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Truist(TFC) - 2024 Q4 - Earnings Call Presentation
2025-01-17 13:16
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," "in ...
Truist(TFC) - 2024 Q4 - Annual Results
2025-01-17 11:00
Quarterly Performance Summary - Quarterly Performance Summary for Truist Financial Corporation in Q4 2024[1] - Net interest income for the quarter ended Dec. 31, 2024, was $3.59 billion, compared to $3.52 billion in the previous quarter[3] - Noninterest income for the quarter ended Dec. 31, 2024, was $1.47 billion, compared to $(5.21) billion in the previous quarter[3] - Net income available to common shareholders for the quarter ended Dec. 31, 2024, was $1.22 billion, compared to $826 million in the previous quarter[3] - Earnings per share-diluted for the quarter ended Dec. 31, 2024, was $0.91, compared to $0.62 in the previous quarter[3] - Return on average assets for the quarter ended Dec. 31, 2024, was 0.96%, compared to 0.70% in the previous quarter[3] - Nonperforming loans and leases as a percentage of LHFI for the quarter ended Dec. 31, 2024, was 0.47%, compared to 0.46% in the previous quarter[3] - Common equity tier 1 ratio for the quarter ended Dec. 31, 2024, was 11.5%, compared to 11.6% in the previous quarter[3] - Total shareholders' equity as of Dec. 31, 2024, was $63.68 billion, compared to $65.70 billion in the previous quarter[3] - Liquidity coverage ratio as of Dec. 31, 2024, was 109%, compared to 112% in the previous quarter[3] - Net interest income for the quarter ended Dec. 31, 2024, was $3.59 billion, compared to $3.52 billion in the previous quarter[7] - Noninterest income for the quarter ended Dec. 31, 2024, was $1.47 billion, a significant recovery from a loss of $5.21 billion in the previous quarter[7] - Net income (loss) available to common shareholders for the quarter ended Dec. 31, 2024, was $1.22 billion, compared to a loss of $5.17 billion in the previous quarter[7] - Earnings per common share (diluted) for the quarter ended Dec. 31, 2024, was $0.91, compared to a loss of $3.87 in the previous quarter[7] - Wealth management income for the quarter ended Dec. 31, 2024, was $345 million, a 1.4% decrease from $350 million in the previous quarter[7] - Investment banking and trading income for the quarter ended Dec. 31, 2024, was $262 million, a 21.1% decrease from $332 million in the previous quarter[7] - Total Truist Financial Corporation net income from continuing operations was $1,289 million in Q4 2024, a significant improvement from a loss of $5,191 million in Q4 2023[25] Financial Statements and Metrics - Consolidated Statements of Income and Ending Balance Sheets included in the report[2] - Average Balances and Rates for both Quarters and Year-to-Date provided[2] - Credit Quality and Segment Financial Performance detailed[2] - Capital Information and Selected Mortgage Banking Information included[2] - Additional Information and Selected Items covered in the report[2] - Total interest income for the year-to-date 2024 was $25.07 billion, a 2.5% increase from $24.45 billion in 2023[7] - Provision for credit losses for the quarter ended Dec. 31, 2024, was $471 million, a 17.7% decrease from $572 million in the previous quarter[7] - Total noninterest expense for the quarter ended Dec. 31, 2024, was $3.04 billion, a 3.7% increase from $2.93 billion in the previous quarter[7] - Total assets increased to $531.176 billion as of December 31, 2024, up from $523.434 billion in the previous quarter[9] - Total loans and leases held for investment decreased slightly to $306.383 billion in December 2024 from $307.224 billion in March 2024[9] - Total deposits remained stable at $390.524 billion in December 2024, compared to $387.778 billion in September 2024[9] - Securities available for sale at fair value increased to $67.464 billion in December 2024, up from $64.111 billion in September 2024[9] - Commercial and industrial loans decreased to $154.848 billion in December 2024 from $160.788 billion in December 2023[9] - Residential mortgage loans increased to $55.599 billion in December 2024, up from $53.963 billion in September 2024[9] - Total shareholders' equity decreased to $63.679 billion in December 2024 from $65.696 billion in September 2024[9] - Allowance for loan and lease losses increased slightly to $4.857 billion in December 2024 from $4.798 billion in December 2023[9] - Interest-bearing deposits with banks increased to $33.975 billion in December 2024 from $25.230 billion in December 2023[9] - Goodwill remained stable at $17.125 billion in December 2024, consistent with previous quarters[9] - Total