tfc-20241017


			News Release

Truist reports third quarter 2024 results

Net income available to common shareholders of $1.3 billion, or $0.99 per share	Solid third quarter results driven by strong revenue growth, expense discipline, and stable asset quality		Repurchased $500 million in common shares; Dividend and total payout ratios of 52% and 90%
3Q24 Key Financial Data		3Q24 Performance Highlights(4)




(Dollars in billions, except per share data)	3Q24			2Q24			3Q23
Summary Income Statement
Net interest income - TE	$	3.66		$	3.58		$	3.59
Noninterest income	1.48			(5.21)			1.33
Total revenue - TE	5.14			(1.63)			4.93


Noninterest expense	2.93			3.09			3.06
Net income (loss) from continuing operations	1.44			(3.91)			1.11
Net income from discontinued operations	0.00			4.83			0.07
Net income	1.44			0.92			1.18
Net income available to common shareholders	1.34			0.83			1.07
Adjusted net income available to common shareholders(1)	1.31			1.24			1.07
PPNR - unadjusted(1)(2)	2.21			(4.73)			1.87
PPNR - adjusted(1)(2)	2.31			2.21			2.03
Key Metrics


Diluted EPS	$	0.99		$	0.62		$	0.80
Adjusted diluted EPS(1)	0.97			0.91			0.80
BVPS	44.46			42.71			41.37
TBVPS(1)	30.64			28.91			19.25



ROCE	9.1		%	6.1		%	7.5		%
ROTCE(1)	13.8			10.4			17.3
Efficiency ratio - unadjusted(2)	57.5			NM			62.9
Efficiency ratio - adjusted(1)(2)	55.2			56.0			58.9
Fee income ratio - unadjusted(2)	29.2			NM			27.4
Fee income ratio - adjusted(1)(2)	28.9			28.7			27.1
NIM - TE(2)	3.12			3.02			2.92
NCO ratio	0.55			0.58			0.51
ALLL ratio	1.60			1.57			1.49
CET1 ratio(3)	11.6			11.6			9.9

Average Balances
Assets	$	519		$	527		$	548
Securities	117			122			136
Loans and leases	305			308			320
Deposits	384			388			401

Amounts may not foot due to rounding.

(1)Represents a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s Third 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 third quarter of 2024 compared to second quarter of 2024 on a continuing operations basis, unless otherwise noted.

•Net income available to common shareholders was $1.3 billion, or $0.99 per diluted share

•Total revenues were up $6.8 billion due primarily to securities losses in the earlier quarter. Adjusted revenues(1) were up 2.4% due to higher net interest income and noninterest income.

◦Net interest income increased 2.2%; net interest margin was up 10 basis points

◦Noninterest income was up 3.1% due to higher investment banking and trading income and other income

•Noninterest expense was down 5.4%. Adjusted noninterest expense(1) was up 0.9%, reflecting higher professional fees and outside processing expense, partially offset by lower personnel expense.

•Adjusted PPNR(1) was $2.3 billion, up 4.4%

•Average loans and leases HFI decreased 1.0% due to declines in the commercial and industrial and residential mortgage portfolios, partially offset by growth in the other consumer portfolio

•Average deposits decreased 1.0% due to declines in time and noninterest-bearing deposits, partially offset by an increase in money market and savings deposits

•Asset quality remains solid

◦Nonperforming loans to total loans were up two basis points due to an increase in the commercial and industrial portfolio, partially offset by a decline in the CRE portfolio

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

◦ALLL ratio increased three basis points

◦Net charge-off ratio of 55 basis points, down three basis points driven by lower net charge-offs in the CRE portfolio

•Capital levels remain strong

◦Repurchased $500 million in common shares, resulting in a dividend and total payout ratio of 52% and 90%, respectively

◦CET1 ratio(3) was 11.6%

•Liquidity levels remain strong with consolidated average LCR of 112%


CEO Commentary

“In the third quarter, we made considerable progress on driving revenue growth through our core banking business by adding new clients, deepening relationships, hiring and developing talented teammates, and investing in technology and infrastructure while maintaining strong expense discipline.

Asset quality metrics were better than our expectations. We also returned $1.2 billion of capital to our shareholders in the form of our common stock dividend and share repurchases completed during the quarter.

Hurricanes Helene and Milton significantly affected teammates and clients in many communities Truist serves. We are working closely with those impacted by these disasters and are committed to help these communities rebuild.

I am particularly proud of Truist teammates living our purpose, which has been on full display these past few weeks. Together, we will continue to deliver on our purpose and care for our clients, which fuel our momentum and growth.”

— Bill Rogers, Truist Chairman & CEO


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


Net Interest Income, Net Interest Margin, and Average Balances
	Quarter Ended						Change
(Dollars in millions)	3Q24			2Q24				3Q23			Link				Like
Interest income(1)	$	6,407		$	6,404			$	6,284		$	3	—	%		$	123	2.0	%
Interest expense	2,750			2,824				2,692			(74)		(2.6)			58		2.2
Net interest income(1)	$	3,657		$	3,580			$	3,592		$	77	2.2			$	65	1.8

Net interest margin(1)	3.12		%	3.02		%		2.92		%	10 bps					20 bps


Average Balances(2)
Total earning assets	$	466,137		$	474,144			$	489,001		$	(8,007)	(1.7)	%		$	(22,864)	(4.7)	%
Total interest-bearing liabilities	334,363			343,145				350,380			(8,782)		(2.6)			(16,017)		(4.6)

Yields / Rates(1)
Total earning assets	5.47		%	5.42		%		5.11		%	5 bps					36 bps
Total interest-bearing liabilities	3.27			3.31				3.05			(4) bps					22 bps

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

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

Taxable-equivalent net interest income for the third quarter of 2024 was up $77 million, or 2.2%, compared to the second quarter of 2024. Net interest margin was 3.12%, up ten basis points.

•Average earning assets decreased $8.0 billion, or 1.7%, primarily due to declines in average securities of $4.6 billion, or 3.8%, and total loans of $3.0 billion, or 1.0%.

•The yield on the average total loan portfolio was 6.41%, down three basis points and the yield on the average securities portfolio was 2.97%, up 21 basis points primarily due to investment in higher yielding, shorter duration securities as part of the balance sheet repositioning completed during the second quarter of 2024.

•Average deposits decreased $3.7 billion, or 1.0%, average short-term borrowings decreased $5.2 billion, or 20%, and average long-term debt decreased $1.4 billion, or 3.8%. The declines in short-term borrowings and long-term debt were due to decreased funding needs.

•The average cost of total deposits was 2.08%, down one basis point and the average cost of short-term borrowings was 5.41%, down 17 basis points compared to the prior quarter. The average cost of long-term debt was 5.13%, up 26 basis points primarily due to additional hedge costs in the third quarter of 2024.

Taxable-equivalent net interest income for the third quarter of 2024 was up $65 million, or 1.8%, compared to the third quarter of 2023 primarily due to the balance sheet repositioning. Net interest margin was 3.12%, up 20 basis points.

•Average earning assets decreased $22.9 billion, or 4.7%, primarily due to a decrease in average securities of $19.0 billion, or 14%, and a decline in average total loans of $15.3 billion, or 4.8%, partially offset by growth in other earning assets of $10.4 billion, or 36%. The decrease in average securities and increase in average other earning assets primarily reflects the balance sheet repositioning.

•The yield on the average total loan portfolio was 6.41%, up 16 basis points and the yield on the average securities portfolio was 2.97%, up 72 basis points, reflecting the balance sheet repositioning and higher average market interest rates.

•Average deposits decreased $16.7 billion, or 4.2%, average short-term borrowings decreased $4.1 billion, or 17%, and average long-term debt decreased $8.0 billion, or 19%.

•The average cost of total deposits was 2.08%, up 24 basis points. The average cost of short-term borrowings was 5.41%, down six basis points. The average cost of long-term debt was 5.13%, up 62 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

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Noninterest Income
	Quarter Ended				Change
(Dollars in millions)	3Q24		2Q24			3Q23		Link				Like

Wealth management income	$	350	$	361		$	343	$	(11)	(3.0)	%		$	7	2.0	%
Investment banking and trading income	332		286			185		46		16.1			147		79.5
Card and payment related fees	222		230			238		(8)		(3.5)			(16)		(6.7)
Service charges on deposits	221		232			154		(11)		(4.7)			67		43.5
Mortgage banking income	106		112			102		(6)		(5.4)			4		3.9
Lending related fees	88		89			102		(1)		(1.1)			(14)		(13.7)
Operating lease income	49		50			63		(1)		(2.0)			(14)		(22.2)
Securities gains (losses)	—		(6,650)			—		6,650		(100.0)			—		NM
Other income	115		78			147		37		47.4			(32)		(21.8)
Total noninterest income	$	1,483	$	(5,212)		$	1,334	$	6,695	(128.5)			$	149	11.2

Noninterest income was up $6.7 billion compared to the second quarter of 2024 primarily due to $6.7 billion of securities losses in the prior quarter resulting from the balance sheet repositioning, higher investment banking and trading income, and higher other income. Excluding securities losses, noninterest income was up $45 million, or 3.1%, compared to the second quarter of 2024.

•Investment banking and trading income increased due to higher equity originations and merger and acquisition advisory fees.

•Other income increased due to higher equity investment income, the gain on the sale of Sterling Capital Management LLC, an asset management business, partially offset by a valuation decrease for derivatives related to Visa shares.

Noninterest income was up $149 million, or 11%, compared to the third quarter of 2023 primarily due to higher investment banking and trading income and service charges on deposits, partially offset by lower other income.

•Investment banking and trading income increased due to higher bond and equity originations and higher structured real estate income.

•Service charges on deposits increased due to a prior period reduction in deposit service charge fees due to client refund accruals resulting from a revision in deposit service fee protocols, partially offset by a decline as a result of continued growth of Truist One Banking.

•Other income decreased due to lower equity investment income due to gains in the third quarter of 2023, lower income from investments held for certain post-retirement benefits (which is primarily offset by lower personnel expense), and a valuation decrease for derivatives related to Visa shares, partially offset by the gain on the sale of Sterling Capital Management LLC.

