Quartergate

Document 24

EX-99.1 2 ex991-pr4q24.htm EX-99.1 Document


			News Release

Truist reports fourth quarter 2024 results

Net income available to common shareholders of $1.2 billion, or $0.91 per share	Average deposits increased $5.7 billion while total deposit costs were down 19 basis points		Repurchased $500 million in common shares; Dividend and total payout ratios of 57% and 98%
4Q24 Key Financial Data		4Q24 and 2024 Performance Highlights(4)




(Dollars in billions, except per share data)	4Q24			3Q24			4Q23			FY2024			FY2023
Summary Income Statement
Net interest income - TE	$	3.64		$	3.66		$	3.58		$	14.30		$	14.74
Noninterest income	1.47			1.48			1.36			(0.81)			5.50
Total revenue - TE	5.11			5.14			4.94			13.49			20.24


Noninterest expense	3.04			2.93			9.56			12.01			18.68
Net income (loss) from continuing operations	1.29			1.44			(5.19)			(0.05)			(1.50)
Net income from discontinued operations	(0.01)			0.00			0.10			4.89			0.46
Net income	1.28			1.44			(5.09)			4.84			(1.05)
Net income available to common shareholders	1.22			1.34			(5.17)			4.47			(1.45)
Adjusted net income available to common shareholders(1)	1.21			1.31			1.09			4.97			4.81
PPNR - unadjusted(1)(2)	2.08			2.21			(4.62)			1.48			1.56
PPNR - adjusted(1)(2)	2.16			2.31			2.22			8.81			8.87
Key Metrics


Diluted EPS	$	0.91		$	0.99		$	(3.87)		$	3.36		$	(1.09)
Adjusted diluted EPS(1)	0.91			0.97			0.81			3.69			3.59
BVPS	43.90			44.46			39.31
TBVPS(1)	30.01			30.64			21.83



ROCE	8.4		%	9.1		%	(36.6)		%	8.0		%	(2.6)		%
ROTCE(1)	12.9			13.8			15.0			13.3			18.9
Efficiency ratio - unadjusted(2)	60.0			57.5			NM			90.4			93.3
Efficiency ratio - adjusted(1)(2)	57.7			55.2			55.0			56.3			56.2
Fee income ratio - unadjusted(2)	29.0			29.2			27.9			NM			27.5
Fee income ratio - adjusted(1)(2)	28.8			28.9			27.6			29.0			27.2
NIM - TE(2)	3.07			3.12			2.95			3.03			2.98
NCO ratio	0.59			0.55			0.57			0.59			0.50
ALLL ratio	1.59			1.60			1.54
CET1 ratio(3)	11.5			11.6			10.1

Average Balances
Assets	$	527		$	519		$	540		$	526		$	553
Securities	125			117			134			124			138
Loans and leases	305			305			314			307			322
Deposits	390			384			395			388			401

Amounts may not foot due to rounding.

(1)Represents a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s Fourth Quarter 2024 Earnings Presentation.

(2)This metric is calculated based on continuing operations.

(3)Current quarter capital ratios are preliminary.

(4)Comparisons noted in this section summarize changes from fourth quarter of 2024 compared to third quarter of 2024 on a continuing operations basis, unless otherwise noted.

•Net income available to common shareholders was $1.2 billion, or $0.91 per diluted share

◦Full-year net income available to common shareholders was $4.5 billion, or $3.36 per diluted share. Adjusted net income available to common shareholders(1) was $5.0 billion, up 3.3% compared to 2023

•Total TE revenues were down 0.6%

◦TE net interest income decreased 0.4%; net interest margin was down five basis points

◦Noninterest income was down 0.9% due to lower investment banking and trading income, partially offset by higher other income

•Noninterest expense was up 3.7%. Adjusted noninterest expense(1) was up 4.0%, reflecting higher professional fees and outside processing expense and equipment expense, partially offset by lower personnel expense.

•Average loans and leases HFI were flat due to declines in the commercial and industrial and CRE portfolios, offset by growth in the indirect auto, residential mortgage, and other consumer portfolios.

◦End of period loans and leases HFI were $306.4 billion, up $3.3 billion, or 1.1%

•Average deposits increased 1.5% due to increases in interest checking, noninterest-bearing, and money market and savings deposits, partially offset by a decline in time deposits.

◦The average cost of total deposits was 1.89%, down 19 basis points, due to the impact of deposit repricing

•Asset quality remains relatively stable

◦Nonperforming loans to total loans were down one basis point due to a decrease in the commercial and industrial portfolio

◦Loans 90 days or more past due were up two basis points, or up one basis point excluding government guaranteed loans

◦ALLL ratio decreased one basis point

◦Net charge-off ratio of 59 basis points, up four basis points driven by higher net charge-offs in the commercial and industrial and indirect auto portfolios, partially offset by lower net charge-offs in the CRE portfolio

•Capital levels remain strong

◦Repurchased $500 million in common shares, resulting in a dividend and total payout ratio of 57% and 98%, respectively

◦Returned $3.8 billion of capital to common shareholders through our dividend and share repurchases for the full-year 2024

◦Redeemed $750 million of series L preferred shares

◦CET1 ratio(3) was 11.5%


CEO Commentary

“2024 was an important year for Truist. We added new clients and deepened existing relationships, invested in our core banking business, made enhancements to our technology and risk infrastructure, and maintained our credit and expense discipline. We executed on several important strategic initiatives, including the sale of Truist Insurance Holdings and the repositioning of our balance sheet. These actions increased our capital and further enhanced our ability to support the growth needs of clients, while also returning capital to shareholders.

Going into 2025, we have strong momentum and look forward to growing with our clients in some of the best markets in the country. At our foundation is our purpose to inspire and build better lives and communities. Our dedication to our purpose, along with a clear strategy, deep expertise, seamless teamwork, and client focus positions us to drive our performance and increased profitability in 2025 and beyond.”

— Bill Rogers, Truist Chairman & CEO


Contact:
Investors:	Brad Milsaps	770.352.5347 \| [email protected]
Media:	Shelley Miller	704.692.1518 \| [email protected]


Net Interest Income, Net Interest Margin, and Average Balances
	Quarter Ended						Change
(Dollars in millions)	4Q24			3Q24				4Q23			Link				Like
Interest income(1)	$	6,230		$	6,407			$	6,324		$	(177)	(2.8)	%		$	(94)	(1.5)	%
Interest expense	2,589			2,750				2,747			(161)		(5.9)			(158)		(5.8)
Net interest income(1)	$	3,641		$	3,657			$	3,577		$	(16)	(0.4)			$	64	1.8

Net interest margin(1)	3.07		%	3.12		%		2.95		%	(5) bps					12 bps


Average Balances(2)
Total earning assets	$	472,639		$	466,137			$	481,538		$	6,502	1.4	%		$	(8,899)	(1.8)	%
Total interest-bearing liabilities	341,213			334,363				346,554			6,850		2.0			(5,341)		(1.5)

Yields / Rates(1)
Total earning assets	5.25		%	5.47		%		5.22		%	(22) bps					3 bps
Total interest-bearing liabilities	3.02			3.27				3.15			(25) bps					(13) bps

(1)Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.

(2)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities. In the third quarter of 2024, Truist revised its presentation of active hedge basis adjustments for fair value hedges on securities to be included in nonearning assets for all periods presented.

Taxable-equivalent net interest income for the fourth quarter of 2024 was down $16 million, or 0.4%, compared to the third quarter of 2024. Net interest margin was 3.07%, down five basis points.

•Average earning assets increased $6.5 billion, or 1.4%, primarily due to an increase in average securities of $7.7 billion, or 6.6%, partially offset by a decline in other earnings assets of $1.2 billion, or 3.2%.

•The yield on the average total loan portfolio was 6.12%, down 29 basis points due to the impact of variable rate loans repricing. The yield on the average securities portfolio was 3.19%, up 22 basis points primarily due to reinvesting cash flows into higher yielding securities.

•Average deposits increased $5.7 billion, or 1.5%, average short-term borrowings increased $4.2 billion, or 20%, and average long-term debt decreased $1.2 billion, or 3.4%.

•The average cost of total deposits was 1.89%, down 19 basis points, due to the impact of deposit repricing. The average cost of short-term borrowings was 4.81%, down 60 basis points. The average cost of long-term debt was 5.06%, down seven basis points.

Taxable-equivalent net interest income for the fourth quarter of 2024 was up $64 million, or 1.8%, compared to the fourth quarter of 2023 primarily due to the balance sheet repositioning in the second quarter of 2024. Net interest margin was 3.07%, up 12 basis points.

•Average earning assets decreased $8.9 billion, or 1.8%, primarily due to a decline in average total loans of $9.2 billion, or 2.9%, and a decrease in average securities of $9.2 billion, or 6.9%, partially offset by growth in other earning assets of $8.7 billion, or 30%. The decrease in average securities and increase in average other earning assets primarily reflects the balance sheet repositioning.

•The yield on the average total loan portfolio was 6.12%, down 24 basis points. The yield on the average securities portfolio was 3.19%, up 80 basis points, reflecting the balance sheet repositioning and reinvesting cash flows into higher yielding securities.

•Average deposits decreased $5.3 billion, or 1.3%, average short-term borrowings were flat, and average long-term debt decreased $6.7 billion, or 16%.

•The average cost of total deposits was 1.89%, down three basis points. The average cost of short-term borrowings was 4.81%, down 81 basis points. The average cost of long-term debt was 5.06%, up 39 basis points.

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Noninterest Income
	Quarter Ended				Change
(Dollars in millions)	4Q24		3Q24			4Q23		Link				Like

Wealth management income	$	345	$	350		$	346	$	(5)	(1.4)	%		$	(1)	(0.3)	%
Investment banking and trading income	262		332			165		(70)		(21.1)			97		58.8
Card and payment related fees	231		222			232		9		4.1			(1)		(0.4)
Service charges on deposits	237		221			229		16		7.2			8		3.5
Mortgage banking income	117		106			94		11		10.4			23		24.5
Lending related fees	93		88			153		5		5.7			(60)		(39.2)
Operating lease income	47		49			60		(2)		(4.1)			(13)		(21.7)
Securities gains (losses)	(1)		—			—		(1)		NM			(1)		NM
Other income	139		115			84		24		20.9			55		65.5
Total noninterest income	$	1,470	$	1,483		$	1,363	$	(13)	(0.9)			$	107	7.9

Noninterest income was down slightly compared to the third quarter of 2024 as lower investment banking and trading income was partially offset by higher other income.

•Investment banking and trading income decreased due to lower bond and equity originations as well as lower merger and acquisition advisory fees, partially offset by higher loan syndication fees.

•Other income increased due to higher income from certain solar equity investments and other investments, partially offset by lower income from investments held for certain post-retirement benefits (which is primarily offset by lower personnel expense) and a valuation decrease for derivatives related to Visa shares.

Noninterest income was up $107 million, or 7.9%, compared to the fourth quarter of 2023 primarily due to higher investment banking and trading income and other income, partially offset by lower lending related fees.

•Investment banking and trading income increased due to higher structured real estate income, loan syndications fees, and trading income.

•Lending related fees decreased due to lower leasing-related gains.

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Noninterest Expense
	Quarter Ended				Change
(Dollars in millions)	4Q24		3Q24			4Q23		Link				Like
Personnel expense	$	1,587	$	1,628		$	1,474	$	(41)	(2.5)	%		$	113	7.7	%
Professional fees and outside processing	415		336			305		79		23.5			110		36.1
Software expense	232		222			223		10		4.5			9		4.0
Net occupancy expense	179		157			159		22		14.0			20		12.6
Equipment expense	112		84			103		28		33.3			9		8.7
Amortization of intangibles	84		84			98		—		—			(14)		(14.3)
Marketing and customer development	74		75			53		(1)		(1.3)			21		39.6
Operating lease depreciation	36		34			42		2		5.9			(6)		(14.3)
Regulatory costs	56		51			599		5		9.8			(543)		(90.7)
Restructuring charges	11		25			155		(14)		(56.0)			(144)		(92.9)
Goodwill impairment	—		—			6,078		—		—			(6,078)		(100.0)
Other expense	249		231			268		18		7.8			(19)		(7.1)
Total noninterest expense	$	3,035	$	2,927		$	9,557	$	108	3.7			$	(6,522)	(68.2)

Noninterest expense was up $108 million, or 3.7%, compared to the third quarter of 2024 due to higher professional fees and outside processing expense and equipment expense, partially offset by lower personnel expense. Additionally, Truist recognized a reduction to the FDIC special assessment (regulatory costs) of $8 million in the fourth quarter of 2024, compared to a reduction of $16 million in the third quarter of 2024. Restructuring charges for both quarters include severance charges as well as costs associated with facilities optimization initiatives. Adjusted noninterest expense, which excludes the FDIC special assessment, restructuring charges, and the amortization of intangibles, increased $114 million, or 4.0%, compared to the prior quarter.