interest-bearing deposits averaged $280,229 million with a yield of 2.80% for the year-to-date period ending December 31, 2024[14] - Net interest income for the year-to-date period was $14,303 million, with a net interest margin of 3.03%[14] - Total loans and leases held for investment averaged $305,233 million with a yield of 6.34%[14] - Commercial and industrial loans averaged $155,674 million with a yield of 6.36%[14] - Residential mortgage loans averaged $54,486 million with a yield of 3.88%[14] - Total securities averaged $123,858 million with a yield of 2.83%[14] - Noninterest-bearing deposits averaged $107,639 million[14] - Short-term borrowings averaged $24,499 million with a yield of 5.36%[14] - Long-term debt averaged $36,713 million with a yield of 4.94%[14] - Total deposits averaged $387,868 million with a yield of 2.02%[14] - Total assets increased to $531,176 million in Q4 2024, compared to $535,349 million in Q4 2023, with tangible assets at $512,902 million[27] - Tangible common equity per common share improved to $30.01 in Q4 2024, up from $21.83 in Q4 2023, reflecting stronger financial health[27] - The supplementary leverage ratio improved to 8.8% in Q4 2024, up from 7.9% in Q4 2023, indicating stronger capital adequacy[27] Credit Quality and Loan Performance - Nonperforming loans and leases as a percentage of loans and leases held for investment increased to 0.47% in Dec. 2024 from 0.44% in Dec. 2023[18] - Nonperforming assets decreased to $1,477 million as of Dec. 31, 2024, compared to $1,488 million in Dec. 2023[17] - Total nonaccrual loans and leases held for investment stood at $1,429 million as of Dec. 31, 2024, slightly down from $1,467 million in Sept. 2024[17] - Loans 90 days or more past due and still accruing increased to $587 million as of Dec. 31, 2024, up from $518 million in Sept. 2024[17] - Loans 30-89 days past due rose to $1,949 million as of Dec. 31, 2024, compared to $1,769 million in Sept. 2024[17] - Net charge-offs as a percentage of average loans and leases increased to 0.59% in 2024, up from 0.50% in 2023[20] - The allowance for credit losses ended at $5,161 million as of Dec. 31, 2024, compared to $5,093 million in Dec. 2023[22] - Total charge-offs for 2024 amounted to $2,216 million, higher than $1,920 million in 2023[22] - Recoveries for 2024 totaled $413 million, up from $325 million in 2023[22] - The ratio of allowance for loan and lease losses to net charge-offs decreased to 2.7X in 2024 from 3.0X in 2023[20] - Net charge-offs as a percentage of average loans and leases for commercial and industrial loans increased to 0.27% in Q4 2024, up from 0.23% in Q4 2023[23] - Indirect auto loan charge-offs rose to 2.33% in Q4 2024, compared to 2.19% in Q4 2023[23] - Credit card charge-offs reached 5.10% in Q4 2024, up from 4.38% in Q4 2023[23] - Total loans and leases charge-offs increased to 0.59% in Q4 2024, compared to 0.57% in Q4 2023[23] Segment Performance - Consumer and Small Business Banking segment net interest income grew to $2,591 million in Q4 2024, up from $2,630 million in Q4 2023[25] - Wholesale Banking segment net income improved to $1,001 million in Q4 2024, recovering from a loss of $2,165 million in Q4 2023[25] - Other, Treasury & Corporate segment reported a net loss of $504 million in Q4 2024, compared to a loss of $426 million in Q4 2023[25] Capital and Liquidity - Common equity tier 1 capital increased to $48,223 million in Q4 2024, up from $42,671 million in Q4 2023, with a ratio of 11.5% compared to 10.1% in Q4 2023[27] - Brokered deposits decreased to $28,085 million in Q4 2024 from $31,260 million in Q4 2023, indicating a shift in deposit strategy[29] - FTEs (full-time equivalents) for continuing operations decreased to 37,661 in Q4 2024 from 40,997 in Q4 2023, showing workforce optimization[29] Mortgage Banking and Real Estate - Total mortgage banking income rose to $117 million in Q4 2024, up from $94 million in Q4 2023, driven by growth in both residential and commercial mortgage income[29] - Residential mortgage loan originations surged to $4,745 million in Q4 2024, a significant increase from $3,027 million in Q4 2023[29] - Total servicing portfolio for residential mortgages stood at 273,412 loans in Q4 2024, slightly down from 269,068 loans in Q4 2023[29] Market and Stock Performance - The company's common stock price ended at $43.38 in Q4 2024, up from $36.92 in Q4 2023, reflecting improved market confidence[29] Special Items and Adjustments - Restructuring charges in Q4 2024 amounted to $11 million pre-tax, impacting diluted EPS by $(0.01)[32] - FDIC special assessment in Q4 2024 resulted