tfc-20240422

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

Form 8-K

Current Report

_____________________________________________

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 22, 2024

Date of Report (Date of earliest event reported)

Truist Financial Corporation

(Exact name of registrant as specified in its charter)

_____________________________________________


North Carolina	1-10853	56-0939887
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


214 North Tryon Street
Charlotte,	North Carolina	28202
(Address of principal executive offices)		(Zip Code)

(336) 733-2000

(Registrant’s telephone number, including area code)

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $5 par value

TFC

New York Stock Exchange

Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock

TFC.PI

New York Stock Exchange

5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock

TFC.PJ

New York Stock Exchange

Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock

TFC.PO

New York Stock Exchange

Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock

TFC.PR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02 Results of Operations and Financial Condition.

On April 22, 2024, Truist Financial Corporation (“Truist”) issued a press release announcing its reporting of first quarter 2024 results and posted on its website its first quarter 2024 Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation. The materials contain forward-looking statements regarding Truist and include cautionary language identifying important factors that could cause actual results to differ materially from those anticipated. The Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation are furnished as Exhibits 99.1, 99.2, and 99.3, respectively. Consequently, they are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K. All information in the Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation speaks as of the date thereof, and Truist does not assume any obligation to update such information in the future.

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit No.						Description of Exhibit
99.1						Earnings Release issued April 22, 2024.
99.2						Quarterly Performance Summary issued April 22, 2024.
99.3						Earnings Release Presentation issued April 22, 2024.






104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			TRUIST FINANCIAL CORPORATION
						(Registrant)

			By:			/s/ Cynthia B. Powell
						Cynthia B. Powell
						Executive Vice President and Corporate Controller
						(Principal Accounting Officer)

Date: April 22, 2024

Document


			News Release

Truist reports first quarter 2024 results

Net income of $1.1 billion, or $0.81 per share Adjusted net income(1) of $1.2 billion, or $0.90 per share, up 11%	Noninterest expense was down $6.6 billion, or up $20 million, or 0.7%, on an adjusted(1) basis		CET1 ratio(3) remains strong as organic capital generation and RWA optimization were partially offset by the CECL phase-in
1Q24 Key Financial Data		1Q24 Performance Highlights(4)




(Dollars in billions, except per share data)	1Q24			4Q23			1Q23
Summary Income Statement
Net interest income - TE	$	3.43		$	3.58		$	3.92
Noninterest income	1.45			1.36			1.42
Total revenue - TE	4.87			4.94			5.34


Noninterest expense	2.95			9.56			3.02
Net income (loss) from continuing operations	1.13			(5.19)			1.41
Net income from discontinued operations	0.07			0.10			0.11
Net income (loss)	1.20			(5.09)			1.52
Net income (loss) available to common shareholders	1.09			(5.17)			1.41
Adjusted net income available to common shareholders(1)	1.22			1.09			1.41
PPNR - unadjusted(1)(2)	1.92			(4.62)			2.32
PPNR - adjusted(1)(2)	2.13			2.22			2.48
Key Metrics


Diluted EPS	$	0.81		$	(3.87)		$	1.05
Adjusted diluted EPS(1)	0.90			0.81			1.05
BVPS	38.97			39.31			41.82
TBVPS(1)	21.64			21.83			19.45



ROCE	8.4		%	(36.6)		%	10.3		%
ROTCE(1)	16.3			15.0			24.1
Efficiency ratio - GAAP(2)	61.3			195.8			57.0
Efficiency ratio - adjusted(1)(2)	56.2			55.0			53.6


NIM - TE(2)	2.89			2.96			3.17
NCO ratio	0.64			0.57			0.37
ALLL ratio	1.56			1.54			1.37
CET1 ratio(3)	10.1			10.1			9.1

Average Balances
Assets	$	531		$	540		$	560
Securities	131			133			141
Loans and leases	309			314			328
Deposits	389			395			408

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 First 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 first quarter of 2024 compared to fourth quarter of 2023 on a continuing operations basis, unless otherwise noted.

•Net income available to common shareholders was $1.1 billion, or $0.81 per diluted share, and includes:

◦FDIC special assessment of $75 million ($57 million after-tax), or $0.04 per share

◦Restructuring charges of $70 million ($53 million after-tax), or $0.04 per share) for continuing and discontinued operations or $51 million ($39 million after-tax), or $0.03 per share, from continuing operations primarily due to severance and branch closures

◦Accelerated recognition of TIH equity compensation expense for certain event-driven awards (discontinued operations) of $89 million ($68 million after tax), or $0.05 per share, resulting from the announced sale of the remaining stake in TIH

•Total revenues were down 1.4%

◦Net interest income declined 4.2% due to lower earning assets and higher funding costs; net interest margin was down seven basis points

◦Noninterest income was up 6.1% due to higher investment banking and trading income, partially offset by lower lending related fees

•Noninterest expense was down $6.6 billion due primarily to the goodwill impairment and the larger impact of the FDIC special assessment in the fourth quarter of 2024. Adjusted noninterest expense(1) was up $20 million, or 0.7%, reflecting higher incentives and seasonally higher payroll taxes, partially offset by lower other expense and lower headcount

•Average loans and leases HFI decreased 1.3% due to declines in the consumer and commercial and industrial portfolios

•Average deposits decreased 1.6% due to declines in non-interest bearing and money market and savings deposits

•Asset quality remains solid

◦Nonperforming assets and loans 90 days or more past due were stable

◦ALLL ratio increased two basis points

◦Net charge-off ratio of 64 basis points, up seven basis points

•Capital and liquidity levels remain strong

◦CET1 ratio(3) was 10.1%

◦Consolidated LCR was 115%

•Announced the sale of the remaining stake in TIH, which is expected to close in the second quarter of 2024


CEO Commentary

“We are pleased with the progress and momentum of our business in the first quarter. Our expense discipline was evident and reflects important decisions we made last year. Investments we have made in our investment banking business resulted in strong performance in improving markets. Loan demand was muted and deposit costs continue to be under pressure.

Asset quality metrics are normalizing but remain manageable as our nonperforming loans remained relatively stable on a linked-quarter basis and loan losses were within our expectations. The sale of Truist Insurance Holdings (TIH) is on track to close in the second quarter and will strengthen our relative capital position, which will allow Truist to provide even greater support to our core banking clients, assess a potential balance sheet repositioning to replace TIH’s earnings, and evaluate a return of capital to shareholders via share buybacks later in 2024 depending upon market conditions.

Our strengthening capital position allows us to better weather any economic environment, and importantly, will enable us to be in a more offensive position with our core banking franchise. I am optimistic about our future as we operate Truist from this increased position of financial strength in some of the best markets in the country.”

— Bill Rogers, Truist Chairman & CEO


Contact:
Investors:	Brad Milsaps	770.352.5347 \| investors@truist.com
Media:	Hannah Longmore	402.613.3499 \| media@truist.com


Net Interest Income, Net Interest Margin, and Average Balances
	Quarter Ended						Change
(Dollars in millions)	1Q24			4Q23				1Q23			Link				Like
Interest income(1)	$	6,237		$	6,324			$	5,835		$	(87)	(1.4)	%		$	402	6.9	%
Interest expense	2,812			2,747				1,917			65		2.4			895		46.7
Net interest income(1)	$	3,425		$	3,577			$	3,918		$	(152)	(4.2)			$	(493)	(12.6)

Net interest margin(1)	2.89		%	2.96		%		3.17		%	(7) bps					(28) bps


Average Balances(2)
Total earning assets	$	476,111		$	480,858			$	498,726		$	(4,747)	(1.0)	%		$	(22,615)	(4.5)	%
Total interest-bearing liabilities	347,121			346,554				352,472			567		0.2			(5,351)		(1.5)

Yields / Rates(1)
Total earning assets	5.26		%	5.23		%		4.73		%	3 bps					53 bps
Total interest-bearing liabilities	3.26			3.15				2.20			11 bps					106 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)Excludes basis adjustments for fair value hedges.

Taxable-equivalent net interest income for the first quarter of 2024 was down $152 million, or 4.2%, compared to the fourth quarter of 2023 primarily due to lower earning assets and higher funding costs. The net interest margin was 2.89%, down seven basis points.

•Average earning assets decreased $4.7 billion, or 1.0%, primarily due to declines in average total loans of $4.4 billion, or 1.4%, and average securities of $2.1 billion, or 1.6%, partially offset by growth in other earning assets of $1.6 billion, or 5.6%.

•The yield on the average total loan portfolio was 6.38%, up two basis points and the yield on the average securities portfolio was 2.46%, up five basis points.

•Average deposits decreased $6.3 billion, or 1.6%, and average short-term borrowings increased $1.3 billion, or 5.1%.

•The average cost of total deposits was 2.03%, up 11 basis points and the average cost of short-term borrowings was 5.62%, flat compared to the prior quarter. The average cost of long-term debt was 4.74%, up seven basis points.

Taxable-equivalent net interest income for the first quarter of 2024 was down $493 million, or 13%, compared to the first quarter of 2023 primarily due to higher funding costs and lower earning assets. Net interest margin was 2.89%, down 28 basis points.

•Average earning assets decreased $22.6 billion, or 4.5%, primarily due to declines in average total loans of $18.1 billion, or 5.5%, and a decrease in average securities of $9.3 billion, or 6.6%, partially offset by growth in other earning assets of $5.4 billion, or 21%, primarily due to an increase in balances held at the Federal Reserve to support liquidity.

•The yield on the average total loan portfolio was 6.38%, up 57 basis points, primarily reflecting higher market interest rates. The yield on the average securities portfolio was 2.46%, up 32 basis points.

•Average deposits decreased $19.4 billion, or 4.7%, average short-term borrowings increased $2.2 billion, or 9.0%, and average long-term debt decreased $10.3 billion, or 20%.

•The average cost of total deposits was 2.03%, up 91 basis points. The average cost of short-term borrowings was 5.62%, up 93 basis points. The average cost of long-term debt was 4.74%, up 69 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

- 2 -


Noninterest Income
	Quarter Ended				Change
(Dollars in millions)	1Q24		4Q23			1Q23		Link				Like

Wealth management income	$	356	$	346		$	339	$	10	2.9	%		$	17	5.0	%
Investment banking and trading income	323		165			261		158		95.8			62		23.8
Service charges on deposits	225		229			250		(4)		(1.7)			(25)		(10.0)
Card and payment related fees	224		232			230		(8)		(3.4)			(6)		(2.6)
Mortgage banking income	97		94			142		3		3.2			(45)		(31.7)
Lending related fees	96		153			106		(57)		(37.3)			(10)		(9.4)
Operating lease income	59		60			67		(1)		(1.7)			(8)		(11.9)

Other income	66		84			26		(18)		(21.4)			40		153.8
Total noninterest income	$	1,446	$	1,363		$	1,421	$	83	6.1			$	25	1.8

Noninterest income was up $83 million, or 6.1%, compared to the fourth quarter of 2023 primarily due to higher investment banking and trading income, partially offset by lower lending related fees and other income.