•Professional fees and outside processing expense increased due to higher investments in technology and risk infrastructure.

•Equipment expense increased primarily due to a higher volume of laptops purchases and other technology equipment.

•Personnel expense decreased primarily due to lower incentives and lower other post-retirement benefit expense (which is almost entirely offset by lower other income).

Noninterest expense was down $6.5 billion compared to the fourth quarter of 2023 due to the goodwill impairment of $6.1 billion in the fourth quarter of 2023, a decrease in regulatory costs primarily associated with the FDIC special assessment (reduction of $8 million in the fourth quarter of 2024 compared to cost of $507 million in the fourth quarter of 2023), and lower restructuring charges, partially offset by higher personnel expense and higher professional fees and outside processing expense. Restructuring charges decreased $144 million driven by lower severance charges and lower costs associated with facilities optimization initiatives. Adjusted noninterest expense, which excludes goodwill impairment, the FDIC special assessment adjustment, restructuring charges, and the amortization of intangibles, increased $229 million, or 8.4%, compared to the earlier quarter.

•Personnel expense increased due to higher incentives, partially offset by lower headcount and lower other post-retirement benefit expense (which is almost entirely offset by lower other income).

•Professional fees and outside processing expense increased due to higher investments in technology and risk infrastructure.

•Regulatory costs, excluding the aforementioned FDIC special assessment, decreased due to a decrease in the FDIC’s deposit insurance assessment rate.

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Provision for Income Taxes
	Quarter Ended						Change
(Dollars in millions)	4Q24			3Q24				4Q23			Link			Like
Provision (benefit) for income taxes	$	265		$	271			$	(56)		$	(6)	(2.2)%		$	321	NM
Effective tax rate	17.1		%	15.8		%		1.1		%	130 bps				NM

The higher effective tax rate for the fourth quarter of 2024 compared to the third quarter of 2024 is due to higher full year pre-tax earnings.

The effective tax rate for the fourth quarter of 2023 reflects a pre-tax loss, which includes a non-deductible goodwill impairment, partially offset by a discrete tax benefit in the fourth quarter of 2023.


Average Loans and Leases
(Dollars in millions)	4Q24		3Q24		Change		% Change

Commercial:
Commercial and industrial	$	153,209	$	154,102	$	(893)	(0.6)	%
CRE	20,504		21,481		(977)		(4.5)
Commercial construction	8,261		7,870		391		5.0

Total commercial	181,974		183,453		(1,479)		(0.8)
Consumer:
Residential mortgage	54,390		53,999		391		0.7
Home equity	9,675		9,703		(28)		(0.3)
Indirect auto	22,790		22,121		669		3.0
Other consumer	29,355		29,015		340		1.2

Total consumer	116,210		114,838		1,372		1.2
Credit card	4,926		4,874		52		1.1

Total loans and leases held for investment	$	303,110	$	303,165	$	(55)	—

Average loans and leases HFI were flat compared to the prior quarter.

•Average commercial loans decreased 0.8% due to declines in the commercial and industrial and CRE portfolios.

•Average consumer loans increased 1.2% due to growth in the indirect auto, residential mortgage, and other consumer portfolios.

End of period loans and leases HFI were $306.4 billion, up $3.3 billion, or 1.1%, primarily due to increases in the residential mortgage, commercial and industrial, and indirect auto portfolios.


Average Deposits
(Dollars in millions)	4Q24		3Q24		Change		% Change

Noninterest-bearing deposits	$	107,968	$	106,080	$	1,888	1.8	%
Interest checking	107,075		103,899		3,176		3.1
Money market and savings	138,242		136,639		1,603		1.2
Time deposits	36,757		37,726		(969)		(2.6)

Total deposits	$	390,042	$	384,344	$	5,698	1.5

Average deposits for the fourth quarter of 2024 were $390.0 billion, an increase of $5.7 billion, or 1.5%, compared to the prior quarter.

Average noninterest-bearing deposits increased 1.8% compared to the prior quarter and represented 27.7% of total deposits for the fourth quarter of 2024 compared to 27.6% for the third quarter of 2024. Average interest checking increased 3.1%. Average money market and savings accounts increased 1.2%. Average time deposits decreased 2.6%.

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Capital Ratios
	4Q24		3Q24		2Q24		1Q24		4Q23
Risk-based:	(preliminary)
CET1	11.5	%	11.6	%	11.6	%	10.1	%	10.1	%
Tier 1	12.9		13.2		13.2		11.7		11.6
Total	14.9		15.3		15.4		13.9		13.7
Leverage	10.5		10.8		10.5		9.5		9.3
Supplementary leverage	8.8		9.1		8.9		8.0		7.9

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist’s CET1 ratio was 11.5% as of December 31, 2024, down 10 basis points compared to September 30, 2024 as capital returned to shareholders and an increase in risk-weighted assets were partially offset by current quarter earnings.

Truist declared common dividends of $0.52 per share during the fourth quarter of 2024 and repurchased $500 million of common stock. The dividend and total payout ratios for the fourth quarter of 2024 were 57% and 98%, respectively.

Truist’s average consolidated LCR was 109% for the three months ended December 31, 2024, compared to the regulatory minimum of 100%.

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Asset Quality
(Dollars in millions)	4Q24			3Q24			2Q24			1Q24			4Q23
Total nonperforming assets	$	1,477		$	1,528		$	1,476		$	1,476		$	1,488

Total loans 90 days past due and still accruing	587			518			489			538			534
Total loans 30-89 days past due and still accruing	1,949			1,769			1,791			1,716			1,971
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.47		%	0.48		%	0.46		%	0.45		%	0.44		%


Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.64			0.58			0.59			0.56			0.63
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.19			0.17			0.16			0.18			0.17
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed	0.05			0.04			0.04			0.04			0.04
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.59			1.60			1.57			1.56			1.54
Ratio of allowance for loan and lease losses to net charge-offs	2.7x			2.9x			2.7x			2.4x			2.7x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.4x			3.3x			3.4x			3.4x			3.5x

Applicable ratios are annualized.

Nonperforming assets totaled $1.5 billion at December 31, 2024, down $51 million compared to September 30, 2024, due to a decrease in the commercial and industrial portfolio. Nonperforming loans and leases held for investment were 0.47% of loans and leases held for investment at December 31, 2024, down one basis point compared to September 30, 2024.

Loans 90 days or more past due and still accruing totaled $587 million at December 31, 2024, up two basis points as a percentage of loans and leases compared with the prior quarter due primarily to an increase in the government guaranteed residential mortgage portfolio. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.05% at December 31, 2024, up one basis point from September 30, 2024 due to an increase in the commercial and industrial and non-government guaranteed residential mortgage portfolios.

Loans 30-89 days past due and still accruing totaled $1.9 billion at December 31, 2024, up $180 million, or six basis points, as a percentage of loans and leases, compared to the prior quarter primarily due to an increase in the commercial and industrial, CRE, residential mortgage, and indirect auto portfolios.

The allowance for credit losses was $5.2 billion at December 31, 2024 and includes $4.9 billion for the allowance for loan and lease losses and $304 million for the reserve for unfunded commitments. The ALLL ratio was 1.59%, down one basis point compared with September 30, 2024. The ALLL covered nonperforming loans and leases held for investment 3.4X, compared to 3.3x at September 30, 2024. At December 31, 2024, the ALLL was 2.7X annualized net charge-offs, compared to 2.9X at September 30, 2024.


Provision for Credit Losses
	Quarter Ended						Change
(Dollars in millions)	4Q24			3Q24				4Q23			Link				Like
Provision for credit losses	$	471		$	448			$	572		$	23	5.1	%		$	(101)	(17.7)	%
Net charge-offs	453			418				453			35		8.4			—		—

Net charge-offs as a percentage of average loans and leases	0.59		%	0.55		%		0.57		%	4 bps					2 bps

Applicable ratios are annualized.

The provision for credit losses was $471 million for the fourth quarter of 2024 compared to $448 million for the third quarter of 2024.

•The increase in the current quarter provision expense primarily reflects an allowance build.

•The net charge-off ratio for the current quarter was up compared to the third quarter of 2024 primarily driven by higher net charges-offs in the commercial and industrial portfolio and seasonally higher indirect auto portfolio net charges-offs, partially offset by lower net charge-offs in the CRE portfolio.

The provision for credit losses was $471 million for the fourth quarter of 2024 compared to $572 million for the fourth quarter of 2023.

•The decrease in the current quarter provision expense primarily reflects a lower allowance build.

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Earnings Presentation and Quarterly Performance Summary

Investors can access the live fourth quarter 2024 earnings call at 8 a.m. ET today by webcast or dial-in as follows:

Webcast:app.webinar.net/xOqjwYK80mY

Dial-in: 1-877-883-0383, passcode 7041380

Additional details: The news release and presentation materials will be available at ir.truist.com under “Events & Presentations.” A replay of the call will be available on the website for 30 days.

The presentation, including an appendix reconciling non-GAAP disclosures, and Truist’s Fourth Quarter 2024 Quarterly Performance Summary, which contains detailed financial schedules, are available at https://ir.truist.com/earnings.


About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $531 billion as of December 31, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.

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Glossary of Defined Terms
Term			Definition

ALLL			Allowance for loan and lease losses
BVPS			Book value (common equity) per share

CEO			Chief Executive Officer
CET1			Common equity tier 1
CRE			Commercial real estate

FDIC			Federal Deposit Insurance Corporation

GAAP			Accounting principles generally accepted in the United States of America
HFI			Held for investment
LCR			Liquidity Coverage Ratio
Like			Compared to fourth quarter of 2023
Link			Compared to third quarter of 2024
NCO			Net charge-offs
NIM			Net interest margin, computed on a TE basis
NM			Not meaningful
PPNR			Pre-provision net revenue
ROCE			Return on average common equity
ROTCE			Return on average tangible common equity


TBVPS			Tangible book value per common share
TE			Taxable-equivalent
TIH			Truist Insurance Holdings

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Non-GAAP Financial Information

This news release contains financial information and performance measures determined by methods other than in accordance with GAAP. Truist’s management uses these “non-GAAP” measures in their analysis of Truist’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Corporation believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:

•Adjusted net income available to common shareholders and adjusted diluted EPS - Adjusted net income available to common shareholders and adjusted diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.

•Adjusted efficiency ratio, adjusted fee income ratio, and related measures - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains and losses, amortization of intangible assets, restructuring charges, and other selected items. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Additionally, the adjusted fee income ratio is non-GAAP in that it excludes securities gains and losses and other selected items, and is calculated using adjusted revenue and adjusted noninterest income. Adjusted revenue and adjusted noninterest income exclude securities gains and losses and other selected items. Adjusted noninterest expense excludes amortization of intangible assets, restructuring charges, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.

•PPNR - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), restructuring charges, amortization of intangible assets, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

•Tangible Common Equity and Related Measures - Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization and impairment charges. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value.

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s Fourth Quarter 2024 Earnings Presentation, which is available at https://ir.truist.com/earnings.

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Forward Looking Statements

From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results.

This news release, including any information incorporated by reference herein, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward- looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include:

•evolving political, business, economic, and market conditions at local, regional, national, and international levels;

•monetary, fiscal, and trade laws or policies, including tariffs, as a result of actions by governmental agencies, central banks, or supranational authorities;

•the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel;

•our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;

•judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry;

•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in joint ventures or other legal entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;

•evolving accounting standards and policies;

•the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk;

•any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system;

•disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;

•our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits;

•changes in any of our credit ratings;

•our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss;

•negative market perceptions of our investment portfolio or its value;

•adverse publicity or other reputational harm to us, our service providers, or our senior officers;

•business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;

•our ability to execute on strategic and operational plans, including accelerating growth, improving profitability, and returning capital to shareholders;

•changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets;

•our ability to successfully make and integrate acquisitions and to effect divestitures, including the ability to perform our obligations under the transition services arrangements supporting TIH in a cost-effective and efficient manner;

•our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;

•our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;

•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information;

•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;

•our ability to satisfactorily and profitably perform loan servicing and similar obligations;

•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;

•our ability to effectively deal with economic, business, or market slowdowns or disruptions;

•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;

•our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;

•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;

•the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations;

•our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties; our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction;

•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics;

•widespread outages of operational, communication, and other systems;

•our ability to maintain appropriate corporate responsibility practices, oversight, and disclosures;

•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and

•other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports.

Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.

