8-K - TFC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

Form 8-K

Current Report

_____________________________________________

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 20, 2023

Date of Report (Date of earliest event reported)

Truist Financial Corporation

(Exact name of registrant as specified in its charter)

_____________________________________________

North Carolina	1-10853	56-0939887
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
214 North Tryon Street
---	---	---
Charlotte,	North Carolina	28202
(Address of principal executive offices)		(Zip Code)

(336) 733-2000

(Registrant’s telephone number, including area code)

_____________________________________________

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

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

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

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

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

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

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $5 par value	TFC	New York Stock Exchange
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock	TFC.PI	New York Stock Exchange
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock	TFC.PJ	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock	TFC.PO	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock	TFC.PR	New York Stock Exchange

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

Emerging growth company ☐

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

ITEM 2.02 Results of Operations and Financial Condition.

On April 20, 2023, Truist Financial Corporation (“Truist”) issued a press release reporting first quarter 2023 results and posted on its website its first quarter 2023 Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation. The materials contain forward-looking statements regarding Truist and include cautionary language identifying important factors that could cause actual results to differ materially from those anticipated. The Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation are furnished as Exhibits 99.1, 99.2, and 99.3, respectively. Consequently, they are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K. All information in the Earnings Release, Quarterly Performance Summary, and Earnings Release Presentation speaks as of the date thereof, and Truist does not assume any obligation to update such information in the future.

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description of Exhibit
99.1	Earnings Release issued April 20, 2023.
99.2	Quarterly Performance Summary issued April 20, 2023.
99.3	Earnings Release Presentation issued April 20, 2023.
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

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

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

Date: April 20, 2023

Document

			News Release
Truist reports first quarter 2023 results
GAAP earnings of $1.4 billion, or $1.05 per share	PPNR(1) up 47% and adjusted PPNR(1) up 19% compared to 1Q22		Capital, liquidity, and credit quality remain strengths
1Q23 Key Financial Data		1Q23 Performance Highlights(3)
(Dollars in billions, except per share data)	1Q23			4Q22			1Q22
---	---	---	---	---	---	---	---	---	---
Summary Income Statement
Net interest income - TE	$	3.92		$	4.03		$	3.21
Noninterest income	2.23			2.23			2.14
Total revenue - TE	6.15			6.26			5.35
Noninterest expense	3.69			3.72			3.67
Net income available to common shareholders	1.41			1.61			1.33
PPNR - unadjusted(1)	2.46			2.54			1.68
PPNR - adjusted(1)	2.66			2.87			2.23
Per Share Metrics
Diluted earnings per common share	$	1.05		$	1.20		$	0.99
BVPS	41.82			40.58			43.82
TBVPS(1)	19.45			18.04			21.87
Key Ratios
ROCE	10.3		%	11.7		%	9.0		%
ROTCE(1)	24.1			27.6			18.6
Efficiency ratio - GAAP	60.5			60.0			69.0
Efficiency ratio - adjusted(1)	56.8			54.2			58.3
NIM - TE	3.17			3.25			2.76
NCO ratio	0.37			0.34			0.25
ALLL ratio	1.37			1.34			1.44
CET1(2)	9.1			9.0			9.4
Average Balances
Assets	$	560		$	553		$	536
Securities	141			142			153
Loans and leases	328			323			292
Deposits	408			413			415

Amounts may not foot due to rounding.

(1)Represents a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s First Quarter 2023 Earnings Presentation.

(2)Current quarter capital ratios are preliminary.

(3)Comparisons noted in this section summarize changes from first quarter of 2023 compared to fourth quarter of 2022, unless otherwise noted.

•Net income was $1.4 billion, or $1.05 per diluted share

◦Includes $63 million ($48 million after-tax), or $0.04 per share, of merger-related and restructuring charges

•Adjusted PPNR was $2.7 billion, down 7.2% compared to prior quarter due to lower net interest income and higher noninterest expense

◦Up 19% from the year ago quarter due to NIM expansion and strong loan growth, partially offset by higher noninterest expense

•Average loans and leases increased 1.7% compared to the prior quarter driven by growth within the commercial and industrial portfolio

•Average deposits decreased 1.2% compared to the prior quarter primarily driven by the impacts of monetary tightening and higher-rate alternatives

•Asset quality remains strong with the net charge-off ratio at 37 basis points, stable nonperforming loans and lower delinquencies

•Capital and liquidity levels remained strong

◦CET1 ratio was 9.1% as of March 31

▪TIH minority stake sale closed April 3, which adds approximately 30 basis points

◦Consolidated LCR was 113%

◦$166 billion of available liquidity sources

CEO Commentary

“In a challenging and unique quarter for the banking industry, Truist demonstrated strength and leadership that reflects our diverse business model, granular and relationship-oriented deposit base, and strong capital and liquidity position. We also closed on the sale of a 20% minority stake in Truist Insurance Holdings in early April, which adds approximately 30 basis points to our risk-based capital ratios and, longer term, provides strategic and financial flexibility for both Truist and TIH.

Truist earned $1.4 billion of net income and had an ROTCE of 24.1% in the first quarter. We continued to experience the benefits of our shift to operating, including improving organic production and integrated relationship management momentum, although these benefits were offset by higher-than-expected funding costs. As a result, adjusted pre-provision net revenue decreased 7.2% sequentially, consistent with our prior guidance. We have started the year with 310 basis points of positive adjusted operating leverage, although work remains. Asset quality metrics remain strong and we prudently increased our ALLL ratio by 3 basis points to reflect increased uncertainty.

Our focus on clients was unwavering, both during the first two months of the quarter and in March. I am proud of how our teammates continue to care for our clients and stakeholders and live our purpose to inspire and build better lives and communities. I remain highly confident in Truist’s trajectory and ability to be a source of strength and stability for our clients and communities.”

— Bill Rogers, Truist Chairman & CEO

Truist in the Spotlight
Published 2022 Corporate Responsibility Report, highlighting progress and achievements across climate and energy, DEI, community, and financial inclusion	Closed on transaction to sell minority stake in TIH, positioning TIH for long-term success and growth and providing strategic and financial flexibility for Truist	Announced Where It Starts, a $22 million strategic initiative of Truist Foundation to strengthen small businesses and create career pathways for communities of color

Contact:
Investors:	Ankur Vyas	404.827.6714	investors@truist.com
Media:	Shelley Miller	704.692.1518	media@truist.com

Net Interest Income, Net Interest Margin, and Average Balances
	Quarter Ended						Change
(Dollars in millions)	1Q23			4Q22			1Q22			Link				Like
Interest income(1)	$	5,836		$	5,288		$	3,383		$	548	10.4	%	$	2,453	72.5	%
Interest expense	1,917			1,257			174			660		52.5		1,743		NM
Net interest income(1)	$	3,919		$	4,031		$	3,209		$	(112)	(2.8)		$	710	22.1
Net interest margin(1)	3.17		%	3.25		%	2.76		%	(8) bps				41 bps
Core net interest margin(2)	3.10			3.17			2.57			(7) bps				53 bps
Average Balances(3)
Total earning assets	$	499,149		$	492,805		$	469,940		$	6,344	1.3	%	$	29,209	6.2	%
Total interest-bearing liabilities	352,472			336,584			311,586			15,888		4.7		40,886		13.1
Yields / Rates(1)
Total earning assets	4.72		%	4.27		%	2.90		%	45 bps				182 bps
Total interest-bearing liabilities	2.20			1.48			0.22			72 bps				198 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 a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s First Quarter 2023 Earnings Presentation.

(3)Excludes basis adjustments for fair value hedges.

Taxable-equivalent net interest income for the first quarter of 2023 was down $112 million, or 2.8%, compared to the fourth quarter of 2022 driven by higher funding costs and two less days, partially offset by higher rates on earning assets. The net interest margin was 3.17%, down eight basis points.

•Average earning assets increased primarily due to growth in average total loans of $4.8 billion, or 1.5%, and growth in average other earning assets of $3.7 billion, or 17%, primarily due to an increase in balances held at the Federal Reserve to support liquidity build, partially offset by a decline in average securities of $1.9 billion, or 1.3%.

•The yield on the total loan portfolio was 5.81%, up 55 basis points primarily due to higher market interest rates. The yield on the average securities portfolio for the first quarter was 2.14%, up six basis points primarily due to the higher rate environment.

•Average deposits decreased $4.8 billion, or 1.2%, while average short-term borrowings decreased $1.6 billion, or 6.2%, and average long-term debt increased $12.4 billion, or 32%.

•The average cost of total deposits was 1.12%, up 46 basis points. The average cost of short-term borrowings was 4.69%, up 94 basis points. The average cost of long-term debt was 4.05%, up 63 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

Taxable-equivalent net interest income for the first quarter of 2023 was up $710 million, or 22%, compared to the first quarter of 2022 primarily due to higher short-term interest rates and strong loan growth, alongside well controlled deposit costs. These increases were partially offset by lower purchase accounting accretion and PPP revenue. Net interest margin was 3.17%, up 41 basis points.

•Average earning assets increased $29.2 billion, or 6.2%, primarily due to growth in average total loans of $35.1 billion, or 12%, and growth in other earning assets of $6.7 billion, or 35%, primarily due to an increase in balances held at the Federal Reserve to support liquidity build, partially offset by a decrease in average securities of $12.1 billion, or 7.9%.

•The yield on the total loan portfolio was 5.81%, up 212 basis points, primarily reflecting higher market interest rates, partially offset by lower purchase accounting accretion and PPP revenue. The yield on the average securities portfolio was 2.14%, up 46 basis points primarily due to the higher rate environment.

•Average deposits decreased $6.8 billion, or 1.6%, average short-term borrowings increased $17.1 billion, and average long-term debt increased $15.7 billion, or 44.5%.

•The average cost of total deposits was 1.12%, up 109 basis points. The average cost of short-term borrowings was 4.69%, up 409 basis points. The average cost of long-term debt was 4.05%, up 255 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

Noninterest Income
	Quarter Ended				Change
(Dollars in millions)	1Q23		4Q22		1Q22		Link				Like
Insurance income	$	813	$	766	$	727	$	47	6.1	%	$	86	11.8	%
Wealth management income	339		324		343		15		4.6		(4)		(1.2)
Investment banking and trading income	261		257		261		4		1.6		—		—
Service charges on deposits	249		257		252		(8)		(3.1)		(3)		(1.2)
Card and payment related fees	230		245		212		(15)		(6.1)		18		8.5
Mortgage banking income	142		117		121		25		21.4		21		17.4
Lending related fees	106		110		85		(4)		(3.6)		21		24.7
Operating lease income	67		68		58		(1)		(1.5)		9		15.5
Securities gains (losses)	—		—		(69)		—		—		69		(100.0)
Other income	27		83		152		(56)		(67.5)		(125)		(82.2)
Total noninterest income	$	2,234	$	2,227	$	2,142	$	7	0.3		$	92	4.3

Noninterest income was relatively stable compared to the fourth quarter of 2022 due to seasonally higher insurance income, higher mortgage banking and wealth management income partially offset by lower other income and card and payment related fees.

•Insurance income increased primarily due to seasonality.

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

•Wealth management income increased due to higher brokerage commissions and fees from higher asset valuations.

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

•Card and payment related fees decreased due to seasonally lower transaction volumes.

Noninterest income was up $92 million, or 4.3%, compared to the first quarter of 2022 due to 12% growth in insurance income, higher mortgage banking income, higher fees from lending-related activities and card and payment related activities. The first quarter of 2022 included $69 million of securities losses and a $74 million gain on the redemption of noncontrolling equity interest (included in other income). These items were partially offset by lower other income.

•Insurance income increased primarily due to acquisitions and 4.7% organic growth.

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

•Lending related fees increased primarily due to higher unused commitment fees.

•Card and payment related fees increased due to higher volumes and the acquisition of a merchant portfolio.

•Other income decreased due to the aforementioned gain in the year ago quarter, lower investment income from the Company’s SBIC and other investments, partially offset by higher income from investments held for certain post-retirement benefits (which is primarily offset by higher personnel expense).

Noninterest Expense
	Quarter Ended				Change
(Dollars in millions)	1Q23		4Q22		1Q22		Link				Like
Personnel expense	$	2,181	$	2,198	$	2,051	$	(17)	(0.8)	%	$	130	6.3	%
Professional fees and outside processing	314		347		363		(33)		(9.5)		(49)		(13.5)
Software expense	214		241		232		(27)		(11.2)		(18)		(7.8)
Net occupancy expense	183		179		208		4		2.2		(25)		(12.0)
Amortization of intangibles	136		163		137		(27)		(16.6)		(1)		(0.7)
Equipment expense	110		124		118		(14)		(11.3)		(8)		(6.8)
Marketing and customer development	78		70		84		8		11.4		(6)		(7.1)
Operating lease depreciation	46		44		48		2		4.5		(2)		(4.2)
Regulatory costs	75		52		35		23		44.2		40		114.3
Merger-related and restructuring charges	63		114		216		(51)		(44.7)		(153)		(70.8)
Other expense	291		190		182		101		53.2		109		59.9
Total noninterest expense	$	3,691	$	3,722	$	3,674	$	(31)	(0.8)		$	17	0.5

Noninterest expense was down $31 million, or 0.8%, compared to the fourth quarter of 2022 due to lower merger-related and restructuring charges, professional fees and outside processing expenses, amortization of intangibles, and software expenses. These decreases were partially offset by higher other expenses and regulatory costs. Merger-related and restructuring charges and incremental operating expenses related to the merger decreased $51 million and $56 million, respectively, due to the completion of integration-related activities. The current quarter merger-related and restructuring charges includes costs for personnel and facilities optimization. Adjusted noninterest expenses, which exclude merger-related costs and the amortization of intangibles, increased $103 million, or 3.0%, compared to the prior quarter.

