair and Chief Operating Officer                              | COO: Nov 14, 2023   | Hugh S. (Beau) Cummins, III became COO on **November 14, 2023**. He has been Vice Chair since September 2021 and previously led the Corporate and Institutional Group  **[0000092230-24-000010_tfc-20231231.htm:33]** **[0000092230-23-000034_tfc-20221231.htm:32]** **[0001193125-24-064251_d614580ddef14a.htm:54]** .                                                                |
| Scott A. Stengel       | Senior Executive Vice President, Chief Legal Officer, and Head of Government Affairs | Dec 2023            | Scott A. Stengel has been in his current role since **December 2023**. He was previously General Counsel at Ally Financial Inc. from May 2016 to December 2023  **[0000092230-24-000010_tfc-20231231.htm:33]** .                                                                              |
| Kristin Lesher         | Senior Executive Vice President and Chief Wholesale Banking Officer      | Feb 12, 2024        | Kristin Lesher joined Truist as Chief Wholesale Banking Officer on **February 12, 2024**. She was previously EVP and Head of Middle Market Banking at Wells Fargo  **[0000092230-24-000010_tfc-20231231.htm:33]** **[0001193125-24-064251_d614580ddef14a.htm:5]** **[0001664272-24-000096_xslF345X02/f3_a1e2k00000wi7kkuad-live.xml:0]** **[0001193125-24-064251_d614580ddef14a.htm:54]** .                                                                |
| Clarke R. Starnes III  | Vice Chair and Chief Risk Officer                                        | CRO: Jul 2009<br>Vice Chair: Sep 2022 | Clarke R. Starnes III has been Chief Risk Officer since **July 2009** and Vice Chair since **September 2022**. He joined Truist in 1982 and has held numerous leadership roles  **[0000092230-24-000010_tfc-20231231.htm:33]** **[0000092230-24-000101_ex991-1124.htm:0]** **[0000092230-24-000101_tfc-20241113.htm:1]** .                                                      |
| Dontá L. Wilson        | Senior Executive Vice President and Chief Consumer & Small Business Banking Officer | Nov 2023            | Dontá L. Wilson was named to his current role in **November 2023**. He has been with the company for 25 years, serving in various leadership positions  **[0000092230-24-000010_tfc-20231231.htm:33]** **[0001193125-24-064251_d614580ddef14a.htm:53]** **[TFC_3406982_1]** .                                                                                |
| Brad Bender            | Chief Risk Officer                                                       | Nov 13, 2024        | Brad Bender was appointed Chief Risk Officer on **November 13, 2024**. He has been with Truist for 20 years, previously serving as Head of Enterprise Operational Services and interim Chief Information Officer  **[0000092230-24-000101_tfc-20241113.htm:1]** **[0000092230-24-000101_ex991-1124.htm:0]** .                         |

50725ed836cfff75009d6c1523eb8521f2be003f2568d3ae0d2a1672c099566f

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | June 2024  **[0000092230-24-000079_tfc-20240930.htm:39]** **[0000092230-24-000079_tfc-20240930.htm:95]** |
| End Date/Duration        | 2026  **[0000092230-24-000079_tfc-20240930.htm:39]** **[0000092230-24-000079_tfc-20240930.htm:95]**      |
| Total additional amount  | $5.0 billion  **[0000092230-24-000079_tfc-20240930.htm:39]** **[0000092230-24-000079_tfc-20240930.htm:95]**  |
| Remaining authorization amount | $4.5 billion  **[0000092230-24-000079_tfc-20240930.htm:39]** **[0000092230-24-000079_tfc-20240930.htm:95]**  |
| Details                  | Part of capital distribution strategy to return capital to shareholders. Allows for open-market purchases or privately negotiated transactions. Subject to capital and liquidity positions, financial performance, and market conditions.  **[0000092230-24-000045_tfc-20240630.htm:94]** **[0000092230-24-000079_tfc-20240930.htm:95]** **[0000092230-24-000045_tfc-20240630.htm:63]**  |

c4bf93c097ee0670ec78254a48fec40444776f0f89ac1ed1c293befbcdb59f62

**Quarterly guidance for Q1 2025:**
- **Revenue**: -2%  **[TFC_3412791_7]**  (lowered from -1.5%  **[TFC_3402962_6]** )  
- **Net Interest Income**: -2%  **[TFC_3412791_7]**  (lowered from -1.5%  **[TFC_3402962_6]** )  
- **Noninterest Income**: -2.5%  **[TFC_3412791_7]**  (lowered from -2%  **[TFC_3402962_6]** )  
- **Adjusted Expenses**: -3%  **[TFC_3412791_7]**  (lowered from +4%  **[TFC_3402962_6]** )  
- **Share Repurchases**: $500 million  **[TFC_3412791_7]**  (no change from $500 million  **[TFC_3402962_6]** )  

