Truist Financial Corp (TFC) 2024 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this event is being recorded. It is now my pleasure to introduce your host, Mr. Brad Milsaps.

女士們、先生們，大家好，歡迎參加 Truist Financial Corporation 2024 年第二季財報電話會議。 （操作員說明）謹此提醒，正在記錄此事件。現在我很高興向大家介紹你們的東道主布拉德·米爾薩普斯先生。

Thank you, Betsy, and good morning, everyone. Welcome Truist's second-quarter 2024 earnings call. With us today are our Chairman and CEO, Bill Rogers; our CFO, Mike McGuire; our Vice Chair and Chief Risk Officer, Clarke Starnes; as well as other members of Truist's senior management team.

謝謝你，貝特西，大家早安。歡迎 Truist 召開 2024 年第二季財報電話會議。今天與我們在一起的有我們的董事長兼執行長比爾羅傑斯 (Bill Rogers)；我們的財務長麥克‧麥奎爾；我們的副主席兼首席風險長 Clarke Starnes；以及 Truist 高階管理團隊的其他成員。

During this morning's call, they will discuss Truist's second-quarter results, share their perspectives on current business conditions, and provide an updated outlook for 2024. The company presentation, as well as our earnings release and supplemental financial information are available in the Truist Investor Relations website, ir.truist.com.

在今天早上的電話會議中，他們將討論Truist 第二季度業績，分享他們對當前業務狀況的看法，並提供2024 年的最新展望。找到關係網站 ir.truist.com。

Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on slides 2 and 3 of the presentation regarding these statements and measures, as well as the appendix for appropriate reconciliations to GAAP. With that, I'll now turn it over to Bill.

我們今天的演講將包括前瞻性陳述和某些非公認會計準則財務指標。請查看簡報第 2 和第 3 幻燈片中有關這些聲明和措施的披露信息，以及附錄，以了解與 GAAP 的適當調節。有了這個，我現在就把它交給比爾。

Thanks, Brad, and good morning, everyone, and thank you for joining our call today. So before we discuss our second-quarter results, let's begin with purpose on slide 4. As you all know, Truist is a purpose-driven company dedicated to inspiring and building better lives and communities. Purpose is the foundation for things that we do and we believe purpose and performance are inextricably linked.

謝謝布拉德，大家早安，謝謝您今天加入我們的電話會議。因此，在討論第二季業績之前，讓我們先從幻燈片 4 上的目標開始。目標是我們所做事情的基礎，我們相信目標和績效是密不可分的。

I'd like to share some of the ways we brought our purpose to life last quarter. During the quarter, Truist Securities advised and served as an active joint book runner for Oglethorpe Power's inaugural $350 million green bond, which can be used to support their investment in plant Vogtle, the largest producer of clean energy in the United States.

我想分享上個季度我們實現目標的一些方法。本季度，Truist Securities 為 Oglethorpe Power 首次發行的 3.5 億美元綠色債券提供諮詢並擔任積極的聯合帳簿管理人，該債券可用於支持他們對美國最大的清潔能源生產商 Vogtle 工廠的投資。

The company is committed to reducing GHG emissions while delivering cost-effective and reliable clean energy with a diverse energy portfolio. This transaction represents only the second green-labeled bond in the US where the use of proceeds are allocated to nuclear energy.

該公司致力於減少溫室氣體排放，同時透過多樣化的能源組合提供經濟高效且可靠的清潔能源。此次交易是美國第二隻綠色標籤債券，其收益用途分配給核能。

We also launched a new financial education program tailored specifically for high school and college students called Truist Life Money and Choices. This initiative is aimed at empowering younger generations with financial lessons and essential skills to navigate their financial futures.

我們還推出了專為高中生和大學生量身定制的新金融教育計劃，名為「Truist Life Money and Choices」。該計劃旨在為年輕一代提供金融課程和基本技能，以引導他們的金融未來。

This is just a couple of examples of how we brought our purpose to life during the quarter. I'm very proud of the meaningful work we're doing across our businesses to have a positive impact on the lives of our clients, our teammates, our communities, and of course, our shareholders as we work to realize our purpose.

這只是我們如何在本季度實現目標的幾個例子。我為我們在各個業務部門所做的有意義的工作感到非常自豪，這些工作在我們努力實現我們的目標的同時，對我們的客戶、我們的團隊成員、我們的社區，當然還有我們的股東的生活產生了正面的影響。

So let's turn to our key takeaways on slide 6. On an adjusted basis, we reported net income available to common shareholders of $1.2 billion, or $0.91 per share, which excludes the gain on the sale of Truist Insurance Holdings, the loss on the sale of certain available for sale investment securities, a charitable donation to the Truist foundation, and a few smaller items that Mike will discuss in further detail in the call. In addition, pretax restructuring charges of $96 million, which were primarily related to the sale of TIH and severance, had also negatively impacted adjusted EPS by $0.05 per share.

因此，讓我們轉向幻燈片6 中的關鍵要點。和出售損失某些可供出售的投資證券、向 Truist 基金會的慈善捐贈，以及麥克將在電話會議中進一步詳細討論的一些較小項目。此外，主要與 TIH 出售和遣散費相關的 9,600 萬美元稅前重組費用也對調整後每股收益產生了 0.05 美元的負面影響。

So looking through a few discrete items in the quarter, we're pleased with our underlying results. As you can see on this slide, our solid performance was defined by several key themes. First, we grew adjusted revenue 3% on a linked quarter basis, which was driven by 4.5% growth in net interest income due primarily to the balance sheet reposition we've completed during the quarter. Second, our results show our continued expense discipline and focus on managing cost.

因此，縱觀本季的一些離散項目，我們對我們的基本結果感到滿意。正如您在這張投影片中所看到的，我們的穩健表現是由幾個關鍵主題決定的。首先，我們調整後的收入環比增長了 3%，這是由淨利息收入增長 4.5% 推動的，這主要是由於我們在本季度完成的資產負債表重新定位。其次，我們的結果顯示我們持續的支出紀律和對管理成本的關注。

As a result of these efforts, adjusted expenses increased by 2.6% linked quarter and decreased by 3% on a year-over-year basis. We are fully committed to delivering our objective of keeping expenses flat in 2024 versus last year.

由於這些努力，調整後費用季增 2.6%，年減 3%。我們完全致力於實現 2024 年支出與去年持平的目標。

We're also pleased that non-performing loans remained relatively stable for the fifth consecutive quarter and then net charge-offs were within our expectations. During the quarter, we also completed the sale of our remaining stake in Truist Insurance Holdings, which significantly strengthened our relative capital position and created substantial capacity for growth in our core banking businesses.

我們也感到高興的是，不良貸款連續第五個季度保持相對穩定，淨沖銷也在我們的預期之內。本季度，我們也完成了 Truist Insurance Holdings 剩餘股權的出售，這顯著增強了我們的相對資本狀況，並為我們的核心銀行業務創造了巨大的成長能力。

In recognition of the incredibly long-term positive impact of our insurance business, we utilized a portion of the gain to make $150 million charitable contribution to the Truist Foundation to further our purpose-driven work across our banking footprint for years to come. Simultaneously, with the closing of TIH, we repositioned a portion of our available-for-sale investment portfolio, which, along with the proceeds received from the sale of TIH, is expected to provide an offset to TIH earnings contribution. Mike will provide more details on these transactions later in the call.

我們意識到我們的保險業務所帶來的令人難以置信的長期積極影響，我們利用部分收益向Truist 基金會捐贈了1.5 億美元的慈善捐款，以在未來幾年內進一步推動我們整個銀行業務以目標為導向的工作。同時，隨著 TIH 的關閉，我們重新定位了部分可供出售的投資組合，連同出售 TIH 所獲得的收益，預計將抵消 TIH 的獲利貢獻。麥克將在稍後的電話會議中提供有關這些交易的更多詳細資訊。

In late June, our Board authorized the repurchase of up to $5 billion of our common stock through the end of 2026. We plan to begin repurchasing our shares during the third quarter and will initially target share repurchases of approximately $500 million per quarter for the remainder of the year.

6 月下旬，我們的董事會授權在2026 年底之前回購最多50 億美元的普通股。美元的股票是今年的。

Finally, we continue to actively pursue growth opportunities in our core consumer and wholesale banking businesses. Although overall loan demand remains slow during the quarter, I'm encouraged by the underlying momentum in terms of increased wallet share within certain businesses and the talent we're attracting to our company, which I'm going to discuss a little later in the call.

最後，我們繼續積極尋求核心消費和批發銀行業務的成長機會。儘管本季整體貸款需求仍然緩慢，但某些企業錢包份額增加以及我們為公司吸引的人才方面的潛在勢頭令我感到鼓舞，我將在稍後討論這一點稱呼。

So before I hand the call over to Mike to discuss the financial performance in more detail, let me provide a quick update on the progress we're making in improving experiences for our clients on slide 7. We continue to show strong and steady growth in our digital capabilities as client mobile app users grew 7% and the digital transactions increased 13% compared to the second quarter of last year.

因此，在我將電話轉交給麥克以更詳細地討論財務業績之前，讓我在幻燈片7 上快速介紹一下我們在改善客戶體驗方面所取得的進展。成長：與去年第二季相比，我們作為客戶端行動應用程式用戶的數位能力成長了 7%，數位交易成長了 13%。

Transactions continue to shift towards self-service capabilities, primarily driven by strong growth in Zelle transactions, which are up 39% year over year. In addition, we added over 180,000 new accounts during the quarter, including nearly 70,000 new-to-bank clients through our digital channels, which represents a 17% increase over the second quarter 2023. Importantly, digital checking account production among gen Z and millennial clients is higher by 42% on a year-over-year basis.

交易繼續轉向自助服務能力，這主要是由 Zelle 交易的強勁增長推動的，該交易同比增長 39%。此外，我們在本季度新增了超過180,000 個新帳戶，其中包括透過數位管道新增的近70,000 個銀行新客戶，這比2023 年第二季度增長了17%。禧世代的數位支票帳戶數量客戶數量年增 42%。

A new, more modernized, small business digital onboarding experience has also resulted a new high in application completion rates while we're also seeing increased digital engagement with our small business clients. We've also made enhancements to enterprise platforms that have empowered teammates to deliver knowledge and care through 1.8 million caring conversations, resulting in 1.4 million accepted recommendations for great Truist products and services.

全新的、更現代化的小型企業數位化入職體驗也使申請完成率再創新高，同時我們也看到與小型企業客戶的數位化互動有所增加。我們也對企業平台進行了增強，使團隊成員能夠透過 180 萬次關懷對話提供知識和關懷，從而產生了 140 萬條有關 Truist 優質產品和服務的接受推薦。

These enhanced offerings, coupled with strong growth in digital, have resulted in higher consumer digital client satisfaction scores as we continue to focus on an accelerated adoption and efficiency using our T3 strategy. Overall, I'm really proud of the continued momentum Truist is making in digital engagement. So with that, let me turn it over to Mike to discuss the financial results in more detail. Mike.

隨著我們繼續專注於使用 T3 策略加速採用和提高效率，這些增強的產品，加上數位領域的強勁成長，帶來了更高的消費者數位客戶滿意度得分。總的來說，我對 Truist 在數位參與方面持續保持的勢頭感到非常自豪。因此，讓我將其轉交給麥克，更詳細地討論財務表現。麥克風。

Thank you, Bill, and good morning, everyone. Before I begin discussing our second-quarter results, I'd like to spend a few moments recapping the strategic actions that significantly impacted our second-quarter results. First, on May 6, we completed the divestiture of our remaining ownership stake Truist Insurance Holdings at an implied value of $15.5 billion. At closing, we received after cash or after-tax cash proceeds of approximately $10.1 billion and recorded an after-tax gain of $4.8 billion.

謝謝你，比爾，大家早安。在開始討論我們的第二季業績之前，我想花一些時間回顧一下對我們第二季業績產生重大影響的策略行動。首先，5 月 6 日，我們完成了對 Truist Insurance Holdings 剩餘股權的剝離，隱含價值為 155 億美元。交易完成時，我們收到約 101 億美元的現金或稅後現金收益，並錄得 48 億美元的稅後收益。

The sale of TIH created $9.5 billion of capital, which generated 230 basis points of CET1 under current capital rules and 254 basis points of capital under proposed fully phased in Basel III rules. Our tangible book value per share also increased by 33%.

出售 TIH 創造了 95 億美元的資本，根據現行資本規則產生了 230 個基點的 CET1，根據擬議的巴塞爾 III 規則的全面分階段產生了 254 個基點的資本。我們的每股有形帳面價值也成長了 33%。

On the same day, we executed a strategic balance sheet repositioning of a portion of our available-for-sale investment securities portfolio. We sold approximately $27.7 billion of market value, lower-yielding investment securities, which resulted in an after-tax loss of $5.1 billion.