•Professional fees and outside processing expenses decreased due to lower project spend for merger-related activities, partially offset by enterprise technology investments.

•Software expense decreased due to accelerated depreciation for certain contracts in the prior period.

•Personnel expense decreased slightly due to lower pension expenses and lower other post-retirement benefit expense (which is almost entirely offset by lower other income), partially offset by seasonally higher payroll taxes and higher equity compensation expense.

•Other expense increased primarily due to higher pension expense (driven primarily by lower plan assets) and higher operating losses.

•Regulatory costs increased primarily due to an increase in the FDIC’s deposit insurance assessment rate.

Noninterest expense was up $17 million, or 0.5%, compared to the first quarter of 2022 due to higher personnel expense, other expense, and regulatory costs. These increases were partially offset by lower merger-related and restructuring charges and professional fees and outside processing expenses. Merger-related and restructuring charges and incremental operating expenses related to the merger decreased $153 million and $202 million, respectively, due to the completion of integration-related activities. Adjusted noninterest expenses, which exclude merger-related costs and the amortization of intangibles increased $373 million, or 12%.

•Personnel expense increased due to investments in teammates by increasing Truist’s minimum wage, the impact from acquisitions, investments in revenue producing businesses and enterprise technology, and higher other post-retirement benefit expense (which is almost entirely offset by higher other income), partially offset by lower pension expenses.

•Other expense increased primarily due to higher pension expense (driven primarily by lower plan assets) and higher operating losses.

•Regulatory costs increased primarily due to an increase in the FDIC’s deposit insurance assessment rate.

•Professional fees and outside processing expenses decreased due to lower project spend for merger-related activities, partially offset by enterprise technology investments.

Provision for Income Taxes
	Quarter Ended						Change
(Dollars in millions)	1Q23			4Q22			1Q22			Link				Like
Provision for income taxes	$	394		$	337		$	330		$	57	16.9	%	$	64	19.4	%
Effective tax rate	20.6		%	16.7		%	18.9		%	390 bps				170 bps

The effective tax rate increased compared to the fourth quarter of 2022 primarily driven by discrete tax expenses recognized in the current quarter compared to discrete tax benefits recognized in the prior quarter and the adoption of accounting guidance related to the proportional amortization of tax credit investments in the current quarter. This guidance resulted in an increase in other income and an increase in tax expense of $17 million for the first quarter of 2023 with no impact to net income. The guidance was adopted prospectively and had no impact on prior periods results.

The effective tax rate increased compared to the first quarter of 2022 primarily driven by higher income before taxes, discrete tax expense recognized in the current quarter compared to discrete tax benefits recognized in the prior quarter, and the aforementioned adoption of accounting guidance related to the proportional amortization of tax credit investments.

Average Loans and Leases
(Dollars in millions)	1Q23		4Q22		Change		% Change
Commercial:
Commercial and industrial	$	165,095	$	159,308	$	5,787	3.6	%
CRE	22,689		22,497		192		0.9
Commercial construction	5,863		5,711		152		2.7
Total commercial	193,647		187,516		6,131		3.3
Consumer:
Residential mortgage	56,422		56,292		130		0.2
Home equity(1)	10,735		10,887		(152)		(1.4)
Indirect auto	27,743		28,117		(374)		(1.3)
Other consumer(1)	27,559		27,479		80		0.3
Student	5,129		5,533		(404)		(7.3)
Total consumer	127,588		128,308		(720)		(0.6)
Credit card	4,785		4,842		(57)		(1.2)
Total loans and leases held for investment	$	326,020	$	320,666	$	5,354	1.7

(1)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.

Average loans increased $5.4 billion, or 1.7%, compared to the prior quarter primarily due to momentum from the prior quarter within the commercial portfolio and the impact of the BankDirect acquisition. Loan growth moderated during the quarter as production in lower return portfolios was reduced with end of period loans up 0.5% compared to December 31, 2022.

•Average commercial loans increased 3.3% due to broad-based growth within the commercial and industrial portfolio and the BankDirect acquisition. The BankDirect acquisition contributed approximately $900 million of average loan growth compared to the fourth quarter of 2022.

•Average consumer loans decreased 0.6% due to runoff in student loans and partnership lending, as well as lower indirect auto production.

Average Deposits
(Dollars in millions)	1Q23		4Q22		Change		% Change
Noninterest-bearing deposits	$	131,099	$	141,032	$	(9,933)	(7.0)	%
Interest checking	108,886		110,001		(1,115)		(1.0)
Money market and savings	139,802		144,730		(4,928)		(3.4)
Time deposits	28,671		17,513		11,158		63.7
Total deposits	$	408,458	$	413,276	$	(4,818)	(1.2)

Average deposits for the first quarter of 2023 were $408.5 billion, a decrease of $4.8 billion, or 1.2%, compared to the prior quarter. The decrease in deposits was primarily driven by the impacts of monetary tightening and higher-rate alternatives.

Average noninterest-bearing deposits decreased 7.0% compared to the prior quarter and represented 32.1% of total deposits for the first quarter of 2023 compared to 34.1% for the fourth quarter of 2022 and 35.1% compared to the year ago quarter. Average money market and savings and interest checking declined 3.4% and 1.0%, respectively, compared to the prior quarter. Average time deposits increased 64% due to an increase in wholesale funding and retail-client time deposits.

Capital Ratios
	1Q23		4Q22		3Q22		2Q22		1Q22
Risk-based:	(preliminary)
CET1	9.1	%	9.0	%	9.1	%	9.2	%	9.4	%
Tier 1	10.6		10.5		10.7		10.8		11.0
Total	12.6		12.4		12.6		12.6		13.0
Leverage	8.5		8.5		8.5		8.6		8.6
Supplementary leverage	7.3		7.3		7.3		7.3		7.3

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist declared common dividends of $0.52 per share during the first quarter of 2023. The dividend payout ratio for the first quarter of 2023 was 49%. Truist did not repurchase any shares in the first quarter of 2023.

Truist CET1 ratio was 9.1% as of March 31, 2023. The increase since December 31, 2022 represents organic capital generation, partially offset by the CECL phase-in. Truist closed the sale of the minority stake in TIH on April 3, 2023, which adds approximately 30 basis points and 25 basis points to the risk-based regulatory capital ratios and leverage ratios, respectively.

Truist’s average consolidated LCR was 113% for the three months ended March 31, 2023, compared to the regulatory minimum of 100%. Truist has significant and strong access to liquidity with $166 billion of available liquidity as of March 31, 2023.

Asset Quality
(Dollars in millions)	1Q23			4Q22			3Q22			2Q22			1Q22
Total nonperforming assets	$	1,261		$	1,250		$	1,240		$	1,173		$	1,135
Total loans 90 days past due and still accruing	1,361			1,605			1,709			1,787			1,914
Total loans 30-89 days past due	1,805			2,267			1,957			2,091			2,101
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.36		%	0.36		%	0.35		%	0.36		%	0.36		%
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.55			0.70			0.62			0.69			0.72
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.42			0.49			0.54			0.59			0.66
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	1.37			1.34			1.34			1.38			1.44
Net charge-offs as a percentage of average loans and leases, annualized	0.37			0.34			0.27			0.22			0.25
Ratio of allowance for loan and lease losses to net charge-offs, annualized	3.7x			4.1x			5.0x			6.5x			5.8x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.8x			3.7x			3.8x			3.8x			4.0x

Nonperforming assets totaled $1.3 billion at March 31, 2023, relatively stable compared to December 31, 2022. Nonperforming loans and leases held for investment were 0.36% of loans and leases held for investment at March 31, 2023, unchanged compared to December 31, 2022.

Loans 90 days or more past due and still accruing totaled $1.4 billion at March 31, 2023, down $244 million, or seven basis points as a percentage of loans and leases, compared with the prior quarter primarily due to declines in government guaranteed student loans and government guaranteed residential mortgages. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at March 31, 2023, flat from December 31, 2022.

Loans 30-89 days past due and still accruing of $1.8 billion at March 31, 2023 were down $462 million, or 15 basis points as a percentage of loans and leases, compared to the prior quarter primarily due to a seasonal decrease in the consumer portfolios coupled with a decline in the commercial and industrial portfolio.

The allowance for credit losses was $4.8 billion and includes $4.5 billion for the allowance for loan and lease losses and $282 million for the reserve for unfunded commitments. The ALLL ratio was 1.37%, up three basis points compared with December 31, 2022 primarily due to increased economic uncertainty. The ALLL covered nonperforming loans and leases held for investment 3.8X compared to 3.7X at December 31, 2022. At March 31, 2023, the ALLL was 3.7X annualized net charge-offs, compared to 4.1X at December 31, 2022.

Provision for Credit Losses
	Quarter Ended						Change
(Dollars in millions)	1Q23			4Q22			1Q22			Link				Like
Provision for credit losses	$	502		$	467		$	(95)		$	35	7.5	%	$	597	NM
Net charge-offs	297			273			178			24		8.8		119		66.9
Net charge-offs as a percentage of average loans and leases	0.37		%	0.34		%	0.25		%	3 bps				12 bps

The provision for credit losses was $502 million compared to $467 million for the fourth quarter of 2022.

•The increase in the current quarter provision expense primarily reflects increased economic uncertainty.

•The net charge-off ratio for the current quarter was up compared to the fourth quarter of 2022 primarily driven by higher charge-offs in the commercial and industrial portfolio.

The provision for credit losses was $502 million compared to a benefit of $95 million for the first quarter of 2022.

•The increase in the current quarter provision expense primarily reflects increased economic uncertainty in the current period, whereas the earlier quarter included a reserve release due to the improving credit environment during that period.

•The net charge-off ratio was up compared to the first quarter of 2022 driven by higher charge-offs in the indirect auto and other consumer portfolios due to normalizing trends, as well as an increase in the commercial and industrial portfolio.

Earnings Presentation and Quarterly Performance Summary

Investors can access a live audio webcast of the first quarter 2023 earnings conference call at 8 a.m. ET today and view the news release and presentation materials at https://ir.truist.com under “Events & Presentations.” The conference call can also be accessed by dialing 855-303-0072 and using passcode 100038. A replay of the call will be available on the website for 30 days.

The presentation, including an appendix reconciling non-GAAP disclosures, and Truist’s First Quarter 2023 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. Truist has leading market share in many high-growth markets in the country, and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $574 billion as of March 31, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.

#-#-#

Glossary of Defined Terms
Term	Definition
ACL	Allowance for credit losses
ALLL	Allowance for loan and lease losses
BVPS	Book value (common equity) per share
CEO	Chief Executive Officer
CET1	Common equity tier 1
EBITDA	Earnings before interest, taxes, depreciation, and amortization
FDIC	Federal Deposit Insurance Corporation
GAAP	Accounting principles generally accepted in the United States of America
LCR	Liquidity Coverage Ratio
LIBOR	London Interbank Offered Rate
Like	Compared to First quarter of 2022
Link	Compared to Fourth quarter of 2022
NCO	Net charge-offs
NIM	Net interest margin, computed on a TE basis
NM	Not meaningful
PPNR	Pre-provision net revenue
PPP	Paycheck Protection Program, established by the Coronavirus Aid, Relief, and Economic Security Act
ROCE	Return on average common equity
ROTCE	Return on average tangible common equity
SBIC	Small Business Investment Company
TBVPS	Tangible book value per common share
TE	Taxable-equivalent
TIH	Truist Insurance Holdings

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 the Corporation’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. Truist’s management believes investors may find these non-GAAP financial measures useful. 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 Performance Measures -The adjusted performance measures, including adjusted diluted earnings per share, return on average tangible common shareholders’ equity, adjusted efficiency ratio, adjusted operating leverage, and adjusted noninterest expense, are non-GAAP in that they exclude merger-related and restructuring charges, other selected items, and amortization of intangible assets, as applicable to tangible measures. 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), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances 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. 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.

•Core NIM - Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for loans, deposits, and long-term debt from SunTrust and other mergers and acquisitions are excluded to approximate the yields paid by clients. Truist’s management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist’s earning assets.

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s First Quarter 2023 Earnings Presentation, which is available at https://ir.truist.com/earnings.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements.

