Truist Financial Corp (TFC) 2024 Q3 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation third quarter 2024 earnings conference call.

女士們、先生們，大家好，歡迎參加 Truist Financial Corporation 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this event is being recorded.

（操作員說明）謹此提醒，正在記錄此事件。

It is now my pleasure to introduce your host, Mr. Brad Milsaps.

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 to Truist's third quarter 2024 earnings call. With us today are Chairman and CEO, Bill Rogers; our CFO, Mike Maguire; 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。歡迎參加 Truist 的 2024 年第三季財報電話會議。今天與我們在一起的有董事長兼執行長比爾羅傑斯 (Bill Rogers)；我們的財務長麥克·馬奎爾；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 third-quarter results, share their perspectives on current business conditions, and provided updated outlook for 2024. The accompanying presentation as well as our earnings release and supplemental financial information are available on the Truist's Investor Relations website at ir.truist.com.

在今天早上的電話會議中，他們將討論Truist 的第三季度業績，分享他們對當前業務狀況的看法，並提供2024 年的最新展望。在Truist 的投資者關係網站上取得在 ir.truist.com。

Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclaimers on slides 2 and 3 of the presentation regarding these statements and measures as well as the appendix for appropriate reconciliations to GAAP.

我們今天的演示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 投影片中有關這些聲明和措施的免責聲明以及附錄，以根據 GAAP 進行適當調整。

With that, I'll turn it over to Bill.

有了這個，我會把它交給比爾。

Thanks, Brad, and good morning, everyone, and thanks for joining our call today. We will discuss the third quarter's results. I'd like to begin with purpose on slide 4. As you all know, Truist, as a purpose-driven company. We're dedicated to inspiring and building better lives and communities. It's the foundation for everything we do, and I believe from this mission has never been more important given the extraordinary start to the fourth quarter with two devastating hurricanes.

謝謝布拉德，大家早安，謝謝您今天加入我們的電話會議。我們將討論第三季的業績。我想從幻燈片 4 上的目標開始。我們致力於激勵和建立更美好的生活和社區。這是我們所做一切的基礎，我相信，鑑於第四季度遭遇兩次毀滅性颶風的非凡開局，這項使命從未如此重要。

In the days, since these storms path to the Southeast, truist Humanitarian Aid Team and hundreds of team made volunteers have been out and force to help our communities. I've spent time in recent days with teammates and some of the hardest hit areas. These teammates are doing just incredible heroic work, helping their neighbors, distributing critical supplies, and making sure Truist facilities were open to serve our clients even as their own lives have been upended.

自從這些風暴襲擊東南部以來，自以為是的人道主義援助隊和數百名志工已經出動，為我們的社區提供幫助。最近幾天，我與隊友和一些受災最嚴重的地區一起度過了時光。這些隊友正在做著令人難以置信的英勇工作，幫助他們的鄰居，分發重要物資，並確保 Truist 設施開放為我們的客戶提供服務，即使他們自己的生活已經被顛覆。

In addition to contributions from the foundation, we've set up several sites where we've distributed supplies. We've also deployed mobile services for basic needs like showers and laundry facilities, as well as mobile branches, ATMs, and generators to serve clients in areas without power. This recovery is going to take time and we're going to play a significant role in helping these communities recover and rebuild in the days, weeks, months, and even years to come. They can count on Truist.

除了基金會的捐款外，我們還建立了多個站點來分發物資。我們還部署了滿足淋浴和洗衣設施等基本需求的移動服務，以及移動分支機構、自動櫃員機和發電機，為無電地區的客戶提供服務。這種恢復需要時間，我們將在幫助這些社區在未來幾天、幾週、幾個月甚至幾年內恢復和重建方面發揮重要作用。他們可以信賴 Truist。

Okay. Let's turn to discussing our third quarter results on slide 5. We've made demonstrable progress on our strategic priorities during the quarter. As I'm proud of the results our teammates delivered, which included solid underlying earnings, improved momentum, and sound asset quality metrics.

好的。讓我們轉向討論幻燈片 5 上的第三季業績。我為我們的隊友所取得的成果感到自豪，其中包括堅實的基礎收益、改善的勢頭和良好的資產品質指標。

On a GAAP basis, we reported net income available to common shareholders of $1.3 billion or $0.99 a share. Adjusted EPS was $0.97 per share, which excluded a few small discrete items that Mike will discuss later in the call.

根據 GAAP 基礎，我們向普通股股東公佈的淨利潤為 13 億美元，即每股 0.99 美元。調整後每股收益為 0.97 美元，其中不包括麥克稍後將在電話會議中討論的一些小的離散項目。

As you can see on this slide, our solid performance was defined by several key themes. First, we grew adjusted revenue 2.4% on a linked quarter basis due to another strong quarter of investment banking and trading income and a full quarter's impact of the balance sheet repositioning, we completed during the second quarter.

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，由於投資銀行和交易收入又一個強勁的季度以及我們在第二季度完成的資產負債表重新定位對整個季度的影響，我們調整後的收入環比增長了 2.4%。

Second, our results show our continued expense discipline and focus on managing cost. As a result of these efforts, our efficiency ratio improved on both a linked and light quarter basis. Adjusted expenses increased by less than 1% linked quarter and declined for the third consecutive quarter on a year-over-year basis.

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。由於這些努力，我們的效率比在連結和輕型季度的基礎上都有所提高。調整後費用較上季成長不到 1%，連續第三個季度年減。

Expenses are now projected to decline in 2024 compared to 2023, which is an improvement from our original commitment to keep expenses flat for the year. Non-performing loans remained relatively stable while net charge-offs were better than our expectations. We did record a $25 million loan loss provision during the quarter, specifically related to Hurricane Helene, which Mike will discuss in more detail later.

目前預計 2024 年的費用將比 2023 年有所下降，這比我們最初承諾保持當年費用持平的承諾有所改善。不良貸款維持相對穩定，淨核銷情況優於我們的預期。我們確實在本季記錄了 2500 萬美元的貸款損失撥備，特別是與颶風海倫相關的損失，麥克稍後將對此進行更詳細的討論。

We also returned $1.2 billion for the capital to our shareholders through our common dividend and repurchase of $500 million worth of common stock as part of the 5 billion share repurchase plan, our Board approved in late July. I mean late June, excuse me. We anticipate repurchasing another $500 million of our common stock in the fourth quarter.

作為董事會於 7 月底批准的 50 億股回購計畫的一部分，我們也透過普通股股利和回購價值 5 億美元的普通股，向股東返還 12 億美元的資本。我是說六月底，對不起。我們預計第四季將回購價值 5 億美元的普通股。

Our CET1 capital ratio remained relatively stable, leaving us well positioned to grow our balance sheet and to continue to return significant amounts of capital to shareholders. Finally, we continue to actively pursue growth opportunities in our core consumer and small business and wholesale banking businesses. Although average loans declined during the quarter, I'm encouraged by the underlying momentum in terms of increased loan production, greater wallet share with within certain businesses and the talent we're attracting to our company, all while continuing to maintain our expense discipline, and investing in important areas like technology and our risk infrastructure.

我們的 CET1 資本比率保持相對穩定，使我們能夠擴大資產負債表並繼續向股東返還大量資本。最後，我們繼續積極尋求核心消費者、小型企業和批發銀行業務的成長機會。儘管本季度平均貸款有所下降，但我對貸款產量增加、某些企業內更大的錢包份額以及我們為公司吸引的人才等潛在動力感到鼓舞，同時繼續保持我們的費用紀律，投資於技術和風險基礎設施等重要領域。

Maintaining this momentum and continuing to execute against our strategic growth priorities will be key to our mid-teens, medium term ROTC target, which we also announced during the quarter.

保持這一勢頭並繼續執行我們的策略成長優先事項將是我們在本季度宣布的中期 ROTC 目標的關鍵。

Before I hand the call over to Mike to discuss the quarterly results, I want to spend a little time reviewing the positive momentum we're seeing within business segments and within our digital initiatives on slide 6 and 7. And consumer and small business banking, I'm encouraged by the momentum as we experienced an increase in loan production, a key focus areas within our lending portfolio, and we continue to acquire new clients and households through both digital and traditional channels.

在我將電話交給麥克討論季度業績之前，我想花一點時間回顧一下我們在業務部門以及幻燈片 6 和 7 上的數字計劃中看到的積極勢頭。對這一勢頭感到鼓舞，因為我們的貸款產量有所增加，這是我們貸款組合中的關鍵重點領域，而且我們繼續透過數位和傳統管道獲取新客戶和家庭。

Average consumer loan balance remained relatively stable linked quarter as growth and other consumer, which includes our specialty consumer lending verticals, was offset by lower residential mortgage and home equity loans. We did experience a 3% linked quarter increase in consumer loan production, driven by non-real estate lending, which drove period in indirect auto and other consumer balances, each higher by 2% on a linked quarter basis.

