Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 289

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 5
Chunk 289
---
 by higher net charge-offs in the CRE, other consumer, credit card, and indirect auto portfolios, partially offset by higher recoveries in the commercial and industrial portfolio. Additionally, the prior year included $98 million of charge-offs related to the sale of the student loan portfolio.

Refer to “Note 5. Loans and ACL” for additional discussion of the ACL.

Noninterest Income

Noninterest income is a significant contributor to Truist’s financial results. Management focuses on diversifying its sources of revenue to reduce Truist’s reliance on traditional spread-based interest income, as certain fee-based activities are a relatively stable revenue source during periods of changing interest rates. The following table provides a breakdown of Truist’s noninterest income:Table 10: Noninterest IncomeYear Ended December 31,% Change(Dollars in millions)2024202320222024 vs. 20232023 vs. 2022Wealth management income$1,412 $1,358 $1,338 4.0 %1.5 %Investment banking and trading income1,203 822 995 46.4 (17.4)Card and payment related fees907 936 944 (3.1)(0.8)Service charges on deposits915 873 1,028 4.8 (15.1)Mortgage banking income432 437 460 (1.1)(5.0)Lending related fees366 447 375 (18.1)19.2 Operating lease income205 254 258 (19.3)(1.6)Securities gains (losses)(6,651)— (71)NMNMOther income398 371 333 7.3 11.4 Total noninterest income$(813)$5,498 $5,660 (114.8)(2.9)

Noninterest income was down $6.3 billion for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to $6.7 billion of securities losses resulting from the balance sheet repositioning, lower lending related fees, operating lease income, and card and payment related fees, partially offset by higher investment banking and trading income, wealth management income, service charges on deposits, and other income. Excluding securities losses, noninterest income was up $340 million, or 6.2%, compared to the prior year.

•