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.

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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

(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.

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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.

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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.

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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.

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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.

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