平均消費貸款餘額環比保持相對穩定，因為住宅抵押貸款和房屋淨值貸款的下降抵消了其他消費（包括我們的專業消費貸款垂直領域）的增長。在非房地產貸款的推動下，我們的消費貸款產量確實環比增長了 3%，這推動了間接汽車和其他消費者餘額的增長，環比增長了 2%。

Importantly, we're not sacrificing our credit standards or pricing discipline to drive growth. Credit metrics remained relatively stable and new consumer loan production spreads are accretive to the portfolio. Although overall deposit growth remains muted, we're continuing to add new clients and households. We opened nearly 200,000 new digital loan and deposit accounts during the quarter, including over 75,000 new to bank clients through our digital channels, which represents up 35% increase over the third quarter of last year.

重要的是，我們不會犧牲我們的信用標準或定價紀律來推動成長。信貸指標保持相對穩定，新的消費貸款生產利差正在增加投資組合。儘管整體存款成長依然疲軟，但我們仍在持續增加新客戶和家庭。本季我們新開設了近 20 萬個數位貸款和存款帳戶，其中透過數位管道向銀行客戶開設了超過 75,000 個新帳戶，比去年第三季增長了 35%。

Net new checking account growth was once again positive in the third quarter as we grew 40,000 new consumer and business accounts, bringing our total to 108,000 year to date. Not only are we adding new households, but primacy rates and client retention also continue to increase due to improvements to the client experience as we rolled out more than 130 enhancements to our digital experience during the quarter.

第三季新支票帳戶淨成長再次實現正成長，我們新增了 40,000 個消費者和企業帳戶，使今年迄今的帳戶總數達到 108,000 個。我們不僅增加了新的家庭，而且由於客戶體驗的改善，首要率和客戶保留率也持續增加，因為我們在本季度推出了 130 多項數位體驗增強功能。

In wholesale, I'm encouraged by the underlying momentum in terms of improved production, increase wallet share within certain businesses, and the talent we're tracking to our company. During the quarter, we saw a 1% growth in commercial deposits and a 4% increase in wholesale lending production, which was offset by lower line utilization and higher pay downs due in part to greater capital markets activity, which is an area where we have invested consistently.

在批發方面，我對改善生產、增加某些業務中的錢包份額以及我們正在跟踪的人才方面的潛在動力感到鼓舞。在本季度，我們看到商業存款成長了1%，批發貸款產量增加了4%，但這一成長被線路利用率下降和首付款增加所抵消，部分原因是資本市場活動增加，這是我們在資本市場活動增加的領域。

The third quarter represents the strongest capital markets quarter we've reported since 2021 as investment banking revenues increased 79% year-over-year and 43% year to date. We experienced record quarterly performance and equity capital markets, investment grade issuance, public finance, and asset securitization. The growth is tied to our focus on gaining greater mind share with our clients across our industry verticals, which has led to an increase in the number of lead roles across several product lines.

第三季是我們自 2021 年以來報告的最強勁的資本市場季度，投資銀行收入年增 79%，年初至今成長 43%。我們經歷了創紀錄的季度業績和股權資本市場、投資等級發行、公共財政和資產證券化。這種成長與我們專注於在垂直行業中與客戶獲得更多的思想份額有關，這導致多個產品線的領導角色數量增加。

We're continued to invest in our wholesale platform as we've made several key new hires this quarter and commercial banking, corporate banking, investment banking, wealth and payments, and plan to add additional talent in the fourth quarter and beyond. These new teammates complement our great existing teams and have significant experience in many cases from larger institutions and are attracted to our results oriented culture.

我們繼續投資於我們的批發平台，因為我們在本季度以及商業銀行、企業銀行、投資銀行、財富和支付領域聘用了幾名重要的新員工，併計劃在第四季度及以後增加更多人才。這些新隊友補充了我們現有的優秀團隊，在許多大型機構中擁有豐富的經驗，並被我們以結果為導向的文化所吸引。

As I mentioned last quarter, we have a specific focus on further building out our middle market commercial lending segment, which represents one of the largest growth opportunities within our regional businesses. We'll primarily focus on industries that support existing corporate investment banking coverage and expertise where we've gained significant share. We also continue to enhance our wholesale digital capabilities by improving the client experience. During the quarter, we launched several significant enhancements to the Truist Oneview platform, including the ability for clients to securely chat directly with treasury management specialists.

正如我上季度提到的，我們特別注重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。我們將主要專注於那些支持現有企業投資銀行業務和專業知識的行業，我們已經在這些行業中獲得了大量份額。我們也透過改善客戶體驗來持續增強我們的批發數位化能力。本季度，我們為 Truist Oneview 平台推出了多項重大增強功能，包括讓客戶能夠安全地直接與資金管理專家聊天。

Enhancing the client experience in growing our digital capabilities are important parts of our strategy, which I'll discuss in detail on slide 7. We continue to show strong and steady growth in our digital capabilities as client mobile app users grew 6% and digital transactions increased 15% compared to the third-quarter of 2023. We continue to migrate clients towards self-service capabilities, primarily driven by strong growth in Zelle transactions, which are up 36% year-over-year.

在發展我們的數位能力方面增強客戶體驗是我們策略的重要組成部分，我將在幻燈片7 中詳細討論這一點。出強勁而穩定的成長與 2023 年第三季相比成長了 15%。

In addition, to an increase in account openings were also seen an improvement in the funding never digital account openings with balances up significantly over the third quarter of last year. Our recently enhanced digital deposit application experience has helped drive a 49% increase mobile device applications, which now account for 72% of total digital applications. These improvements also drove a 500 basis point linked quarter increase in the conversion rate on new digital applications, driving productivity, and leading strong digital client satisfaction scores. We're not only better serving and growing with our clients, but we're also doing that more efficiently.

此外，隨著開戶數量的增加，數位化開戶資金也有所改善，餘額較去年第三季大幅增加。我們最近增強的數位存款應用程式體驗幫助推動行動裝置應用程式成長了 49%，目前佔數位應用程式總數的 72%。這些改進還推動新數位應用程式的轉換率季度增長了 500 個基點，提高了生產力，並引領了強勁的數位客戶滿意度得分。我們不僅更好地為客戶提供服務並與客戶共同成長，而且我們的工作效率也更高。

So now let me turn it over to Mike to discuss the financial results, and I'll come back after that and close this out.

現在讓我把它交給麥克討論財務結果，然後我會回來並結束這個問題。

Thank you, Bill, and good morning, everyone. As a high-level summary, we reported third quarter 2024 GAAP net income available to common shareholders of $1.3 billion or $0.99 per share. Our adjusted EPS was $0.97 per share, which included a $36 million pre-tax or $0.01 per share after tax, increased to the gain on sale of Truist Insurance Holdings and a $16 million pre-tax or another $0.01 per share after-tax reduction on the FDIC special assessment.

謝謝你，比爾，大家早安。作為高級摘要，我們報告了 2024 年第三季普通股股東可獲得的 GAAP 淨利潤為 13 億美元，即每股 0.99 美元。我們調整後的每股收益為0.97 美元，其中包括3,600 萬美元的稅前或每股稅後0.01 美元，增加了出售Truist Insurance Holdings 的收益，以及1,600 萬美元的稅前或每股稅後0.01 美元的減少。

Total revenue adjusted for the losses on the available for sale investment securities that were sold in the second quarter increased by 2.4% linked quarter due to a 2.2% increase in net-interest income, and 3.1% growth in non-interest income, driven primarily by growth in investment banking and trading revenue. Adjusted expenses increased 0.9% linked quarter but were down approximately 2.3% on a linked-quarter basis, reflecting lower personnel costs.

經第二季出售的可供出售投資證券損失調整後的總收入環比增長 2.4%，原因是淨利息收入增長 2.2%，非利息收入增長 3.1%，主要推動因素投資銀行和交易收入的增長。調整後費用較上季成長 0.9%，但較上季下降約 2.3%，反映出人員成本下降。

Moving on to capital, our CET1 ratio remained relatively stable linked quarter at 11.6% at current period earnings and a smaller balance sheet were offset by the pay of our common dividend and share repurchases completed during the quarter. From a credit perspective, net charge-offs declined by 3 basis points on a linked-quarter basis. And our non-performing loans remained relatively stable, both on a like and linked quarter basis.

轉向資本，我們的 CET1 比率保持相對穩定，按本期收益計算，為 11.6%，資產負債表較小，但被本季度完成的普通股息支付和股票回購所抵消。從信貸角度來看，淨沖銷較上月下降了 3 個基點。我們的不良貸款在同類和相關季度的基礎上都保持相對穩定。

Next to get into additional detail, I'll cover loans and leases on slide 9. Average loans decreased $3 billion or 1% on a sequential basis, reflecting overall weaker commercial client demand and line utilization, partially offset by modest growth in consumer loans. Average commercial loans decreased by $3.2 billion or 1.7%, primarily due to the client in C&I balances, driven again by lower line utilization and at least in part by greater capital markets activity. And our consumer portfolio, average loans remained relatively stable linked quarter as growth in indirect auto and Service Finance was offset with lower residential mortgage loans.