同一天，我們對部分可供出售投資證券投資組合執行了策略性資產負債表重新定位。我們出售了約 277 億美元市值的低收益投資證券，導致稅後虧損 51 億美元。

The investment securities that we sold had a book value of $34.4 billion and a weighted average book yield of 2.80% for the remainder of 2024, including the impact of hedges and based on the federal funds curve at that time. Including the tax benefit, the sale of investment securities generated $29.3 billion of proceeds available for reinvestment.

我們出售的投資證券的帳面價值為 344 億美元，2024 年剩餘時間的加權平均帳面收益率為 2.80%，包括對沖的影響並基於當時的聯邦基金曲線。包括稅收優惠在內，投資證券的出售產生了 293 億美元的收益，可用於再投資。

When coupled with the proceeds from the sale of TIH, there were $39.4 billion of proceeds available for reinvestment. Of that, we invested approximately $18.7 billion in investment securities, yielding 5.27%, with the remaining $20.7 billion held in cash.

加上出售 TIH 的收益，還有 394 億美元的收益可用於再投資。其中，我們投資了約 187 億美元的投資證券，收益率為 5.27%，其餘 207 億美元以現金持有。

At the time we invested the proceeds, the blended reinvestment rate on the new investment securities purchased and the cash was 5.22% for the remainder of 2024 including the impact of hedges. As Bill mentioned, the reinvestment of the proceeds from the sale of TIH and the balance sheet repositioning completed during the quarter are expected to replace TIH's earnings contributions.

當我們投資收益時，2024 年剩餘時間內購買的新投資證券和現金的混合再投資率為 5.22%（包括對沖的影響）。正如 Bill 所提到的，本季完成的 TIH 出售收益的再投資和資產負債表重新定位預計將取代 TIH 的獲利貢獻。

These actions completed during the second quarter significantly accelerate our ability to meet increasing standards for capital and liquidity in the industry, and importantly, create capacity for Truist to grow its core banking franchise and to return capital to shareholders via our strong dividend and share repurchases.

在第二季完成的這些行動顯著提高了我們滿足行業不斷提高的資本和流動性標準的能力，更重要的是，為Truist 創造了擴大其核心銀行業務特許經營權並通過我們強勁的股息和股票回購向股東返還資本的能力。

Now, turning to our second-quarter key performance highlights on slide 9, we reported second-quarter 2024 GAAP net income available to common shareholders of $826 million or $0.62 per share. This included a net loss of $4 billion from continuing operations or $2.98 per share, and net income from discontinued operations of $4.8 billion or $3.60 per share.

現在，轉向幻燈片 9 上的第二季度關鍵業績亮點，我們報告了 2024 年第二季度普通股股東可獲得的 GAAP 淨利潤為 8.26 億美元，即每股 0.62 美元。其中包括持續經營業務產生的淨虧損 40 億美元，即每股 2.98 美元，以及終止經營業務產生的淨利潤 48 億美元，即每股 3.60 美元。

The net loss available to common shareholders from continuing operations of $4 billion or $2.98 per share was impacted by the following items: a $6.7 billion pretax or $3.80 per share after-tax lost on the sale of certain available for sale investment securities, $150 million pretax or $0.09 per share, charitable contribution to the Truist Foundation, a $13 million pretax or $0.01 per share after-tax expense related to FDIC special assessment adjustment.

持續經營業務對普通股股東帶來的淨虧損為40 億美元，即每股2.98 美元，受到以下項目的影響：出售某些可供出售投資證券的稅前損失67 億美元，每股稅後損失3.80 美元，稅前損失1.5 億美元或每股 0.09 美元，向 Truist 基金會的慈善捐款，與 FDIC 特別評估調整相關的稅前 1300 萬美元或每股 0.01 美元的稅後費用。

Net income available to common shareholders from discontinued operations of $4.8 billion, or $360 per share was impacted by the following items: a $6.9 billion pretax or $3.60 per share after-tax gain on the sale of Truist Insurance Holdings, a $10 million pre-tax or $0.01 per share after-tax expense due to the accelerated recognition of TIH equity base compensation. So on an adjusted basis, we reported net income available to common shareholders of $1.2 billion or $0.91 per share.

普通股股東從終止經營中獲得的淨利潤為48 億美元，即每股360 美元，受到以下項目的影響：出售Truist Insurance Holdings 帶來的稅前收益為69 億美元，每股稅後收益為3.60美元，稅前收益為1,000 萬美元或由於 TIH 股權基礎薪酬加速確認而產生的每股稅後費用 0.01 美元。因此，在調整後的基礎上，我們報告普通股股東可獲得的淨利潤為 12 億美元，即每股 0.91 美元。

In addition to the items I just noted, we also had pre-tax restructuring charges totaling $96 million in the quarter, which negatively impacted adjusted EPS to common shareholders by $0.05 per share. Approximately $33 million of these pre-tax charges, or $0.02 per share after-tax, negatively impacted net income from continuing operations and were primarily related to severance and real estate rationalization. The remaining restructuring charges were recorded in discontinued operations and were related to legal and other expenses associated with closing the divestiture of TIH.

除了我剛才提到的項目外，本季我們還有總計 9,600 萬美元的稅前重組費用，這對普通股股東的調整後每股盈餘產生了 0.05 美元的負面影響。這些稅前費用中約 3,300 萬美元，即稅後每股 0.02 美元，對持續經營的淨利潤產生了負面影響，主要與遣散費和房地產合理化有關。剩餘的重組費用記錄在已終止經營業務中，並與完成 TIH 剝離相關的法律費用和其他費用有關。

Total revenue adjusted for the losses on the available-for-sale investment securities increased 3% linked quarter due to 4.5% increase in net interest income and relatively stable non-interest income. Adjusted expenses increased 2.6% linked quarter but were down approximately 3% on a like quarter basis.

由於淨利息收入增長 4.5% 以及相對穩定的非利息收入，經可供出售投資證券損失調整後的總收入環比增長 3%。調整後費用較上季成長 2.6%，但較上季下降約 3%。

Our CET1 ratio increased by 150 basis points linked quarter to 11.6%, primarily reflecting the sale of TIH and the balance sheet repositioning I discussed earlier. In addition, net charge-offs declined six basis points on a linked quarter basis, and our non-performing loans remained relatively stable, both on a like and linked quarter basis.

我們的 CET1 比率環比增長 150 個基點，達到 11.6%，主要反映了我之前討論的 TIH 的出售和資產負債表的重新定位。此外，淨沖銷環比下降了六個基點，我們的不良貸款無論是同比還是環比都保持相對穩定。

Moving to slide 10, average loans decreased 0.7% on a sequential basis, reflecting overall weaker client demand. Average commercial loans decreased $1.3 billion or 0.7%, primarily due to a 0.8% decline in C&I balances, driven at least in part by capital markets activity.

轉向投影片 10，平均貸款季減 0.7%，反映出客戶需求整體疲軟。平均商業貸款減少 13 億美元，即 0.7%，主要是由於 C&I 餘額下降 0.8%，這至少在一定程度上是由資本市場活動推動的。

In our consumer portfolio, average loans decreased $1 billion or 0.9% due to runoff in our residential mortgage portfolio and the decline in indirect auto. Other consumer balances, which include our specialty lending units, experienced a modest growth and benefited from seasonal strength at Sheffield and increased demand at service finance. Overall, we expect client loan demand to remain relatively muted in the third quarter.

在我們的消費者投資組合中，由於住宅抵押貸款投資組合的流失和間接汽車的下降，平均貸款減少了 10 億美元或 0.9%。其他消費者餘額，包括我們的專業貸款單位，經歷了溫和的增長，並受益於謝菲爾德的季節性強勁和服務金融需求的增加。總體而言，我們預計第三季客戶貸款需求將保持相對低迷。

Moving to deposit trends on slide 11, average deposits decreased 0.3% sequentially as growth in money market and savings was offset by declines in non-interest bearing time and broker balances. Average non interest-bearing deposit decreased 1.2% and represented 28% of total deposits, which is unchanged compared to 28% during the first quarter of 2024.

轉向投影片 11 上的存款趨勢，平均存款環比下降 0.3%，因為貨幣市場和儲蓄的成長被無息時間和經紀人餘額的下降所抵消。平均無息存款下降 1.2%，佔存款總額的 28%，與 2024 年第一季的 28% 持平。

During the quarter, we experienced an increase in deposit costs, albeit at a slower pace than the first quarter. Specifically, total deposit costs increased six basis points sequentially, 2.09%, which result in a 1% increase in our cumulative total deposit beta to 39%. Interest-bearing deposit costs increased seven basis points sequentially to 2.89%, which resulted in a 1% increase to our cumulative total interest-bearing deposit beta costs up 54%.

本季度，我們的存款成本有所增加，但增幅較第一季放緩。具體來說，總存款成本較上季增加了 6 個基點，即 2.09%，這導致我們的累積總存款貝塔係數增加了 1%，達到 39%。計息存款成本較上季上升 7 個基點至 2.89%，導致我們的累計計息存款貝塔成本總額增加 1%，上升 54%。

Moving to net interest income and net interest margin on slide 12, for the quarter, taxable equivalent net interest income increased 4.5% linked quarter or $155 million, primarily due to the strategic balance sheet repositioning completed during the quarter. Excluding the impact of this repositioning, our net interest income would have been relatively stable on a linked quarter basis, due primarily to our focus on average client deposits, which declined less than we expected.

轉向幻燈片 12 上的淨利息收入和淨息差，本季應稅等值淨利息收入環比增長 4.5%，即 1.55 億美元，這主要是由於本季度完成的戰略資產負債表重新定位。排除此重新定位的影響，我們的淨利息收入在環比基礎上將相對穩定，這主要是由於我們對平均客戶存款的關注，其下降幅度小於我們的預期。

Reported net interest margin increased 14 basis points on a linked quarter basis to 3.03%. This was due primarily to the impact of the balance sheet repositioning. The partial quarter impact of the balance sheet repositioning helped drive a 31 basis point improvement in the average yield on our investment securities portfolio to 2.77%. We estimate that our balance sheet remains positioned as relatively neutral from an interest rate perspective comparable to Q1.

報告淨利差較上季成長 14 個基點至 3.03%。這主要是由於資產負債表重新定位的影響。資產負債表重新定位的部分季度影響幫助我們的投資證券投資組合的平均收益率提高了 31 個基點，達到 2.77%。我們估計，從利率角度來看，與第一季相比，我們的資產負債表仍處於相對中立的位置。

Turning to non-interest income on slide 13, adjusted non-interest income, which excludes the losses associated with the balance sheet repositioning, decreased $8 million or 0.6% relative to the first quarter. The linked quarter decrease was primarily attributable to lower investment banking and trading income, which declined $37 million from our strong first quarter due to lower M&A fees, equity originations, and trading income, partially offset by higher loan syndication fees. This decline was partially offset by higher mortgage banking and other income.

轉向投影片 13 上的非利息收入，調整後的非利息收入（不包括與資產負債表重新定位相關的損失）較第一季減少 800 萬美元，即 0.6%。相關季度的下降主要歸因於投資銀行和交易收入的下降，由於併購費用、股權發行和交易收入的下降，投資銀行和交易收入比強勁的第一季下降了3700 萬美元，但部分被貸款銀團費用的增加所抵銷。這一下降被抵押貸款銀行業務和其他收入的增加部分抵消。

Adjusted non-interest income increased 4.2% on a like quarter basis as higher investment banking and trading and wealth management income were partially offset by lower service charge on deposit and other income. On a year-to-date basis, investment banking and trading income is up nearly 30% over the same period in 2023.

調整後非利息收入年增 4.2%，原因是投資銀行、交易和財富管理收入的增加被存款服務費和其他收入的減少部分抵銷。年初至今，投資銀行和交易收入較 2023 年同期成長近 30%。

Now, I'll cover non-interest expense on slide 14. GAAP expenses of $3.1 billion increased $141 million linked quarter, primarily due to higher, other expense-related to $150 million charitable donation, higher personnel costs reflecting merit increases, and higher professional fees. These increases were offset by lower restructuring charges and a reduction in FDIC expense due to a larger special assessment recorded in the first quarter.