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Noninterest Expense
	Quarter Ended				Change
(Dollars in millions)	3Q24		2Q24			3Q23		Link				Like
Personnel expense	$	1,628	$	1,661		$	1,669	$	(33)	(2.0)	%		$	(41)	(2.5)	%
Professional fees and outside processing	336		308			289		28		9.1			47		16.3
Software expense	222		218			222		4		1.8			—		—
Net occupancy expense	157		160			164		(3)		(1.9)			(7)		(4.3)
Amortization of intangibles	84		89			98		(5)		(5.6)			(14)		(14.3)
Equipment expense	84		89			89		(5)		(5.6)			(5)		(5.6)
Marketing and customer development	75		63			70		12		19.0			5		7.1
Operating lease depreciation	34		34			43		—		—			(9)		(20.9)
Regulatory costs	51		85			77		(34)		(40.0)			(26)		(33.8)
Restructuring charges	25		33			61		(8)		(24.2)			(36)		(59.0)

Other expense	231		354			278		(123)		(34.7)			(47)		(16.9)
Total noninterest expense	$	2,927	$	3,094		$	3,060	$	(167)	(5.4)			$	(133)	(4.3)

Noninterest expense was down $167 million, or 5.4%, compared to the second quarter of 2024 due to a $150 million charitable contribution to the Truist Foundation (other expense) in the earlier quarter, lower personnel expense, lower FDIC special assessment (reduction of $16 million in the third quarter of 2024 compared to cost of $13 million in the second quarter of 2024) (regulatory costs), partially offset by higher professional fees and outside processing expense. Restructuring charges for both quarters include severance charges as well as costs associated with continued facilities optimization initiatives. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment, restructuring charges, and the amortization of intangibles, increased $25 million, or 0.9%, compared to the prior quarter.

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

•Personnel expense decreased primarily due to lower medical claims.

Noninterest expense was down $133 million, or 4.3%, compared to the third quarter of 2023 due to decreases in other expense, personnel expense, restructuring charges, and the FDIC special assessment (reduction of $16 million in the third quarter of 2024) (regulatory costs), partially offset by an increase in professional services and outside processing expense. Restructuring charges decreased $36 million driven by lower severance charges. Adjusted noninterest expense, which excludes the FDIC special assessment adjustment, restructuring charges, and the amortization of intangibles, decreased $67 million, or 2.3%, compared to the earlier quarter.

•Other expense decreased due to the prior period costs associated with a revision in deposit service fee protocols, the prior period resolution of the USAA remote deposit capture patent infringement lawsuit, and lower pension amortization expense.

•Personnel expense decreased due to lower headcount across most lines of business and lower other post-retirement benefit expense (which is almost entirely offset by lower other income), partially offset by higher incentives.

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

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Provision for Income Taxes
	Quarter Ended						Change
(Dollars in millions)	3Q24			2Q24				3Q23			Link			Like
Provision (benefit) for income taxes	$	271		$	(1,324)			$	203		$	1,595	(120.5)%		$	68	33.5%
Effective tax rate	15.8		%	25.3		%		15.5		%	NM				30 bps

The third quarter of 2024 reflects a provision for income taxes while the second quarter of 2024 reflects a benefit for income taxes driven by the discrete impact of the balance sheet repositioning of securities.

The higher effective tax rate for the third quarter of 2024 compared to the third quarter of 2023 is due to higher full year forecasted effective tax rate in the current year, excluding the pre-tax loss from the balance sheet repositioning of securities.


Average Loans and Leases
(Dollars in millions)	3Q24		2Q24		Change		% Change

Commercial:
Commercial and industrial	$	154,102	$	157,043	$	(2,941)	(1.9)	%
CRE	21,481		21,969		(488)		(2.2)
Commercial construction	7,870		7,645		225		2.9

Total commercial	183,453		186,657		(3,204)		(1.7)
Consumer:
Residential mortgage	53,999		54,490		(491)		(0.9)
Home equity	9,703		9,805		(102)		(1.0)
Indirect auto	22,121		22,016		105		0.5
Other consumer	29,015		28,326		689		2.4

Total consumer	114,838		114,637		201		0.2
Credit card	4,874		4,905		(31)		(0.6)

Total loans and leases held for investment	$	303,165	$	306,199	$	(3,034)	(1.0)

Average loans held for investment decreased $3.0 billion, or 1.0%, compared to the prior quarter.

•Average commercial loans decreased 1.7% due to a decline in the commercial and industrial portfolio.

•Average consumer loans increased 0.2% due to growth in the other consumer portfolio, partially offset by a decline in the residential mortgage portfolio.


Average Deposits
(Dollars in millions)	3Q24		2Q24		Change		% Change

Noninterest-bearing deposits	$	106,080	$	107,634	$	(1,554)	(1.4)	%
Interest checking	103,899		103,894		5		—
Money market and savings	136,639		135,264		1,375		1.0
Time deposits	37,726		41,250		(3,524)		(8.5)

Total deposits	$	384,344	$	388,042	$	(3,698)	(1.0)

Average deposits for the third quarter of 2024 were $384.3 billion, a decrease of $3.7 billion, or 1.0%, compared to the prior quarter.

Average noninterest-bearing deposits decreased 1.4% compared to the prior quarter and represented 27.6% of total deposits for the third quarter of 2024 compared to 27.7% for the second quarter of 2024. Average time deposits decreased 8.5%. Average money market and savings accounts increased 1.0%.

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Capital Ratios
	3Q24		2Q24		1Q24		4Q23		3Q23
Risk-based:	(preliminary)
CET1	11.6	%	11.6	%	10.1	%	10.1	%	9.9	%
Tier 1	13.2		13.2		11.7		11.6		11.4
Total	15.3		15.4		13.9		13.7		13.5
Leverage	10.8		10.5		9.5		9.3		9.2
Supplementary leverage	9.1		8.9		8.0		7.9		7.8

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist’s CET1 ratio was 11.6% as of September 30, 2024, flat compared to June 30, 2024 as current quarter earnings were partially offset by dividends and share repurchases.

Truist declared common dividends of $0.52 per share during the third quarter of 2024 and repurchased $500 million of common stock. The dividend and total payout ratios for the third quarter of 2024 were 52% and 90%, respectively.

Truist’s average consolidated LCR was 112% for the three months ended September 30, 2024, compared to the regulatory minimum of 100%.

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Asset Quality
(Dollars in millions)	3Q24			2Q24			1Q24			4Q23			3Q23
Total nonperforming assets	$	1,528		$	1,476		$	1,476		$	1,488		$	1,584

Total loans 90 days past due and still accruing	518			489			538			534			574
Total loans 30-89 days past due and still accruing	1,769			1,791			1,716			1,971			1,636
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.48		%	0.46		%	0.45		%	0.44		%	0.46		%


Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.58			0.59			0.56			0.63			0.52
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.17			0.16			0.18			0.17			0.18
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	1.60			1.57			1.56			1.54			1.49
Ratio of allowance for loan and lease losses to net charge-offs	2.9x			2.7x			2.4x			2.7x			2.9x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.3x			3.4x			3.4x			3.5x			3.2x

Applicable ratios are annualized.

Nonperforming assets totaled $1.5 billion at September 30, 2024, up $52 million compared to June 30, 2024, due to an increase in the commercial and industrial portfolio, partially offset by a decline in the CRE portfolio. Nonperforming loans and leases held for investment were 0.48% of loans and leases held for investment at September 30, 2024, up two basis points compared to June 30, 2024.

Loans 90 days or more past due and still accruing totaled $518 million at September 30, 2024, up one basis point as a percentage of loans and leases compared with the prior quarter due primarily to an increase in the government guaranteed residential mortgage portfolio. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at September 30, 2024, unchanged from June 30, 2024.

Loans 30-89 days past due and still accruing totaled $1.8 billion at September 30, 2024, down $22 million, or one basis point, as a percentage of loans and leases, compared to the prior quarter primarily due to a decrease in the residential mortgage portfolio, partially offset by an increase in the other consumer portfolio.

The allowance for credit losses was $5.1 billion and includes $4.8 billion for the allowance for loan and lease losses and $298 million for the reserve for unfunded commitments. The ALLL ratio was 1.60%, up three basis points compared with June 30, 2024. The ALLL covered nonperforming loans and leases held for investment 3.3X, compared to 3.4x at June 30, 2024. At September 30, 2024, the ALLL was 2.9X annualized net charge-offs, compared to 2.7X at June 30, 2024.


Provision for Credit Losses
	Quarter Ended						Change
(Dollars in millions)	3Q24			2Q24				3Q23			Link				Like
Provision for credit losses	$	448		$	451			$	497		$	(3)	(0.7)	%		$	(49)	(9.9)	%
Net charge-offs	418			442				405			(24)		(5.4)			13		3.2

Net charge-offs as a percentage of average loans and leases	0.55		%	0.58		%		0.51		%	(3) bps					4 bps

Applicable ratios are annualized.

The provision for credit losses was $448 million compared to $451 million for the second quarter of 2024.

•The decrease in the current quarter provision expense primarily reflects a lower allowance build, partially offset by additional reserves related to Hurricane Helene.

•The net charge-off ratio for the current quarter was down compared to the second quarter of 2024 primarily driven by lower net charge-offs in the CRE portfolio.

The provision for credit losses was $448 million compared to $497 million for the third quarter of 2023.

•The decrease in the current quarter provision expense primarily reflects a lower allowance build, partially offset by additional reserves related to Hurricane Helene.

•The net charge-off ratio was up compared to the third quarter of 2023 primarily driven by higher net charge-offs in the other consumer and credit card portfolios, partially offset by lower net charge-offs in the CRE portfolio.

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Earnings Presentation and Quarterly Performance Summary

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

Webcast: app.webinar.net/qVga5Y8KdRw

Dial-in: 1-877-883-0383, passcode 1322262

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 Third Quarter 2024 Quarterly Performance Summary, which contains detailed financial schedules, are available at https://ir.truist.com/earnings.


About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $523 billion as of September 30, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.

