Truist said it posted a net loss to common shareholders of $1.5 billion ($1.09 per share) for 2023, including a non-cash goodwill impairment charge of $6.1 billion ($4.56 per share). It said net income available to common shareholders in the prior year was $5.9 billion ($4.43 per share).

1. 01

   Truist said it posted a net loss to common shareholders of $1.5 billion ($1.09 per share) for 2023, including a non-cash goodwill impairment charge of $6.1 billion ($4.56 per share). It said net income available to common shareholders in the prior year was $5.9 billion ($4.43 per share).

2. 02

   The company said taxable-equivalent (TE) net interest income rose $362 million to $14.8 billion in 2023, up 2.5%. It said NIM was 3.00%, down 1 basis point. The company cited higher market interest rates and higher average loans as factors behind the increase in net interest income.

3. 03

   The company said its CET1 ratio rose to 10.1% as of year-end 2023, up 110 basis points, and that the allowance for credit losses was $5.1 billion, with the ALLL ratio at 1.54%. The company cited organic capital generation and the TIH minority stake sale as drivers of the CET1 increase, while the phase-in of CECL partially offset them.

4. 04

   Truist said it agreed on February 20, 2024 to sell the remaining 80% common equity stake in TIH to an investor group led by Stone Point Capital LLC. The company said the transaction implies an enterprise value for TIH of $15.5 billion and is expected to result in after-tax cash proceeds to Truist of about $10.1 billion. It expects the deal to close in Q2 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue

$24.5B

Net income

−$1.0B

EPS

−$1.09

Operating cash flow

$8.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.