現在，我將在投影片14 上介紹非利息費用。增加以及專業人士的提高費用。這些增長被較低的重組費用和由於第一季記錄的較大特別評估而導致的 FDIC 費用減少所抵消。

Excluding these items and the impact of intangible amortization, adjusted non-interest expense increased 2.6% sequentially due to higher personnel expense and professional fees. On a like quarter basis, adjusted expenses declined to $86 million or 3%, reflecting lower headcount and our continued expense discipline.

排除這些項目和無形攤銷的影響，由於人員費用和專業費用增加，調整後的非利息費用較上季增加 2.6%。與同季相比，調整後費用下降至 8,600 萬美元，即 3%，反映出員工人數減少以及我們持續的費用紀律。

Moving to asset quality on slide 15, asset quality remained stable on both the like and linked quarter basis, reflecting our strong credit risk culture and proactive approach to quickly resolving problem loans. During the quarter, our net charge-off ratio decreased 6 basis points to 58 basis points. The decrease in net charge-offs for the quarter reflects lower consumer losses due to normal second-quarter seasonal declines and certain derisking initiatives put in place in the second half of 2022.

轉到投影片 15 上的資產質量，資產品質在同類和關聯季度基礎上保持穩定，反映了我們強大的信用風險文化和快速解決問題貸款的積極方法。本季度，我們的淨核銷率下降 6 個基點至 58 個基點。本季淨沖銷減少反映出，由於第二季正常的季節性下降以及 2022 年下半年實施的某些去風險舉措，消費者損失減少。

Our loan loss provision declined to $49 million linked quarter, reflecting our stable credit performance, but it still exceeded net charge-offs for the quarter, resulting in slight build to our overall loan loss allowance. Our ALLL ratio increased to 1.57%, up 1 basis point sequentially and 14 basis points year over year, which reflects ongoing credit normalization and stress in the office sector.

我們的貸款損失準備金下降至 4,900 萬美元，反映了我們穩定的信用表現，但仍超過了本季度的淨沖銷，導致我們的整體貸款損失準備金略有增加。我們的 ALLL 比率升至 1.57%，環比上升 1 個基點，年上升 14 個基點，這反映了持續的信貸正常化和辦公室行業的壓力。

Despite the normalization, non-performing loans remained relatively stable for the fifth consecutive quarter, while total delinquencies increased just two basis points on a linked quarter basis. Wholesale criticized loans declined to $1 billion linked quarter to $10.8 billion.

儘管經濟正常化，不良貸款連續第五個季度保持相對穩定，而拖欠總額環比僅增加兩個基點。批發業批評貸款下降至 10 億美元，季度貸款額為 108 億美元。

Included in our appendix is updated data on our office portfolio, which is virtually unchanged at 1.6% of total loans. However, we did increase our reserve on this portfolio from 9.3% to 9.7% during the quarter to reflect continued stress in the sector. Approximately 6.3% of our office portfolio is currently classified as non-performing compared with 5.5% at March 31. Approximately 90% of the loan balances are paying in accordance with the original terms of the loan.

我們的附錄中包含了我們辦公室投資組合的最新數據，幾乎沒有變化，佔總貸款的 1.6%。然而，我們確實在本季度將該投資組合的準備金從 9.3% 增加到 9.7%，以反映該行業的持續壓力。目前，我們的辦公室組合中約 6.3% 被列為不良貸款，而 3 月 31 日這一比例為 5.5%。

Notably, approximately 20% of our office portfolio is housed within our community banking and wealth segments where loan sizes tend to be more granular; guarantor support, more prevalent; and overall losses lower. We expect stress to remain in the office sector and believe that the size of our portfolio is manageable and well reserved. But our position is to be very proactive in identifying and resolving issues in this portfolio.

值得注意的是，我們約 20% 的辦公室投資組合位於社區銀行和財富領域，這些領域的貸款規模往往更加細化；擔保人支持，較為普遍；且整體損失較低。我們預計辦公大樓領域仍將面臨壓力，並相信我們的投資組合規模可控且儲備充足。但我們的立場是非常積極主動地發現和解決該產品組合中的問題。

Turning now to capital on slide 16, Truist CET1 ratio increased from 10.1% at March 31 to 11.6% at June 30. The increase was driven by the gain on the sale of Truist Insurance Holdings and organic capital generation, which was partially offset by the loss on the sale of certain available for sale investment securities during the quarter, which I addressed earlier.

現在轉向幻燈片 16 上的資本，Truist CET1 比率從 3 月 31 日的 10.1% 增至 6 月 30 日的 11.6%。這一增長是由出售 Truist Insurance Holdings 和有機資本生成的收益推動的，部分被我之前提到過，本季出售某些可供出售投資證券的損失。

Importantly, the sale of TIH creates capacity for Truist to pursue growth opportunities in our consumer and wholesale banking businesses and to return significant capital to shareholders as evidenced by our share buyback program. Truist is well positioned to weather a wide variety of economic scenarios, which was evident in our most recent CCAR stress test results released in late June

重要的是，出售 TIH 為 Truist 創造了能力，使其能夠在我們的消費者和批發銀行業務中尋求成長機會，並向股東返還大量資本，正如我們的股票回購計劃所證明的那樣。 Truist 處於有利地位，可以應對各種經濟情景，這一點從我們 6 月下旬發布的最新 CCAR 壓力測試結果中可以看出

Specifically, Truist had the second lowest C&I loan loss rate and the third lowest CT1 erosion rate versus our peers. Our stress capital buffer will improve by 10 basis points to 2.08% effective October 1.

具體而言，與同業相比，Truist 的 C&I 貸款損失率排名第二低，CT1 侵蝕率排名第三低。自 10 月 1 日起，我們的壓力資本緩衝將提高 10 個基點，達到 2.08%。

At June 30, our CET1 ratio was 430 basis points, higher than our new regulatory minimum of 7.3%, leaving us well positioned to both grow our balance sheet and return capital to shareholders. Our increased level of capital accelerates our ability to meet increasing standards for capital and liquidity in the industry as our estimated CET1 capital ratio under proposed Basel III endgame rules improved 20 basis points to 9.1% at June 30, which is 180 basis points above our new regulatory minimum.

截至 6 月 30 日，我們的 CET1 比率為 430 個基點，高於新監管最低值 7.3%，這使我們能夠在擴大資產負債表和向股東返還資本方面處於有利地位。我們的資本水準提高，加快了我們滿足行業不斷提高的資本和流動性標準的能力，因為我們根據擬議的巴塞爾協議III 最終規則估計的CET1 資本比率在6 月30 日提高了20 個基點，達到9.1%，比我們的新資本比率高出180 個基點。

And now, I'll review updated guidance or updated guidance on slide 17. Looking into the third quarter of 2024, we expect revenue to increase 1% to 2% from second quarter 2024 adjusted revenue of $5 billion.

現在，我將回顧投影片 17 上的更新指南或更新指南。

We expect net interest income to increase 2% to 3% in the third quarter, primarily driven by a full-quarter impact of the balance sheet repositioning completed on May 6. We expect non-interest income to remain relatively stable on a linked quarter basis. Adjusted expenses of $2.8 billion in the second quarter are expected to increase by 3% in the third quarter due to higher professional fees, software costs, and higher marketing costs.

我們預計第三季淨利息收入將成長 2% 至 3%，主要受到 5 月 6 日完成的資產負債表重新定位對全季影響的推動。由於專業費用、軟體成本和行銷成本上升，第二季調整後費用為 28 億美元，預計第三季將成長 3%。

For the full year 2024, we previously expected revenues to be down 0.5% to 1.5%. We now expect total revenue to decline by approximately 0.5% to 1% in 2024. Our updated outlook is based on slightly better client deposit balance performance, partially offset by lower client loan demand and our updated view of interest rates, which now assumes just one reduction in the federal funds rate in November of this year.

對於 2024 年全年，我們此前預計收入將下降 0.5% 至 1.5%。我們現在預計 2024 年總收入將下降約 0.5% 至 1%。月聯邦基金利率調降。

Consistent with our previous expense outlook, we expect full-year 2024 adjusted expenses to remain approximately flat over '23 adjusted expenses of $11.4 billion. In terms of asset quality, we continue to expect net charge-offs of about 65 basis points in 2024.

與我們先前的費用展望一致，我們預計 2024 年全年調整後費用將與 23 年調整後費用 114 億美元基本持平。就資產品質而言，我們繼續預期 2024 年淨沖銷約為 65 個基點。

As Bill previously mentioned, we are targeting approximately $500 million of share repurchases per quarter for the remainder of the year as part of our share repurchase authorization announced in late June. Finally, we expect our effective tax rate to approximate 16% or 19% on a taxable equivalent basis in both the third and fourth quarters of 2024. Now, I'll hand it back to Bill for some final remarks.

正如比爾之前提到的，作為我們 6 月底宣布的股票回購授權的一部分，我們的目標是在今年剩餘時間內每季回購約 5 億美元的股票。最後，我們預計 2024 年第三季和第四季的應稅等值基礎上的有效稅率約為 16% 或 19%。

Right, thanks, Mike. So our top priorities for 2024 are unchanged. They include growing and deepening relationships with core clients, maintaining our expense discipline, returning capital to our shareholders via share buybacks, and our common strong dividend, and enhancing our digital experience through T3, all while maintaining and strengthening strong risk controls and asset quality metrics.

好的，謝謝，麥克。因此，我們 2024 年的首要任務並沒有改變。其中包括發展和深化與核心客戶的關係，維持我們的費用紀律，透過股票回購向股東返還資本，以及我們共同的強勁股息，以及透過T3 增強我們的數位體驗，同時保持和加強強有力的風險控制和資產品質指標。

We made demonstrable progress on these priorities during the quarter and I'm really proud of the results our teammates delivered, which included solid underlying earnings, improved momentum, and sound asset quality. All this was accomplished while also completing the divestiture of Truist Insurance Holdings and repositioning our balance sheet during the quarter.

本季我們在這些優先事項上取得了明顯的進展，我對我們的團隊成員所取得的成果感到非常自豪，其中包括堅實的基礎收益、改善的勢頭和良好的資產品質。所有這一切都是在完成 Truist Insurance Holdings 的剝離並在本季度重新定位我們的資產負債表的同時完成的。

These actions created significant capital capacity to grow our consumer and wholesale businesses and return capital to shareholders via our strong common dividend in our recently announced repurchase authorization of up to $5 billion of our common stock. In addition, our significantly stronger balance sheet is well positioned to weather an even wider range of economic and interest rate environments.

這些行動創造了巨大的資本能力，以發展我們的消費品和批發業務，並透過我們最近宣布的高達 50 億美元普通股回購授權中的強勁普通股股息，向股東返還資本。此外，我們顯著增強的資產負債表能夠很好地應對更廣泛的經濟和利率環境。

Although the balance sheet repositioning completed during the quarter is expected to replace TIH's earnings in the near term, we recognize that our increased level of capital will result in near-term dilution to our return-on-average tangible common equity ratio. As I've said previously, our starting point for our ROATCE is exactly that. It's a starting point.

儘管本季完成的資產負債表重新定位預計將在短期內取代 TIH 的收益，但我們認識到，我們資本水準的增加將導致我們的平均有形普通股本回報率近期被稀釋。正如我之前所說，我們的 ROATCE 的出發點正是如此。這是一個起點。

We're going to move with pace to deploy our capital, improve our returns. We're not going to be in a rush to leverage capital to meet short-term expectations that do not have long-term positive impact on our company, clients, and shareholders.

我們將加快部署我們的資本，提高我們的回報。我們不會急於利用資本來滿足短期預期，因為這不會對我們的公司、客戶和股東產生長期正面影響。

We have a clear understanding of not only where we want to win, but where we want to win profitably. We'll look to share more of our plan with you as we progress through the remainder of this year.

我們不僅清楚地了解我們想要在哪裡獲勝，而且清楚地了解我們想要在哪裡贏利。隨著今年剩餘時間的進展，我們將與您分享更多我們的計劃。

I can say that I'm encouraged that much of the profitability improvement potential we are working towards is centered on further deepening of existing client relationships and verticals and product lines that are already exist at Truist. We have great confidence in our ability to further penetrate our existing client base, grow our core banking business, and help new and existing clients achieve financial success by delivering our commercial consumer payments, investment banking, and wealth platform given the ongoing investments through our existing footprint and specialty areas.

我可以說，令我感到鼓舞的是，我們正在努力提高獲利能力的潛力主要集中在進一步深化現有客戶關係以及 Truist 已經存在的垂直市場和產品線。鑑於透過我們現有的持續投資，我們對進一步滲透現有客戶群、發展核心銀行業務、透過提供商業消費者支付、投資銀行和財富平台幫助新舊客戶實現財務成功的能力充滿信心。領域。

In wholesale, we've invested in our investment banking and trading platform over the last several years. We've also hired experienced bankers in key industry verticals and products. These investments have resulted in greater mind share with our clients across many industry verticals and an increase from the number of lead roles across several product lines.

