Form 8-K - Current report

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

July 22, 2024

Date of Report (Date of earliest event reported)

Truist Financial Corporation

(Exact name of registrant as specified in its charter)

_____________________________________________


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


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

(336) 733-2000

(Registrant’s telephone number, including area code)

_____________________________________________

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

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

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

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

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

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $5 par value

TFC

New York Stock Exchange

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

TFC.PI

New York Stock Exchange

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

TFC.PJ

New York Stock Exchange

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

TFC.PO

New York Stock Exchange

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

TFC.PR

New York Stock Exchange

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

Emerging growth company ☐

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

ITEM 2.02 Results of Operations and Financial Condition.

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

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits



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






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

SIGNATURE

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


			TRUIST FINANCIAL CORPORATION
						(Registrant)

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

Date: July 22, 2024


			News Release

Truist reports second quarter 2024 results

Net income available to common shareholders of $826 million, or $0.62 per share, or $1.2 billion, or $0.91 per share on an adjusted basis(1)	CET1 ratio(3) was 11.6%, significantly strengthened by the sale of TIH		Truist executed a strategic balance sheet repositioning and announced planned share repurchases
2Q24 Key Financial Data		2Q24 Performance Highlights(4)




(Dollars in billions, except per share data)	2Q24			1Q24			2Q23
Summary Income Statement
Net interest income - TE	$	3.58		$	3.43		$	3.66
Noninterest income	(5.21)			1.45			1.38
Total revenue - TE	(1.63)			4.87			5.04


Noninterest expense	3.09			2.95			3.05
Net income (loss) from continuing operations	(3.91)			1.13			1.17
Net income from discontinued operations	4.83			0.07			0.18
Net income (loss)	0.92			1.20			1.35
Net income (loss) available to common shareholders	0.83			1.09			1.23
Adjusted net income available to common shareholders(1)	1.24			1.22			1.23
PPNR - unadjusted(1)(2)	(4.73)			1.92			1.99
PPNR - adjusted(1)(2)	2.21			2.13			2.14
Key Metrics


Diluted EPS	$	0.62		$	0.81		$	0.92
Adjusted diluted EPS(1)	0.91			0.90			0.92
BVPS	42.71			38.97			42.68
TBVPS(1)	28.91			21.64			20.44



ROCE	6.1		%	8.4		%	8.6		%
ROTCE(1)	10.4			16.3			19.4
Efficiency ratio - GAAP(2)	NM			61.3			61.1
Efficiency ratio - adjusted(1)(2)	56.0			56.2			57.5
Fee income ratio - GAAP(2)	NM			30.0			27.7
Fee income ratio - adjusted(1)(2)	28.7			29.7			27.4
NIM - TE(2)	3.03			2.89			2.90
NCO ratio	0.58			0.64			0.54
ALLL ratio	1.57			1.56			1.43
CET1 ratio(3)	11.6			10.1			9.6

Average Balances
Assets	$	527		$	531		$	566
Securities	121			131			138
Loans and leases	308			309			328
Deposits	388			389			400

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 Second Quarter 2024 Earnings Presentation.

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

(3)Current quarter capital ratios are preliminary.

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

•Net income available to common shareholders was $826 million, or $0.62 per diluted share, and includes:

◦A gain on the sale of TIH of $6.9 billion ($4.8 billion after-tax), or $3.60 per share (discontinued operations)

◦Securities losses of $6.7 billion ($5.1 billion after-tax), or $3.80 per share, from the strategic balance sheet repositioning of a portion of the available-for-sale investment securities portfolio

◦A charitable contribution to the Truist Foundation of $150 million ($115 million after-tax), or $0.09 per share

◦Restructuring charges of $96 million ($73 million after-tax), or $0.05 per share, for continuing and discontinued operations, or $33 million ($26 million after-tax), or $0.02 per share, for continuing operations primarily due to severance and facilities optimization

•Total revenues were down $6.5 billion due primarily to securities losses. Adjusted revenues(1) were up 3.0% due to higher net interest income.

◦Net interest income increased 4.5% due to the balance sheet repositioning and higher rates on earning assets; net interest margin was up 14 basis points

◦Excluding securities losses, noninterest income was flat due to lower investment banking and trading income that was largely offset by higher mortgage banking income and other income

•Noninterest expense was up 4.8%. Adjusted noninterest expense(1) was up 2.6%, reflecting seasonally higher personnel expense and higher professional fees and outside processing expense

•Average loans and leases HFI decreased 0.7% due to declines in the commercial and industrial, residential mortgage, and indirect auto portfolios

•Average deposits decreased 0.3% due to declines in non-interest bearing and time deposits

•Asset quality remains solid

◦Nonperforming assets were stable

◦Loans 90 days or more past due were down two basis points

◦ALLL ratio increased one basis point

◦Net charge-off ratio of 58 basis points, down six basis points

•Capital levels significantly strengthened from the sale of TIH

◦Announced up to $5 billion in share repurchase authorization through 2026 with buybacks expected to commence in 3Q24

◦CET1 ratio(3) was 11.6%

•Liquidity levels remain strong with consolidated LCR of 110%


CEO Commentary

“In the second quarter, we continued to see solid momentum in our core banking businesses as evidenced by strong year-over-year growth in investment banking and trading revenue and continued expense discipline. Client deposits are stabilizing, and asset quality metrics remain within our expectations. While loan demand does remain muted, we are encouraged by an improvement in our dialogue with clients and our expanded capacity to support their needs.

We successfully completed the divestiture of our remaining stake in Truist Insurance Holdings, which along with organic capital generation increased our CET1 capital ratio to 11.6% and our tangible book value per share by 34%. We utilized a portion of the capital created from the sale of TIH to reposition our balance sheet, which is expected to replace TIH’s earnings contribution, creates additional liquidity and improves our interest rate risk profile.

In addition, our Board authorized the repurchase of up to $5 billion of shares of our common stock through the end of 2026 with repurchases expected to begin during the third quarter. Moreover, the most recent Federal Reserve stress test highlighted our ability to weather a variety of stressed economic scenarios.

I am confident in the capabilities of our talented teammates to take Truist to the next level as our strengthened capital position offers us the opportunity to grow our core banking franchise, while also prudently returning capital to our shareholders through our strong dividend and recently announced share repurchase program.”

— Bill Rogers, Truist Chairman & CEO


Contact:
Investors:	Brad Milsaps	770.352.5347 \| investors@truist.com
Media:	Hannah Joyce	781.650.0403 \| media@truist.com


Net Interest Income, Net Interest Margin, and Average Balances
	Quarter Ended						Change
(Dollars in millions)	2Q24			1Q24				2Q23			Link				Like
Interest income(1)	$	6,404		$	6,237			$	6,229		$	167	2.7	%		$	175	2.8	%
Interest expense	2,824			2,812				2,572			12		0.4			252		9.8
Net interest income(1)	$	3,580		$	3,425			$	3,657		$	155	4.5			$	(77)	(2.1)

Net interest margin(1)	3.03		%	2.89		%		2.90		%	14 bps					13 bps


Average Balances(2)
Total earning assets	$	473,666		$	476,111			$	505,712		$	(2,445)	(0.5)	%		$	(32,046)	(6.3)	%
Total interest-bearing liabilities	343,145			347,121				363,754			(3,976)		(1.1)			(20,609)		(5.7)

Yields / Rates(1)
Total earning assets	5.42		%	5.26		%		4.94		%	16 bps					48 bps
Total interest-bearing liabilities	3.31			3.26				2.84			5 bps					47 bps

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

(2)Excludes basis adjustments for fair value hedges.

Taxable-equivalent net interest income for the second quarter of 2024 was up $155 million, or 4.5%, compared to the first quarter of 2024 primarily due to the impacts of the proceeds from the sale of TIH and balance sheet repositioning. The net interest margin was 3.03%, up 14 basis points.

•Average earning assets decreased $2.4 billion, or 0.5%, primarily due to declines in average securities of $10.0 billion, or 7.6%, and total loans of $1.8 billion, or 0.6%, partially offset by growth in other earning assets of $8.7 billion, or 28%. The change in average securities and other earning assets (increase in balances held at the Federal Reserve) was driven by the balance sheet repositioning.

•The yield on the average total loan portfolio was 6.44%, up six basis points and the yield on the average securities portfolio was 2.77%, up 31 basis points primarily due to investment in higher yielding, shorter duration securities as part of the balance sheet repositioning.

•Average deposits decreased $1.0 billion, or 0.3%, and average long-term debt decreased $4.0 billion, or 9.8%.

•The average cost of total deposits was 2.09%, up six basis points and the average cost of short-term borrowings was 5.58%, down four basis points compared to the prior quarter. The average cost of long-term debt was 4.87%, up 13 basis points.

Taxable-equivalent net interest income for the second quarter of 2024 was down $77 million, or 2.1%, compared to the second quarter of 2023 primarily due to higher funding costs and lower earning assets, partially offset by the balance sheet repositioning. Net interest margin was 3.03%, up 13 basis points.

•Average earning assets decreased $32.0 billion, or 6.3%, primarily due to declines in average total loans of $20.7 billion, or 6.3%, and a decrease in average securities of $17.1 billion, or 12%, partially offset by growth in other earning assets of $4.6 billion, or 13%.

•The yield on the average total loan portfolio was 6.44%, up 37 basis points and the yield on the average securities portfolio was 2.77%, up 60 basis points, primarily reflecting higher market interest rates.

•Average deposits decreased $11.8 billion, or 2.9%, average short-term borrowings increased $2.0 billion, or 8.4%, and average long-term debt decreased $26.9 billion, or 42%.

•The average cost of total deposits was 2.09%, up 56 basis points. The average cost of short-term borrowings was 5.58%, up 39 basis points. The average cost of long-term debt was 4.87%, up 25 basis points. The increase in rates on deposits and other funding sources was largely attributable to the higher rate environment.

- 2 -


Noninterest Income
	Quarter Ended				Change
(Dollars in millions)	2Q24		1Q24			2Q23		Link				Like

Wealth management income	$	361	$	356		$	330	$	5	1.4	%		$	31	9.4	%
Investment banking and trading income	286		323			211		(37)		(11.5)			75		35.5
Service charges on deposits	232		225			240		7		3.1			(8)		(3.3)
Card and payment related fees	230		224			236		6		2.7			(6)		(2.5)
Mortgage banking income	112		97			99		15		15.5			13		13.1
Lending related fees	89		96			86		(7)		(7.3)			3		3.5
Operating lease income	50		59			64		(9)		(15.3)			(14)		(21.9)
Securities gains (losses)	(6,650)		—			—		(6,650)		NM			(6,650)		NM
Other income	78		66			114		12		18.2			(36)		(31.6)
Total noninterest income	$	(5,212)	$	1,446		$	1,380	$	(6,658)	NM			$	(6,592)	(477.7)

Noninterest income was down $6.7 billion compared to the first quarter of 2024 primarily due to $6.7 billion of securities losses resulting from the balance sheet repositioning, lower investment banking and trading income, partially offset by higher mortgage banking income and other income. Excluding securities losses, noninterest income was $1.4 billion, flat compared to the first quarter of 2024.

•Investment banking and trading income decreased due to lower merger and acquisition fees, equity originations, and trading income, partially offset by higher loan syndications.

•Mortgage banking income increased due to valuation adjustments of the commercial mortgage servicing rights in the current quarter.

•Other income increased primarily due to higher income from certain investments.

Noninterest income was down $6.6 billion compared to the second quarter of 2023 primarily due to $6.7 billion of securities losses resulting from the balance sheet repositioning and lower other income, partially offset by higher investment banking and trading income and wealth management income. Excluding securities losses, noninterest income was up $58 million compared to the second quarter of 2023.

•Investment banking and trading income increased due to higher bond origination fees and loan syndications, partially offset by lower trading income.