Forward-looking statements are not based on historical facts but instead represent management’s expectations and assumptions regarding Truist’s business, the economy, and other future conditions. Such statements involve inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022 and in Truist’s subsequent filings with the Securities and Exchange Commission:

•changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, could adversely affect Truist’s revenue and expenses, the value of assets and obligations, and the availability and cost of capital, cash flows, and liquidity;

•Truist is subject to credit risk by lending or committing to lend money, may have more credit risk and higher credit losses to the extent that loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral, and may suffer losses if the value of collateral declines in stressed market conditions;

•inability to access short-term funding or liquidity, loss of client deposits or changes in Truist’s credit ratings could increase the cost of funding, limit access to capital markets, or negatively affect Truist’s overall liquidity or capitalization;

•Truist may be impacted by the soundness of other financial institutions, including as a result of the financial or operational failure of a major financial institution, or concerns about the creditworthiness of such a financial institution or its ability to fulfill its obligations, which can cause substantial and cascading disruption within the financial markets and increased expenses, including FDIC insurance premiums;

•general economic or business conditions, either globally, nationally or regionally, may be less favorable than expected, including as a result of supply chain disruptions, inflationary pressures and labor shortages, and instability in global geopolitical matters, including due to an outbreak or escalation of hostilities, or volatility in financial markets could result in, among other things, slower deposit or asset growth, a deterioration in credit quality, or a reduced demand for credit, insurance, or other services;

•the monetary and fiscal policies of the federal government and its agencies, including in response to higher inflation, could have a material adverse effect on the economy and Truist’s profitability;

•the effects of COVID-19 adversely impacted the Company’s operations and financial performance and similar adverse impacts resulting from pandemics could occur in future periods;

•risk management oversight functions may not identify or address risks adequately, and management may not be able to effectively manage credit risk;

•there are risks resulting from the extensive use of models in Truist’s business, which may impact decisions made by management and regulators;

•deposit attrition, client loss or revenue loss following completed mergers or acquisitions may be greater than anticipated;

•Truist could fail to execute on strategic or operational plans, including the ability to successfully complete or integrate mergers and acquisitions;

•increased competition, including from (i) new or existing competitors that could have greater financial resources or be subject to different regulatory standards or compliance costs, and (ii) products and services offered by non-bank financial technology companies, may reduce Truist’s client base, cause Truist to lower prices for its products and services in order to maintain market share or otherwise adversely impact Truist’s businesses or results of operations;

•failure to maintain or enhance Truist’s competitive position with respect to new products, services, and technology, whether it fails to anticipate client expectations or because its technological developments fail to perform as desired or do not achieve market acceptance or regulatory approval or for other reasons, may cause Truist to lose market share or incur additional expense;

•negative public opinion could damage Truist’s reputation and adversely impact business and revenues;

•regulatory matters, litigation or other legal actions may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, negative publicity, or other adverse consequences;

•Truist faces substantial legal and operational risks in safeguarding personal information;

•evolving legislative, accounting and regulatory standards, including with respect to climate, capital, and liquidity requirements, which may become more stringent in light of recent bank failures, and results of regulatory examinations may adversely affect Truist’s financial condition and results of operations;

•increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design, and governance could damage its reputation and adversely impact business and revenues;

•accounting policies and processes require management to make estimates about matters that are uncertain, including the potential write down to goodwill if there is an elongated period of decline in market value for Truist’s stock and adverse economic conditions are sustained over a period of time;

•Truist faces risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases;

•there are risks relating to Truist’s role as a loan servicer, including an increase in the scope or costs of the services Truist is required to perform without any corresponding increase in servicing fees or a breach of Truist’s obligations as servicer;

•Truist’s success depends on hiring and retaining key teammates, and if these individuals leave or change roles without effective replacements, Truist’s operations could be adversely impacted, which could be exacerbated in the increased work-from-home environment as job markets may be less constrained by physical geography;

•Truist’s operations rely on its ability, and the ability of key external parties, to maintain appropriate-staffed workforces, and on the competence, trustworthiness, health and safety of teammates;

•Truist faces the risk of fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect, or mitigate;

•security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s teammates and clients, malware intrusion, data corruption attempts, system breaches, cyberattacks, which have increased in frequency with geopolitical tensions, identity theft, ransomware attacks, and physical security risks, such as natural disasters, environmental conditions, and intentional acts of destruction, could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure; and

•widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change, including physical risks, such as more frequent and intense weather events, and risks related to the transition to a lower carbon economy, such as regulatory or technological changes or shifts in market dynamics or consumer preferences, could have an adverse effect on Truist’s financial condition and results of operations, lead to material disruption of Truist’s operations or the ability or willingness of clients to access Truist’s products and services.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements.

10 -

Document

Quarterly Performance Summary

Truist Financial Corporation

First Quarter 2023

Table of Contents
Quarterly Performance Summary
Truist Financial Corporation
	Page
Financial Highlights	1
Consolidated Statements of Income	2
Consolidated Ending Balance Sheets	3
Average Balances and Rates - Quarters	4
Credit Quality	5
Segment Financial Performance	8
Capital Information	9
Selected Mortgage Banking Information & Additional Information	10
Selected Items	11

Financial Highlights

		Quarter Ended
(Dollars in millions, except per share data, shares in thousands)		March 31				Dec. 31				Sept. 30				June 30				March 31
	2023				2022				2022				2022				2022
Summary Income Statement
Interest income - taxable equivalent(1)		$	5,836			$	5,288			$	4,407			$	3,701			$	3,383
Interest expense		1,917				1,257				624				266				174
Net interest income - taxable equivalent		3,919				4,031				3,783				3,435				3,209
Less: Taxable-equivalent adjustment		51				50				38				28				26
Net interest income		3,868				3,981				3,745				3,407				3,183
Provision for credit losses		502				467				234				171				(95)
Net interest income after provision for credit losses		3,366				3,514				3,511				3,236				3,278
Noninterest income		2,234				2,227				2,102				2,248				2,142
Noninterest expense		3,691				3,722				3,613				3,580				3,674
Income before income taxes		1,909				2,019				2,000				1,904				1,746
Provision for income taxes		394				337				363				372				330
Net income		1,515				1,682				1,637				1,532				1,416
Noncontrolling interests		2				1				4				1				1
Preferred stock dividends and other		103				71				97				77				88
Net income available to common shareholders		1,410				1,610				1,536				1,454				1,327
Additional Income Statement Information
Revenue - taxable equivalent		6,153				6,258				5,885				5,683				5,351
Pre-provision net revenue - unadjusted(2)		2,462				2,536				2,272				2,103				1,677
Pre-provision net revenue - adjusted(2)		2,661				2,869				2,565				2,446				2,227
Per Common Share Data
Earnings:
Earnings per share-basic		$	1.06			$	1.21			$	1.16			$	1.09			$	1.00
Earnings per share-diluted		1.05				1.20				1.15				1.09				0.99
Earnings per share-adjusted diluted(2)		NA				1.30				1.24				1.20				1.23
Cash dividends declared		0.52				0.52				0.52				0.48				0.48
Common shareholders’ equity		41.82				40.58				40.79				42.45				43.82
Tangible common shareholders’ equity(2)		19.45				18.04				18.36				20.51				21.87
End of period shares outstanding		1,331,918				1,326,829				1,326,766				1,326,393				1,331,414
Weighted average shares outstanding-basic		1,328,602				1,326,787				1,326,539				1,330,160				1,329,037
Weighted average shares outstanding-diluted		1,339,480				1,337,338				1,336,659				1,338,864				1,341,563
Performance Ratios
Return on average assets		1.10		%		1.21		%		1.19		%		1.14		%		1.07		%
Return on average common shareholders’ equity		10.3				11.7				10.7				10.3				9.0
Return on average tangible common shareholders’ equity(2)		24.1				27.6				23.5				22.7				18.6
Net interest margin - taxable equivalent		3.17				3.25				3.12				2.89				2.76
Fee income ratio		36.6				35.9				36.0				39.7				40.2
Efficiency ratio-GAAP		60.5				60.0				61.8				63.3				69.0
Efficiency ratio-adjusted(2)		56.8				54.2				56.4				57.0				58.3
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment		0.36		%		0.36		%		0.35		%		0.36		%		0.36		%
Net charge-offs as a percentage of average loans and leases		0.37				0.34				0.27				0.22				0.25
Allowance for loan and lease losses as a percentage of LHFI		1.37				1.34				1.34				1.38				1.44
Ratio of allowance for loan and lease losses to nonperforming LHFI		3.8x				3.7x				3.8x				3.8x				4.0x
Average Balances
Assets		$	559,627			$	552,959			$	545,606			$	540,568			$	535,981
Securities(3)		140,551				142,433				145,396				148,681				152,687
Loans and leases		327,547				322,733				311,876				299,861				292,484
Deposits		408,458				413,276				420,096				423,750				415,238
Common shareholders’ equity		55,380				54,823				56,813				56,803				60,117
Total shareholders’ equity		62,077				61,519				63,510				63,500				66,798
Period-End Balances
Assets		$	574,354			$	555,255			$	548,438			$	545,123			$	543,979
Securities(3)		128,790				129,514				131,732				139,359				146,415
Loans and leases		329,833				327,435				316,639				307,300				294,248
Deposits		404,997				413,495				415,992				424,759				428,328
Common shareholders’ equity		55,699				53,841				54,115				56,302				58,348
Total shareholders’ equity		62,394				60,537				60,811				62,999				65,044
Capital and Liquidity Ratios		(preliminary)
Common equity Tier 1		9.1		%		9.0		%		9.1		%		9.2		%		9.4		%
Tier 1		10.6				10.5				10.7				10.8				11.0
Total		12.6				12.4				12.6				12.6				13.0
Leverage		8.5				8.5				8.5				8.6				8.6
Supplementary leverage		7.3				7.3				7.3				7.3				7.3
Liquidity coverage ratio		113				112				111				110				111

Applicable ratios are annualized.

(1)Interest income includes certain fees, deferred costs, fair value mark accretion, and dividends.

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

Consolidated Statements of Income - Five Quarter Trend

	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions, except per share data, shares in thousands)	2023		2022		2022		2022		2022
Interest Income
Interest and fees on loans and leases	$	4,656	$	4,220	$	3,490	$	2,898	$	2,644
Interest on securities	752		739		709		675		640
Interest on other earning assets	377		279		170		100		73
Total interest income	5,785		5,238		4,369		3,673		3,357
Interest Expense
Interest on deposits	1,125		683		331		99		32
Interest on long-term debt	514		332		190		137		132
Interest on other borrowings	278		242		103		30		10
Total interest expense	1,917		1,257		624		266		174
Net Interest Income	3,868		3,981		3,745		3,407		3,183
Provision for credit losses	502		467		234		171		(95)
Net Interest Income After Provision for Credit Losses	3,366		3,514		3,511		3,236		3,278
Noninterest Income
Insurance income	813		766		725		825		727
Wealth management income	339		324		334		337		343
Investment banking and trading income	261		257		222		255		261
Service charges on deposits	249		257		263		254		252
Card and payment related fees	230		245		241		246		212
Mortgage banking income	142		117		122		100		121
Lending related fees	106		110		80		100		85
Operating lease income	67		68		66		66		58
Securities gains (losses)	—		—		(1)		(1)		(69)
Other income	27		83		50		66		152
Total noninterest income	2,234		2,227		2,102		2,248		2,142
Noninterest Expense
Personnel expense	2,181		2,198		2,116		2,102		2,051
Professional fees and outside processing	314		347		352		349		363
Software expense	214		241		225		234		232
Net occupancy expense	183		179		176		181		208
Amortization of intangibles	136		163		140		143		137
Equipment expense	110		124		122		114		118
Marketing and customer development	78		70		105		93		84
Operating lease depreciation	46		44		45		47		48
Regulatory costs	75		52		52		44		35
Merger-related and restructuring charges	63		114		62		121		216
Other expense	291		190		218		152		182
Total noninterest expense	3,691		3,722		3,613		3,580		3,674
Earnings
Income before income taxes	1,909		2,019		2,000		1,904		1,746
Provision for income taxes	394		337		363		372		330
Net income	1,515		1,682		1,637		1,532		1,416
Noncontrolling interests	2		1		4		1		1
Preferred stock dividends and other	103		71		97		77		88
Net income available to common shareholders	$	1,410	$	1,610	$	1,536	$	1,454	$	1,327
Earnings Per Common Share
Basic	$	1.06	$	1.21	$	1.16	$	1.09	$	1.00
Diluted	1.05		1.20		1.15		1.09		0.99
Weighted Average Shares Outstanding
Basic	1,328,602		1,326,787		1,326,539		1,330,160		1,329,037
Diluted	1,339,480		1,337,338		1,336,659		1,338,864		1,341,563

Consolidated Ending Balance Sheets - Five Quarter Trend

	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2023		2022		2022		2022		2022
Assets
Cash and due from banks	$	4,629	$	5,379	$	5,031	$	5,511	$	5,516
Interest-bearing deposits with banks	32,967		16,042		17,194		17,602		23,606
Securities borrowed or purchased under resale agreements	3,637		3,181		2,568		2,650		2,322
Trading assets at fair value	4,601		4,905		5,864		5,230		5,920
Securities available for sale at fair value	71,858		71,801		72,978		79,278		84,753
Securities held to maturity at amortized cost	56,932		57,713		58,754		60,081		61,662
Loans and leases:
Commercial:
Commercial and industrial	167,217		164,307		153,615		149,840		141,060
CRE	22,670		22,676		22,493		22,149		22,774
Commercial construction	5,951		5,849		5,568		5,157		5,220
Consumer:
Residential mortgage	56,455		56,645		55,529		50,903		48,171
Home equity(1)	10,577		10,876		10,883		10,689		10,682
Indirect auto	27,279		27,951		28,239		27,419		25,756
Other consumer(1)	27,742		27,533		27,457		26,617		25,214
Student	4,996		5,287		5,780		6,144		6,514
Credit card	4,786		4,867		4,771		4,744		4,690
Total loans and leases held for investment	327,673		325,991		314,335		303,662		290,081
Loans held for sale	2,160		1,444		2,304		3,638		4,167
Total loans and leases	329,833		327,435		316,639		307,300		294,248
Allowance for loan and lease losses	(4,479)		(4,377)		(4,205)		(4,187)		(4,170)
Premises and equipment	3,519		3,605		3,585		3,682		3,662
Goodwill	27,014		27,013		26,810		26,299		26,284
Core deposit and other intangible assets	3,535		3,672		3,726		3,535		3,693
Loan servicing rights at fair value	3,303		3,758		3,797		3,466		3,013
Other assets	37,005		35,128		35,697		34,676		33,470
Total assets	$	574,354	$	555,255	$	548,438	$	545,123	$	543,979
Liabilities
Deposits:
Noninterest-bearing deposits	$	128,719	$	135,742	$	144,826	$	147,752	$	150,446
Interest checking	107,116		110,464		110,397		114,143		119,572
Money market and savings	136,836		143,815		146,315		149,302		143,834
Time deposits	32,326		23,474		14,454		13,562		14,476
Total deposits	404,997		413,495		415,992		424,759		428,328
Short-term borrowings	23,678		23,422		25,687		13,736		5,147
Long-term debt	69,895		43,203		31,172		30,319		33,773
Other liabilities	13,390		14,598		14,776		13,310		11,687
Total liabilities	511,960		494,718		487,627		482,124		478,935
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,660		6,634		6,634		6,632		6,657
Additional paid-in capital	34,582		34,544		34,487		34,410		34,539
Retained earnings	27,038		26,264		25,344		24,500		23,687
Accumulated other comprehensive loss	(12,581)		(13,601)		(12,350)		(9,240)		(6,535)
Noncontrolling interests	22		23		23		24		23
Total shareholders’ equity	62,394		60,537		60,811		62,999		65,044
Total liabilities and shareholders’ equity	$	574,354	$	555,255	$	548,438	$	545,123	$	543,979

