The earnings call reflects a strong quarter with solid earnings, revenue growth, and significant improvements in investment banking income, alongside disciplined expense management and strong digital engagement. However, there are challenges with loan and deposit growth, as well as the impact of natural disasters. The guidance for Q4 indicates expected revenue and earnings decline.

Company Guidance

During the Truist Financial Corporation's Q3 2024 earnings call, the executives provided several key metrics and forward-looking guidance. The company reported a GAAP net income of $1.3 billion, translating to $0.99 per share, with an adjusted EPS of $0.97. Adjusted revenue saw a sequential growth of 2.4%, driven by a robust performance in investment banking and trading income. The efficiency ratio improved as adjusted expenses increased by less than 1% quarter-over-quarter and declined on a year-over-year basis. The company returned $1.2 billion to shareholders, including $500 million in stock repurchases. For Q4 2024, Truist anticipates a 1.5% decrease in revenue, factoring in two expected federal rate cuts. Despite this, the company aims for expenses to rise by 4% due to strategic investments. They revised their full-year 2024 guidance, expecting revenues to decline slightly but projecting a decrease in adjusted expenses compared to 2023, with net charge-offs now anticipated to be closer to 60 basis points. The company also plans another $500 million in share repurchases in Q4 2024.

Solid Earnings and Revenue Growth

GAAP net income available to common shareholders was $1.3 billion or $0.99 per share. Adjusted EPS was $0.97 per share. Adjusted revenue grew 2.4% on a linked-quarter basis.

Investment Banking and Trading Income Surge

Investment banking and trading revenue increased 79% year-over-year and 43% year-to-date. This represents the strongest capital markets quarter since 2021.

Expense Discipline and Efficiency

Adjusted expenses increased by less than 1% linked quarter and declined for the third consecutive quarter on a year-over-year basis. Efficiency ratio improved.

Capital Return to Shareholders

Returned $1.2 billion to shareholders through dividends and repurchase of $500 million worth of common stock. Another $500 million repurchase is anticipated in Q4.

Digital Growth and Client Engagement

Opened nearly 200,000 new digital loan and deposit accounts, including over 75,000 new-to-bank clients, a 35% increase year-over-year. Digital transactions increased 15% compared to Q3 2023.

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Truist Financial (TFC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TFC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 30, 2020	2019 (Q4)	- / 0.75	0.97	-22.68% (-0.22)	―	―
Apr 20, 2020	2020 (Q1)	- / 0.73	0.97	-24.74% (-0.24)	―	―
Jul 16, 2020	2020 (Q2)	- / 0.67	1.09	-38.53% (-0.42)	―	―
Oct 15, 2020	2020 (Q3)	- / 0.79	0.95	-16.84% (-0.16)	―	―
Jan 21, 2021	2020 (Q4)	- / 0.90	0.75	20.00% (+0.15)	―	―
Apr 15, 2021	2021 (Q1)	0.94 / 0.98	0.73	34.25% (+0.25)	―	―
Jul 15, 2021	2021 (Q2)	0.98 / 1.16	0.67	73.13% (+0.49)	―	―
Oct 15, 2021	2021 (Q3)	1.09 / 1.20	0.79	51.90% (+0.41)	―	―
Jan 18, 2022	2021 (Q4)	1.13 / 1.13	0.9	25.56% (+0.23)	―	―
Apr 19, 2022	2022 (Q1)	0.93 / 0.99	0.98	1.02% (+0.01)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TFC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 17, 2024	$44.03	$42.47	-3.54%
Jul 22, 2024	$41.41	$42.75	+3.24%
Apr 22, 2024	$35.46	$36.68	+3.44%
Jan 18, 2024	$33.98	$34.17	+0.56%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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