Truist Financial Corporation

Strong profitability and improving returns (core “good”): - Q2 2026 GAAP net income available to common: $1.5B ($1.23 EPS), +37% YoY (vs Q2’25) and +13% vs Q1’26. - Operating leverage: +300 bps+ YoY operating leverage. - ROTC(E)/capital efficiency: ROTC(E) rose +310 bps YoY to 15.4%. Management says the company remains on track for its full-year return objectives.

Segment momentum and strategy execution (good + opportunity): - CSBB: loans +2% YoY (production slowed in less strategic/less profitable categories), deposits +2% YoY driven by +39% new-to-bank deposits; Premier Banking strong (+20% new deposit production, +23% advisor productivity, +9% financial planning activity). - Digital: active mobile users +4% YoY to 5.4M, digital transaction volume +7% YoY to 93M, ~85% of logins via mobile; Truist Assist nearly 2M engagements (+60% YoY)—supports both client experience and efficiency. - Wholesale: deposits +6% YoY (excluding large M&A-related last-year comps), loans +8% YoY; fee income outpaced balance sheet growth with advisory revenue +27% YTD and investment banking/trading +72% YoY in Q2 (per prepared remarks).

Guidance updated: revenue slightly down, fees up, NII pressured (bad/surprising trade-off): - NII outlook reduced: management now expects NII to increase ~1%–1.5% in 2026 (down from prior 2%–3%). - Revenue growth guidance cut slightly: 3.5%–4% vs prior ~4% expectation (reflects NII headwinds). - Non-interest income outlook raised: ~10% growth (up from high single digits previously), supported by fee businesses momentum.