Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 126

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 126
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 4.45 (5.52)Net interest income - TE$14,303 $14,744 $14,455 $(441)$289 Noninterest income(813)5,498 5,660 (6,311)(162)Total taxable-equivalent revenue$13,490 $20,242 $20,115 $(6,752)$127 Less taxable-equivalent adjustment212 220 142 Total revenue$13,278 $20,022 $19,973 Return on average assets0.92 %(0.19)%1.15 %1.11 %(1.34)%Return on average common shareholders’ equity8.0 (2.6)10.4 10.6 (13.0)Net interest margin - TE3.03 2.98 3.01 0.05 (0.03)

48   Truist Financial Corporation

Truist’s TE revenue for 2024 was $13.5 billion. Excluding securities losses, TE revenue was $20.1 billion, representing a decrease of $101 million compared to 2023. Net interest income on a TE basis was $14.3 billion, down $441 million, or 3.0%, from the prior year primarily as a result of having a smaller more efficient balance sheet after the repositioning improving NIM by five basis points.

•Average earning assets decreased $21.6 billion, or 4.4%, compared to the prior year primarily due to declines in average total loans of $15.8 billion, or 4.9%, and average securities of $13.7 billion, or 10.0%, partially offset by an increase in other earning assets of $7.3 billion, or 25%. The change in average securities was driven by maturities and the balance sheet repositioning. The change in other earning assets (increase in balances held at the Federal Reserve) was driven by the balance sheet repositioning.

•Average deposits decreased $13.3 billion, or 3.3%, average short-term borrowings were flat, and average long-term debt decreased $13.0 billion, or 26% as a result of the smaller more efficient balance sheet.

NIM was 3.03% for 2024, up five basis points compared to the prior year.

•The yield on the average total loan portfolio was 6.34%