Average Balances and Rates - Quarters

	Quarter Ended
	March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
(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	$	11,117	$	30	1.07	%	$	10,989	$	27	0.98	%	$	10,925	$	26	0.93	%	$	10,544	$	22	0.86	%	$	9,890	$	18	0.72	%
U.S. government-sponsored entities (GSE)	335		2		2.86		325		3		2.47		305		1		2.56		255		1		1.96		1,120		6		2.13
Mortgage-backed securities issued by GSE	124,746		694		2.23		126,718		682		2.16		129,703		655		2.02		133,339		625		1.88		137,052		590		1.72
States and political subdivisions	425		4		4.07		426		4		4.03		395		4		3.92		371		4		3.83		374		3		3.72
Non-agency mortgage-backed	3,907		23		2.34		3,953		23		2.33		4,016		24		2.32		4,097		23		2.30		4,224		24		2.25
Other	21		—		5.30		22		1		4.44		52		—		3.94		75		1		3.66		27		—		2.04
Total securities	140,551		753		2.14		142,433		740		2.08		145,396		710		1.95		148,681		676		1.82		152,687		641		1.68
Loans and leases:
Commercial:
Commercial and industrial	165,095		2,436		5.98		159,308		2,098		5.23		152,123		1,564		4.08		145,558		1,174		3.24		138,872		987		2.88
CRE	22,689		355		6.32		22,497		314		5.51		22,245		245		4.32		22,508		193		3.41		23,555		168		2.84
Commercial construction	5,863		101		7.14		5,711		88		6.25		5,284		62		4.83		5,256		43		3.46		5,046		35		3.05
Consumer:
Residential mortgage	56,422		526		3.73		56,292		514		3.65		53,271		478		3.59		49,237		440		3.58		47,976		428		3.57
Home equity(3)	10,735		180		6.80		10,887		164		6.02		10,767		142		5.17		10,677		118		4.52		10,822		116		4.33
Indirect auto	27,743		398		5.82		28,117		396		5.59		28,057		382		5.40		26,496		362		5.47		26,088		357		5.56
Other consumer(3)	27,559		459		6.76		27,479		447		6.44		26,927		419		6.21		25,918		391		6.00		24,921		383		6.24
Student	5,129		89		7.04		5,533		90		6.42		5,958		85		5.64		6,331		66		4.20		6,648		63		3.86
Credit card	4,785		136		11.43		4,842		127		10.38		4,755		119		9.97		4,728		105		8.91		4,682		104		8.97
Total loans and leases held for investment	326,020		4,680		5.81		320,666		4,238		5.25		309,387		3,496		4.49		296,709		2,892		3.91		288,610		2,641		3.70
Loans held for sale	1,527		25		6.71		2,067		31		6.08		2,489		30		4.81		3,152		33		4.20		3,874		28		2.87
Total loans and leases	327,547		4,705		5.81		322,733		4,269		5.26		311,876		3,526		4.49		299,861		2,925		3.91		292,484		2,669		3.69
Interest earning trading assets	5,462		83		6.09		5,717		79		5.60		5,446		62		4.49		6,073		55		3.55		5,837		43		3.04
Other earning assets	25,589		295		4.67		21,922		200		3.60		19,631		109		2.24		21,203		45		0.85		18,932		30		0.63
Total earning assets	499,149		5,836		4.72		492,805		5,288		4.27		482,349		4,407		3.63		475,818		3,701		3.12		469,940		3,383		2.90
Nonearning assets	60,478						60,154						63,257						64,750						66,041
Total assets	$	559,627					$	552,959					$	545,606					$	540,568					$	535,981
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	108,886	430		1.60		$	110,001	304		1.10		$	111,645	158		0.56		$	112,375	43		0.15		$	112,159	14		0.05
Money market and savings	139,802		476		1.38		144,730		316		0.87		147,659		159		0.43		148,632		50		0.13		141,500		11		0.03
Time deposits	28,671		219		3.10		17,513		63		1.42		14,751		14		0.40		14,133		6		0.17		15,646		7		0.18
Total interest-bearing deposits	277,359		1,125		1.64		272,244		683		1.00		274,055		331		0.48		275,140		99		0.14		269,305		32		0.05
Short-term borrowings	24,056		278		4.69		25,640		242		3.75		17,392		103		2.34		9,618		30		1.26		6,944		10		0.60
Long-term debt	51,057		514		4.05		38,700		332		3.42		31,381		190		2.43		31,263		137		1.75		35,337		132		1.50
Total interest-bearing liabilities	352,472		1,917		2.20		336,584		1,257		1.48		322,828		624		0.77		316,021		266		0.34		311,586		174		0.22
Noninterest-bearing deposits	131,099						141,032						146,041						148,610						145,933
Other liabilities	13,979						13,824						13,227						12,437						11,664
Shareholders’ equity	62,077						61,519						63,510						63,500						66,798
Total liabilities and shareholders’ equity	$	559,627					$	552,959					$	545,606					$	540,568					$	535,981
Average interest-rate spread					2.52						2.79						2.86						2.78						2.68
Net interest income/ net interest margin			$	3,919	3.17	%			$	4,031	3.25	%			$	3,783	3.12	%			$	3,435	2.89	%			$	3,209	2.76	%
Taxable-equivalent adjustment			51						50						38						28						26
Memo: Total deposits	$	408,458	1,125		1.12	%	$	413,276	683		0.66	%	$	420,096	331		0.31	%	$	423,750	99		0.09	%	$	415,238	32		0.03	%

(1)Excludes basis adjustments for fair value hedges.

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

(3)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.

Credit Quality

	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2023		2022		2022		2022		2022
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	394	$	398	$	443	$	393	$	330
CRE	117		82		5		19		27
Commercial construction	1		—		—		—		—
Consumer:
Residential mortgage	233		240		227		269		315
Home equity(1)	132		135		132		133		122
Indirect auto	270		289		260		244		227
Other consumer(1)	45		44		39		32		23
Total nonaccrual loans and leases held for investment	1,192		1,188		1,106		1,090		1,044
Loans held for sale	—		—		72		33		39
Total nonaccrual loans and leases	1,192		1,188		1,178		1,123		1,083
Foreclosed real estate	3		4		4		3		3
Other foreclosed property	66		58		58		47		49
Total nonperforming assets	$	1,261	$	1,250	$	1,240	$	1,173	$	1,135
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	35	$	49	$	44	$	27	$	22
CRE	—		1		1		3		—
Commercial construction	—		—		—		3		—
Consumer:
Residential mortgage - government guaranteed	649		759		808		884		996
Residential mortgage - nonguaranteed	25		27		26		27		31
Home equity(1)	10		12		9		8		9
Indirect auto	—		1		1		1		1
Other consumer(1)	10		13		9		5		5
Student - government guaranteed	590		702		770		796		818
Student - nonguaranteed	4		4		5		5		4
Credit card	38		37		36		28		28
Total loans 90 days past due and still accruing	$	1,361	$	1,605	$	1,709	$	1,787	$	1,914
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	125	$	256	$	162	$	223	$	280
CRE	34		25		15		10		13
Commercial construction	3		5		3		4		1
Consumer:
Residential mortgage - government guaranteed	232		268		234		233		216
Residential mortgage - nonguaranteed	259		346		300		302		326
Home equity(1)	65		68		67		68		80
Indirect auto	511		646		591		584		529
Other consumer(1)	164		187		152		166		127
Student - government guaranteed	350		396		375		447		476
Student - nonguaranteed	6		6		6		6		6
Credit card	56		64		52		48		47
Total loans 30-89 days past due	$	1,805	$	2,267	$	1,957	$	2,091	$	2,101

	As of/For the Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
	2023		2022		2022		2022		2022
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.55	%	0.70	%	0.62	%	0.69	%	0.72	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.42		0.49		0.54		0.59		0.66
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.36		0.36		0.35		0.36		0.36
Nonperforming loans and leases as a percentage of loans and leases(1)	0.36		0.36		0.37		0.37		0.37
Nonperforming assets as a percentage of:
Total assets(1)	0.22		0.23		0.23		0.22		0.21
Loans and leases plus foreclosed property	0.38		0.38		0.37		0.38		0.38
Net charge-offs as a percentage of average loans and leases	0.37		0.34		0.27		0.22		0.25
Allowance for loan and lease losses as a percentage of loans and leases	1.37		1.34		1.34		1.38		1.44
Ratio of allowance for loan and lease losses to:
Net charge-offs	3.7X		4.1X		5.0X		6.5X		5.8X
Nonperforming loans and leases	3.8X		3.7X		3.8X		3.8X		4.0X
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 Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2023		2022		2022		2022		2022
Allowance for Credit Losses(1)
Beginning balance	$	4,649	$	4,455	$	4,434	$	4,423	$	4,695
Provision for credit losses	482		467		234		171		(95)
Charge-offs:
Commercial:
Commercial and industrial	(75)		(44)		(51)		(17)		(31)
CRE	(6)		(11)		—		(1)		(1)
Commercial construction	—		—		—		—		(1)
Consumer:
Residential mortgage	(1)		(1)		(4)		(2)		(2)
Home equity(2)	(2)		(6)		(3)		(3)		(1)
Indirect auto	(127)		(129)		(103)		(77)		(102)
Other consumer(2)	(105)		(96)		(109)		(100)		(76)
Student	(5)		(5)		(7)		(4)		(6)
Credit card	(51)		(53)		(42)		(40)		(41)
Total charge-offs	(372)		(345)		(319)		(244)		(261)
Recoveries:
Commercial:
Commercial and industrial	13		14		43		13		17
CRE	1		1		—		6		1
Commercial construction	1		1		2		1		1
Consumer:
Residential mortgage	2		3		3		4		6
Home equity(2)	6		6		8		6		5
Indirect auto	26		21		21		26		23
Other consumer(2)	17		17		21		20		21
Student	—		1		—		—		—
Credit card	9		8		8		9		9
Total recoveries	75		72		106		85		83
Net charge-offs	(297)		(273)		(213)		(159)		(178)
Other(3)	(73)		—		—		(1)		1
Ending balance	$	4,761	$	4,649	$	4,455	$	4,434	$	4,423
Allowance for Credit Losses:(1)
Allowance for loan and lease losses	$	4,479	$	4,377	$	4,205	$	4,187	$	4,170
Reserve for unfunded lending commitments (RUFC)	282		272		250		247		253
Allowance for credit losses	$	4,761	$	4,649	$	4,455	$	4,434	$	4,423

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

(2)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.

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

	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
	2023		2022		2022		2022		2022
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.15	%	0.08	%	0.02	%	0.01	%	0.04	%
CRE	0.09		0.19		(0.01)		(0.10)		0.01
Commercial construction	(0.04)		(0.06)		(0.10)		(0.08)		(0.02)
Consumer:
Residential mortgage	—		(0.02)		0.01		(0.02)		(0.03)
Home equity	(0.15)		(0.01)		(0.13)		(0.17)		(0.12)
Indirect auto	1.47		1.52		1.15		0.77		1.23
Other consumer	1.29		1.11		1.31		1.27		0.87
Student	0.42		0.34		0.40		0.30		0.33
Credit card	3.54		3.68		2.80		2.63		2.77
Total loans and leases	0.37		0.34		0.27		0.22		0.25
Applicable ratios are annualized.

Rollforward of Intangible Assets and Selected Fair Value Marks(1)

	As of/For the Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2023		2022		2022		2022		2022
Loans and Leases(2)
Beginning balance unamortized fair value mark	$	(741)	$	(826)	$	(924)	$	(1,119)	$	(1,323)
Accretion	64		80		96		189		191
Purchase accounting adjustments and other activity	4		5		2		6		13
Ending balance	$	(673)	$	(741)	$	(826)	$	(924)	$	(1,119)
Core deposit and other intangible assets
Beginning balance	$	3,672	$	3,726	$	3,535	$	3,693	$	3,408
Additions - acquisitions	—		111		336		—		430
Amortization of intangibles(3)	(136)		(163)		(140)		(143)		(137)
Amortization in net occupancy expense	(1)		(3)		(5)		(5)		(8)
Purchase accounting adjustments and other activity	—		1		—		(10)		—
Ending balance	$	3,535	$	3,672	$	3,726	$	3,535	$	3,693
Deposits(4)
Beginning balance unamortized fair value mark	$	—	$	(1)	$	(3)	$	(5)	$	(7)
Amortization	—		1		2		2		2
Ending balance	$	—	$	—	$	(1)	$	(3)	$	(5)
Long-Term Debt(4)
Beginning balance unamortized fair value mark	$	(81)	$	(94)	$	(109)	$	(122)	$	(139)
Amortization	12		13		15		13		17
Ending balance	$	(69)	$	(81)	$	(94)	$	(109)	$	(122)

(1)Includes only selected information and does not represent all purchase accounting adjustments.