•Investment banking and trading income increased due to higher structured real estate income, merger and acquisition fees, equity and bond origination fees, and trading income.

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

•Other income decreased primarily due to lower income from certain equity investments.

Noninterest income was up $25 million, or 1.8%, compared to the first quarter of 2023 due to higher investment banking and trading income and higher other income, partially offset by lower mortgage banking income and service charges on deposits.

•Investment banking and trading income increased due to higher merger and acquisition fees and higher equity and bond origination fees.

•Other income increased due to higher income from investments held for certain post-retirement benefits (which is primarily offset by higher personnel expense), partially offset by lower income from certain equity investments.

•Mortgage banking income decreased due to a gain on the sale of a servicing portfolio in the prior year, partially offset by mortgage servicing rights valuation adjustments in the prior year.

•Service charges on deposits decreased primarily due to reduced overdraft fees as a result of continued growth of Truist One Banking.

- 3 -


Noninterest Expense
	Quarter Ended				Change
(Dollars in millions)	1Q24		4Q23			1Q23		Link				Like
Personnel expense	$	1,630	$	1,474		$	1,668	$	156	10.6	%		$	(38)	(2.3)	%
Professional fees and outside processing	278		305			287		(27)		(8.9)			(9)		(3.1)
Software expense	224		223			200		1		0.4			24		12.0
Net occupancy expense	160		159			169		1		0.6			(9)		(5.3)
Amortization of intangibles	88		98			100		(10)		(10.2)			(12)		(12.0)
Equipment expense	88		103			102		(15)		(14.6)			(14)		(13.7)
Marketing and customer development	56		53			68		3		5.7			(12)		(17.6)
Operating lease depreciation	40		42			46		(2)		(4.8)			(6)		(13.0)
Regulatory costs	152		599			75		(447)		(74.6)			77		102.7
Restructuring charges	51		155			56		(104)		(67.1)			(5)		(8.9)
Goodwill impairment	—		6,078			—		(6,078)		(100.0)			—		—
Other expense	186		268			244		(82)		(30.6)			(58)		(23.8)
Total noninterest expense	$	2,953	$	9,557		$	3,015	$	(6,604)	(69.1)			$	(62)	(2.1)

Noninterest expense was down $6.6 billion compared to the fourth quarter of 2023 due to the goodwill impairment of $6.1 billion in the prior quarter, the FDIC special assessment (regulatory costs) ($75 million in the first quarter of 2024 and $507 million in the fourth quarter of 2023), lower restructuring charges, other expense, and professional fees and outside processing expense, partially offset by higher personnel expense. Restructuring charges for both quarters include severance charges as well as costs associated with continued facilities optimization initiatives. Adjusted noninterest expenses, which exclude goodwill impairment, the FDIC special assessment, restructuring charges, and the amortization of intangibles, increased $20 million, or 0.7%, compared to the prior quarter.

•Personnel expense increased due to higher incentives and seasonally higher payroll taxes, partially offset by lower headcount.

•Other expense decreased due to lower operating charge-offs and pension expenses.

•Professional fees and outside processing expenses decreased primarily due to higher prior quarter costs associated with the transformative efforts to be a more efficient company.

Noninterest expense was down $62 million, or 2.1%, compared to the first quarter of 2023 due to lower other expense and personnel expense, partially offset by the FDIC special assessment (regulatory costs) of $75 million. Adjusted noninterest expenses, which exclude the FDIC special assessment, restructuring charges, and the amortization of intangibles, decreased $120 million, or 4.2%, compared to the earlier quarter.

•Other expense decreased primarily due to lower pension expense and operating losses.

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

- 4 -


Provision for Income Taxes
	Quarter Ended						Change
(Dollars in millions)	1Q24			4Q23				1Q23			Link			Like
Provision (benefit) for income taxes	$	232		$	(56)			$	361		$	288	NM		$	(129)	(35.7)	%
Effective tax rate	17.0		%	1.1		%		20.4		%	NM				(340) bps

The effective tax rate for the first quarter of 2024 increased compared to the fourth quarter of 2023 primarily due to the non-deductible goodwill impairment and other discrete tax benefits in the fourth quarter of 2023.

The effective tax rate for the first quarter of 2024 decreased compared to the first quarter of 2023 primarily due to a decrease in the full year forecasted pre-tax earnings.


Average Loans and Leases
(Dollars in millions)	1Q24		4Q23		Change		% Change

Commercial:
Commercial and industrial	$	158,385	$	160,278	$	(1,893)	(1.2)	%
CRE	22,400		22,755		(355)		(1.6)
Commercial construction	7,134		6,515		619		9.5

Total commercial	187,919		189,548		(1,629)		(0.9)
Consumer:
Residential mortgage	55,070		55,658		(588)		(1.1)
Home equity	9,930		10,104		(174)		(1.7)
Indirect auto	22,374		23,368		(994)		(4.3)
Other consumer	28,285		28,913		(628)		(2.2)

Total consumer	115,659		118,043		(2,384)		(2.0)
Credit card	4,923		4,996		(73)		(1.5)

Total loans and leases held for investment	$	308,501	$	312,587	$	(4,086)	(1.3)

Average loans held for investment decreased $4.1 billion, or 1.3%, compared to the prior quarter.

•Average commercial loans decreased 0.9% due to a decline in the commercial and industrial portfolio.

•Average consumer loans decreased 2.0% due to declines across all portfolios.


Average Deposits
(Dollars in millions)	1Q24		4Q23		Change		% Change

Noninterest-bearing deposits	$	108,888	$	114,555	$	(5,667)	(4.9)	%
Interest checking	103,537		101,722		1,815		1.8
Money market and savings	134,696		137,464		(2,768)		(2.0)
Time deposits	41,937		41,592		345		0.8

Total deposits	$	389,058	$	395,333	$	(6,275)	(1.6)

Average deposits for the first quarter of 2024 were $389.1 billion, a decrease of $6.3 billion, or 1.6%, compared to the prior quarter.

Average noninterest-bearing deposits decreased 4.9% compared to the prior quarter and represented 28.0% of total deposits for the first quarter of 2024 compared to 29.0% for the fourth quarter of 2023 and 32.1% compared to the year ago quarter. Average money market and savings accounts decreased 2.0%. Average interest checking and time deposits increased 1.8% and 0.8%, respectively.

- 5 -


Capital Ratios
	1Q24		4Q23		3Q23		2Q23		1Q23
Risk-based:	(preliminary)
CET1	10.1	%	10.1	%	9.9	%	9.6	%	9.1	%
Tier 1	11.7		11.6		11.4		11.1		10.6
Total	13.9		13.7		13.5		13.2		12.7
Leverage	9.4		9.3		9.2		8.8		8.5
Supplementary leverage	8.0		7.9		7.8		7.5		7.3

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist declared common dividends of $0.52 per share during the first quarter of 2024. Truist did not repurchase any shares in the first quarter of 2024.

Truist’s CET1 ratio was 10.1% as of March 31, 2024, flat compared to December 31, 2023 as organic capital generation and RWA optimization were partially offset by the CECL phase-in.

Truist’s average consolidated LCR was 115% for the three months ended March 31, 2024, compared to the regulatory minimum of 100%.

- 6 -



Asset Quality
(Dollars in millions)	1Q24			4Q23			3Q23			2Q23			1Q23
Total nonperforming assets	$	1,476		$	1,488		$	1,584		$	1,583		$	1,261

Total loans 90 days past due and still accruing	538			534			574			662			1,361
Total loans 30-89 days past due and still accruing	1,716			1,971			1,636			1,550			1,805
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.45		%	0.44		%	0.46		%	0.47		%	0.36		%


Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.56			0.63			0.52			0.48			0.55
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.18			0.17			0.18			0.21			0.42
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed	0.04			0.04			0.04			0.04			0.04
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.56			1.54			1.49			1.43			1.37
Ratio of allowance for loan and lease losses to net charge-offs	2.4x			2.7x			2.9x			2.6x			3.7x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.4x			3.5x			3.2x			3.0x			3.8x

Applicable ratios are annualized.

Nonperforming assets totaled $1.5 billion at March 31, 2024, down slightly compared to December 31, 2023, due to declines in LHFS and the CRE and indirect auto portfolios, partially offset by an increase in the commercial and industrial portfolio. Nonperforming loans and leases held for investment were 0.45% of loans and leases held for investment at March 31, 2024, up one basis point compared to December 31, 2023.

Loans 90 days or more past due and still accruing totaled $538 million at March 31, 2024, up one basis point as a percentage of loans and leases compared with the prior quarter. 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 0.04% at March 31, 2024, unchanged from December 31, 2023.

Loans 30-89 days past due and still accruing of $1.7 billion at March 31, 2024 were down $255 million, or seven basis points as a percentage of loans and leases, compared to the prior quarter due to decreases in the indirect auto, commercial and industrial, and other consumer portfolios.

The allowance for credit losses was $5.1 billion and includes $4.8 billion for the allowance for loan and lease losses and $297 million for the reserve for unfunded commitments. The ALLL ratio was 1.56%, up two basis points compared with December 31, 2023. The ALLL covered nonperforming loans and leases held for investment 3.4X compared to 3.5X at December 31, 2023. At March 31, 2024, the ALLL was 2.4X annualized net charge-offs, compared to 2.7X at December 31, 2023.


Provision for Credit Losses
	Quarter Ended						Change
(Dollars in millions)	1Q24			4Q23				1Q23			Link				Like
Provision for credit losses	$	500		$	572			$	502		$	(72)	(12.6)	%		$	(2)	(0.4)	%
Net charge-offs	490			453				297			37		8.2			193		65.0

Net charge-offs as a percentage of average loans and leases	0.64		%	0.57		%		0.37		%	7 bps					27 bps

Applicable ratios are annualized.

The provision for credit losses was $500 million compared to $572 million for the fourth quarter of 2023.