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Glossary of Defined Terms
Term			Definition

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

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

FDIC			Federal Deposit Insurance Corporation

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


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

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Non-GAAP Financial Information

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

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

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

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

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

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

- 9 -


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 (either directly or indirectly through our ownership interests in joint ventures or other legal entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;

•evolving accounting standards and policies;

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

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

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

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

•changes in any of our credit ratings;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

- 10 -

Quarterly Performance Summary

Truist Financial Corporation

Third Quarter 2024


Table of Contents
Quarterly Performance Summary
Truist Financial Corporation




						Page
Financial Highlights						1

Consolidated Statements of Income						2

Consolidated Ending Balance Sheets						3


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

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

Financial Highlights


	Quarter Ended															Year-to-Date
(Dollars in millions, except per share data, shares in thousands)	Sept. 30			June 30			March 31			Dec. 31			Sept. 30			Sept. 30			Sept. 30
	2024			2024			2024			2023			2023			2024			2023
Summary Income Statement
Interest income - taxable equivalent	$	6,407		$	6,404		$	6,237		$	6,324		$	6,284		$	19,048		$	18,348
Interest expense	2,750			2,824			2,812			2,747			2,692			8,386			7,181
Net interest income - taxable equivalent	3,657			3,580			3,425			3,577			3,592			10,662			11,167
Less: Taxable-equivalent adjustment	55			53			53			58			57			161			162
Net interest income	3,602			3,527			3,372			3,519			3,535			10,501			11,005
Provision for credit losses	448			451			500			572			497			1,399			1,537
Net interest income after provision for credit losses	3,154			3,076			2,872			2,947			3,038			9,102			9,468
Noninterest income	1,483			(5,212)			1,446			1,363			1,334			(2,283)			4,135
Noninterest expense	2,927			3,094			2,953			9,557			3,060			8,974			9,121
Income (loss) before income taxes	1,710			(5,230)			1,365			(5,247)			1,312			(2,155)			4,482
Provision (benefit) for income taxes	271			(1,324)			232			(56)			203			(821)			794
Net income (loss) from continuing operations(1)	1,439			(3,906)			1,133			(5,191)			1,109			(1,334)			3,688
Net income (loss) from discontinued operations(1)	3			4,828			67			101			74			4,898			355
Net income (loss)	1,442			922			1,200			(5,090)			1,183			3,564			4,043

Noncontrolling interests from discontinued operations(1)	—			19			3			—			6			22			44

Preferred stock dividends and other	106			77			106			77			106			289			284
Net income (loss) available to common shareholders	1,336			826			1,091			(5,167)			1,071			3,253			3,715
Net income available to common shareholders - adjusted(2)	1,307			1,235			1,216			1,094			1,071			3,758			3,715
Additional Income Statement Information
Revenue - taxable equivalent	5,140			(1,632)			4,871			4,940			4,926			8,379			15,302
Pre-provision net revenue - unadjusted(2)	2,213			(4,726)			1,918			(4,617)			1,866			(595)			6,181
Pre-provision net revenue - adjusted(2)	2,306			2,209			2,132			2,221			2,025			6,647			6,647
Key Metrics
Earnings:
Earnings per share-basic from continuing operations(1)(3)	$	1.00		$	(2.98)		$	0.77		$	(3.95)		$	0.75		$	(1.21)		$	2.56

Earnings per share-basic	1.00			0.62			0.82			(3.87)			0.80			$	2.44		$	2.79
Earnings per share-diluted from continuing operations(1)(3)	0.99			(2.98)			0.76			(3.95)			0.75			(1.21)			2.54

Earnings per share-diluted	0.99			0.62			0.81			(3.87)			0.80			2.44			2.77
Earnings per share-adjusted diluted(2)	0.97			0.91			0.90			0.81			0.80			2.79			2.77
Cash dividends declared per share	0.52			0.52			0.52			0.52			0.52			1.56			1.56
Common shareholders’ equity per share	44.46			42.71			38.97			39.31			41.37
Tangible common shareholders’ equity per share(2)	30.64			28.91			21.64			21.83			19.25
End of period shares outstanding	1,327,521			1,338,223			1,338,096			1,333,743			1,333,668
Weighted average shares outstanding-basic	1,334,212			1,338,149			1,335,091			1,333,703			1,333,522			1,335,812			1,331,377
Weighted average shares outstanding-diluted	1,349,129			1,338,149			1,346,904			1,333,703			1,340,574			1,335,812			1,339,041
Return on average assets	1.10		%	0.70		%	0.91		%	(3.74)		%	0.86		%	0.91		%	0.97		%
Return on average common shareholders’ equity	9.1			6.1			8.4			(36.6)			7.5			7.9			8.8
Return on average tangible common shareholders’ equity(2)	13.8			10.4			16.3			15.0			17.3			13.4			20.2
Net interest margin - taxable equivalent(3)	3.12			3.02			2.88			2.95			2.92			3.01			2.99
Efficiency ratio-unadjusted(3)	57.5			NM			61.3			NM			62.9			NM			60.3
Efficiency ratio-adjusted(2)(3)	55.2			56.0			56.2			55.0			58.9			55.8			56.6
Fee income ratio-unadjusted(3)	29.2			NM			30.0			27.9			27.4			NM			27.3
Fee income ratio-adjusted(2)(3)	28.9			28.7			29.7			27.6			27.1			29.1			27.0
Credit Quality
Nonperforming loans and leases as a percentage of LHFI	0.48		%	0.46		%	0.45		%	0.44		%	0.46		%
Net charge-offs as a percentage of average LHFI	0.55			0.58			0.64			0.57			0.51			0.59		%	0.47		%
Allowance for loan and lease losses as a percentage of LHFI	1.60			1.57			1.56			1.54			1.49
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.3x			3.4x			3.4x			3.5x			3.2x
Average Balances
Assets	$	519,415		$	526,894		$	531,002		$	539,656		$	547,704		$	525,747		$	557,674
Securities(4)	117,172			121,796			131,659			134,070			136,166			123,518			138,726
Loans and leases	304,578			307,583			309,426			313,832			319,881			307,186			325,201
Deposits	384,344			388,042			389,058			395,333			401,038			387,138			403,080
Common shareholders’ equity	58,667			54,863			52,167			56,061			56,472			55,245			56,389
Total shareholders’ equity	65,341			61,677			59,011			62,896			63,312			62,022			63,168
Period-End Balances
Assets	$	523,434		$	519,853		$	534,959		$	535,349		$	542,707
Securities(4)	115,606			108,416			119,419			121,473			120,059
Loans and leases	304,362			307,149			308,477			313,341			317,112
Deposits	387,778			385,411			394,265			395,865			400,024
Common shareholders’ equity	59,023			57,154			52,148			52,428			55,167
Total shareholders’ equity	65,696			63,827			59,053			59,253			62,007
Capital and Liquidity Ratios	(preliminary)
Common equity tier 1	11.6		%	11.6		%	10.1		%	10.1		%	9.9		%
Tier 1	13.2			13.2			11.7			11.6			11.4
Total	15.3			15.4			13.9			13.7			13.5
Leverage	10.8			10.5			9.5			9.3			9.2
Supplementary leverage	9.1			8.9			8.0			7.9			7.8
Liquidity coverage ratio	112			110			115			112			110

Applicable ratios are annualized.

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

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

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

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

- 1 -

Consolidated Statements of Income


	Quarter Ended										Year-to-Date
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Sept. 30		Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2024		2024		2024		2023		2023		2024		2023
Interest Income
Interest and fees on loans and leases	$	4,852	$	4,879	$	4,865	$	4,971	$	4,976	$	14,596	$	14,547
Interest on securities	869		838		805		802		763		2,512		2,264
Interest on other earning assets	631		634		514		493		488		1,779		1,375
Total interest income	6,352		6,351		6,184		6,266		6,227		18,887		18,186
Interest Expense
Interest on deposits	2,014		2,016		1,964		1,917		1,858		5,994		4,510
Interest on long-term debt	454		446		482		476		491		1,382		1,739
Interest on other borrowings	282		362		366		354		343		1,010		932
Total interest expense	2,750		2,824		2,812		2,747		2,692		8,386		7,181
Net Interest Income	3,602		3,527		3,372		3,519		3,535		10,501		11,005
Provision for credit losses	448		451		500		572		497		1,399		1,537
Net Interest Income After Provision for Credit Losses	3,154		3,076		2,872		2,947		3,038		9,102		9,468
Noninterest Income

Wealth management income	350		361		356		346		343		1,067		1,012
Investment banking and trading income	332		286		323		165		185		941		657
Card and payment related fees	222		230		224		232		238		676		704
Service charges on deposits	221		232		225		229		154		678		644
Mortgage banking income	106		112		97		94		102		315		343
Lending related fees	88		89		96		153		102		273		294
Operating lease income	49		50		59		60		63		158		194
Securities gains (losses)	—		(6,650)		—		—		—		(6,650)		—
Other income	115		78		66		84		147		259		287
Total noninterest income	1,483		(5,212)		1,446		1,363		1,334		(2,283)		4,135
Noninterest Expense
Personnel expense	1,628		1,661		1,630		1,474		1,669		4,919		5,042
Professional fees and outside processing	336		308		278		305		289		922		887
Software expense	222		218		224		223		222		664		645
Net occupancy expense	157		160		160		159		164		477		499
Amortization of intangibles	84		89		88		98		98		261		297
Equipment expense	84		89		88		103		89		261		278
Marketing and customer development	75		63		56		53		70		194		207
Operating lease depreciation	34		34		40		42		43		108		133
Regulatory costs	51		85		152		599		77		288		225
Restructuring charges	25		33		51		155		61		109		165
Goodwill impairment	—		—		—		6,078		—		—		—
Other expense	231		354		186		268		278		771		743
Total noninterest expense	2,927		3,094		2,953		9,557		3,060		8,974		9,121
Earnings
Income (loss) before income taxes	1,710		(5,230)		1,365		(5,247)		1,312		(2,155)		4,482
Provision (benefit) for income taxes	271		(1,324)		232		(56)		203		(821)		794
Net income (loss) from continuing operations(1)	1,439		(3,906)		1,133		(5,191)		1,109		(1,334)		3,688
Net income from discontinued operations(1)	3		4,828		67		101		74		4,898		355
Net income (loss)	1,442		922		1,200		(5,090)		1,183		3,564		4,043

Noncontrolling interests from discontinuing operations(1)	—		19		3		—		6		22		44


Preferred stock dividends and other	106		77		106		77		106		289		284


Net income (loss) available to common shareholders	$	1,336	$	826	$	1,091	$	(5,167)	$	1,071	$	3,253	$	3,715

Earnings Per Common Share
Basic earnings from continuing operations(1)	$	1.00	$	(2.98)	$	0.77	$	(3.95)	$	0.75	$	(1.21)	$	2.56

Basic earnings	1.00		0.62		0.82		(3.87)		0.80		$	2.44	2.79
Diluted earnings from continuing operations(1)	0.99		(2.98)		0.76		(3.95)		0.75		(1.21)		2.54

Diluted earnings	0.99		0.62		0.81		(3.87)		0.80		2.44		2.77
Weighted Average Shares Outstanding
Basic	1,334,212		1,338,149		1,335,091		1,333,703		1,333,522		1,335,812		1,331,377
Diluted	1,349,129		1,338,149		1,346,904		1,333,703		1,340,574		1,335,812		1,339,041

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend


	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2024		2024		2024		2023		2023
Assets
Cash and due from banks	$	5,229	$	5,204	$	5,040	$	5,000	$	5,090
Interest-bearing deposits with banks	34,411		35,675		29,510		25,230		24,305
Securities borrowed or purchased under resale agreements	2,973		2,338		2,091		2,378		2,018
Trading assets at fair value	5,209		5,558		5,268		4,332		4,384
Securities available for sale at fair value	64,111		55,969		66,050		67,366		65,117
Securities held to maturity at amortized cost	51,495		52,447		53,369		54,107		54,942
Loans and leases:
Commercial:
Commercial and industrial	153,925		156,400		157,669		160,788		162,330
CRE	20,912		21,730		22,142		22,570		22,736
Commercial construction	7,980		7,787		7,472		6,683		6,343

Consumer:
Residential mortgage	53,963		54,344		54,886		55,492		56,013
Home equity	9,680		9,772		9,825		10,053		10,160
Indirect auto	22,508		21,994		22,145		22,727		24,084
Other consumer	29,282		28,677		28,096		28,647		29,105