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Document 24

EX-99.2 3 ex992-qpsx4q24.htm EX-99.2 Document

Quarterly Performance Summary

Truist Financial Corporation

Fourth Quarter 2024


Table of Contents
Quarterly Performance Summary
Truist Financial Corporation




						Page
Financial Highlights						1

Consolidated Statements of Income						2

Consolidated Ending Balance Sheets						3


Average Balances and Rates - Quarters						4
Average Balances and Rates - Year-To-Date						5
Credit Quality						6

Segment Financial Performance						9
Capital Information						10
Selected Mortgage Banking Information & Additional Information						11
Selected Items						12

Financial Highlights


	Quarter Ended															Year-to-Date
(Dollars in millions, except per share data, shares in thousands)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31			Dec. 31			Dec. 31
	2024			2024			2024			2024			2023			2024			2023
Summary Income Statement
Interest income - taxable equivalent	$	6,230		$	6,407		$	6,404		$	6,237		$	6,324		$	25,278		$	24,672
Interest expense	2,589			2,750			2,824			2,812			2,747			10,975			9,928
Net interest income - taxable equivalent	3,641			3,657			3,580			3,425			3,577			14,303			14,744
Less: Taxable-equivalent adjustment	51			55			53			53			58			212			220
Net interest income	3,590			3,602			3,527			3,372			3,519			14,091			14,524
Provision for credit losses	471			448			451			500			572			1,870			2,109
Net interest income after provision for credit losses	3,119			3,154			3,076			2,872			2,947			12,221			12,415
Noninterest income	1,470			1,483			(5,212)			1,446			1,363			(813)			5,498
Noninterest expense	3,035			2,927			3,094			2,953			9,557			12,009			18,678
Income (loss) before income taxes	1,554			1,710			(5,230)			1,365			(5,247)			(601)			(765)
Provision (benefit) for income taxes	265			271			(1,324)			232			(56)			(556)			738
Net income (loss) from continuing operations(1)	1,289			1,439			(3,906)			1,133			(5,191)			(45)			(1,503)
Net income (loss) from discontinued operations(1)	(13)			3			4,828			67			101			4,885			456
Net income (loss)	1,276			1,442			922			1,200			(5,090)			4,840			(1,047)

Noncontrolling interests from discontinued operations(1)	—			—			19			3			—			22			44

Preferred stock dividends and other	60			106			77			106			77			349			361
Net income (loss) available to common shareholders	1,216			1,336			826			1,091			(5,167)			4,469			(1,452)
Net income available to common shareholders - adjusted(2)	1,211			1,307			1,235			1,216			1,094			4,969			4,809
Additional Income Statement Information
Revenue - taxable equivalent	5,111			5,140			(1,632)			4,871			4,940			13,490			20,242
Pre-provision net revenue - unadjusted(2)	2,076			2,213			(4,726)			1,918			(4,617)			1,481			1,564
Pre-provision net revenue - adjusted(2)	2,164			2,306			2,209			2,132			2,221			8,811			8,868
Key Metrics
Earnings:
Earnings per share-basic from continuing operations(1)(3)	$	0.93		$	1.00		$	(2.98)		$	0.77		$	(3.95)		$	(0.30)		$	(1.40)

Earnings per share-basic	0.92			1.00			0.62			0.82			(3.87)			$	3.36		$	(1.09)
Earnings per share-diluted from continuing operations(1)(3)	0.92			0.99			(2.98)			0.76			(3.95)			(0.30)			(1.40)

Earnings per share-diluted	0.91			0.99			0.62			0.81			(3.87)			3.36			(1.09)
Earnings per share-adjusted diluted(2)	0.91			0.97			0.91			0.90			0.81			3.69			3.59
Cash dividends declared per share	0.52			0.52			0.52			0.52			0.52			2.08			2.08
Common shareholders’ equity per share	43.90			44.46			42.71			38.97			39.31
Tangible common shareholders’ equity per share(2)	30.01			30.64			28.91			21.64			21.83
End of period shares outstanding	1,315,936			1,327,521			1,338,223			1,338,096			1,333,743
Weighted average shares outstanding-basic	1,317,017			1,334,212			1,338,149			1,335,091			1,333,703			1,331,087			1,331,963
Weighted average shares outstanding-diluted	1,333,701			1,349,129			1,338,149			1,346,904			1,333,703			1,331,087			1,331,963
Return on average assets	0.96		%	1.10		%	0.70		%	0.91		%	(3.74)		%	0.92		%	(0.19)		%
Return on average common shareholders’ equity	8.4			9.1			6.1			8.4			(36.6)			8.0			(2.6)
Return on average tangible common shareholders’ equity(2)	12.9			13.8			10.4			16.3			15.0			13.3			18.9
Net interest margin - taxable equivalent(3)	3.07			3.12			3.02			2.88			2.95			3.03			2.98
Efficiency ratio-unadjusted(3)	60.0			57.5			NM			61.3			NM			90.4			93.3
Efficiency ratio-adjusted(2)(3)	57.7			55.2			56.0			56.2			55.0			56.3			56.2
Fee income ratio-unadjusted(3)	29.0			29.2			NM			30.0			27.9			NM			27.5
Fee income ratio-adjusted(2)(3)	28.8			28.9			28.7			29.7			27.6			29.0			27.2
Credit Quality
Nonperforming loans and leases as a percentage of LHFI	0.47		%	0.48		%	0.46		%	0.45		%	0.44		%
Net charge-offs as a percentage of average LHFI	0.59			0.55			0.58			0.64			0.57			0.59		%	0.50		%
Allowance for loan and lease losses as a percentage of LHFI	1.59			1.60			1.57			1.56			1.54
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.4x			3.3x			3.4x			3.4x			3.5x
Average Balances
Assets	$	527,013		$	519,415		$	526,894		$	531,002		$	539,656		$	526,065		$	553,132
Securities(4)	124,871			117,172			121,796			131,659			134,070			123,858			137,552
Loans and leases	304,609			304,578			307,583			309,426			313,832			306,538			322,335
Deposits	390,042			384,344			388,042			389,058			395,333			387,868			401,127
Common shareholders’ equity	57,754			58,667			54,863			52,167			56,061			55,876			56,306
Total shareholders’ equity	64,295			65,341			61,677			59,011			62,896			62,593			63,099
Period-End Balances
Assets	$	531,176		$	523,434		$	519,853		$	534,959		$	535,349
Securities(4)	118,104			115,606			108,416			119,419			121,473
Loans and leases	307,771			304,362			307,149			308,477			313,341
Deposits	390,524			387,778			385,411			394,265			395,865
Common shareholders’ equity	57,772			59,023			57,154			52,148			52,428
Total shareholders’ equity	63,679			65,696			63,827			59,053			59,253
Capital and Liquidity Ratios	(preliminary)
Common equity tier 1	11.5		%	11.6		%	11.6		%	10.1		%	10.1		%
Tier 1	12.9			13.2			13.2			11.7			11.6
Total	14.9			15.3			15.4			13.9			13.7
Leverage	10.5			10.8			10.5			9.5			9.3
Supplementary leverage	8.8			9.1			8.9			8.0			7.9
Liquidity coverage ratio	109			112			110			115			112

Applicable ratios are annualized.

(1)On February 20, 2024, the Company entered into an agreement to sell the remaining 80% stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment. The sale represents a material strategic shift for the Company and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale resulting in an after-tax gain of $4.8 billion.

(2)Represents a non-GAAP measure. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the appendix to Truist’s Fourth Quarter 2024 Earnings Presentation.

(3)This metric is calculated based on continuing operations.

(4)Includes AFS and HTM securities. Average balances reflect AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost.

- 1 -

Consolidated Statements of Income


	Quarter Ended										Year-to-Date
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Dec. 31		Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2024		2024		2024		2024		2023		2024		2023
Interest Income
Interest and fees on loans and leases	$	4,634	$	4,852	$	4,879	$	4,865	$	4,971	$	19,230	$	19,518
Interest on securities	994		869		838		805		802		3,506		3,066
Interest on other earning assets	551		631		634		514		493		2,330		1,868
Total interest income	6,179		6,352		6,351		6,184		6,266		25,066		24,452
Interest Expense
Interest on deposits	1,855		2,014		2,016		1,964		1,917		7,849		6,427
Interest on long-term debt	431		454		446		482		476		1,813		2,215
Interest on other borrowings	303		282		362		366		354		1,313		1,286
Total interest expense	2,589		2,750		2,824		2,812		2,747		10,975		9,928
Net Interest Income	3,590		3,602		3,527		3,372		3,519		14,091		14,524
Provision for credit losses	471		448		451		500		572		1,870		2,109
Net Interest Income After Provision for Credit Losses	3,119		3,154		3,076		2,872		2,947		12,221		12,415
Noninterest Income

Wealth management income	345		350		361		356		346		1,412		1,358
Investment banking and trading income	262		332		286		323		165		1,203		822
Card and payment related fees	231		222		230		224		232		907		936
Service charges on deposits	237		221		232		225		229		915		873
Mortgage banking income	117		106		112		97		94		432		437
Lending related fees	93		88		89		96		153		366		447
Operating lease income	47		49		50		59		60		205		254
Securities gains (losses)	(1)		—		(6,650)		—		—		(6,651)		—
Other income	139		115		78		66		84		398		371
Total noninterest income	1,470		1,483		(5,212)		1,446		1,363		(813)		5,498
Noninterest Expense
Personnel expense	1,587		1,628		1,661		1,630		1,474		6,506		6,516
Professional fees and outside processing	415		336		308		278		305		1,337		1,192
Software expense	232		222		218		224		223		896		868
Net occupancy expense	179		157		160		160		159		656		658
Equipment expense	112		84		89		88		103		373		381
Amortization of intangibles	84		84		89		88		98		345		395
Marketing and customer development	74		75		63		56		53		268		260
Operating lease depreciation	36		34		34		40		42		144		175
Regulatory costs	56		51		85		152		599		344		824
Restructuring charges	11		25		33		51		155		120		320
Goodwill impairment	—		—		—		—		6,078		—		6,078
Other expense	249		231		354		186		268		1,020		1,011
Total noninterest expense	3,035		2,927		3,094		2,953		9,557		12,009		18,678
Earnings
Income (loss) before income taxes	1,554		1,710		(5,230)		1,365		(5,247)		(601)		(765)
Provision (benefit) for income taxes	265		271		(1,324)		232		(56)		(556)		738
Net income (loss) from continuing operations(1)	1,289		1,439		(3,906)		1,133		(5,191)		(45)		(1,503)
Net income from discontinued operations(1)	(13)		3		4,828		67		101		4,885		456
Net income (loss)	1,276		1,442		922		1,200		(5,090)		4,840		(1,047)

Noncontrolling interests from discontinuing operations(1)	—		—		19		3		—		22		44


Preferred stock dividends and other	60		106		77		106		77		349		361


Net income (loss) available to common shareholders	$	1,216	$	1,336	$	826	$	1,091	$	(5,167)	$	4,469	$	(1,452)

Earnings Per Common Share
Basic earnings from continuing operations(1)	$	0.93	$	1.00	$	(2.98)	$	0.77	$	(3.95)	$	(0.30)	$	(1.40)

Basic earnings	0.92		1.00		0.62		0.82		(3.87)		$	3.36	(1.09)
Diluted earnings from continuing operations(1)	0.92		0.99		(2.98)		0.76		(3.95)		(0.30)		(1.40)

Diluted earnings	0.91		0.99		0.62		0.81		(3.87)		3.36		(1.09)
Weighted Average Shares Outstanding
Basic	1,317,017		1,334,212		1,338,149		1,335,091		1,333,703		1,331,087		1,331,963
Diluted	1,333,701		1,349,129		1,338,149		1,346,904		1,333,703		1,331,087		1,331,963

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend


	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2024		2024		2024		2024		2023
Assets
Cash and due from banks	$	5,793	$	5,229	$	5,204	$	5,040	$	5,000
Interest-bearing deposits with banks	33,975		34,411		35,675		29,510		25,230
Securities borrowed or purchased under resale agreements	2,550		2,973		2,338		2,091		2,378
Trading assets at fair value	5,100		5,209		5,558		5,268		4,332
Securities available for sale at fair value	67,464		64,111		55,969		66,050		67,366
Securities held to maturity at amortized cost	50,640		51,495		52,447		53,369		54,107
Loans and leases:
Commercial:
Commercial and industrial	154,848		153,925		156,400		157,669		160,788
CRE	20,363		20,912		21,730		22,142		22,570
Commercial construction	8,520		7,980		7,787		7,472		6,683

Consumer:
Residential mortgage	55,599		53,963		54,344		54,886		55,492
Home equity	9,642		9,680		9,772		9,825		10,053
Indirect auto	23,089		22,508		21,994		22,145		22,727
Other consumer	29,395		29,282		28,677		28,096		28,647