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

•The net charge-off ratio for the current quarter was up compared to the fourth quarter of 2023 primarily driven by higher net charge-offs in the CRE portfolio, partially offset by lower net charge-offs in the commercial and industrial portfolio driven by higher recoveries.

The provision for credit losses was $500 million compared to $502 million for the first quarter of 2023.

•The current quarter provision expense was relatively flat compared to the first quarter of 2023.

•The net charge-off ratio was up compared to the first quarter of 2023 driven by higher net charge-offs in the CRE, other consumer, credit card, and indirect auto portfolios.

- 7 -


Earnings Presentation and Quarterly Performance Summary

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

Webcast: app.webinar.net/9ZXngaWem3k

Dial-in: 1-877-883-0383, passcode 5637793

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 First 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, insurance, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $535 billion as of March 31, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.

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Glossary of Defined Terms
Term			Definition
ACL			Allowance for credit losses
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
EBITDA			Earnings before interest, taxes, depreciation, and amortization
FDIC			Federal Deposit Insurance Corporation
FHLB			Federal Home Loan Bank
GAAP			Accounting principles generally accepted in the United States of America
HFI			Held for investment
LCR			Liquidity Coverage Ratio
Like			Compared to First quarter of 2023
Link			Compared to Fourth quarter of 2023
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 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 - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (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. Adjusted revenue excludes securities gains (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 First 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 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, or disputes to which we are or may be subject 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 simplifying our businesses, achieving cost-savings targets and lowering expense growth, accelerating franchise momentum, and improving our capital position;

•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 successfully (i) close the previously announced sale of TIH, (ii) deploy the proceeds from the sale, and (iii) 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, including in connection with commercial and consumer mortgage loans;

•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 ESG 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

http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.78577557.0000092230-24-000016logo-boxed.jpg.ashx

Quarterly Performance Summary

Truist Financial Corporation

First 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

Credit Quality						5

Segment Financial Performance						7
Capital Information						8
Selected Mortgage Banking Information & Additional Information						9
Selected Items						10

Financial Highlights


	Quarter Ended
(Dollars in millions, except per share data, shares in thousands)	March 31			Dec. 31			Sept. 30			June 30			March 31
	2024			2023			2023			2023			2023
Summary Income Statement
Interest income - taxable equivalent	$	6,237		$	6,324		$	6,284		$	6,229		$	5,835
Interest expense	2,812			2,747			2,692			2,572			1,917
Net interest income - taxable equivalent	3,425			3,577			3,592			3,657			3,918
Less: Taxable-equivalent adjustment	53			58			57			54			51
Net interest income	3,372			3,519			3,535			3,603			3,867
Provision for credit losses	500			572			497			538			502
Net interest income after provision for credit losses	2,872			2,947			3,038			3,065			3,365
Noninterest income	1,446			1,363			1,334			1,380			1,421
Noninterest expense	2,953			9,557			3,060			3,046			3,015
Income (loss) before income taxes	1,365			(5,247)			1,312			1,399			1,771
Provision (benefit) for income taxes	232			(56)			203			230			361
Net income (loss) from continuing operations(1)	1,133			(5,191)			1,109			1,169			1,410
Net income (loss) from discontinued operations(1)	67			101			74			176			105
Net income (loss)	1,200			(5,090)			1,183			1,345			1,515

Noncontrolling interests from discontinued operations(1)	3			—			6			36			2

Preferred stock dividends and other	106			77			106			75			103
Net income (loss) available to common shareholders	1,091			(5,167)			1,071			1,234			1,410
Net income available to common shareholders - adjusted(2)	1,216			1,094			1,071			1,234			1,410
Additional Income Statement Information
Revenue - taxable equivalent	4,871			4,940			4,926			5,037			5,339
Pre-provision net revenue - unadjusted(2)	1,918			(4,617)			1,866			1,991			2,324
Pre-provision net revenue - adjusted(2)	2,132			2,221			2,025			2,142			2,480
Key Metrics
Earnings:
Earnings per share-basic from continuing operations(1)(3)	$	0.77		$	(3.95)		$	0.75		$	0.82		$	0.98

Earnings per share-basic	0.82			(3.87)			0.80			0.93			1.06
Earnings per share-diluted from continuing operations(1)(3)	0.76			(3.95)			0.75			0.82			0.98

Earnings per share-diluted	0.81			(3.87)			0.80			0.92			1.05
Earnings per share-adjusted diluted(2)	0.90			0.81			0.80			0.92			1.05
Cash dividends declared	0.52			0.52			0.52			0.52			0.52
Common shareholders’ equity	38.97			39.31			41.37			42.68			41.82
Tangible common shareholders’ equity(2)	21.64			21.83			19.25			20.44			19.45
End of period shares outstanding	1,338,096			1,333,743			1,333,668			1,331,976			1,331,918
Weighted average shares outstanding-basic	1,335,091			1,333,703			1,333,522			1,331,953			1,328,602
Weighted average shares outstanding-diluted	1,346,904			1,333,703			1,340,574			1,337,307			1,339,480
Return on average assets	0.91		%	(3.74)		%	0.86		%	0.95		%	1.10		%
Return on average common shareholders’ equity	8.4			(36.6)			7.5			8.6			10.3
Return on average tangible common shareholders’ equity(2)	16.3			15.0			17.3			19.4			24.1
Net interest margin - taxable equivalent(3)	2.89			2.96			2.93			2.90			3.17
Fee income ratio(3)	30.0			27.9			27.4			27.7			26.9
Efficiency ratio-GAAP(3)	61.3			195.8			62.9			61.1			57.0
Efficiency ratio-adjusted(2)(3)	56.2			55.0			58.9			57.5			53.6
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.45		%	0.44		%	0.46		%	0.47		%	0.36		%
Net charge-offs as a percentage of average loans and leases	0.64			0.57			0.51			0.54			0.37
Allowance for loan and lease losses as a percentage of LHFI	1.56			1.54			1.49			1.43			1.37
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.4x			3.5x			3.2x			3.0x			3.8x
Average Balances
Assets	$	531,002		$	539,656		$	547,704		$	565,822		$	559,627
Securities(4)	131,273			133,390			135,527			138,393			140,551
Loans and leases	309,426			313,832			319,881			328,258			327,547
Deposits	389,058			395,333			401,038			399,826			408,458
Common shareholders’ equity	52,167			56,061			56,472			57,302			55,380
Total shareholders’ equity	59,011			62,896			63,312			64,101			62,077
Period-End Balances
Assets	$	534,959		$	535,349		$	542,707		$	554,549		$	574,354
Securities(4)	119,419			121,473			120,059			124,923			128,790
Loans and leases	308,477			313,341			317,112			324,015			329,833
Deposits	394,265			395,865			400,024			406,043			404,997
Common shareholders’ equity	52,148			52,428			55,167			56,853			55,699
Total shareholders’ equity	59,053			59,253			62,007			63,681			62,394
Capital and Liquidity Ratios	(preliminary)
Common equity tier 1	10.1		%	10.1		%	9.9		%	9.6		%	9.1		%
Tier 1	11.7			11.6			11.4			11.1			10.6
Total	13.9			13.7			13.5			13.2			12.7
Leverage	9.4			9.3			9.2			8.8			8.5
Supplementary leverage	8.0			7.9			7.8			7.5			7.3
Liquidity coverage ratio	115			112			110			112			113

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 expected 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.

(2)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 First 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
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions, except per share data, shares in thousands)	2024		2023		2023		2023		2023
Interest Income
Interest and fees on loans and leases	$	4,865	$	4,971	$	4,976	$	4,915	$	4,656
Interest on securities	805		802		763		749		752
Interest on other earning assets	514		493		488		511		376
Total interest income	6,184		6,266		6,227		6,175		5,784
Interest Expense
Interest on deposits	1,964		1,917		1,858		1,527		1,125
Interest on long-term debt	482		476		491		734		514
Interest on other borrowings	366		354		343		311		278
Total interest expense	2,812		2,747		2,692		2,572		1,917
Net Interest Income	3,372		3,519		3,535		3,603		3,867
Provision for credit losses	500		572		497		538		502
Net Interest Income After Provision for Credit Losses	2,872		2,947		3,038		3,065		3,365
Noninterest Income

Wealth management income	356		346		343		330		339
Investment banking and trading income	323		165		185		211		261
Service charges on deposits	225		229		154		240		250
Card and payment related fees	224		232		238		236		230
Mortgage banking income	97		94		102		99		142
Lending related fees	96		153		102		86		106
Operating lease income	59		60		63		64		67

Other income	66		84		147		114		26
Total noninterest income	1,446		1,363		1,334		1,380		1,421
Noninterest Expense
Personnel expense	1,630		1,474		1,669		1,705		1,668
Professional fees and outside processing	278		305		289		311		287
Software expense	224		223		222		223		200
Net occupancy expense	160		159		164		166		169
Amortization of intangibles	88		98		98		99		100
Equipment expense	88		103		89		87		102
Marketing and customer development	56		53		70		69		68
Operating lease depreciation	40		42		43		44		46
Regulatory costs	152		599		77		73		75
Restructuring charges	51		155		61		48		56
Goodwill impairment	—		6,078		—		—		—
Other expense	186		268		278		221		244
Total noninterest expense	2,953		9,557		3,060		3,046		3,015
Earnings
Income (loss) before income taxes	1,365		(5,247)		1,312		1,399		1,771
Provision (benefit) for income taxes	232		(56)		203		230		361
Net income (loss) from continuing operations(1)	1,133		(5,191)		1,109		1,169		1,410
Net income from discontinued operations(1)	67		101		74		176		105
Net income (loss)	1,200		(5,090)		1,183		1,345		1,515

Noncontrolling interests from discontinued operations(1)	3		—		6		36		2


Preferred stock dividends and other	106		77		106		75		103


Net income (loss) available to common shareholders	$	1,091	$	(5,167)	$	1,071	$	1,234	$	1,410

Earnings Per Common Share
Basic earnings from continuing operations(1)	$	0.77	$	(3.95)	$	0.75	$	0.82	$	0.98

Basic earnings	0.82		(3.87)		0.80		0.93		1.06
Diluted earnings from continuing operations(1)	0.76		(3.95)		0.75		0.82		0.98

Diluted earnings	0.81		(3.87)		0.80		0.92		1.05
Weighted Average Shares Outstanding
Basic	1,335,091		1,333,703		1,333,522		1,331,953		1,328,602
Diluted	1,346,904		1,333,703		1,340,574		1,337,307		1,339,480