**Annual guidance for FY 2025:**
- **Revenue Growth**: 3% to 3.5%  **[TFC_3412791_8]**  (raised from -0.5% to -1%  **[TFC_3402962_6]** )  
- **Adjusted Expenses**: +1.5%  **[TFC_3412791_8]**  (raised from “slightly lower” year over year  **[TFC_3402962_6]** )  
- **Net Charge-Offs**: ~60 basis points  **[TFC_3412791_8]**  (no change from ~60 basis points  **[TFC_3402962_6]** )  
- **Net Interest Income**: Assumes low single-digit loan growth  **[TFC_3412791_8]**  (no prior guidance)  
- **Noninterest Income**: Low single-digit increase  **[TFC_3412791_8]**  (no prior guidance)  
- **Operating Leverage**: +150 to +200 basis points  **[TFC_3412791_8]**  (no prior guidance)  
- **Effective Tax Rate**: ~17% or 20% on a taxable equivalent basis  **[TFC_3412791_8]**  (no prior guidance)  

71f5a8ddbe4f961995bdd0c2f1446e3d08f989d9af604a9919fe0bdf2236b8ca

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 2002  **[0000092230-24-000010_tfc-20231231.htm:135]**    | Present  | Current auditor   |

66e87d8eddd524b06c0ed5d3c7c959d7446e52ed8ed7e52d06a2d5ffd8ff67e5

ff3000fd653a10b863a107de1e870059ae548c857497b1c5b940fedc48de9e17

83f2f7b2547c709661f08522142c440383b385a50433ee9d50610b9d5c064a51

- **Truist is growing market share across all business lines**, including investment banking where they have increased market share in every discipline and are focusing on net new client growth and increasing primacy with existing clients. **Checking primacy and treasury management penetration both increased by 1%**.  **[TFC_3402962_15]**
- **Truist's unique capital advantage allows them to invest in growth opportunities and return significant capital to shareholders**, giving them the capacity to grow ROTCE faster than peers. They plan to achieve profitability improvement by **deepening existing client relationships** without needing to expand into new markets or products.  **[TFC_3402962_13]** **[TFC_3402962_7]**
- **Truist is effectively leveraging both digital and physical channels to enhance customer relationships**, employing their **"T3" concept (touch and technology equals trust)**. They have invested in digital capabilities like **Truist Assist**, allowing clients to interact digitally and transition to human interaction when needed.  **[TFC_3402962_21]**

334e75f42704711101f64924d57838ac2594d370904f38aa10f9688962706b1c

- **Loan and deposit balances are expected to decline further in Q3 2024**, with average loans decreasing less than 1% in Q2 and anticipated to be down again in Q3. Deposits are also expected to be **"a little lower, perhaps in the third" quarter**, indicating challenges in growth and customer attraction.  **[TFC_3393859_30]** ,  **[TFC_3393859_18]**
- **Ongoing investments in risk management and technology platforms may pressure profitability**, as the company acknowledges the need for continuous investments to maintain competitiveness, potentially increasing expenses.  **[TFC_3393859_25]** ,  **[TFC_3393859_28]**
- There is a perception that **Truist may be lagging behind peers in technology upgrades**, with analysts noting the "heavy lifting" required post-merger, which could affect the company's competitive position.  **[TFC_3393859_29]**