接下來，我將詳細介紹投影片 9 中的貸款和租賃。平均商業貸款減少了 32 億美元，即 1.7%，主要是由於客戶的 C&I 餘額減少，這再次受到線路利用率下降以及至少部分是資本市場活動增加的推動。我們的消費者投資組合、平均貸款環比保持相對穩定，因為間接汽車和服務金融的成長被住宅抵押貸款的減少所抵消。

As Bill mentioned, production improved in both consumer and wholesale lending, but paydowns and runoff in certain categories like commercial and residential real estate will likely result in continued pressure on an average balance basis in the fourth quarter, likely similar to the rate of decline that we experienced in the third quarter.

正如比爾所提到的，消費者和批發貸款的產量都有所改善，但商業和住宅房地產等某些類別的還款和徑流可能會導致第四季度平均餘額持續面臨壓力，可能與去年第四季的下降速度類似。

Moving to deposit trends on slide 10. Average deposits decreased 1% sequentially or $3.7 billion with approximately $1.7 billion of the decline due to lowered brokered deposits. Average non-interest bearing deposits decreased 1.4% and represented 28% of total deposits, which is unchanged versus the second quarter of 2024.

轉到幻燈片 10 上的存款趨勢。平均無息存款下降 1.4%，佔存款總額的 28%，與 2024 年第二季持平。

The $1.7 billion decline in average broker deposits reduced our total and interest-bearing deposit costs by basis points sequentially to 2.08% and 2.88%, respectively. Overall, we expect deposit balances to remain relatively stable in the fourth quarter.

經紀人存款平均下降​​ 17 億美元，使我們的總存款成本和計息存款成本分別下降了基點至 2.08% 和 2.88%。總體而言，我們預計第四季存款餘額將保持相對穩定。

Moving the net interest income and net interest margin on slide 12. Taxable equivalent net interest income increased 2.2% linked quarter or $77 million, primarily due to the strategic balance sheet repositioning we completed during the second quarter, a reduction in higher cost wholesale funding, and the impact of one additional day in the third quarter. These tailwinds were partially offset by the impact of additional receive fixed interest rate swaps that became effective during the quarter and by lower commercial loan balances.

將淨利息收入和淨利差移至投影片12。較高的批發融資的減少、以及第三季增加一天的影響。這些有利因素被本季生效的額外固定利率掉期的影響以及商業貸款餘額下降所部分抵銷。

Reported net interest margin increased 10 basis points on a linked quarter basis to 3.12% due primarily to the securities repositioning I just mentioned, and a reduction in higher cost wholesale funding.

報告的淨利差較上一季度增長了 10 個基點，達到 3.12%，這主要是由於我剛才提到的證券重新定位以及較高成本批發融資的減少。

Turning to non-interest income on slide 12. Adjusted non-interest income increased $45 million or 3.1% relative to the second quarter. The linked quarter increase was primarily attributable to higher other income and higher investment banking and trading income, which improved $46 million due to higher M&A, equity capital markets, and investment grade fees. Adjusted non-interest income increased 11% on a linked-quarter basis due to higher investment banking and trading income and higher higher service charges on deposit income.

轉向幻燈片 12 上的非利息收入。季度相關成長主要歸因於其他收入的增加以及投資銀行和交易收入的增加，由於併購、股權資本市場和投資等級費用的增加，投資銀行和交易收入增加了 4,600 萬美元。由於投資銀行和交易收入增加以及存款收入服務費增加，調整後的非利息收入較上季增加 11%。

Next, I'll cover non-interest expense on slide 13. GAAP expenses of $2.9 billion decreased $167 million linked quarter primarily due to lower other expenses as the second quarter included a $150 million charitable donation. Regulatory costs decreased by $34 million, partially due to a $16 million reduction on the FDIC special assessment, which was recognized in 3Q '24.

接下來，我將在投影片 13 上介紹非利息費用。監管成本減少了 3,400 萬美元，部分原因是 FDIC 特別評估減少了 1,600 萬美元，該費用已在 2024 年第三季確認。

Adjusted non-interest expense increased 0.9% sequentially due to higher professional fees, other, and marketing expense, partially offset by lower personnel expense. On a linked-quarter basis, adjusted expenses declined by $67 million or 2.3%, reflecting lower personnel and other expenses.

由於專業費用、其他費用和行銷費用增加，調整後的非利息費用較上季增加 0.9%，但部分被人事費用減少所抵銷。按季度計算，調整後費用減少了 6,700 萬美元，即 2.3%，反映出人員和其他費用的減少。

Now, moving to asset quality on slide 14. Asset quality remained stable on both a 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 3 basis points to 55 basis points, due primarily to lower losses in our CRE portfolio.

現在，轉向投影片 14 上的資產品質。本季度，我們的淨沖銷率下降 3 個基點至 55 個基點，主要是由於我們的商業房地產投資組合損失減少。

Our loan loss provision remained relatively stable linked quarter and includes a $25 million provision related to Hurricane Helene. The provision exceeded net charge-offs for the fourth quarter, which, along with lower loan balances, resulted in a 3 basis point increase in our ALLL ratio to 1.60%.

我們的貸款損失撥備與季度相關，保持相對穩定，其中包括與颶風海倫相關的 2500 萬美元撥備。該撥備超過了第四季度的淨沖銷，加上貸款餘額下降，導致我們的 ALLL 比率增加了 3 個基點，達到 1.60%。

Non-performing loans as a percentage of total loans remained relatively stable for the fourth consecutive quarter, while total delinquencies were also flat on a linked quarter basis. Included in our appendix is updated data on our office portfolio, which is down $232 million linked quarter to 1.5% of total loans. Our office reserve increased from 9.7% to 10.4%, driven by continued expected stress in the office sector. Approximately 5.1% of our office portfolio is currently classified as non-performing compared with 6.3% at June 30. Approximately 90% of these loan balances are paying in accordance with the original terms of loan.

不良貸款佔貸款總額的百分比連續第四個季度保持相對穩定，而拖欠總額也與上一季持平。我們的附錄中包含了我們辦公室投資組合的最新數據，該投資組合季度下降了 2.32 億美元，佔貸款總額的 1.5%。受辦公大樓產業持續預期壓力的推動，我們的辦公大樓儲備從 9.7% 增加到 10.4%。目前，我們的辦公室投資組合中約 5.1% 被列為不良貸款，而截至 6 月 30 日，這一比例為 6.3%。

Notably, approximately 21% of our office portfolio is housed within our commercial 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，我們大約 21% 的辦公室投資組合位於我們的商業社區銀行和財富領域，這些領域的貸款規模往往更細化，擔保人支持更普遍，總體損失也更低。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 to capital on slide 15. Tourist CET1 ratio remained relatively stable linked quarter at 11.6% as current period earnings were offset by the return of $1.2 billion in capital to shareholders. The our common stock dividend and the repurchase of $500 million of our shares. Our CET1 capital ratio, including the impact of AOCI, increased from 9.6% to 9.9%, reflecting a $1.6 billion linked quarter improvement in AOCI due to the decline in longer-term interest rates experienced during the quarter.

轉向投影片 15 上的資本。我們的普通股股利和回購 5 億美元的股票。我們的 CET1 資本比率（包括 AOCI 的影響）從 9.6% 增加至 9.9%，反映出由於本季長期利率下降，AOCI 相關季度改善了 16 億美元。

Although we await the final proposal for the Basel III endgame rules, we believe that our current strong capital position gives us the unique ability to utilize our future earnings and AOCI accretion to fund balance sheet growth and return a significant amount of capital to our shareholders.

儘管我們正在等待巴塞爾協議III 最終規則的最終提案，但我們相信，我們目前強大的資本狀況使我們具有獨特的能力，可以利用我們的未來收益和AOCI 增長為資產負債表增長提供資金，並向股東返還大量資本。

I will now review our updated guidance on slide 16. Looking into the fourth quarter of 2024, we expect revenue to decrease 1.5% from the third quarter 2024 adjusted revenue of $5.1 billion. We expect net interest income to decrease 1.5% in the fourth quarter, primarily driven by lower commercial loan balances, and some pressure to our net interest margin due to the temporary lag in our deposit beta.

我現在將回顧幻燈片 16 上的更新指引。我們預計第四季度淨利息收入將下降 1.5%，主要是由於商業貸款餘額下降以及存款貝塔值暫時滯後而對淨息差造成一定壓力。

Our net-interest income outlook assumes to 25 basis point reduction in the Federal Funds rate over the remainder of 2024, one cut in November and another cut in December. We expect non-interest income declined by 2%, driven primarily by lower investment banking and trading revenue as the third quarter performance was helped by some pull forward of capital markets activity from the fourth into the third quarter.