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Consolidated Ending Balance Sheets - Five Quarter Trend


	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2024		2023		2023		2023		2023
Assets
Cash and due from banks	$	5,040	$	5,000	$	5,090	$	4,733	$	4,590
Interest-bearing deposits with banks	29,510		25,230		24,305		24,934		32,768
Securities borrowed or purchased under resale agreements	2,091		2,378		2,018		2,315		3,637
Trading assets at fair value	5,268		4,332		4,384		4,097		4,601
Securities available for sale at fair value	66,050		67,366		65,117		68,965		71,858
Securities held to maturity at amortized cost	53,369		54,107		54,942		55,958		56,932
Loans and leases:
Commercial:
Commercial and industrial	157,669		160,788		162,330		167,153		167,217
CRE	22,142		22,570		22,736		22,825		22,670
Commercial construction	7,472		6,683		6,343		5,943		5,951

Consumer:
Residential mortgage	54,886		55,492		56,013		56,476		56,455
Home equity	9,825		10,053		10,160		10,348		10,577
Indirect auto	22,145		22,727		24,084		25,759		27,279
Other consumer	28,096		28,647		29,105		28,755		27,742
Student	—		—		—		—		4,996
Credit card	4,989		5,101		4,928		4,833		4,786

Total loans and leases held for investment	307,224		312,061		315,699		322,092		327,673
Loans held for sale	1,253		1,280		1,413		1,923		2,160
Total loans and leases	308,477		313,341		317,112		324,015		329,833
Allowance for loan and lease losses	(4,803)		(4,798)		(4,693)		(4,606)		(4,479)
Premises and equipment	3,274		3,298		3,319		3,379		3,441
Goodwill	17,157		17,156		23,234		23,235		23,235
Core deposit and other intangible assets	1,816		1,909		2,011		2,111		2,212
Loan servicing rights at fair value	3,417		3,378		3,537		3,497		3,303
Other assets	36,521		34,997		34,858		33,864		35,070
Assets of discontinued operations(1)	7,772		7,655		7,473		8,052		7,353
Total assets	$	534,959	$	535,349	$	542,707	$	554,549	$	574,354
Liabilities
Deposits:
Noninterest-bearing deposits	$	110,901	$	111,624	$	116,674	$	121,831	$	128,719
Interest checking	108,329		104,757		103,288		106,471		107,116
Money market and savings	133,176		135,923		137,914		135,514		136,836
Time deposits	41,859		43,561		42,148		42,227		32,326

Total deposits	394,265		395,865		400,024		406,043		404,997
Short-term borrowings	26,329		24,828		23,485		24,456		23,678
Long-term debt	39,071		38,918		41,232		44,749		69,895
Other liabilities	13,119		12,946		12,962		11,788		10,731
Liabilities of discontinued operations	3,122		3,539		2,997		3,832		2,659
Total liabilities	475,906		476,096		480,700		490,868		511,960
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,690		6,669		6,668		6,660		6,660
Additional paid-in capital	36,197		36,177		36,114		35,990		34,582
Retained earnings	22,483		22,088		27,944		27,577		27,038
Accumulated other comprehensive loss	(13,222)		(12,506)		(15,559)		(13,374)		(12,581)
Noncontrolling interests	232		152		167		155		22
Total shareholders’ equity	59,053		59,253		62,007		63,681		62,394
Total liabilities and shareholders’ equity	$	534,959	$	535,349	$	542,707	$	554,549	$	574,354

(1)Includes goodwill and intangible assets of $5.0 billion as of March 31, 2024, $5.0 billion as of December 31, 2023, $5.0 billion as of September 30, 2023, $5.1 billion as of June 30, 2023, and $5.1 billion as of March 31, 2023.

- 3 -

Average Balances and Rates - Quarters


	Quarter Ended
	March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023						March 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	$	9,853	$	37	1.49	%	$	10,967	$	38	1.37	%	$	10,886	$	34	1.27	%	$	11,115	$	30	1.10	%	$	11,117	$	30	1.07	%
U.S. government-sponsored entities (GSE)	389		3		3.40		389		2		3.23		339		3		2.92		329		3		2.70		335		2		2.86
Mortgage-backed securities issued by GSE	116,946		735		2.51		117,868		736		2.50		120,078		701		2.33		122,647		690		2.25		124,746		694		2.23
States and political subdivisions	421		4		4.15		421		5		4.16		423		4		4.12		425		5		4.18		425		4		4.07
Non-agency mortgage-backed	3,645		27		2.98		3,725		22		2.37		3,781		22		2.33		3,852		22		2.32		3,907		23		2.34
Other	19		—		5.35		20		—		5.47		20		1		5.55		25		—		5.20		21		—		5.30
Total securities	131,273		806		2.46		133,390		803		2.41		135,527		765		2.26		138,393		750		2.17		140,551		753		2.14
Loans and leases:
Commercial:
Commercial and industrial	158,385		2,572		6.53		160,278		2,657		6.58		164,022		2,686		6.50		166,588		2,610		6.28		165,095		2,436		5.98
CRE	22,400		389		6.95		22,755		400		6.94		22,812		396		6.85		22,706		384		6.73		22,689		355		6.32
Commercial construction	7,134		137		7.83		6,515		127		7.84		6,194		120		7.83		5,921		111		7.64		5,863		101		7.14

Consumer:
Residential mortgage	55,070		528		3.84		55,658		532		3.83		56,135		532		3.79		56,320		531		3.77		56,422		526		3.73
Home equity(3)	9,930		196		7.92		10,104		199		7.80		10,243		196		7.61		10,478		190		7.26		10,735		180		6.80
Indirect auto	22,374		372		6.69		23,368		381		6.46		24,872		386		6.16		26,558		398		6.01		27,743		398		5.82
Other consumer(3)	28,285		561		7.98		28,913		561		7.69		28,963		542		7.43		28,189		499		7.10		27,559		459		6.76
Student	—		—		—		—		—		—		—		1		—		4,766		80		6.76		5,129		89		7.04
Credit card	4,923		146		11.96		4,996		149		11.84		4,875		143		11.62		4,846		137		11.48		4,785		136		11.43

Total loans and leases held for investment	308,501		4,901		6.38		312,587		5,006		6.36		318,116		5,002		6.25		326,372		4,940		6.07		326,020		4,680		5.81
Loans held for sale	925		15		6.38		1,245		21		6.82		1,765		28		6.20		1,886		28		5.94		1,527		25		6.71
Total loans and leases	309,426		4,916		6.38		313,832		5,027		6.36		319,881		5,030		6.25		328,258		4,968		6.07		327,547		4,705		5.81

Interest earning trading assets	4,845		79		6.50		4,680		80		6.92		4,380		76		6.91		4,445		75		6.73		5,462		83		6.09
Other earning assets	30,567		436		5.74		28,956		414		5.65		28,574		413		5.74		34,616		436		5.06		25,166		294		4.73
Total earning assets	476,111		6,237		5.26		480,858		6,324		5.23		488,362		6,284		5.12		505,712		6,229		4.94		498,726		5,835		4.73
Nonearning assets	47,307						51,165						51,607						52,316						53,598
Assets of discontinued operations	7,584						7,633						7,735						7,794						7,303
Total assets	$	531,002					$	539,656					$	547,704					$	565,822					$	559,627
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	103,537	684		2.65		$	101,722	635		2.48		$	101,252	611		2.40		$	102,105	508		1.99		$	108,886	430		1.60
Money market and savings	134,696		832		2.49		137,464		843		2.43		139,961		829		2.35		138,149		686		1.99		139,802		476		1.38
Time deposits	41,937		448		4.30		41,592		439		4.19		40,920		418		4.05		35,844		333		3.73		28,671		219		3.10

Total interest-bearing deposits	280,170		1,964		2.82		280,778		1,917		2.71		282,133		1,858		2.61		276,098		1,527		2.22		277,359		1,125		1.64
Short-term borrowings	26,230		366		5.62		24,958		354		5.62		24,894		343		5.47		23,991		311		5.19		24,056		278		4.69
Long-term debt	40,721		482		4.74		40,818		476		4.67		43,353		491		4.51		63,665		734		4.62		51,057		514		4.05
Total interest-bearing liabilities	347,121		2,812		3.26		346,554		2,747		3.15		350,380		2,692		3.05		363,754		2,572		2.84		352,472		1,917		2.20
Noninterest-bearing deposits	108,888						114,555						118,905						123,728						131,099
Other liabilities	12,885						12,433						11,699						10,865						11,225
Liabilities of discontinued operations	3,097						3,218						3,408						3,374						2,754
Shareholders’ equity	59,011						62,896						63,312						64,101						62,077
Total liabilities and shareholders’ equity	$	531,002					$	539,656					$	547,704					$	565,822					$	559,627
Average interest-rate spread					2.00						2.08						2.07						2.10						2.53

Net interest income/ net interest margin			$	3,425	2.89	%			$	3,577	2.96	%			$	3,592	2.93	%			$	3,657	2.90	%			$	3,918	3.17	%
Taxable-equivalent adjustment			53						58						57						54						51
Memo: Total deposits	$	389,058	1,964		2.03	%	$	395,333	1,917		1.92	%	$	401,038	1,858		1.84	%	$	399,826	1,527		1.53	%	$	408,458	1,125		1.12	%

(1)Excludes basis adjustments for fair value hedges.

(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.

