Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 51

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 51
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 EPS and PPNR directly reflect profitability and the generation of earnings, which enable us to grow the franchise. TBVPS plus dividend growth aligns with the creation of long-term value for shareholders. Adjusted noninterest expense (“NIE”)* reflects our 2024 priority to limit expense growth to 0–1%. The CET1 Capital Ratio reflects our 2024 priority to create a relative capital advantage that enhances our ability to compete. TheOne-YearTSR metric directly captures the short-term return to shareholders, which maintains a focus on our incremental progress in long-term value creation.The Committee approves adjustments to GAAP results so that participants are compensated for core financial, business, and operational performance relative to planned levels and are not artificially penalized or rewarded fornon-coreevents and other factors that2025 Proxy Statement |47
Compensation Discussion and Analysis do not reflect the ongoing management of the franchise, such as the gain on the sale of TIH and the losses incurred in connection with the subsequent balance-sheet restructuring. The Committee also believes that these adjustments enhance the comparability of the Company’s results with prior periods. In addition, to facilitate assessments of performance relative to peers, the Committee considers comparable adjustments to their results. The 2024 strategic priorities selected by the Committee reflect our strategic transition with the sale of TIH, our commitment to business growth and expense discipline, the focus on risk management required of a Category III firm under federal banking laws, and the cultural and other foundations on which financial, business, and operational results are built. CORPORATE PERFORMANCE ACHIEVED Against 2024 Key Financial Measures The table below presents the Company’s achievement with respect to the financial performance factors selected to be the focus for 2024. The Committee assessed overall financial performance as exceeding expectations. The Committee noted in particular that EPS significantly exceeded both the higher expectations in the Original Plan at the beginning of 2024 and the revised expectations following the TIH transaction in the Final Plan, reflecting both the overall benefit of the TIH transaction and management’s outperformance in effecting it and the balance sheet repositioning. The exceptional EPS performance was driven by NIE decreasing by 0.4% versus 2023, investment banking and trading income increasing by 46% versus 2023, and lower net charge-offs than expected. NIE exceeded our commitment to limit expense growth to 0-1%through the successful completion of the cost-savings program announced in September 2023 and disciplined expense management throughout 2024. Capital significantly