Credit card	4,834		4,988		4,989		5,101		4,928

Total loans and leases held for investment	303,084		305,692		307,224		312,061		315,699
Loans held for sale	1,278		1,457		1,253		1,280		1,413
Total loans and leases	304,362		307,149		308,477		313,341		317,112
Allowance for loan and lease losses	(4,842)		(4,808)		(4,803)		(4,798)		(4,693)
Premises and equipment	3,251		3,244		3,274		3,298		3,319
Goodwill	17,125		17,157		17,157		17,156		23,234
Core deposit and other intangible assets	1,635		1,729		1,816		1,909		2,011
Loan servicing rights at fair value	3,499		3,410		3,417		3,378		3,537
Other assets	34,976		34,781		36,521		34,997		34,858
Assets of discontinued operations(1)	—		—		7,772		7,655		7,473
Total assets	$	523,434	$	519,853	$	534,959	$	535,349	$	542,707
Liabilities
Deposits:
Noninterest-bearing deposits	$	105,984	$	107,310	$	110,901	$	111,624	$	116,674
Interest checking	109,493		102,654		108,329		104,757		103,288
Money market and savings	134,349		136,989		133,176		135,923		137,914
Time deposits	37,952		38,458		41,859		43,561		42,148

Total deposits	387,778		385,411		394,265		395,865		400,024
Short-term borrowings	20,859		22,816		26,329		24,828		23,485
Long-term debt	36,770		34,616		39,071		38,918		41,232
Other liabilities	12,331		13,183		13,119		12,946		12,962
Liabilities of discontinued operations	—		—		3,122		3,539		2,997
Total liabilities	457,738		456,026		475,906		476,096		480,700
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,638		6,691		6,690		6,669		6,668
Additional paid-in capital	36,020		36,364		36,197		36,177		36,114
Retained earnings	23,248		22,603		22,483		22,088		27,944
Accumulated other comprehensive loss	(6,883)		(8,504)		(13,222)		(12,506)		(15,559)
Noncontrolling interests	—		—		232		152		167
Total shareholders’ equity	65,696		63,827		59,053		59,253		62,007
Total liabilities and shareholders’ equity	$	523,434	$	519,853	$	534,959	$	535,349	$	542,707

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

- 3 -

Average Balances and Rates - Quarters


	Quarter Ended
	September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 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	$	12,986	$	151	4.65	%	$	11,138	$	101	3.66	%	$	9,853	$	37	1.49	%	$	10,967	$	38	1.37	%	$	10,886	$	34	1.27	%
U.S. government-sponsored entities (GSE)	377		4		3.41		382		3		3.27		389		3		3.40		389		2		3.23		339		3		2.92
Mortgage-backed securities issued by GSE	103,374		711		2.75		108,358		720		2.66		117,301		735		2.51		118,548		736		2.48		120,717		701		2.32
States and political subdivisions	417		3		4.14		420		5		4.14		421		4		4.15		421		5		4.16		423		4		4.12
Non-agency mortgage-backed	—		—		—		1,480		10		2.56		3,676		27		2.95		3,725		22		2.37		3,781		22		2.33
Other	18		1		5.18		18		—		5.29		19		—		5.35		20		—		5.47		20		1		5.55
Total securities	117,172		870		2.97		121,796		839		2.76		131,659		806		2.45		134,070		803		2.39		136,166		765		2.25
Loans and leases:
Commercial:
Commercial and industrial	154,102		2,482		6.41		157,043		2,550		6.53		158,385		2,572		6.53		160,278		2,657		6.58		164,022		2,686		6.50
CRE	21,481		373		6.88		21,969		381		6.93		22,400		389		6.95		22,755		400		6.94		22,812		396		6.85
Commercial construction	7,870		152		7.79		7,645		147		7.85		7,134		137		7.83		6,515		127		7.84		6,194		120		7.83

Consumer:
Residential mortgage	53,999		525		3.89		54,490		525		3.86		55,070		528		3.84		55,658		532		3.83		56,135		532		3.79
Home equity	9,703		196		8.04		9,805		195		8.02		9,930		196		7.92		10,104		199		7.80		10,243		196		7.61
Indirect auto	22,121		399		7.18		22,016		381		6.95		22,374		372		6.69		23,368		381		6.46		24,872		386		6.16
Other consumer	29,015		603		8.26		28,326		581		8.25		28,285		561		7.98		28,913		561		7.69		28,963		542		7.43
Student	—		—		—		—		—		—		—		—		—		—		—		—		—		1		—
Credit card	4,874		150		12.20		4,905		148		12.14		4,923		146		11.96		4,996		149		11.84		4,875		143		11.62

Total loans and leases held for investment	303,165		4,880		6.41		306,199		4,908		6.44		308,501		4,901		6.38		312,587		5,006		6.36		318,116		5,002		6.25
Loans held for sale	1,413		24		6.49		1,384		22		6.56		925		15		6.38		1,245		21		6.82		1,765		28		6.20
Total loans and leases	304,578		4,904		6.41		307,583		4,930		6.44		309,426		4,916		6.38		313,832		5,027		6.36		319,881		5,030		6.25

Interest earning trading assets	5,454		84		6.05		5,515		84		6.11		4,845		79		6.50		4,680		80		6.92		4,380		76		6.91
Other earning assets(3)	38,933		549		5.54		39,250		551		5.56		30,567		436		5.74		28,956		414		5.65		28,574		413		5.74
Total earning assets	466,137		6,407		5.47		474,144		6,404		5.42		476,497		6,237		5.25		481,538		6,324		5.22		489,001		6,284		5.11
Nonearning assets	53,278						50,109						46,921						50,485						50,968
Assets of discontinued operations	—						2,641						7,584						7,633						7,735
Total assets	$	519,415					$	526,894					$	531,002					$	539,656					$	547,704
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	103,899	732		2.80		$	103,894	707		2.74		$	103,537	684		2.65		$	101,722	635		2.48		$	101,252	611		2.40
Money market and savings	136,639		914		2.66		135,264		873		2.60		134,696		832		2.49		137,464		843		2.43		139,961		829		2.35
Time deposits	37,726		368		3.88		41,250		436		4.24		41,937		448		4.30		41,592		439		4.19		40,920		418		4.05

Total interest-bearing deposits	278,264		2,014		2.88		280,408		2,016		2.89		280,170		1,964		2.82		280,778		1,917		2.71		282,133		1,858		2.61
Short-term borrowings	20,781		282		5.41		26,016		362		5.58		26,230		366		5.62		24,958		354		5.62		24,894		343		5.47
Long-term debt	35,318		454		5.13		36,721		446		4.87		40,721		482		4.74		40,818		476		4.67		43,353		491		4.51
Total interest-bearing liabilities	334,363		2,750		3.27		343,145		2,824		3.31		347,121		2,812		3.26		346,554		2,747		3.15		350,380		2,692		3.05
Noninterest-bearing deposits	106,080						107,634						108,888						114,555						118,905
Other liabilities	13,631						13,318						12,885						12,433						11,699
Liabilities of discontinued operations	—						1,120						3,097						3,218						3,408
Shareholders’ equity	65,341						61,677						59,011						62,896						63,312
Total liabilities and shareholders’ equity	$	519,415					$	526,894					$	531,002					$	539,656					$	547,704
Average interest-rate spread					2.20						2.11						1.99						2.07						2.06

Net interest income/ net interest margin			$	3,657	3.12	%			$	3,580	3.02	%			$	3,425	2.88	%			$	3,577	2.95	%			$	3,592	2.92	%
Taxable-equivalent adjustment			55						53						53						58						57
Memo: Total deposits	$	384,344	2,014		2.08	%	$	388,042	2,016		2.09	%	$	389,058	1,964		2.03	%	$	395,333	1,917		1.92	%	$	401,038	1,858		1.84	%

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

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

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

- 4 -

Average Balances and Rates - Year-To-Date


	Year-to-Date
	September 30, 2024						September 30, 2023
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,332	$	289	3.41	%	$	11,039	$	94	1.14	%
U.S. government-sponsored entities (GSE)	383		10		3.36		334		8		2.83
Mortgage-backed securities issued by GSE	109,654		2,166		2.63		123,060		2,085		2.26
States and political subdivisions	419		12		4.14		424		13		4.12
Non-agency mortgage-backed	1,712		37		2.85		3,846		67		2.33
Other	18		1		5.28		23		1		5.34
Total securities	123,518		2,515		2.72		138,726		2,268		2.18
Loans and leases:
Commercial:
Commercial and industrial	156,501		7,604		6.49		165,231		7,732		6.26
CRE	21,948		1,143		6.92		22,736		1,135		6.64
Commercial construction	7,551		436		7.82		5,994		332		7.54

Consumer:
Residential mortgage	54,518		1,578		3.86		56,291		1,589		3.76
Home equity	9,812		587		7.99		10,483		566		7.22
Indirect auto	22,170		1,152		6.94		26,381		1,182		5.99
Other consumer	28,545		1,745		8.17		28,242		1,500		7.10
Student	—		—		—		3,280		170		6.92
Credit card	4,900		444		12.10		4,836		416		11.51

Total loans and leases held for investment	305,945		14,689		6.41		323,474		14,622		6.04
Loans held for sale	1,241		61		6.49		1,727		81		6.25
Total loans and leases	307,186		14,750		6.41		325,201		14,703		6.04

Interest earning trading assets	5,272		247		6.21		4,759		234		6.54
Other earning assets(3)	36,261		1,536		5.58		29,463		1,143		5.13
Total earning assets	472,237		19,048		5.38		498,149		18,348		4.92
Nonearning assets	50,114						51,913
Assets of discontinued operations	3,396						7,612
Total assets	$	525,747					$	557,674
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	103,777	2,123		2.73		$	104,053	1,549		1.99
Money market and savings	135,537		2,619		2.58		139,305		1,991		1.91
Time deposits	40,295		1,252		4.15		35,189		970		3.68

Total interest-bearing deposits	279,609		5,994		2.86		278,547		4,510		2.16
Short-term borrowings	24,329		1,010		5.55		24,317		932		5.13
Long-term debt	37,579		1,382		4.90		52,663		1,739		4.41
Total interest-bearing liabilities	341,517		8,386		3.28		355,527		7,181		2.70
Noninterest-bearing deposits	107,529						124,533
Other liabilities	13,278						11,265
Liabilities of discontinued operations	1,401						3,181
Shareholders’ equity	62,022						63,168
Total liabilities and shareholders’ equity	$	525,747					$	557,674
Average interest-rate spread					2.10						2.22

Net interest income/ net interest margin			$	10,662	3.01	%			$	11,167	2.99	%
Taxable-equivalent adjustment			161						162
Memo: Total deposits	$	387,138	5,994		2.07	%	$	403,080	4,510		1.50	%