•Wealth management income increased due to higher assets under management.

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

- 3 -


Noninterest Expense
	Quarter Ended				Change
(Dollars in millions)	2Q24		1Q24			2Q23		Link				Like
Personnel expense	$	1,661	$	1,630		$	1,705	$	31	1.9	%		$	(44)	(2.6)	%
Professional fees and outside processing	308		278			311		30		10.8			(3)		(1.0)
Software expense	218		224			223		(6)		(2.7)			(5)		(2.2)
Net occupancy expense	160		160			166		—		—			(6)		(3.6)
Amortization of intangibles	89		88			99		1		1.1			(10)		(10.1)
Equipment expense	89		88			87		1		1.1			2		2.3
Marketing and customer development	63		56			69		7		12.5			(6)		(8.7)
Operating lease depreciation	34		40			44		(6)		(15.0)			(10)		(22.7)
Regulatory costs	85		152			73		(67)		(44.1)			12		16.4
Restructuring charges	33		51			48		(18)		(35.3)			(15)		(31.3)
Goodwill impairment	—		—			—		—		—			—		—
Other expense	354		186			221		168		90.3			133		60.2
Total noninterest expense	$	3,094	$	2,953		$	3,046	$	141	4.8			$	48	1.6

Noninterest expense was up $141 million, or 4.8%, compared to the first quarter of 2024 due to a $150 million charitable contribution to the Truist Foundation (other expense), an increase in personnel expense and professional fees and outside processing expense, partially offset by a $62 million decline in the FDIC special assessment (regulatory costs) compared to the first quarter of 2024 and lower restructuring charges. Restructuring charges for both quarters include severance charges as well as costs associated with continued facilities optimization initiatives. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment, restructuring charges, and the amortization of intangibles, increased $70 million, or 2.6%, compared to the prior quarter.

•Personnel expense increased due to seasonally higher equity-based compensation due to retirement-eligible teammates and higher medical claims, partially offset by seasonally lower payroll taxes and lower headcount.

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

Noninterest expense was up $48 million, or 1.6%, compared to the second quarter of 2023 due to a $150 million charitable contribution to the Truist Foundation (other expense) and the FDIC special assessment adjustment in the second quarter of 2024 of $13 million (regulatory costs), partially offset by lower personnel expense. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, restructuring charges, the amortization of intangibles, and a small loss on the early extinguishment of debt in 2023, decreased $86 million, or 3.0%, compared to the earlier quarter.

•Personnel expense decreased due to lower headcount across most lines of business, partially offset by higher incentives and higher medical claims.

•Other expense increased due to the aforementioned charitable contribution, partially offset by lower pension expenses.

- 4 -


Provision for Income Taxes
	Quarter Ended						Change
(Dollars in millions)	2Q24			1Q24				2Q23			Link			Like
Provision (benefit) for income taxes	$	(1,324)		$	232			$	230		$	(1,556)	NM		$	(1,554)	NM
Effective tax rate	25.3		%	17.0		%		16.4		%	NM				NM

The higher effective tax rate in the current quarter compared to the first quarter of 2024 and second quarter of 2023 is due to a tax benefit on the pre-tax loss, which is driven by the discrete impact of the balance sheet repositioning of securities.


Average Loans and Leases
(Dollars in millions)	2Q24		1Q24		Change		% Change

Commercial:
Commercial and industrial	$	157,043	$	158,385	$	(1,342)	(0.8)	%
CRE	21,969		22,400		(431)		(1.9)
Commercial construction	7,645		7,134		511		7.2

Total commercial	186,657		187,919		(1,262)		(0.7)
Consumer:
Residential mortgage	54,490		55,070		(580)		(1.1)
Home equity	9,805		9,930		(125)		(1.3)
Indirect auto	22,016		22,374		(358)		(1.6)
Other consumer	28,326		28,285		41		0.1

Total consumer	114,637		115,659		(1,022)		(0.9)
Credit card	4,905		4,923		(18)		(0.4)

Total loans and leases held for investment	$	306,199	$	308,501	$	(2,302)	(0.7)

Average loans held for investment decreased $2.3 billion, or 0.7%, compared to the prior quarter.

•Average commercial loans decreased 0.7% due to a decline in the commercial and industrial portfolio.

•Average consumer loans decreased 0.9% due to declines in the residential mortgage and indirect auto portfolios.


Average Deposits
(Dollars in millions)	2Q24		1Q24		Change		% Change

Noninterest-bearing deposits	$	107,634	$	108,888	$	(1,254)	(1.2)	%
Interest checking	103,894		103,537		357		0.3
Money market and savings	135,264		134,696		568		0.4
Time deposits	41,250		41,937		(687)		(1.6)

Total deposits	$	388,042	$	389,058	$	(1,016)	(0.3)

Average deposits for the second quarter of 2024 were $388.0 billion, a decrease of $1.0 billion, or 0.3%, compared to the prior quarter.

Average noninterest-bearing deposits decreased 1.2% compared to the prior quarter and represented 27.7% of total deposits for the second quarter of 2024 compared to 28.0% for the first quarter of 2024. Average time deposits decreased 1.6%. Average money market and savings accounts and interest checking increased 0.4% and 0.3%, respectively.

- 5 -


Capital Ratios
	2Q24		1Q24		4Q23		3Q23		2Q23
Risk-based:	(preliminary)
CET1	11.6	%	10.1	%	10.1	%	9.9	%	9.6	%
Tier 1	13.2		11.7		11.6		11.4		11.1
Total	15.4		13.9		13.7		13.5		13.2
Leverage	10.5		9.5		9.3		9.2		8.8
Supplementary leverage	8.9		8.0		7.9		7.8		7.5

Capital ratios significantly strengthened compared to the regulatory requirements for well capitalized banks. Truist’s CET1 ratio was 11.6% as of June 30, 2024, up 150 basis points compared to March 31, 2024 due to the sale of TIH and organic capital generation, partially offset by the balance sheet repositioning. Truist did not repurchase any shares in the second quarter of 2024. Truist's board of directors has authorized a $5 billion share repurchase program through 2026 as part of the Company's overall capital distribution strategy, with share repurchases expected to begin during the third quarter of 2024. Truist declared common dividends of $0.52 per share during the second quarter of 2024 and plans to maintain its current quarterly common stock dividend, subject to approval by its board of directors.

Truist completed the 2024 CCAR process and received a preliminary SCB requirement of 2.8% for the period October 1, 2024 to September 30, 2025, down 10 basis points from the SCB requirement for the period October 1, 2023 to September 30, 2024. The Federal Reserve will provide Truist with its final SCB requirement by August 31, 2024.

Truist’s average consolidated LCR was 110% for the three months ended June 30, 2024, compared to the regulatory minimum of 100%.

- 6 -



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

Total loans 90 days past due and still accruing	489			538			534			574			662
Total loans 30-89 days past due and still accruing	1,791			1,716			1,971			1,636			1,550
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.46		%	0.45		%	0.44		%	0.46		%	0.47		%


Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.59			0.56			0.63			0.52			0.48
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.16			0.18			0.17			0.18			0.21
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	1.57			1.56			1.54			1.49			1.43
Ratio of allowance for loan and lease losses to net charge-offs	2.7x			2.4x			2.7x			2.9x			2.6x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.4x			3.4x			3.5x			3.2x			3.0x

Applicable ratios are annualized.

Nonperforming assets totaled $1.5 billion at June 30, 2024, flat compared to March 31, 2024, as declines in the commercial and industrial and commercial construction portfolio were offset by an increase in the CRE portfolio. Nonperforming loans and leases held for investment were 0.46% of loans and leases held for investment at June 30, 2024, up one basis point compared to March 31, 2024.

Loans 90 days or more past due and still accruing totaled $489 million at June 30, 2024, down two basis points as a percentage of loans and leases compared with the prior quarter. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at June 30, 2024, unchanged from March 31, 2024.

Loans 30-89 days past due and still accruing of $1.8 billion at June 30, 2024 were up $75 million, or three basis points as a percentage of loans and leases, compared to the prior quarter due to increases in the residential mortgage and indirect auto portfolios, partially offset by a decline in the commercial and industrial portfolio.

The allowance for credit losses was $5.1 billion and includes $4.8 billion for the allowance for loan and lease losses and $302 million for the reserve for unfunded commitments. The ALLL ratio was 1.57%, up one basis point compared with March 31, 2024. The ALLL covered nonperforming loans and leases held for investment 3.4X, flat compared to March 31, 2024. At June 30, 2024, the ALLL was 2.7X annualized net charge-offs, compared to 2.4X at March 31, 2024.


Provision for Credit Losses
	Quarter Ended						Change
(Dollars in millions)	2Q24			1Q24				2Q23			Link				Like
Provision for credit losses	$	451		$	500			$	538		$	(49)	(9.8)	%		$	(87)	(16.2)	%
Net charge-offs	442			490				440			(48)		(9.8)			2		0.5

Net charge-offs as a percentage of average loans and leases	0.58		%	0.64		%		0.54		%	(6) bps					4 bps

Applicable ratios are annualized.

The provision for credit losses was $451 million compared to $500 million for the first quarter of 2024.

•The decrease in the current quarter provision expense primarily reflects stable credit performance and solid economic conditions.

•The net charge-off ratio for the current quarter was down compared to the first quarter of 2024 primarily driven by lower net charge-offs in the other consumer and indirect auto portfolios.

The provision for credit losses was $451 million compared to $538 million for the second quarter of 2023.

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

•The net charge-off ratio was up compared to the second quarter of 2023 primarily driven by higher net charge-offs in the CRE, other consumer, indirect auto, and credit card portfolios, partially offset by lower net charge-offs in the commercial and industrial portfolio. Additionally, the second quarter of 2023 included $98 million of charge-offs related to the sale of the student loan portfolio.

- 7 -


Earnings Presentation and Quarterly Performance Summary

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

Webcast: app.webinar.net/zVb4RPwq23Q

Dial-in: 1-877-883-0383, passcode 0130732

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

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


About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $520 billion as of June 30, 2024. 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
CRE			Commercial real estate

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


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

- 8 -


Non-GAAP Financial Information

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

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

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

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

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

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

- 9 -


Forward Looking Statements

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

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

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

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

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

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

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

•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, or disputes to which we are or may be subject and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;

•evolving accounting standards and policies;

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

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

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

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

•changes in any of our credit ratings;

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

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

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

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

•our ability to execute on strategic and operational plans, including simplifying our businesses, achieving cost-savings targets and lowering expense growth, accelerating franchise momentum, and improving our capital position;

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

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

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

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

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

•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk, including in connection with commercial and consumer mortgage loans;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

- 10 -

Quarterly Performance Summary

Truist Financial Corporation

Second Quarter 2024


Table of Contents
Quarterly Performance Summary
Truist Financial Corporation




						Page
Financial Highlights						1

Consolidated Statements of Income						2

Consolidated Ending Balance Sheets						3


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

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

Financial Highlights


	Quarter Ended															Year-to-Date
(Dollars in millions, except per share data, shares in thousands)	June 30			March 31			Dec. 31			Sept. 30			June 30			June 30			June 30
	2024			2024			2023			2023			2023			2024			2023
Summary Income Statement
Interest income - taxable equivalent	$	6,404		$	6,237		$	6,324		$	6,284		$	6,229		$	12,641		$	12,064
Interest expense	2,824			2,812			2,747			2,692			2,572			5,636			4,489
Net interest income - taxable equivalent	3,580			3,425			3,577			3,592			3,657			7,005			7,575
Less: Taxable-equivalent adjustment	53			53			58			57			54			106			105
Net interest income	3,527			3,372			3,519			3,535			3,603			6,899			7,470
Provision for credit losses	451			500			572			497			538			951			1,040
Net interest income after provision for credit losses	3,076			2,872			2,947			3,038			3,065			5,948			6,430
Noninterest income	(5,212)			1,446			1,363			1,334			1,380			(3,766)			2,801
Noninterest expense	3,094			2,953			9,557			3,060			3,046			6,047			6,061
Income (loss) before income taxes	(5,230)			1,365			(5,247)			1,312			1,399			(3,865)			3,170
Provision (benefit) for income taxes	(1,324)			232			(56)			203			230			(1,092)			591
Net income (loss) from continuing operations(1)	(3,906)			1,133			(5,191)			1,109			1,169			(2,773)			2,579
Net income (loss) from discontinued operations(1)	4,828			67			101			74			176			4,895			281
Net income (loss)	922			1,200			(5,090)			1,183			1,345			2,122			2,860