我們的淨利息收入前景假設聯邦基金利率將在 2024 年剩餘時間內降低 25 個基點，其中一次在 11 月下調，另一次在 12 月下調。我們預計非利息收入將下降 2%，這主要是由於投資銀行和交易收入下降，第三季的業績得益於資本市場活動從第四季度提前到第三季度的一些推動。

Adjusted expenses of $2.8 billion in the third quarter are expected to increase 4% in the third quarter, driven by investments in areas such as talent, our digital platforms, marketing, and risk infrastructure. For the full year 2024, consistent with our previous guidance, we expect revenues to be down 0.5% to down 1%, which reflects our updated outlook for the fourth quarter.

受人才、數位平台、行銷和風險基礎設施等領域投資的推動，第三季調整後費用為 28 億美元，預計將成長 4%。對於 2024 年全年，與我們先前的指引一致，我們預計營收將下降 0.5% 至 1%，這反映了我們對第四季的最新展望。

As Bill mentioned, we now expect full year 2024 adjusted expenses to be slightly lower in 2023 adjusted expenses versus our previous expectation for expenses to remain approximately flat. In terms of asset quality, we previously expected net charge-offs of about 65 basis points for full year 2024. We would now expect net charge-offs to be closer to 60 basis points in 2024.

正如 Bill 所提到的，我們現在預計 2024 年全年調整後費用將略低於 2023 年調整後費用，而我們先前對費用保持大致持平的預期。就資產品質而言，我們先前預計 2024 年全年淨沖銷約為 65 個基點。

As it relates to buybacks, similar to the third quarter, we are targeting approximately $500 million of share repurchases in the fourth quarter. Finally, we expect our effective tax rate to approximate 17.5% or 20% on a taxable equivalent basis in the fourth quarter of 2024.

由於與回購相關，與第三季類似，我們的目標是在第四季回購約 5 億美元的股票。最後，我們預計 2024 年第四季的有效稅率約為 17.5% 或以應稅等值計算的 20%。

I will now hand it back to Bill for some final remarks.

現在我將把它交還給比爾做一些最後的評論。

Great. Thank you, Mike. So in conclusion, I'm really pleased with the progress we've made as a company this year, and I'm confident that we've got tremendous momentum within our company with our clients and with our teammates as our value proposition has never been stronger.

偉大的。謝謝你，麥克。總而言之，我對我們公司今年的進步感到非常滿意，我相信我們在公司內部與我們的客戶和我們的隊友一起取得了巨大的動力，因為我們的價值主張從未有過。了。

First, we've got an incredible franchise with leading share in high-growth markets. We've got highly motivated and energized teammates. We have a fulsome set of specialized wholesale and consumer capabilities that are loyal clients value. Our relative capital advantages, a differentiating factor that gives us a unique ability to grow our core banking businesses by serving existing and new clients, invest in our infrastructure, and return considerable amounts of capital to our shareholders in the form of dividends and share repurchases over the next several years.

首先，我們擁有令人難以置信的特許經營權，在高成長市場中擁有領先的份額。我們擁有積極主動、充滿活力的隊友。我們擁有一整套專業的批發和消費能力，這是忠實客戶所重視的。我們的相對資本優勢是一個差異化因素，使我們能夠透過服務現有和新客戶、投資基礎設施以及以股息和股票回購的形式向股東返還大量資本來發展我們的核心銀行業務。 。

As we execute our strategic growth and capital management priorities as we see a significant opportunity to improve our profitability over the medium term. Our path to profitability improvement is multifaceted and a function of client and business growth while maintaining our cost discipline. I can say that I'm encouraged that much of the profitability improvement potential we're working towards is centered on further deepening of existing client relationships and verticals and product lines that already exist at Truist.

當我們執行策略性成長和資本管理優先事項時，我們看到了提高中期獲利能力的重大機會。我們提高獲利能力的途徑是多方面的，是客戶和業務成長的函數，同時保持我們的成本紀律。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。

The good news is we see multiple paths and initiatives that with proper execution will result in improved performance. While we don't have to experiment with new products or expand into new markets to achieve our goals. We plan to accomplish all of this while maintaining our expense discipline and focus on generating positive long term operating leverage will also continue to invest in talent, technology, and our infrastructure.

好消息是，我們看到了多種途徑和舉措，只要執行得當，就能提升績效。雖然我們不必嘗試新產品或拓展新市場來實現我們的目標。我們計劃實現所有這些目標，同時保持我們的支出紀律，並專注於產生積極的長期營運槓桿，也將繼續投資於人才、技術和基礎設施。

Although it's too early to provide specific earnings guidance for 2025, based on the current momentum confidence and our teams and our franchise where we are in the planning cycle, we do expect to achieve positive operating leverage next year.

儘管現在提供 2025 年具體盈利指引還為時過早，但根據當前的勢頭信心以及我們的團隊和我們處於規劃週期的特許經營權，我們確實預計明年將實現積極的營運槓桿。

Finally, we'll never take for granted our strong track record on asset quality as we continue to focus on maintaining strong risk discipline and controls. I'm as optimistic as ever, but Truist future, especially in light of the success I see every day inside our company. I'd like to thank all of our teammates and all of our leaders for their incredible purposeful focus on productivity and moving our company forward. Again, thank you for your interest and investment in Truist.

最後，我們永遠不會認為我們在資產品質方面的良好記錄是理所當然的，因為我們將繼續致力於維持嚴格的風險紀律和控制。我一如既往地樂觀，但相信未來，尤其是考慮到我每天在公司內部看到的成功。我要感謝我們所有的隊友和所有領導者對生產力和推動我們公司前進的令人難以置信的目標性關注。再次感謝您對 Truist 的興趣和投資。

So with that, Brad, let me turn it back over for Q&A.

那麼，布拉德，讓我把它轉回來進行問答。

Thank you, Bill. Betsy at this time, we please explain how our listeners can participate in the Q&A session. (Event Instructions)

謝謝你，比爾。 Betsy 此時，我們請說明我們的聽眾如何參與問答環節。 （活動須知）

(Operator Instructions)

（操作員說明）

Scott Siefers, Piper Sandler.

斯科特·西弗斯，派珀·桑德勒。

Mike, was hoping you could please maybe unpack the Q4 margin guidance a bit more for overall NII certainly understand the ongoing pressure on loans. But was hoping you might be able to walk through thoughts on how quickly deposit betas might be able to catch up to help support or ideally enhance the margin then? And then just make some some top-level thoughts about the company's overall rate sensitivity at this point?

麥克，希望您能更多地了解第四季度的利潤指引，因為整體 NII 當然了解貸款持續面臨的壓力。但是否希望您能夠思考一下存款貝塔值能夠以多快的速度趕上來幫助支持或理想地提高保證金呢？然後對公司此時的整體利率敏感度做出一些頂層思考？

Happy to do that. From NIM perspective, maybe just as for to start with the third quarter and give you the trend in the fourth and maybe even give you a sense for where we go from there. And I'll link that to the beta. The bulk of the improvement that we saw in the third quarter was really driven by the repositioning. So the 10 basis points from 3 or 2 to 3, 12.

很高興這樣做。從 NIM 的角度來看，也許只是從第三季開始，為您提供第四季度的趨勢，甚至可能讓您了解我們接下來的發展方向。我會將其連結到測試版。我們在第三季看到的大部分改善實際上是由重新定位推動的。所以10個基點從3或2變成3、12。

As you look into the fourth quarter, we mentioned to the temporary beta lag. We do expect two cuts in the fourth, and we did see some improvement in the third, you'll recall. We were better by 1 basis point on, call it an average funds rate that was better by 7 basis points for the quarter.

當你回顧第四季時，我們提到了暫時的測試滯後。我們確實預計第四次會出現兩次削減，您會記得，我們​​確實在第三次中看到了一些改進。我們比本季提高了 1 個基點，稱為平均基金利率，提高了 7 個基點。

So started at call it a 15% beta quarter is that while we'll accelerate significantly, call it into the mid to maybe even high-30% from a beta perspective, that will still lagging touch relative to add to how quickly the assets are repricing. So we see some margin compression there. Maybe it's yet to the same tune as we guided NII So call it up 1% and 0.5% or so of net-interest margin down into that low 3.05%, 3.06% area. We would expect that to catch up very, very early, probably in the first quarter of 2025 and would expect to see the margin stabilize, I'd say in the first quarter and then begin to improve as we have further cuts as we get into 2025.

因此，一開始就稱其為15% 的Beta 季度，雖然我們將顯著加速，但從Beta 的角度來看，將其稱為中期甚至高30%，但相對於增加資產的速度而言，這仍然會滯後。所以我們看到了一些利潤壓縮。也許它還沒有達到我們指導的 NII 的調子，因此將淨利差提高 1% 和 0.5% 左右，降至 3.05%、3.06% 的低點區域。我們預計這一點會非常非常早地趕上，可能是在 2025 年第一季度，並且預計利潤率會穩定下來，我想說的是在第一季度，然後開始改善，因為我們進入了進一步的削減2025 年。

And then I just wanted to ask separately. So you did the really large balance sheet group positioning earlier this year. I've got the impression that that was value you plan there, but you have so much capital flexibility relative to so many banks out there. Would any thoughts on further opportunities to do so, or is it stamp pat on that front?