在批發方面，我們在過去幾年投資了我們的投資銀行和交易平台。我們也聘請了在關鍵產業垂直領域和產品方面經驗豐富的銀行家。這些投資使我們在許多垂直行業的客戶中獲得了更多的思想分享，並增加了多個產品線的領導角色數量。

Most recently, we've invested heavily in our payments business and have made key leadership additions as this is an area where we see significant opportunity for growth over time, not only with new clients, but also within our existing client base. We have a clear focus, high expectation, and a compelling teammate value proposition. Many of our teammates have risen to this new challenge and we have very successfully hired additional strong talent in wholesale, primarily from larger institutions who have experience and are thriving in our purpose-driven, high-performance culture.

最近，我們在支付業務上投入了大量資金，並增加了關鍵的領導層，因為隨著時間的推移，我們看到這個領域存在巨大的成長機會，不僅是新客戶，而且是我們現有客戶群的成長機會。我們有明確的重點、很高的期望和令人信服的隊友價值主張。我們的許多隊友已經迎接了這一新的挑戰，我們已經非常成功地聘請了更多的批發領域的強大人才，這些人才主要來自大型機構，他們擁有豐富的經驗，並且在我們以目標為導向的高績效文化中蓬勃發展。

We plan to continue adding talent and wholesale with a specific focus on further building out our middle market commercial lending segment, which represents one of the largest growth opportunities within our regional business. We will primarily focus on industries that support existing corporate investment banking coverage and expertise. We're making these investments while also adhering to our expense discipline, which is helping fund investments in technology to improve the client experience and also to improve risk management.

我們計劃繼續增加人才和批發業務，重點是進一步建立我們的中間市場商業貸款部門，這是我們區域業務中最大的成長機會之一。我們將主要專注於支持現有企業投資銀行業務範圍和專業知識的行業。我們在進行這些投資的同時也遵守我們的費用紀律，這有助於為技術投資提供資金，以改善客戶體驗並改善風險管理。

In consumer, I'm really encouraged with our momentum. Our internal client satisfaction scores continue to improve, as evidenced by increased net new checking account production, increased primacy, and lower attrition rates. Net new checking account production was once again positive in the second quarter as we added 38,000 new consumer and business accounts.

在消費者方面，我對我們的勢頭感到非常鼓舞。我們的內部客戶滿意度得分持續提高，新支票帳戶淨產量的增加、首要地位的提高和流失率的降低就證明了這一點。第二季新支票帳戶淨產量再次呈現正值，我們新增了 38,000 個消費者和企業帳戶。

Importantly, we're also seeing year-over-year improvement, and account attrition, rates and increased primacy and usage within new account openings. As I previously mentioned, we added 180,000 new accounts during the quarter, including nearly 70,000 new-to-bank clients through our digital channels, which represented a 17% increase.

重要的是，我們也看到了逐年的改善，帳戶流失、費率以及新帳戶開設中的首要地位和使用率的提高。正如我之前提到的，我們在本季新增了 18 萬個帳戶，其中包括透過數位管道新增的近 7 萬個銀行新客戶，增幅為 17%。

In addition to an increase in account openings, we're also seeing improvement in the funding of our digital account openings, with balances up 16% over the second quarter of last year. In consumer and small business lending, we've been consistently adding new small business lenders across our footprint.

除了開戶數量增加之外，我們還看到數位帳戶開戶資金的改善，餘額比去年第二季增加了 16%。在消費者和小型企業貸款方面，我們一直在不斷增加新的小型企業貸款機構。

In the second quarter, small business applications increased 15% linked quarter, resulting in 10% increase in our pipeline, giving us confidence that the average consumer balance, since excluding runoff in residential mortgages, will stabilize in the third quarter. In conclusion, I'm pleased with the progress we've made as a company at the midpoint of this year, but we acknowledge there's more work to do as we strive to produce better results in the future.

第二季度，小型企業申請季增 15%，導致我們的管道增加 10%，這讓我們相信，由於不包括住宅抵押貸款的徑流，平均消費者餘額將在第三季度趨於穩定。總之，我對我們公司在今年年中取得的進展感到滿意，但我們承認，在我們努力在未來取得更好成果的過程中，還有更多工作要做。

We have tremendous momentum within our company. We have momentum with our clients, and we've got great momentum with our teammates. We have an incredible franchise; energized, purposeful teammates; and specialized capabilities that our clients value.

我們公司內部有著巨大的發展動能。我們與客戶的關係充滿動力，我們與隊友的關係也充滿動力。我們擁有令人難以置信的特許經營權；充滿活力、目標明確的隊友；以及我們的客戶所重視的專業能力。

We think the ability to grow our core banking business, our profitability, and return significant amounts of capital to our shareholders in the form of dividends and share repurchases over the next several years is a unique differentiating factor for Truist. I am optimistic about our future. I look forward to operating our company from our increased position of financial strength.

我們認為，未來幾年發展我們的核心銀行業務、獲利能力以及以股利和股票回購的形式向股東返還大量資本的能力是 Truist 的獨特差異化因素。我對我們的未來感到樂觀。我期待著透過我們不斷增強的財務實力來經營我們的公司。

And finally, I'd be remiss if I didn't thank all our incredible teammates and our great leaders for their incredible, purposeful focus on productivity and moving our company forward. So, Brad, with that, let me hand it over back over to you for Q&A.

最後，如果我不感謝我們所有令人難以置信的隊友和偉大的領導者，感謝他們對生產力和推動我們公司前進的令人難以置信的、有目的的關注，那就是我的失職。那麼，布拉德，接下來，讓我把它交給你進行問答。

(Event Instructions)

（活動須知）

(Operator Instructions) Ryan Nash, Goldman Sachs.

（操作員指令）Ryan Nash，高盛。

Hey, good morning, Bill. Good morning, Mike.

嘿，早上好，比爾。早上好，麥克。

Good morning.

早安.

Maybe to start off with NII, it feels, post the restructuring, we bottomed now and you should get a step up next quarter. But can you maybe just talk about the drivers of sequential NII growth over the next few quarters? Do you expect margin improvement? And then, how do you think about where the margin could be headed over in the medium term? Thanks, and I have a follow-up.

也許從 NII 開始，感覺在重組後，我們現在已經觸底，下個季度應該會有所進步。但您能否談談未來幾季 NII 環比成長的驅動因素？您預計利潤率會改善嗎？然後，您如何看待中期利潤率的走向？謝謝，我有後續行動。

Good morning, Ryan. We'd mentioned in our comments that we do expect the NII to improve next quarter by 2% to 3%. Really, the bulk of that is driven by just the full quarter impact of the repositioning that we completed back in May. We continue to expect there to be some pressure on client deposit balances as well as loan balances, so maybe a touch conservative there.

早安，瑞安。我們在評論中提到，我們確實預計下季 NII 將改善 2% 至 3%。事實上，其中大部分是由我們在五月完成的重新定位對整個季度的影響所推動的。我們仍然預計客戶存款餘額和貸款餘額將面臨一些壓力，因此可能會有點保守。

We did have some nice -- just to say it, just some nice outperformance in the second quarter on client deposit balances, which really helped stabilize that core NII ex the bonds. But that's really sort of the story for Q2.

我們確實有一些不錯的表現——只是說，第二季度客戶存款餘額表現出色，這確實有助於穩定除債券之外的核心NII。但這確實是第二季的故事。

And I think Q4, just looking out a little further, if you think about kind of rest-of-year trajectory, kind of more of the same, right? I mean, we mentioned we've got a November cut in. We think that helps a touch, but that is the first cut, and it's pretty late. So we've got pretty modest expectations around the impact there. And I think, for us, really, what will stimulate some improvement on the NII side will just be some of the core balances of getting client loan demand increased, getting -- which hopefully will generate balances as well.

我認為第四季度，如果你考慮今年剩餘時間的軌跡，那就更進一步了，有點相似，對吧？我的意思是，我們提到我們已經在 11 月進行了切入。因此，我們對其影響的預期相當溫和。我認為，對我們來說，實際上，刺激國家資訊基礎設施方面有所改善的只是增加客戶貸款需求的一些核心餘額，希望這也能產生餘額。

And I always mention this. I mean, we're very focused around the company, pickier segment, or LOB. Everybody in the company is very focused on realizing that growth opportunity once it presents itself. It's just, and you've heard this from, I think, others this week and last week, there just has really not been a lot of client activity.

我總是提到這一點。我的意思是，我們非常關注公司、挑剔的細分市場或 LOB。一旦成長機會出現，公司裡的每個人都非常專注於實現它。只是，我想，你已經從本周和上週的其他人那裡聽到了這一點，實際上並沒有太多的客戶活動。

Got it. Maybe this one for Mike or Bill, as a follow-up to Mike's comments, so it looks like loan balances are getting closer to level off. But, Mike, you highlighted 3Q. You're expecting it to be muted. And my interpretation was that, it doesn't sound like you're expecting a lot of growth in the fourth quarter.

知道了。也許這是邁克或比爾的一個，作為邁克評論的後續行動，所以看起來貸款餘額正在接近平穩。但是，麥克，你強調了第三季。您期望它被靜音。我的解釋是，聽起來您預計第四季不會大幅成長。

So maybe just flesh those expectations a little further. Bill, when do you expect it to turn positive? What do you think the drivers are? And I guess, given the strength of your footprint, do you actually expect Truist to begin to outperform peers on growth at some point? Thank you.

所以也許只是進一步充實這些期望。比爾，你預計什麼時候會轉好？你認為司機是什麼？我想，考慮到你們的足跡，你們真的期望 Truist 在某個時候開始在成長方面超越同行嗎？謝謝。

Yeah. Let me -- I'll start with the second part of that first, and the answer to that is yes. But it has to have growth. We've got to sort of see that coming. Clients are on the sidelines. I mean, we can feel that in our conversations. Our conversations are increasingly a lot more strategic. So I feel like we actually even know more about what our clients are thinking. But they're a bit on the sidelines. Our production was up, so we saw production being up. It was really probably best in consumer, where it was up a little more significantly. Utilization is just absolutely flat.

是的。讓我——我先從第二部分開始，答案是肯定的。但它必須有成長。我們必須預見到這一點的到來。客戶都在場邊觀望。我的意思是，我們可以在談話中感受到這一點。我們的對話越來越具有戰略意義。所以我覺得我們實際上更了解客戶的想法。但他們有點袖手旁觀。我們的產量增加了，所以我們看到產量也在增加。這在消費者中可能確實是最好的，其成長幅度更顯著。利用率絕對持平。

But paydowns were also up. So when our clients that are towards the larger side, they were accessing the capital markets. And the good news is, I mean, you see that in our investment banking, particularly in our DCM results, I mean, we're -- our capture rate on that is really, really high. So we sort of see the other part of that.

但付款也有所增加。因此，當我們的客戶面向更大的方向時，他們正在進入資本市場。好消息是，我的意思是，你會看到，在我們的投資銀行業務中，特別是在我們的 DCM 結果中，我的意思是，我們的捕獲率非常非常高。所以我們看到了另一部分。

Despite the pipelines being up, production being up, I just want to be careful, Ryan, about sort of like putting a stake in the ground and saying, okay, it's going to return on X. I mean, take this week. I mean, there's a lot of uncertainty out there in the world and in the market. So while clients have capacity, we're coiled spring, ready to go, positioned better than anybody.

儘管管道已經開通，產量也在增加，但我只是想小心點，瑞安，有點像在地上放一根木樁，然後說，好吧，它會在X 上回歸。 。我的意思是，世界和市場存在著許多不確定性。因此，儘管客戶有能力，但我們是螺旋彈簧，已做好準備，比任何人都處於更好的位置。

I think we just want to be realistic about when and if that -- well, not if, but when that's going to come back and when it's going to come back with some strength. And when it does, I think to your latter part of your question, we're in the best markets, and I think we should disproportionately grow faster.

我認為我們只是想現實地考慮何時以及是否會出現這種情況——好吧，不是是否會出現這種情況，而是這種情況何時會回來以及何時會帶著一定的力量回來。當它發生時，我認為對於你問題的後半部分，我們處於最好的市場，我認為我們應該不成比例地更快成長。

Thanks for the color, Bill.

謝謝你的顏色，比爾。

Yeah.

是的。

Ken Usdin, Jefferies.

