Q2 2024 Truist Financial Corp Earnings Call Transcript
Key Points
- Truist Financial Corp (TFC) reported adjusted net income available to common shareholders of $1.2 billion, or $0.91 per share, excluding several discrete items.
- Adjusted revenue grew by 3% on a linked quarter basis, driven by a 4.5% increase in net interest income.
- Non-performing loans remained relatively stable for the fifth consecutive quarter, and net charge-offs were within expectations.
- The sale of Truist Insurance Holdings significantly strengthened the company's capital position, creating substantial capacity for growth in core banking businesses.
- Digital engagement showed strong growth, with client mobile app users up 7% and digital transactions increasing by 13% year-over-year.
- Overall loan demand remained slow during the quarter, with average loans decreasing by 0.7% sequentially.
- Average deposits decreased by 0.3% sequentially, with non-interest-bearing deposits declining by 1.2%.
- Investment banking and trading income decreased by $37 million from the first quarter due to lower M&A fees, equity originations, and trading income.
- Adjusted non-interest expenses increased by 2.6% sequentially, driven by higher personnel expenses and professional fees.
- The company expects continued pressure on client deposit balances and loan balances in the third quarter.
Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this event is being recorded. It is now my pleasure to introduce your host, Mr. Brad Milsaps.
Thank you, Betsy, and good morning, everyone. Welcome Truist's second-quarter 2024 earnings call. With us today are our Chairman and CEO, Bill Rogers; our CFO, Mike McGuire; our Vice Chair and Chief Risk Officer, Clarke Starnes; as well as other members of Truist's senior management team.
During this morning's call, they will discuss Truist's second-quarter results, share their perspectives on current business conditions, and provide an updated outlook for 2024. The company presentation, as well as our earnings release and supplemental financial information are available in the Truist Investor Relations website, ir.truist.com.
Our presentation today will include forward-looking statements and certain non-GAAP financial
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