398e6549afac8a2e4d9f22d9a69abf3686d2b31c9867b713c015780e41eb20b7

- **Net Interest Income Growth Depends on Rate Cuts:** The company's net interest income growth outlook assumes **two reductions in the Fed funds rate in 2025**, one in March and another in September. **If these rate cuts do not occur as expected**, it could present a headwind to net interest income growth and challenge the ability to achieve the projected **3% to 3.5% revenue increase**.  **[TFC_3412791_10]**
- **Intense Competition in Key Markets:** The company acknowledges operating in highly competitive markets. **Competition in core markets like the Southeast is intense**, and expanding into markets like Pennsylvania, New Jersey, and Texas may present challenges. This **could impact Truist's ability to grow deposits and loans**, potentially limiting market share gains.  **[TFC_3412791_23]** ,  **[TFC_3412791_24]**
- **Risk of Higher Expense Growth:** While the company expects to limit expense growth to **approximately 1.5%** in 2025, **variable compensation tied to stronger-than-expected revenue, particularly in investment banking and wealth management, could cause expenses to exceed projections**. This may negatively affect the company's efficiency ratio and profitability targets.  **[TFC_3412791_18]** ,  **[TFC_3412791_17]**

a6f9c325989a70765ec73a2895f025592061efd3f065baa3a3af3d99b664d428

1. **Net Interest Income Outlook**  
   **Q:** What's changed in NII expectations and guidance?  
   **A:** Management adjusted NII guidance due to expecting fewer rate cuts—now anticipating **3 cuts** instead of **5**.  **[TFC_3380179_15]**  This puts pressure on NII, so they project NII to be down **2–3%** in the second quarter, with Q2 being the trough.  **[TFC_3380179_18]**  They expect modest improvement in Q3 and Q4, assuming rate cuts occur.  **[TFC_3380179_18]**  The guidance excludes any benefit from the **$10.1 billion** cash proceeds from the TIH sale.  **[TFC_3380179_15]** **[TFC_3380179_20]** 

2. **Impact of TIH Sale**  
   **Q:** How will the TIH sale affect earnings and tangible book value?  
   **A:** The TIH sale will generate **$10.1 billion** after-tax proceeds.  **[TFC_3380179_20]**  Management plans to redeploy this cash, improving tangible book value per share by roughly **one-third**.  **[TFC_3380179_20]**  Guidance does not include this benefit yet.  **[TFC_3380179_20]** 

3. **Capital Deployment Plans**  
   **Q:** What are the plans for deploying capital post-TIH sale?  
   **A:** Management is considering options including balance sheet restructuring, investing in growth, and resuming share repurchases.  **[TFC_3380179_11]**  They aim to replace the earnings from TIH and improve returns in the short and long term.  **[TFC_3380179_11]** 

4. **Return on Tangible Equity Targets**  
   **Q:** Is a 12% ROTCE acceptable long-term?  
   **A:** Management views **12% ROTCE** as a starting point, not acceptable long-term.  **[TFC_3380179_22]**  They plan to increase returns through capital actions like balance sheet repositioning and share repurchases, aiming for meaningful growth over time.  **[TFC_3380179_22]** 

5. **Balance Sheet Restructuring Timing**  
   **Q:** When will the balance sheet restructuring occur?  
   **A:** The intent is for restructuring to be **simultaneous** with the TIH sale, expected in **Q2**.  **[TFC_3380179_27]** **[TFC_3380179_17]**  They plan to redeploy proceeds into cash and securities, optimizing for earnings and liquidity.  **[TFC_3380179_28]** 

6. **Credit Quality and CRE Exposure**  
   **Q:** What's happening with CRE loans and reserves?  
   **A:** Nonperforming CRE loans decreased as they addressed stressed office exposures, reducing CRE office loans by **$222 million** or **4.5%**.  **[TFC_3380179_26]**  Reserves for office loans increased to **9.3%**, and for institutional-style office loans, to **11.8%**.  **[TFC_3380179_26]**  Other CRE segments are holding up well.  **[TFC_3380179_26]** 

7. **Loan Growth Expectations**  
   **Q:** Are commercial lending pipelines improving?  
   **A:** Commercial lending pipelines are building, with clients discussing expansion plans.  **[TFC_3380179_13]**  The bank is more relevant, adding nearly **60%** new relationships in the quarter, indicating potential for loan growth.  **[TFC_3380179_13]** 

8. **Competitive Funding Environment**  
   **Q:** How is competition affecting funding and deposit pricing?  
   **A:** Operating in attractive markets brings competition, but management isn't seeing irrational behavior.  **[TFC_3380179_16]**  They focus on supporting clients and acquiring net new accounts, with strong acquisition rates and improved attrition.  **[TFC_3380179_16]** 