肯‧烏斯丁，傑弗里斯。

Thanks. I guess, as a follow-up to that line of thought, Bill, you mentioned that you'd been methodical and kind of not getting ahead of yourself to just use near terms. So I'm just wondering if you can kind of just remind us again, now that we've got the buyback out there, now that the restructuring is done, you just gave a little bit more color on the loan growth. Talk about prioritization, what would lead you to do kind of one more than the other in terms of moving the ball of all things excess-capital related, and then how that kind of leads into your pacing choices on the buyback specifically? Thanks.

謝謝。我想，作為這一思路的後續，比爾，你提到你一直很有條理，並且不會因為只使用近期術語而超前。所以我想知道您是否可以再次提醒我們，既然我們已經進行了回購，既然重組已經完成，您只是對貸款增長進行了更多的描述。談論優先順序，在推動所有與過剩資本相關的事情方面，什麼會導致你比另一件事做更多的事情，然後這會如何影響你在回購方面的具體節奏選擇？謝謝。

Ken, great question, and obviously something that's important, and we're going to be calibrating. Priority one, two, and three is growing our business. I mean, we think we've got a great franchise, a great market. We're really well-positioned. We've invested in talent. We've invested in capabilities. So I think we've got the capacity and the capability to grow in our core business. So that is absolutely going to be the primary focus.

肯，很好的問題，顯然這很重要，我們將進行校準。第一、第二和第三優先事項是發展我們的業務。我的意思是，我們認為我們擁有出色的特許經營權和巨大的市場。我們確實處於有利位置。我們對人才進行了投資。我們對能力進行了投資。所以我認為我們有能力發展我們的核心業務。所以絕對是主要焦點。

We raised capital in the most efficient way possible. You just couldn't have raised it more efficiently than how we raised capital. And we want to make sure that we deploy that also in the most efficient way possible, long-term benefit for our shareholders.

我們以最有效的方式籌集資金。你不可能比我們籌集資金的方式更有效地籌集資金。我們希望確保以最有效的方式進行部署，為股東帶來長期利益。

So I think we've put together a compelling return perspective with what Mike outlined. We're going to do about $500 million a quarter for the next couple of quarters. I would presume we'd enter next year in sort of the same kind of pace.

因此，我認為我們已經根據麥克的概述提出了令人信服的回報觀點。在接下來的幾個季度中，我們每季將投入約 5 億美元。我想我們明年也會以同樣的速度進入。

But, remember, that's also on top of we've got a really strong dividend. So in terms of total dollars returned to shareholders over the next six months, I mean, we have a really compelling value proposition. So we're going to calibrate that as we go along. We don't want to over-index on one and lose this incredible capital advantage we have for growth.

但是，請記住，這也是在我們獲得非常強勁的股息的基礎上的。因此，就未來六個月內向股東返還的總美元而言，我的意思是，我們有一個非常引人注目的價值主張。因此，我們將在進行過程中對其進行校準。我們不想過度指數化，從而失去我們擁有的這一令人難以置信的成長資本優勢。

Got it. And then, secondly, as you enjoy this incremental NII benefit, it does seem like, in the second half, certainly in the third quarter, expenses look to be increasing. Can you give us also a little bit of context in terms of how you're calibrating the new better revenue outlook to making those investments in the pacing? Just flattish, flat is a tough overall guide to see through. But kind of at flat, it implies that third quarter and in fourth quarter expenses are going higher. Just wondering if you could provide a little context underneath that about your pacing of your investment spending to the areas you mentioned earlier.

知道了。其次，當您享受這種增量 NII 收益時，下半年（當然是第三季）的支出似乎確實會增加。您能否向我們提供一些背景信息，說明您如何調整新的更好的收入前景，以適應節奏進行這些投資？只是扁平化，扁平化是一個很難看穿的整體指南。但整體持平，這意味著第三季和第四季的支出將會上升。只是想知道您是否可以提供一些有關您之前提到的領域的投資支出節奏的背景資訊。

Ken, it's Mike. Maybe take a swing at that one. You're right. I mean, look, we think we do see growth in the third quarter on the expense side. I think that's still on a like basis, close to flat, maybe even a touch better. And I think that implies, if you think about flat, maybe a touch of growth in the fourth as well.

肯，是麥克。也許可以試試看。你說得對。我的意思是，我們認為第三季的支出方面確實出現了成長。我認為這仍然是在相似的基礎上，接近持平，甚至可能更好一些。我認為這意味著，如果你考慮持平，第四季也許也會有一點成長。

Look, I mean, the first half of the year, we were very focused on cost discipline and frankly, following through on our commitment around flat. That's still important to us. But as we've sort of gotten to the midway mark, it's -- there have been certain projects, whether it be some marketing spend, sort of you name it, nits and nats that perhaps were delayed, and that drove some of the beat, maybe even this quarter and even in last quarter. And so some of that stuff just makes a ton of sense.

聽著，我的意思是，今年上半年，我們非常關注成本紀律，坦白說，我們兌現了我們對扁平化的承諾。這對我們來說仍然很重要。但當我們已經到了一半的時候，有一些項目，無論是一些行銷支出，你能想到的，可能被推遲了，這推動了一些節拍，甚至可能是本季度甚至上季度。所以其中一些東西很有道理。

And as we really shift our mindset, and you heard Bill talk a little bit about it in his prepared remarks around some of the hiring we're doing in middle market lending, as an example, around our payments business, some calibrating of marketing spend, et cetera, these are all factors that are driving our outlook for the second half. And so, look, we feel and we've said this really since last fall, we are very, very confident and committed to being sort of 0.0 or better on expenses this year.

當我們真正轉變我們的思維方式時，你聽到比爾在他準備好的講話中談到了我們在中間市場貸款方面所做的一些招聘，例如，圍繞我們的支付業務，對營銷支出的一些校準等等等，這些都是推動我們下半年前景的因素。所以，看，我們覺得，自去年秋天以來我們就一直這麼說過，我們非常非常有信心，並致力於今年的支出達到 0.0 或更好。

Yeah. And, Ken, just to add to that. I mean, when we undertook this approach in the fall of last year, I mean, we were always really clear this was going to include investments. And the timing of those sort of, as Mike pointed out, come quarter to quarter.

是的。肯，補充一下。我的意思是，當我們去年秋天採取這種方法時，我們一直非常清楚這將包括投資。正如麥克指出的那樣，這些時間是按季度進行的。

And we're seeing the benefit of that. I mean, the investments we made in payments, investment made in talent, so the expense guidance was always coincident with that. I'll just say, because I think it's really important, the discipline that we have in the company around both of those, has significantly increased.

我們看到了這樣做的好處。我的意思是，我們在支付方面的投資，在人才方面的投資，所以費用指導總是與此一致。我只想說，因為我認為這非常重要，我們公司在這兩方面的紀律已經顯著增強。

So we sort of know the next dollar, invest with a lot of confidence. And we also have just incredibly strong discipline around the expense side and where the opportunities are. So I think we've got the right balance here, and, as Mike said, wholly committed to a flat or better expense proposition for the remainder of this year.

所以我們對下一美元有所了解，充滿信心地進行投資。我們在費用方面和機會所在方面也有非常嚴格的紀律。因此，我認為我們在這裡取得了正確的平衡，正如麥克所說，我們完全致力於在今年剩餘時間內保持不變或更好的費用主張。

Great. Thank you, guys.

偉大的。感謝你們。

Scott Siefers, Piper Sandler.

斯科特·西弗斯，派珀·桑德勒。

Morning, eveyrone. Thanks for taking the question. Mike, I know you suggested you all are relatively neutral to rate moves. I think, still kind of for better or worse, a lot of investors consider who's among the kind of closer to the liability sensitive side of the equation. In that vein, you anticipate just one rate cut in the remainder of the year. How would another one or two affect that NII guidance? Obviously, timing would be a factor. But just curious on your overall thoughts?

早安，大家。感謝您提出問題。麥克，我知道您建議大家對利率變動持相對中立的態度。我認為，無論好壞，許多投資人都會考慮誰更接近負債敏感的一面。在這種情況下，您預計今年剩餘時間內只會降息一次。另外一兩項將如何影響國家資訊基礎建設指導？顯然，時機是一個因素。但只是好奇你的整體想法？

Yeah, good morning, Scott. Yeah, so we do have the one cut in November. If we got one earlier, call it, I think the curve today has a September cut, maybe December, and maybe even a touch more than that. That would be a help for us. We -- look, we -- our baseline path does show benefit from down rates. I think the question, and I brought it up in sort of my earlier question, I think Ryan asked, that first cut, given how high we are and how late we expected, we're just trying to be reasonable and thinking about the benefit we'll get there.

是的，早上好，史考特。是的，所以我們確實在 11 月進行了一次剪輯。如果我們早點得到一個，我認為今天的曲線有 9 月的削減，也許 12 月，甚至可能比這更進一步。這對我們會有幫助。我們——看，我們——我們的基準路徑確實顯示出降息帶來的好處。我認為這個問題，我在之前的問題中提出過，我想瑞安問過，第一次削減，考慮到我們的水平有多高以及我們預期的晚點，我們只是試圖保持理性並考慮好處我們會到達那裡。

But I think you're right. I think if we got one earlier and then maybe perhaps a second, that would be a good guide. I will say this, I think just given where we are in terms of how high we are and how long we've been here and some of the client behavior that we're able to observe, I think the more impactful catalyst will be, again, getting some of that loan demand and balance growth and client deposit growth as well, so would take it all.

但我認為你是對的。我認為如果我們早點得到一個，然後也許再得到一個，那將是一個很好的指導。我想說的是，我認為考慮到我們所處的位置，我們的地位有多高，我們在這裡待了多久，以及我們能夠觀察到的一些客戶行為，我認為更有影響力的催化劑將是，同樣，獲得一些貸款需求、餘額增長和客戶存款增長，因此將佔據全部。

Perfect. Okay, good. Thank you. And then maybe switching gears just a second, I was hoping you might be able to address the investment banking line down a little in the quarter, but I'd say you're -- at least I see you're still well above recent run rate, so still a very strong number. Maybe if you could touch to or speak to sort of overall thoughts on the outlook and then maybe a thought on what you might consider as sort of a sustainable base of revenues for you all?

完美的。好的。謝謝。然後也許換個角度，我希望你能夠在本季度稍微降低投資銀行業務，但我想說你——至少我看到你仍然遠高於最近的水平運行率，所以仍然是一個非常強勁的數字。也許您可以談談或談談對前景的整體想法，然後也許可以考慮一下您認為什麼是您所有人的可持續收入基礎？

Yeah, I mean, we're -- the investment banking business is -- always going to be a little quarter-to-quarter variation. In the first quarter, we had one of the highest M&A fees in our company's history, so that sort of changed impact of that a bit. But most importantly, we feel really good about the momentum. So if you look at sort of our relevance, I mean, we're gaining share in virtually every category. The things that we're doing in terms of active book runner and left-lead transactions in ECM, half of our fees were being from active book runner, dramatic change where we've been in the past, lots of left leads transactions in there and again, increased market share.

是的，我的意思是，我們——投資銀行業務——總是會出現季度與季度之間的一些變化。第一季度，我們的併購費用是公司史上最高的，因此這種影響發生了一些變化。但最重要的是，我們對這種勢頭感到非常好。因此，如果你看看我們的相關性，我的意思是，我們幾乎在每個類別中都獲得了份額。我們在 ECM 中的活躍帳簿管理人和左主導交易方面所做的事情，我們一半的費用來自活躍的簿記管理人，我們過去的情況發生了巨大的變化，那裡有很多左主導交易再次，增加了市場占有率.

And most importantly, just really good relevance. So back to sort of the comment about talent, and comment about adding talent, and upgrading our tool kits our commercial bankers' focus and understanding of our capabilities is just increasing exponentially. So our dialogue, as I mentioned, with our clients, is really strong. It's all strategic dialogue versus product dialogue, which is really good. And I think for the balance of the year, I mean, I think this is the kind of momentum we ought to be able to continue in investment banking. So I think we feel good about that.

最重要的是，相關性非常好。回到關於人才的評論，關於增加人才和升級我們的工具包的評論，我們的商業銀行家對我們能力的關注和理解正在呈指數級增長。因此，正如我所提到的，我們與客戶的對話非常密切。這都是策略對話與產品對話，這真的很好。我認為，在今年剩下的時間裡，我認為這是我們應該能夠在投資銀行業繼續保持的勢頭。所以我認為我們對此感覺良好。

Perfect. All right, Bill, thank you guys very much.

完美的。好的，比爾，非常感謝你們。

Erika Najarian, UBS.