Credit card	4,927		4,834		4,988		4,989		5,101

Total loans and leases held for investment	306,383		303,084		305,692		307,224		312,061
Loans held for sale	1,388		1,278		1,457		1,253		1,280
Total loans and leases	307,771		304,362		307,149		308,477		313,341
Allowance for loan and lease losses	(4,857)		(4,842)		(4,808)		(4,803)		(4,798)
Premises and equipment	3,225		3,251		3,244		3,274		3,298
Goodwill	17,125		17,125		17,157		17,157		17,156
Core deposit and other intangible assets	1,550		1,635		1,729		1,816		1,909
Loan servicing rights at fair value	3,708		3,499		3,410		3,417		3,378
Other assets	37,132		34,976		34,781		36,521		34,997
Assets of discontinued operations(1)	—		—		—		7,772		7,655
Total assets	$	531,176	$	523,434	$	519,853	$	534,959	$	535,349
Liabilities
Deposits:
Noninterest-bearing deposits	$	107,451	$	105,984	$	107,310	$	110,901	$	111,624
Interest checking	109,042		109,493		102,654		108,329		104,757
Money market and savings	137,307		134,349		136,989		133,176		135,923
Time deposits	36,724		37,952		38,458		41,859		43,561

Total deposits	390,524		387,778		385,411		394,265		395,865
Short-term borrowings	29,205		20,859		22,816		26,329		24,828
Long-term debt	34,956		36,770		34,616		39,071		38,918
Other liabilities	12,812		12,331		13,183		13,119		12,946
Liabilities of discontinued operations	—		—		—		3,122		3,539
Total liabilities	467,497		457,738		456,026		475,906		476,096
Shareholders’ Equity:
Preferred stock	5,907		6,673		6,673		6,673		6,673
Common stock	6,580		6,638		6,691		6,690		6,669
Additional paid-in capital	35,628		36,020		36,364		36,197		36,177
Retained earnings	23,777		23,248		22,603		22,483		22,088
Accumulated other comprehensive loss	(8,213)		(6,883)		(8,504)		(13,222)		(12,506)
Noncontrolling interests	—		—		—		232		152
Total shareholders’ equity	63,679		65,696		63,827		59,053		59,253
Total liabilities and shareholders’ equity	$	531,176	$	523,434	$	519,853	$	534,959	$	535,349

(1)Includes goodwill and intangible assets of $5.0 billion as of March 31, 2024 and December 31, 2023.

- 3 -

Average Balances and Rates - Quarters


	Quarter Ended
	December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023
(Dollars in millions)	Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	14,387	$	196	5.40	%	$	12,986	$	151	4.65	%	$	11,138	$	101	3.66	%	$	9,853	$	37	1.49	%	$	10,967	$	38	1.37	%
U.S. government-sponsored entities (GSE)	412		3		3.42		377		4		3.41		382		3		3.27		389		3		3.40		389		2		3.23
Mortgage-backed securities issued by GSE	109,644		792		2.89		103,374		711		2.75		108,358		720		2.66		117,301		735		2.51		118,548		736		2.48
States and political subdivisions	411		5		4.14		417		3		4.14		420		5		4.14		421		4		4.15		421		5		4.16
Non-agency mortgage-backed	—		—		—		—		—		—		1,480		10		2.56		3,676		27		2.95		3,725		22		2.37
Other	17		—		5.16		18		1		5.18		18		—		5.29		19		—		5.35		20		—		5.47
Total securities	124,871		996		3.19		117,172		870		2.97		121,796		839		2.76		131,659		806		2.45		134,070		803		2.39
Loans and leases:
Commercial:
Commercial and industrial	153,209		2,293		5.95		154,102		2,482		6.41		157,043		2,550		6.53		158,385		2,572		6.53		160,278		2,657		6.58
CRE	20,504		337		6.47		21,481		373		6.88		21,969		381		6.93		22,400		389		6.95		22,755		400		6.94
Commercial construction	8,261		147		7.26		7,870		152		7.79		7,645		147		7.85		7,134		137		7.83		6,515		127		7.84

Consumer:
Residential mortgage	54,390		536		3.94		53,999		525		3.89		54,490		525		3.86		55,070		528		3.84		55,658		532		3.83
Home equity	9,675		189		7.78		9,703		196		8.04		9,805		195		8.02		9,930		196		7.92		10,104		199		7.80
Indirect auto	22,790		411		7.19		22,121		399		7.18		22,016		381		6.95		22,374		372		6.69		23,368		381		6.46
Other consumer	29,355		606		8.21		29,015		603		8.26		28,326		581		8.25		28,285		561		7.98		28,913		561		7.69

Credit card	4,926		143		11.54		4,874		150		12.20		4,905		148		12.14		4,923		146		11.96		4,996		149		11.84

Total loans and leases held for investment	303,110		4,662		6.12		303,165		4,880		6.41		306,199		4,908		6.44		308,501		4,901		6.38		312,587		5,006		6.36
Loans held for sale	1,499		21		5.87		1,413		24		6.49		1,384		22		6.56		925		15		6.38		1,245		21		6.82
Total loans and leases	304,609		4,683		6.12		304,578		4,904		6.41		307,583		4,930		6.44		309,426		4,916		6.38		313,832		5,027		6.36

Interest earning trading assets	5,462		79		5.86		5,454		84		6.05		5,515		84		6.11		4,845		79		6.50		4,680		80		6.92
Other earning assets(3)	37,697		472		4.91		38,933		549		5.54		39,250		551		5.56		30,567		436		5.74		28,956		414		5.65
Total earning assets	472,639		6,230		5.25		466,137		6,407		5.47		474,144		6,404		5.42		476,497		6,237		5.25		481,538		6,324		5.22
Nonearning assets	54,374						53,278						50,109						46,921						50,485
Assets of discontinued operations	—						—						2,641						7,584						7,633
Total assets	$	527,013					$	519,415					$	526,894					$	531,002					$	539,656
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	107,075	679		2.52		$	103,899	732		2.80		$	103,894	707		2.74		$	103,537	684		2.65		$	101,722	635		2.48
Money market and savings	138,242		838		2.41		136,639		914		2.66		135,264		873		2.60		134,696		832		2.49		137,464		843		2.43
Time deposits	36,757		338		3.66		37,726		368		3.88		41,250		436		4.24		41,937		448		4.30		41,592		439		4.19

Total interest-bearing deposits	282,074		1,855		2.62		278,264		2,014		2.88		280,408		2,016		2.89		280,170		1,964		2.82		280,778		1,917		2.71
Short-term borrowings	25,006		303		4.81		20,781		282		5.41		26,016		362		5.58		26,230		366		5.62		24,958		354		5.62
Long-term debt	34,133		431		5.06		35,318		454		5.13		36,721		446		4.87		40,721		482		4.74		40,818		476		4.67
Total interest-bearing liabilities	341,213		2,589		3.02		334,363		2,750		3.27		343,145		2,824		3.31		347,121		2,812		3.26		346,554		2,747		3.15
Noninterest-bearing deposits	107,968						106,080						107,634						108,888						114,555
Other liabilities	13,537						13,631						13,318						12,885						12,433
Liabilities of discontinued operations	—						—						1,120						3,097						3,218
Shareholders’ equity	64,295						65,341						61,677						59,011						62,896
Total liabilities and shareholders’ equity	$	527,013					$	519,415					$	526,894					$	531,002					$	539,656
Average interest-rate spread					2.23						2.20						2.11						1.99						2.07

Net interest income/ net interest margin			$	3,641	3.07	%			$	3,657	3.12	%			$	3,580	3.02	%			$	3,425	2.88	%			$	3,577	2.95	%
Taxable-equivalent adjustment			51						55						53						53						58
Memo: Total deposits	$	390,042	1,855		1.89	%	$	384,344	2,014		2.08	%	$	388,042	2,016		2.09	%	$	389,058	1,964		2.03	%	$	395,333	1,917		1.92	%

(1)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities. In the third quarter of 2024, Truist revised its presentation of active hedge basis adjustments for fair value hedges on securities to be included in nonearning assets for all periods presented.

(2)Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.

(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.

- 4 -

Average Balances and Rates - Year-To-Date


	Year-to-Date
	December 31, 2024						December 31, 2023
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	12,100	$	485	4.01	%	$	11,021	$	132	1.20	%
U.S. government-sponsored entities (GSE)	390		13		3.38		348		10		2.94
Mortgage-backed securities issued by GSE	109,652		2,958		2.70		121,923		2,821		2.31
States and political subdivisions	417		17		4.14		424		18		4.13
Non-agency mortgage-backed	1,282		37		2.85		3,816		89		2.34
Other	17		1		5.25		20		1		5.37
Total securities	123,858		3,511		2.83		137,552		3,071		2.23
Loans and leases:
Commercial:
Commercial and industrial	155,674		9,897		6.36		163,983		10,389		6.34
CRE	21,585		1,480		6.81		22,741		1,535		6.71
Commercial construction	7,729		583		7.67		6,125		459		7.62

Consumer:
Residential mortgage	54,486		2,114		3.88		56,131		2,121		3.78
Home equity	9,778		776		7.94		10,388		765		7.36
Indirect auto	22,326		1,563		7.00		25,621		1,563		6.10
Other consumer	28,748		2,351		8.18		28,412		2,061		7.25
Student	—		—		—		2,453		170		6.91
Credit card	4,907		587		11.96		4,876		565		11.59

Total loans and leases held for investment	305,233		19,351		6.34		320,730		19,628		6.12
Loans held for sale	1,305		82		6.31		1,605		102		6.37
Total loans and leases	306,538		19,433		6.34		322,335		19,730		6.12

Interest earning trading assets	5,320		326		6.12		4,739		314		6.64
Other earning assets(3)	36,622		2,008		5.48		29,335		1,557		5.31
Total earning assets	472,338		25,278		5.35		493,961		24,672		4.99
Nonearning assets	51,185						51,554
Assets of discontinued operations	2,542						7,617
Total assets	$	526,065					$	553,132
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	104,606	2,802		2.68		$	103,465	2,184		2.11
Money market and savings	136,217		3,457		2.54		138,841		2,834		2.04
Time deposits	39,406		1,590		4.04		36,803		1,409		3.83

Total interest-bearing deposits	280,229		7,849		2.80		279,109		6,427		2.30
Short-term borrowings	24,499		1,313		5.36		24,478		1,286		5.25
Long-term debt	36,713		1,813		4.94		49,678		2,215		4.46
Total interest-bearing liabilities	341,441		10,975		3.21		353,265		9,928		2.81
Noninterest-bearing deposits	107,639						122,018
Other liabilities	13,343						11,560
Liabilities of discontinued operations	1,049						3,190
Shareholders’ equity	62,593						63,099
Total liabilities and shareholders’ equity	$	526,065					$	553,132
Average interest-rate spread					2.14						2.18

Net interest income/ net interest margin			$	14,303	3.03	%			$	14,744	2.98	%
Taxable-equivalent adjustment			212						220
Memo: Total deposits	$	387,868	7,849		2.02	%	$	401,127	6,427		1.60	%

(2)Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.

(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.

- 5 -

Credit Quality


	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2024		2024		2024		2024		2023
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	521	$	575	$	459	$	512	$	470
CRE	298		302		360		261		284
Commercial construction	3		1		—		23		24

Consumer:
Residential mortgage	166		156		161		151		153
Home equity	116		118		123		130		122
Indirect auto	259		252		244		256		268
Other consumer	66		63		64		61		59


Total nonaccrual loans and leases held for investment	1,429		1,467		1,411		1,394		1,380
Loans held for sale	—		5		9		22		51
Total nonaccrual loans and leases	1,429		1,472		1,420		1,416		1,431
Foreclosed real estate	3		3		5		4		3

Other foreclosed property	45		53		51		56		54
Total nonperforming assets	$	1,477	$	1,528	$	1,476	$	1,476	$	1,488



















Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	19	$	5	$	8	$	12	$	7
CRE	1		—		—		—		—
Commercial construction	—		—		1		—		1

Consumer:
Residential mortgage - government guaranteed	430		394		375		408		418
Residential mortgage - nonguaranteed	51		39		27		33		21
Home equity	9		7		7		10		11
Indirect auto	—		—		1		1		2
Other consumer	23		22		19		18		21


Credit card	54		51		51		56		53

Total loans 90 days past due and still accruing	$	587	$	518	$	489	$	538	$	534
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	168	$	116	$	109	$	158	$	230
CRE	60		10		8		21		5
Commercial construction	3		4		—		—		—

Consumer:
Residential mortgage - government guaranteed	318		305		340		286		326
Residential mortgage - nonguaranteed	401		366		392		352		313
Home equity	60		63		58		59		70
Indirect auto	622		596		592		540		669
Other consumer	236		233		214		226		271


Credit card	81		76		78		74		87

Total loans 30-89 days past due	$	1,949	$	1,769	$	1,791	$	1,716	$	1,971

- 6 -



	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
	2024		2024		2024		2024		2023
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.64	%	0.58	%	0.59	%	0.56	%	0.63	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.19		0.17		0.16		0.18		0.17
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.47		0.48		0.46		0.45		0.44
Nonperforming loans and leases as a percentage of loans and leases(1)	0.46		0.48		0.46		0.46		0.46
Nonperforming assets as a percentage of:
Total assets(1)	0.28		0.29		0.28		0.28		0.28
Loans and leases plus foreclosed property	0.48		0.50		0.48		0.47		0.46
Net charge-offs as a percentage of average loans and leases	0.59		0.55		0.58		0.64		0.57
Allowance for loan and lease losses as a percentage of loans and leases	1.59		1.60		1.57		1.56		1.54
Ratio of allowance for loan and lease losses to:
Net charge-offs	2.7X		2.9X		2.7X		2.4X		2.7X
Nonperforming loans and leases	3.4X		3.3X		3.4X		3.4X		3.5X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.05	%	0.04	%	0.04	%	0.04	%	0.04	%
Applicable ratios are annualized.
(1)Includes loans held for sale.