- 4 -

Credit Quality


	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2024		2023		2023		2023		2023
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	512	$	470	$	561	$	562	$	394
CRE	261		284		289		275		117
Commercial construction	23		24		29		16		1

Consumer:
Residential mortgage	151		153		132		221		233
Home equity	130		122		123		129		132
Indirect auto	256		268		266		262		270
Other consumer	61		59		52		46		45


Total nonaccrual loans and leases held for investment	1,394		1,380		1,452		1,511		1,192
Loans held for sale	22		51		75		13		—
Total nonaccrual loans and leases	1,416		1,431		1,527		1,524		1,192
Foreclosed real estate	4		3		3		3		3

Other foreclosed property	56		54		54		56		66
Total nonperforming assets	$	1,476	$	1,488	$	1,584	$	1,583	$	1,261



















Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	12	$	7	$	15	$	36	$	35

Commercial construction	—		1		—		5		—

Consumer:
Residential mortgage - government guaranteed	408		418		456		541		649
Residential mortgage - nonguaranteed	33		21		30		23		25
Home equity	10		11		9		7		10
Indirect auto	1		2		1		—		—
Other consumer	18		21		16		12		10
Student - government guaranteed	—		—		—		—		590
Student - nonguaranteed	—		—		—		—		4
Credit card	56		53		47		38		38

Total loans 90 days past due and still accruing	$	538	$	534	$	574	$	662	$	1,361
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	158	$	230	$	98	$	142	$	125
CRE	21		5		28		38		34
Commercial construction	—		—		1		6		3

Consumer:
Residential mortgage - government guaranteed	286		326		293		267		232
Residential mortgage - nonguaranteed	352		313		270		254		259
Home equity	59		70		61		56		65
Indirect auto	540		669		598		549		511
Other consumer	226		271		219		175		164
Student - government guaranteed	—		—		—		—		350
Student - nonguaranteed	—		—		—		—		6
Credit card	74		87		68		63		56

Total loans 30-89 days past due	$	1,716	$	1,971	$	1,636	$	1,550	$	1,805



	As of/For the Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
	2024		2023		2023		2023		2023
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.56	%	0.63	%	0.52	%	0.48	%	0.55	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.18		0.17		0.18		0.21		0.42
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.45		0.44		0.46		0.47		0.36
Nonperforming loans and leases as a percentage of loans and leases(1)	0.46		0.46		0.48		0.47		0.36
Nonperforming assets as a percentage of:
Total assets(1)	0.28		0.28		0.29		0.29		0.22
Loans and leases plus foreclosed property	0.47		0.46		0.48		0.49		0.38
Net charge-offs as a percentage of average loans and leases	0.64		0.57		0.51		0.54		0.37
Allowance for loan and lease losses as a percentage of loans and leases	1.56		1.54		1.49		1.43		1.37
Ratio of allowance for loan and lease losses to:
Net charge-offs	2.4X		2.7X		2.9X		2.6X		3.7X
Nonperforming loans and leases	3.4X		3.5X		3.2X		3.0X		3.8X
Asset Quality Ratios (Excluding Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.04	%	0.04	%	0.04	%	0.04	%	0.04	%

Applicable ratios are annualized.

(1)Includes loans held for sale.

- 5 -



	As of/For the Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2024		2023		2023		2023		2023
Allowance for Credit Losses(1)
Beginning balance	$	5,093	$	4,970	$	4,879	$	4,761	$	4,649
Provision for credit losses	500		572		497		558		482
Charge-offs:
Commercial:
Commercial and industrial	(97)		(110)		(98)		(107)		(75)
CRE	(103)		(48)		(77)		(35)		(6)
Commercial construction	—		(5)		—		—		—

Consumer:
Residential mortgage	(1)		—		(8)		(1)		(1)
Home equity	(3)		(2)		(4)		(2)		(2)
Indirect auto	(154)		(154)		(135)		(115)		(127)
Other consumer	(165)		(148)		(120)		(104)		(105)
Student	—		—		—		(103)		(5)
Credit card	(77)		(64)		(55)		(53)		(51)

Total charge-offs	(600)		(531)		(497)		(520)		(372)
Recoveries:
Commercial:
Commercial and industrial	32		16		28		13		13
CRE	7		—		2		—		1
Commercial construction	—		2		—		—		1

Consumer:
Residential mortgage	1		1		1		2		2
Home equity	5		5		7		5		6
Indirect auto	28		25		25		31		26
Other consumer	28		21		20		20		17
Student	—		—		—		—		—
Credit card	9		8		9		9		9

Total recoveries	110		78		92		80		75
Net charge-offs	(490)		(453)		(405)		(440)		(297)
Other(2)	(3)		4		(1)		—		(73)
Ending balance	$	5,100	$	5,093	$	4,970	$	4,879	$	4,761
Allowance for Credit Losses:(1)


Allowance for loan and lease losses	$	4,803	$	4,798	$	4,693	$	4,606	$	4,479
Reserve for unfunded lending commitments (RUFC)	297		295		277		273		282
Allowance for credit losses	$	5,100	$	5,093	$	4,970	$	4,879	$	4,761

(1)Excludes provision for credit losses and allowances related to other financial assets at amortized cost.

(2)The first quarter of 2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.


	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
	2024		2023		2023		2023		2023
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.17	%	0.23	%	0.17	%	0.23	%	0.15	%
CRE	1.73		0.83		1.31		0.62		0.09
Commercial construction	(0.02)		0.22		(0.03)		(0.02)		(0.04)

Consumer:
Residential mortgage	—		(0.01)		0.05		(0.01)		—
Home equity	(0.08)		(0.12)		(0.10)		(0.12)		(0.15)
Indirect auto	2.26		2.19		1.75		1.28		1.47
Other consumer	1.96		1.74		1.37		1.20		1.29
Student	—		—		—		8.67		0.42
Credit card	5.54		4.38		3.78		3.66		3.54

Total loans and leases	0.64		0.57		0.51		0.54		0.37

Applicable ratios are annualized.

- 6 -

Segment Financial Performance - Preliminary(1)(2)



	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2024		2023		2023		2023		2023
Consumer and Small Business Banking
Net interest income (expense)	$	1,262	$	1,339	$	1,369	$	1,543	$	1,689
Net intersegment interest income (expense)	1,341		1,273		1,237		1,083		1,001
Segment net interest income (expense)	2,603		2,612		2,606		2,626		2,690
Allocated provision for credit losses	303		359		260		227		270
Noninterest income	494		517		427		504		544
Goodwill impairment	—		3,361		—		—		—
Noninterest expense ex goodwill impairment	1,634		1,692		1,637		1,613		1,623
Income (loss) before income taxes	1,160		(2,283)		1,136		1,290		1,341
Provision (benefit) for income taxes	280		261		273		308		318
Segment net income (loss)	$	880	$	(2,544)	$	863	$	982	$	1,023




Wholesale Banking
Net interest income (expense)	$	2,240	$	2,304	$	2,327	$	2,332	$	2,221
Net intersegment interest income (expense)	(561)		(576)		(617)		(570)		(389)
Segment net interest income (expense)	1,679		1,728		1,710		1,762		1,832
Allocated provision for credit losses	198		213		243		309		235
Noninterest income	985		893		914		901		960
Goodwill impairment	—		2,717		—		—		—
Noninterest expense ex goodwill impairment	1,385		1,648		1,303		1,302		1,310
Income (loss) before income taxes	1,081		(1,957)		1,078		1,052		1,247
Provision (benefit) for income taxes	205		137		211		203		260
Segment net income (loss)	$	876	$	(2,094)	$	867	$	849	$	987































Other, Treasury & Corporate(3)
Net interest income (expense)	$	(130)	$	(124)	$	(161)	$	(272)	$	(43)
Net intersegment interest income (expense)	(780)		(697)		(620)		(513)		(612)
Segment net interest income (expense)	(910)		(821)		(781)		(785)		(655)
Allocated provision for credit losses	(1)		—		(6)		2		(3)
Noninterest income	(33)		(47)		(7)		(25)		(83)
Noninterest expense	(66)		139		120		131		82
Income (loss) before income taxes	(876)		(1,007)		(902)		(943)		(817)
Provision (benefit) for income taxes	(253)		(454)		(281)		(281)		(217)
Segment net income (loss)	$	(623)	$	(553)	$	(621)	$	(662)	$	(600)


Total Truist Financial Corporation
Net interest income (expense)	$	3,372	$	3,519	$	3,535	$	3,603	$	3,867
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income (expense)	3,372		3,519		3,535		3,603		3,867
Allocated provision for credit losses	500		572		497		538		502
Noninterest income	1,446		1,363		1,334		1,380		1,421
Goodwill impairment	—		6,078		—		—		—
Noninterest expense ex goodwill impairment	2,953		3,479		3,060		3,046		3,015
Income (loss) before income taxes	1,365		(5,247)		1,312		1,399		1,771
Provision (benefit) for income taxes	232		(56)		203		230		361
Net income (loss) from continuing operations	$	1,133	$	(5,191)	$	1,109	$	1,169	$	1,410

(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 repositioned into a component of the WB segment from the CB&W segment. Third, certain small business banking functions were repositioned into a component of the CSBB segment from the C&CB 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 expected 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. As a result, the IH segment is no longer presented in the table above.

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

- 7 -

Capital Information - Five Quarter Trend


	As of/For the Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data, shares in thousands)	2024			2023			2023			2023			2023
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	42,659		$	42,671		$	42,276		$	41,642		$	39,533
Tier 1	49,329			49,341			48,946			48,312			46,203
Total	58,516			58,063			57,713			57,236			55,237
Risk-weighted assets	420,985			423,705			428,755			434,946			436,381
Average quarterly assets for leverage ratio	522,095			533,084			534,402			550,734			544,334
Average quarterly assets for supplementary leverage ratio	614,032			624,591			627,382			643,662			635,656
Risk-based capital ratios:
Common equity tier 1	10.1		%	10.1		%	9.9		%	9.6		%	9.1		%
Tier 1	11.7			11.6			11.4			11.1			10.6
Total	13.9			13.7			13.5			13.2			12.7
Leverage capital ratio	9.4			9.3			9.2			8.8			8.5
Supplementary leverage	8.0			7.9			7.8			7.5			7.3
Common equity per common share	$	38.97		$	39.31		$	41.37		$	42.68		$	41.82

	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data, shares in thousands)	2024			2023			2023			2023			2023
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	59,053		$	59,253		$	62,007		$	63,681		$	62,394
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	232			152			167			155			22
Intangible assets, net of deferred taxes (including discontinued operations)	23,198			23,306			29,491			29,628			29,788
Tangible common equity	$	28,950		$	29,122		$	25,676		$	27,225		$	25,911







Outstanding shares at end of period (in thousands)	1,338,096			1,333,743			1,333,668			1,331,976			1,331,918
Tangible common equity per common share	$	21.64		$	21.83		$	19.25		$	20.44		$	19.45

Total assets	$	534,959		$	535,349		$	542,707		$	554,549		$	574,354
Less: Intangible assets, net of deferred taxes (including discontinued operations)	23,198			23,306			29,491			29,628			29,788
Tangible assets	$	511,761		$	512,043		$	513,216		$	524,921		$	544,566

Equity as a percentage of total assets	11.0		%	11.1		%	11.4		%	11.5		%	10.9		%
Tangible common equity as a percentage of tangible assets	5.7			5.7			5.0			5.2			4.8

(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.