(2)Purchase accounting marks on loans and leases includes credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the individual loans or recognized in full in the event of prepayment.

(3)4Q22 amortization expense includes $16 million partial write-down of an investment advisory intangible asset from a prior acquisition.

(4)Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using the level-yield method over the term of the liability.

Segment Financial Performance - Preliminary

	Quarter Ended
	March 31		Dec. 31		Sept. 30		June 30		March 31
(Dollars in millions)	2023		2022		2022		2022		2022
Consumer Banking and Wealth
Net interest income (expense)	$	1,601	$	1,729	$	1,686	$	1,567	$	1,528
Net intersegment interest income (expense)	1,139		1,226		971		718		656
Segment net interest income	2,740		2,955		2,657		2,285		2,184
Allocated provision for credit losses	274		311		283		199		74
Noninterest income	873		846		836		831		910
Noninterest expense	1,969		1,924		1,930		1,927		1,885
Income (loss) before income taxes	1,370		1,566		1,280		990		1,135
Provision (benefit) for income taxes	326		371		303		235		274
Segment net income (loss)	$	1,044	$	1,195	$	977	$	755	$	861
Corporate and Commercial Banking(1)
Net interest income (expense)	$	2,308	$	2,089	$	1,640	$	1,306	$	1,118
Net intersegment interest income (expense)	(556)		(219)		7		61		171
Segment net interest income	1,752		1,870		1,647		1,367		1,289
Allocated provision for credit losses	232		139		(49)		(27)		(150)
Noninterest income	630		677		645		687		656
Noninterest expense	843		853		828		815		788
Income (loss) before income taxes	1,307		1,555		1,513		1,266		1,307
Provision (benefit) for income taxes	273		328		325		274		284
Segment net income (loss)	$	1,034	$	1,227	$	1,188	$	992	$	1,023
Insurance Holdings(1)
Net interest income (expense)	$	1	$	1	$	1	$	1	$	1
Net intersegment interest income (expense)	13		11		10		5		2
Segment net interest income	14		12		11		6		3
Allocated provision for credit losses	—		—		—		—		—
Noninterest income	817		792		731		830		733
Noninterest expense	684		662		628		610		546
Income (loss) before income taxes	147		142		114		226		190
Provision (benefit) for income taxes	36		35		29		56		47
Segment net income (loss)	$	111	$	107	$	85	$	170	$	143
Other, Treasury & Corporate(2)
Net interest income (expense)	$	(42)	$	162	$	418	$	533	$	536
Net intersegment interest income (expense)	(596)		(1,018)		(988)		(784)		(829)
Segment net interest income	(638)		(856)		(570)		(251)		(293)
Allocated provision for credit losses	(4)		17		—		(1)		(19)
Noninterest income	(86)		(88)		(110)		(100)		(157)
Noninterest expense	195		283		227		228		455
Income (loss) before income taxes	(915)		(1,244)		(907)		(578)		(886)
Provision (benefit) for income taxes	(241)		(397)		(294)		(193)		(275)
Segment net income (loss)	$	(674)	$	(847)	$	(613)	$	(385)	$	(611)
Total Truist Financial Corporation
Net interest income (expense)	$	3,868	$	3,981	$	3,745	$	3,407	$	3,183
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,868		3,981		3,745		3,407		3,183
Allocated provision for credit losses	502		467		234		171		(95)
Noninterest income	2,234		2,227		2,102		2,248		2,142
Noninterest expense	3,691		3,722		3,613		3,580		3,674
Income (loss) before income taxes	1,909		2,019		2,000		1,904		1,746
Provision (benefit) for income taxes	394		337		363		372		330
Net income	$	1,515	$	1,682	$	1,637	$	1,532	$	1,416

(1)During the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment. Prior period results have been revised to conform to the current presentation.

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

Capital Information - Five Quarter Trend

	As of/For the Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data, shares in thousands)	2023			2022			2022			2022			2022
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	39,532		$	39,098		$	38,277		$	38,016		$	37,225
Tier 1	46,202			45,768			44,947			44,686			43,895
Total	55,216			54,072			53,223			52,186			51,599
Risk-weighted assets	436,549			434,413			421,489			413,384			397,855
Average quarterly assets for leverage ratio	544,334			539,689			526,454			521,113			512,694
Average quarterly assets for supplementary leverage ratio	635,577			629,960			616,368			608,770			599,415
Risk-based capital ratios:
Common equity tier 1	9.1		%	9.0		%	9.1		%	9.2		%	9.4		%
Tier 1	10.6			10.5			10.7			10.8			11.0
Total	12.6			12.4			12.6			12.6			13.0
Leverage capital ratio	8.5			8.5			8.5			8.6			8.6
Supplementary leverage	7.3			7.3			7.3			7.3			7.3
Common equity per common share	$	41.82		$	40.58		$	40.79		$	42.45		$	43.82
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data, shares in thousands)	2023			2022			2022			2022			2022
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	62,394		$	60,537		$	60,811		$	62,999		$	65,044
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	22			23			23			24			23
Intangible assets, net of deferred taxes	29,788			29,908			29,752			29,095			29,229
Tangible common equity	$	25,911		$	23,933		$	24,363		$	27,207		$	29,119
Outstanding shares at end of period (in thousands)	1,331,918			1,326,829			1,326,766			1,326,393			1,331,414
Tangible common equity per common share	$	19.45		$	18.04		$	18.36		$	20.51		$	21.87
Total assets	$	574,354		$	555,255		$	548,438		$	545,123		$	543,979
Less: Intangible assets, net of deferred taxes	29,788			29,908			29,752			29,095			29,229
Tangible assets	$	544,566		$	525,347		$	518,686		$	516,028		$	514,750
Equity as a percentage of total assets	10.9		%	10.9		%	11.1		%	11.6		%	12.0		%
Tangible common equity as a percentage of tangible assets	4.8			4.6			4.7			5.3			5.7

(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. 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.

Selected Mortgage Banking Information & Additional Information

	As of/For the Quarter Ended
	March 31			Dec. 31			Sept. 30			June 30			March 31
(Dollars in millions, except per share data)	2023			2022			2022			2022			2022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	17		$	7		$	1		$	36		$	52
Residential mortgage servicing income:
Residential mortgage income before MSR valuation	155			88			80			49			36
Net MSRs valuation	(50)			(10)			(9)			(11)			1
Total residential mortgage servicing income	105			78			71			38			37
Total residential mortgage income	122			85			72			74			89
Commercial mortgage income:
Commercial mortgage production revenue	14			28			30			21			32
Commercial mortgage servicing income:
Commercial mortgage income before MSR valuation	7			4			5			2			—
Net MSRs valuation	(1)			—			15			3			—
Total commercial mortgage servicing income	6			4			20			5			—
Total commercial mortgage income	20			32			50			26			32
Total mortgage banking income	142			117			122			100			121
Other Mortgage Banking Information
Residential mortgage loan originations	$	4,022		$	4,868		$	11,746		$	11,330		$	11,408
Residential mortgage servicing portfolio:(1)
Loans serviced for others	214,830			217,046			218,740			209,504			195,737
Bank-owned loans serviced	57,493			56,982			56,786			53,341			50,927
Total servicing portfolio	272,323			274,028			275,526			262,845			246,664
Weighted-average coupon rate on mortgage loans serviced for others	3.52		%	3.48		%	3.45		%	3.42		%	3.41		%
Weighted-average servicing fee on mortgage loans serviced for others	0.27			0.31			0.30			0.30			0.31
Additional Information
Brokered deposits(2)	$	23,816		$	22,353		$	20,239		$	22,926		$	19,092
NQDCP income (expense):
Interest income	$	11		$	2		$	2		$	2		$	19
Other income	(18)			20			(28)			(30)			(44)
Personnel expense	7			(22)			26			28			25
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—
Common stock prices:
High	$	51.26		$	47.47		$	52.22		$	57.50		$	68.95
Low	28.70			40.01			42.56			44.75			56.19
End of period	34.10			43.03			43.54			47.43			56.70
Banking offices	2,006			2,123			2,119			2,117			2,112
ATMs	3,041			3,227			3,185			3,194			3,214
FTEs(3)	53,653			53,999			52,648			51,349			51,169

(1)Amounts reported are unpaid principal balance.

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

(3)FTEs represents an average for the quarter.

10 -

Selected Items(1)

	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
First Quarter 2023
None	$	—	$	—
Fourth Quarter 2022
Incremental operating expenses related to the merger ($51 million professional fees and outside processing and $5 million other line items)	$	(56)	$	(43)
Third Quarter 2022
Incremental operating expenses related to the merger ($72 million professional fees and outside processing and $18 million other line items)	$	(90)	$	(69)
Second Quarter 2022
Incremental operating expenses related to the merger ($103 million professional fees and outside processing, $11 million personnel expense, and $3 million other line items)	$	(117)	$	(89)
Gain (loss) on early extinguishment of debt (other expense)	39		30
First Quarter 2022
Incremental operating expenses related to the merger ($133 million professional fees and outside processing, $24 million personnel expense, $20 million net occupancy expense, and $25 million other line items)	$	(202)	$	(155)
Gain on redemption of noncontrolling equity interest related to the acquisition of certain merchant services relationships (other income)	74		57

(1)Includes selected items representing a part of line items within the consolidated statements of income. Excludes line items adjusted in their entirety, such as securities gains and losses and costs classified as merger-related and restructuring charges as well as immaterial adjustments made for gains and losses on the early extinguishment of debt.

11 -

ex993-earningsdeck1q23

First Quarter 2023 Earnings Conference Call Bill Rogers – Chairman & CEO Mike Maguire – CFO April 20, 2023