然後我就想單獨問一下。今年早些時候，你們對資產負債表集團進行了非常大的定位。我的印像是，這是你們計畫的價值，但相對於眾多銀行，你們擁有如此多的資本彈性。對於進一步這樣做的機會有什麼想法嗎？

Yeah. Look, I think you're right, and we feel like we took a pretty big swing at this in May. We have now fully realized at least the benefit into the run rate in the third quarter. We do think that our capital position is an advantage. We're trying to be patient, very focused on growing the business. Bill's talked a lot about the various initially additives in both of our business segments where we do think we're going to have an opportunity to grow footings and and leverage capital.

是的。聽著，我認為你是對的，我們覺得我們在五月在這方面做出了相當大的轉變。我們現在至少已經完全實現了第三季運行率的效益。我們確實認為我們的資本狀況是一個優勢。我們努力保持耐心，非常專注於發展業務。比爾談了很多關於我們兩個業務部門的各種最初的添加劑，我們確實認為我們將有機會發展基礎並利用資本。

Obviously, as that's been a little slower to develop, we're buying back shares at an elevated level. I think we would expect to continue buying back shares at an elevated level. I think the repositioning incrementally, I don't think we want to ever put the tool back in the toolbox necessarily, but I think it's a lower priority for us based on what else we see in front of us.

顯然，由於發展速度稍慢，我們正在以較高的水平回購股票。我認為我們預計將繼續以較高水準回購股票。我認為逐步重新定位，我認為我們不一定希望將工具放回工具箱中，但我認為根據我們面前的其他情況，這對我們來說是一個較低的優先事項。

Betsy Graseck, Morgan Stanley.

貝特西‧格拉塞克，摩根士丹利。

Bill, you mentioned with proper execution to deliver on the goals here in a target to have. Could you help us understand what do you mean by proper execution? Is that just hitting the goals are and is there a change in how you're operating that delivers proper execution?

比爾，您提到透過適當的執行來實現目標中的目標。您能幫助我們理解正確執行是什麼意思嗎？這是否只是達到了目標？

Yeah. I mean, that's a -- there's a real strong focus on expanding our relationships with our existing clients. I'm really pleased with the momentum we've created in the execution. Coming out of the merger, there was a lot of diversion and a lot of focus on in our activities of getting clients converted and getting teammates onboarded and all of those type things. And that's just way behind us.

是的。我的意思是，我們非常注重擴大我們與現有客戶的關係。我對我們在執行過程中創造的勢頭感到非常滿意。合併後，我們的活動發生了很多轉移，也把很多注意力集中在讓客戶轉變、讓團隊成員加入以及所有這些類型的事情上。那就在我們身後。

And now the teams are really focused on executing against our priorities to got a really strong focus and clarity about what we want to accomplish. So when I say proper execution, maybe obsession, better said continuation of the of the execution momentum that we've started. And then you see some of that in this quarter. You see increase in primacy rates. You see that continuation of net new. So all these things that are in demonstrable evidence of the fact that we're continuing to expand and grow our relationship with our clients. So probably ought to be continuation and improved momentum against existing execution.

現在，團隊真正專注於執行我們的優先事項，以真正明確我們想要實現的目標。因此，當我說適當的執行時，也許是癡迷，更好地說是我們已經開始的執行動能的延續。然後你會在本季看到其中的一些內容。你會看到首要率的增加。你會看到淨新的延續。因此，所有這些事情都清楚地證明了我們正在繼續擴大和發展與客戶的關係。因此，可能應該繼續並改進現有執行的勢頭。

And then as we're thinking about the positive operating leverage into 2025, how much of that being driven by deposit beta lags catching up here with some Fed funds? I mean, is that the major driver of how we're thinking about operating leverage as we roll into '25?

然後，當我們考慮 2025 年的正營運槓桿時，其中有多少是由存款貝塔驅動的，落後於一些聯邦基金？我的意思是，這是我們進入 25 世紀時如何考慮營運槓桿的主要驅動力嗎？

Well, you've got all the factors that come into that so that first of the amount of momentum in the business that we have to take investment banking was to use that as one example. The momentum we have in this quarter. Continuing that type of momentum into next year, as an example. The loan growth activities I think confidence return. We saw production increases this quarter. Particularly on the consumer side, we saw loan production up around 3%.

嗯，你已經掌握了所有涉及其中的因素，因此我們必須以投資銀行業務為例，其業務的第一個動力就是以此為例。我們本季的勢頭。例如，將這種勢頭延續到明年。我認為貸款增長活動信心有所恢復。我們看到本季產量增加。特別是在消費者方面，我們看到貸款產量增加了 3% 左右。

We saw real increases in the areas that we can lean into thinking about the things about like Service Finance at Sheffield. And so we saw really good momentum there, increase in production on the wholesale side, but the utilization was the lowest this quarter. It's been in the last five quarters. So but we expect to see some of that return.

我們看到了我們可以思考的領域的真正成長，例如謝菲爾德的服務金融。因此，我們看到了非常好的勢頭，批發方面的產量有所增加，但利用率是本季最低的。這是過去五個季度的情況。因此，我們預計會看到其中的一些回報。

So we've got some loan dependencies. We've got some executional dependencies, some fee dependencies. And then as you mentioned, the deposit beta. I'm really pleased with the team. Mike and team have brought a really great leadership working really closely with Chris and Dante all the businesses to run. Will it be on top of where we are from deposit betas. And Mike indicated we've already had a little bit of movement, expect a little bit of a lag, but see that transitioning in the first quarter of next year and then continuing from there.

所以我們有一些貸款依賴性。我們有一些執行依賴性，一些費用依賴性。然後正如你所提到的，存款測試版。我對球隊真的很滿意。麥克和團隊帶來了非常出色的領導力，與克里斯和但丁密切合作，經營所有業務。它會高於我們存款測試版的水平嗎？麥克表示，我們已經有了一些進展，預計會有一點滯後，但預計會在明年第一季進行過渡，然後從那裡繼續。

And then the final factor is the expense side. So the other side of that is controlled expenses. And hopefully we're giving good evidence of the fact that we've got a good handle on our expenses. We're going to be down this year versus last year. And I think we've got a really good capacity to correlate our expense growth with our revenue growth opportunities.

最後一個因素是費用方面。因此，另一方面是控制開支。希望我們能夠提供充分的證據來證明我們已經很好地控制了我們的開支。與去年相比，今年我們的業績將會下降。我認為我們有很好的能力將我們的支出成長與我們的收入成長機會連結起來。

So it's a lot of things. Maybe it's a long answer to it to a short question. But all of those things, I think have the requisite amount of focus and attention. And we don't have a single dependency. We're going to manage them all really tightly in really well with a focus on achieving that positive operating leverage.

所以有很多事情。也許這是對一個簡短問題的一個長答案。但我認為所有這些事情都需要足夠的關注和關注。而且我們沒有任何依賴關係。我們將非常嚴格地管理它們，重點是實現積極的營運槓桿。

Erika Najarian, UBS.

艾莉卡·納賈里安，瑞銀。

My first question is a follow-up. Mike, you mentioned a little bit of guidance on the fourth quarter, as we think about the trajectory from here and fully appreciating we're not getting specific 25 color today. As we think about the structure of the asset side versus your liability side, should we assume that from that 3.05% 3.06% level that assets can start repricing faster than liabilities in 1Q, but then there's a day count impact on NII that's negative? Or will the assets repricing faster than liabilities go -- coming later? And to that you mentioned the swap. If you could give us a little more color on the swap with the notional active is with the weighted fixed -- receive fixed rate is. So we can factor that into our modeling.

我的第一個問題是後續問題。麥克，你提到了第四季度的一些指導，因為我們考慮了從這裡開始的軌跡，並充分認識到我們今天沒有得到具體的 25 種顏色。當我們考慮資產方與負債方的結構時，我們是否應該假設從3.05% 到3.06% 的水平，資產在第一季可以比負債更快地開始重新定價，但隨後對NII 的天數影響是負面的？或者資產的重新定價速度會比負債的速度更快──來得太晚嗎？對此你提到了交換。如果您能給我們更多關於名義活躍互換的信息，即加權固定利率 - 接收固定利率。所以我們可以將其納入我們的建模中。

As it relates to the -- I call it, maybe the NIM trajectory, I think you've got it right. Well, let's see say this, so we do expect in the fourth quarter for the beta to accelerate. I mentioned in your call it mid high-30s. We would expect that to continue and essentially catch up in the first quarter. So with that point, we would expect to actually have the balance sheet behaving a touch liability sensitive again after an asset-sensitive fourth quarter. And so really as we move deeper into '25, again, a lot of variables here, we would expect the net interest margin to begin to to expand attach. So that's a good guy.