艾莉卡·納賈里安，瑞銀集團。

Hi, good morning. Just putting everything that you said together, Mike, maybe I'll address this one to you. Your net interest income was better than consensus, both mostly on the net interest margin. You mentioned that the impact of the margin from balance sheet restructuring is a partial one. If I look at the line items on non-interest income, you also beat consensus there for the quarter in terms of the core items and consensus is at down one, which is at the low end of your revenue range.

早安.麥克，把你所說的一切放在一起，也許我會向你提出這個問題。您的淨利息收入優於共識，主要是在淨利差方面。您提到資產負債表重組利潤率的影響是局部的。如果我查看非利息收入的項目，您會發現該季度在核心項目方面也超出了共識，並且共識處於下降一項，這是您收入範圍的低端。

I guess, what are we missing? And I heard your response to Ryan's question about you expect balances to continue to come down in both the loan and deposit side. But if your starting point on net interest margin is higher than consensus and then you have a little bit more pull-through, a month pull-through, in the third quarter, and your neutral to rates in September will help, I guess, are you being very conservative on what you could accomplish in the second half of the year? Because I get the conservatism from a business standpoint, but from a rate standpoint, it feels like you guys are in good shape to maybe do a little bit better.

我想，我們錯過了什麼？我聽到你對瑞安提出的問題的回答，即你預計貸款和存款方面的餘額將繼續下降。但如果你的淨利差起點高於共識，然後你在第三季度有更多的拉動，一個月的拉動，並且你在 9 月份的中性利率將有所幫助，我想，您對下半年能實現的目標非常保守嗎？因為我從商業的角度來看是保守的，但從利率的角度來看，感覺你們的狀態很好，也許可以做得更好一點。

Yes, Erika, I appreciate the question. I mean, I -- look, I think there was a beat on balances in the second quarter, especially if you looked at it on an average basis. And so our rate paid was a touch better than we thought. And so you're right, starting position, better than where we sort of would have expected to be in April.

是的，艾莉卡，我很欣賞這個問題。我的意思是，我——看，我認為第二季的餘額有所增加，特別是如果你從平均角度來看的話。所以我們支付的費用比我們想像的要好一些。所以你是對的，起始位置比我們四月的預期要好。

I think the pressures that we expected in the second quarter, we still believe will persist in the third, especially in terms of balances and rate paid. Another piece of this is that, while we did get some benefit on our net interest margin from the bonds, like recouponing, some of the benefit as well is just on a smaller balance sheet. So we did, for example, we paid down some wholesale liabilities late in the second that will come through in the third on an average basis. So you'll see more net interest margin improvement, but it will be on a more efficient, smaller balance sheet.

我認為我們預計第二季的壓力將在第三季持續存在，特別是在餘額和支付率方面。另一個原因是，雖然我們確實從債券的淨利差中獲得了一些好處，例如回收利息，但其中一些好處也只是在較小的資產負債表上。因此，我們確實這樣做了，例如，我們在第二季末償還了一些批發負債，這些負債平均將在第三季償還。因此，你會看到更多的淨利差改善，但它將出現在更有效率、更小的資產負債表上。

On rates, I don't want to call the ball on conservative, non-conservative -- we -- I think we're cautious on what benefit we'll get on the first cut or two. We've thought about it a lot, done a lot of work and analysis. You look at sort of historically over the last, call it, 30 years, the down cycles and the betas have been slow, right? So I think that's in our thinking, too, for the rest of the year.

在利率問題上，我不想對保守派、非保守派做出決定——我們——我認為我們對第一兩次降息會帶來什麼好處持謹慎態度。我們思考了很多，做了很多工作和分析。你看看過去 30 年的歷史，下降週期和測試版都很緩慢，對嗎？所以我認為這也是我們在今年剩餘時間的想法。

And, look, I've said this a couple of times. I think for us, the thing we feel fine about the guidance we gave. I think what would really be upside for us would be a little bit of pull-through on more client activity, the ability to generate more loan volume, and with that will come deposits. You get that and maybe you get Scott's extra cut in early and that feels good. I mean, that hurts our -- obviously, the cut we've got, no cuts perhaps, maybe that's not such a bad guy and then just the pressure that we've been seeing on balances, both deposits and loans.

而且，聽著，我已經說過好幾次了。我認為對我們來說，我們對所提供的指導感到滿意。我認為對我們來說真正有利的是更多的客戶活動、產生更多貸款量的能力以及隨之而來的存款。你明白了這一點，也許你會提前得到斯科特的額外切入，這感覺很好。我的意思是，這傷害了我們——顯然，我們已經削減了預算，也許沒有削減，也許這不是一個壞人，然後就是我們在存款和貸款餘額上看到的壓力。

Got it, and my second question is for Bill on capital and returns. And maybe I'm just reading too much in the the tea leaves because investors are very curious. The authorization for the $5 billion is through 2026. You said during your prepared remarks, and tell me if I'm being too ticky-tacky, but you said initially target $5 billion for the remainder of the year. And I guess, investors are wondering about timing, and I know someone had already asked -- Ken have already asked about capital priorities. But what's the timing in terms of that -- fulfilling that $5 billion authority?

明白了，我的第二個問題是問比爾關於資本與回報的問題。也許我只是在茶葉中讀得太多了，因為投資者很好奇。 50 億美元的授權期限到 2026 年。我想，投資者想知道時機，我知道有人已經問過——肯已經問過資本優先事項。但履行 50 億美元授權的時機是什麼？

And as I think about returns, I know you'll probably tell us more during fall conference season, but initially, this franchise together with TIH had an ROTCE potential in the low 20s. With TIH out, could you still achieve like a high-teens ROTCE. And I'm sure you will give more details during fall conference season.

當我考慮回報時，我知道你可能會在秋季會議賽季告訴我們更多信息，但最初，這支球隊與 TIH 一起擁有 20 多歲的 ROTCE 潛力。 TIH 結束後，您還能像高中生 ROTCE 一樣取得成績嗎？我相信您會在秋季會議期間提供更多詳細資訊。

Yeah, Erika, just to correct one thing, we said sort of $1 billion through the remainder of this year and we'll sort of start the next year. The reason to put the authorization of up to -- and make it through '26, is just to give us that kind of flexibility in terms of how we think about that. So we're going to calibrate that against our growth opportunities and where we see an ability to invest in our franchise, and we're going to be disciplined about it.

是的，Erika，為了糾正一件事，我們說今年剩餘時間將投入 10 億美元，我們將從明年開始。之所以將授權時間延長至 26 年，只是為了讓我們在思考這個問題時具有彈性。因此，我們將根據我們的成長機會以及我們認為有能力投資我們的特許經營權的情況來調整這一點，並且我們將對此保持紀律。

So -- and then as I mentioned earlier, remember, this is with a really strong dividend as well. So I think you can't talk about one without talking about the other in terms of total return to shareholders. So I think our unique capability to have a really good return to shareholders over the certainly near term and medium term from the dividend buyback is actually quite significant. And then you put on top of that, our ability to earn and earn profitably and grow our business. So I think that's -- we're trying to look at all of this in the big mix.

因此，正如我之前提到的，請記住，這也帶來了非常強勁的股息。因此，我認為就股東總回報而言，你不能只談論其中一個而不談論另一個。因此，我認為我們在短期和中期透過股利回購為股東帶來真正良好回報的獨特能力實際上非常重要。然後，最重要的是，我們有能力賺取利潤並發展我們的業務。所以我認為——我們正在嘗試從大的角度來看待所有這些。

As it relates to our OTC specifically, yeah, I mean, the past numbers of the past numbers, we sort of have to start from the business model that we have now. Again, we're going to give a little more guidance on that with a little more specificity as we get towards the end of the year, as you mentioned. I think we'll have a little more knowledge as to sort of overall capital requirements. And while that also may not be complete, I think we might have a better picture of where we might be and what the sort of CET1 base might be that we'd operate from and think about how to put all those mixes together as it relates to growth as well. So irrespective of the target itself, the growth to the target, I think, is a really compelling proposition for Truist.

因為它與我們的場外交易特別相關，是的，我的意思是，過去的數字，我們必須從我們現在擁有的商業模式開始。正如您所提到的，我們將在年底時再次提供更多具體指導。我認為我們會對整體資本要求有更多的了解。雖然這也可能不完整，但我認為我們可能會更好地了解我們可能處於什麼位置，以及我們將如何運作的 CET1 基礎，並考慮如何將所有這些混合在一起，因為它是相關的也能增長。因此，無論目標本身如何，我認為，對於 Truist 來說，實現目標的成長是一個非常引人注目的主張。

Okay, thank you.

好的謝謝。

Betsy Graseck, Morgan Stanley.

貝特西‧格拉塞克，摩根士丹利。

Hi, good morning.

早安.

Good morning, Betsy.

早安，貝特西。

Bit of a follow-up on last question of Erika regarding capital -- when I put together the $500 million that you're looking for, the buybacks and the dividend, it looks like you're -- for the most part, returning earnings, quarterly earnings to investors, at least for the rest of this year, and RWA doesn't change. That means you've got CET1 stable where it is today. I know you probably not -- you didn't put a target CET1 out. I'm going to guess you're going to highlight that we need the capital rules to put that out there. But is that a fair conclusion that [116] is essentially what we should anticipate as we roll through the rest of this year?

艾莉卡關於資本的最後一個問題的後續行動——當我把你正在尋找的 5 億美元、回購和股息放在一起時，看起來你——在很大程度上，回報了收益，投資者的季度收益，至少在今年剩餘時間裡，並且RWA 沒有變化。這意味著您的 CET1 已經穩定在今天的水平。我知道你可能不會——你沒有設定 CET1 目標。我猜你會強調我們需要資本規則來實現這一點。但是，[116]本質上是我們在今年剩餘時間裡應該預期的結論，這是一個公平的結論嗎？

Yeah, Betsy, I think that's roughed out. You could see us sort of sliding sideways for a while for the reasons you mentioned. You're right. I mean, you take the $500 million buyback and, call it, $700 million or so dividend. You're approximately at -- this is rough earnings, right? And if you're right, we don't expect significant ROA improvement or decline over the period.

是的，貝特西，我認為這很粗糙。由於您提到的原因，您可能會看到我們暫時橫向滑動。你說得對。我的意思是，你接受 5 億美元的回購，並稱之為 7 億美元左右的股息。你大約是——這是粗略的收入，對吧？如果你是對的，我們預計在此期間 ROA 不會顯著改善或下降。

I'll just say this. I mean, you mentioned sort of CET1 target, Bill referred to it as well. I think a couple of things just to think about there. One, we like operating with a higher level of capital in today's world, one. Affords us the right, we think, strength and resiliency and ability to sort of react to the world.

我就說這個吧。我的意思是，你提到了某種 CET1 目標，比爾也提到了它。我想有幾件事值得思考。第一，我們喜歡在當今世界以更高水平的資本進行運營，一。我們認為，它為我們提供了正確的力量、彈性和對世界做出反應的能力。

Importantly, we've got a growth agenda. We're focused on prosecuting. That's company-wide. You feel that with any -- especially frontline, but really across the whole company. And then Bill mentioned sort of the capability to return capital, and that can come in various various forms. But yeah, I think modeling us somewhat flat short-term. But again, we -- our expectation is that we'll begin to grow RWAs next year. And so that's how we're thinking about it.

重要的是，我們有一個成長議程。我們專注於起訴。這是全公司範圍內的。你對任何人都會有這樣的感覺——尤其是在一線，但在整個公司都是如此。然後比爾提到了返還資本的能力，這可以有多種形式。但是，是的，我認為我們的短期模型有些平淡。但我們再次強調，我們的期望是明年我們將開始增加 RWA。這就是我們的想法。

Right. And then on the paydowns that you experienced in C&I book, how much of that did you capture in the capital markets business? In other words, if folks are terming out and paying down C&I, is that -- are we seeing majority recaptured in the fee line? Thanks.

正確的。然後，根據您在 C&I 書中經歷的回報，您在資本市場業務中獲得了多少回報？換句話說，如果人們達成協議並支付 C&I，我們是否會看到大部分費用重新納入？謝謝。

Yeah, it's hard to do that calculation sort of perfectly and we spend a lot of time thinking about it. But if you sort of look at the overall line, this was one of our best DCM quarters in a really long time.

是的，很難完美地進行這種計算，我們花了很多時間思考它。但如果你看一下整體情況，你會發現這是我們很長一段時間以來最好的 DCM 季度之一。

So our capture rates are really high. It's hard to put an exact percentage on that because the there are puts and takes and wouldn't you have gotten it otherwise? And was it related to this, that or the other. But it's really high, and it's reflected in our overall DCM growth.