2 This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. In particular, forward looking statements include, but are not limited to, statements we make about: (i) the benefits of Truist’s shift from integrating to operating and being “One Truist”, (ii) guidance with respect to financial performance metrics in future periods, including future levels of revenues, adjusted expenses, adjusted operating leverage and net charge-off ratio, (iii) Truist’s ability to perform well through a range of economic scenarios, (iv) Truist’s effective tax rate in future periods, (v) the financial impact of recently completed acquisitions in 2023, (vi) projections of preferred stock dividends in 2023, (vii) Truist goal to more fully activate digital capabilities with clients in 2023 to improve client acquisition and retention and reduce costs, (viii) loan growth in future periods, (ix) the effects of purchase accounting accretion in future periods, (x) expected declines in overdraft fees through 2024, (xi) anticipated restructuring costs and expense rationalization efforts, (xii) expectations for organic capital generation in 2023, and (xiii) Truist’s goal to produce strong growth and profitability with less volatility than peers. Forward-looking statements are not based on historical facts but instead represent management’s expectations and assumptions regarding Truist’s business, the economy and other future conditions. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Part I, Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022 and in Truist’s subsequent filings with the Securities and Exchange Commission: • changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, could adversely affect Truist’s revenue and expenses, the value of assets and obligations, and the availability and cost of capital, cash flows, and liquidity; • Truist is subject to credit risk by lending or committing to lend money, may have more credit risk and higher credit losses to the extent that loans are concentrated by loan type, industry segment, borrower type or location of the borrower or collateral, and may suffer losses if the value of collateral declines in stressed market conditions; • inability to access short-term funding or liquidity, loss of client deposits or changes in Truist’s credit ratings could increase the cost of funding, limit access to capital markets, or negatively affect Truist’s overall liquidity or capitalization; • Truist may be impacted by the soundness of other financial institutions, including as a result of the financial or operational failure of a major financial institution, or concerns about the creditworthiness of such a financial institution or its ability to fulfill its obligations, which can cause substantial and cascading disruption within the financial markets and increased expenses, including FDIC insurance premiums; • general economic or business conditions, either globally, nationally or regionally, may be less favorable than expected, including as a result of supply chain disruptions, inflationary pressures and labor shortages, and instability in global geopolitical matters, including due to an outbreak or escalation of hostilities, or volatility in financial markets could result in, among other things, slower deposit or asset growth, a deterioration in credit quality, or a reduced demand for credit, insurance, or other services; • the monetary and fiscal policies of the federal government and its agencies, including in response to higher inflation, could have a material adverse effect on the economy and Truist’s profitability; • the effects of COVID-19 adversely impacted the Company’s operations and financial performance and similar adverse impacts resulting from pandemics could occur in future periods; • risk management oversight functions may not identify or address risks adequately, and management may not be able to effectively manage credit risk; • there are risks resulting from the extensive use of models in Truist’s business, which may impact decisions made by management and regulators; • deposit attrition, client loss or revenue loss following completed mergers or acquisitions may be greater than anticipated; • Truist could fail to execute on strategic or operational plans, including the ability to successfully complete or integrate mergers and acquisitions; • increased competition, including from (i) new or existing competitors that could have greater financial resources or be subject to different regulatory standards or compliance costs, and (ii) products and services offered by non-bank financial technology companies, may reduce Truist’s client base, cause Truist to lower prices for its products and services in order to maintain market share or otherwise adversely impact Truist’s businesses or results of operations; • failure to maintain or enhance Truist’s competitive position with respect to new products, services, and technology, whether it fails to anticipate client expectations or because its technological developments fail to perform as desired or do not achieve market acceptance or regulatory approval or for other reasons, may cause Truist to lose market share or incur additional expense; • negative public opinion could damage Truist’s reputation and adversely impact business and revenues; • regulatory matters, litigation or other legal actions may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, negative publicity, or other adverse consequences; • Truist faces substantial legal and operational risks in safeguarding personal information; • evolving legislative, accounting and regulatory standards, including with respect to climate, capital, and liquidity requirements, which may become more stringent in light of recent bank failures, and results of regulatory examinations may adversely affect Truist’s financial condition and results of operations; • increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design, and governance could damage its reputation and adversely impact business and revenues; • accounting policies and processes require management to make estimates about matters that are uncertain, including the potential write down to goodwill if there is an elongated period of decline in market value for Truist’s stock and adverse economic conditions are sustained over a period of time; • Truist faces risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases; • there are risks relating to Truist’s role as a loan servicer, including an increase in the scope or costs of the services Truist is required to perform without any corresponding increase in servicing fees or a breach of Truist’s obligations as servicer; • Truist’s success depends on hiring and retaining key teammates, and if these individuals leave or change roles without effective replacements, Truist’s operations could be adversely impacted, which could be exacerbated in the increased work-from-home environment as job markets may be less constrained by physical geography; • Truist’s operations rely on its ability, and the ability of key external parties, to maintain appropriate-staffed workforces, and on the competence, trustworthiness, health and safety of teammates; • Truist faces the risk of fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect, or mitigate; • security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s teammates and clients, malware intrusion, data corruption attempts, system breaches, cyberattacks, which have increased in frequency with geopolitical tensions, identity theft, ransomware attacks, and physical security risks, such as natural disasters, environmental conditions, and intentional acts of destruction, could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure; and • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism and pandemics), and the effects of climate change, including physical risks, such as more frequent and intense weather events, and risks related to the transition to a lower carbon economy, such as regulatory or technological changes or shifts in market dynamics or consumer preferences, could have an adverse effect on Truist’s financial condition and results of operations, lead to material disruption of Truist’s operations or the ability or willingness of clients to access Truist’s products and services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements. 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 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. Truist’s management believes investors may find these non-GAAP financial measures useful. 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 Performance Measures - The adjusted performance measures, including adjusted diluted earnings per share, return on average tangible common shareholders’ equity, adjusted efficiency ratio, adjusted operating leverage, and adjusted noninterest expense, are non-GAAP in that they exclude merger-related and restructuring charges, other selected items, and amortization of intangible assets, as applicable to tangible measures. 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), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances 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. 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. Core NIM - Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for loans, deposits, and long-term debt from SunTrust and other mergers and acquisitions are excluded to approximate the yields paid by clients. Truist’s management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist’s earning assets. Insurance Holdings Adjusted EBITDA - EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist’s management also adds back merger- related and restructuring charges, acquisition retention and change in estimated earn-out incentives, and other selected items. Truist’s management uses this measure in its analysis of the Corporation’s Insurance Holdings segment. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.

5 Living our purpose Inspire and build better lives and communities 5 Living our purpose Inspiring and building better lives and communities In 1Q23, Truist remained a source of strength by: Enhancing the client experience – Significant improvement in our client experience, with Voice of the Client metrics rising since 2Q22, and continued positive momentum with branch satisfaction scores in 1Q23 – Opened T3 Accelerator Lab in the Innovation & Technology Center where we’re redefining the client and teammate experience, putting feedback and ideas to the test in real-world scenarios before rolling out to clients – Continued growth for Truist Momentum, Truist’s financial wellness program, with 200,000+ active employee participants at over 350 companies Supporting our teammates – Launched Truist Long Game, a new mobile app that uses fun to promote long-term financial wellness, to our teammates; available to all clients in spring 2023 – Aspirations to increase female representation by 15%+ and ethnically diverse representation by 20%+ across leadership levels by 2025. Since 12/31/21, we have increased representation by 3% and 9%, respectively Being a responsible corporate citizen – Published 2022 Corporate Responsibility Report, TCFD Report, and ESG Disclosure Summary, highlighting our progress in building our communities across multiple dimensions including community, financial inclusion, DEI, and climate and energy – Committed $282 million in 1Q23 to support 1,686 units of affordable housing, 110 new jobs, and 46,879 people served in LMI communities (through Truist Community Capital) – Announced Where It Starts, a $22 million multiyear strategic initiative of Truist Foundation to strengthen small businesses and create career pathways for communities of color in the U.S. Executing on strategic decisions – Announced strategic agreement and closed on transaction to sell 20% minority stake in Truist Insurance Holdings (“TIH”) to Stone Point Capital and co- investors, positioning TIH for long-term success and growth and providing strategic and financial flexibility for Truist

Financial Results

7 1Q23 performance highlights Earnings and profitability – $1.4 billion of net income available to common ($1.05 per share) and ROTCE of 24% – EPS up 6.1% compared to 1Q22 given strong growth in PPNR and significant decline in merger costs, partially offset by higher provision levels – EPS declined 13% compared to 4Q22 given lower net interest income and typical seasonal impacts – 1Q23 EPS includes $0.04 per share of restructuring charges compared to merger- related costs1 of $0.24 in 1Q22 and $0.10 in 4Q22 – Adjusted PPNR declined 7.2% vs. 4Q22 (as anticipated) due to lower net interest income and higher noninterest expense – Strong YoY momentum – Adjusted PPNR growth of 19% – Adjusted operating leverage of 310 bps – Strong asset quality performance: 37 bps NCO, stable NPLs, and lower delinquencies Balance sheet, capital, and liquidity – Average loan growth of 1.7% and EOP loan growth of 0.5% – Average deposits declined 1.2% and EOP deposits declined 2.1% – Significant access to liquidity and funding – LCR of 113% – Total available liquidity position of $166 billion – Capital ratios remain strong (9.1% CET1 ratio), particularly in context of Truist’s risk profile, diverse business mix, and strong profitability – TIH minority stake sale closed on April 3 (adds ~30 bps of capital) – TBVPS increased 7.8% due to improved AOCI and retained earnings Change vs. 1Q23 4Q22 1Q22 GAAP / Unadjusted Revenue $6,153 (1.7)% 15.0% Expense $3,691 (0.8)% 0.5% PPNR $2,462 (2.9)% 46.8% Provision for credit losses $502 7.5% NM Net income available to common $1,410 (12.4)% 6.3% Diluted EPS $1.05 (12.5)% 6.1% ROCE 10.3% (140) bps 130 bps ROTCE 24.1% (350) bps 550 bps Efficiency ratio 60.5% 50 bps (850) bps TBVPS $19.45 7.8% (11.1)% Adjusted Efficiency ratio 56.8% 260 bps (150) bps PPNR $2,661 (7.2)% 19.5% Note: All data points are taxable-equivalent, where applicable; see non-GAAP reconciliations in the appendix Current quarter regulatory capital information is preliminary 1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger Summary Income Statement Commentary ($ in millions, except per share data)

8 2Q22 3Q22 4Q22 1Q23 Digital Experiences and Capabilities to Drive Deposit Growth and New Households 2Q22 3Q22 4Q22 1Q23 Continued digital momentum 2Q22 3Q22 4Q22 1Q23 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 Client satisfaction: How satisfied are you with your most recent experience using digital banking with Truist? 4.3 Mobile App Users1 Zelle Transactions Digital Transactions2 Increase in Client Satisfaction With Digital3 2Q22 3Q22 4Q22 1Q23 63.7 64.9 15.9 – Digital onboarding delivered strong performance in driving deposit growth across new and existing client relationships – Digital account opening increased by more than 50% QoQ – New deposit pricing capability now offers consumer and small business clients personalized, relationship-based interest rates during savings and money market account opening – Newly opened T3 Accelerator Lab in the Charlotte Innovation & Technology Center is bringing Care Center and digital/technology teammates together to transform experiences – Recent sprint focused on our Truist One checking onboarding experience – Learnings have been implemented that are immediately delivering value to thousands of clients 65.9 +5% +7% +3% 4.3 4.4 4.5 +5% 17.6 19.0 20.4 +28% 67.3 +6% +1% +16% (in millions) (in millions) (in millions)

9 ($ in billions) $289 $297 $309 $321 $326 $167 $173 $180 $188 $194 $121 $123 $130 $133 $132 3.70% 3.91% 4.49% 5.25% 5.81% 3.42% 3.64% Commercial LHFI ($ B) Consumer, mortgage, & card LHFI ($ B) Loans HFI yield (%) Loans HFI yield ex. PAA (%) 1Q22 2Q22 3Q22 4Q22 1Q23 – Solid 1.7% average loan growth given momentum from the prior quarter across most businesses – C&I up 3.6% on average due to growth across most CIB industry verticals and product groups and most CCB regions, in addition to full quarter impact of BankDirect Capital Finance acquisition – Consumer loans (including mortgage) declined $720 million, or 0.6%, due to continued declines in run-off portfolios (student and partnerships) and lower auto production – EOP loan growth (3/31 vs. 12/31) moderated to 0.5% primarily reflecting production reductions in lower return assets (mortgage and auto) – Truist began reducing production in mortgage and auto in 2H22 – C&I EOP loan growth (3/31 vs. 12/31) was 1.8%, moderating somewhat compared to the prior quarter EOP loan growth (12/31 vs. 9/30), ex. BankDirect Capital Finance, of 2.7% Average loans & leases HFI 5-Quarter Trend vs. Linked Quarter 4.36% May not foot due to rounding 5.14% 5.72%

10 ($ in billions) $415 $424 $420 $413 $408 $269 $275 $274 $272 $277 $146 $149 $146 $141 $131 0.03% 0.09% Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 1Q22 2Q22 3Q22 4Q22 1Q23 Average deposits 1 Cumulative beta calculation is based on change in average interest-bearing deposit cost divided by change in average Fed Funds from 1Q22 to 1Q23 May not foot due to rounding – Average deposits declined $4.8 billion, or 1.2%, driven primarily by monetary tightening and higher rate alternatives – Interest-bearing deposits up $5.1 billion – Noninterest-bearing deposits down $9.9 billion; represents 32% of total deposits down from 34% – Deposit costs continue to increase given higher interest rates – Total cost of deposits was 112 bps, up 46 bps compared to prior quarter – Total cost of interest bearing deposits was 164 bps, up 64 bps compared to prior quarter – Reflects 36% cumulative1 beta – EOP deposits declined 2.1% due to BAU impacts (seasonal public fund outflows, monetary tightening, and higher rate alternatives) and due to some CIB/CCB clients moving into off balance sheet alternatives in mid-March vs. Linked Quarter 5-Quarter Trend 0.31% 0.66% 1.12%

11 Strong, relationship-oriented deposit franchise Insured + collateralized deposits as a % of total deposits1 Weighted average deposit market share in respective markets2 69% 63% 58% 57% 57% 57% 56% 54% 53% 51% 50% Peer 1 TFC Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 21% 20% 19% 18% 17% 16% 15% 15% 13% 12% 12% TFC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 1 Source: Call reports and Y-9C. Peer data as of 12/31/22. TFC data as of 3/31/23. Collateralized deposits are deposits where Truist is required to pledge securities or other instruments to safeguard those deposits beyond FDIC insurance 2 S&P Global as of 4/6/23. Deposit market share data as of 6/30/22, pro forma for completed and announced M&A through 4/6/23. Deposit market share weighted by county and are adjusted to exclude branches with greater than $20 billion in deposits 3 Client deposits exclude corporate treasury/brokered deposits 4 Number of accounts excludes brokered and sweep programs All deposit percentage calculations are based off of deposit balances, not accounts Peers include BAC, CFG, FITB, JPM, KEY, MTB, PNC, RF, USB, and WFC Retail & Small Business Banking (RSBB) Truist Wealth Commercial Community Banking (CCB) Corporate & Institutional Group (CIB & CRE) % of TFC client deposits3 55% 9% 29% 7% # of accounts4 12.3MM 147K 338K 14K Average size $17K $237K $321K $1.7MM % insured 86% 36% 17% 17% Wtd. avg. relationship length 17 years 15 years 19 years 13 years Additional data – Strong net new consumer checking account production in 1Q23 – 81% of Truist’s consumer checking clients engage with Truist as their primary bank – ~90% of personal account holders have investments with Truist Wealth – 98% of personal deposit net outflows in March went into a Truist investment account – 81% of deposits have a payments, lending or advisory relationship (primarily payments) – 23% of deposits are public funds – Record new accounts in March 2023 – 71% of deposits have a payments, lending or advisory relationship (primarily lending/advisory) CCB & CIG diversified across 21 industry groups; no one sector is >10% of commercial deposits 57% insured; 6% public funds