- 8 -

Selected Mortgage Banking Information & Additional Information


	As of/For the Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data)	2024			2023			2023			2023			2023
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	17		$	14		$	19		$	22		$	17
Residential mortgage servicing income:


Residential mortgage servicing income before MSR valuation	88			85			85			77			155




Net MSRs valuation	(15)			(13)			(20)			(19)			(50)
Total residential mortgage servicing income	73			72			65			58			105
Total residential mortgage income	90			86			84			80			122
Commercial mortgage income:
Commercial mortgage production revenue	5			5			17			16			14
Commercial mortgage servicing income:


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



Net MSRs valuation	(1)			—			(2)			(1)			(1)
Total commercial mortgage servicing income	2			3			1			3			6
Total commercial mortgage income	7			8			18			19			20
Total mortgage banking income	$	97		$	94		$	102		$	99		$	142

Other Mortgage Banking Information
Residential mortgage loan originations	$	2,412		$	3,027		$	4,196		$	5,558		$	4,022
Residential mortgage servicing portfolio:(1)
Loans serviced for others	210,635			213,399			214,953			222,917			214,830
Bank-owned loans serviced	55,255			55,669			56,679			57,147			57,493
Total servicing portfolio	265,890			269,068			271,632			280,064			272,323
Weighted-average coupon rate on mortgage loans serviced for others	3.59		%	3.56		%	3.51		%	3.54		%	3.52		%
Weighted-average servicing fee on mortgage loans serviced for others	0.28			0.27			0.27			0.27			0.27

Additional Information
Brokered deposits(2)	$	30,650		$	31,260		$	34,986		$	32,307		$	23,816

NQDCP income (expense):(3)
Interest income	$	1		$	2		$	3		$	3		$	11
Other income	15			17			35			9			(18)
Personnel expense	(16)			(19)			(38)			(12)			7
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—


Common stock prices:
High	$	39.29		$	37.83		$	35.78		$	35.39		$	51.26
Low	34.23			26.57			27.70			25.56			28.70
End of period	38.98			36.92			28.61			30.35			34.10
Banking offices	1,930			2,001			2,001			2,002			2,006
ATMs	2,947			3,031			3,037			3,041			3,041
FTEs(4)	49,218			50,905			51,943			52,564			53,653
FTEs - continuing operations(4)	39,417			40,997			41,997			42,701			44,364

(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.

- 9 -

Selected Items(1)


	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
First Quarter 2024
Accelerated recognition of TIH equity compensation expense (net income from discontinued operations)	$	(89)	$	(68)
FDIC special assessment (regulatory costs)	(75)		(57)
Fourth Quarter 2023
Goodwill impairment	$	(6,078)	$	(6,078)
FDIC special assessment (regulatory costs)	(507)		(387)
Discrete tax benefit (provision for income taxes)	—		204
Third Quarter 2023
None	$	—	$	—
Second Quarter 2023
None	$	—	$	—
First Quarter 2023
None	$	—	$	—

(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 First Quarter 2024 Earnings Presentation.

- 10 -

ex993-earningsdeck1q24

First Quarter 2024 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO April 22, 2024

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) the impact of the sale of Truist’s remaining stake in Truist Insurance Holdings on Truist; (ii) a planned evaluation of balance sheet repositioning; (iii) expectations of being positioned for share repurchases in late 2024 and/or future years; (iv) continued delivery of new digital capabilities; (v) Truist’s expected CET1 ratio in future periods; (vi) guidance with respect to financial performance metrics in future periods, including future levels of revenues, adjusted expenses, and net charge-off ratio; (vii) Truist’s effective tax rate in future periods; (viii) Truist’s strategic priorities for 2024; and (ix) projections of preferred dividends in 2024 and subsequent years. 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 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, or disputes to which we are or may be subject 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 simplifying our businesses, achieving cost-savings targets and lowering expense growth, accelerating franchise momentum, and improving our capital position; • 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 successfully (i) close the previously announced sale of TIH, (ii) deploy the proceeds from the sale, and (iii) 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, including in connection with commercial and consumer mortgage loans; • 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 ESG 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 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 - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (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. Adjusted revenue excludes securities gains (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. Adjusted Revenue and Expense Before the Impact of Discontinued Operations Accounting - Adjusted revenue excludes other selected items. Adjusted noninterest expense excludes amortization of intangible assets, restructuring charges, and other selected items. 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.

Financial Results

6 – Solid first quarter results – Strong investment banking and trading revenue – Continued expense discipline – Stable NPLs reflecting continued management of problem assets – Announced transformational sale of Truist Insurance Holdings (TIH) – Improves relative capital position – Enhances liquidity profile – Better positions TFC for growth and capital return – Focused on execution and improving profitability – Pursuing growth opportunities in core businesses – Maintaining expense discipline – Planning to evaluate a balance sheet repositioning post closing of TIH, subject to market conditions – Positioned to resume share buybacks in late 2024, subject to market conditions and capital planning 1 Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations 2 Net income available to common not adjusted for restructuring charges of $53 million (after-tax) 3 Diluted EPS not adjusted for restructuring charges of $0.04 (after-tax) 6 Reported Adjusted1 Net income available from continuing operations Per share $1,084 $0.80 Net income available from discontinued operations Per share $64 $0.05 $132 $0.10 Net income available to common shareholders2 Per share3 $1,091 $0.81 $1,216 $0.90 $1,027 $0.76 1Q24 key takeaways $ in millions, except per share data

7 Frictionless experiences drive client engagement 20 23 25 27 28 1Q23 2Q23 3Q23 4Q23 1Q24 Client preferences shift toward mobile 4.50 4.60 4.72 4.75 4.85 1Q23 2Q23 3Q23 4Q23 1Q24 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) Mobile app users1 Digital transactions2 Self-service deposits3 Zelle transactions 72% 74% 75% 76% 77% 1Q23 2Q23 3Q23 4Q23 1Q24 +8% +500 bps +40% (in millions) (in millions) – Education and digital activation delivered by Truist teammates coupled with client preferences shift transactions to mobile banking and money movement, driving 76 million digital transactions in 1Q24, a 13% increase over 1Q23 – 77% of deposits occurred in self-service channels, creating additional capacity for branch teammates to develop new client relationships and deliver knowledge and care to our clients – Driving increased client primacy with strong growth in Zelle® adoption; 227K new enrollments, an 11% increase from the previous quarter, with transactions up 40% over 1Q23 – Continue to deliver enhanced self-service capabilities to drive client engagement, including the recent launch of the Zelle® QR code widget that allows users to quickly access their code from their home screen 67 71 72 75 76 1Q23 2Q23 3Q23 4Q23 1Q24 +13% (in millions)

8 Earnings – First quarter 2024 net income available to common shareholders from continuing operations of $1.0 billion, or $0.76 per share, which included: – $75 million ($57 million after-tax), or $0.04 per share special FDIC assessment – $51 million ($39 million after-tax) or $0.03 per share due to restructuring charges primarily related to severance and branch closures – First quarter 2024 net income available to common shareholders from discontinued operations4 (TIH) of $64 million, or $0.05 per share, which included: – $89 million ($68 million after-tax), or $0.05 per share due to the accelerated recognition of TIH equity-based compensation – $19 million ($14 million after-tax), or $0.01 per share of restructuring charges – First quarter 2024 net income available to common shareholders was $1.1 billion, or $0.81 per share, and includes the impact of the special FDIC assessment, restructuring charges, and the accelerated recognition of equity-based compensation Revenue and expenses – Revenue decreased 1.4% vs. 4Q23 due to lower net interest income partially offset with higher investment banking and trading income – Revenue before the impact of discontinued operations accounting increased 0.2% vs. 4Q23 – Adjusted noninterest expense increased 0.7% vs. 4Q23 due to seasonally higher salary and employee benefit expense – Adjusted noninterest expenses before the impact of discontinued operations accounting increased 1.0% vs. 4Q23 1Q24 performance highlights Note: All data points are taxable-equivalent, where applicable Current quarter regulatory capital information is preliminary 1 Amounts presented represent results from continuing operations unless otherwise noted 2 Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations 3 These non-GAAP metrics do not adjust for restructuring charges for 2023 periods 4 See appendix for detail Summary income statement1 Commentary1 $ in millions, except per share data GAAP / Unadjusted 1Q24 4Q23 1Q23 Revenue $4,871 $4,940 $5,339 Expense $2,953 $9,557 $3,015 PPNR $1,918 $(4,617) $2,324 Net income available to common from continuing ops $1,027 $(5,268) $1,307 Net income available to common from discontinued ops $64 $101 $103 Net income available to common shareholders $1,091 $(5,167) $1,410 Diluted EPS from continuing ops $0.76 $(3.95) $0.98 Diluted EPS from discontinued ops $0.05 $0.08 $0.08 Diluted EPS $0.81 $(3.87) $1.05 Net interest margin 2.89% 2.96% 3.17% Efficiency ratio 61.3% 195.8% 57.0% CET1 ratio 10.1% 10.1% 9.1% Change vs. Adjusted2 1Q24 4Q23 1Q23 Revenue $4,871 (1.4)% (8.8)% Expense $2,739 0.7% (4.2)% PPNR $2,132 (4.0)% (14.0)% Net income available to common from continuing ops $1,084 9.2% (17.1)% Net income available to common from discontinued ops $132 30.7% 28.2% Net income available to common shareholders3 $1,216 11.2% (13.8)% Diluted EPS from continuing ops3 $0.80 8.1% (18.4)% Diluted EPS from discontinued ops3 $0.10 42.9% 25.0% Diluted EPS $0.90 11.1% (14.3)% Efficiency ratio 56.2% 120 bps 260 bps

9 $326 $326 $318 $313 $309 $194 $195 $193 $190 $188 $132 $131 $125 $123 $121 5.81% 6.07% 6.25% 6.36% 6.38% Commercial LHFI Consumer, mortgage, & card LHFI Loans HFI yield (%) 1Q23 2Q23 3Q23 4Q23 1Q24 Average loans and leases HFI $ in billions – Average loans decreased $4.1 billion, or 1.3%, from 4Q23 – Average commercial loans decreased $1.6 billion, or 0.9% driven by a decline in C&I – Average consumer loans decreased $2.4 billion, or 2.0% largely due to a $1.0 billion decline in indirect auto, an approximate $600 million decline in other consumer, and an approximate $600 million decline in mortgage loans 5-quarter trend Vs. linked quarter