Noncontrolling interests from discontinued operations(1)	19			3			—			6			36			22			38

Preferred stock dividends and other	77			106			77			106			75			183			178
Net income (loss) available to common shareholders	826			1,091			(5,167)			1,071			1,234			1,917			2,644
Net income available to common shareholders - adjusted(2)	1,235			1,216			1,094			1,071			1,234			2,451			2,644
Additional Income Statement Information
Revenue - taxable equivalent	(1,632)			4,871			4,940			4,926			5,037			3,239			10,376
Pre-provision net revenue - unadjusted(2)	(4,726)			1,918			(4,617)			1,866			1,991			(2,808)			4,315
Pre-provision net revenue - adjusted(2)	2,209			2,132			2,221			2,025			2,142			4,341			4,622
Key Metrics
Earnings:
Earnings per share-basic from continuing operations(1)(3)	$	(2.98)		$	0.77		$	(3.95)		$	0.75		$	0.82		$	(2.21)		$	1.80

Earnings per share-basic	0.62			0.82			(3.87)			0.80			0.93			$	1.43		$	1.99
Earnings per share-diluted from continuing operations(1)(3)	(2.98)			0.76			(3.95)			0.75			0.82			(2.21)			1.79

Earnings per share-diluted	0.62			0.81			(3.87)			0.80			0.92			1.43			1.98
Earnings per share-adjusted diluted(2)	0.91			0.90			0.81			0.80			0.92			1.82			1.98
Cash dividends declared per share	0.52			0.52			0.52			0.52			0.52			1.04			1.04
Common shareholders’ equity per share	42.71			38.97			39.31			41.37			42.68
Tangible common shareholders’ equity per share(2)	28.91			21.64			21.83			19.25			20.44
End of period shares outstanding	1,338,223			1,338,096			1,333,743			1,333,668			1,331,976
Weighted average shares outstanding-basic	1,338,149			1,335,091			1,333,703			1,333,522			1,331,953			1,336,620			1,330,286
Weighted average shares outstanding-diluted	1,338,149			1,346,904			1,333,703			1,340,574			1,337,307			1,336,620			1,338,346
Return on average assets	0.70		%	0.91		%	(3.74)		%	0.86		%	0.95		%	0.81		%	1.02		%
Return on average common shareholders’ equity	6.1			8.4			(36.6)			7.5			8.6			7.2			9.5
Return on average tangible common shareholders’ equity(2)	10.4			16.3			15.0			17.3			19.4			12.5			21.6
Net interest margin - taxable equivalent(3)	3.03			2.89			2.96			2.93			2.90			2.96			3.03
Efficiency ratio-GAAP(3)	NM			61.3			195.8			62.9			61.1			NM			59.0
Efficiency ratio-adjusted(2)(3)	56.0			56.2			55.0			58.9			57.5			56.1			55.4
Fee income ratio-GAAP(3)	NM			30.0			27.9			27.4			27.7			NM			27.3
Fee income ratio-adjusted(2)(3)	28.7			29.7			27.6			27.1			27.4			29.2			27.0
Credit Quality
Nonperforming loans and leases as a percentage of LHFI	0.46		%	0.45		%	0.44		%	0.46		%	0.47		%	0.28		%	0.29		%
Net charge-offs as a percentage of average LHFI	0.58			0.64			0.57			0.51			0.54			0.61		%	0.46		%
Allowance for loan and lease losses as a percentage of LHFI	1.57			1.56			1.54			1.49			1.43
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.4x			3.4x			3.5x			3.2x			3.0x
Average Balances
Assets	$	526,894		$	531,002		$	539,656		$	547,704		$	565,822		$	528,948		$	562,741
Securities(4)	121,318			131,273			133,390			135,527			138,393			126,295			139,466
Loans and leases	307,583			309,426			313,832			319,881			328,258			308,505			327,905
Deposits	388,042			389,058			395,333			401,038			399,826			388,550			404,118
Common shareholders’ equity	54,863			52,167			56,061			56,472			57,302			53,515			56,346
Total shareholders’ equity	61,677			59,011			62,896			63,312			64,101			60,344			63,095
Period-End Balances
Assets	$	519,853		$	534,959		$	535,349		$	542,707		$	554,549
Securities(4)	108,416			119,419			121,473			120,059			124,923
Loans and leases	307,149			308,477			313,341			317,112			324,015
Deposits	385,411			394,265			395,865			400,024			406,043
Common shareholders’ equity	57,154			52,148			52,428			55,167			56,853
Total shareholders’ equity	63,827			59,053			59,253			62,007			63,681
Capital and Liquidity Ratios	(preliminary)
Common equity tier 1	11.6		%	10.1		%	10.1		%	9.9		%	9.6		%
Tier 1	13.2			11.7			11.6			11.4			11.1
Total	15.4			13.9			13.7			13.5			13.2
Leverage	10.5			9.5			9.3			9.2			8.8
Supplementary leverage	8.9			8.0			7.9			7.8			7.5
Liquidity coverage ratio	110			115			112			110			112

Applicable ratios are annualized.

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

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

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

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

- 1 -

Consolidated Statements of Income


	Quarter Ended										Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		June 30		June 30
(Dollars in millions, except per share data, shares in thousands)	2024		2024		2023		2023		2023		2024		2023
Interest Income
Interest and fees on loans and leases	$	4,879	$	4,865	$	4,971	$	4,976	$	4,915	$	9,744	$	9,571
Interest on securities	838		805		802		763		749		1,643		1,501
Interest on other earning assets	634		514		493		488		511		1,148		887
Total interest income	6,351		6,184		6,266		6,227		6,175		12,535		11,959
Interest Expense
Interest on deposits	2,016		1,964		1,917		1,858		1,527		3,980		2,652
Interest on long-term debt	446		482		476		491		734		928		1,248
Interest on other borrowings	362		366		354		343		311		728		589
Total interest expense	2,824		2,812		2,747		2,692		2,572		5,636		4,489
Net Interest Income	3,527		3,372		3,519		3,535		3,603		6,899		7,470
Provision for credit losses	451		500		572		497		538		951		1,040
Net Interest Income After Provision for Credit Losses	3,076		2,872		2,947		3,038		3,065		5,948		6,430
Noninterest Income

Wealth management income	361		356		346		343		330		717		669
Investment banking and trading income	286		323		165		185		211		609		472
Service charges on deposits	232		225		229		154		240		457		490
Card and payment related fees	230		224		232		238		236		454		466
Mortgage banking income	112		97		94		102		99		209		241
Lending related fees	89		96		153		102		86		185		192
Operating lease income	50		59		60		63		64		109		131
Securities gains (losses)	(6,650)		—		—		—		—		(6,650)		—
Other income	78		66		84		147		114		144		140
Total noninterest income	(5,212)		1,446		1,363		1,334		1,380		(3,766)		2,801
Noninterest Expense
Personnel expense	1,661		1,630		1,474		1,669		1,705		3,291		3,373
Professional fees and outside processing	308		278		305		289		311		586		598
Software expense	218		224		223		222		223		442		423
Net occupancy expense	160		160		159		164		166		320		335
Amortization of intangibles	89		88		98		98		99		177		199
Equipment expense	89		88		103		89		87		177		189
Marketing and customer development	63		56		53		70		69		119		137
Operating lease depreciation	34		40		42		43		44		74		90
Regulatory costs	85		152		599		77		73		237		148
Restructuring charges	33		51		155		61		48		84		104
Goodwill impairment	—		—		6,078		—		—		—		—
Other expense	354		186		268		278		221		540		465
Total noninterest expense	3,094		2,953		9,557		3,060		3,046		6,047		6,061
Earnings
Income (loss) before income taxes	(5,230)		1,365		(5,247)		1,312		1,399		(3,865)		3,170
Provision (benefit) for income taxes	(1,324)		232		(56)		203		230		(1,092)		591
Net income (loss) from continuing operations(1)	(3,906)		1,133		(5,191)		1,109		1,169		(2,773)		2,579
Net income from discontinued operations(1)	4,828		67		101		74		176		4,895		281
Net income (loss)	922		1,200		(5,090)		1,183		1,345		2,122		2,860

Noncontrolling interests from discontinuing operations(1)	19		3		—		6		36		22		38


Preferred stock dividends and other	77		106		77		106		75		183		178


Net income (loss) available to common shareholders	$	826	$	1,091	$	(5,167)	$	1,071	$	1,234	$	1,917	$	2,644

Earnings Per Common Share
Basic earnings from continuing operations(1)	$	(2.98)	$	0.77	$	(3.95)	$	0.75	$	0.82	$	(2.21)	$	1.80

Basic earnings	0.62		0.82		(3.87)		0.80		0.93		$	1.43	1.99
Diluted earnings from continuing operations(1)	(2.98)		0.76		(3.95)		0.75		0.82		(2.21)		1.79

Diluted earnings	0.62		0.81		(3.87)		0.80		0.92		1.43		1.98
Weighted Average Shares Outstanding
Basic	1,338,149		1,335,091		1,333,703		1,333,522		1,331,953		1,336,620		1,330,286
Diluted	1,338,149		1,346,904		1,333,703		1,340,574		1,337,307		1,336,620		1,338,346

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend


	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2024		2024		2023		2023		2023
Assets
Cash and due from banks	$	5,204	$	5,040	$	5,000	$	5,090	$	4,733
Interest-bearing deposits with banks	35,675		29,510		25,230		24,305		24,934
Securities borrowed or purchased under resale agreements	2,338		2,091		2,378		2,018		2,315
Trading assets at fair value	5,558		5,268		4,332		4,384		4,097
Securities available for sale at fair value	55,969		66,050		67,366		65,117		68,965
Securities held to maturity at amortized cost	52,447		53,369		54,107		54,942		55,958
Loans and leases:
Commercial:
Commercial and industrial	156,400		157,669		160,788		162,330		167,153
CRE	21,730		22,142		22,570		22,736		22,825
Commercial construction	7,787		7,472		6,683		6,343		5,943

Consumer:
Residential mortgage	54,344		54,886		55,492		56,013		56,476
Home equity	9,772		9,825		10,053		10,160		10,348
Indirect auto	21,994		22,145		22,727		24,084		25,759
Other consumer	28,677		28,096		28,647		29,105		28,755

Credit card	4,988		4,989		5,101		4,928		4,833

Total loans and leases held for investment	305,692		307,224		312,061		315,699		322,092
Loans held for sale	1,457		1,253		1,280		1,413		1,923
Total loans and leases	307,149		308,477		313,341		317,112		324,015
Allowance for loan and lease losses	(4,808)		(4,803)		(4,798)		(4,693)		(4,606)
Premises and equipment	3,244		3,274		3,298		3,319		3,379
Goodwill	17,157		17,157		17,156		23,234		23,235
Core deposit and other intangible assets	1,729		1,816		1,909		2,011		2,111
Loan servicing rights at fair value	3,410		3,417		3,378		3,537		3,497
Other assets	34,781		36,521		34,997		34,858		33,864
Assets of discontinued operations(1)	—		7,772		7,655		7,473		8,052
Total assets	$	519,853	$	534,959	$	535,349	$	542,707	$	554,549
Liabilities
Deposits:
Noninterest-bearing deposits	$	107,310	$	110,901	$	111,624	$	116,674	$	121,831
Interest checking	102,654		108,329		104,757		103,288		106,471
Money market and savings	136,989		133,176		135,923		137,914		135,514
Time deposits	38,458		41,859		43,561		42,148		42,227