12 $3,209 $3,435 $3,783 $4,031 $3,919 $2,999 $3,231 $3,670 $3,937 $3,843 $210 $204 $113 $94 $76 2.76% 2.89% 3.12% 3.25% 3.17% 2.57% 2.72% 3.02% 3.17% 3.10% Core net interest income TE ($ MM) Purchase accounting accretion ($ MM) Reported NIM (%) Core NIM (%) 1Q22 2Q22 3Q22 4Q22 1Q23 Net interest income & net interest margin 1 See non-GAAP reconciliations in the appendix vs. Linked Quarter5-Quarter Trend 1 – Net interest income declined 2.8% as a result of higher funding costs and two fewer days, partially offset by higher rates on earning assets – Reported and core NIM declined 8 and 7 bps, respectively. Core NIM decline driven by – 5 bps from funding mix shift (primarily due to DDA into interest-bearing) – 2 bps from elevated liquidity build during March vs. Like Quarter – Net interest income up 22% as a result of higher short-term interest rates and strong loan growth, alongside well-controlled deposit costs, partially offset by lower PAA and PPP revenue – Reported NIM up 41 bps, as core NIM expansion of 53 bps more than offset the 12 bp decline in PAA contribution $4,031 ($ in millions)

13 $2,142 $2,248 $2,102 $2,227 $2,234 40.2% 39.7% 36.0% 35.9% 36.6% Fee income Fee income ratio (%) 1Q22 2Q22 3Q22 4Q22 1Q23 Noninterest income vs. Linked Quarter5-Quarter Trend – Noninterest income relatively stable – Seasonally higher insurance revenue and higher residential mortgage income partially offset by lower other income (due to positive NQDCP valuation in 4Q22) – Wealth management income increased due to higher brokerage commissions and fees from higher asset valuations – Card and payment related fees decreased due to seasonally lower transaction volumes vs. Like Quarter – Noninterest income up 4.3% largely as a result of strong 12% growth in insurance revenue (acquisitions and 4.7% organic growth) – Lending related fees increased $21 million, or 25%, primarily due to higher unused commitment fees – Card and payment related fees increased $18 million, or 8.5%, due to higher volumes and acquisitions – Other income declined $125 million, primarily as a result of $74 million gain on redemption of noncontrolling interest in 1Q22 and lower SBIC and other investment income ($ in millions)

14 – Noninterest expense increased $17 million, or 0.5% – Merger costs1 declined $355 million, offset by higher adjusted noninterest expense – Adjusted noninterest expense2 increased $373 million, or 12% – Personnel expense increased $154 million, or 7.6%, driven by investments in teammates (increased minimum wage) and investments in targeted businesses and acquisitions – Professional fees and outside processing increased $84 million due primarily to enterprise technology investments – Regulatory charges increased $40 million due to higher FDIC premium assessments – Total pension expense increased $30 million (reflected as $77 million increase in other expense partially offset by $47 million decrease in personnel expense) – Acquisitions contributed ~$60 million to YoY increase – In total, minimum wage investment, increase in FDIC premiums, higher pension costs, and acquisitions contributed $172 million, representing ~50% of the YoY increase in adjusted NIE 69.0% 63.3% 61.8% 60.0% 60.5% 58.3% 57.0% 56.4% 54.2% 56.8% Adjusted noninterest expense Merger costs Amortization Other significant items GAAP efficiency ratio Adjusted efficiency ratio 1Q22 2Q22 3Q22 4Q22 1Q23 1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger 2 Excludes merger-related charges, incremental operating expenses related to the merger, and amortization. See appendix for non-GAAP reconciliation. May not foot due to rounding Noninterest expense $137 $418 $3,119 $3,674 $152 $3,238 $3,580 ($39) 1 $3,613 vs. Linked Quarter5-Quarter Trend – Noninterest expense declined $31 million, or 0.8% – 1Q23 included $63 million of restructuring charges compared to $170 million of total merger costs1 in 4Q22 – Adjusted noninterest expense2 was $3.5 billion, up 3.0%, or $103 million compared to 4Q22 – Total pension expense increased $39 million (reflected as $77 million increase in other expense partially offset by $38 million decrease in personnel expense) – Operating losses increased $33 million (reflected in other expense) – Regulatory charges increased $23 million due to higher FDIC premium assessments vs. Like Quarter $238 $3,321 $140 $3,389 $170 $163 $3,722 $143 $3,492 $63 $163$3,691 $136 ($ in millions)

15 $178 $159 $213 $273 $297 0.25% 0.22% 0.27% 0.34% 0.37% NCO NCO ratio 1Q22 2Q22 3Q22 4Q22 1Q23 Asset quality 4.5x 9.0x 8.8x $421Net Charge-Offs Provision / (Benefit) for Credit Losses Nonperforming Loans / LHFI ALLL ($95) $171 $234 $467 $502 1Q22 2Q22 3Q22 4Q22 1Q23 $4,170 $4,187 $4,205 $4,377 $4,479 1.44% 1.38% 1.34% 1.34% 1.37% ALLL ALLL ratio ALLL / NCO 1Q22 2Q22 3Q22 4Q22 1Q23 Continued strong credit performance; YoY increase driven primarily by normalization within consumer portfolios, as well as an increase in the C&I portfolio Provision expense increased slightly vs. 4Q22; prior year results reflect improving economic environment in that period ALLL ratio up 3 bps due to increased economic uncertainty Strong asset quality continues to reflect Truist’s prudent risk culture and diverse loan portfolio Leading indicators (NPL, early stage delinquencies) remain strong 5.8X 6.5X 5.0X 0.36% 0.36% 0.35% 0.36% 0.36% 1Q22 2Q22 3Q22 4Q22 1Q23 3.7X4.1X

16 Industrial 16% Office 18% Multifamily 27% Retail 16% Other 13% Hotel 10% 8.0% 11.2% TFC Peer median 11% 12% TFC Peer median Commercial real estate (CRE) spotlight Limited Growth, Concentration, Risk vs. Peers 4.36% CRE growth1 (4Q19-4Q22) (2.2)% 13.1% TFC Peer median CRE as % of loans1 (12/31/22) CCAR CRE loan loss rate2 2022 1.6% 1.9% TFC Peer median Office loans as a % of total loans3 (12/31/22) 5-Quarter Total CRE Trends Criticized & classified 32% NPL% 2.3% LTM NCO% 0.31% WALTV ~60% Weighted average maturity ~3 years Class A % ~60% % in Truist Southeast/Mid-Atlantic footprint ~75% TFC Peer median Office Spotlight Total: $28.6 Billion CRE Mix 1 Source: Y-9C filings; CRE loan balances comprised of the following: (i) loans secured by other properties, (ii) multifamily loans, (iii) agricultural production loans, and (iv) construction, land development and other land loans 2 Source: 2022 Federal Reserve stress test results (June 2022) 3 Source: Sell-side equity research (March 2023) Peers include BAC, CFG, FITB, JPM, KEY, MTB, PNC, RF, USB, and WFC 21.0 9.3% 8.9% 8.1% 7.8% 9.7% 0.10% 0.07% 0.02% 0.29% 0.41% 0.14% 0.06% Criticized & classified ratio NPL ratio NCO ratio 1Q22 2Q22 3Q22 4Q22 1Q23 0.00% (0.09)% (0.02)% 2nd lowest growth among peers 2nd lowest loss rate among peers 5th lowest concentration among peers 4th lowest concentration among peers

17 Capital and liquidity position 9.4% 9.0% 9.1% Common Equity Tier 1 Tier 1 Total 1Q22 4Q22 1Q23 1 Organic capital generation is retained earnings net of dividend Current quarter regulatory capital information is preliminary 111% 112% 113% $84 $89 $87 Consolidated LCR HQLA ($ B) 1Q22 4Q22 1Q23 12.6% Capital position – CET1 ratio was 9.1%, up from 9.0% at 12/31 – ~20 bps organic capital generation1 partially offset by 12 bps CECL phase-in – TIH minority stake sale closed on April 3 (adds ~30 bps of capital) – Dividend per share of $0.52 – Overall, continue to maintain a strong capital position, particularly in the context of Truist’s diverse business model, risk and profitability profile Liquidity position – Consolidated average LCR of 113% – Average loan-to-deposit ratio of 80% – Securities portfolio details: – High-quality pledgeable portfolio and consistent cash flows to support funding and liquidity – 97% government or agency obligation – Declined 1.3% vs. 4Q22 and 7.9% YoY – AOCI improved by $1 billion, or 7.5%, from 12/31 – 59% AFS / 41% HTM – Total available liquidity position of $166 billion as of 3/31 across cash, unencumbered securities at a haircut, FHLB capacity, and other borrowing sources 11.0% 13.0% Capital and liquidity position Commentary 10.5% 12.4% 10.6% 12.6%

18 13.9% 1Q23 Actuals 2Q23 Outlook Revenue (TE) $6.2 Relatively stable Adjusted expenses $3.5 Up 1-2% Full Year 2022 Actuals Full Year 2023 Outlook Adjusted revenue (TE) $23.2 Up 5-7% Adjusted expenses $13.1 Up 5-7% Net charge-off ratio 27 bps 35-50 bps Tax rate 18% effective; 20% on TE basis 20% effective; 22% on FTE basis 2Q23 and 2023 outlook Fu ll ye ar 2 02 3 co m pa re d to fu ll ye ar 2 02 2 ($ in billions) 2Q 23 co m pa re d to 1 Q 23 All data points are taxable-equivalent, where applicable Adjusted expenses exclude amortization of intangibles, merger-related and restructuring charges, incremental operating expenses related to the merger, and other selected items Adjusted revenues exclude securities gains / (losses) and other selected items See non-GAAP reconciliations in the appendix

19 Investment thesis Why Truist? Purpose-Driven Culture Exceptional Company Investing in the Future Leading Financial Performance – Inspire and build better lives and communities – Optimize long-term value for all stakeholders through safe, sound, and ethical practices – Attract and retain top talent – Continued strong sustainability progress – Top 10 U.S. commercial bank – Strong retail and commercial banking market shares in high growth footprint (South / Mid-Atlantic) with select national businesses – Comprehensive and diverse business mix with distinct capabilities in insurance, investment banking, digital / point-of- sale lending, and advice / industry expertise – Significant IRM potential – Further modernize technology stack – Obsess over enhanced client and teammate experience to drive client acquisition – Enable convenient commerce and strengthen payments capabilities – Fit-for-purpose approach (build, buy, partner) – Increased usage of Open Banking, APIs, and Truist Ventures – Targeting strong growth and profitability relative to peers (with lower volatility) – Disciplined risk and financial management; focus on diversity – Strong risk adjusted capital position

Appendix

A-1 Consumer Banking & Wealth Income statement ($ MM) 1Q23 vs. 4Q22 vs. 1Q22 Net interest income $2,740 ($215) $556 Provision for credit losses 274 (37) 200 Noninterest income 873 27 (37) Noninterest expense 1,969 45 84 Segment net income 1,044 (151) 183 Balance Sheet ($ B) Average loans(1) $143 ($0.5) $11 Average deposits 239 (4.1) (14) Other Key Metrics(2) Mortgages serviced for others ($ B) $215 ($2.2) $19.1 Wealth management AUM ($ B) 188 7.2 (8.9) Branches 2,006 (117) (106) (1) Excludes loans held for sale (2) Amount reported reflects end of period balance Represents performance for Retail and Small Business Banking, Wealth, Mortgage Banking, and Consumer Finance Solutions – Net income of $1.0 billion, down $151 million, or 13%, vs. 4Q22 – Net interest income of $2.7 billion decreased $215 million, or 7.3%, primarily driven by higher rate paid on deposits, two fewer days and lower PAA – Average loans of $143 billion, relatively flat vs. 4Q22 primarily driven by lower student and auto loans, partially offset by growth in Service Finance – Average deposits of $239 billion declined $4.1 billion, or 1.7%, vs. 4Q22 reflecting monetary tightening, inflation, and higher rate alternatives, partially offset by normal seasonal factors – Provision for credit losses decreased $37 million, or 12%, reflecting a lower reserve build compared to the prior quarter – Noninterest income of $873 million increased $27 million, or 3.2%, vs. 4Q22 primarily driven by higher mortgage banking income and wealth income, partially offset by seasonally lower card and payment related fees as well as lower service charges on deposits – Mortgages serviced for others increased 10% vs. 1Q22 driven by bulk MSR acquisitions – Wealth management AUM grew $7.2 billion, or 4.0%, vs. 4Q22 primarily due to market impact and positive net organic asset flows – Noninterest expense of $2.0 billion increased $45 million, or 2.3%, vs. 4Q22 primarily driven by higher pension expense as well as higher operational losses, partially offset by lower amortization of intangibles and lower restructuring costs – Branch count down 5.5% vs. 4Q22 due to continued branch network optimization Metrics Commentary

A-2 Corporate & Commercial Banking – Net income of $1.0 billion, down $193 million, or 16%, vs. 4Q22 – Net interest income of $1.8 billion decreased $118 million, or 6.3%, as a result of higher funding costs and lower deposit balances, partially offset by higher rates on earning assets and higher average loan balances – Average loans of $185 billion increased $5.6 billion, or 3.0%, due to growth across most CIB industry verticals and product groups and most CCB regions – Average deposits of $141 billion decreased $4.7 billion, or 3.3%, due to BAU- related end of year activity, monetary tightening, and higher rate alternatives – Provision for credit losses increased $93 million vs. 4Q22 which reflects increased stress in certain segments of the commercial loan portfolio – Noninterest income of $630 million decreased $47 million, or 6.9%, primarily due to seasonally lower structured real estate fees, M&A fees, and commercial mortgage income, partially offset by increases across capital markets and trading revenues – Noninterest expense of $843 million essentially flat from 4Q22 (1) Excludes loans held for sale Represents performance for Commercial Community Banking, Corporate & Investment Banking, CRE, Wholesale Payments, and Insurance Premium Finance Metrics Commentary Income statement ($ MM) 1Q23 vs. 4Q22 vs. 1Q22 Net interest income $1,752 ($118) $463 Provision for credit losses 232 93 382 Noninterest income 630 (47) (26) Noninterest expense 843 (10) 55 Segment net income $1,034 ($193) $11 Balance Sheet ($ B) Average loans(1) $185 $5.6 $27 Average deposits 141 (4.7) (11)