							As of/For the Year-to-Date
							Period Ended Dec. 31
							2024		2023
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.59	%	0.50	%
Ratio of allowance for loan and lease losses to net charge-offs							2.7X		3.0X

Applicable ratios are annualized.

- 7 -



	As of/For the Quarter Ended										As of/For the Year-to-Date
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Period Ended Dec. 31
(Dollars in millions)	2024		2024		2024		2024		2023		2024		2023
Allowance for Credit Losses
Beginning balance	$	5,140	$	5,110	$	5,100	$	5,093	$	4,970	$	5,093	$	4,649
Provision for credit losses	471		448		451		500		572		1,870		2,109
Charge-offs:
Commercial:
Commercial and industrial	(119)		(96)		(83)		(97)		(110)		(395)		(390)
CRE	(51)		(65)		(97)		(103)		(48)		(316)		(166)
Commercial construction	—		—		—		—		(5)		—		(5)

Consumer:
Residential mortgage	(1)		—		(1)		(1)		—		(3)		(10)
Home equity	(2)		(1)		(3)		(3)		(2)		(9)		(10)
Indirect auto	(158)		(143)		(136)		(154)		(154)		(591)		(531)
Other consumer	(148)		(152)		(141)		(165)		(148)		(606)		(477)
Student	—		—		—		—		—		—		(108)
Credit card	(74)		(71)		(74)		(77)		(64)		(296)		(223)

Total charge-offs	(553)		(528)		(535)		(600)		(531)		(2,216)		(1,920)
Recoveries:
Commercial:
Commercial and industrial	15		26		14		32		16		87		70
CRE	17		5		5		7		—		34		3
Commercial construction	—		1		1		—		2		2		3

Consumer:
Residential mortgage	2		1		2		1		1		6		6
Home equity	3		4		4		5		5		16		23
Indirect auto	24		38		30		28		25		120		107
Other consumer	28		26		28		28		21		110		78

Credit card	11		9		9		9		8		38		35

Total recoveries	100		110		93		110		78		413		325
Net charge-offs	(453)		(418)		(442)		(490)		(453)		(1,803)		(1,595)
Other(1)	3		—		1		(3)		4		1		(70)
Ending balance	$	5,161	$	5,140	$	5,110	$	5,100	$	5,093	$	5,161	$	5,093
Allowance for Credit Losses:


Allowance for loan and lease losses	$	4,857	$	4,842	$	4,808	$	4,803	$	4,798
Reserve for unfunded lending commitments (RUFC)	304		298		302		297		295
Allowance for credit losses	$	5,161	$	5,140	$	5,110	$	5,100	$	5,093

(1)The year ended December 31, 2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.


	Quarter Ended										As of/For the Year-to-Date
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Period Ended Dec. 31
	2024		2024		2024		2024		2023		2024		2023
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.27	%	0.18	%	0.18	%	0.17	%	0.23	%	0.20	%	0.20	%
CRE	0.66		1.12		1.67		1.73		0.83		1.31		0.71
Commercial construction	(0.02)		(0.01)		(0.05)		(0.02)		0.22		(0.03)		0.04

Consumer:
Residential mortgage	(0.01)		(0.01)		(0.01)		—		(0.01)		(0.01)		0.01
Home equity	(0.07)		(0.11)		(0.03)		(0.08)		(0.12)		(0.07)		(0.12)
Indirect auto	2.33		1.89		1.94		2.26		2.19		2.11		1.66
Other consumer	1.63		1.73		1.60		1.96		1.74		1.73		1.40
Student	—		—		—		—		—		—		4.39
Credit card	5.10		5.04		5.33		5.54		4.38		5.26		3.85

Total loans and leases	0.59		0.55		0.58		0.64		0.57		0.59		0.50

Applicable ratios are annualized.

- 8 -

Segment Financial Performance - Preliminary(1)(2)



	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2024		2024		2024		2024		2023
Consumer and Small Business Banking
Net interest income (expense)	$	1,388	$	1,345	$	1,289	$	1,266	$	1,342
Net intersegment interest income (expense)	1,203		1,311		1,354		1,352		1,288
Segment net interest income (expense)	2,591		2,656		2,643		2,618		2,630
Allocated provision for credit losses	344		353		308		303		359


Noninterest income	535		506		503		497		519
Personnel expense	406		399		417		405		416
Amortization of intangibles	45		45		45		46		52
Restructuring charges	1		1		1		1		33
Goodwill impairment	—		—		—		—		3,361
Other direct noninterest expense	308		298		265		244		303
Direct noninterest expense	760		743		728		696		4,165
Expense allocations	981		920		934		890		981
Total noninterest expense(3)	1,741		1,663		1,662		1,586		5,146
Income (loss) before income taxes	1,041		1,146		1,176		1,226		(2,356)
Provision (benefit) for income taxes	249		274		282		294		244
Segment net income (loss)	$	792	$	872	$	894	$	932	$	(2,600)




Wholesale Banking
Net interest income (expense)	$	1,978	$	2,105	$	2,184	$	2,232	$	2,297
Net intersegment interest income (expense)	(342)		(469)		(507)		(559)		(580)
Segment net interest income (expense)	1,636		1,636		1,677		1,673		1,717
Allocated provision for credit losses	126		96		142		198		212


Noninterest income	1,038		1,048		987		980		878
Personnel expense	553		569		586		580		515
Amortization of intangibles	39		39		41		42		46
Restructuring charges	4		9		9		7		47
Goodwill impairment	—		—		—		—		2,717
Other direct noninterest expense	206		182		186		176		210
Direct noninterest expense	802		799		822		805		3,535
Expense allocations	497		436		447		528		898
Total noninterest expense(3)	1,299		1,235		1,269		1,333		4,433
Income (loss) before income taxes	1,249		1,353		1,253		1,122		(2,050)
Provision (benefit) for income taxes	248		273		252		220		115
Segment net income (loss)	$	1,001	$	1,080	$	1,001	$	902	$	(2,165)































Other, Treasury & Corporate(4)
Net interest income (expense)	$	224	$	152	$	54	$	(126)	$	(120)
Net intersegment interest income (expense)	(861)		(842)		(847)		(793)		(708)
Segment net interest income (expense)	(637)		(690)		(793)		(919)		(828)
Allocated provision for credit losses	1		(1)		1		(1)		1


Noninterest income	(103)		(71)		(6,702)		(31)		(34)
Personnel expense	628		660		658		645		543
Amortization of intangibles	—		—		3		—		—
Restructuring charges	6		15		23		43		75

Other direct noninterest expense	839		710		860		764		1,239
Direct Noninterest Expense	1,473		1,385		1,544		1,452		1,857
Expense Allocations	(1,478)		(1,356)		(1,381)		(1,418)		(1,879)
Total noninterest expense(3)	(5)		29		163		34		(22)
Income (loss) before income taxes	(736)		(789)		(7,659)		(983)		(841)
Provision (benefit) for income taxes	(232)		(276)		(1,858)		(282)		(415)
Segment net income (loss)	$	(504)	$	(513)	$	(5,801)	$	(701)	$	(426)


Total Truist Financial Corporation
Net interest income (expense)	$	3,590	$	3,602	$	3,527	$	3,372	$	3,519
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income (expense)	3,590		3,602		3,527		3,372		3,519
Allocated provision for credit losses	471		448		451		500		572
Noninterest income	1,470		1,483		(5,212)		1,446		1,363


Personnel expense	1,587		1,628		1,661		1,630		1,474
Amortization of intangibles	84		84		89		88		98
Restructuring charges	11		25		33		51		155
Goodwill impairment	—		—		—		—		6,078
Other direct noninterest expense	1,353		1,190		1,311		1,184		1,752
Direct Noninterest Expense	3,035		2,927		3,094		2,953		9,557
Expense Allocations	—		—		—		—		—
Total noninterest expense	3,035		2,927		3,094		2,953		9,557
Income (loss) before income taxes	1,554		1,710		(5,230)		1,365		(5,247)
Provision (benefit) for income taxes	265		271		(1,324)		232		(56)
Net income (loss) from continuing operations	$	1,289	$	1,439	$	(3,906)	$	1,133	$	(5,191)

(1)Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. First, the CB&W segment was renamed CSBB and the C&CB segment was renamed WB. Second, the Wealth business was realigned into the WB segment from the CSBB segment, representing a separate reporting unit in that segment. Third, the small business banking client segmentation was realigned into the CSBB segment from the WB segment. The segment disclosures have been revised to reflect the segment realignment.

(2)On February 20, 2024, the Company entered into an agreement to sell the remaining 80% stake of the common equity in TIH to an investor group, representing substantially all of the Company’s IH segment. The sale represents a material strategic shift for the Company and as a result, the Company recast results for all periods presented under the discontinued operations basis of presentation. On May 6, 2024, the Company completed the sale resulting in an after-tax gain of $4.8 billion. As a result, the IH segment is no longer presented in the table above.

(3)In the third quarter of 2024, corporate expense allocation methodology was enhanced to more fully allocate certain overhead or functional expenses based on actual OT&C noninterest expense performance. Prior period results have been revised to conform to the current allocation methodology, which was not considered material to the Company’s results.

(4)Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

- 9 -

Capital Information - Five Quarter Trend


	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2024			2024			2024			2024			2023
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	48,223		$	48,076		$	47,706		$	42,691		$	42,671
Tier 1	54,127			54,746			54,376			49,361			49,341
Total	62,583			63,349			63,345			58,548			58,063
Risk-weighted assets	419,329			414,828			412,607			421,680			423,705
Average quarterly assets for leverage ratio	515,831			508,280			519,467			522,095			533,084
Average quarterly assets for supplementary leverage ratio	612,289			600,000			608,627			614,238			624,591
Risk-based capital ratios:
Common equity tier 1	11.5		%	11.6		%	11.6		%	10.1		%	10.1		%
Tier 1	12.9			13.2			13.2			11.7			11.6
Total	14.9			15.3			15.4			13.9			13.7
Leverage capital ratio	10.5			10.8			10.5			9.5			9.3
Supplementary leverage	8.8			9.1			8.9			8.0			7.9
Common equity per common share	$	43.90		$	44.46		$	42.71		$	38.97		$	39.31

	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2024			2024			2024			2024			2023
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	63,679		$	65,696		$	63,827		$	59,053		$	59,253
Less:
Preferred stock	5,907			6,673			6,673			6,673			6,673
Noncontrolling interests	—			—			—			232			152
Intangible assets, net of deferred taxes (including discontinued operations)	18,274			18,350			18,471			23,198			23,306
Tangible common equity	$	39,498		$	40,673		$	38,683		$	28,950		$	29,122







Outstanding shares at end of period (in thousands)	1,315,936			1,327,521			1,338,223			1,338,096			1,333,743
Tangible common equity per common share	$	30.01		$	30.64		$	28.91		$	21.64		$	21.83

Total assets	$	531,176		$	523,434		$	519,853		$	534,959		$	535,349
Less: Intangible assets, net of deferred taxes (including discontinued operations prior to the sale of TIH)	18,274			18,350			18,471			23,198			23,306
Tangible assets	$	512,902		$	505,084		$	501,382		$	511,761		$	512,043

Equity as a percentage of total assets	12.0		%	12.6		%	12.3		%	11.0		%	11.1		%
Tangible common equity as a percentage of tangible assets	7.7			8.1			7.7			5.7			5.7

(1)Tangible common equity is a non-GAAP measure that excludes the impact of intangible assets, net of deferred taxes. This measure is useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses this measure to assess balance sheet risk and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies.