Total deposits	385,411		394,265		395,865		400,024		406,043
Short-term borrowings	22,816		26,329		24,828		23,485		24,456
Long-term debt	34,616		39,071		38,918		41,232		44,749
Other liabilities	13,183		13,119		12,946		12,962		11,788
Liabilities of discontinued operations	—		3,122		3,539		2,997		3,832
Total liabilities	456,026		475,906		476,096		480,700		490,868
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,691		6,690		6,669		6,668		6,660
Additional paid-in capital	36,364		36,197		36,177		36,114		35,990
Retained earnings	22,603		22,483		22,088		27,944		27,577
Accumulated other comprehensive loss	(8,504)		(13,222)		(12,506)		(15,559)		(13,374)
Noncontrolling interests	—		232		152		167		155
Total shareholders’ equity	63,827		59,053		59,253		62,007		63,681
Total liabilities and shareholders’ equity	$	519,853	$	534,959	$	535,349	$	542,707	$	554,549

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

- 3 -

Average Balances and Rates - Quarters


	Quarter Ended
	June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023
(Dollars in millions)	Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/ Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,145	$	101	3.66	%	$	9,853	$	37	1.49	%	$	10,967	$	38	1.37	%	$	10,886	$	34	1.27	%	$	11,115	$	30	1.10	%
U.S. government-sponsored entities (GSE)	382		3		3.27		389		3		3.40		389		2		3.23		339		3		2.92		329		3		2.70
Mortgage-backed securities issued by GSE	107,901		720		2.67		116,946		735		2.51		117,868		736		2.50		120,078		701		2.33		122,647		690		2.25
States and political subdivisions	420		5		4.14		421		4		4.15		421		5		4.16		423		4		4.12		425		5		4.18
Non-agency mortgage-backed	1,452		10		2.61		3,645		27		2.98		3,725		22		2.37		3,781		22		2.33		3,852		22		2.32
Other	18		—		5.29		19		—		5.35		20		—		5.47		20		1		5.55		25		—		5.20
Total securities	121,318		839		2.77		131,273		806		2.46		133,390		803		2.41		135,527		765		2.26		138,393		750		2.17
Loans and leases:
Commercial:
Commercial and industrial	157,043		2,550		6.53		158,385		2,572		6.53		160,278		2,657		6.58		164,022		2,686		6.50		166,588		2,610		6.28
CRE	21,969		381		6.93		22,400		389		6.95		22,755		400		6.94		22,812		396		6.85		22,706		384		6.73
Commercial construction	7,645		147		7.85		7,134		137		7.83		6,515		127		7.84		6,194		120		7.83		5,921		111		7.64

Consumer:
Residential mortgage	54,490		525		3.86		55,070		528		3.84		55,658		532		3.83		56,135		532		3.79		56,320		531		3.77
Home equity	9,805		195		8.02		9,930		196		7.92		10,104		199		7.80		10,243		196		7.61		10,478		190		7.26
Indirect auto	22,016		381		6.95		22,374		372		6.69		23,368		381		6.46		24,872		386		6.16		26,558		398		6.01
Other consumer	28,326		581		8.25		28,285		561		7.98		28,913		561		7.69		28,963		542		7.43		28,189		499		7.10
Student	—		—		—		—		—		—		—		—		—		—		1		—		4,766		80		6.76
Credit card	4,905		148		12.14		4,923		146		11.96		4,996		149		11.84		4,875		143		11.62		4,846		137		11.48

Total loans and leases held for investment	306,199		4,908		6.44		308,501		4,901		6.38		312,587		5,006		6.36		318,116		5,002		6.25		326,372		4,940		6.07
Loans held for sale	1,384		22		6.56		925		15		6.38		1,245		21		6.82		1,765		28		6.20		1,886		28		5.94
Total loans and leases	307,583		4,930		6.44		309,426		4,916		6.38		313,832		5,027		6.36		319,881		5,030		6.25		328,258		4,968		6.07

Interest earning trading assets	5,515		84		6.11		4,845		79		6.50		4,680		80		6.92		4,380		76		6.91		4,445		75		6.73
Other earning assets	39,250		551		5.56		30,567		436		5.74		28,956		414		5.65		28,574		413		5.74		34,616		436		5.06
Total earning assets	473,666		6,404		5.42		476,111		6,237		5.26		480,858		6,324		5.23		488,362		6,284		5.12		505,712		6,229		4.94
Nonearning assets	50,587						47,307						51,165						51,607						52,316
Assets of discontinued operations	2,641						7,584						7,633						7,735						7,794
Total assets	$	526,894					$	531,002					$	539,656					$	547,704					$	565,822
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	103,894	707		2.74		$	103,537	684		2.65		$	101,722	635		2.48		$	101,252	611		2.40		$	102,105	508		1.99
Money market and savings	135,264		873		2.60		134,696		832		2.49		137,464		843		2.43		139,961		829		2.35		138,149		686		1.99
Time deposits	41,250		436		4.24		41,937		448		4.30		41,592		439		4.19		40,920		418		4.05		35,844		333		3.73

Total interest-bearing deposits	280,408		2,016		2.89		280,170		1,964		2.82		280,778		1,917		2.71		282,133		1,858		2.61		276,098		1,527		2.22
Short-term borrowings	26,016		362		5.58		26,230		366		5.62		24,958		354		5.62		24,894		343		5.47		23,991		311		5.19
Long-term debt	36,721		446		4.87		40,721		482		4.74		40,818		476		4.67		43,353		491		4.51		63,665		734		4.62
Total interest-bearing liabilities	343,145		2,824		3.31		347,121		2,812		3.26		346,554		2,747		3.15		350,380		2,692		3.05		363,754		2,572		2.84
Noninterest-bearing deposits	107,634						108,888						114,555						118,905						123,728
Other liabilities	13,318						12,885						12,433						11,699						10,865
Liabilities of discontinued operations	1,120						3,097						3,218						3,408						3,374
Shareholders’ equity	61,677						59,011						62,896						63,312						64,101
Total liabilities and shareholders’ equity	$	526,894					$	531,002					$	539,656					$	547,704					$	565,822
Average interest-rate spread					2.11						2.00						2.08						2.07						2.10

Net interest income/ net interest margin			$	3,580	3.03	%			$	3,425	2.89	%			$	3,577	2.96	%			$	3,592	2.93	%			$	3,657	2.90	%
Taxable-equivalent adjustment			53						53						58						57						54
Memo: Total deposits	$	388,042	2,016		2.09	%	$	389,058	1,964		2.03	%	$	395,333	1,917		1.92	%	$	401,038	1,858		1.84	%	$	399,826	1,527		1.53	%

(1)Excludes basis adjustments for fair value hedges.

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

- 4 -

Average Balances and Rates - Year-To-Date


	Year-to-Date
	June 30, 2024						June 30, 2023
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	10,499	$	138	2.64	%	$	11,116	$	60	1.08	%
U.S. government-sponsored entities (GSE)	385		6		3.34		332		5		2.78
Mortgage-backed securities issued by GSE	112,423		1,455		2.59		123,692		1,384		2.24
States and political subdivisions	420		9		4.14		425		9		4.12
Non-agency mortgage-backed	2,549		37		2.87		3,879		45		2.33
Other	19		—		5.32		22		—		5.24
Total securities	126,295		1,645		2.61		139,466		1,503		2.16
Loans and leases:
Commercial:
Commercial and industrial	157,714		5,122		6.53		165,846		5,046		6.13
CRE	22,185		770		6.94		22,698		739		6.52
Commercial construction	7,389		284		7.84		5,892		212		7.39

Consumer:
Residential mortgage	54,780		1,053		3.85		56,370		1,057		3.75
Home equity	9,868		391		7.97		10,606		370		7.03
Indirect auto	22,195		753		6.82		27,147		796		5.91
Other consumer	28,306		1,142		8.12		27,876		958		6.93
Student	—		—		—		4,947		169		6.91
Credit card	4,913		294		12.05		4,815		273		11.45

Total loans and leases held for investment	307,350		9,809		6.41		326,197		9,620		5.94
Loans held for sale	1,155		37		6.49		1,708		53		6.28
Total loans and leases	308,505		9,846		6.41		327,905		9,673		5.94

Interest earning trading assets	5,180		163		6.29		4,951		158		6.38
Other earning assets	34,909		987		5.60		29,916		730		4.87
Total earning assets	474,889		12,641		5.34		502,238		12,064		4.83
Nonearning assets	48,947						52,953
Assets of discontinued operations	5,112						7,550
Total assets	$	528,948					$	562,741
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	103,716	1,391		2.70		$	105,477	938		1.79
Money market and savings	134,979		1,705		2.54		138,972		1,162		1.69
Time deposits	41,594		884		4.27		32,276		552		3.45

Total interest-bearing deposits	280,289		3,980		2.86		276,725		2,652		1.93
Short-term borrowings	26,123		728		5.60		24,023		589		4.94
Long-term debt	38,721		928		4.80		57,396		1,248		4.37
Total interest-bearing liabilities	345,133		5,636		3.28		358,144		4,489		2.52
Noninterest-bearing deposits	108,261						127,393
Other liabilities	13,101						11,043
Liabilities of discontinued operations	2,109						3,066
Shareholders’ equity	60,344						63,095
Total liabilities and shareholders’ equity	$	528,948					$	562,741
Average interest-rate spread					2.06						2.31

Net interest income/ net interest margin			$	7,005	2.96	%			$	7,575	3.03	%
Taxable-equivalent adjustment			106						105
Memo: Total deposits	$	388,550	3,980		2.06	%	$	404,118	2,652		1.32	%

(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.

- 5 -

Credit Quality


	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2024		2024		2023		2023		2023
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	459	$	512	$	470	$	561	$	562
CRE	360		261		284		289		275
Commercial construction	—		23		24		29		16

Consumer:
Residential mortgage	161		151		153		132		221
Home equity	123		130		122		123		129
Indirect auto	244		256		268		266		262
Other consumer	64		61		59		52		46


Total nonaccrual loans and leases held for investment	1,411		1,394		1,380		1,452		1,511
Loans held for sale	9		22		51		75		13
Total nonaccrual loans and leases	1,420		1,416		1,431		1,527		1,524
Foreclosed real estate	5		4		3		3		3

Other foreclosed property	51		56		54		54		56
Total nonperforming assets	$	1,476	$	1,476	$	1,488	$	1,584	$	1,583



















Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	8	$	12	$	7	$	15	$	36

Commercial construction	1		—		1		—		5

Consumer:
Residential mortgage - government guaranteed	375		408		418		456		541
Residential mortgage - nonguaranteed	27		33		21		30		23
Home equity	7		10		11		9		7
Indirect auto	1		1		2		1		—
Other consumer	19		18		21		16		12


Credit card	51		56		53		47		38

Total loans 90 days past due and still accruing	$	489	$	538	$	534	$	574	$	662
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	109	$	158	$	230	$	98	$	142
CRE	8		21		5		28		38
Commercial construction	—		—		—		1		6

Consumer:
Residential mortgage - government guaranteed	340		286		326		293		267
Residential mortgage - nonguaranteed	392		352		313		270		254
Home equity	58		59		70		61		56
Indirect auto	592		540		669		598		549
Other consumer	214		226		271		219		175


Credit card	78		74		87		68		63

Total loans 30-89 days past due	$	1,791	$	1,716	$	1,971	$	1,636	$	1,550

- 6 -



	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
	2024		2024		2023		2023		2023
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.59	%	0.56	%	0.63	%	0.52	%	0.48	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.16		0.18		0.17		0.18		0.21
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.46		0.45		0.44		0.46		0.47
Nonperforming loans and leases as a percentage of loans and leases(1)	0.46		0.46		0.46		0.48		0.47
Nonperforming assets as a percentage of:
Total assets(1)	0.28		0.28		0.28		0.29		0.29
Loans and leases plus foreclosed property	0.48		0.47		0.46		0.48		0.49
Net charge-offs as a percentage of average loans and leases	0.58		0.64		0.57		0.51		0.54
Allowance for loan and lease losses as a percentage of loans and leases	1.57		1.56		1.54		1.49		1.43
Ratio of allowance for loan and lease losses to:
Net charge-offs	2.7X		2.4X		2.7X		2.9X		2.6X
Nonperforming loans and leases	3.4X		3.4X		3.5X		3.2X		3.0X
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 Year-to-Date
							Period Ended June 30
							2024		2023
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.61	%	0.46	%
Ratio of allowance for loan and lease losses to net charge-offs							2.6X		3.1X
Applicable ratios are annualized.