A-3 Insurance Holdings – Total revenue growth YoY of 13% – Driven by the 2022 acquisitions of Kensington Vanguard and BenefitMall, and solid organic growth – Acquired revenue of $50 million – Organic revenue growth of 4.7% in 1Q23 decreased from 4Q22 organic growth of 5.6% and is down from 1Q-22 organic growth of 7.2%; due to carrier capacity constraints and slower growth in Wholesale – New business generation was up 9% versus like quarter and client retention improved – EBITDA margin declined 770 bps vs 1Q22 – Primarily driven by an operating loss, higher T&E, and investments in new hires and technology – Market conditions – P&C premium rate increases remained relatively consistent vs prior quarters – Completed 20% minority stake sale to Stone Point Capital and co-investors (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist’s management also adds back merger- related and restructuring charges, acquisition retention and change in estimated earn-out incentives, and other selected items. Truist’s management uses this measure in its analysis of the Corporation’s Insurance Holdings segment. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. See non-GAAP reconciliations included in the attached Appendix. Represents performance for Truist Insurance Holdings’ Retail and Wholesale Divisions Metrics Commentary Income statement ($ MM) 1Q23 vs. 4Q22 vs. 1Q22 Net interest income $14 $2 $11 Noninterest income 817 25 84 Total revenue 831 27 95 Noninterest expense 684 22 138 Segment net income 111 4 (32) Performance ($ MM) YoY organic revenue growth 4.7 % (0.9) % (2.5) % Net acquired revenue $50 ($12) ($9) Performance based commissions 20 (12) 4 Adjusted EBITDA(1) 202 (2) (34) Adjusted EBITDA margin(1) 24.3 % (110) bps (770) bps

A-4 Purchase accounting summary(1) ($ in millions) As of/For the Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2023 2022 2022 2022 2022 Loans and Leases(2) Beginning balance unamortized fair value mark $ (741) $ (826) $ (924) $ (1,119) $ (1,323) Accretion 64 80 96 189 191 Purchase accounting adjustments and other activity 4 5 2 6 13 Ending balance $ (673) $ (741) $ (826) $ (924) $ (1,119) Core deposit and other intangible assets Beginning balance $ 3,672 $ 3,726 $ 3,535 $ 3,693 $ 3,408 Additions - acquisitions — 111 336 — 430 Amortization(3) (136) (163) (140) (143) (137) Amortization in net occupancy expense (1) (3) (5) (5) (8) Purchase accounting adjustments and other activity — 1 — (10) — Ending balance $ 3,535 $ 3,672 $ 3,726 $ 3,535 $ 3,693 Deposits(4) Beginning balance unamortized fair value mark $ — $ (1) $ (3) $ (5) $ (7) Amortization — 1 2 2 2 Ending balance $ — $ — $ (1) $ (3) $ (5) Long-Term Debt(4) Beginning balance unamortized fair value mark $ (81) $ (94) $ (109) $ (122) $ (139) Amortization 12 13 15 13 17 Ending balance $ (69) $ (81) $ (94) $ (109) $ (122) (1) Includes only selected information and does not represent all purchase accounting adjustments. (2) Purchase accounting marks on loans and leases includes credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the individual loans or recognized in full in the event of prepayment. (3) 4Q22 amortization expense includes $16 million partial write-down of an investment advisory intangible asset from a prior acquisition. (4) Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using the level-yield method over the term of the liability.

A-5 Preferred dividend ($ in millions) 2Q23 3Q23 4Q23 1Q24 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $75 $105 $75 $103 Estimates assume forward-looking LIBOR and SOFR rates as of 3/31/23. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above.

Non-GAAP Reconciliations

A-7 Quarter Ended Dec. 31 Sept. 30 June 30 March 31 2022 2022 2022 2022 Net income available to common shareholders - GAAP $ 1,610 $ 1,536 $ 1,454 $ 1,327 Merger-related and restructuring charges 87 48 92 166 Securities (gains) losses — 1 — 53 Loss (gain) on early extinguishment of debt — — (30) — Incremental operating expenses related to the merger 43 69 89 155 Gain on redemption of noncontrolling equity interest — — — (57) Net income available to common shareholders - Adjusted $ 1,740 $ 1,654 $ 1,605 $ 1,644 Weighted average shares outstanding - diluted 1,337,338 1,336,659 1,338,864 1,341,563 Diluted EPS - GAAP $ 1.20 $ 1.15 $ 1.09 $ 0.99 Diluted EPS - adjusted(1) 1.30 1.24 1.20 1.23 Non-GAAP reconciliations Diluted EPS ($ in millions, except per share data, shares in thousands) (1) The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist’s management uses this measure in their analysis of the Corporation’s performance. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. 1Q23 intentionally excluded as Truist is no longer reporting an adjusted diluted EPS metric.

A-8 Non-GAAP reconciliations Efficiency ratio ($ in millions) (1) Revenue is defined as net interest income plus noninterest income. (2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges, and other selected items. Truist’s management uses this measure in their analysis of the Corporation’s performance. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2023 2022 2022 2022 2022 Efficiency ratio numerator - noninterest expense - GAAP $ 3,691 $ 3,722 $ 3,613 $ 3,580 $ 3,674 Merger-related and restructuring charges, net (63) (114) (62) (121) (216) Gain (loss) on early extinguishment of debt — — — 39 — Incremental operating expense related to the merger — (56) (90) (117) (202) Amortization of intangibles (136) (163) (140) (143) (137) Efficiency ratio numerator - adjusted $ 3,492 $ 3,389 $ 3,321 $ 3,238 $ 3,119 Efficiency ratio denominator - revenue(1) - GAAP $ 6,102 $ 6,208 $ 5,847 $ 5,655 $ 5,325 Taxable equivalent adjustment 51 50 38 28 26 Securities (gains) losses — — 1 1 69 Gain on redemption of noncontrolling equity interest — — — — (74) Efficiency ratio denominator - adjusted $ 6,153 $ 6,258 $ 5,886 $ 5,684 $ 5,346 Efficiency ratio - GAAP 60.5 % 60.0 % 61.8 % 63.3 % 69.0 % Efficiency ratio - adjusted(2) 56.8 54.2 56.4 57.0 58.3

A-9 Non-GAAP Reconciliations Operating Leverage(1) ($ in millions) Quarter Ended Link Quarters Like Quarters Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 1Q23 vs. 4Q22 1Q23 vs. 1Q222023 2022 2022 2022 2022 Revenue(2) - GAAP $ 6,102 $ 6,208 $ 5,847 $ 5,655 $ 5,325 (1.7) % 14.6 % Taxable equivalent adjustment 51 50 38 28 26 Securities (gains) losses — — 1 1 69 Gain on redemption of noncontrolling equity interest — — — — (74) Revenue(2) - adjusted $ 6,153 $ 6,258 $ 5,886 $ 5,684 $ 5,346 (1.7) % 15.1 % Noninterest expense - GAAP $ 3,691 $ 3,722 $ 3,613 $ 3,580 $ 3,674 (0.8) % 0.5 % Merger-related and restructuring charges, net (63) (114) (62) (121) (216) Gain (loss) on early extinguishment of debt — — — 39 — Incremental operating expense related to the merger — (56) (90) (117) (202) Amortization of intangibles (136) (163) (140) (143) (137) Noninterest expense - adjusted $ 3,492 $ 3,389 $ 3,321 $ 3,238 $ 3,119 3.0 % 12.0 % Operating leverage - GAAP (0.9) % 14.1 % Operating leverage - adjusted(3) (4.7) % 3.1 % (1) Operating leverage is defined as percentage growth in revenue less percentage growth in noninterest expense. (2) Revenue is defined as net interest income plus noninterest income. (3) The adjusted operating leverage ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges, and other selected items. Truist’s management uses this measure in their analysis of the Corporation’s performance. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. These measures are not necessarily comparable to similar measures that may be presented by other companies.

A-10 Non-GAAP reconciliations Pre-provision net revenue ($ in millions) (1) Revenue is defined as net interest income plus noninterest income. (2) 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), merger-related and restructuring charges, amortization of intangible assets, and other selected items. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods. Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2023 2022 2022 2022 2022 Net income $ 1,515 $ 1,682 $ 1,637 $ 1,532 $ 1,416 Provision for credit losses 502 467 234 171 (95) Provision for income taxes 394 337 363 372 330 Taxable-equivalent adjustment 51 50 38 28 26 Pre-provision net revenue(1)(2) $ 2,462 $ 2,536 $ 2,272 $ 2,103 $ 1,677 PPNR $ 2,462 $ 2,536 $ 2,272 $ 2,103 $ 1,677 Merger-related and restructuring charges, net 63 114 62 121 216 Gain (loss) on early extinguishment of debt — — — (39) — Incremental operating expense related to the merger — 56 90 117 202 Amortization of intangibles 136 163 140 143 137 Securities (gains) losses — — 1 1 69 Gain on redemption of noncontrolling equity interest — — — — (74) Pre-provision net revenue - adjusted(1)(2) $ 2,661 $ 2,869 $ 2,565 $ 2,446 $ 2,227

A-11 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. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies. As of / Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2023 2022 2022 2022 2022 Common shareholders’ equity $ 55,699 $ 53,841 $ 54,115 $ 56,302 $ 58,348 Less: Intangible assets, net of deferred taxes 29,788 29,908 29,752 29,095 29,229 Tangible common shareholders’ equity(1) $ 25,911 $ 23,933 $ 24,363 $ 27,207 $ 29,119 Outstanding shares at end of period 1,331,918 1,326,829 1,326,766 1,326,393 1,331,414 Common shareholders’ equity per common share $ 41.82 $ 40.58 $ 40.79 $ 42.45 $ 43.82 Tangible common shareholders’ equity per common share(1) 19.45 18.04 18.36 20.51 21.87 Net income available to common shareholders $ 1,410 $ 1,610 $ 1,536 $ 1,454 $ 1,327 Plus amortization of intangibles, net of tax 104 125 107 109 105 Tangible net income available to common shareholders(1) $ 1,514 $ 1,735 $ 1,643 $ 1,563 $ 1,432 Average common shareholders’ equity $ 55,380 $ 54,823 $ 56,813 $ 56,803 $ 60,117 Less: Average intangible assets, net of deferred taxes 29,889 29,891 29,035 29,173 28,905 Average tangible common shareholders’ equity(1) $ 25,491 $ 24,932 $ 27,778 $ 27,630 $ 31,212 Return on average common shareholders’ equity 10.3 % 11.7 % 10.7 % 10.3 % 9.0 % Return on average tangible common shareholders’ equity(1) 24.1 27.6 23.5 22.7 18.6

A-12 Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2023 2022 2022 2022 2022 Net interest income - GAAP $ 3,868 $ 3,981 $ 3,745 $ 3,407 $ 3,183 Taxable-equivalent adjustment 51 50 38 28 26 Net interest income - taxable-equivalent 3,919 4,031 3,783 3,435 3,209 Accretion of mark on acquired loans (64) (80) (96) (189) (191) Accretion of mark on acquired liabilities (12) (14) (17) (15) (19) Net interest income - core(1) $ 3,843 $ 3,937 $ 3,670 $ 3,231 $ 2,999 Average earning assets - GAAP $ 499,149 $ 492,805 $ 482,349 $ 475,818 $ 469,940 Average balance - mark on acquired loans 617 787 875 1,029 1,247 Average earning assets - core(1) $ 499,766 $ 493,592 $ 483,224 $ 476,847 $ 471,187 Annualized net interest margin: Reported - taxable-equivalent 3.17 % 3.25 % 3.12 % 2.89 % 2.76 % Core(1) 3.10 3.17 3.02 2.72 2.57 Non-GAAP reconciliations Core NIM ($ in millions) (1) Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for loans, deposits, and long-term debt from SunTrust and other mergers and acquisitions are excluded to approximate the yields paid by clients. Truist’s management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist’s earning assets. These measures are not necessarily comparable to similar measures that may be presented by other companies.

A-13 Non-GAAP reconciliations Insurance Holdings adjusted EBITDA ($ in millions) (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, depreciation, and amortization to net income. Truist’s management also adds back merger- related and restructuring charges, acquisition retention and change in estimated earn-out incentives, and other selected items. Truist’s management uses this measure in its analysis of the Corporation’s Insurance Holdings segment. Truist’s management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Quarter Ended March 31 Dec. 31 Sept. 30 June 30 March 31 2023 2022 2022 2022 2022 Segment net interest income $ 14 $ 12 $ 11 $ 6 $ 3 Noninterest income 817 792 731 830 733 Total revenue $ 831 $ 804 $ 742 $ 836 $ 736 Segment net income (loss) - GAAP $ 111 $ 107 $ 85 $ 170 $ 143 Provision (benefit) for income taxes 36 35 29 56 47 Depreciation & amortization 37 36 33 32 31 EBITDA 184 178 147 258 221 Merger-related and restructuring charges, net 5 18 21 8 8 Acquisition retention and change in earn-out incentives 13 8 10 10 7 Adjusted EBITDA(1) $ 202 $ 204 $ 178 $ 276 $ 236 Adjusted EBITDA(1) margin 24.3 % 25.4 % 24.0 % 33.0 % 32.0 %

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