in a pre-tax cost of $8 million, with no impact on diluted EPS[32] - Gain on sale of TIH in Q3 2024 contributed $36 million pre-tax, increasing diluted EPS by $0.01[32] - Loss on sale of securities in Q2 2024 was $6,650 million pre-tax, reducing diluted EPS by $(3.80)[32] - Goodwill impairment in Q4 2023 was $6,078 million pre-tax, significantly impacting diluted EPS by $(4.53)[32] - FDIC special assessment in Q4 2023 cost $507 million pre-tax, reducing diluted EPS by $(0.29)[32] - Restructuring charges in Q4 2023 totaled $183 million pre-tax, decreasing diluted EPS by $(0.10)[32] - Discrete tax benefit in Q4 2023 provided $204 million after-tax, positively impacting diluted EPS by $0.15[32] - Accelerated recognition of TIH equity compensation expense in Q1 2024 was $89 million pre-tax, reducing diluted EPS by $(0.05)[32] - Charitable contribution in Q2 2024 amounted to $150 million pre-tax, decreasing diluted EPS by $(0.09)[32] Asset and Liability Management - Average balances of U.S. Treasury securities increased to $14,387 million in Q4 2024, with a yield of 5.40%, up from $10,967 million and a yield of 1.37% in Q4 2023[11] - Mortgage-backed securities issued by GSE saw average balances rise to $109,644 million in Q4 2024, with a yield of 2.89%, compared to $118,548 million and a yield of 2.48% in Q4 2023[11] - Commercial and industrial loans averaged $153,209 million in Q4 2024, with a yield of 5.95%, slightly down from $160,278 million and a yield of 6.58% in Q4 2023[11] - Residential mortgage loans averaged $54,390 million in Q4 2024, with a yield of 3.94%, compared to $55,658 million and a yield of 3.83% in Q4 2023[11] - Credit card loans averaged $4,926 million in Q4 2024, with a yield of 11.54%, up from $4,996 million and a yield of 11.84% in Q4 2023[11] - Total loans and leases held for investment averaged $303,110 million in Q4 2024, with a yield of 6.12%, compared to $312,587 million and a yield of 6.36% in Q4 2023[11] - Interest-bearing deposits in checking accounts averaged $107,075 million in Q4 2024, with a yield of 2.52%, up from $101,722 million and a yield of 2.48% in Q4 2023[11] - Money market and savings deposits averaged $138,242 million in Q4 2024, with a yield of 2.41%, compared to $137,464 million and a yield of 2.43% in Q4 2023[11] - Time deposits averaged $36,757 million in Q4 2024, with a yield of 3.66%, down from $41,592 million and a yield of 4.19% in Q4 2023[11] - Total earning assets averaged $472,639 million in Q4 2024, with a yield of 5.25%, compared to $481,538 million and a yield of 5.22% in Q4 2023[11] Corporate Transactions - The company completed the sale of its remaining 80% stake in TIH, resulting in an after-tax gain of $4.8 billion[4] - The company completed the sale of its IH segment on May 6, 2024, resulting in an after-tax gain of $4.8 billion[7] - The company completed the sale of its remaining 80% stake in TIH on May 6, 2024, resulting in an after-tax gain of $4.8 billion[26] - Corporate expense allocation methodology was enhanced in Q3 2024 to more fully allocate certain overhead or functional expenses[26]
Truist reports fourth quarter 2024 results
Prnewswire· 2025-01-17 11:00
Earnings Report and Access - Truist Financial Corporation reported its fourth quarter 2024 results on January 17, 2025 [1] - The earnings call was scheduled for 8 a m ET on the same day, accessible via webcast or dial-in [1] - The earnings release, investor presentation, and detailed financial schedules are available on Truist's Investor Relations website [1] - A replay of the call will be available on the website for 30 days [1] Company Overview - Truist Financial Corporation is a purpose-driven financial services company focused on inspiring and building better lives and communities [2] - The company is a leading U S commercial bank with a strong market share in high-growth markets across the country [2] - Truist offers a wide range of products and services, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending [2] - Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $531 billion as of December 31, 2024 [2] Webcast and Dial-in Information - The webcast for the earnings call can be accessed at app webinar net/xOqjwYK80mY [3] - The dial-in number for the earnings call is 1-877-883-0383 with passcode 7041380 [3]
Sirona Biochem Showcases TFC-1326 in Stonegate Healthcare's Landmark Report
GlobeNewswire News Room· 2025-01-15 18:21