所以我們的捕獲率非常高。很難給出一個準確的百分比，因為有看跌期權和拿取期權，否則你不會得到它嗎？它與這個、那個或那個有關嗎？但它確實很高，並且反映在我們整體 DCM 的成長中。

Got it. Thanks so much. Appreciated it.

知道了。非常感謝。很欣賞它。

Yeah.

是的。

John Pancari, Evercore.

約翰·潘卡里，Evercore。

Morning. What it seems like -- just touch on credit a little bit, I know you added modestly to the loan loss reserve and looks like much of that was on the office side. I wanted to get your thoughts there in terms of what you're seeing right now in terms of credit progression. What are the areas that you're seeing some weakening? You had some pressure on delinquencies and non-accruals. And could that justify incremental modest additions to the reserve from here or could you see it stable or even some releases from this point? Thanks.

早晨。看起來怎麼樣——稍微談一下信貸，我知道你適度增加了貸款損失準備金，看起來其中大部分都在辦公室方面。我想了解一下您現在所看到的信用進展方面的想法。您發現哪些領域有所減弱？您在拖欠和非應計費用方面面臨一些壓力。這是否可以證明從這裡開始適度增加儲備是合理的，或者您可以看到它穩定甚至從此時開始釋放一些儲備？謝謝。

Hey, John, this is Clarke. As Mike and Bill said, we were very pleased with the overall asset quality for the quarter. And we generally had stable delinquencies. We had flat NPLs and our losses were a touch lower, particularly in this consumer area. So, we still see in the consumer side and the normalization this occurring due to higher rates inflation in this stimulus burn down, particularly for the lower-end consumer.

嘿，約翰，這是克拉克。正如麥克和比爾所說，我們對本季的整體資產品質非常滿意。我們通常都有穩定的拖欠情況。我們的不良貸款持平，損失也略有下降，特別是在這個消費領域。因此，我們仍然在消費者方面看到這種情況的正常化，這是由於刺激措施中通膨率上升而導致的，特別是對於低端消費者而言。

So we've been careful there even in this quarter's reserve. We added a little bit for those lower income consumer finance areas. And you're right on the CRE side and the office exposure. We still just want to make sure we're addressing the uncertainty there.

因此，即使在本季的儲備金方面，我們也一直很謹慎。我們為低收入消費金融領域增加了一點。而您就在 CRE 和辦公室曝光方面。我們仍然只是想確保我們正在解決那裡的不確定性。

On the wholesale C&I side, we actually had, as Bill said, lower watchlist. And even though we're monitoring areas like the leverage book, consumer discretionary, senior care, transportation, some of these more rate-sensitive areas, we've not had any of the sector issues to date. It's been more episodic.

在批發 C&I 方面，正如比爾所說，我們實際上擁有較低的觀察名單。儘管我們正在監控槓桿帳簿、非必需消費品、老年護理、交通等一些對利率更敏感的領域，但迄今為止我們還沒有遇到任何行業問題。事情變得更加情景化了。

So when we think about our reserves, we feel really good about the adequacy, where we are today, and it reflects what we know today. So unless there's a substantial change in the economic outlook or that level of uncertainty in areas of stress like CRE office would emerge higher, we wouldn't expect our reserve levels for the remainder of '24 to be relatively stable.

因此，當我們考慮我們的儲備時，我們對我們今天的儲備充足性感到非常滿意，它反映了我們今天所知道的情況。因此，除非經濟前景發生重大變化，或者商業房地產辦公室等壓力領域的不確定性水平會更高，否則我們預計 24 年剩餘時間的準備金水平不會相對穩定。

Okay, great. Thanks, Clarke. And then separately, on the fee side, I'm just I know you mentioned relatively stable in terms of the non-interest income outlook for Q3. Maybe can you talk about fourth quarter a little bit how we should think about the progression into Q4 and into '25? And then separately, as part of that, on the investment banking side on you made some pretty solid talent acquisition and you've cited the intent on they are investing there and the progress you've made. Can you maybe just talk to us about the build-out ongoing? Is there a focused effort to upscale all the investment banking business even more in terms of the of the reach and breadth of the business? And maybe we'll have a long-term revenue contribution from that business that you anticipate.

好的，太好了。謝謝，克拉克。然後，在費用方面，我知道您提到第三季非利息收入前景相對穩定。也許你能談談第四季度，我們該如何考慮進入第四季和 25 年的進程？然後，作為其中的一部分，您在投資銀行方面進行了一些相當紮實的人才收購，並且您引用了他們在那裡投資的意圖以及您所取得的進展。您能和我們談談正在進行的擴建嗎？是否有重點努力在業務範圍和廣度方面進一步提升所有投資銀行業務的規模？也許我們會從該業務中獲得您預期的長期收入貢獻。

Maybe I'll start with the latter, Mike, and then I'll turn it over to you for the Vortex. Okay. So that the build-out of investment banking business has been, you know, decades plus. So this does is it sort of a new new thing and sorted? It has been consistent? I think the way you described it. I mean, you're exactly right will continue to be build where we have relevance or we have opportunity. And so we can be competitive and win in our markets. The part that gets missed those investment we're making around the investment banking business.

也許我會從後者開始，麥克，然後我會將 Vortex 的工作交給你。好的。因此，投資銀行業務的發展已經有幾十年了。那麼這是否是一種新事物並已排序？已經一致了嗎？我想你描述的方式。我的意思是，你說得完全正確，我們將繼續在我們有相關性或有機會的地方進行建設。這樣我們就可以具有競爭力並在市場上獲勝。我們圍繞投資銀行業務的投資被錯過了。

So this is the investment that we're making with our commercial teams and our middle market teams and expanding their knowledge and capability to talk to clients about the things that are available to them. And so think about the there about our clients and our commercial business that are now private equity owned and our capability to be relevant in those discussions and help them along that along that flight path.

因此，這是我們與商業團隊和中間市場團隊進行的投資，旨在擴展他們的知識和能力，以便與客戶討論他們可以獲得的東西。因此，請考慮我們的客戶和我們現在由私募股權擁有的商業業務，以及我們參與這些討論並幫助他們沿著這條飛行路線前進的能力。

So investments not just in the business itself, but it's in everything that surrounds the business and support off. We like the pace that we're growing them. I think we've had a really good kegger. If you sort of go back over time and look at the camera, that business should sort of say that's a really good growth pattern. Importantly, we're doing it profitably, which is also important. So we have a really good efficiency of that business, certainly on a on a relative basis. And we want to keep all of those in check. And maybe I don't want to grow faster than the market.

因此，投資不僅限於業務本身，還包括業務和支援周圍的一切。我們喜歡它們的成長速度。我認為我們有一個非常好的開桶者。如果你回顧過去並看看鏡頭，該企業應該會說這是一個非常好的成長模式。重要的是，我們這樣做是有利可圖的，這也很重要。因此，我們的業務效率非常高，當然相對而言。我們希望控制所有這些。也許我不想比市場成長得更快。

All you know, we want to grow coincident with the opportunity that we have within our markets. We want to do it profitably and we want to do it sustainably. So we want to have a little less variability relative to that business. So it's tied to more of our core client capability than that, the vagaries of a more of a particular market.

如您所知，我們希望與我們在市場中擁有的機會同時發展。我們希望能夠獲利並且可持續地這樣做。因此，我們希望相對於該業務的可變性較小一些。因此，它與我們的核心客戶能力更相關，而不是與特定市場的變幻莫測有關。

And then Mike, there was a good job that you asked about the trajectory for the second half for fees, some things, some you don't know, it's a, you know, put some puts and takes. Our outlook is relatively stable, really for the second half. So call it stable, stable and the upside to that as an engineer, yes, maybe upside as the businesses, but we're trying to take that approach with what we know right now.

然後麥克，有一個很好的工作，你詢問了下半年費用的軌跡，有些事情，有些你不知道，這是一個，你知道的，投入了一些看跌期權。我們對下半年的前景確實相對穩定。因此，稱其為穩定、穩定以及作為工程師的好處，是的，也許作為業務的好處，但我們正在嘗試根據我們目前所知道的情況採取這種方法。

Great. Thank you.

偉大的。謝謝。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Hey, not not a new question but goes back to your efficiency ratio and your expense guide. And you mentioned higher in the third quarter and maybe any preview for next year, how you're thinking about that? And that's partly in the context of Bloomberg story out saying that you've landed at large bank. It's a fall short on operational risk according DOC staying and that's not confirmed by the SEC.

嘿，這不是一個新問題，而是回到你的效率比和你的費用指南。您提到了第三季的更高水準以及明年的任何預覽，您對此有何看法？這在一定程度上是在彭博社報道的背景下發生的，該報道稱您已進入大型銀行。根據美國商務部的決定，這在操作風險方面有缺陷，但美國證券交易委員會尚未證實這一點。

There's no specific companies given I know you're not allowed to say what your regulatory at ratings are, but if you or any other bank did have a deficient and operational risk rating, what would that mean? Would it mean? And at what level would that mean are you able to say if you had ever been in that definition in the past five years? I know you had some operational issues that you work through.

沒有具體的公司，我知道你不能透露你的評級監管是什麼，但如果你或任何其他銀行確實有缺陷和營運風險評級，那又意味著什麼？是不是意味著？如果您在過去五年中曾經處於該定義中，那麼您能說這意味著什麼水平？我知道您遇到了一些需要解決的營運問題。

And I also know, Bill, that your purpose is being open every day through your clients and employees in your community. So I know you put that as a very high priority to what degree has back Kirk deficiency in the past few years and direct agri, and could that still be a drag on efficiency going ahead? Thanks.

我還知道，比爾，您的目標是每天透過您社區中的客戶和員工公開。所以我知道您非常重視過去幾年柯克缺陷和直接農業的恢復程度，這是否仍然會拖累未來的效率？謝謝。

Yes. Mike, after you answer asked and answered part of your question as it relates to what will comment on it not coming on. But look, I've said very consistently actually since the since the day Truess was formed, as you know, that our risk spread and so we can stay competitive. We can stay appropriate with our with our regulators, and that's always been part of this expense profile. So I think I think even in today's prepared remarks

是的。麥克，在您回答問題並回答了部分問題之後，因為它涉及到不會對其發表評論的內容。但是，正如您所知，自 Truess 成立之日起，我實際上一直在說，我們的風險分散，因此我們可以保持競爭力。我們可以與監管機構保持適當的關係，這一直是支出情況的一部分。所以我認為即使在今天準備好的發言中

I mean, I'm always consistent with that. And I think everybody has got to stay in that mode in a poster post March of last year, irrespective of anybody's ratings. There is just the increased focus on creating a durable, you know, risk profile. So we're going to continue to be in that mode. I can't see that changing short term, medium term or long term. Are there peaks and valleys in that as you go as you go up? Yes. Does it increase proportionately? Absolutely. I mean, I just think that's the that's the price have been in our business and also the importance of creating durable, sustainable risk framework for our company of our sites and a company of our opportunity.

我的意思是，我始終堅持這一點。我認為每個人都必須保持去年三月海報中的那種模式，無論任何人的收視率如何。人們越來越關注創造持久的風險狀況。所以我們將繼續保持這種模式。我看不到短期、中期或長期的變化。當你往上走的時候，是否有高峰和低谷？是的。是否按比例增加？絕對地。我的意思是，我只是認為這就是我們業務的代價，也是為我們的網站和我們的機會公司創建持久、可持續的風險框架的重要性。

Well, the $20 billion market cap question as relates to the last part of your answer is for a company of our size. So I'm just wondering and it's an ongoing wonder to what degree does that investment in the risk framework hurt Truist disproportionately versus banks larger then your size on? And how has that changed?

好吧，與您答案的最後部分相關的 200 億美元市值問題是針對我們這種規模的公司的。所以我只是想知道，與比您規模更大的銀行相比，對風險框架的投資對 Truist 的傷害有多大？那麼情況發生了什麼樣的變化呢？

Yes. I mean, the efficient frontier is the way, Mike and I would now like to talk about it. They're efficient frontiers and where you are on the efficient frontier relative to that today, I feel like we're at a good place.

是的。我的意思是，有效前沿就是出路，麥克和我現在想談談它。它們是有效的前沿，相對於今天你所處的有效前沿，我覺得我們處於一個很好的位置。

So we're at a good place in terms of the investments that we need and should make Relic give to our company our size and our ability to return and have an efficient company relative to that. So I think we're at a good place, but that efficient frontier moves, you know, so you always have to be flexible and think about that in the context of where it moves that we're conscious of that.