Applicable ratios are annualized.

(1)Includes loans held for sale.

- 7 -



	As of/For the Quarter Ended										As of/For the Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		Period Ended June 30
(Dollars in millions)	2024		2024		2023		2023		2023		2024		2023
Allowance for Credit Losses(1)
Beginning balance	$	5,100	$	5,093	$	4,970	$	4,879	$	4,761	$	5,093	$	4,649
Provision for credit losses	451		500		572		497		558		951		1,040
Charge-offs:
Commercial:
Commercial and industrial	(83)		(97)		(110)		(98)		(107)		(180)		(182)
CRE	(97)		(103)		(48)		(77)		(35)		(200)		(41)
Commercial construction	—		—		(5)		—		—		—		—

Consumer:
Residential mortgage	(1)		(1)		—		(8)		(1)		(2)		(2)
Home equity	(3)		(3)		(2)		(4)		(2)		(6)		(4)
Indirect auto	(136)		(154)		(154)		(135)		(115)		(290)		(242)
Other consumer	(141)		(165)		(148)		(120)		(104)		(306)		(209)
Student	—		—		—		—		(103)		—		(108)
Credit card	(74)		(77)		(64)		(55)		(53)		(151)		(104)

Total charge-offs	(535)		(600)		(531)		(497)		(520)		(1,135)		(892)
Recoveries:
Commercial:
Commercial and industrial	14		32		16		28		13		46		26
CRE	5		7		—		2		—		12		1
Commercial construction	1		—		2		—		—		1		1

Consumer:
Residential mortgage	2		1		1		1		2		3		4
Home equity	4		5		5		7		5		9		11
Indirect auto	30		28		25		25		31		58		57
Other consumer	28		28		21		20		20		56		37

Credit card	9		9		8		9		9		18		18

Total recoveries	93		110		78		92		80		203		155
Net charge-offs	(442)		(490)		(453)		(405)		(440)		(932)		(737)
Other(2)	1		(3)		4		(1)		—		(2)		(73)
Ending balance	$	5,110	$	5,100	$	5,093	$	4,970	$	4,879	$	5,110	$	4,879
Allowance for Credit Losses:(1)


Allowance for loan and lease losses	$	4,808	$	4,803	$	4,798	$	4,693	$	4,606
Reserve for unfunded lending commitments (RUFC)	302		297		295		277		273
Allowance for credit losses	$	5,110	$	5,100	$	5,093	$	4,970	$	4,879

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

(2)The six months ended June 30, 2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.


	Quarter Ended										As of/For the Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		Period Ended June 30
	2024		2024		2023		2023		2023		2024		2023
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.18	%	0.17	%	0.23	%	0.17	%	0.23	%	0.17	%	0.19	%
CRE	1.67		1.73		0.83		1.31		0.62		1.70		0.35
Commercial construction	(0.05)		(0.02)		0.22		(0.03)		(0.02)		(0.04)		(0.03)

Consumer:
Residential mortgage	(0.01)		—		(0.01)		0.05		(0.01)		—		(0.01)
Home equity	(0.03)		(0.08)		(0.12)		(0.10)		(0.12)		(0.06)		(0.14)
Indirect auto	1.94		2.26		2.19		1.75		1.28		2.10		1.38
Other consumer	1.60		1.96		1.74		1.37		1.20		1.78		1.25
Student	—		—		—		—		8.67		—		4.42
Credit card	5.33		5.54		4.38		3.78		3.66		5.44		3.60

Total loans and leases	0.58		0.64		0.57		0.51		0.54		0.61		0.46

Applicable ratios are annualized.

- 8 -

Segment Financial Performance - Preliminary(1)(2)



	Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2024		2024		2023		2023		2023
Consumer and Small Business Banking
Net interest income (expense)	$	1,286	$	1,264	$	1,340	$	1,370	$	1,544
Net intersegment interest income (expense)	1,342		1,339		1,272		1,236		1,082
Segment net interest income (expense)	2,628		2,603		2,612		2,606		2,626
Allocated provision for credit losses	309		303		359		260		227
Noninterest income	507		503		526		436		514
Goodwill impairment	—		—		3,361		—		—
Noninterest expense ex goodwill impairment	1,645		1,645		1,696		1,642		1,616
Income (loss) before income taxes	1,181		1,158		(2,278)		1,140		1,297
Provision (benefit) for income taxes	283		279		262		274		309
Segment net income (loss)	$	898	$	879	$	(2,540)	$	866	$	988




Wholesale Banking
Net interest income (expense)	$	2,187	$	2,234	$	2,300	$	2,323	$	2,329
Net intersegment interest income (expense)	(497)		(547)		(565)		(607)		(562)
Segment net interest income (expense)	1,690		1,687		1,735		1,716		1,767
Allocated provision for credit losses	142		198		212		243		309
Noninterest income	991		983		883		905		891
Goodwill impairment	—		—		2,717		—		—
Noninterest expense ex goodwill impairment	1,348		1,374		1,643		1,297		1,297
Income (loss) before income taxes	1,191		1,098		(1,954)		1,081		1,052
Provision (benefit) for income taxes	237		214		138		211		203
Segment net income (loss)	$	954	$	884	$	(2,092)	$	870	$	849































Other, Treasury & Corporate(3)
Net interest income (expense)	$	54	$	(126)	$	(121)	$	(158)	$	(270)
Net intersegment interest income (expense)	(845)		(792)		(707)		(629)		(520)
Segment net interest income (expense)	(791)		(918)		(828)		(787)		(790)
Allocated provision for credit losses	—		(1)		1		(6)		2
Noninterest income	(6,710)		(40)		(46)		(7)		(25)
Noninterest expense	101		(66)		140		121		133
Income (loss) before income taxes	(7,602)		(891)		(1,015)		(909)		(950)
Provision (benefit) for income taxes	(1,844)		(261)		(456)		(282)		(282)
Segment net income (loss)	$	(5,758)	$	(630)	$	(559)	$	(627)	$	(668)


Total Truist Financial Corporation
Net interest income (expense)	$	3,527	$	3,372	$	3,519	$	3,535	$	3,603
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income (expense)	3,527		3,372		3,519		3,535		3,603
Allocated provision for credit losses	451		500		572		497		538
Noninterest income	(5,212)		1,446		1,363		1,334		1,380
Goodwill impairment	—		—		6,078		—		—
Noninterest expense ex goodwill impairment	3,094		2,953		3,479		3,060		3,046
Income (loss) before income taxes	(5,230)		1,365		(5,247)		1,312		1,399
Provision (benefit) for income taxes	(1,324)		232		(56)		203		230
Net income (loss) from continuing operations	$	(3,906)	$	1,133	$	(5,191)	$	1,109	$	1,169

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

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

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

- 9 -

Capital Information - Five Quarter Trend


	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2024			2024			2023			2023			2023
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	47,707		$	42,691		$	42,671		$	42,276		$	41,642
Tier 1	54,377			49,361			49,341			48,946			48,312
Total	63,346			58,548			58,063			57,713			57,236
Risk-weighted assets	412,406			421,680			423,705			428,755			434,946
Average quarterly assets for leverage ratio	519,467			522,095			533,084			534,402			550,734
Average quarterly assets for supplementary leverage ratio	608,546			614,238			624,591			627,382			643,662
Risk-based capital ratios:
Common equity tier 1	11.6		%	10.1		%	10.1		%	9.9		%	9.6		%
Tier 1	13.2			11.7			11.6			11.4			11.1
Total	15.4			13.9			13.7			13.5			13.2
Leverage capital ratio	10.5			9.5			9.3			9.2			8.8
Supplementary leverage	8.9			8.0			7.9			7.8			7.5
Common equity per common share	$	42.71		$	38.97		$	39.31		$	41.37		$	42.68

	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2024			2024			2023			2023			2023
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	63,827		$	59,053		$	59,253		$	62,007		$	63,681
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	—			232			152			167			155
Intangible assets, net of deferred taxes (including discontinued operations)	18,471			23,198			23,306			29,491			29,628
Tangible common equity	$	38,683		$	28,950		$	29,122		$	25,676		$	27,225







Outstanding shares at end of period (in thousands)	1,338,223			1,338,096			1,333,743			1,333,668			1,331,976
Tangible common equity per common share	$	28.91		$	21.64		$	21.83		$	19.25		$	20.44

Total assets	$	519,853		$	534,959		$	535,349		$	542,707		$	554,549
Less: Intangible assets, net of deferred taxes (including discontinued operations prior to the sale of TIH)	18,471			23,198			23,306			29,491			29,628
Tangible assets	$	501,382		$	511,761		$	512,043		$	513,216		$	524,921

Equity as a percentage of total assets	12.3		%	11.0		%	11.1		%	11.4		%	11.5		%
Tangible common equity as a percentage of tangible assets	7.7			5.7			5.7			5.0			5.2

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

- 10 -

Selected Mortgage Banking Information & Additional Information


	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data)	2024			2024			2023			2023			2023
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	24		$	17		$	14		$	19		$	22
Residential mortgage servicing income:


Residential mortgage servicing income before MSR valuation	72			88			85			85			77




Net MSRs valuation	(12)			(15)			(13)			(20)			(19)
Total residential mortgage servicing income	60			73			72			65			58
Total residential mortgage income	84			90			86			84			80
Commercial mortgage income:
Commercial mortgage production revenue	4			5			5			17			16
Commercial mortgage servicing income:


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



Net MSRs valuation	17			(1)			—			(2)			(1)
Total commercial mortgage servicing income	24			2			3			1			3
Total commercial mortgage income	28			7			8			18			19
Total mortgage banking income	$	112		$	97		$	94		$	102		$	99

Other Mortgage Banking Information
Residential mortgage loan originations	$	3,881		$	2,412		$	3,027		$	4,196		$	5,558
Residential mortgage servicing portfolio:(1)
Loans serviced for others	208,270			210,635			213,399			214,953			222,917
Bank-owned loans serviced	54,903			55,255			55,669			56,679			57,147
Total servicing portfolio	263,173			265,890			269,068			271,632			280,064
Weighted-average coupon rate on mortgage loans serviced for others	3.63		%	3.59		%	3.56		%	3.51		%	3.54		%
Weighted-average servicing fee on mortgage loans serviced for others	0.28			0.28			0.27			0.27			0.27

Additional Information
Brokered deposits(2)	$	27,384		$	30,650		$	31,260		$	34,986		$	32,307

NQDCP income (expense):(3)
Interest income	$	—		$	1		$	2		$	3		$	3
Other income	4			15			17			35			9
Personnel expense	(4)			(16)			(19)			(38)			(12)
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—


Common stock prices:
High	$	40.51		$	39.29		$	37.83		$	35.78		$	35.39
Low	35.09			34.23			26.57			27.70			25.56
End of period	38.85			38.98			36.92			28.61			30.35
Banking offices	1,930			1,930			2,001			2,001			2,002
ATMs	2,942			2,947			3,031			3,037			3,041
FTEs(4)	41,368			49,218			50,905			51,943			52,564
FTEs - continuing operations(4)	38,140			39,417			40,997			41,997			42,701

(1)Amounts reported are unpaid principal balance.