- 10 -

Selected Mortgage Banking Information & Additional Information


	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data)	2024			2024			2024			2024			2023
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	25		$	25		$	24		$	17		$	14
Residential mortgage servicing income:


Residential mortgage servicing income before MSR valuation	83			80			72			88			85




Net MSRs valuation	(5)			(7)			(12)			(15)			(13)
Total residential mortgage servicing income	78			73			60			73			72
Total residential mortgage income	103			98			84			90			86
Commercial mortgage income:
Commercial mortgage production revenue	12			6			4			5			5
Commercial mortgage servicing income:


Commercial mortgage servicing income before MSR valuation	4			3			7			3			3



Net MSRs valuation	(2)			(1)			17			(1)			—
Total commercial mortgage servicing income	2			2			24			2			3
Total commercial mortgage income	14			8			28			7			8
Total mortgage banking income	$	117		$	106		$	112		$	97		$	94

Other Mortgage Banking Information
Residential mortgage loan originations	$	4,745		$	3,726		$	3,881		$	2,412		$	3,027
Residential mortgage servicing portfolio:(1)
Loans serviced for others	218,475			221,143			208,270			210,635			213,399
Bank-owned loans serviced	54,937			54,281			54,903			55,255			55,669
Total servicing portfolio	273,412			275,424			263,173			265,890			269,068
Weighted-average coupon rate on mortgage loans serviced for others	3.65		%	3.62		%	3.63		%	3.59		%	3.56		%
Weighted-average servicing fee on mortgage loans serviced for others	0.28			0.28			0.28			0.28			0.27

Additional Information
Brokered deposits(2)	$	28,085		$	27,671		$	27,384		$	30,650		$	31,260

NQDCP income (expense):(3)
Interest income	$	4		$	1		$	—		$	1		$	2
Other income	(2)			12			4			15			17
Personnel expense	(2)			(13)			(4)			(16)			(19)
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—


Common stock prices:
High	$	49.06		$	45.31		$	40.51		$	39.29		$	37.83
Low	41.08			37.85			35.09			34.23			26.57
End of period	43.38			42.77			38.85			38.98			36.92
Banking offices	1,928			1,930			1,930			1,930			2,001
ATMs	2,901			2,928			2,942			2,947			3,031
FTEs(4)	37,661			37,867			41,368			49,218			50,905
FTEs - continuing operations(4)	37,661			37,867			38,140			39,417			40,997

(1)Amounts reported are unpaid principal balance.

(2)Amounts represented in interest checking, money market and savings, and time deposits.

(3)Relates to plans where Truist holds assets in proportion to participant elections.

(4)FTEs represents an average for the quarter.

- 11 -

Selected Items(1)


	Favorable (Unfavorable)
(Dollars in millions, except per share data) Description	Pre-Tax		After-Tax at Marginal Rate		Impact to Diluted EPS(2)
Selected Items
Fourth Quarter 2024
Restructuring charges	$	(11)	$	(9)	$	(0.01)
FDIC special assessment (regulatory costs)	8		6		—
Third Quarter 2024
Gain on sale of TIH (net income from discontinued operations)	$	36	$	16	$	0.01
Restructuring charges	(25)		(19)		(0.01)
FDIC special assessment (regulatory costs)	16		13		0.01
Second Quarter 2024
Gain on sale of TIH (net income from discontinued operations)	$	6,903	$	4,814	$	3.60
Loss on sale of securities (securities gains (losses))	(6,650)		(5,089)		(3.80)
Charitable contribution (other expense)	(150)		(115)		(0.09)
Restructuring charges ($33 million in restructuring charges and $63 million in net income from discontinued operations)	(96)		(73)		(0.05)
FDIC special assessment (regulatory costs)	(13)		(11)		(0.01)
Accelerated recognition of TIH equity compensation expense (net income from discontinued operations)	(10)		(8)		(0.01)
First Quarter 2024
Accelerated recognition of TIH equity compensation expense (net income from discontinued operations)	$	(89)	$	(68)	$	(0.05)
FDIC special assessment (regulatory costs)	(75)		(57)		(0.04)
Restructuring charges ($51 million in restructuring charges and $19 million in net income from discontinued operations)	(70)		(53)		(0.04)
Fourth Quarter 2023
Goodwill impairment	$	(6,078)	$	(6,078)	$	(4.53)
FDIC special assessment (regulatory costs)	(507)		(387)		(0.29)
Restructuring charges ($155 million in restructuring charges and $28 million in net income from discontinued operations)	(183)		(139)		(0.10)
Discrete tax benefit (provision for income taxes)	—		204		(0.15)
Third Quarter 2023
Restructuring charges ($61 million in restructuring charges and $14 million in net income from discontinued operations)	$	(75)	$	(58)	$	(0.04)
Second Quarter 2023
Restructuring charges ($48 million in restructuring charges and $6 million in net income from discontinued operations)	$	(54)	$	(41)	$	(0.03)
First Quarter 2023
Restructuring charges ($56 million in restructuring charges and $7 million in net income from discontinued operations)	$	(63)	$	(48)	$	(0.04)

(1)Includes certain selected items from the consolidated statements of income. A reconciliation of non-GAAP measures is included in the appendix to Truist’s Fourth Quarter 2024 Earnings Presentation.

(2)Diluted EPS impact for individual items may not foot to difference between GAAP diluted and adjusted EPS due to rounding.

- 12 -

Document 24

EX-99.3 4 ex993-earningsdeck4q24.htm EX-99.3 ex993-earningsdeck4q24

Fourth Quarter 2024 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO January 17, 2025 Fourth Quarter 2024 Earnings Conference Call Bill Rog rs - Chairman & CEO Mike Maguire - CFO January 17, 2025

2 From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. In particular, forward looking statements include, but are not limited to, statements we make about: (i) Truist’s ability to execute on strategic initiatives within high growth markets; (ii) Truist’s ability to drive positive operating leverage, (iii) Truist’s ability to invest in talent, technology, and risk infrastructure; (iv) Truist’s ability to maintain expense, credit, and risk discipline; (v) Truist’s ability to return capital to shareholders in future periods; (vi) Truist’s future earnings growth, including net interest income growth, earning asset growth, and estimates of fixed asset repricing; (vii) Truist’s future capital levels; (viii) guidance with respect to financial performance metrics in future periods, including future levels of adjusted revenue, adjusted expenses, and net charge-off ratio; (ix) Truist’s effective tax rate in future periods; (x) scheduled office loan maturities in future years; and (xi) projections of preferred dividends. This presentation, including any information incorporated by reference in this presentation, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward- looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include: • evolving political, business, economic, and market conditions at local, regional, national, and international levels; • monetary, fiscal, and trade laws or policies, including tariffs, as a result of actions by governmental agencies, central banks, or supranational authorities; • the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel; • our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies; • judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry; • the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in joint ventures or other legal entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences; • evolving accounting standards and policies; • the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk; • any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system; • disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations; • our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits; • changes in any of our credit ratings; • our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss; • negative market perceptions of our investment portfolio or its value; • adverse publicity or other reputational harm to us, our service providers, or our senior officers; • business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households; • our ability to execute on strategic and operational plans, including accelerating growth, improving profitability, and returning capital to shareholders; • changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets; • our ability to successfully make and integrate acquisitions and to effect divestitures, including the ability to perform our obligations under the transition services arrangements supporting TIH in a cost-effective and efficient manner; • our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services; • our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures; • our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information; • our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk; • our ability to satisfactorily and profitably perform loan servicing and similar obligations; • the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors; • our ability to effectively deal with economic, business, or market slowdowns or disruptions; • the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk; • our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property; • our ability to attract, hire, and retain key teammates and to engage in adequate succession planning; • the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations; • our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties; our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction; • natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics; • widespread outages of operational, communication, and other systems; • our ability to maintain appropriate corporate responsibility practices, oversight, and disclosures; • policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and • other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K. Forward-Looking Statements

3 Non-GAAP Information This presentation contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Truist’s management uses these “non-GAAP” measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures are useful to investors because they provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this presentation: Adjusted Net income Available to Common Shareholders and Adjusted Diluted Earnings Per Share - Adjusted net income available to common shareholders and adjusted diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Adjusted Efficiency Ratio, Adjusted Fee Income, and Related Measures - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains and losses, amortization of intangible assets, restructuring charges, and other selected items. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Additionally, the adjusted fee income ratio is non-GAAP in that it excludes securities gains and losses and other selected items, and is calculated using adjusted revenue and adjusted noninterest income. Adjusted revenue and adjusted noninterest income exclude securities gains and losses and other selected items. Adjusted noninterest expense excludes amortization of intangible assets, restructuring charges, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Pre-Provision Net Revenue (PPNR) - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), restructuring charges, amortization of intangible assets, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. Tangible Common Equity and Related Measures - Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization and impairment charges. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value.

4 Purpose Inspire and build better lives and communities Mission Clients Provide distinctive, secure, and successful client experiences through touch and technology. Teammates Create an inclusive and energizing environment that empowers teammates to learn, grow, and have meaningful careers. Stakeholders Optimize long-term value for stakeholders through safe, sound, and ethical practices. Values Trustworthy We serve with integrity. Caring Everyone and every moment matters. One Team Together, we can accomplish anything. Success When our clients win, we all win. Happiness Positive energy changes lives.

5 Solid 4Q24 and 2024 results 4Q24 results GAAP / adjusted Executed top strategic priorities in 2024 – Strong 4Q24 momentum sets the stage for growth in 2025 – Delivered on expense commitments while investing in talent, technology, and risk infrastructure – Completed the sale of TIH and executed a strategic balance sheet repositioning that strengthened our capital position – Delivered strong credit results and maintained risk discipline – Returned $3.8 billion of capital to shareholders through our dividend and share repurchases Focused on accelerating performance in 2025 – Executing on strategic initiatives within high growth markets – Driving positive operating leverage – Investing in talent, technology, and risk infrastructure – Maintaining expense, credit, and risk discipline – Returning capital to shareholders Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations Current quarter regulatory capital information is preliminary $1.2 billion / $1.2 billion Net income available to common shareholders $0.91 / $0.91 Diluted EPS 60.0% / 57.7% Efficiency ratio Stable vs. 3Q24 Average loans +1.5% vs. 3Q24 Average deposits 2024 results GAAP / adjusted $4.5 billion / $5.0 billion Net income available to common shareholders $3.36 / $3.69 Diluted EPS 90.4% / 56.3% Efficiency ratio 0.59% NCO ratio 11.5% CET1 ratio

6 – Positive 2024 net new checking growth, 104K in total, up 8.5K vs. 4Q23 – Consumer loan production increased 5% linked quarter – Increased digital adoption and engagement with active mobile app users over 5 million, up 1% linked quarter – Maintained a strong focus on deepening client relationships, highlighted in consumer primacy at 82%, up 20 bps linked quarter and 60 bps like quarter Business segment update Consumer & Small Business Banking – Grew average deposits 3% vs. 3Q24, including positive growth in noninterest-bearing demand – Increased end-of-period commercial loans by 0.5% vs. 3Q24, driven in part by increased production in middle market lending – Further enhanced wholesale digital experience with unveiling of electronic bill presentment – Continued to strengthen talented team with additional hires across the wholesale platform Wholesale Banking Truist One View web and mobile app

7 4.8 4.8 4.9 5.0 5.1 4Q23 1Q24 2Q24 3Q24 4Q24 27 28 32 34 36 4Q23 1Q24 2Q24 3Q24 4Q24 1 Active users reflect clients that have logged in using the mobile app over the prior 90 days 2 Digital transactions include transfers, Zelle, bill payments, mobile deposits, ACH, and wire transfers 3 Self-service deposits include incoming Zelle, ATM check deposits, and mobile check deposits (including small business online) 4 Deposit balances captured the last day of the week the account is opened Mobile app users1 Digital transactions2 Self-service deposits3 Zelle transactions 76% 77% 78% 79% 80% 4Q23 1Q24 2Q24 3Q24 4Q24 (in millions) (in millions) 75 76 80 83 85 4Q23 1Q24 2Q24 3Q24 4Q24 (in millions) Empowering clients in digital Strategic business value Driving digital growth – Experience enhancements and performance marketing enabled year-over-year increases in digital account production up 13%, and new household acquisition up 31% Acquiring younger generation – 68% year-over-year growth in consumer checking accounts among Gen Z clients, compared to 19% across all generations – supports long-term Premier segment focus Delivering new account quality – Consumer deposit balances for new accounts opened digitally4 grew 80% year-over-year with 40% of balances held by Gen Z and Millennial clients +6% +13% +400 bps +30% Moving money with mobile – Mobile active users averaged 18 log-ins per month, while self-service transaction volumes outpaced teammate-assisted transactions by 4.5X