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

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

- 5 -

Credit Quality


	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2024		2024		2024		2023		2023
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	575	$	459	$	512	$	470	$	561
CRE	302		360		261		284		289
Commercial construction	1		—		23		24		29

Consumer:
Residential mortgage	156		161		151		153		132
Home equity	118		123		130		122		123
Indirect auto	252		244		256		268		266
Other consumer	63		64		61		59		52


Total nonaccrual loans and leases held for investment	1,467		1,411		1,394		1,380		1,452
Loans held for sale	5		9		22		51		75
Total nonaccrual loans and leases	1,472		1,420		1,416		1,431		1,527
Foreclosed real estate	3		5		4		3		3

Other foreclosed property	53		51		56		54		54
Total nonperforming assets	$	1,528	$	1,476	$	1,476	$	1,488	$	1,584



















Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	5	$	8	$	12	$	7	$	15

Commercial construction	—		1		—		1		—

Consumer:
Residential mortgage - government guaranteed	394		375		408		418		456
Residential mortgage - nonguaranteed	39		27		33		21		30
Home equity	7		7		10		11		9
Indirect auto	—		1		1		2		1
Other consumer	22		19		18		21		16


Credit card	51		51		56		53		47

Total loans 90 days past due and still accruing	$	518	$	489	$	538	$	534	$	574
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	116	$	109	$	158	$	230	$	98
CRE	10		8		21		5		28
Commercial construction	4		—		—		—		1

Consumer:
Residential mortgage - government guaranteed	305		340		286		326		293
Residential mortgage - nonguaranteed	366		392		352		313		270
Home equity	63		58		59		70		61
Indirect auto	596		592		540		669		598
Other consumer	233		214		226		271		219


Credit card	76		78		74		87		68

Total loans 30-89 days past due	$	1,769	$	1,791	$	1,716	$	1,971	$	1,636

- 6 -



	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
	2024		2024		2024		2023		2023
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.58	%	0.59	%	0.56	%	0.63	%	0.52	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.17		0.16		0.18		0.17		0.18
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.48		0.46		0.45		0.44		0.46
Nonperforming loans and leases as a percentage of loans and leases(1)	0.48		0.46		0.46		0.46		0.48
Nonperforming assets as a percentage of:
Total assets(1)	0.29		0.28		0.28		0.28		0.29
Loans and leases plus foreclosed property	0.50		0.48		0.47		0.46		0.48
Net charge-offs as a percentage of average loans and leases	0.55		0.58		0.64		0.57		0.51
Allowance for loan and lease losses as a percentage of loans and leases	1.60		1.57		1.56		1.54		1.49
Ratio of allowance for loan and lease losses to:
Net charge-offs	2.9X		2.7X		2.4X		2.7X		2.9X
Nonperforming loans and leases	3.3X		3.4X		3.4X		3.5X		3.2X
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.

							As of/For the Year-to-Date
							Period Ended Sept. 30
							2024		2023
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.59	%	0.47	%
Ratio of allowance for loan and lease losses to net charge-offs							2.7X		3.1X
Applicable ratios are annualized.

Applicable ratios are annualized.

(1)Includes loans held for sale.

- 7 -



	As of/For the Quarter Ended										As of/For the Year-to-Date
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Period Ended Sept. 30
(Dollars in millions)	2024		2024		2024		2023		2023		2024		2023
Allowance for Credit Losses
Beginning balance	$	5,110	$	5,100	$	5,093	$	4,970	$	4,879	$	5,093	$	4,649
Provision for credit losses	448		451		500		572		497		1,399		1,537
Charge-offs:
Commercial:
Commercial and industrial	(96)		(83)		(97)		(110)		(98)		(276)		(280)
CRE	(65)		(97)		(103)		(48)		(77)		(265)		(118)
Commercial construction	—		—		—		(5)		—		—		—

Consumer:
Residential mortgage	—		(1)		(1)		—		(8)		(2)		(10)
Home equity	(1)		(3)		(3)		(2)		(4)		(7)		(8)
Indirect auto	(143)		(136)		(154)		(154)		(135)		(433)		(377)
Other consumer	(152)		(141)		(165)		(148)		(120)		(458)		(329)
Student	—		—		—		—		—		—		(108)
Credit card	(71)		(74)		(77)		(64)		(55)		(222)		(159)

Total charge-offs	(528)		(535)		(600)		(531)		(497)		(1,663)		(1,389)
Recoveries:
Commercial:
Commercial and industrial	26		14		32		16		28		72		54
CRE	5		5		7		—		2		17		3
Commercial construction	1		1		—		2		—		2		1

Consumer:
Residential mortgage	1		2		1		1		1		4		5
Home equity	4		4		5		5		7		13		18
Indirect auto	38		30		28		25		25		96		82
Other consumer	26		28		28		21		20		82		57

Credit card	9		9		9		8		9		27		27

Total recoveries	110		93		110		78		92		313		247
Net charge-offs	(418)		(442)		(490)		(453)		(405)		(1,350)		(1,142)
Other(1)	—		1		(3)		4		(1)		(2)		(74)
Ending balance	$	5,140	$	5,110	$	5,100	$	5,093	$	4,970	$	5,140	$	4,970
Allowance for Credit Losses:


Allowance for loan and lease losses	$	4,842	$	4,808	$	4,803	$	4,798	$	4,693
Reserve for unfunded lending commitments (RUFC)	298		302		297		295		277
Allowance for credit losses	$	5,140	$	5,110	$	5,100	$	5,093	$	4,970

(1)The nine months ended September 30, 2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.


	Quarter Ended										As of/For the Year-to-Date
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Period Ended Sept. 30
	2024		2024		2024		2023		2023		2024		2023
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.18	%	0.18	%	0.17	%	0.23	%	0.17	%	0.17	%	0.18	%
CRE	1.12		1.67		1.73		0.83		1.31		1.51		0.68
Commercial construction	(0.01)		(0.05)		(0.02)		0.22		(0.03)		(0.03)		(0.03)

Consumer:
Residential mortgage	(0.01)		(0.01)		—		(0.01)		0.05		(0.01)		0.01
Home equity	(0.11)		(0.03)		(0.08)		(0.12)		(0.10)		(0.07)		(0.13)
Indirect auto	1.89		1.94		2.26		2.19		1.75		2.03		1.50
Other consumer	1.73		1.60		1.96		1.74		1.37		1.76		1.29
Student	—		—		—		—		—		—		4.40
Credit card	5.04		5.33		5.54		4.38		3.78		5.31		3.66

Total loans and leases	0.55		0.58		0.64		0.57		0.51		0.59		0.47

Applicable ratios are annualized.

- 8 -

Segment Financial Performance - Preliminary(1)(2)



	Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2024		2024		2024		2023		2023
Consumer and Small Business Banking
Net interest income (expense)	$	1,344	$	1,289	$	1,266	$	1,342	$	1,371
Net intersegment interest income (expense)	1,302		1,346		1,343		1,276		1,242
Segment net interest income (expense)	2,646		2,635		2,609		2,618		2,613
Allocated provision for credit losses	353		309		303		359		259
Noninterest income	506		506		501		523		433
Goodwill impairment	—		—		—		3,361		—
Noninterest expense ex goodwill impairment(3)	1,663		1,662		1,586		1,786		1,704
Income (loss) before income taxes	1,136		1,170		1,221		(2,365)		1,083
Provision (benefit) for income taxes	271		281		294		242		260
Segment net income (loss)	$	865	$	889	$	927	$	(2,607)	$	823




Wholesale Banking
Net interest income (expense)	$	2,105	$	2,185	$	2,232	$	2,298	$	2,321
Net intersegment interest income (expense)	(460)		(500)		(550)		(569)		(613)
Segment net interest income (expense)	1,645		1,685		1,682		1,729		1,708
Allocated provision for credit losses	96		142		198		213		243
Noninterest income	1,047		986		977		874		897
Goodwill impairment	—		—		—		2,717		—
Noninterest expense ex goodwill impairment(3)	1,236		1,268		1,332		1,715		1,353
Income (loss) before income taxes	1,360		1,261		1,129		(2,042)		1,009
Provision (benefit) for income taxes	275		253		221		117		194
Segment net income (loss)	$	1,085	$	1,008	$	908	$	(2,159)	$	815































Other, Treasury & Corporate(4)
Net interest income (expense)	$	153	$	53	$	(126)	$	(121)	$	(157)
Net intersegment interest income (expense)	(842)		(846)		(793)		(707)		(629)
Segment net interest income (expense)	(689)		(793)		(919)		(828)		(786)
Allocated provision for credit losses	(1)		—		(1)		—		(5)
Noninterest income	(70)		(6,704)		(32)		(34)		4
Noninterest expense(3)	28		164		35		(22)		3
Income (loss) before income taxes	(786)		(7,661)		(985)		(840)		(780)
Provision (benefit) for income taxes	(275)		(1,858)		(283)		(415)		(251)
Segment net income (loss)	$	(511)	$	(5,803)	$	(702)	$	(425)	$	(529)


Total Truist Financial Corporation
Net interest income (expense)	$	3,602	$	3,527	$	3,372	$	3,519	$	3,535
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income (expense)	3,602		3,527		3,372		3,519		3,535
Allocated provision for credit losses	448		451		500		572		497
Noninterest income	1,483		(5,212)		1,446		1,363		1,334
Goodwill impairment	—		—		—		6,078		—
Noninterest expense ex goodwill impairment	2,927		3,094		2,953		3,479		3,060
Income (loss) before income taxes	1,710		(5,230)		1,365		(5,247)		1,312
Provision (benefit) for income taxes	271		(1,324)		232		(56)		203
Net income (loss) from continuing operations	$	1,439	$	(3,906)	$	1,133	$	(5,191)	$	1,109

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

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

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

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

- 9 -

Capital Information - Five Quarter Trend


	As of/For the Quarter Ended
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2024			2024			2024			2023			2023
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	48,074		$	47,706		$	42,691		$	42,671		$	42,276
Tier 1	54,744			54,376			49,361			49,341			48,946
Total	63,347			63,345			58,548			58,063			57,713
Risk-weighted assets	415,188			412,607			421,680			423,705			428,755
Average quarterly assets for leverage ratio	508,280			519,467			522,095			533,084			534,402
Average quarterly assets for supplementary leverage ratio	599,880			608,627			614,238			624,591			627,382
Risk-based capital ratios:
Common equity tier 1	11.6		%	11.6		%	10.1		%	10.1		%	9.9		%
Tier 1	13.2			13.2			11.7			11.6			11.4
Total	15.3			15.4			13.9			13.7			13.5
Leverage capital ratio	10.8			10.5			9.5			9.3			9.2
Supplementary leverage	9.1			8.9			8.0			7.9			7.8
Common equity per common share	$	44.46		$	42.71		$	38.97		$	39.31		$	41.37