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

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

(4)FTEs represents an average for the quarter.

- 11 -

Selected Items(1)


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

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

- 12 -

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

2 From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. In particular, forward looking statements include, but are not limited to, statements we make about: (i) our balance sheet repositioning replacing TIH’s earnings contribution, (ii) continued delivery of new digital capabilities; (iii) expected commencement of share repurchases in the third quarter of 2024; (iv) Truist’s intention to maintain a strong common stock dividend; (v) future improvements in Truist’s expected stress capital buffer; (vi) expectations of meeting long-term debt requirements through normal course debt issuance; (vii) guidance with respect to financial performance metrics in future periods, including future levels of revenues, adjusted expenses, and net charge-off ratio; (viii) Truist’s effective tax rate in future periods; (ix) Truist’s strategic priorities for 2024; (x) scheduled office loan maturities in future years; and (xi) projections of preferred dividends. This presentation, including any information incorporated by reference in this presentation, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward- looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include: • evolving political, business, economic, and market conditions at local, regional, national, and international levels; • monetary, fiscal, and trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities; • the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel; • our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies; • judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry; • the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, or disputes to which we are or may be subject and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences; • evolving accounting standards and policies; • the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk; • any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system; • disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations; • our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits; • changes in any of our credit ratings; • our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss; • negative market perceptions of our investment portfolio or its value; • adverse publicity or other reputational harm to us, our service providers, or our senior officers; • business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households; • our ability to execute on strategic and operational plans, including simplifying our businesses, achieving cost-savings targets and lowering expense growth, accelerating franchise momentum, and improving our capital position; • changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets; • our ability to successfully make and integrate acquisitions and to effect divestitures, including the ability to successfully deploy the proceeds from the sale of TIH and perform our obligations under the transition services arrangements supporting TIH in a cost-effective and efficient manner; • our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services; • our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures; • our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information; • our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk, including in connection with commercial and consumer mortgage loans; • our ability to satisfactorily and profitably perform loan servicing and similar obligations; • the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors; • our ability to effectively deal with economic, business, or market slowdowns or disruptions; • the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk; • our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property; • our ability to attract, hire, and retain key teammates and to engage in adequate succession planning; • the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations; • our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties; our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction; • natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics; • widespread outages of operational, communication, and other systems; • our ability to maintain appropriate ESG practices, oversight, and disclosures; • policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and • other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K. Forward-Looking Statements

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

Financial Results

6 – Solid second quarter results driven by net interest income growth, expense discipline, and stable asset quality – Completed the sale of Truist Insurance Holdings (TIH), which significantly strengthened our relative capital position – Repositioned our balance sheet, which is expected to replace TIH’s earnings contribution – Announced up to a $5 billion multi-year share repurchase authorization with buybacks expected to commence in 3Q24 – Focused on pursuing growth opportunities in our core business and maintaining expense and risk discipline 1 Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations 2 Adjusted net income available to common not adjusted for restructuring charges of $73 million (after-tax) 3 Adjusted diluted EPS not adjusted for restructuring charges of $0.05 (after-tax) 6 Reported Adjusted1 Net income available from continuing operations Per share $1,232 $0.91 Net income available from discontinued operations Per share $4,809 $3.60 $3 $0.00 Net income available to common shareholders2 Per share3 $826 $0.62 $1,235 $0.91 $(3,983) $(2.98) 2Q24 key takeaways $ in millions, except per share data

7 Deposit growth fueled by digital onboarding 23 25 27 28 32 2Q23 3Q23 4Q23 1Q24 2Q24 Client preferences continue to shift toward mobile 4.6 4.7 4.8 4.8 4.9 2Q23 3Q23 4Q23 1Q24 2Q24 1 Active users reflect clients that have logged in using the mobile app over the prior 90 days 2 Digital transactions include transfers, Zelle, bill payments, mobile deposits, ACH, and wire transfers 3 Self-service deposits include incoming Zelle, ATM check deposits, and mobile check deposits (including small business online) Mobile app users1 Digital transactions2 Self-service deposits3 Zelle transactions 74% 75% 76% 77% 78% 2Q23 3Q23 4Q23 1Q24 2Q24 +7% +400 bps +39% (in millions) (in millions) – Reimagined consumer and small business deposit application experience delivers personalized account recommendations – Enhanced account opening experience contributed to 42% lift over 2Q23 in digital checking account production among Gen Z and Millennials – Digital consumer deposit account production increased 14% YoY with opening balances up 60% over the same period – Modernized small business digital onboarding experience resulted in new highs in application completion rates up 790 bps post-redesign – Small business digital adoption continues to climb, with active clients increasing 10% YoY, averaging 30 logins per month 71 72 75 76 80 2Q23 3Q23 4Q23 1Q24 2Q24 +13% (in millions)

8 – Completed sale of remaining 80% stake in TIH at an implied valuation of $15.5 billion – Received $10.1 billion of after-tax proceeds – Recorded an after-tax gain of $4.8 billion – Created $9.5 billion1 of CET1 capital and generated 230 bps of CET1 capital under current rules and 254 bps2 under proposed fully phased-in Basel 3 rules – Increased tangible book value per share by 33%3 Recap of strategic actions completed on May 6th 1 $9.5 billion of capital comprised of a $4.8 billion after-tax gain and a $4.6 billion benefit from the deconsolidation of TIH’s intangibles net of deferred tax liabilities. May not foot due to rounding. 2 CET1 impacts under proposed rules are preliminary and represent management’s current interpretation of the proposed rules. Impact greater under fully phased-in Basel 3 rules primarily due to a reduction in threshold deductions. 3 Tangible common equity and related measures exclude certain items 4 Includes the impact of hedges and based on Federal Funds future curve as of 5/6/24 5 Investable proceeds of $39.4 billion are comprised of $29.3 billion from the balance sheet repositioning (includes $1.6 billion tax benefit) and $10.1 billion of after-tax proceeds from the sale of TIH Closed sale of Truist Insurance Holdings (TIH) Executed strategic balance sheet repositioning – Sold $27.7 billion of market value investment securities with a weighted average book yield of 2.80%4 – Recorded an after-tax loss of $5.1 billion – Purchased $18.7 billion of new shorter duration investment securities yielding 5.27% and held remaining proceeds of $20.7 billion in cash4 – Reinvested $39.4 billion5 at a blended reinvestment rate of 5.22%4, which is expected to replace TIH’s earnings – Sale of TIH and balance sheet repositioning generated more than 300 bps2 of CET1 capital under proposed fully phased-in Basel 3 rules 1 2

9 Earnings – Net income available to common shareholders was $826 million, or $0.62 per share – Net loss available to common shareholders from continuing operations of $4.0 billion, or $2.98 per share, which included: – $6.7 billion ($5.1 billion after-tax), or $3.80 per share loss on the sale of certain AFS investment securities – $150 million ($115 million after-tax), or $0.09 per share charitable contribution to the Truist Foundation – $33 million ($26 million after-tax), or $0.02 per share of restructuring charges – $13 million ($11 million after-tax), or $0.01 per share for an FDIC special assessment adjustment – Net income available to common shareholders from discontinued operations of $4.8 billion, or $3.60 per share, which included: – $6.9 billion ($4.8 billion after-tax), or $3.60 per share gain from the sale of TIH – $63 million ($47 million after-tax), or $0.03 per share of restructuring charges – $10 million ($8 million after-tax), or $0.01 per share for the accelerated recognition of TIH equity-based compensation Revenue and expenses – Adjusted revenue increased 3.0% vs. 1Q24 primarily largely due to the reinvestment of the proceeds from the sale of TIH and balance sheet repositioning – Adjusted noninterest expense increased 2.6% vs. 1Q24 due to higher personnel expense and professional fees Capital and credit – CET1 increased 150 bps primarily due to the net impact of the sale of TIH and balance sheet repositioning – TBVPS2 increased 34% primarily due to the gain on the sale of TIH – NCOs decreased 6 bps to 58 bps and the ALLL ratio increased 1 bp to 1.57% 2Q24 performance highlights Note: All data points are taxable-equivalent, where applicable Current quarter regulatory capital information is preliminary 1 Amounts presented represent results from continuing operations unless otherwise noted 2 Adjusted metrics exclude selected items; see appendix for non-GAAP reconciliations 3 These non-GAAP metrics do not adjust for restructuring charges for 2023 periods Summary income statement1 Commentary1 $ in millions, except per share data GAAP / Unadjusted 2Q24 1Q24 2Q23 Revenue $(1,632) $4,871 $5,037 Expense $3,094 $2,953 $3,046 PPNR $(4,726) $1,918 $1,991 Net income (loss) available to common from cont. ops $(3,983) $1,027 $1,094 Net income available to common from discontinued ops $4,809 $64 $140 Net income available to common shareholders $826 $1,091 $1,234 Diluted EPS from continuing ops $(2.98) $0.76 $0.82 Diluted EPS from discontinued ops $3.60 $0.05 $0.10 Diluted EPS $0.62 $0.81 $0.92 Net interest margin 3.03% 2.89% 2.90% Efficiency ratio NM 61.3% 61.1% CET1 ratio 11.6% 10.1% 9.6% Change vs. Adjusted2 2Q24 1Q24 2Q23 Revenue $5,018 3.0% (0.4)% Expense $2,809 2.6% (3.0)% PPNR $2,209 3.6% 3.1% Net income available to common from cont. ops $1,232 13.7% 12.6% Net income available to common from discontinued ops $3 NM NM Net income available to common shareholders3 $1,235 1.6% 0.1% Diluted EPS from continuing ops3 $0.91 13.8% 11.0% Diluted EPS from discontinued ops3 $— NM NM Diluted EPS $0.91 1.1% (1.1)% Efficiency ratio 56.0% (20) bps (150) bps

10 $326 $318 $313 $309 $306 $195 $193 $190 $188 $187 $131 $125 $123 $121 $120 6.07% 6.25% 6.36% 6.38% 6.44% Commercial LHFI Consumer and card LHFI Loans HFI yield (%) 2Q23 3Q23 4Q23 1Q24 2Q24 Average loans and leases HFI $ in billions – Average loans decreased $2.3 billion, or 0.7%, from 1Q24 – Average commercial loans decreased $1.3 billion, or 0.7% primarily due to a decline in C&I driven in part by capital markets activity – Average consumer loans decreased $1.0 billion, or 0.9% largely due to an approximate $600 million decline in mortgage loans and an approximate $400 million decline in indirect auto 5-quarter trend Vs. linked quarter May not foot due to rounding

11 Average deposits $ in billions $400 $401 $395 $389 $388 $276 $282 $281 $280 $280 $124 $119 $115 $109 $108 1.53% 1.84% 1.92% 2.03% 2.09% Interest-bearing deposits Noninterest-bearing deposits Total deposit cost (%) 2Q23 3Q23 4Q23 1Q24 2Q24 Cumulative beta calculations are based on change in average total deposit or interest-bearing deposit cost divided by change in average Fed Funds rate from 4Q21 to 2Q24, respectively May not foot due to rounding – Average deposits decreased $1.0 billion, or 0.3% – Average noninterest-bearing deposits decreased $1.3 billion, or 1.2% – Represented 28% of total deposits, which is consistent with 1Q24 – Average time deposits decreased ~$700 million, or 1.6% – Average money market and savings increased ~$600 million, or 0.4% – Average interest checking increased ~$400 million, or 0.3% – Deposit costs increased primarily due to continued mix shift from lower cost deposit accounts – Total cost of deposits was 209 bps, up 6 bps from the prior quarter – Cumulative total deposit beta was 39% in 2Q24 vs. 38% in 1Q24 – Total cost of interest-bearing deposits was 289 bps, up 7 bps from the prior quarter – Cumulative interest-bearing deposit beta was 54% in 2Q24 vs. 53% in 1Q24 Vs. linked quarter 5-quarter trend