8 Note: All data points are taxable-equivalent, where applicable Current quarter regulatory capital information is preliminary Non-GAAP and adjusted metrics, including ROTCE, exclude selected items. See appendix for non-GAAP reconciliations. $ in millions, except per share data GAAP / Unadjusted 4Q24 3Q24 4Q23 2024 2023 Revenue $5,111 $5,140 $4,940 $13,490 $20,242 Expense $3,035 $2,927 $9,557 $12,009 $18,678 PPNR $2,076 $2,213 $(4,617) $1,481 $1,564 Net income available to common shareholders $1,216 $1,336 $(5,167) $4,469 $(1,452) Diluted EPS $0.91 $0.99 $(3.87) $3.36 $(1.09) Net interest margin 3.07% 3.12% 2.95% 3.03% 2.98% ROTCE 12.9% 13.8% 15.0% 13.3% 18.9% Efficiency ratio 60.0% 57.5% NM 90.4% 93.3% NCO ratio 0.59% 0.55% 0.57% 0.59% 0.50% CET1 ratio 11.5% 11.6% 10.1% 11.5% 10.1% Change vs. Change vs. Adjusted 4Q24 3Q24 4Q23 2024 2023 Revenue $5,112 (0.5)% 3.5% $20,141 (0.5)% Expense $2,948 4.0% 8.4% $11,330 (0.4)% PPNR $2,164 (6.2)% (2.6)% $8,811 (0.6)% Diluted EPS $0.91 (6.2)% 12.3% $3.69 2.8% Efficiency ratio 57.7% 250 bps 270 bps 56.3% 10 bps Performance highlights Earnings – 4Q24 net income available to common shareholders of $1.2 billion, or $0.91 per share Revenue – Revenue decreased modestly vs. 3Q24 primarily due to lower investment banking & trading income Expenses – Adjusted noninterest expense increased 4.0% vs. 3Q24 primarily due to higher professional fees and outside processing Credit and capital – Asset quality and capital metrics remained relatively stable

9 $313 $309 $306 $303 $303 $190 $188 $187 $183 $182 $123 $121 $120 $120 $121 6.36% 6.38% 6.44% 6.41% 6.12% Commercial LHFI Consumer and card LHFI Loans HFI yield (%) 4Q23 1Q24 2Q24 3Q24 4Q24 Average loans and leases HFI May not foot due to rounding Portfolio assignment based off loan purpose 5-quarter trend ($ in millions) Loan portfolio composition $303B Average loans 50% Commercial and industrial 7% CRE 3% Commercial construction 18% Residential mortgage 3% Home equity 7% Indirect auto 10% Other consumer 2% Credit card Average loan balances stable while end-of-period loans increased 1.1% vs. 3Q24 due to higher C&I and residential mortgage

10 Average deposits $395 $389 $388 $384 $390 $281 $280 $280 $278 $282 $115 $109 $108 $106 $108 1.92% 2.03% 2.09% 2.08% 1.89% Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 4Q23 1Q24 2Q24 3Q24 4Q24 May not foot due to rounding 1 Cumulative beta calculations are based on change in average total deposit or interest-bearing deposit cost divided by the change in average Fed Funds from 4Q21 (up rate) and from 2Q24 (down rate) Deposit mix $390B Average deposits 35% Money market and savings 9% Time deposits 28% Interest checking 28% DDA 51% 53% 54% 14% 40%36% 38% 39% 14% 29% Interest-bearing deposit beta Total deposit beta 4Q23 1Q24 2Q24 3Q24 4Q24 Up rate Down rate 5-quarter cumulative deposit beta trend1 5-quarter trend ($ in millions) Higher linked quarter average deposits driven by noninterest-bearing, interest checking, and money market and savings

11 2024 2025E 2.88% 3.08% 4Q24 avg. balances 2025 runoff $3,577 $3,425 $3,580 $3,657 $3,641 2.95% 2.88% 3.02% 3.12% 3.07% Net interest income TE Net interest margin (%) 4Q23 1Q24 2Q24 3Q24 4Q24 5.38% 6.36% 4Q24 avg. balances 2025 runoff Fwd. starting receive-fixed Pay-fixed < 3yrs. – Receive-fixed swaps designed to protect NII from lower short-end rates over the next few years (designated against commercial loans and long-term debt) – Pay-fixed swaps designed to protect the economic value of the balance sheet and to manage future capital volatility (designated against AFS securities) Net interest income and net interest margin Earning asset growth and fixed rate asset repricing summary ($ in billions) Swap portfolio overview ($ in billions) Low single digit growth Investment securities Fixed rate loans3 1 Investment securities yield excluding the impact of swaps 2 Runoff reflects contractual maturities and expected prepayments of investment securities and fixed rate loans that will be reinvested at higher interest rates based on the current forward curve 3 Excludes fixed rate loan portfolios with shorter maturities $125 $13 11 Avg. yield 2 $135 $42 2 ($15) 12/31/24 $45 $39 Active receive-fixed Total wtd. avg. rate = 3.45% ($15) Total wtd. avg. rate = 3.39% Pay-fixed > 3yrs. End-of-period loans 5-quarter net interest income and net interest margin trend ($ in millions) Earning asset growth and fixed rate asset repricing will drive NII growth in 2025 ~ ~

12 $391 $358 $396 $346 $350 $345 $165 $332 $262 $229 $221 $237 $232 $222 $231 $1,509 $1,401 $1,358 $1,412 $822 $1,203 $873 $915 $936 $907 Noninterest income Quarterly and yearly trend ($ in millions) Wealth Investment banking & trading Service charges Card and payments All other noninterest income Adjusted noninterest income is a non-GAAP measure. See appendix for non-GAAP reconciliation. All other noninterest income includes mortgage banking income, lending related fees, operating lease income, and other income Full year 2024 includes a $6.7 billion securities loss related to the balance sheet repositioning completed in 2Q24 Vs. linked quarter – Noninterest income decreased 0.9% vs. 3Q24, primarily driven by lower investment banking and trading income, partially offset by higher other income Vs. like quarter – Noninterest income increased 7.9% vs. 4Q23, primarily driven by higher investment banking and trading income, partially offset by lower lending related fees Vs. full year – Investment banking and trading income growth of 46% drove a 6.2% year-over-year growth in adjusted fees Securities loss ($6,651) $5,498 $5,838 ~($813) $1,470$1,483 $1,363 ($1) GAAP noninterest income 4Q23 3Q24 4Q24 2023 2024 Investment banking and trading income drove a 6.2% year-over-year growth in adjusted fees Adjusted noninterest income up 6.2% YoY

13 Noninterest expense $54 Adjusted noninterest expense is a non-GAAP measure that excludes FDIC special assessment, restructuring charges, amortization, and other items. See appendix for non-GAAP reconciliation. 4Q23 and full year 2023 includes a $6.1 billion non-cash goodwill impairment charge Quarterly and yearly trend ($ in millions) $2,719 $2,834 $2,948 $6,585 $155 $98 $25 $84 $11 $84 $9,557 $2,927 $3,035 ($16) ($8) $11,374 $11,330 $395 $345 $320 $120 $6,589 $214 Adj. noninterest expense Restructuring charges Amortization Other items $18,678 $12,009 4Q23 3Q24 4Q24 ~ ~ Adjusted noninterest expense down 0.4% YoY 2023 2024 Vs. linked quarter Vs. like quarter Vs. full year – Adjusted noninterest expense increased 4.0% vs. 3Q24, primarily driven by higher professional fees and outside processing expense and equipment expense, partially offset by lower personnel expense – Adjusted noninterest expense increased 8.4% vs. 4Q23, primarily driven by higher personnel and professional fees and outside processing expenses – Adjusted noninterest expense down 0.4% due to cost saving efforts and disciplined expense management Prudent expense management resulted in lower year-over-year adjusted expenses GAAP noninterest expense down 36% YoY

14 0.44% 0.45% 0.46% 0.48% 0.47% 4Q23 1Q24 2Q24 3Q24 4Q24 $572 $500 $451 $448 $471 4Q23 1Q24 2Q24 3Q24 4Q24 NPLs remained stable linked quarter Higher provision driven by an increase in the allowance $453 $490 $442 $418 $453 0.57% 0.64% 0.58% 0.55% 0.59% NCO NCO ratio 4Q23 1Q24 2Q24 3Q24 4Q24 Increase in linked-quarter net charge-offs driven by C&I and seasonally higher indirect auto losses Asset quality $4,798 $4,803 $4,808 $4,842 $4,857 ALLL ALLL ratio ALLL / NCO 4Q23 1Q24 2Q24 3Q24 4Q24 ALLL ratio remained relatively stable linked quarter 2.7x 1.54% 2.4x 1.56% 2.7x 1.57% 1.60% 2.9x Net charge-offs ($ in millions) Nonperforming loans / LHFI ($ in millions) 1.59% 2.7x ALLL ($ in millions) Provision for credit losses ($ in millions) Asset quality metrics remained relatively stable

15 $12.2 $7.3 $6.7 $6.1 $5.5 $4.9 $11.1 $6.7 $6.1 $5.5 $4.9 $4.3 Securities AOCI Pension AOCI 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 – CET1 ratio decreased 10 bps vs. 9/30/24 as capital returned to shareholders and an increase in RWA were partially offset by earnings – CET1 ratio increased 140 bps vs. 12/31/23 to 11.5% due to the sale of TIH and earnings, partially offset by the strategic balance sheet repositioning and capital return to shareholders – Returned $3.8 billion of capital to shareholders in 2024 through our common stock dividend and $1 billion of share repurchases – Future earnings and AOCI accretion create significant capacity for growth and capital return 12/31/23 CET1 ratio 2024 earnings, RWA change, and other Sale of TIH Strategic balance sheet repositioning Dividend payment and share repurchase 12/31/24 CET1 ratio 9.9% 10.1% 1.0% 11.5% (1.0%) 9.6% including AOCI1 7.1% including AOCI1 Capital Current quarter regulatory capital information is preliminary 1 Includes the impact of AOCI related to securities and pension, as well as related changes to deferred tax 2 Other includes CECL phase-in and FDIC special assessment 3 AOCI impact based on current interest rates as of 12/31/24 and internal estimates. Includes AOCI for securities and pension. Excludes cash flow hedges, which are not included in capital ratios under Basel III impacts. 4 Pension AOCI held constant but can change with fluctuations in financial markets 2024 capital walk 2.3% (0.9%) Capital actions and opportunities AOCI burndown3 ($ in billions) Well positioned to grow and return capital to shareholders 4 $1.1 $0.6 $0.6 $0.6 $0.6 $0.6 2

16 13.9% 1Q25 and 2025 outlook All data points are taxable-equivalent, where applicable Adjusted expenses exclude restructuring charges and other selected items Adjusted revenue excludes securities gains (losses) and other selected items See non-GAAP reconciliations in the appendix $ in billions unless otherwise noted 4Q24 actuals 1Q25 outlook (compared to 4Q24) Adjusted revenue (TE): $5.1 Down ~2% Adjusted expenses: $3.0 (includes amortization of intangibles) Down ~3% (includes amortization of intangibles) Full year 2024 actuals Full year 2025 outlook (compared to FY 2024) Adjusted revenue (TE): $20.1 Up 3.0% to 3.5% Adjusted expenses: $11.7 (includes amortization of intangibles) Up ~1.5% (includes amortization of intangibles) Net charge-off ratio: 59 bps ~60 bps 2025 tax rate: 17% effective; 20% FTE

17 Key takeaways Executing on strategic initiatives within high growth markets Driving positive operating leverage Investing in talent, technology, and risk infrastructure Maintaining expense, credit, and risk discipline Returning capital to shareholders 2025 strategic priorities

Appendix

A-19 Gateway 36% Non Gateway 64%Multi Tenant 89% Medical 8% Single Tenant 3% 11.7% 13.7% 13.5% 1.05% 0.96% 1.22% 1.05% 1.04% 0.70% 1.30% 1.23% 0.83% 0.46% Criticized & classified ratio NPL ratio NCO ratio 4Q23 1Q24 2Q24 3Q24 4Q24 CRE 9.4% 34% 19% 22% 8% 17% 2025 2026 2027 2028 2029 and beyond Commercial real estate update Total LHFI at 12/31/24 ($306.4B) CRE Office 1.5% CRE Mix NPL% 5.3% LTM NCO ratio 5.8% Loan loss reserves 11.1% WALTV 63% % in Truist Southeast/ Mid-Atlantic footprint 75% All other loans 90.6% CRE information on this slide includes the commercial construction portfolio Gateway markets include: Washington, DC, San Francisco, New York, Chicago, Los Angeles, Boston, and Miami WALTV based on most recent appraisal conducted A-1 Tenant Type Market Type 18.2% CRE represents 9.4% of total loans HFI, including Office at 1.5% 5-quarter total CRE trends Office portfolio primarily includes Multi Tenant, Non Gateway properties in footprint Scheduled Office maturities Office spotlight 20.3% Hotel 7% Industrial 21% Office 14% Multifamily 36% Retail 13% Other 9%