因為它與——我稱之為 NIM 軌跡相關，我認為你說得對。好吧，讓我們來看看，所以我們確實預計第四季度測試版會加速。我在你的稱呼中提到過30歲左右。我們預計這種情況將持續下去，並在第一季基本上趕上。因此，在這一點上，我們預計在資產敏感的第四季度之後，資產負債表實際上會再次表現出接觸負債敏感性。因此，隨著我們進入 25 年，這裡又出現了許多變量，我們預計淨利差將開始擴大。所以這是一個好人。

And I think you mentioned day count, I'm glad you brought that up. There are two fewer days in the first quarter. So as you think about actual NII dollars, while we might see a more stable earning asset base in the first. We might see a more stable net interest margin. You might still feel a touch of pressure from $1 of NII perspective. I think I got most of your questions, 1A and 1B.

我想你提到了天數，我很高興你提到了這一點。第一季還少了兩天。因此，當你考慮實際的 NII 美元時，我們可能首先會看到更穩定的獲利資產基礎。我們可能會看到更穩定的淨利差。從 1 美元的 NII 角度來看，您可能仍然會感到一絲壓力。我想我已經回答了你的大部分問題，1A 和 1B。

On the swaps, let's see. We did -- well, we have two programs that we used to manage our rate position, we've got our receive fixed program, which we primarily rely on to manage our NII sensitivity and risks and opportunities. And we have our pay-fixed program to manage our asset values, manage our capital volatility risk in the future AOCI, et cetera.

關於交換，讓我們看看。我們做了——嗯，我們有兩個計劃用來管理我們的利率狀況，我們有我們的接收固定計劃，我們主要依靠它來管理我們的 NII 敏感性以及風險和機會。我們有固定薪酬計劃來管理我們的資產價值、管理未來 AOCI 的資本波動風險等。

We did have some activity in the positions during the quarter. We added about $15 billion give-or-take of forward starting receivers during the third quarter. That takes notional up into, call it $60 billion or so area. We also added about $5 billion of pay-fixed swaps. We added up to the US investment portfolio during the quarter as well. So had some accompanied activity there.

本季我們的職位確實有一些活動。第三季我們增加了約 150 億美元的前鋒先發捕手交換費用。這相當於名義上的 600 億美元左右的區域。我們也增加了約 50 億美元的付費固定掉期。我們在本季也增加了美國的投資組合。所以在那裡進行了一些伴隨的活動。

In terms of active versus forward starting, we did have -- I mentioned in our NII results description, we had a touch of a headwind in the third versus the second quarter based on about $12 billion of incremental received fixed swaps becoming active during the quarter. That was a manageable headwind. As we look at the fourth quarter, we really don't have much else coming on throughout the course of the year.

就主動啟動與前瞻性啟動而言，我們確實有——我在NII 結果描述中提到，我們在第三季度與第二季度遇到了一些逆風，因為本季度新增固定掉期約120 億美元變得活躍。這是一個可以控制的逆風。當我們觀察第四季時，我們全年確實沒有太多其他事情發生。

We will have more active in 2025, but that's going to come on, frankly, who knows the curve could change. But based on the curve that we see today, that's going to come on and actually be less of a headwind each quarter into 2025.

到 2025 年，我們將更加活躍，但坦白說，這種情況總是會發生，誰知道曲線可能會改變。但根據我們今天看到的曲線，這種情況將會出現，而且實際上到 2025 年每季的阻力都會減少。

Our received fixed rate you asked Erica is around [340] on that notional.

當您詢問艾麗卡時，我們收到的固定利率約為 [340]。

And my follow up question and thanks for all the detail is for Bill based on what Mike just said you should have NII growth next year. If everything is supposed to come true that the market's thinking in terms of capital market strength in '25 you'll benefit from that as you did this quarter. If the market is good volatile as it could be after an election and a change in administration, that could be good for your wealth management business as well.

我的後續問題和對所有細節的感謝是針對比爾的，基於麥克剛才所說的，明年國家資訊基礎設施應該會成長。如果市場對 25 年資本市場實力的看法都成為現實，那麼您將從中受益，就像本季一樣。如果市場像選舉和政府更迭後那樣劇烈波動，那麼這也可能有利於您的財富管理業務。

So as we think about Truist on offense and fully appreciate that you're aiming for positive operating leverage, are you thinking about your expense base -- really just more around into that revenue potential revenue strength in '25? In other words, should we think about Truist on offense rather than -- because in advance and now they have to think about managing expenses because of all the issues with the merger integration. So wanted to get your thoughts there.

因此，當我們在進攻方面考慮 Truist 並充分認識到您的目標是獲得積極的營運槓桿時，您是否正在考慮您的支出基礎 - 實際上只是更多地考慮 25 年的收入潛在收入實力？換句話說，我們應該考慮進攻性的Truist，而不是——因為由於合併整合的所有問題，他們必須提前考慮管理費用。所以想了解一下你的想法。

And additionally, some longer-term, investors have asked me now why will Truist operate in the mid-teens in terms of [Rocky], if there are two super regional peers are aiming to earn in the high-teens or the mid to high-teens, and I suspect that might be at a capital adjustment. I know that a compound question, but I wanted to get your thoughts on both.

此外，一些長期投資者現在問我，如果有兩個超級區域同行的目標是在高十幾歲或中高位賺取收入，那麼為什麼 Truist 會在 [Rocky] 方面以十幾歲左右的價格運營？ -十幾歲，我懷疑這可能是資本調整。我知道這是一個複雜的問題，但我想了解您對這兩個問題的想法。

Thanks for the comprehensive questions. I think they've characterized the first part of question exactly right, and sense of that we are on offense and you can feel it in our company. You can feel it in the results. You can see it in the things that we talked about in terms of historic third quarter revenue outlined many of those in terms of momentum. We think about the expense side, and this is the concept of I talked about about our commitment to long-term operating leverage. Is the expenses are correlate to that opportunity.

感謝您提出全面的問題。我認為他們對問題第一部分的描述是完全正確的，以及我們正在進攻的感覺，你可以在我們公司感受到這一點。您可以從結果中感受到這一點。您可以從我們討論的歷史性第三季收入中看到這一點，其中概述了其中的許多內容。我們考慮費用方面，這就是我談到的我們對長期營運槓桿的承諾的概念。費用是否與該機會有關？

And I think today we've got the calibration correlated. I think as you noted, it was uncorrelated as we were coming out of the merger. And today, I think we've got a really good handle on the capacity to invest and win and grow and be on offense and have those be correlated again yourself, good evidence of that in this quarter.

我認為今天我們已經得到了相關的校準。我認為正如您所指出的，當我們完成合併時，這是不相關的。今天，我認為我們已經很好地掌握了投資、獲勝、成長和進攻的能力，並使這些能力再次與您自己相關聯，這是本季度的良好證據。

So there isn't a merger hangover or other activity related to the expenses. We've been investing, we're going to continue to invest, and we see the results of that in our top line revenue growth and opportunity. So again, higher correlated and commitment to have an efficient company.

因此，不存在合併後遺症或與費用相關的其他活動。我們一直在投資，我們將繼續投資，我們在營收成長和機會中看到了投資的結果。再次強調，更高的相關性和對擁有高效公司的承諾。

So we're operating today at a really much stronger efficiency ratio. So we didn't talk about that. So this commitment to have positive operating leverage on the platform of a really efficient company. So let's put that in one category.

因此，我們今天的營運效率確實要高得多。所以我們沒有談論這個。因此，我們承諾在一家真正有效率的公司的平台上擁有積極的營運槓桿。因此，讓我們將其歸為一類。

And then on the ROTC side, I think you highlighted the starting point as a little bit different, right, because of the sale of the year insurance business and the creation of a lot of capital. So we start from a different framework. I think about it is the speed and increase in terms of return. So our speed of increase in return, I think is unparalleled.

然後在後備軍官訓練隊方面，我認為您強調了起點有點不同，對吧，因為出售了當年的保險業務並創造了大量資本。所以我們從不同的框架開始。我認為這是回報的速度和增加。所以我們回報增加的速度，我認為是無與倫比的。

So where we start from our ability to deploy capital, both in growing our business and returning capital to our shareholders, I think has the capacity to grow our ROTC faster than anybody else. And then once we get to that mid-teens level than it had in our business model starts to reflect more of what we talked about in the first part of my answer than I think we're catapult from there. But the but the key as we have the most ability to grow our return over the medium term.

因此，如果我們從部署資本的能力開始，無論是發展我們的業務還是向股東返還資本，我認為我們有能力比其他任何人更快地發展我們的後備軍官訓練隊。然後，一旦我們達到了我們的商業模式中的十幾歲左右的水平，就開始更多地反映我們在回答的第一部分中討論的內容，而不是我認為我們從那裡彈射出來的內容。但關鍵是我們最有能力在中期增加回報。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

I guess maybe just the first question and apologies if I missed it. I think you mentioned the pace of buybacks and then it gives us $0.5 billion this quarter. Should we is there room or are you thinking about increasing the pace of buybacks in the near term if loan growth is needed? Or should we assume that that $500 million is held to be locked in for the next several quarters?