622f31669e4712cf709d3555414973ce8c3c5aba05325cb542f6b7051d23186b

- **Under proposed Basel III rules, Truist's fully phased-in CET1 ratio would decrease to around 5.9% to 6%, significantly below current levels, raising capital adequacy concerns.**  **[TFC_3380179_24]**
- **Management acknowledges that a Return on Average Tangible Common Equity (ROATCE) of 12% is not acceptable long-term and it's too early to specify when higher targets will be achieved, indicating potential challenges in improving profitability.**  **[TFC_3380179_20]**
- **The company anticipates more rigorous liquidity requirements and is focusing on shortening the balance sheet, which could impact growth and earnings.**  **[TFC_3380179_28]**

2b1c67d3b6c53c97fdef038f9886f31e0cd0f0d84f9597282fc04941a00906ca

- **TFC expects a strong recovery in its investment banking business**, with the **pipeline for equity capital markets being the strongest it's been in a long time**, and **significant opportunities in M&A, high-yield, investment-grade debt, and public finance sectors**. This diversified investment banking business positions TFC well for future growth.  **[TFC_3370403_20]**
- **TFC is effectively controlling expenses**, with adjusted expense growth expected to be **flat to up 1% in 2024**. The company has only **$25 million left on cost-saving initiatives in the first quarter**, indicating lower expenses in 2024 compared to 2023.  **[TFC_3370403_13]** **[TFC_3370403_14]**
- **TFC's insurance business creates significant capital opportunities**. Management is exploring strategic alternatives for Truist Insurance Holdings, which could unlock shareholder value.  **[TFC_3370403_18]**

1b4735a76eb5e1be5cc4333210c196f23b1d25ce595520a2bfa53be7ecacfd5d

1. **Net Interest Margin Outlook**  
   **Q:** How will NIM and deposit betas evolve into 2025?  
   **A:** Michael Maguire expects deposit betas to accelerate significantly in the fourth quarter to the mid to high **30%**, still lagging asset repricing, leading to some margin compression into the low **305-306 basis points** area.  **[TFC_3402962_8]**  He anticipates the margin to stabilize in the first quarter of **2025** and begin improving as further rate cuts occur.  **[TFC_3402962_8]** 

2. **Capital Deployment and Share Buybacks**  
   **Q:** Will you increase share buybacks given muted loan growth?  
   **A:** William Rogers stated they plan to maintain elevated share buybacks for some time.  **[TFC_3402962_14]**  While they see opportunities to grow the business and intend to invest capital accordingly, they may recalibrate buybacks if business growth is slower than expected.  **[TFC_3402962_14]** 

3. **Return on Tangible Common Equity (ROTCE) Targets**  
   **Q:** Why are ROTCE targets in the mid-teens, below peers?  
   **A:** William Rogers explained that the sale of their insurance business generated significant capital, which initially lowers returns.  **[TFC_3402962_13]**  As they deploy this capital, returns will increase. He believes they have the most ability to grow returns over the medium term, defined as around **three years**, and expect to improve ROTCE faster than peers.  **[TFC_3402962_13]** 

4. **Positive Operating Leverage into 2025**  
   **Q:** What drives positive operating leverage into 2025?  
   **A:** William Rogers highlighted factors like business momentum in investment banking, expected return of loan growth, and controlling expenses.  **[TFC_3402962_11]**  Consumer loan production increased around **3%** this quarter.  **[TFC_3402962_11]**  They anticipate deposit betas to transition in the first quarter of next year, contributing to operating leverage.  **[TFC_3402962_11]** 

5. **Management's Commitment to Shareholders**  
   **Q:** What key metrics should we monitor for shareholder value?  
   **A:** William Rogers emphasized that everything they do is about shareholders and compensation is based on performance.  **[TFC_3402962_16]**  The primary measures are **ROTCE** and business growth, looking at total book value per share plus dividends.  **[TFC_3402962_17]**  These metrics are highly correlated to share price return.  **[TFC_3402962_17]** 

6. **Market Share and Wallet Share Growth**  
   **Q:** How are you growing market and wallet share?  
   **A:** William Rogers mentioned they have increased market share in investment banking across all disciplines.  **[TFC_3402962_15]**  They focus on net new clients and increasing primacy within existing clients, with checking primacy up **1%** and treasury management penetration up **1%**.  **[TFC_3402962_20]**  This results in improved returns driven by deeper client relationships.  **[TFC_3402962_20]** 

