Q3 2024 Truist Financial Corp Earnings Call Transcript
Key Points
- Truist Financial Corp (TFC) reported solid underlying earnings with a net income of $1.3 billion or $0.99 per share.
- The company achieved a 2.4% increase in adjusted revenue on a linked quarter basis, driven by strong investment banking and trading income.
- Truist Financial Corp (TFC) demonstrated expense discipline, with adjusted expenses increasing by less than 1% linked quarter and declining year-over-year.
- The company returned $1.2 billion of capital to shareholders through dividends and share repurchases, with plans to repurchase an additional $500 million in the fourth quarter.
- Truist Financial Corp (TFC) showed strong growth in digital capabilities, with a 6% increase in client mobile app users and a 15% increase in digital transactions year-over-year.
- Average loans decreased by $3 billion or 1% sequentially, reflecting weaker commercial client demand and line utilization.
- Average deposits decreased by 1% sequentially, with a decline in non-interest-bearing deposits.
- Net interest income is expected to decrease by 1.5% in the fourth quarter, driven by lower commercial loan balances and pressure on net interest margin.
- The company recorded a $25 million loan loss provision related to Hurricane Helene, impacting overall financial results.
- Truist Financial Corp (TFC) faces ongoing pressure from deposit betas, which are expected to lag asset repricing in the near term.
Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation third 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 to Truist's third quarter 2024 earnings call. With us today are Chairman and CEO, Bill Rogers; our CFO, Mike Maguire; 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 third-quarter results, share their perspectives on current business conditions, and provide updated outlook for 2024. The accompanying presentation as well as our earnings release and supplemental financial information are available on the Truist's Investor Relations website at ir.truist.com.
Our presentation today will include forward-looking statements and certain non-GAAP
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