我想也許只是第一個問題，如果我錯過了，我深感抱歉。我想你提到了回購的步伐，然後它為我們帶來了本季 5 億美元的收益。如果需要貸款成長，我們是否應該有空間，或者您是否考慮在短期內加快回購步伐？或者我們應該假設這 5 億美元將在接下來的幾季鎖定？

Yeah. This is Bill. So I think we ought to think about it as it's going to stay at an elevated level for some period of time. We've been very clear that we see opportunities to grow our business. So we're going to make sure that we've got ample capital to do that and invest in the growth. If we see that it has been, we'll much longer than some of our current view. We have the opportunity to recalibrate or to stay at elevated levels, longer or the increase those elevated levels.

是的。這是比爾。所以我認為我們應該考慮這個問題，因為它會在一段時間內保持在較高水平。我們非常清楚，我們看到了發展業務的機會。因此，我們將確保我們有足夠的資金來做到這一點並投資於成長。如果我們看到確實如此，我們的觀點就會比我們目前的觀點要長得多。我們有機會重新調整或保持在較高水平，更長時間或增加這些較高水平。

But for now, I think and so we talked about the fourth quarter and how we would enter the first part of next year. We're now with a lot of confidence and ability to grow our business.

但現在，我認為我們討論了第四季以及我們將如何進入明年上半年。我們現在有足夠的信心和能力來發展我們的業務。

Understood. And just on that anything you responded slightly to Betsy's question earlier, if you think from an from an outside standpoint, you mentioned Truist's now of like done with the overhang with the deal. Just remind us, Bill, when you think about the momentum and growth where across the businesses, do you expect to grow market share? And do you feel like you had a point when the bank the sub leading market share to smaller or out of market competitors who've been aggressive in terms of hiring across the Southeast. Thanks.

明白了。就這一點而言，你之前對貝特西的問題做出了輕微的回應，如果你從外部的角度思考，你提到了 Truist 現在已經解決了這筆交易的懸而未決的問題。請提醒我們，比爾，當您考慮各個業務的勢頭和成長時，您是否期望增加市場份額？當該銀行的市場份額領先於規模較小或市場外的競爭對手時，您是否覺得您有這樣的感覺，而這些競爭對手在整個東南部地區的招聘方面一直在積極進取。謝謝。

Yeah. I mean, let's talk about market share in terms of all of our businesses. Starting with the investment banking side, we've increased market share consistently through this year in virtually every discipline. So on the margin increase share in every every discipline. And then when I think about share, I think about the things that we talked about in terms of -- for example, net new. We've really had a really strong focus on net new growth. So we're not there, but share, it's growing our share -- growing share with clients. So increasing the number of net new clients. And that's a incredible hallmark.

是的。我的意思是，讓我們談談我們所有業務的市場份額。從投資銀行業務開始，今年我們幾乎在每個領域都持續增加了市場佔有率。因此，每個學科的份額都會略有增加。然後，當我想到份額時，我會想到我們談論的事情——例如，淨新。我們確實非常關注淨新增長。所以我們不在那裡，但是分享，它正在增加我們的份額——與客戶的份額的成長。因此增加了淨新客戶的數量。這是一個令人難以置信的標誌。

And then when I think about share of primacy within our existing client base. So are we growing our primacy in terms of our share and this quarter, particularly both on the wholesale side, in terms of treasury penetration, and on the consumer side, in terms of product penetration, we grew primacy with all of our clients. So yes, we have a lot of new clients coming into our markets have been a lot of new competitors coming into our markets because we have great markets. But our primacy and our net new and our capacity to serve our clients and grow in our share. As we, as we look at the important parts of share. I feel really, really comfortable with and that going to continue. So that pace is, you know, granted started slower out of the merger, but now is at a really good pace. And I expect that to continue.

然後當我考慮我們現有客戶群中的首要地位時。我們在份額方面的領先地位也在不斷增強，本季度，特別是在批發方面，在資金滲透方面，以及在消費者方面，在產品滲透方面，我們在所有客戶中都取得了領先地位。所以，是的，我們有很多新客戶進入我們的市場，也有很多新的競爭對手進入我們的市場，因為我們有很大的市場。但我們的首要地位、我們的淨創新能力以及我們為客戶提供服務和份額成長的能力。正如我們所看到的，我們所關注的重要部分是共享的。我感覺真的非常舒服，而且這種情況將會持續下去。所以，你知道，合併後的步伐理所當然地開始較慢，但現在的步伐非常好。我希望這種情況能夠持續下去。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Can we get more meat on the balance for the financial expectations in 2025 and beyond such as the definition of long term, when you talk about operating leverage in 2025, are you talking about more than a $1 and give some level term, medium term when you talk about returns, what year are you thinking? And and the reason I ask is I'm trying to better understand the accountability of management to shareholders, and I have read about this but in the third quarter, you lowered the return targets from 2019 when it was low 20s to mid-teens. At the same time you granted a special extra leadership bonus award to some executive officers, and that was on top of awards. They already get PSUs, RSUs, LTIP, annual incentive awards and for what looks like picking a problem that Truist cause the asset liability management pre the current CFO?

我們能否對 2025 年及以後的財務預期有更多的了解，例如長期的定義，當您談論 2025 年的營運槓桿時，您是否在談論超過 1 美元並給出一定水平的中期、中期你談到回報，你在想哪一年？我問的原因是我試圖更好地理解管理層對股東的責任，我已經讀到過這一點，但在第三季度，你們將回報目標從 2019 年的 20 多歲降低到了 15 多歲。同時，你們也向一些高階主管授予了特別的額外領導獎金，這是除獎項之外的獎勵。他們已經獲得了 PSU、RSU、LTIP、年度激勵獎勵，並且似乎在挑選 Truist 導致現任 CFO 之前的資產負債管理問題？

And then there's no question about morale for those of you and get the award. I mean two the five named executive officers, like I recognize you did not get that award, but there's others in the 24 member operating committees, who I assume did not get that. So aside from the morale and reconciling pay with performance, I'm just looking at today's slides, and I don't see the word shareholders when you say on this slide has mission on the slide that says why Truist?

然後你們中的士氣就毫無疑問並獲得了獎項。我的意思是，五位指定執行官中的兩位，就像我承認您沒有獲得該獎項一樣，但 24 名運營委員會成員中還有其他人，我認為他們沒有獲得該獎項。因此，除了士氣和協調薪酬與績效之外，我只是看今天的幻燈片，當你在這張幻燈片上說幻燈片上有使命時，我沒有看到股東這個詞，這說明了為什麼是 Truist？

And you had taken some steps to restructure the Board, the balance sheet, you reorganize the company sold TIS TIH and expenses, but still shareholders. And the stocks underperformed for this bottom line. Stock has performed over most timeframe since you announced the merger. So again, that's my big key up. Can you give us more detail on financial expectations after the fourth quarter and the key metrics that you think should drive a higher stock price? Thanks.

你已經採取了一些措施來重組董事會、資產負債表，你重組了公司，出售了TIS TIH和費用，但仍然是股東。就這一底線而言，股票表現不佳。自您宣布合併以來，股票在大部分時間段內都表現良好。再說一遍，這是我的重點。您能否向我們詳細介紹第四季後的財務預期以及您認為應該推動股價上漲的關鍵指標？謝謝。

Sure. Thanks, Mike. And thanks for acknowledging the efforts that have been underway. Let me first say as it relates to the deck, every slide's about shareholders. So just want to be really, really clear about that. Everything we do is about shareholders. So that is all in context.

當然。謝謝，麥克。感謝您對正在進行的努力的認可。首先我要說的是，因為它與幻燈片有關，所以每張幻燈片都是關於股東的。所以我只想非常非常清楚地了解這一點。我們所做的一切都是為了股東。所以這都是在上下文中的。

As it relates to the ROTC specifically, I would say what we do we did is reset post the sale of TIH. So it was appropriate to reset the return post TIH because we generate a lot of capital. And we changed the construct of our business in terms of return. We created a significant amount of capital. So that actually lowers the return that creates a capital. But as we deploy that capital, we increased that return. And I think as I said earlier to an answer, I think our capacity to increase that return is we're in the best position of anybody because we've got that capital, that capacity to deploy quickly both in our business and as a return to our shareholders. So we raised it efficiently and I think we have a chance to deploy or turn it efficiently.

由於它與 ROTC 特別相關，我想說我們所做的是在 TIH 出售後重置。因此，重置 TIH 後的回報是適當的，因為我們產生了大量資本。我們在回報方面改變了業務結構。我們創造了大量資本。因此，這實際上降低了創造資本的回報。但當我們部署這些資本時，我們的回報就會增加。我認為正如我之前在回答時所說的那樣，我認為我們增加回報的能力是我們處於任何人中最好的位置，因為我們擁有資本，有能力在我們的業務和回報中快速部署致我們的股東。所以我們有效地提出了它，我認為我們有機會有效地部署或轉變它。

In terms of the elements that are part of that return. Hopefully, those are many things that I've talked about and focus on things that are critical to expanding relationships with existing clients in markets and places where we already have committed capital and resources. So these two things that have higher returns and faster paybacks.