7. **Interest Rate Swap Position**  
   **Q:** Can you provide details on your interest rate swaps?  
   **A:** Michael Maguire stated they added about **$15 billion** of forward-starting receive-fixed swaps in the quarter, taking the notional up to around **$60 billion**.  **[TFC_3402962_12]**  They also added about **$5 billion** of pay-fixed swaps.  **[TFC_3402962_12]**  The receive-fixed swap rate is approximately **3.40%** on that notional.  **[TFC_3402962_12]** 

8. **Investments in Risk Infrastructure**  
   **Q:** Why increase investments in risk infrastructure now?  
   **A:** William Rogers explained they are continuing investments to build a more enduring and consistent infrastructure.  **[TFC_3402962_18]**  This includes investments in cyber, data management, and elevated expectations in AI.  **[TFC_3402962_19]**  These are continuous improvements reflecting higher industry expectations, not due to merger-related issues.  **[TFC_3402962_19]** 

9. **Digital Strategy and Client Primacy**  
   **Q:** How does your digital strategy enhance client relationships?  
   **A:** William Rogers stated that both digital and physical channels are important.  **[TFC_3402962_21]**  They use a concept called **T3** (touch and technology equals trust) to provide digital tools like Truist Assist along with opportunities for human interaction.  **[TFC_3402962_21]**  This approach aims to create enduring client relationships by serving clients in the way that suits them best.  **[TFC_3402962_21]** 

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343bb1fbc8682ca055aa477912780953547ea5df1c2e3e8a1171a73d88d4e329

1. **NII Growth Outlook**  
   **Q:** What drives your NII growth outlook?  
   **A:** Michael Maguire expects NII to improve by **2% to 3%** next quarter, mainly due to the full-quarter impact of the repositioning completed in May.  **[TFC_3393859_12]**  While cautious about potential pressure on client deposit and loan balances, they anticipate modest margin improvement.  **[TFC_3393859_12]** 

2. **Loan Growth Expectations**  
   **Q:** When will loan growth turn positive?  
   **A:** William Rogers noted that loan production has increased, especially in consumer lending, but clients remain on the sidelines.  **[TFC_3393859_13]**  They expect loan balances to stabilize but are cautious about the timing of growth returning.  **[TFC_3393859_13]**  Once client activity picks up, they believe Truist is positioned to outperform peers due to their strong market presence.  **[TFC_3393859_13]** 

3. **Capital Return Plans**  
   **Q:** What's the timing for fulfilling the $5 billion buyback authorization?  
   **A:** William Rogers stated they plan to repurchase about **$500 million per quarter** for the next couple of quarters, totaling **$1 billion through the remainder of this year**.  **[TFC_3393859_14]** **[TFC_3393859_19]**  The pace for next year is expected to be similar but will be calibrated based on growth opportunities and capital requirements.  **[TFC_3393859_14]** **[TFC_3393859_19]** 

4. **Expense Trajectory**  
   **Q:** Why are expenses increasing in the second half?  
   **A:** Michael Maguire explained that expenses will grow due to delayed projects like marketing spend and investments in middle-market lending and payments.  **[TFC_3393859_15]**  They remain committed to being **flat or better** on expenses for the year and are focused on strong expense discipline.  **[TFC_3393859_15]** 

5. **Credit Quality and Reserves**  
   **Q:** What are you seeing in credit progression and reserves?  
   **A:** Clarke Starnes reported stable delinquencies, flat non-performing loans, and slightly lower losses, particularly in consumer.  **[TFC_3393859_22]**  They added reserves for lower-income consumer finance and CRE office exposure due to uncertainty.  **[TFC_3393859_22]**  Unless economic conditions change significantly, they expect reserves to remain relatively stable.  **[TFC_3393859_22]** 

6. **Interest Rate Sensitivity**  
   **Q:** How would additional rate cuts affect NII guidance?  
   **A:** Michael Maguire said that while they forecast one rate cut in November, earlier or additional cuts would benefit them.  **[TFC_3393859_16]**  They believe down rates could offer upside but are cautious about the immediate impact of initial cuts.  **[TFC_3393859_16]** 