	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2024			2024			2024			2023			2023
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	65,696		$	63,827		$	59,053		$	59,253		$	62,007
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	—			—			232			152			167
Intangible assets, net of deferred taxes (including discontinued operations)	18,350			18,471			23,198			23,306			29,491
Tangible common equity	$	40,673		$	38,683		$	28,950		$	29,122		$	25,676







Outstanding shares at end of period (in thousands)	1,327,521			1,338,223			1,338,096			1,333,743			1,333,668
Tangible common equity per common share	$	30.64		$	28.91		$	21.64		$	21.83		$	19.25

Total assets	$	523,434		$	519,853		$	534,959		$	535,349		$	542,707
Less: Intangible assets, net of deferred taxes (including discontinued operations prior to the sale of TIH)	18,350			18,471			23,198			23,306			29,491
Tangible assets	$	505,084		$	501,382		$	511,761		$	512,043		$	513,216

Equity as a percentage of total assets	12.6		%	12.3		%	11.0		%	11.1		%	11.4		%
Tangible common equity as a percentage of tangible assets	8.1			7.7			5.7			5.7			5.0

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

- 10 -

Selected Mortgage Banking Information & Additional Information


	As of/For the Quarter Ended
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data)	2024			2024			2024			2023			2023
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	25		$	24		$	17		$	14		$	19
Residential mortgage servicing income:


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




Net MSRs valuation	(7)			(12)			(15)			(13)			(20)
Total residential mortgage servicing income	73			60			73			72			65
Total residential mortgage income	98			84			90			86			84
Commercial mortgage income:
Commercial mortgage production revenue	6			4			5			5			17
Commercial mortgage servicing income:


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



Net MSRs valuation	(1)			17			(1)			—			(2)
Total commercial mortgage servicing income	2			24			2			3			1
Total commercial mortgage income	8			28			7			8			18
Total mortgage banking income	$	106		$	112		$	97		$	94		$	102

Other Mortgage Banking Information
Residential mortgage loan originations	$	3,726		$	3,881		$	2,412		$	3,027		$	4,196
Residential mortgage servicing portfolio:(1)
Loans serviced for others	221,143			208,270			210,635			213,399			214,953
Bank-owned loans serviced	54,281			54,903			55,255			55,669			56,679
Total servicing portfolio	275,424			263,173			265,890			269,068			271,632
Weighted-average coupon rate on mortgage loans serviced for others	3.62		%	3.63		%	3.59		%	3.56		%	3.51		%
Weighted-average servicing fee on mortgage loans serviced for others	0.28			0.28			0.28			0.27			0.27

Additional Information
Brokered deposits(2)	$	27,671		$	27,384		$	30,650		$	31,260		$	34,986

NQDCP income (expense):(3)
Interest income	$	1		$	—		$	1		$	2		$	3
Other income	12			4			15			17			35
Personnel expense	(13)			(4)			(16)			(19)			(38)
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—


Common stock prices:
High	$	45.31		$	40.51		$	39.29		$	37.83		$	35.78
Low	37.85			35.09			34.23			26.57			27.70
End of period	42.77			38.85			38.98			36.92			28.61
Banking offices	1,930			1,930			1,930			2,001			2,001
ATMs	2,928			2,942			2,947			3,031			3,037
FTEs(4)	37,867			41,368			49,218			50,905			51,943
FTEs - continuing operations(4)	37,867			38,140			39,417			40,997			41,997

(1)Amounts reported are unpaid principal balance.

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

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

(4)FTEs represents an average for the quarter.

- 11 -

Selected Items(1)


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

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

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

- 12 -

Third Quarter 2024 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO October 17, 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) Truist’s capacity to generate business growth and increase capital returns in future periods, (ii) opportunities to improve Truist’s profitability, (iii) guidance with respect to financial performance metrics in future periods, including future levels of adjusted revenue, adjusted expenses, and net charge-off ratio; (iv) Truist’s effective tax rate in future periods; (v) scheduled office loan maturities in future years; and (vi) projections of preferred dividends. This presentation, including any information incorporated by reference in this presentation, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward- looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include: • evolving political, business, economic, and market conditions at local, regional, national, and international levels; • monetary, fiscal, and trade laws or policies, including 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 (either directly or indirectly through our ownership interests in joint ventures or other legal entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences; • evolving accounting standards and policies; • the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk; • any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system; • disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations; • our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits; • changes in any of our credit ratings; • our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss; • negative market perceptions of our investment portfolio or its value; • adverse publicity or other reputational harm to us, our service providers, or our senior officers; • business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households; • our ability to execute on strategic and operational plans, including accelerating growth, improving profitability, and returning capital to shareholders; • changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets; • our ability to successfully make and integrate acquisitions and to effect divestitures, including the ability to perform our obligations under the transition services arrangements supporting TIH in a cost-effective and efficient manner; • our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services; • our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures; • our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information; • our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk; • our ability to satisfactorily and profitably perform loan servicing and similar obligations; • the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors; • our ability to effectively deal with economic, business, or market slowdowns or disruptions; • the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk; • our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property; • our ability to attract, hire, and retain key teammates and to engage in adequate succession planning; • the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations; • our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties; our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction; • natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics; • widespread outages of operational, communication, and other systems; • our ability to maintain appropriate corporate responsibility practices, oversight, and disclosures; • policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and • other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K. Forward-Looking Statements

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

5 – Strong third quarter results driven by solid revenue growth, continued expense discipline, and stable asset quality – Returned $1.2 billion of capital to shareholders including $500 million via share repurchases – Strong capital position enables growth and capital return to shareholders – Focused on pursuing growth opportunities and maintaining expense discipline while continuing to invest in our infrastructure and technology – Established a medium-term mid-teens ROATCE target 3Q24 key takeaways $0.99 GAAP diluted EPS $0.97 Adj. diluted EPS 57.5% Efficiency ratio 55.2% Adj. efficiency ratio 0.48% NPLs / LHFI 11.6% CET1 ratio Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations Current quarter regulatory capital information is preliminary 1 Includes the impact of AOCI related to securities and pension, as well as related changes to deferred taxes 9.9%1 CET1 ratio (including AOCI) 0.55% NCO ratio $1,336 Net income available to common shareholders $1,307 Adj. net income available to common shareholders $ in millions, except per share data

6 Consumer & Small Business Banking – Consumer loan production increased 3% linked-quarter – Continued positive trend in client acquisition with net new checking accounts +3% linked-quarter (108K YTD) – Increased digital adoption and production with new digital account openings +7% linked-quarter (545K YTD) – Primacy rates and client retention continue to improve due to improvements in experience, capabilities, and satisfaction Wholesale Banking – Wholesale loan production increased 4% but was offset by lower utilization and continued paydowns driven in part by strong capital markets activity – Strongest quarterly investment banking and trading revenue since 2021 with increased market share in several capital markets products and total revenues up 43% YTD – Added new talent throughout franchise with additional hires planned for 4Q24 and beyond – Enhanced wholesale digital experience, including enhancements to Truist One View Business segment update Image of Truist One View mobile

7 Attracting relationships through seamless experiences 25 27 28 32 34 3Q23 4Q23 1Q24 2Q24 3Q24 4.7 4.8 4.8 4.9 5.0 3Q23 4Q23 1Q24 2Q24 3Q24 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 75% 76% 77% 78% 79% 3Q23 4Q23 1Q24 2Q24 3Q24 +6% +400 bps +36% (in millions) (in millions) – Continued optimization of the digital account opening experience fuels new client acquisition through mobile channels – 72% of digital deposits applications were completed on a mobile device, with total mobile applications up 49% 3Q YoY – Digital channels accounted for 33% of overall checking account 3Q production with 65% opened by new customers – Accelerated deposit experience enhancements drove application conversion rate improvements up 500 bps over 2Q24 72 75 76 80 83 3Q23 4Q23 1Q24 2Q24 3Q24 +15% (in millions) Client-centered design accelerates growth

8 Earnings – Net income available to common shareholders was $1.3 billion, or $0.99 per share, which included: – $36 million ($16 million after-tax), or $0.01 per share increase to the gain on the sale of TIH (discontinued operations) – $16 million ($13 million after-tax), or $0.01 per share credit for an FDIC special assessment adjustment Revenue and expenses – Adjusted revenue increased 2.4% vs. 2Q24 primarily due to the full quarter impact of the balance sheet repositioning that occurred May 6, 2024 and strong performance in investment banking & trading income – Adjusted noninterest expense increased 0.9% vs. 2Q24 primarily due to higher professional fees and outside processing and marketing expense Capital and credit – CET1 capital ratio was 11.6% as current period earnings were largely offset by capital returned to shareholders – NCO ratio decreased 3 bps to 55 bps and the ALLL ratio increased 3 bps to 1.60% Note: All data points are taxable-equivalent, where applicable Current quarter regulatory capital information is preliminary Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations Diluted EPS impact for individual items may not foot to difference between GAAP diluted and adjusted diluted EPS due to rounding Summary income statement $ in millions, except per share data GAAP / Unadjusted 3Q24 2Q24 3Q23 Revenue $5,140 $(1,632) $4,926 Expense $2,927 $3,094 $3,060 PPNR $2,213 $(4,726) $1,866 Net income available to common shareholders $1,336 $826 $1,071 Diluted EPS $0.99 $0.62 $0.80 Net interest margin 3.12% 3.02% 2.92% Efficiency ratio 57.5% NM 62.9% NCO ratio 0.55% 0.58% 0.51% TBVPS $30.64 $28.91 $19.25 Change vs. Adjusted 3Q24 2Q24 3Q23 Revenue $5,140 2.4% 4.3% Expense $2,834 0.9% (2.3)% PPNR $2,306 4.4% 13.9% Diluted EPS $0.97 6.6% 21.3% Efficiency ratio 55.2% (80) bps (370) bps Commentary 3Q24 performance highlights

9 $318 $313 $309 $306 $303 $193 $190 $188 $187 $183 $125 $123 $121 $120 $120 6.25% 6.36% 6.38% 6.44% 6.41% Commercial LHFI Consumer and card LHFI Loans HFI yield (%) 3Q23 4Q23 1Q24 2Q24 3Q24 Average loans and leases HFI $ in billions – Average loans decreased $3.0 billion, or 1.0%, from 2Q24 – Average commercial loans decreased $3.2 billion, or 1.7% – C&I down $2.9 billion driven by lower line utilization – CRE down ~$500 million driven by continued paydowns – Partially offset by an ~$200 million increase in commercial construction – Average consumer loans were relatively stable – Other consumer up ~$700 million – Indirect auto up ~$100 million – Offset by declines in the residential mortgage and home equity portfolios 5-quarter trend Vs. linked quarter May not foot due to rounding