12 $3,657 $3,592 $3,577 $3,425 $3,580 2.90% 2.93% 2.96% 2.89% 3.03% Net interest income TE ($ MM) Net interest margin (%) 2Q23 4Q23 4Q23 1Q24 2Q24 – Net interest income increased 4.5% primarily due to the impact of the proceeds from the sale of TIH and balance sheet repositioning – Excluding the impact of the proceeds from TIH and the balance sheet repositioning, net interest income was stable – NIM increased 14 bps to 3.03% primarily due to the balance sheet repositioning – Net interest income decreased 2.1% due to higher funding costs and lower earning assets, partially offset by the balance sheet repositioning – NIM increased 13 bps due to balance sheet repositioning and optimization efforts, partially offset by the impact of higher funding costs Net interest income and net interest margin Vs. linked quarter5-quarter trend Vs. like quarter $ in millions

13 – Noninterest income declined $6.6 billion due to losses on securities sold – Adjusted noninterest income increased 4.2% due to higher investment banking and trading income and wealth management income – Noninterest income declined $6.7 billion due to losses on securities sold as part of the balance sheet repositioning – Adjusted noninterest income decreased 0.6% primarily due to lower investment banking and trading income, partially offset by higher mortgage banking income Noninterest income Vs. linked quarter Vs. like quarter Noninterest income 2Q24 1Q24 2Q23 Wealth management income $ 361 $ 356 $ 330 Investment banking and trading income 286 323 211 Service charges on deposits 232 225 240 Card and payment related fees 230 224 236 Mortgage banking income 112 97 99 Lending related fees 89 96 86 Operating lease income 50 59 64 Securities gains (losses) (6,650) — — Other income 78 66 114 Total noninterest income $ (5,212) $ 1,446 $ 1,380 Securities gains (losses) $ 6,650 $ — $ — Adjusted noninterest income $ 1,438 $ 1,446 $ 1,380 $ in millions

14 – Noninterest expense increased $141 million, or 4.8% – Driven primarily by a $150 million charitable contribution to the Truist Foundation – Partially offset by FDIC special assessment costs declining $62 million to $13 million – Adjusted noninterest expense increased $70 million, or 2.6% – Driven primarily by higher personnel expense and professional fees – Noninterest expense increased $48 million, or 1.6% – Driven primarily by a $150 million charitable contribution to the Truist Foundation – Partially offset by lower personnel expense due to lower headcount – Adjusted noninterest expense decreased $86 million, or 3.0% – Driven primarily by lower headcount across most lines of business Noninterest expense Vs. linked quarter Vs. like quarter $54 Adjusted noninterest expense excludes restructuring charges, amortization, and other items. See appendix for non-GAAP reconciliation. 2Q24 1Q24 2Q23 Personnel expense $ 1,661 $ 1,630 $ 1,705 Professional fees and outside processing 308 278 311 Software expense 218 224 223 Net occupancy expense 160 160 166 Amortization of intangibles 89 88 99 Equipment expense 89 88 87 Marketing and customer development 63 56 69 Depreciation-property under operating leases 34 40 44 Regulatory costs 85 152 73 Restructuring charges 33 51 48 Goodwill impairment — — — Other expense 354 186 221 Total noninterest expense $ 3,094 $ 2,953 $ 3,046 Charitable contribution $ 150 $ — $ — FDIC special assessment 13 75 — Gain (loss) on early extinguishment of debt — — 4 Restructuring charges 33 51 48 Amortization of intangibles 89 88 99 Adjusted noninterest expense $ 2,809 $ 2,739 $ 2,895 Noninterest expense $ in millions

15 $538 $497 $572 $500 $451 2Q23 3Q23 4Q23 1Q24 2Q24 NPLs were relatively stable on a linked-quarter basis Stable credit performance and solid economic conditions drove a lower linked-quarter provision ($ in MM) $440 $405 $453 $490 $442 0.54% 0.51% 0.57% 0.64% 0.58% NCO NCO ratio 2Q23 3Q23 4Q23 1Q24 2Q24 NCO ratio decreased 6 bps on a linked-quarter basis primarily reflecting lower losses in consumer ($ in MM) Asset quality 4.5x 9.0x 8.8x Net charge-offs Provision for credit losses Nonperforming loans / LHFI ALLL $4,606 $4,693 $4,798 $4,803 $4,808 ALLL ALLL ratio ALLL / NCO 2Q23 3Q23 4Q23 1Q24 2Q24 ALLL ratio increased 1 bp on a linked-quarter basis ($ in MM) 0.47% 0.46% 0.44% 0.45% 0.46% 2Q23 3Q23 4Q23 1Q24 2Q24 2.6X 2.9X 1.43% 1.49% 2.7X 1.54% 2.4X 1.56% 2.7X 1.57%

16 1Q24 CET1 ratio Sale of TIH Strategic balance sheet repositioning Organic capital growth 2Q24 CET1 ratio Capital 9.9% ~0.2% 10.1% 1 2 2.3% 11.6% 2Q24 capital walk 1 Organic capital generation is retained earnings net of dividend 2 Current quarter regulatory capital information is preliminary 3 Peers consist of BAC, CFG, FITB, JPM, KEY, MTB, PNC, RF, USB, and WFC 4 The estimated fully phased in Basel 3 CET 1 ratio and other impacts estimated under the proposed rules is preliminary and represents management's current interpretation of the proposed rules, which includes the impact of AOCI, risk-weighted assets inflation and the threshold deduction adjustments. Commentary (1.0%) 7.3% min. req. effective 10/1/24 Sale of TIH creates capital advantage – Generated 230 bps of CET1 under current rules and 254 bps under proposed rules4 – Completed balance sheet repositioning that is expected to replace TIH’s earnings – CET1 ratio increased 150 bps linked-quarter to 11.6% at 6/30/24 Well positioned to grow and return capital to shareholders – Pursuing growth in our consumer and wholesale banking businesses – Announced up to a $5 billion multi-year share repurchase authorization through 2026 with buybacks expected to commence in 3Q24 – Intend to maintain strong common stock dividend Favorable 2024 CCAR stress test results – Second lowest C&I loan loss rates and third lowest CET1 erosion rate among peers3 – Expect stress capital buffer to improve from 2.9% to 2.8% effective 10/1/24 – CET1 ratio at 6/30/24 430 bps higher than our regulatory minimum of 7.3% effective 10/1/24 Well positioned for regulatory framework changes – Estimated fully phased-in Basel 3 CET1 ratio increased ~320 bps to 9.1%4 at 6/30/24 – Truist’s consolidated LCR was 110% at 6/30/24 – Expect to meet proposed long-term debt requirements through normal course debt issuance

17 13.9% 3Q24 and 2024 outlook All data points are taxable-equivalent, where applicable Adjusted expenses exclude amortization of intangibles, restructuring charges, and other selected items Adjusted revenues exclude securities gains (losses) and other selected items See non-GAAP reconciliations in the appendix 2Q24 actuals 3Q24 outlook Adjusted revenue (TE) $5.0 Up 1-2% Adjusted expenses $2.8 Up 3% Tax rate ~16% effective; ~19% on FTE basis Full year 2023 actuals Full year 2024 outlook Adjusted revenue (TE) $20.2 Down 0.5-1% Adjusted expenses $11.4 Flat Net charge-off ratio 50 bps ~65 bps Fu ll ye ar 2 02 4 co m pa re d to fu ll ye ar 2 02 3 3Q 24 co m pa re d to 2 Q 24 Based on continuing operations; $ in billions unless otherwise noted

18 2024 strategic priorities Pursue growth opportunities in our businesses Maintain expense discipline to fund investments in our franchise Return capital to shareholders through repurchases and our dividend Maintain and strengthen sound risk controls and strong asset quality metrics Enhance the client experience through T3 (touch + technology = trust)

Appendix

A-20 Multi Tenant 89% Medical 9% Single Tenant 2% Hotel 8% Industrial 18% Office 15% Multifamily 35% Retail 14% Other 10% 11.1% 11.3% 11.7% 13.7% 13.5% 1.01% 1.09% 1.05% 0.96% 1.22% 0.49% 1.02% 0.70% 1.30% 1.23% Criticized & classified ratio NPL ratio NCO ratio 2Q23 3Q23 4Q23 1Q24 2Q24 CRE 9.7% 17% 30% 16% 15% 22% 2024 2025 2026 2027 2028 and beyond Commercial real estate (CRE) spotlight 5-quarter total CRE trends Total LHFI at 6/30/24 ($306B) CRE Office 1.6% CRE Mix Scheduled Office maturities CRE represents 9.7% of total loans HFI, including Office at 1.6% NPL% 6.3% LTM NCO ratio 6.3% Loan loss reserves 9.7% WALTV ~64% % in Truist Southeast/ Mid-Atlantic footprint ~75% Office spotlight All other loans 90.3% CRE information on this slide includes the commercial construction portfolio Gateway markets include: Washington, DC, San Francisco, New York, Chicago, Los Angeles, Boston, and Miami WALTV based on most recent appraisal conducted A-1 Office portfolio primarily composed of Multi Tenant, Non Gateway properties within footprint Gateway 37% Non Gateway 63% Tenant Type Market Type

A-2 Consumer and Small Business Banking Income statement ($ MM) 2Q24 vs. 1Q24 vs. 2Q23 Net interest income $2,628 $25 $2 Allocated provision for credit losses 309 6 82 Noninterest income 507 4 (7) Noninterest expense 1,645 — 29 Segment net income (loss) $898 $19 $(90) Balance Sheet ($ B) Average loans(1) $125 $(0.2) $(12) Average deposits 213 0.8 (6.4) Other Key Metrics(2) Mortgages serviced for others ($ B) $208 $(2.4) $(15) Branches 1,930 — (72) (1) Excludes loans held for sale (2) Amount reported reflects end of period balance Represents performance for Branch and Premier Banking, Consumer Lending, and Small Business Banking – Net income of $898 million, compared to $879 million in the prior quarter – Net interest income of $2.6 billion increased slightly by $25 million, or 1.0% vs. 1Q24, primarily driven by higher funding credit on deposits – Average loans held for investment of $125 billion declined 0.1% vs. 1Q24 primarily driven by lower residential mortgage, prime auto and unsecured loans, partially offset by mortgage warehouse lending – Average deposits of $213 billion increased 0.4% vs. 1Q24, reflecting moderating impact of consumer response to higher rates – Provision for credit losses increased $6 million, or 2.0% vs. 1Q24, primarily driven by an allowance build in the current quarter compared to a modest release in 1Q24, partially offset by a decrease in net charge-offs – Noninterest income of $507 million increased $4 million, or 0.8% vs. 1Q24, primarily driven by higher service charges and seasonally higher card and payment related fees, partially offset by lower mortgage income – Mortgages serviced for others decreased 1.1% vs. 1Q24, primarily driven by higher BAU runoff – Noninterest expense of $1.6 billion is flat vs. 1Q24, primarily driven by lower FDIC special assessment in the prior quarter, offset by higher medical claims, marketing expenses and operating charge-offs – Branch count down 3.6% vs. 2Q23 due to branch network optimization Metrics Commentary

A-3 Wholesale Banking – Net income of $954 million, compared to $884 million in the prior quarter – Net interest income of $1.7 billion was flat vs. the prior quarter – Average loans of $181 billion decreased $2.2 billion, or 1.2%, primarily related to lower C&I balances – Average deposits of $141 billion decreased $2.1 billion, or 1.5%, related to seasonal tax outflows – Provision for credit losses of $142 million decreased $56 million, or 28.3%, primarily due to lower loan balances – Noninterest income of $991 million increased $8 million, or 0.9%, primarily driven by higher CMSR valuation and higher income on certain equity investments, partially offset by lower investment banking income – Noninterest income increased $100 million, or 11.2%, vs. 2Q23 primarily driven by strong capital markets revenues – Noninterest expense of $1.3 billion decreased $26 million, or 1.9% from 1Q24 primarily related to a 1Q24 FDIC special assessment of $63 million – Excluding the FDIC assessment expense, noninterest expense of $1.3 billion increased $25 million vs. 1Q24 (1) Excludes loans held for sale Metrics Commentary Income statement ($ MM) 2Q24 vs. 1Q24 vs. 2Q23 Net interest income $1,690 $3 ($77) Allocated provision for credit losses 142 (56) (167) Noninterest income 991 8 100 Noninterest expense 1,348 (26) 51 Segment net income $954 $70 $105 Balance sheet ($ B) Average loans(1) $181 $(2.2) ($8.0) Average deposits 141 (2.1) (7.4) Represents performance for Commercial Banking, Corporate and Investment Banking, CRE, Wholesale Payments, and Wealth

A-4 Preferred dividend 3Q24 4Q24 1Q25 2Q25 Estimated dividends based on projected interest rates and amounts outstanding ($ MM) $106 $77 $126 $75 Estimates assume forward-looking interest rates as of 6/30/24. Actual interest rates could vary significantly causing dividend payments to differ from the estimates shown above.

