Truist Financial said net income available to common shareholders for 2024 was $4.5 billion, or $3.36 per share, compared to a net loss available to common shareholders of $1.5 billion, or $1.09 per share, in the prior year. Results from continuing operations included securities losses of $6.7 billion ($5.1 billion after-tax) from the balance sheet repositioning.

1. 01

   Truist Financial said net income available to common shareholders for 2024 was $4.5 billion, or $3.36 per share, compared to a net loss available to common shareholders of $1.5 billion, or $1.09 per share, in the prior year. Results from continuing operations included securities losses of $6.7 billion ($5.1 billion after-tax) from the balance sheet repositioning.

2. 02

   The company completed the divestiture of TIH on May 6, 2024 and returned $3.8 billion to common shareholders in 2024 through common stock dividends of $2.8 billion and common share repurchases of $1.0 billion. As of December 31, 2024, $4.0 billion remained under its $5.0 billion common share repurchase authorization.

3. 03

   Truist Financial said taxable-equivalent net interest income for 2024 was $14.3 billion, down $441 million, or 3.0%, from the prior year. The company cited a smaller more efficient balance sheet after the repositioning as the reason for the decrease, and said net interest margin was 3.03%, up 5 basis points from the prior year.

4. 04

   Truist said its CET1 ratio was 11.5% as of December 31, 2024, up 140 basis points compared to December 31, 2023. The provision for credit losses for 2024 was $1.9 billion (compared to $2.1 billion in the prior year), and the net charge-off ratio was 0.59% (up 9 basis points compared to the prior year).

Key figures

Fiscal year ended December 31, 2024

Revenue

$25.1B

Net income

$4.8B

EPS

$3.36

Operating cash flow

$2.2B

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.