因此，就我們所需的投資而言，我們處於有利位置，並且應該讓 Relic 為我們公司提供我們的規模和回報能力，並擁有與之相關的高效公司。所以我認為我們處於一個很好的位置，但是高效的前沿移動，你知道，所以你總是必須保持靈活性，並在我們意識到這一點移動的背景下思考這一點。

So today, I feel like we're a good place by the way we merge our company is because we felt we were at a different place and that that was going to be more complex than we needed to have a company of the size and scale of sort of seen. I mean, we didn't project March of last year and fairness, but but understanding that the complexity and the durability and the investments at such a frontier, I think we're a good place on it, but it does move.

所以今天，我覺得我們合併公司的方式是一個好地方，因為我們覺得我們處於一個不同的地方，而且這將比我們擁有一家如此規模的公司所需的更加複雜有點看到了。我的意思是，我們沒有預測去年三月的公平性，但了解複雜性、持久性以及在這樣一個前沿領域的投資，我認為我們在這方面處於一個很好的位置，但它確實發生了變化。

And last, short follow-up at the definition of good place as it relates to 2025, I know you usually don't give guidance for a few quarters from now that other banks mentioned record NIO positive operating leverage, lower expenses next year. Can you give us a sneak peek on a good place as it relates to 2025 financials?

最後，對與2025 年相關的好地方的定義進行簡短的跟進，我知道您通常不會在接下來的幾個季度內給出指導，因為其他銀行提到蔚來創紀錄的正運營槓桿，明年的費用較低。您能為我們介紹一下與 2025 年財務狀況相關的好地方嗎？

Yes. I mean, our sneak peak of the momentum we've created right now. You know, so that's the that's the sneak peek. And we want to continue to do that. Mike, do you have talked about that from a we have a strong focus on positive operating leverage. So all of our businesses have plans that are focused on positive operating leverage.

是的。我的意思是，我們先睹為快，看看我們現在所創造的勢頭。你知道，這就是先睹為快的。我們希望繼續這樣做。麥克，您是否從我們非常關注積極的營運槓桿的角度談過這一點。因此，我們所有的業務都有專注於積極營運槓桿的計劃。

That's what I tried to build over time. The controllable more controllable factor over that is on the expense side right now. And I'm really pleased with the progress we're making and expect to continue to have that kind of discipline going forward. Those expenses will better reflect the revenue opportunity that we see and next year. So be assured that we've got to focus on creating that, but also be confident that we're building momentum. And I think this quarter is good evidence of that and our guidance for the rest of the year is good evidence of that.

這就是我隨著時間的推移試圖建立的。目前更可控的因素是費用方面。我對我們所取得的進展感到非常滿意，並希望繼續保持這種紀律。這些支出將更能反映我們所看到的和明年的收入機會。因此，請放心，我們必須專注於創造這一目標，但也要對我們正在建立的勢頭充滿信心。我認為本季就是很好的證據，我們對今年剩餘時間的指導也是很好的證據。

Okay. Thank you.

好的。謝謝。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Hey, good morning. Just a quick follow-up, Bill, on your response to Mike's question, I just want to make sure we understand this correctly, as we think about next year, ex any sort of revenue momentum taking sort of the top line higher, should we expect expenses like -- the Street is expecting about $2.9 billion to $3 billion per quarter in expense run rate continuing in '25. Is that fair to assume all is equal absent sort of revenue growth?

嗨，早安。比爾，關於你對麥克問題的回答，我只想快速跟進一下，我只是想確保我們正確理解這一點，因為我們考慮明年，例如任何形式的收入動力都會使收入更高，我們應該這樣做嗎？如果沒有收入成長，假設一切都是平等的，這公平嗎？

Yeah, Ebra, thanks. I'm not going to give expense guidance for next year. Just to say, confidence that we'll be focused on positive operating leverage, confidence that we've got great expense discipline, and expenses will more parallel the revenue opportunity. So if we see the investments that we're making better growth opportunities in our markets, we're going to take advantage of that. And if that requires a requisite expense increase, then we'll do that. But that will all be in the appropriate context, a focus on positive operating leverage and efficient company that has high returns.

是的，埃布拉，謝謝。我不會給出明年的費用指引。只是說，我們有信心將重點放在積極的營運槓桿上，有信心我們有嚴格的支出紀律，而且支出將與收入機會更加平行。因此，如果我們看到投資為我們的市場帶來了更好的成長機會，我們就會利用這一點。如果這需要增加必要的費用，那麼我們就會這樣做。但這一切都將在適當的背景下進行，重點是積極的營運槓桿和高回報的高效公司。

Noted. And just one quick follow-up, maybe if you could remind us, post sort of the acquisition integration, where we stand in terms of any big tech upgrades coming on the deposit and lending platforms as we think about the next year or two. Thanks.

著名的。只是一個快速的後續行動，也許你可以提醒我們，發布某種收購整合，我們在考慮未來一兩年時在存款和貸款平台上進行的任何重大技術升級方面的立場。謝謝。

Yeah, I mean all that's been factored into the discussions that we have, I mean, our ability, this year, particularly, to invest a lot on the payment side is all predicated on the existing platforms that we have, the advent of -- the use of APIs have been really, really great opportunities to continue to invest. We had huge investments in our lending portfolios as part of the merger. So there's no like one big stair step sequenced investment. These are continuous investments in our platform and capabilities over time.

是的，我的意思是我們討論中考慮到的所有因素，我的意思是，我們今年的能力，特別是在支付方面進行大量投資，都取決於我們現有的平台，即我們的出現—— API 的使用確實是繼續投資的絕佳機會。作為合併的一部分，我們對貸款組合進行了大量投資。因此，不存在像階梯式順序投資那樣的情況。這些是隨著時間的推移對我們的平台和能力的持續投資。

And is it fair to assume that from a tech platform standpoint, Truist is not at a disadvantage relative to peers who probably have not done deals and just been working. There's an impression out there that you have a lot more sort of heavy lifting to do there, that's put you back. Sounds like that's not the case, but I just wanted to confirm.

可以公平地假設，從技術平台的角度來看，Truist 相對於那些可能尚未完成交易、剛開始工作的同行來說並不處於劣勢。人們給人的印像是，你有很多繁重的工作要做，這會讓你退縮。聽起來好像並非如此，但我只是想確認一下。

Well, the momentum we've seen in the last several quarters, the impression from our clients is that we have a really good platform. So our acquisition of clients, our performance metrics, client satisfaction scores, all the things that we look in terms of how do clients think about us is real positive and continuing.

嗯，我們在過去幾個季度看到的勢頭，我們客戶的印像是我們擁有一個非常好的平台。因此，我們對客戶的獲取、我們的績效指標、客戶滿意度評分，以及我們從客戶對我們的看法來看的所有事情都是真正積極且持續的。

Excellent. Thank you. Thank you, Bill.

出色的。謝謝。謝謝你，比爾。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

Good morning. Thanks for squeezing me in. You kind of implied the loans and deposit balances might be down a little bit again in 3Q, if I heard that correctly, and they were down a little bit in Q2. Just thoughts on where they bottom.

早安.謝謝你的邀請。只是思考它們的底部。

And I understand, like when we're looking at industry data where there's less than 1% loan growth, like we're talking about really small numbers, but it seems like you're still kind of lagging the H8 data a little bit. And it's understandable given how much has been going on in the company and you talked about spending more in marketing and hiring people, but just thoughts on kind of where those level out and we start tracking the H8 data a little bit more. Thanks.

我理解，就像當我們查看貸款成長不到 1% 的行業數據時，就像我們談論的數字非常小，但看起來你仍然有點落後於 H8 數據。這是可以理解的，因為公司發生了很多事情，而且您談到了在行銷和招募人員方面投入更多資金，但只要考慮一下這些因素會趨於平穩，我們就會開始更多地追蹤 H8 數據。謝謝。

Hey, Matt, thanks for your question. Maybe just taking loans first, we're hopeful we'll see some relief. We were down a little less than 1% this quarter average in the third quarter. I think, again, base case is probably expected to be down, maybe not quite as much. We'd love to see that be different, but that's sort of what we're thinking about, and then, hopefully, kind of stable from there.

嘿，馬特，謝謝你的問題。也許只是先貸款，我們希望能看到一些緩解。第三季本季平均下降略低於 1%。我再次認為，基本情況預計可能會下降，但幅度可能不會那麼大。我們很樂意看到這種情況有所不同，但這就是我們正在考慮的事情，然後希望從那裡開始保持穩定。

Same on deposits. Actually, deposit's a little lower, perhaps in the third. We mentioned that we felt like we had some outperformance in the second quarter. We did late in the quarter, just like a lot of others, some of the -- just sort of seasonality and tax payments we saw. Balance is a little lower at the end of the quarter. That's not unusual. So we probably expect a little bit of pressure in the third quarter as well. But again, even that's stabilizing in the fourth. So, I think, down a touch in the third for both and then hopefully stable in the fourth-ish.

存款也一樣。事實上，押金有點低，也許是第三。我們提到我們覺得第二季的表現有些出色。我們在本季末做了，就像許多其他人一樣，其中一些只是我們看到的季節性和納稅情況。本季末餘額略有下降。這並不罕見。因此，我們預計第三季也會面臨一些壓力。但同樣，即使在第四節也趨於穩定。所以，我認為，在第三個比賽中，雙方都會有所下降，然後希望在第四次比賽中保持穩定。

Okay, that's helpful. And then, just as you think about, call it, restarting kind of the loan deposit engine internally, you did allude to the marketing and hiring people. But what's like the process of just getting the message out to kind of existing employees? Like you got all this capital, you got all security, like you could be front-footed. And I know it takes time to kind of flip the switch, again, especially in an environment where there's still little kind of growth out there. But just touch on a couple of things you're doing to drive that.

好的，這很有幫助。然後，正如您所想的那樣，在內部重新啟動貸款存款引擎，您確實提到了行銷和招募人員。但是，向現有員工傳達訊息的過程是如何的呢？就像你擁有了所有這些資本，你就擁有了所有安全感，就像你可以先一步一樣。我知道再次轉變開關需要時間，尤其是在仍然缺乏成長的環境中。但請談談您為推動這一目標所做的一些事情。

Yeah, sure. Rest assured that our teammates are highly focused. And yeah, there are places that we can dial more specifically. And you've sort of seen it. Our consumer production was up 37% over a linked quarter, premier banking lending number, sort of similar per branch production, those type of things, so the places that we can dial in a little bit.

好，當然。請放心，我們的隊友都非常專注。是的，有些地方我們可以更具體地撥打。你已經看到了。我們的消費者生產比上一個季度增長了 37%，主要銀行貸款數量，每個分行的生產類似，這些類型的事情，所以我們可以稍微調整一下。

And then, on the wholesale side, it's just a lot about training. It's a lot about hiring. It's a lot about market opportunities. It's a lot about dialogue with clients. So we look at all the pitches kind of approach, and we're seeing really good activity.

然後，在批發方面，這只是很多關於培訓的事情。關於招募有很多內容。這與市場機會有許多關係。與客戶的對話有很多內容。因此，我們研究了所有的推介方法，我們看到了非常好的活動。

But our teammates are on offense. I may make -- let there be no confusion. I mean our teammates are on offense. They are not in a defensive position. Trust me, the shift for them happened quite quickly. There was a -- you could hear it and feel it in terms of momentum. People are attracted to come work for our franchise for some of the same reasons as we have the capital and capability to invest in the future.

但我們的隊友正在進攻。我可以—不要造成混亂。我的意思是我們的隊友正在進攻。他們並不處於防守位置。相信我，他們的轉變發生得很快。有一種——你可以聽到它並感受到它的動力。人們被吸引來為我們的特許經營工作的原因與我們有資本和能力投資未來的一些原因相同。

So rest assured -- your point's right. I mean, the battleship, it's hard to turn. But in terms of its direction, clear direction, clear communication, and clear focus from our teams.

所以請放心——你的觀點是對的。我的意思是，戰艦，很難轉彎。但就其方向而言，我們團隊有明確的方向、清晰的溝通和明確的重點。

Thank you.

謝謝。

Thanks, Matt.

謝謝，馬特。

This concludes our question-and-answer session. I would like to turn the conference back over to Brad Milsaps for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給布拉德·米爾薩普斯（Brad Milsaps）發表閉幕詞。

Okay, thank you. That completes our earnings call. If you have any additional questions, please feel free to reach out to Investor Relations team. Thank you for your interest interest in Truist and we hope you have a great day. You may now disconnect the call.

好的謝謝。我們的財報電話會議到此結束。如果您有任何其他問題，請隨時聯繫投資者關係團隊。感謝您對 Truist 的關注，祝您度過愉快的一天。您現在可以掛斷電話。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。