10 Average deposits $ in billions $408 $400 $401 $395 $389 $277 $276 $282 $281 $280 $131 $124 $119 $115 $109 1.12% 1.53% 1.84% 1.92% 2.03% Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 1Q23 2Q23 3Q23 4Q23 1Q24 Cumulative beta calculations are based on change in average total deposit or interest-bearing deposit cost divided by change in average Fed Funds rate from 4Q21 to 1Q24, respectively May not foot due to rounding – Average deposits decreased $6.3 billion, or 1.6% – Average noninterest-bearing deposits decreased $5.7 billion, or 4.9% – Represented 28% of total deposits vs. 29% in 4Q23 – Average money market and savings deposits decreased $2.8 billion, or 2.0% – Average brokered deposits and negotiable CDs decreased $1.9 billion – Deposit costs increased primarily due to continued mix shift from lower cost deposit accounts – Total cost of deposits was 203 bps, up 11 bps from the prior quarter – Cumulative total deposit beta was 38% in 1Q24 vs. 36% in 4Q23 – Total cost of interest-bearing deposits was 282 bps, up 11 bps from the prior quarter – Cumulative interest-bearing deposit beta was 53% in 1Q24 vs. 51% in 4Q23 Vs. linked quarter 5-quarter trend

11 $3,918 $3,657 $3,592 $3,577 $3,425 3.17% 2.90% 2.93% 2.96% 2.89% Net interest income TE ($ MM) Net interest margin (%) 1Q23 2Q23 3Q23 4Q23 1Q24 – Net interest income decreased 4.2% primarily due to higher funding costs driven by deposit mix shift, lower earning assets, and day count – NIM declined 7 bps to 2.89% – Net interest income decreased 13% as a result of higher funding costs and lower earning assets – NIM declined 28 bps Net interest income and net interest margin Vs. linked quarter5-quarter trend Vs. like quarter $ in millions

12 – Noninterest income increased 1.8% due to higher other, investment banking and trading, and wealth management income, partially offset by lower mortgage banking and service charges on deposits income – Noninterest income increased 6.1% primarily driven by higher investment banking and trading income, partially offset by a decline in lending related fees due to lower leasing-related gains Noninterest income Vs. linked quarter Vs. like quarter Noninterest income 1Q24 4Q23 1Q23 Wealth management income $ 356 $ 346 $ 339 Investment banking and trading income 323 165 261 Service charges on deposits 225 229 250 Card and payment related fees 224 232 230 Mortgage banking income 97 94 142 Lending related fees 96 153 106 Operating lease income 59 60 67 Other income 66 84 26 Total noninterest income $ 1,446 $ 1,363 $ 1,421 $ in millions

13 – Noninterest expense decreased $6.6 billion due primarily to 4Q23 results including a non-cash goodwill impairment charge of $6.1 billion and an FDIC special assessment of $507 million – FDIC special assessment decreased $432 million to $75 million – Restructuring charges decreased $104 million primarily due to lower severance expense associated with our cost savings program – Adjusted noninterest expense increased $20 million, or 0.7% – Driven by seasonal increases related to payroll taxes and higher variable incentive compensation offsetting the impact of headcount reductions – Adjusted noninterest expense before the impact of discontinued operations accounting increased 1.0% vs. 4Q23 – Noninterest expense decreased $62 million – Other expense decreased primarily due to lower pension expense and lower operating losses – Personnel expense decreased due to lower headcount – Adjusted noninterest expense decreased $120 million, or 4.2% Noninterest expense Vs. linked quarter Vs. like quarter $54 Adjusted noninterest expense excludes restructuring charges, amortization, and other items. See appendix for non-GAAP reconciliation. 1Q24 4Q23 1Q23 Personnel expense $ 1,630 $ 1,474 $ 1,668 Professional fees and outside processing 278 305 287 Software expense 224 223 200 Net occupancy expense 160 159 169 Amortization of intangibles 88 98 100 Equipment expense 88 103 102 Marketing and customer development 56 53 68 Depreciation-property under operating leases 40 42 46 Regulatory costs 152 599 75 Restructuring charges 51 155 56 Goodwill impairment — 6,078 — Other expense 186 268 244 Total noninterest expense $ 2,953 $ 9,557 $ 3,015 Goodwill impairment $ — $ 6,078 $ — FDIC special assessment 75 507 — Restructuring charges 51 155 56 Amortization of intangibles 88 98 100 Adjusted noninterest expense $ 2,739 $ 2,719 $ 2,859 Noninterest expense $ in millions

14 $502 $538 $497 $572 $500 1Q23 2Q23 3Q23 4Q23 1Q24 NPLs were relatively stable on a linked-quarter basis Provision decreased on a linked-quarter basis due to lower loan balances and less allowance build ($ in MM) $297 $440 $405 $453 $490 0.37% 0.54% 0.51% 0.57% 0.64% NCO NCO ratio 1Q23 2Q23 3Q23 4Q23 1Q24 NCO ratio increased 7 bps on a linked-quarter basis reflecting continued normalization within the consumer and commercial portfolios ($ in MM) Asset quality 4.5x 9.0x 8.8x Net charge-offs Provision for credit losses Nonperforming loans / LHFI ALLL $4,479 $4,606 $4,693 $4,798 $4,803 ALLL ALLL ratio ALLL / NCO 1Q23 2Q23 3Q23 4Q23 1Q24 ALLL ratio increased 2 bps on a linked-quarter basis ($ in MM) 0.36% 0.47% 0.46% 0.44% 0.45% 1Q23 2Q23 3Q23 4Q23 1Q24 3.7X 2.6X 2.9X 1.37% 1.43% 1.49% 2.7X 1.54% 2.4X 1.56%

15 4Q23 CET1 Organic capital generation CECL and FDIC special assessment 1Q24 CET1 Capital 9.9% 10.1% ~0.2% 10.1% 1 2 ~2.3% 10.1% Estimated impact of pending TIH sale Pending sale of TIH significantly strengthens Truist’s relative capital position vs. peers 1Q24 capital walk 1 Organic capital generation is retained earnings net of dividend 2 Current quarter regulatory capital information is preliminary Commentary Pending sale of TIH seizes capital advantage – Generates 230 bps of CET1 under current Basel III rules and 255 bps under proposed rules – Increases tangible book value per share by 33% – Transaction on track to close in 2Q24 Capital deployment opportunities post-closing – Pursue growth in our consumer and wholesale banking businesses – Evaluate a potential balance sheet repositioning, subject to market conditions, with a goal of replacing TIH’s earnings – Resume share repurchase activity subject to market conditions, capital planning, and other factors Positioning for regulatory changes after the sale of TIH – Well prepared for fully phased-in Basel III capital requirements – Potential balance sheet repositioning would have no negative impact on tangible book value per share or fully phased in CET1 under proposed Basel III rules – Expect to meet proposed long-term debt requirements through normal course debt issuance ~(0.2%)

16 13.9% 2Q24 and 2024 outlook All data points are taxable-equivalent, where applicable Adjusted expenses exclude amortization of intangibles, restructuring charges, and other selected items Adjusted revenues exclude securities gains (losses) and other selected items See non-GAAP reconciliations in the appendix 1Q24 actuals 2Q24 outlook Revenue (TE) $4.9 Down ~2% – Excludes the impact of interest income earned on the proceeds from the pending sale of TIH – Excludes the impact of a potential balance sheet repositioning Adjusted expenses $2.7 Up ~4% Full year 2023 actuals Full year 2024 outlook Revenue (TE) $20.2 Down ~4%–5% – Excludes the impact of interest income earned on the proceeds from the pending sale of TIH – Excludes the impact of a potential balance sheet repositioning Adjusted expenses $11.4 Flat Net charge-off ratio 50 bps ~65 bps Tax rate ~16% effective; ~19% on FTE basis – Excludes the impact of the gain on the sale of TIH – Excludes the impact of a potential balance sheet repositioning Fu ll ye ar 2 02 4 co m pa re d to fu ll ye ar 2 02 3 2Q 24 co m pa re d to 1 Q 24 Based on continuing operations; $ in billions unless otherwise noted

17 13.9% 2024 strategic priorities Pursuing growth opportunities in our core businesses Maintaining expense discipline and seeking additional efficiencies Evaluating a balance sheet repositioning post closing of TIH, subject to market conditions Resuming share buybacks, subject to market conditions and capital planning Maintaining and strengthening sound risk controls and strong asset quality metrics Enhancing the client experience through T3 (touch + technology = trust)

Appendix

A-19 Multi Tenant 89% Medical 9% Single Tenant 2% Hotel 8% Industrial 17% Office 16% Multifamily 35% Retail 14% Other 10% 9.7% 11.1% 11.3% 11.7% 13.7% 0.41% 1.01% 1.09% 1.05% 0.96% 0.06% 0.49% 1.02% 0.70% 1.30% Criticized & classified ratio NPL ratio NCO ratio 1Q23 2Q23 3Q23 4Q23 1Q24 CRE 9.6% 22% 27% 16% 14% 20% 2024 2025 2026 2027 2028 and beyond Commercial real estate (CRE) spotlight 5-Quarter Total CRE Trends Total LHFI at 3/31/24 ($307B) CRE Office 1.7% CRE Mix Scheduled Office Maturities CRE Represents 9.6% of Total Loans HFI, Including Office at 1.7% NPL% 5.49% LTM NCO ratio 5.24% Loan loss reserves 9.3% WALTV ~65% % in Truist Southeast/ Mid-Atlantic footprint ~76% Office Spotlight All other loans 90.4% 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 Office Portfolio Primarily Composed of Multi Tenant, Non Gateway Properties Within Footprint Gateway 37% Non Gateway 63% Tenant Type Market Type

