Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 290

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 5
Chunk 290
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Investment banking and trading income increased due to higher bond and equity originations, structured real estate income, loan syndication fees, and merger and acquisition fees, partially offset by lower trading income.

•Wealth management income increased due to higher assets under management, partially offset by the impact of the sale of Sterling Capital Management LLC in 2024.

•Service charges on deposits increased due to a prior period reduction in deposit service charge fees for client refund accruals resulting from a revision in deposit service fee protocols, partially offset by a decline as a result of continued growth of Truist One checking.

•Other income increased due to higher derivative income and the gain on the sale of Sterling Capital Management LLC, partially offset by lower equity investment income due to gains in 2023 and a valuation decrease for derivatives related to Visa shares.

•Lending related fees decreased due to lower leasing-related gains.

•Operating lease income decreased due to the runoff of operating lease balances.

•Card and payment related fees decreased due to lower interchange rates, higher rebates, and lower volumes.

52   Truist Financial Corporation

Noninterest Expense

The following table provides a breakdown of Truist’s noninterest expense:Table 11: Noninterest ExpenseYear Ended December 31,% Change(Dollars in millions)2024202320222024 vs. 20232023 vs. 2022Personnel expense$6,506 $6,516 $6,558 (0.2)%(0.6)%Professional fees and outside processing1,337 1,192 1,322 12.2 (9.8)Software expense896 868 887 3.2 (2.1)Net occupancy expense656 658 690 (0.3)(4.6)Equipment expense373 381 449 (2.1)(15.1)Amortization of intangibles345 395 455 (12.7)(13.2)Marketing and customer development268 260 321 3.1 (19.0)Operating lease depreciation144 175 184 (17.7)(4.9)Regulatory costs344 824 183 (58.3)NMRestructuring charges120 320 466 (62.5)(31.3)Goodwill impairment— 6,078 — (100.0)NMOther expense1,020 1,011 652 0.9