7. **Investment Banking Outlook**  
   **Q:** What's the outlook for investment banking revenues?  
   **A:** William Rogers highlighted strong momentum, with gains in market share and increased relevance.  **[TFC_3393859_17]**  They are capturing more active book-runner roles and left-lead transactions in ECM.  **[TFC_3393859_17]**  They expect to continue this momentum and see ongoing growth opportunities.  **[TFC_3393859_17]** 

8. **Efficiency Ratio and Expenses**  
   **Q:** How is investment in risk management impacting efficiency?  
   **A:** William Rogers stated that investing in a durable risk framework is essential for their size and complexity.  **[TFC_3393859_24]**  While it impacts expenses, they believe they are on a good efficient frontier and expenses will align with revenue opportunities.  **[TFC_3393859_24]** **[TFC_3393859_25]** 

9. **Technology Platform**  
   **Q:** Are there big tech upgrades needed post-integration?  
   **A:** William Rogers mentioned that major tech investments have been completed, and they continue to invest in platforms and capabilities over time.  **[TFC_3393859_28]**  They are not at a disadvantage compared to peers, and client feedback indicates strong platform performance.  **[TFC_3393859_29]** 

10. **Loan and Deposit Balances**  
    **Q:** When will loans and deposits stop declining?  
    **A:** Michael Maguire expects slight declines in loan and deposit balances in the third quarter, stabilizing in the fourth.  **[TFC_3393859_30]**  They hope for improvement but remain cautious due to ongoing client behavior.  **[TFC_3393859_30]** 

71f912edc67237152ced3d1297f0b642852f0091c48a5d473c032d3bb8e1b6f9

888356d2578f0ae6f0b2ade5dbaff61a1ed50a324bb987b246eb05b384fa11a5

- **Uncertainty in Net Interest Income (NII) due to rate fluctuations**: Management discussed the sensitivity of NII to different rate environments and mentioned forward starting swaps, indicating potential volatility in NII from swings in forward rate assumptions.  **[TFC_3370403_30]**
- **Lack of clarity on potential monetization of the insurance business**: When asked about the potential sale or monetization of their insurance asset, the CEO did not provide specific details or timing, creating uncertainty around the company's capital strategy and future earnings from this segment.  **[TFC_3370403_18]**
- **Dependence on market conditions for investment banking recovery**: The anticipated recovery in investment banking revenues is heavily reliant on favorable market conditions, and management acknowledged that the timing and extent of the rebound are market-dependent and may be subject to volatility.  **[TFC_3370403_13]** **[TFC_3370403_20]**

088f70da33a500eb4f50521b57d2ec0d78458ee9ab739b51a978b6cacf7c80e0

- **Strong client momentum and satisfaction**: Truist is experiencing positive client acquisition, strong performance metrics, and high client satisfaction scores, indicating successful platform adoption and continued growth.  **[TFC_3393859_29]**
- **Continuous investment in technology**: The company is investing in technology platforms, especially in payments and lending, leveraging existing infrastructure to enhance capabilities over time, positioning Truist for future growth and efficiency gains.  **[TFC_3393859_28]**
- **Improving net interest margin**: Due to balance sheet optimization and efficient management, Truist's net interest margin is improving, suggesting potential for better-than-expected financial performance in coming quarters.  **[TFC_3393859_18]**

7dfaab0c4e4d86ea21ad5b3e9c033349f5a7f577f688bf2c7bd5981a9176e15d

9b338803dd4822e01d0b80236b20d612287379550b3f4303149fe310eed4944b

- Truist Financial has **lowered its Return on Tangible Common Equity (ROTCE) targets from the low 20s to mid-teens**, which is below some peers aiming for higher ROTCE, raising concerns about profitability and shareholder returns.  **[TFC_3402962_16]**
- **Management accountability to shareholders is being questioned**, especially as executives received special bonus awards despite **stock underperformance** and lowered ROTCE targets.  **[TFC_3402962_16]**
- There is **pressure on Net Interest Margin (NIM) and Net Interest Income (NII)** due to asset-liability repricing mismatches and hedging activities, potentially leading to NII headwinds in the short term.  **[TFC_3402962_12]**

b44c6a063ee896e640bec9df2271be5bacd9eb10b40b6f2d864e3d084f5d96b1

1. **2024 Net Interest Income Outlook**  
   **Q:** What is the outlook for 2024 net interest income and sensitivity to Fed cuts?  
   **A:** Truist expects 2024 net interest income (NII) to reflect **five 25 basis point Fed rate cuts starting in May**.  **[TFC_3370403_12]**  Loan balances may see slight pressure in the first quarter, down less than **1%**, then remain relatively stable.  **[TFC_3370403_12]**  Deposits are projected to decline about **1.5%** in the first quarter and continue declining at a decreasing rate over the year.  **[TFC_3370403_12]**  The bank is cautious about deposit betas, anticipating a reprice lag.  **[TFC_3370403_12]**  A scenario with no or significantly delayed cuts would be a headwind.  **[TFC_3370403_12]** 

