The company said it completed the divestiture of TIH on May 6, 2024, with after-tax cash proceeds of about $10.1 billion and an after-tax gain of about $4.8 billion from the deconsolidation.

10-QQuarterly reportFiled Aug 8, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said it completed the divestiture of TIH on May 6, 2024, with after-tax cash proceeds of about $10.1 billion and an after-tax gain of about $4.8 billion from the deconsolidation.
Truist said it sold $27.7 billion of lower-yielding AFS securities in Q2 2024, resulting in an after-tax loss of $5.1 billion, and that its net loss from continuing operations was $3.9 billion.
The company said its CET1 ratio was 11.6% as of June 30, 2024, up 150 basis points from March 31, 2024. Its board approved repurchases of up to $5 billion of common stock from Q3 2024 through 2026.
The company said taxable-equivalent net interest income in Q2 2024 was down $77 million, or 2.1%, from Q2 2023, and that its net interest margin was 3.03%, up 13 basis points.

Key figures

Quarter ended June 30, 2024

Revenue: $6.4B
Net income: $922M
EPS: $0.62

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Sale of TIH and After-Tax Cash Proceeds

The company said it completed the divestiture of TIH on May 6, 2024, with after-tax cash proceeds of about $10.1 billion and an after-tax gain of about $4.8 billion from the deconsolidation.

Source · Based on the MD&A text of the filing

Securities Repositioning and Net Loss From Continuing Operations in Q2

Truist said it sold $27.7 billion of lower-yielding AFS securities in Q2 2024, resulting in an after-tax loss of $5.1 billion, and that its net loss from continuing operations was $3.9 billion.

Source · Based on the MD&A text of the filing

CET1 Ratio and Share Repurchase Authorization

The company said its CET1 ratio was 11.6% as of June 30, 2024, up 150 basis points from March 31, 2024. Its board approved repurchases of up to $5 billion of common stock from Q3 2024 through 2026.

Source · Based on the MD&A text of the filing

Net Interest Income and Net Interest Margin

The company said taxable-equivalent net interest income in Q2 2024 was down $77 million, or 2.1%, from Q2 2023, and that its net interest margin was 3.03%, up 13 basis points.

Source · Based on the MD&A text of the filing

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.

View the original filing on SEC EDGAR ↗

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