Truist Financial Corporation, headquartered in Charlotte, North Carolina, is a purpose-driven financial services company. As one of the top 10 commercial banks in the U.S., it offers a variety of products through its consumer and wholesale businesses, including consumer banking, investment banking, and wealth management.

For the fourth quarter of 2024, Truist reported net income available to common shareholders of $1.2 billion, or $0.91 per diluted share. This is consistent with the previous quarter’s earnings of $1.34 billion, or $0.99 per share, but shows a significant decline from a net loss of $5.17 billion reported in the same period last year. In terms of annual performance, Truist’s total net income for 2024 reached $4.5 billion, or $3.36 per share, compared to a net loss of $1.45 billion, or a loss of $1.09 per share for 2023.

Total revenues for the fourth quarter decreased by 0.5%, totaling $5.11 billion compared to $5.14 billion in the third quarter of 2024, as net interest income and noninterest income both saw minor declines. Taxable-equivalent net interest income showed a slight decrease of 0.4% sequentially to $3.64 billion, while the net interest margin contracted by 5 basis points to 3.07%.

Truist’s noninterest income also experienced a minor decline of 0.9% from the previous quarter, amounting to $1.47 billion, largely due to lower investment banking and trading income, which decreased by $70 million linked quarter. However, it marked an increase of 46% for the full year compared to 2023.

Adjusted noninterest expenses rose by 3.7% from the third quarter, reaching $3.04 billion. This upward trend was driven primarily by higher professional fees and outside processing expenses. On an annual basis, however, adjusted noninterest expenses decreased by 0.4%, suggesting a continuing effort to control costs, evident in maintaining an adjusted efficiency ratio of 56.3%, which remained stable year-over-year.

Average loans and leases held for investment remained stable, showing only a marginal decrease from $303.2 billion in the third quarter to $303.1 billion in the fourth quarter. On a year-over-year basis, total loans and leases increased by $3.3 billion, or 1.1%, led by growth in residential mortgage and indirect auto segments. Average deposits rose by 1.5% sequentially to $390 billion, driven by increases in noninterest-bearing and interest checking accounts, while total deposit costs decreased 19 basis points to 1.89%.

Truist’s Common Equity Tier 1 (CET1) capital ratio at the year-end was reported at 11.5%, marking a decline of 10 basis points from the prior quarter but reflecting an increase of 140 basis points compared to 2023, thanks to gains from strategic transaction activities throughout the year. The company also returned significant capital to shareholders, with a total of $3.8 billion distributed through dividends and repurchases for 2024.

Guidance for the first quarter of 2025 anticipates a revenue decrease of approximately 2% relative to the fourth quarter of 2024, mirroring expected changes in net interest income, which is projected to also decline by 2%. Full-year revenue growth is anticipated at 3% to 3.5%, with continued focus on disciplined expense management aimed at achieving positive operating leverage.