2. **Credit Quality and Expected Loss Trends**  
   **Q:** How do you expect loss trends to evolve, and in which portfolios?  
   **A:** Truist anticipates ongoing normalization of credit losses in both consumer and wholesale portfolios.  **[TFC_3370403_19]**  The consumer side has already seen much of this normalization due to a higher mix of higher-margin consumer finance businesses and less exposure to mortgage and prime auto.  **[TFC_3370403_19]**  The bank is proactively addressing potential stress areas like **commercial real estate (CRE), especially office**.  **[TFC_3370403_19]**  Guidance reflects opportunities to manage potential challenges as structural risks unfold.  **[TFC_3370403_19]** 

3. **Capital Ratios and Basel III Impact**  
   **Q:** What is your adjusted Common Equity Tier 1 (CET1) ratio considering AOCI and Basel III impacts?  
   **A:** Truist's stated CET1 ratio is **10.1%**.  **[TFC_3370403_16]**  Adjusting for other comprehensive income (OCI), including available-for-sale (AFS) securities and pension, has a **2.9%** impact, reducing CET1 to around **7.2%**.  **[TFC_3370403_16]**  Further factors like thresholds and risk-weighted asset (RWA) inflation under Basel III could reduce it by another percent, bringing it to the **low 6%** range.  **[TFC_3370403_16]** 

4. **Efficiency and Optimization Efforts**  
   **Q:** Are your optimization efforts deep enough to improve efficiency ratios?  
   **A:** Management is encouraged by momentum in expense declines, particularly in the third and fourth quarters.  **[TFC_3370403_17]**  The bank is committed to its **$750 million** savings program, reducing headcount and branches by **4%** each.  **[TFC_3370403_17]**  A simplified organizational structure allows for better decision-making and long-term efficiency improvements.  **[TFC_3370403_17]** 

5. **Potential Sale of Insurance Business**  
   **Q:** Can you update us on the potential monetization of the insurance business?  
   **A:** Truist acknowledges that the insurance business presents a capital opportunity.  **[TFC_3370403_18]**  The bank is evaluating alternatives to do what's best for both the insurance business and Truist but did not provide specific timing or details.  **[TFC_3370403_18]** 

6. **Loan Demand and Growth Outlook**  
   **Q:** How do you see loan demand trending, and can demand return with rate cuts?  
   **A:** Truist expects modest growth in the **C&I (Commercial and Industrial)** portfolio starting in the second quarter.  **[TFC_3370403_15]**  Rate cuts are anticipated to slightly benefit demand.  **[TFC_3370403_15]**  Pressure remains on the consumer side, partly due to the bank reducing focus on less capital-efficient areas like indirect lending.  **[TFC_3370403_15]**  Recovery in key markets should positively impact loan demand.  **[TFC_3370403_15]** 

7. **Investment Banking Outlook**  
   **Q:** What is the outlook for the investment banking business?  
   **A:** Truist has a balanced investment banking business and sees positive trends across multiple sectors.  **[TFC_3370403_20]**  **Equity capital markets** are starting to recover, with a strong pipeline of **IPO components**.  **[TFC_3370403_20]**  On the debt side, natural refinancing opportunities arise from significant maturities in 2024.  **[TFC_3370403_20]**  The **M&A pipeline is robust**, surpassing the total closed last year.  **[TFC_3370403_20]**  Growth is also seen in public finance, building momentum over the past 12–18 months.  **[TFC_3370403_20]** 

8. **Commercial Real Estate Exposure**  
   **Q:** What are your concerns regarding multifamily CRE and office exposure?  
   **A:** Truist views **multifamily** as a favored asset class long-term, despite short-term pressures from rate increases and new supply.  **[TFC_3370403_24]**  Challenges are seen as temporary, with potential increases in watch list and nonaccruals but lower loss risk compared to office.  **[TFC_3370403_24]**  In the **office sector**, risks are structural and expected to unfold over the next couple of years.  **[TFC_3370403_28]**  The bank is proactively managing these risks, with early identification and working with borrowers.  **[TFC_3370403_28]** 