Company Overview - Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology specializing in stabilizing carbohydrate molecules to improve efficacy and safety [2] - The company's compounds are patented and licensed to leading global companies, generating revenue through licensing fees, milestone fees, and ongoing royalty payments [2] - Sirona's laboratory, TFChem, is located in France and has received multiple French national scientific awards and EU/French government grants [2] Product Innovation - TFC-1326, Sirona's anti-aging compound, delivers rapid, consistent results with potent antioxidant and anti-inflammatory benefits [3] - Unlike traditional retinoids, TFC-1326 is suitable for all skin types, including sensitive skin, without causing irritation [3] - The compound has been highlighted in Stonegate Healthcare Partners' research report, which evaluates its clinical trial performance compared to traditional retinoid treatments [7] Market Impact - TFC-1326 is positioned as a disruptive force in the $12.5 billion global anti-aging market, offering a highly effective and user-friendly alternative to conventional treatments [3][4] - The publication of Stonegate Healthcare's report underscores the transformative potential of TFC-1326 in redefining skincare science [4] Industry Recognition - Stonegate Healthcare's analysis highlights TFC-1326's ability to significantly reduce wrinkle depth and volume, enhance skin elasticity and firmness, and ensure deep hydration [1][3] - The recognition by Stonegate Healthcare reflects Sirona Biochem's commitment to pioneering advanced solutions in the skincare industry [4]
Truist Foundation partners with Center for Disaster Philanthropy to provide over $20M in disaster recovery grants in Western North Carolina
Prnewswire· 2025-01-15 14:00
Grants will support post-Hurricane Helene housing and small business recovery, long-term resiliencyCHARLOTTE, N.C., Jan. 15, 2025 /PRNewswire/ -- Truist Foundation today announced it will partner with Center for Disaster Philanthropy to provide over $20 million in disaster recovery grants in Western North Carolina as part of the Truist Cares for Western North Carolina initiative. Flooding in the aftermath of Hurricane Helene, which hit in September 2024, destroyed or damaged more than 250,000 homes across 3 ...
Higher NII to Aid Truist's Q4 Earnings, Lower Fee Income to Hurt
ZACKS· 2025-01-14 17:46
Truist Financial (TFC) is scheduled to announce its fourth-quarter and full-year 2024 results on Jan. 17 before the opening bell. Given the implementation of rate cuts, the overall lending scenario improved in the quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Per the Federal Reserve’s latest data, demand for commercial and industrial (C&I) loans (accounting for roughly 50% of TFC’s total loans and leases held for investment) rose during the fourth quarter. Likewise, consum ...
Insights Into Truist Financial (TFC) Q4: Wall Street Projections for Key Metrics
ZACKS· 2025-01-14 15:16
Wall Street analysts forecast that Truist Financial Corporation (TFC) will report quarterly earnings of $0.87 per share in its upcoming release, pointing to a year-over-year increase of 7.4%. It is anticipated that revenues will amount to $5 billion, exhibiting a decline of 12.3% compared to the year-ago quarter.The current level reflects an upward revision of 0.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively rea ...
Truist Financial Corporation (TFC) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
ZACKS· 2025-01-10 16:01
The market expects Truist Financial Corporation (TFC) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expect ...
Truist announces fourth-quarter 2024 earnings call details
Prnewswire· 2024-12-20 14:17
CHARLOTTE, N.C., Dec. 20, 2024 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) will report fourth-quarter 2024 financial results before the market opens on Friday, January 17, 2025. Chairman and Chief Executive Officer Bill Rogers and Chief Financial Officer Mike Maguire will host a conference call to review the company's financial results at 8 a.m. ET.Investors can access the live earnings call by webcast or dial-in as follows:Live webcast for listeners: https://app.webinar.net/xOqjwYK80mYDial-in ...
Truist receives 'Outstanding' Community Reinvestment Act rating
Prnewswire· 2024-12-11 13:00
CHARLOTTE, N.C., Dec. 11, 2024 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced it received the highest possible overall rating of "Outstanding" from the Federal Deposit Insurance Corporation for its most recent Community Reinvestment Act examination period, from 2020-2022. The CRA encourages banks to help meet the credit needs of communities in which they operate, including low- and moderate-income (LMI) neighborhoods, consistent with safe and sound banking operations."Receiving an ...