10 Average deposits $ in billions $401 $395 $389 $388 $384 $282 $281 $280 $280 $278 $119 $115 $109 $108 $106 1.84% 1.92% 2.03% 2.09% 2.08% Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 3Q23 4Q23 1Q24 2Q24 3Q24 May not foot due to rounding Client deposits exclude brokered deposits and negotiable CDs – Average deposits decreased $3.7 billion, or 1.0% – Average client deposits declined $2.0 billion driven by a: – $1.6 billion decline in average noninterest-bearing deposits, and – $1.4 billion decline in retail time deposits, partially offset by – $700 million increase in client interest checking – $300 million increase in client money market and savings deposits – Average noninterest-bearing deposits represented 28% of total deposits, which is consistent with 2Q24 – Average wholesale and brokered deposits declined $1.7 billion, which resulted in lower deposit costs – Total cost of deposits was 208 bps, down 1 bp from the prior quarter – Total cost of interest-bearing deposits was 288 bps, down 1 bp from the prior quarter Vs. linked quarter 5-quarter trend

11 $3,592 $3,577 $3,425 $3,580 $3,657 2.92% 2.95% 2.88% 3.02% 3.12% Net interest income TE ($ MM) Net interest margin (%) 3Q23 4Q23 1Q24 2Q24 3Q24 – Net interest income increased 1.8% due to the impact of the proceeds from the sale of TIH and balance sheet repositioning, partially offset by the impact of higher funding costs and lower earning assets – NIM increased 20 bps due to the balance sheet repositioning and optimization efforts, partially offset by the impact of higher funding costs Net interest income and net interest margin 5-quarter net interest income and net interest margin trend $ in millions $5 $2 Vs. linked quarter Vs. like quarter – Net interest income increased 2.2% due to the impact of the proceeds from the sale of TIH and balance sheet repositioning, partially offset by the impact of cash flow hedges – NIM increased 10 bps to 3.12% primarily due to the balance sheet repositioning

12 – Noninterest income increased 11% primarily due to higher investment banking and trading income and service charges on deposits – Noninterest income increased $6.7 billion as the prior quarter was negatively impacted by $6.7 billion of investment securities losses related to the balance sheet repositioning – Adjusted noninterest income increased 3.1% primarily due to higher other income and investment banking and trading income, partially offset by lower mortgage banking and wealth management income – Decline in wealth management income reflects the sale of Sterling Capital Management, partially offset by higher AUM – Other income increased primarily due to higher equity investment income and also included a gain on the sale of Sterling Capital Management that was offset by the valuation decrease for derivatives related to VISA B shares Noninterest income Vs. linked quarter Vs. like quarter Noninterest income 3Q24 2Q24 3Q23 Wealth management income $ 350 $ 361 $ 343 Investment banking and trading income 332 286 185 Card and payment related fees 222 230 238 Service charges on deposits 221 232 154 Mortgage banking income 106 112 102 Lending related fees 88 89 102 Operating lease income 49 50 63 Securities gains (losses) — (6,650) — Other income 115 78 147 Total noninterest income $ 1,483 $ (5,212) $ 1,334 Securities gains (losses) $ — $ 6,650 $ — Adjusted noninterest income $ 1,483 $ 1,438 $ 1,334 $ in millions

13 – Noninterest expense decreased $167 million, or 5.4% – Driven primarily by a $150 million charitable contribution to the Truist Foundation in the prior quarter – Regulatory costs decreased by $34 million partially due to a $16 million reduction on the FDIC special assessment recognized in 3Q24 – Adjusted noninterest expense increased $25 million, or 0.9% – Driven primarily by higher professional fees and outside processing, other expense, and marketing expense partially offset by lower personnel expense – Noninterest expense decreased $133 million, or 4.3% – Driven primarily by lower other expense, personnel expense, and restructuring charges – Adjusted noninterest expense decreased $67 million, or 2.3% 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. 3Q24 2Q24 3Q23 Personnel expense $ 1,628 $ 1,661 $ 1,669 Professional fees and outside processing 336 308 289 Software expense 222 218 222 Net occupancy expense 157 160 164 Amortization of intangibles 84 89 98 Equipment expense 84 89 89 Marketing and customer development 75 63 70 Operating lease depreciation 34 34 43 Regulatory costs 51 85 77 Restructuring charges 25 33 61 Other expense 231 354 278 Total noninterest expense $ 2,927 $ 3,094 $ 3,060 Charitable contribution $ — $ (150) $ — FDIC special assessment 16 (13) — Restructuring charges (25) (33) (61) Amortization of intangibles (84) (89) (98) Adjusted noninterest expense $ 2,834 $ 2,809 $ 2,901 Noninterest expense $ in millions

14 $497 $572 $500 $451 $448 3Q23 4Q23 1Q24 2Q24 3Q24 NPLs were relatively stable on a like and linked-quarter basis Provision for credit losses was relatively stable on a linked-quarter basis $405 453 $490 $442 $418 0.51% 0.57% 0.64% 0.58% 0.55% NCO NCO ratio 3Q23 4Q23 1Q24 2Q24 3Q24 Linked-quarter decline driven by lower CRE net charge-offs Asset quality 4.5x 9.0x 8.8x Net charge-offs Provision for credit losses Nonperforming loans / LHFI ALLL $4,693 $4,798 $4,803 $4,808 $4,842 ALLL ALLL ratio ALLL / NCO 3Q23 4Q23 1Q24 2Q24 3Q24 ALLL ratio increased 3 bps on a linked-quarter basis 0.46% 0.44% 0.45% 0.46% 0.48% 3Q23 4Q23 1Q24 2Q24 3Q24 2.9x 1.49% 2.7x 1.54% 2.4x 1.56% 2.7x 1.57% 1.60% 2.9x $ in millions

15 – CET1 capital ratio remained stable at 11.6% as current period earnings were offset by capital returned to shareholders – Returned $1.2 billion of capital to shareholders through our common stock dividend and $500 million of share repurchases – Increased CET1 capital ratio including AOCI 30 bps to 9.9%1 – Grew tangible book value per share 6.0% as a $1.6 billion improvement in AOCI offset the impact of capital return to shareholders – As of 9/30, we have $4.5 billion remaining under our initial $5 billion repurchase authorization with $500 million of buybacks expected to occur in 4Q24 2Q24 CET1 ratio Current period earnings and RWA change Dividend payment Share repurchase 3Q24 CET1 ratio 9.9% 11.6% +0.30% 11.6% 3Q24 capital walk (0.20%) 9.9% including AOCI1 (0.10%) 9.6% including AOCI Commentary Capital Future earnings and AOCI accretion create significant capacity for growth and capital return Current quarter regulatory capital information is preliminary 1 Includes the impact of AOCI related to securities and pension, as well as related changes to deferred taxes

16 13.9% 4Q24 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 Full year 2024 compared to full year 2023 4Q24 compared to 3Q24 $ in billions unless otherwise noted 3Q24 actuals 4Q24 outlook Adjusted revenue (TE) $5.1 Down ~1.5% Adjusted expenses $2.8 Up ~4% Tax rate 16% effective; 18% FTE ~17.5% effective; ~20% FTE Full year 2023 actuals Full year 2024 outlook Adjusted revenue (TE) $20.2 Down -0.5 to -1.0% Adjusted expenses $11.4 Less than flat Net charge-off ratio 50 bps ~60 bps

17 Top 10 U.S. commercial bank located in high growth markets with a comprehensive set of products and services Relative capital advantage positions us well to pursue growth and return capital to shareholders Significant opportunity to improve profitability as we execute our strategic priorities and growth initiatives Focused on delivering positive operating leverage Strong track record on asset quality and sound risk management discipline and controls Why Truist?

Appendix

A-19 Multi Tenant 88% Medical 9% Single Tenant 3% Hotel 8% Industrial 19% Office 15% Multifamily 35% Retail 13% Other 10% 11.3% 11.7% 13.7% 13.5% 1.09% 1.05% 0.96% 1.22% 1.05% 1.02% 0.70% 1.30% 1.23% 0.83% Criticized & classified ratio NPL ratio NCO ratio 3Q23 4Q23 1Q24 2Q24 3Q24 CRE 9.5% 11% 32% 18% 16% 23% 2024 2025 2026 2027 2028 and beyond Commercial real estate update 5-quarter total CRE trends Total LHFI at 9/30/24 ($303.2B) CRE Office 1.5% CRE Mix Scheduled Office maturities CRE represents 9.5% of total loans HFI, including Office at 1.5% NPL% 5.1% LTM NCO ratio 5.9% Loan loss reserves 10.4% WALTV 62% % in Truist Southeast/ Mid-Atlantic footprint 74% Office spotlight All other loans 90.5% 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 35% Non Gateway 65% Tenant Type Market Type 18.2%

A-2 Consumer and Small Business Banking Income statement ($ MM) 3Q24 vs. 2Q24 vs. 3Q23 Net interest income $2,646 $11 $33 Allocated provision for credit losses 353 44 94 Noninterest income 506 — 73 Noninterest expense 1,663 1 (41) Segment net income $865 $(24) $42 Balance sheet ($ B) Average loans(1) $125 $0.2 $(5.6) Average deposits 211 (2.8) (8.6) (1) Excludes loans held for sale Represents performance for Branch Banking, Digital Banking, Premier Banking, Small Business Banking, and National Consumer Lending – Net income of $865 million, down $24 million from the prior quarter – Net interest income of $2.6 billion increased slightly by $11 million, or 0.4% vs. 2Q24, primarily driven by an additional day in the current quarter and lower rate paid on deposits, partially offset lower average deposit balances – Average loans of $125 billion increased 0.1% vs. 2Q24 primarily driven by higher indirect lending, partially offset by lower residential mortgage and unsecured lending – Average deposits of $211 billion decreased 1.3% vs. 2Q24, primarily driven by lower interest checking and time deposits – Provision for credit losses increased $44 million, or 14% vs. 2Q24, primarily driven by an increase in allowance build and higher net charge-offs – Noninterest income of $506 million is flat vs. 2Q24, primarily driven by lower service charges and card and payment related fees, offset by higher mortgage income – Noninterest expense of $1.7 billion increased $1 million, or 0.1% vs. 2Q24, primarily driven by higher operating charge-offs and marketing expense, partially offset by lower medical claims and expense allocations – Metrics Commentary

A-3 Wholesale Banking (1) Excludes loans held for sale Metrics Commentary Income statement ($ MM) 3Q24 vs. 2Q24 vs. 3Q23 Net interest income $1,645 $(40) $(63) Allocated provision for credit losses 96 (46) (147) Noninterest income 1,047 61 150 Noninterest expense 1,236 (32) (117) Segment net income $1,085 $77 $270 Balance sheet ($ B) Average loans(1) $178 $(3.2) $(9.4) Average deposits 142 0.8 (4.8) Represents performance for Commercial Banking, Corporate and Investment Banking, CRE, Wholesale Payments, and Wealth – Net income of $1.1 billion, compared to $1.0 billion in the prior quarter – Net interest income of $1.6 billion decreased $40 million vs. 2Q24 – Average loans of $178 billion decreased $3.2 billion, or 1.8%, primarily related to lower utilization – Average deposits of $142 billion increased $0.8 billion, or 0.6%, related to interest checking balance inflows – Provision for credit losses of $96 million decreased $46 million, or 32%, primarily driven by a decrease in net charge-offs – Noninterest income of $1.0 billion increased $61 million, or 6.2%, primarily driven by higher investment banking income – Noninterest expense of $1.2 billion decreased $32 million, or 2.5% vs. 2Q24 primarily related to reduced expenses from the sale of Sterling Capital Management

A-4 Preferred dividend 4Q24 1Q25 2Q25 3Q25 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $76 $118 $73 $116 Estimates assume forward-looking interest rates as of 9/30/24. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above.