A-2 Consumer and Small Business Banking Income statement ($ MM) 1Q24 vs. 4Q23 vs. 1Q23 Net interest income $2,603 $(8.9) $(87) Allocated provision for credit losses 303 (56) 33 Noninterest income 494 (23) (50) Goodwill impairment — (3,361) — Noninterest expense ex. goodwill impairment 1,634 (58) 11 Segment net income (loss) $880 $3,424 $(143) Balance Sheet ($ B) Average loans(1) $125 $(3.0) $(13) Average deposits 212 (2.5) (7.4) Other Key Metrics(2) Mortgages serviced for others ($ B) $211 $(2.8) $(4.2) Branches 1,930 (71) (76) (1) Excludes loans held for sale (2) Amount reported reflects end of period balance Represents performance for Branch and Premier Banking, Consumer Lending, and Small Business Banking – Net income of $880 million, compared to a net loss of $2.5 billion in the prior quarter – Prior quarter includes $3.4 billion goodwill impairment – Net interest income of $2.6 billion decreased slightly by $8.9 million, or 0.3% vs. 4Q23, primarily driven by lower average deposit and loan balances along with fewer days in the current quarter, partially offset by higher funding credit on deposits – Average loans of $125 billion declined 2.3% vs. 4Q23 primarily driven by lower prime auto and residential mortgage – Average deposits of $212 billion declined 1.2% vs. 4Q23 reflecting continued consumer response to higher rates – Provision for credit losses decreased $56 million, or 16% vs. 4Q23, primarily driven by an ACL release in the current quarter compared to a build in the prior quarter – Noninterest income of $494 million decreased $23 million, or 4.4% vs. 4Q23, primarily driven by seasonally lower service charges and card and payment related fees – Mortgages serviced for others decreased 1.3% vs. 4Q23, primarily driven by higher runoff – Noninterest expense, excluding goodwill impairment, of $1.6 billion is down 3.4% vs. 4Q23, primarily driven by lower FDIC special assessment in the current quarter – Branch count down 3.5% vs. 4Q23 due to branch network optimization Metrics Commentary

A-3 Wholesale Banking – Net income of $876 million, compared to a net loss of $2.1 billion in the prior quarter – Prior quarter includes $2.7 billion goodwill impairment – Net interest income of $1.7 billion decreased $49 million, or 2.8%, due to lower average deposit and loan balances, increased deposit costs, and lower earning assets – Average loans of $183 billion decreased $1.1 billion, or 0.6%, driven by lower C&I balances – Average deposits of $142 billion decreased $1.8 billion, or 1.3%, related to seasonality and clients seeking higher yielding alternatives – Provision for credit losses of $198 million decreased $15 million, or 7.0%, primarily due to lower loan balances – Noninterest income of $985 million increased $92 million, or 10%, related to strong investment banking income – Noninterest expense, excluding goodwill impairment, of $1.4 billion decreased $263 million, or 16% from 4Q23 related to the FDIC special assessment decrease of $350 million – Excluding the FDIC assessment expense, noninterest expense of $1.3 billion increased $87 million vs. 4Q23 (1) Excludes loans held for sale Metrics Commentary Income statement ($ MM) 1Q24 vs. 4Q23 vs. 1Q23 Net interest income $1,679 $(49) ($153) Allocated provision for credit losses 198 (15) (37) Noninterest income 985 92 25 Goodwill impairment — (2,717) — Noninterest expense ex. goodwill impairment 1,385 (263) 75 Segment net income (loss) $876 $2,970 $(111) Balance Sheet ($ B) Average loans(1) $183 $(1.1) ($4.9) Average deposits 142 (1.8) (18) Represents performance for Commercial Banking, Corporate and Investment Banking, CRE, Enterprise Payments, and Wealth

A-4 Preferred dividend 2Q24 3Q24 4Q24 1Q25 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $77 $106 $76 $122 Estimates assume forward-looking interest rates as of 3/31/24. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above.

Non-GAAP Reconciliations

A-6 Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2024 2023 2023 2023 2023 Net income (loss) available to common shareholders from continuing operations $ 1,027 $ (5,268) $ 1,003 $ 1,094 $ 1,307 Goodwill impairment — 6,078 — — — FDIC special assessment 57 387 — — — Discrete tax benefit — (204) — — — Adjusted net income available to common shareholders from continuing operations(1) $ 1,084 $ 993 $ 1,003 $ 1,094 $ 1,307 Net Income available to common shareholders from discontinued operations $ 64 $ 101 $ 68 $ 140 $ 103 Accelerated TIH equity compensation expense 68 — — — — Adjusted net income available to common shareholders from discontinued operations(1) $ 132 $ 101 $ 68 $ 140 $ 103 Net income (loss) available to common shareholders $ 1,091 $ (5,167) $ 1,071 $ 1,234 $ 1,410 Adjusted net income available to common shareholders(1) 1,216 1,094 1,071 1,234 1,410 Weighted average shares outstanding - diluted (GAAP net income (loss) available to common shareholders) 1,346,904 1,333,703 1,340,574 1,337,307 1,339,480 Weighted average shares outstanding - diluted (adjusted net income available to common shareholders) 1,346,904 1,342,790 1,340,574 1,337,307 1,339,480 Diluted EPS from continuing operations $ 0.76 $ (3.95) $ 0.75 $ 0.82 $ 0.98 Diluted EPS from continued operations - adjusted(1) 0.80 0.74 0.75 0.82 0.98 Diluted EPS from discontinuing operations 0.05 0.08 0.05 0.10 0.08 Diluted EPS from discontinued operations - adjusted(1) 0.10 0.07 0.05 0.10 0.08 Diluted EPS 0.81 (3.87) 0.80 0.92 1.05 Diluted EPS - adjusted(1) 0.90 0.81 0.80 0.92 1.05 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 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.

A-7 Non-GAAP reconciliations Revenue and expense before the impact of discontinued operations accounting ($ MM) Quarter Ended March 31, 2024 Quarter Ended Dec. 31, 2023 Reported Other(3) Discontinued operations Before the impact of discontinued operations accounting Reported Other(3) Discontinued operations Before the impact of discontinued operations accounting Net interest income (TE) $ 3,425 $ 3 $ 24 $ 3,452 $ 3,577 $ 3 $ 21 $ 3,601 Noninterest income 1,446 (28) 897 2,315 1,363 (38) 830 2,155 Revenue(1)(2) $ 4,871 $ (25) $ 921 $ 5,767 $ 4,940 $ (35) $ 851 $ 5,756 Adjusted expense(2) $ 2,739 $ (25) $ 703 $ 3,417 $ 2,719 $ (36) $ 699 $ 3,382 Restructuring charges 51 — 19 70 155 — 28 183 Amortization of intangibles 88 — 21 109 98 — 32 130 Goodwill impairment — — — — 6,078 — — 6,078 FDIC special assessment 75 — — 75 507 — — 507 Accelerated TIH equity compensation — — 89 89 — — — — Total expense $ 2,953 $ (25) $ 832 $ 3,760 $ 9,557 $ (36) $ 759 $ 10,280 (1) Revenue is defined as net interest income plus noninterest income. (2) Adjusted revenue excludes other selected items. Adjusted noninterest expense excludes amortization of intangible assets, restructuring charges, and other selected items. 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. (3) Represents certain intercompany relationships that are grossed up in continuing operations

A-8 Non-GAAP reconciliations Efficiency 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 (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. Adjusted revenue excludes securities gains (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 March 31 Dec. 31 Sept. 30 June 30 March 31 2024 2023 2023 2023 2023 Efficiency ratio numerator - noninterest expense - GAAP $ 2,953 $ 9,557 $ 3,060 $ 3,046 $ 3,015 Restructuring charges, net (51) (155) (61) (48) (56) Gain (loss) on early extinguishment of debt — — — (4) — Goodwill impairment — (6,078) — — — Amortization of intangibles (88) (98) (98) (99) (100) FDIC special assessment (75) (507) — — — Efficiency ratio numerator - adjusted noninterest expense(2) $ 2,739 $ 2,719 $ 2,901 $ 2,895 $ 2,859 Efficiency ratio denominator - revenue(1) - GAAP $ 4,818 $ 4,882 $ 4,869 $ 4,983 $ 5,288 Taxable equivalent adjustment 53 58 57 54 51 Efficiency ratio denominator - adjusted revenue(1)((2) $ 4,871 $ 4,940 $ 4,926 $ 5,037 $ 5,339 Efficiency ratio - GAAP 61.3 % 195.8 % 62.9 % 61.1 % 57.0 % Efficiency ratio - adjusted(2) 56.2 55.0 58.9 57.5 53.6

A-9 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 March 31 Dec. 31 Sept. 30 June 30 March 31 2024 2023 2023 2023 2023 Net income from continuing operations $ 1,133 $ (5,191) $ 1,109 $ 1,169 $ 1,410 Provision for credit losses 500 572 497 538 502 Provision for income taxes 232 (56) 203 230 361 Taxable-equivalent adjustment 53 58 57 54 51 Pre-provision net revenue(1) $ 1,918 $ (4,617) $ 1,866 $ 1,991 $ 2,324 Restructuring charges, net 51 155 61 48 56 Gain (loss) on early extinguishment of debt — — — 4 — Goodwill impairment — 6,078 — — — Amortization of intangibles 88 98 98 99 100 FDIC special assessment 75 507 — — — Pre-provision net revenue - adjusted(1) $ 2,132 $ 2,221 $ 2,025 $ 2,142 $ 2,480

A-10 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 March 31 Dec. 31 Sept. 30 June 30 March 31 2024 2023 2023 2023 2023 Common shareholders’ equity $ 52,148 $ 52,428 $ 55,167 $ 56,853 $ 55,699 Less: Intangible assets, net of deferred taxes (including discontinued operations) 23,198 23,306 29,491 29,628 29,788 Tangible common shareholders’ equity(1) $ 28,950 $ 29,122 $ 25,676 $ 27,225 $ 25,911 Outstanding shares at end of period 1,338,096 1,333,743 1,333,668 1,331,976 1,331,918 Common shareholders’ equity per common share $ 38.97 $ 39.31 $ 41.37 $ 42.68 $ 41.82 Tangible common shareholders’ equity per common share(1) 21.64 21.83 19.25 20.44 19.45 Net income available to common shareholders $ 1,091 $ (5,167) $ 1,071 $ 1,234 $ 1,410 Plus: goodwill impairment — 6,078 — — — Plus: amortization of intangibles, net of tax (including discontinued operations) 84 99 99 100 104 Tangible net income available to common shareholders(1) $ 1,175 $ 1,010 $ 1,170 $ 1,334 $ 1,514 Average common shareholders’ equity $ 52,167 $ 56,061 $ 56,472 $ 57,302 $ 55,380 Less: Average intangible assets, net of deferred taxes (including discontinued operations) 23,244 29,377 29,570 29,775 29,889 Average tangible common shareholders’ equity(1) $ 28,923 $ 26,684 $ 26,902 $ 27,527 $ 25,491 Return on average common shareholders’ equity 8.4 % (36.6) % 7.5 % 8.6 % 10.3 % Return on average tangible common shareholders’ equity(1) 16.3 15.0 17.3 19.4 24.1

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