A-2 – Net income of $792 million, compared to $872 million in the prior quarter – Net interest income of $2.6 billion decreased by $65 million, or 2.4%, primarily driven by lower funding credit on deposits – Average loans of $127 billion increased 1.0% primarily driven by higher indirect lending and residential mortgage – Average deposits of $211 billion increased 0.1% primarily driven by higher noninterest bearing checking, time deposits, and money market and savings, partially offset by lower interest checking – Provision for credit losses decreased $9 million, or 2.5%, primarily driven by a decrease in allowance build, partially offset by higher net charge-offs – Noninterest income of $535 million increased $29 million, or 5.7%, primarily driven by higher service charges, other income, and card and payment related fees – Noninterest expense of $1.7 billion increased $78 million, or 4.7%, primarily driven by higher enterprise operations and technology support expenses, and higher equipment expense Consumer and Small Business Banking Income statement ($ MM) 4Q24 vs. 3Q24 vs. 4Q23 Net interest income $2,591 $(65) $(39) Allocated provision for credit losses 344 (9) (15) Noninterest income 535 29 16 Goodwill impairment — — (3,361) Noninterest expense ex. goodwill impairment 1,741 78 (44) Segment net income (loss) $792 $(80) $3,392 Balance sheet ($ B) Average loans(1) $127 $1.3 $(1.7) Average deposits 211 0.2 (4.8) (1) Excludes loans held for sale Commentary reflects linked quarter comparisons Metrics Commentary Represents performance for Branch Banking, Digital Banking, Premier Banking, Small Business Banking, and National Consumer Lending

A-3 Wholesale Banking (1) Excludes loans held for sale Commentary reflects linked quarter comparisons unless otherwise noted Income statement ($ MM) 4Q24 vs. 3Q24 vs. 4Q23 Net interest income $1,636 — $(81) Allocated provision for credit losses 126 30 (86) Noninterest income 1,038 (10) 160 Goodwill impairment — — (2,717) Noninterest expense ex. goodwill impairment 1,299 64 (417) Segment net income (loss) $1,001 ($79) $3,166 Balance sheet ($ B) Average loans(1) $176 $(1.4) $(7.8) Average deposits 145 4.2 1.6 Other key metrics ($ B) Total client assets $342 ($2.8) ($26.1) – Net income of $1.0 billion, compared to $1.1 billion in the prior quarter – Net interest income of $1.6 billion was flat vs. prior quarter – Average loans of $176 billion decreased $1.4 billion, or 0.8%, primarily related to lower CRE and C&I balances – Average deposits of $145 billion increased $4.2 billion, or 3.0%, related to seasonal balance inflows and increased client deposits – Provision for credit losses of $126 million increased $30 million, or 31.3%, primarily driven by an increase in net charge-offs and an allowance build – Noninterest income of $1.0 billion decreased $10 million, or 1.0%, primarily driven by lower investment banking income – Noninterest expense of $1.3 billion increased $64 million, or 5.2%, primarily driven by enterprise operations and technology support expenses – Total client assets decreased $2.8 billion, or 0.8%, primarily due to declines in bond market, partially offset with positive equity market – Year-over-year decline primarily driven by the sale of Sterling Capital, partially offset by the impact of positive markets Metrics Commentary Represents performance for Commercial Banking, Corporate and Investment Banking, CRE, Wholesale Payments, and Wealth

A-4 Preferred dividend 1Q25 2Q25 3Q25 4Q25 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $104 $60 $104 $59 Estimates assume forward-looking interest rates as of 12/31/24. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above.

A-5 Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2024 2024 2024 2024 2023 2024 2023 Net income (loss) available to common shareholders from continuing operations $ 1,229 $ 1,333 $ (3,983) $ 1,027 $ (5,268) $ (394) $ (1,864) Securities (gains) losses 1 — 5,089 — — 5,090 — Goodwill impairment — — — — 6,078 — 6,078 Charitable contribution — — 115 — — 115 — FDIC special assessment (6) (13) 11 57 387 49 387 Discrete tax benefit — — — — (204) — (204) Adjusted net income available to common shareholders from continuing operations(1) $ 1,224 $ 1,320 $ 1,232 $ 1,084 $ 993 $ 4,860 $ 4,397 Net Income available to common shareholders from discontinued operations $ (13) $ 3 $ 4,809 $ 64 $ 101 $ 4,863 $ 412 Accelerated TIH equity compensation expense — — 8 68 — 76 — Gain on sale of TIH — (16) (4,814) — — (4,830) — Adjusted net income available to common shareholders from discontinued operations(1) $ (13) $ (13) $ 3 $ 132 $ 101 $ 109 $ 412 Net income (loss) available to common shareholders $ 1,216 $ 1,336 $ 826 $ 1,091 $ (5,167) $ 4,469 $ (1,452) Adjusted net income available to common shareholders(1) 1,211 1,307 1,235 1,216 1,094 4,969 4,809 Weighted average shares outstanding - diluted (GAAP net income (loss) available to common shareholders)(2) 1,333,701 1,349,129 1,338,149 1,346,904 1,333,703 1,331,087 1,331,963 Weighted average shares outstanding - diluted (adjusted net income available to common shareholders)(2) 1,333,701 1,349,129 1,349,953 1,346,904 1,342,790 1,344,912 1,339,895 Diluted EPS from continuing operations(2) $ 0.92 $ 0.99 $ (2.98) $ 0.76 $ (3.95) $ (0.30) $ (1.40) Diluted EPS from continuing operations - adjusted(1)(2) 0.92 0.98 0.91 0.80 0.74 3.61 3.28 Diluted EPS from discontinued operations(2) (0.01) — 3.60 0.05 0.08 3.66 0.31 Diluted EPS from discontinued operations - adjusted(1)(2) (0.01) (0.01) — 0.10 0.07 0.08 0.31 Diluted EPS(2) 0.91 0.99 0.62 0.81 (3.87) 3.36 (1.09) Diluted EPS - adjusted(1)(2) 0.91 0.97 0.91 0.90 0.81 3.69 3.59 Non-GAAP reconciliations Adjusted Net Income and Diluted EPS $ in millions, except per share data, shares in thousands (1) Adjusted net income available to common shareholders and adjusted diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Diluted EPS impact for individual items may not foot to difference between GAAP diluted and adjusted EPS due to rounding. (2) For periods ended with a net loss available to common shareholders from continuing operations, the calculation of GAAP diluted EPS uses the basic weighted average shares outstanding. Adjusted diluted EPS calculations include the impact of outstanding equity-based awards for all periods.

A-6 Non-GAAP reconciliations Efficiency ratio and fee income ratio from continuing operations $ in millions (1) Revenue is defined as net interest income plus noninterest income (2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains and losses, amortization of intangible assets, restructuring charges, and other selected items. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Additionally, the adjusted fee income ratio is non-GAAP in that it excludes securities gains and losses and other selected items, and is calculated using adjusted revenue and adjusted noninterest income. Adjusted revenue and adjusted noninterest income exclude securities gains and losses and other selected items. Adjusted noninterest expense excludes amortization of intangible assets, restructuring charges, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2024 2024 2024 2024 2023 2024 2023 Efficiency ratio numerator - noninterest expense - unadjusted $ 3,035 $ 2,927 $ 3,094 $ 2,953 $ 9,557 $ 12,009 $ 18,678 Restructuring charges, net (11) (25) (33) (51) (155) (120) (320) Gain (loss) on early extinguishment of debt — — — — — — (4) Goodwill impairment — — — — (6,078) — (6,078) Charitable contribution — — (150) — — (150) — FDIC special assessment 8 16 (13) (75) (507) (64) (507) Adjusted noninterest expense including amortization of intangibles 3,032 2,918 2,898 2,827 2,817 11,675 11,769 Amortization of intangibles (84) (84) (89) (88) (98) (345) (395) Efficiency ratio numerator - adjusted noninterest expense excluding amortization of intangibles(2) $ 2,948 $ 2,834 $ 2,809 $ 2,739 $ 2,719 $ 11,330 $ 11,374 Fee income numerator - noninterest income - unadjusted $ 1,470 $ 1,483 $ (5,212) $ 1,446 $ 1,363 $ (813) $ 5,498 Securities (gains) losses, net 1 — 6,650 — — 6,651 — Fee income numerator - adjusted noninterest income(2) $ 1,471 $ 1,483 $ 1,438 $ 1,446 $ 1,363 $ 5,838 $ 5,498 Efficiency ratio and fee income ratio denominator - revenue(1) - unadjusted $ 5,060 $ 5,085 $ (1,685) $ 4,818 $ 4,882 $ 13,278 $ 20,022 Taxable equivalent adjustment 51 55 53 53 58 212 220 Securities (gains) losses 1 — 6,650 — — 6,651 — Efficiency ratio and fee income ratio denominator - adjusted revenue(1)((2) $ 5,112 $ 5,140 $ 5,018 $ 4,871 $ 4,940 $ 20,141 $ 20,242 Efficiency ratio - unadjusted 60.0 % 57.5 % NM 61.3 % NM 90.4 % 93.3 % Efficiency ratio - adjusted(2) 57.7 55.2 56.0 56.2 55.0 56.3 56.2 Fee income ratio - unadjusted 29.0 % 29.2 % NM 30.0 % 27.9 % NM 27.5 % Fee income ratio - adjusted(2) 28.8 28.9 28.7 29.7 27.6 29.0 27.2

A-7 Non-GAAP reconciliations Pre-provision net revenue $ in millions (1) Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), restructuring charges, amortization of intangible assets, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2024 2024 2024 2024 2023 2024 2023 Net income from continuing operations $ 1,289 $ 1,439 $ (3,906) $ 1,133 $ (5,191) $ (45) $ (1,503) Provision for credit losses 471 448 451 500 572 1,870 2,109 Provision for income taxes 265 271 (1,324) 232 (56) (556) 738 Taxable-equivalent adjustment 51 55 53 53 58 212 220 Pre-provision net revenue(1) $ 2,076 $ 2,213 $ (4,726) $ 1,918 $ (4,617) $ 1,481 $ 1,564 Restructuring charges, net 11 25 33 51 155 120 320 Gain (loss) on early extinguishment of debt — — — — — — 4 Goodwill impairment — — — — 6,078 — 6,078 Amortization of intangibles 84 84 89 88 98 345 395 Charitable contribution — — 150 — — 150 — FDIC special assessment (8) (16) 13 75 507 64 507 Securities (gains) losses 1 — 6,650 — — 6,651 — Pre-provision net revenue - adjusted(1) $ 2,164 $ 2,306 $ 2,209 $ 2,132 $ 2,221 $ 8,811 $ 8,868

A-8 Non-GAAP reconciliations Calculations of tangible common equity and related measures $ in millions, except per share data, shares in thousands (1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization and impairment charges. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies. As of / Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2024 2024 2024 2024 2023 2024 2023 Common shareholders’ equity $ 57,772 $ 59,023 $ 57,154 $ 52,148 $ 52,428 Less: Intangible assets, net of deferred taxes (including discontinued operations) 18,274 18,350 18,471 23,198 23,306 Tangible common shareholders’ equity(1) $ 39,498 $ 40,673 $ 38,683 $ 28,950 $ 29,122 Outstanding shares at end of period 1,315,936 1,327,521 1,338,223 1,338,096 1,333,743 Common shareholders’ equity per common share $ 43.90 $ 44.46 $ 42.71 $ 38.97 $ 39.31 Tangible common shareholders’ equity per common share(1) 30.01 30.64 28.91 21.64 21.83 Net income available to common shareholders $ 1,216 $ 1,336 $ 826 $ 1,091 $ (5,167) $ 4,469 $ (1,452) Plus: goodwill impairment — — — — 6,078 — 6,078 Plus: amortization of intangibles, net of tax (including discontinued operations) 64 64 68 84 99 280 402 Tangible net income available to common shareholders(1) $ 1,280 $ 1,400 $ 894 $ 1,175 $ 1,010 $ 4,749 $ 5,028 Average common shareholders’ equity $ 57,754 $ 58,667 $ 54,863 $ 52,167 $ 56,061 $ 55,876 $ 56,306 Less: Average intangible assets, net of deferred taxes (including discontinued operations) 18,317 18,399 20,406 23,244 29,377 20,086 29,651 Average tangible common shareholders’ equity(1) $ 39,437 $ 40,268 $ 34,457 $ 28,923 $ 26,684 $ 35,790 $ 26,655 Return on average common shareholders’ equity 8.4 % 9.1 % 6.1 % 8.4 % (36.6) % 8.0 % (2.6) % Return on average tangible common shareholders’ equity(1) 12.9 13.8 10.4 16.3 15.0 13.3 18.9