Non-GAAP Reconciliations

A-6 Quarter Ended Year-to-Date June 30 March 31 Dec. 31 Sept. 30 June 30 June 30 June 30 2024 2024 2023 2023 2023 2024 2023 Net income (loss) available to common shareholders from continuing operations $ (3,983) $ 1,027 $ (5,268) $ 1,003 $ 1,094 $ (2,956) $ 2,401 Securities (gains) losses 5,089 — — — — 5,089 — Goodwill impairment — — 6,078 — — — — Charitable contribution 115 — — — — 115 — FDIC special assessment 11 57 387 — — 68 — Discrete tax benefit — — (204) — — — — Adjusted net income available to common shareholders from continuing operations(1) $ 1,232 $ 1,084 $ 993 $ 1,003 $ 1,094 $ 2,316 $ 2,401 Net Income available to common shareholders from discontinued operations $ 4,809 $ 64 $ 101 $ 68 $ 140 $ 4,873 $ 243 Accelerated TIH equity compensation expense 8 68 — — — 76 — Gain on sale of TIH (4,814) — — — — (4,814) — Adjusted net income available to common shareholders from discontinued operations(1) $ 3 $ 132 $ 101 $ 68 $ 140 $ 135 $ 243 Net income (loss) available to common shareholders $ 826 $ 1,091 $ (5,167) $ 1,071 $ 1,234 $ 1,917 $ 2,644 Adjusted net income available to common shareholders(1) 1,235 1,216 1,094 1,071 1,234 2,451 2,644 Weighted average shares outstanding - diluted (GAAP net income (loss) available to common shareholders)(2) 1,338,149 1,346,904 1,333,703 1,340,574 1,337,307 1,336,620 1,338,346 Weighted average shares outstanding - diluted (adjusted net income available to common shareholders)(2) 1,349,953 1,346,904 1,342,790 1,340,574 1,337,307 1,348,523 1,338,346 Diluted EPS from continuing operations(2) $ (2.98) $ 0.76 $ (3.95) $ 0.75 $ 0.82 $ (2.21) $ 1.79 Diluted EPS from continuing operations - adjusted(1)(2) 0.91 0.80 0.74 0.75 0.82 1.72 1.79 Diluted EPS from discontinued operations(2) 3.60 0.05 0.08 0.05 0.10 3.64 0.19 Diluted EPS from discontinued operations - adjusted(1)(2) — 0.10 0.07 0.05 0.10 0.10 0.18 Diluted EPS(2) 0.62 0.81 (3.87) 0.80 0.92 1.43 1.98 Diluted EPS - adjusted(1)(2) 0.91 0.90 0.81 0.80 0.92 1.82 1.98 Non-GAAP reconciliations Adjusted Net Income and Diluted EPS $ in millions, except per share data, shares in thousands (1) Adjusted net income available to common shareholders and diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. (2) For periods ended with a net loss available to common shareholders from continuing operations, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS. Adjusted diluted EPS calculations include the impact of outstanding equity-based awards for all periods.

A-7 Non-GAAP reconciliations Efficiency ratio and fee income ratio from continuing operations $ in millions (1) Revenue is defined as net interest income plus noninterest income. (2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains and losses, amortization of intangible assets, restructuring charges, and other selected items. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Additionally, the adjusted fee income ratio is non-GAAP in that it excludes securities gains and losses and other selected items, and is calculated using adjusted revenue and adjusted noninterest income. Adjusted revenue and adjusted noninterest income exclude securities gains and losses and other selected items. Adjusted noninterest expense excludes amortization of intangible assets, restructuring charges, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management uses these measures in their analysis of the Corporation’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. Quarter Ended Year-to-Date June 30 March 31 Dec. 31 Sept. 30 June 30 June 30 June 30 2024 2024 2023 2023 2023 2024 2023 Efficiency ratio numerator - noninterest expense - GAAP $ 3,094 $ 2,953 $ 9,557 $ 3,060 $ 3,046 $ 6,047 $ 6,061 Restructuring charges, net (33) (51) (155) (61) (48) (84) (104) Gain (loss) on early extinguishment of debt — — — — (4) — (4) Goodwill impairment — — (6,078) — — — — Amortization of intangibles (89) (88) (98) (98) (99) (177) (199) Charitable contribution (150) — — — — (150) — FDIC special assessment (13) (75) (507) — — (88) — Efficiency ratio numerator - adjusted noninterest expense(2) $ 2,809 $ 2,739 $ 2,719 $ 2,901 $ 2,895 $ 5,548 $ 5,754 Fee income numerator - noninterest income - GAAP $ (5,212) $ 1,446 $ 1,363 $ 1,334 $ 1,380 $ (3,766) $ 2,801 Securities (gains) losses, net 6,650 — — — — 6,650 — Fee income numerator - adjusted noninterest income(2) $ 1,438 $ 1,446 $ 1,363 $ 1,334 $ 1,380 $ 2,884 $ 2,801 Efficiency ratio and fee income ratio denominator - revenue(1) - GAAP $ (1,685) $ 4,818 $ 4,882 $ 4,869 $ 4,983 $ 3,133 $ 10,271 Taxable equivalent adjustment 53 53 58 57 54 106 105 Securities (gains) losses 6,650 — — — — 6,650 — Efficiency ratio and fee income ratio denominator - adjusted revenue(1)((2) $ 5,018 $ 4,871 $ 4,940 $ 4,926 $ 5,037 $ 9,889 $ 10,376 Efficiency ratio - GAAP (183.6) % 61.3 % 195.8 % 62.9 % 61.1 % 193.0 % 59.0 % Efficiency ratio - adjusted(2) 56.0 56.2 55.0 58.9 57.5 56.1 55.4 Fee income ratio - GAAP 309.3 % 30.0 % 27.9 % 27.4 % 27.7 % (120.2) % 27.3 % Fee income ratio - adjusted(2) 28.7 29.7 27.6 27.1 27.4 29.2 27.0

A-8 Non-GAAP reconciliations Pre-provision net revenue $ in millions (1) Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), restructuring charges, amortization of intangible assets, and other selected items. Truist’s management calculated these measures based on the Company’s continuing operations. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. Quarter Ended Year-to-Date June 30 March 31 Dec. 31 Sept. 30 June 30 June 30 June 30 2024 2024 2023 2023 2023 2024 2023 Net income from continuing operations $ (3,906) $ 1,133 $ (5,191) $ 1,109 $ 1,169 $ (2,773) $ 2,579 Provision for credit losses 451 500 572 497 538 951 1,040 Provision for income taxes (1,324) 232 (56) 203 230 (1,092) 591 Taxable-equivalent adjustment 53 53 58 57 54 106 105 Pre-provision net revenue(1) $ (4,726) $ 1,918 $ (4,617) $ 1,866 $ 1,991 $ (2,808) $ 4,315 Restructuring charges, net 33 51 155 61 48 84 104 Gain (loss) on early extinguishment of debt — — — — 4 — 4 Goodwill impairment — — 6,078 — — — — Amortization of intangibles 89 88 98 98 99 177 199 Charitable contribution 150 — — — — 150 — FDIC special assessment 13 75 507 — — 88 — Securities (gains) losses 6,650 — — — — 6,650 — Pre-provision net revenue - adjusted(1) $ 2,209 $ 2,132 $ 2,221 $ 2,025 $ 2,142 $ 4,341 $ 4,622

A-9 Non-GAAP reconciliations Calculations of tangible common equity and related measures $ in millions, except per share data, shares in thousands (1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization and impairment charges. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies. As of / Quarter Ended Year-to-Date June 30 March 31 Dec. 31 Sept. 30 June 30 June 30 June 30 2024 2024 2023 2023 2023 2024 2023 Common shareholders’ equity $ 57,154 $ 52,148 $ 52,428 $ 55,167 $ 56,853 Less: Intangible assets, net of deferred taxes (including discontinued operations) 18,471 23,198 23,306 29,491 29,628 Tangible common shareholders’ equity(1) $ 38,683 $ 28,950 $ 29,122 $ 25,676 $ 27,225 Outstanding shares at end of period 1,338,223 1,338,096 1,333,743 1,333,668 1,331,976 Common shareholders’ equity per common share $ 42.71 $ 38.97 $ 39.31 $ 41.37 $ 42.68 Tangible common shareholders’ equity per common share(1) 28.91 21.64 21.83 19.25 20.44 Net income available to common shareholders $ 826 $ 1,091 $ (5,167) $ 1,071 $ 1,234 $ 1,917 $ 2,644 Plus: goodwill impairment — — 6,078 — — — — Plus: amortization of intangibles, net of tax (including discontinued operations) 68 84 99 99 100 152 204 Tangible net income available to common shareholders(1) $ 894 $ 1,175 $ 1,010 $ 1,170 $ 1,334 $ 2,069 $ 2,848 Average common shareholders’ equity $ 54,863 $ 52,167 $ 56,061 $ 56,472 $ 57,302 $ 53,515 $ 56,346 Less: Average intangible assets, net of deferred taxes (including discontinued operations) 20,406 23,244 29,377 29,570 29,775 21,833 29,832 Average tangible common shareholders’ equity(1) $ 34,457 $ 28,923 $ 26,684 $ 26,902 $ 27,527 $ 31,682 $ 26,514 Return on average common shareholders’ equity 6.1 % 8.4 % (36.6) % 7.5 % 8.6 % 7.2 % 9.5 % Return on average tangible common shareholders’ equity(1) 10.4 16.3 15.0 17.3 19.4 12.5 21.6

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Cover Cover	Jul. 22, 2024
Entity Information [Line Items]
Entity Central Index Key	0000092230
Entity Address, Address Line Two	214 North Tryon Street
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
Entity Address, Address Line One	NC
Document Type	8-K
Document Period End Date	Jul. 22, 2024
Entity Registrant Name	Truist Financial Corporation
Entity File Number	1-10853
Entity Tax Identification Number	56-0939887
City Area Code	336
Local Phone Number	733-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Amendment Flag	false
Entity Emerging Growth Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $5 par value
Trading Symbol	TFC
Security Exchange Name	NYSE
Series I Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock
Trading Symbol	TFC.PI
Security Exchange Name	NYSE
Series J Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock
Trading Symbol	TFC.PJ
Security Exchange Name	NYSE
Series O Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PO
Security Exchange Name	NYSE
Series R Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PR
Security Exchange Name	NYSE

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