A-5 Quarter Ended Year-to-Date Sept. 30 June 30 March 31 Dec. 31 Sept. 30 Sept. 30 Sept. 30 2024 2024 2024 2023 2023 2024 2023 Net income (loss) available to common shareholders from continuing operations $ 1,333 $ (3,983) $ 1,027 $ (5,268) $ 1,003 $ (1,623) $ 3,404 Securities (gains) losses — 5,089 — — — 5,089 — Goodwill impairment — — — 6,078 — — — Charitable contribution — 115 — — — 115 — FDIC special assessment (13) 11 57 387 — 55 — Discrete tax benefit — — — (204) — — — Adjusted net income available to common shareholders from continuing operations(1) $ 1,320 $ 1,232 $ 1,084 $ 993 $ 1,003 $ 3,636 $ 3,404 Net Income available to common shareholders from discontinued operations $ 3 $ 4,809 $ 64 $ 101 $ 68 $ 4,876 $ 311 Accelerated TIH equity compensation expense — 8 68 — — 76 — Gain on sale of TIH (16) (4,814) — — — (4,830) — Adjusted net income available to common shareholders from discontinued operations(1) $ (13) $ 3 $ 132 $ 101 $ 68 $ 122 $ 311 Net income (loss) available to common shareholders $ 1,336 $ 826 $ 1,091 $ (5,167) $ 1,071 $ 3,253 $ 3,715 Adjusted net income available to common shareholders(1) 1,307 1,235 1,216 1,094 1,071 3,758 3,715 Weighted average shares outstanding - diluted (GAAP net income (loss) available to common shareholders)(2) 1,349,129 1,338,149 1,346,904 1,333,703 1,340,574 1,335,812 1,339,041 Weighted average shares outstanding - diluted (adjusted net income available to common shareholders)(2) 1,349,129 1,349,953 1,346,904 1,342,790 1,340,574 1,348,756 1,339,041 Diluted EPS from continuing operations(2) $ 0.99 $ (2.98) $ 0.76 $ (3.95) $ 0.75 $ (1.21) $ 2.54 Diluted EPS from continuing operations - adjusted(1)(2) 0.98 0.91 0.80 0.74 0.75 2.70 2.54 Diluted EPS from discontinued operations(2) — 3.60 0.05 0.08 0.05 3.65 0.23 Diluted EPS from discontinued operations - adjusted(1)(2) (0.01) — 0.10 0.07 0.05 0.09 0.23 Diluted EPS(2) 0.99 0.62 0.81 (3.87) 0.80 2.44 2.77 Diluted EPS - adjusted(1)(2) 0.97 0.91 0.90 0.81 0.80 2.79 2.77 Non-GAAP reconciliations Adjusted Net Income and Diluted EPS $ in millions, except per share data, shares in thousands (1) Adjusted net income available to common shareholders and adjusted diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Diluted EPS impact for individual items may not foot to difference between GAAP diluted and adjusted EPS due to rounding. (2) For periods ended with a net loss available to common shareholders from continuing operations, the calculation of GAAP diluted EPS uses the basic weighted average shares outstanding. Adjusted diluted EPS calculations include the impact of outstanding equity-based awards for all periods.

A-6 Non-GAAP reconciliations Efficiency ratio and fee income ratio from continuing operations $ in millions (1) Revenue is defined as net interest income plus noninterest income. (2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains and losses, amortization of intangible assets, restructuring charges, and other selected items. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Additionally, the adjusted fee income ratio is non-GAAP in that it excludes securities gains and losses and other selected items, and is calculated using adjusted revenue and adjusted noninterest income. Adjusted revenue and adjusted noninterest income exclude securities gains and losses and other selected items. Adjusted noninterest expense excludes amortization of intangible assets, restructuring charges, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Quarter Ended Year-to-Date Sept. 30 June 30 March 31 Dec. 31 Sept. 30 Sept. 30 Sept. 30 2024 2024 2024 2023 2023 2024 2023 Efficiency ratio numerator - noninterest expense - unadjusted $ 2,927 $ 3,094 $ 2,953 $ 9,557 $ 3,060 $ 8,974 $ 9,121 Restructuring charges, net (25) (33) (51) (155) (61) (109) (165) Gain (loss) on early extinguishment of debt — — — — — — (4) Goodwill impairment — — — (6,078) — — — Amortization of intangibles (84) (89) (88) (98) (98) (261) (297) Charitable contribution — (150) — — — (150) — FDIC special assessment 16 (13) (75) (507) — (72) — Efficiency ratio numerator - adjusted noninterest expense(2) $ 2,834 $ 2,809 $ 2,739 $ 2,719 $ 2,901 $ 8,382 $ 8,655 Fee income numerator - noninterest income - unadjusted $ 1,483 $ (5,212) $ 1,446 $ 1,363 $ 1,334 $ (2,283) $ 4,135 Securities (gains) losses, net — 6,650 — — — 6,650 — Fee income numerator - adjusted noninterest income(2) $ 1,483 $ 1,438 $ 1,446 $ 1,363 $ 1,334 $ 4,367 $ 4,135 Efficiency ratio and fee income ratio denominator - revenue(1) - unadjusted $ 5,085 $ (1,685) $ 4,818 $ 4,882 $ 4,869 $ 8,218 $ 15,140 Taxable equivalent adjustment 55 53 53 58 57 161 162 Securities (gains) losses — 6,650 — — — 6,650 — Efficiency ratio and fee income ratio denominator - adjusted revenue(1)((2) $ 5,140 $ 5,018 $ 4,871 $ 4,940 $ 4,926 $ 15,029 $ 15,302 Efficiency ratio - unadjusted 57.5 % NM 61.3 % NM 62.9 % NM 60.3 % Efficiency ratio - adjusted(2) 55.2 56.0 56.2 55.0 58.9 55.8 56.6 Fee income ratio - unadjusted 29.2 % NM 30.0 % 27.9 % 27.4 % NM 27.3 % Fee income ratio - adjusted(2) 28.9 28.7 29.7 27.6 27.1 29.1 27.0

A-7 Non-GAAP reconciliations Pre-provision net revenue $ in millions (1) Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), restructuring charges, amortization of intangible assets, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. Quarter Ended Year-to-Date Sept. 30 June 30 March 31 Dec. 31 Sept. 30 Sept. 30 Sept. 30 2024 2024 2024 2023 2023 2024 2023 Net income from continuing operations $ 1,439 $ (3,906) $ 1,133 $ (5,191) $ 1,109 $ (1,334) $ 3,688 Provision for credit losses 448 451 500 572 497 1,399 1,537 Provision for income taxes 271 (1,324) 232 (56) 203 (821) 794 Taxable-equivalent adjustment 55 53 53 58 57 161 162 Pre-provision net revenue(1) $ 2,213 $ (4,726) $ 1,918 $ (4,617) $ 1,866 $ (595) $ 6,181 Restructuring charges, net 25 33 51 155 61 109 165 Gain (loss) on early extinguishment of debt — — — — — — 4 Goodwill impairment — — — 6,078 — — — Amortization of intangibles 84 89 88 98 98 261 297 Charitable contribution — 150 — — — 150 — FDIC special assessment (16) 13 75 507 — 72 — Securities (gains) losses — 6,650 — — — 6,650 — Pre-provision net revenue - adjusted(1) $ 2,306 $ 2,209 $ 2,132 $ 2,221 $ 2,025 $ 6,647 $ 6,647

A-8 Non-GAAP reconciliations Calculations of tangible common equity and related measures $ in millions, except per share data, shares in thousands (1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization and impairment charges. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies. As of / Quarter Ended Year-to-Date Sept. 30 June 30 March 31 Dec. 31 Sept. 30 Sept. 30 Sept. 30 2024 2024 2024 2023 2023 2024 2023 Common shareholders’ equity $ 59,023 $ 57,154 $ 52,148 $ 52,428 $ 55,167 Less: Intangible assets, net of deferred taxes (including discontinued operations) 18,350 18,471 23,198 23,306 29,491 Tangible common shareholders’ equity(1) $ 40,673 $ 38,683 $ 28,950 $ 29,122 $ 25,676 Outstanding shares at end of period 1,327,521 1,338,223 1,338,096 1,333,743 1,333,668 Common shareholders’ equity per common share $ 44.46 $ 42.71 $ 38.97 $ 39.31 $ 41.37 Tangible common shareholders’ equity per common share(1) 30.64 28.91 21.64 21.83 19.25 Net income available to common shareholders $ 1,336 $ 826 $ 1,091 $ (5,167) $ 1,071 $ 3,253 $ 3,715 Plus: goodwill impairment — — — 6,078 — — — Plus: amortization of intangibles, net of tax (including discontinued operations) 64 68 84 99 99 216 303 Tangible net income available to common shareholders(1) $ 1,400 $ 894 $ 1,175 $ 1,010 $ 1,170 $ 3,469 $ 4,018 Average common shareholders’ equity $ 58,667 $ 54,863 $ 52,167 $ 56,061 $ 56,472 $ 55,245 $ 56,389 Less: Average intangible assets, net of deferred taxes (including discontinued operations) 18,399 20,406 23,244 29,377 29,570 20,680 29,743 Average tangible common shareholders’ equity(1) $ 40,268 $ 34,457 $ 28,923 $ 26,684 $ 26,902 $ 34,565 $ 26,646 Return on average common shareholders’ equity 9.1 % 6.1 % 8.4 % (36.6) % 7.5 % 7.9 % 8.8 % Return on average tangible common shareholders’ equity(1) 13.8 10.4 16.3 15.0 17.3 13.4 20.2


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)


Title of each class	Trading Symbol(s)	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



Exhibit No.						Description of Exhibit
99.1						Earnings Release issued October 17, 2024.
99.2						Quarterly Performance Summary issued October 17, 2024.
99.3						Earnings Release Presentation issued October 17, 2024.






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


			TRUIST FINANCIAL CORPORATION
						(Registrant)

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