9. **Deposit Beta Assumptions and Rate Cuts**  
   **Q:** What are your deposit beta assumptions in light of expected rate cuts?  
   **A:** Truist is cautious about deposit betas on the downside.  **[TFC_3370403_22]**  In the event of rate cuts starting in May, the first half of cuts is expected to be pressured due to ongoing repricing in retail segments.  **[TFC_3370403_22]**  Cumulative betas are expected to be lower initially, with the NII outlook reflecting these reprice trends.  **[TFC_3370403_22]** 

10. **Return on Tangible Common Equity Targets**  
    **Q:** Is a 20% return on tangible common equity still a reasonable goal?  
    **A:** Given changes in the environment since 2019, including higher rates and Basel III regulations, a **20% ROTCE** is not seen as attainable in the short to medium term.  **[TFC_3370403_27]**  However, Truist aims to perform at a high level in ROTCE through efficiency improvements and revenue growth, positioning itself as a top performer rather than focusing on a specific target.  **[TFC_3370403_27]** 

11. **Goodwill Impairment Charge and Merger Synergies**  
    **Q:** Does the goodwill charge imply merger synergies are less appealing?  
    **A:** The goodwill impairment is a result of annual testing, influenced by factors like degraded operating conditions and significant declines in bank stock valuations as of October 1.  **[TFC_3370403_23]**  It does not impact Truist's financial condition, opportunities, or strategy.  **[TFC_3370403_23]**  Management indicates that merger synergies are materializing, with growth in net new accounts, primary accounts, market share, and efficiency gains underway.  **[TFC_3370403_23]** 

b6614458474fa78e01a19c08b2baae2be0953f05b6e19d73f3c6c5535e836751

- **Strong Investment Banking Performance and Positive Momentum:** Truist Financial's investment banking segment showed significant growth, with particular strength in M&A and equity capital markets. The company has been investing in talent and industry verticals, adding over 30 new managing directors, which supports confidence in continued momentum into the second quarter and beyond.  **[TFC_3380179_5]**
- **Strengthened Capital Position from Sale of Truist Insurance Holdings (TIH):** The pending sale of TIH is expected to generate approximately **$10.1 billion** in after-tax proceeds, significantly boosting the Common Equity Tier 1 (CET1) capital ratio by about **2.5%**, providing capacity for growth, balance sheet repositioning, and potential share repurchases.  **[TFC_3380179_20]** **[TFC_3380179_24]**
- **Commitment to Improving Return on Average Tangible Common Equity (ROATCE):** Leadership acknowledges the current ROATCE as a starting point and has plans to enhance returns both in the short and long term through capital deployment options, including securities repositioning and share repurchases, as well as growth in core businesses.  **[TFC_3380179_22]**

b765bd1f744c92ca06ecc69bab06bae44c6d3c73588c76461e2f0ccb2d456808

- Truist expects revenue to increase by **3% to 3.5%** in 2025, while keeping expense growth at only **1.5%**, implying positive operating leverage of **150 to 200 basis points**.  **[TFC_3412791_21]**  The company plans to achieve this by leveraging prior investments and focusing on expanding with existing clients, leading to **high returns** and **good leverage**.  **[TFC_3412791_18]**
- Truist has a strong capital position, enabling them to continue share repurchases at the pace of **$500 million per quarter**, while also accommodating loan growth.  **[TFC_3412791_20]**  The CEO stated that they are in a unique position to **grow and distribute capital**, emphasizing their ability to **reward shareholders** along the way.  **[TFC_3412791_20]**
- The company is seeing progress in deposit growth and momentum in markets affected by the merger, and plans to expand offensively in other markets like **Texas, Pennsylvania, and New Jersey**, which are also their markets.  **[TFC_3412791_23]**  This provides opportunities to gain **disproportionately and quickly**, not only defending existing market share but also growing incrementally.  **[TFC_3412791_23]**

99d4a00f7552d44f74046e5005f91d372746902fcf7cfa937fae3c36fd1b379e

Truist Financial Corp (TFC)

Financials