就該回報的組成部分而言。希望這些是我談論過的很多事情，並且重點關注對於在我們已經投入資金和資源的市場和地區擴大與現有客戶的關係至關重要的事情。所以這兩件事有更高的回報和更快的回報。

So if you think about our strategy it's not focused on these long term paybacks and go into markets and trying new things. This is about really executing against the opportunities that we have in our existing franchise and increasing that returns faster with higher paybacks.

因此，如果你考慮我們的策略，它並不關注這些長期回報並進入市場並嘗試新事物。這是關於真正執行我們現有特許經營中所擁有的機會，並增加更快的回報和更高的回報。

When I talk about medium term, the definition of that is somewhere in that three year range. But that also depends on where the economy is and what we see in terms of growth and what we see in terms of rate. So that could go faster. That could go slower. But the key as will have momentum against that. And again, I think you see that in this quarter. I think you'll continue to see that. We'll use the capital, as an answer to the earlier question would use that capital as a lever. So we can return that capital in many ways for the shareholders, all of which will increase our returns. I think faster than the others are capable of doing. I have tremendous confidence in our team. Again, I think you see evidence of many of that.

當我談論中期時，其定義是在三年範圍內的某個地方。但這也取決於經濟狀況以及我們對成長和成長率的看法。這樣可以進展得更快。這可能會進展得更慢。但關鍵是要有動力反對這一點。我想您會在本季度看到這一點。我想你會繼續看到這一點。我們將使用資本，因為前面問題的答案將使用該資本作為槓桿。因此，我們可以透過多種方式為股東返還資本，所有這些都會增加我們的回報。我認為比其他人能做的更快。我對我們的團隊充滿信心。再說一次，我認為你已經看到了很多這樣的證據。

And then as it relates to the operating leverage, which -- let us get into the year a little bit more. Let's see where things are coming in terms of where rates are going and where we see asset growth, but that commitment to positive operating leverage as of the continuous one. Yeah, so I think we'll make that transition and next year, as I said earlier, and then we'll continue to improve on that transition year over year as the returns to improve to the earlier part of my -- answer.

然後，因為它與營運槓桿有關，讓我們更深入地了解這一年。讓我們看看利率走勢和資產成長情況，以及對持續積極營運槓桿的承諾。是的，所以我認為我們將在明年實現這一轉變，正如我之前所說，然後我們將繼續年復一年地改進這一轉變，因為回報將改善到我的答案的早期部分。

And then just a follow-up to the incentives for management. I think you changed, I the page 67 of the proxy last night, harnessing against your bank analyst for a long time. And I'm just time and I also saw the release that you had this quarter than third quarter, and it looks like it was like 12 financial metrics and 5 non-financial metrics. And there's so many different metrics that driving compensation. If you had to pick one or two key metrics that we on the outside can monitor and focus on that should drive shareholder value when should they be?

然後是管理層激勵措施的後續行動。我認為你改變了，我昨晚代理的第67頁，利用了你的銀行分析師很長一段時間。我只是時間，我也看到了本季比第三季發布的版本，看起來有 12 個財務指標和 5 個非財務指標。影響薪酬的因素很多。如果您必須選擇我們外部可以監控和關注的一兩個關鍵指標，以推動股東價值，那麼什麼時候應該這樣做？

Yeah. I appreciate you diving into the proxy because you dive in a proxy, you'll see compensation based on performance. So I think you'll see that actually quite clearly. So don't assume that we don't have that mentality at this company.

是的。我很感謝您深入研究代理，因為您深入研究代理，您將看到基於性能的補償。所以我想你實際上會非常清楚地看到這一點。所以不要以為我們這家公司沒有這種心態。

And I think that the primary measures that we look at ROTC and growth in our business. So you have them really good return and you have to have growth. So we're looking at total book value per share, plus dividends plus ROTC. So total absolute growth and total relative return growth.

我認為我們關注後備軍官訓練隊和業務成長的主要措施。因此，你會獲得很好的回報，並且必須實現成長。因此，我們關注的是每股總帳面價值，加上股利和後備軍官訓練隊。所以總絕對成長和總相對回報成長。

I think (multiple speakers) those and fairness are the highest correlated to share price return.

我認為（多個發言者）這些和公平性與股價回報的相關性最高。

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

In the prepared remarks you guys mentioned about increasing in the fourth quarter investments related to risk infrastructure. I was just wondering if you could elaborate on what that is and the drivers of I guess, why now?

在準備好的發言中，你們提到了第四季度增加與風險基礎設施相關的投資。我只是想知道您是否可以詳細說明這是什麼以及我猜的驅動因素，為什麼是現在？

Yes, I mean, Matt, that's a continuation of the investments that we have in the risk infrastructure. So, that's everything you can pick up in terms of how we build a more enduring, consistent infrastructure. So think about the investments in cyber, I think about the investments in data, all that type things that go along with that investment.

是的，我的意思是，馬特，這是我們在風險基礎設施方面投資的延續。因此，這就是您在我們如何建立更持久、一致的基礎架構中所能學到的一切。因此，想想對網路的投資，我想想對數據的投資，以及與該投資相關的所有類型的投資。

They're bumpy by quarter, but they are increasing and part of our overall guidance. So in the fourth quarter, we just had some specific items that we;re more unique to that quarter, but they're also factored into the guidance that we've given on positive operating leverage for next year. We're going to continue to invest in infrastructure. This isn't a one-time unusual thing. This is a continuous investment for our company, our size with the responsibilities and the obligations we have to our clients, regulators, and our shareholders.

它們每個季度都坎坷不平，但它們正在增加，並且是我們整體指導的一部分。因此，在第四季度，我們只有一些該季度比較獨特的具體項目，但它們也被納入我們為明年的正營運槓桿提供的指導中。我們將繼續投資基礎設施。這並不是一件一次性的不尋常的事。這是對我們公司、我們的規模以及我們對客戶、監管機構和股東的責任和義務的持續投資。

I know, you combined the two companies, you guys made a lot of investments in the called to the company kicking investment in creating some new platforms. Maybe just give us a quick snapshot of what is still to do is catching up funding because it just business as usual, staying up-to-date like all banks are doing.

我知道，你們合併了兩家公司，你們對公司進行了大量投資，並呼籲公司投資創建一些新平台。也許只是讓我們快速了解一下仍然需要做的事情是籌集資金，因為它只是照常營業，像所有銀行一樣保持最新狀態。

Yeah. I think in terms of basically the risk of for infrastructure, I mean, the we've seen -- the elevation of expectations of how we manage data. We've seen elevated expectations and AI and the investments that we want to make, that we've seen elevated expectations in terms cyber. So there are many more -- not things that were left out of the merger, but things that are just continuous improvement of what we want to do and be responsive to the opportunities and challenges that exist in financial services.

是的。我認為基本上就基礎設施的風險而言，我的意思是，我們已經看到了對我們如何管理資料的期望的提高。我們看到了人們對人工智慧和我們想要進行的投資的期望不斷提高，我們對網路方面的期望也提高了。因此，還有更多的事情，不是合併中遺漏的事情，而是不斷改進我們想做的事情，並對金融服務中存在的機會和挑戰做出反應。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Can you guys share with us, Bill, in your prepared remarks and you talked about market share in response to your question, but you were talking about wallet share. How -- and some of your businesses you're gaining wallet share. Can you share with us how can we as outsiders measure that success growing now wallter share?

比爾，你們能和我們分享一下，在您準備好的發言中，您在回答問題時談到了市場份額，但你們談論的是錢包份額。您如何以及您的一些業務獲得了錢包份額。您能否與我們分享一下，作為局外人，我們如何衡量沃爾特現在所取得的成功？

And second, what are you doing to grow that wallet share that's showing up that maybe you didn't seem three or four years ago?

其次，你正在採取哪些措施來增加你在三、四年前看起來並不存在的錢包份額？

Yeah. I mean, the best way to see the wallet share gain as seen in the overall returns of our business. So if think about that the return expectations and increasing ROTC thinking about that for us is increasing ROA. Thing about that as the focus. So we have assets deployed, we have resources deployed, and we increase the penetration.

是的。我的意思是，從我們業務的整體回報中看到錢包份額成長的最佳方式。因此，如果考慮回報預期和增加 ROTC，對我們來說就是增加 ROA。以此為重點。因此，我們部署了資產，部署了資源，並且提高了滲透率。

This time we talked about checking primacy up 1%. We've talked by Treasury Management penetration of our commercial base up 1%. So hopefully, we've given you that information that's consistent to demonstrate that primacy, but you primarily see it in the returns. So that's the focus. I mean, that's the big way we drive returns for this business improving our primacy with our clients.

這次我們討論了檢查首要性提高 1%。我們已經說過，資金管理對我們商業基礎的滲透率上升了 1%。因此，希望我們為您提供了一致的資訊來證明這種首要地位，但您主要在回報中看到它。這就是重點。我的意思是，這是我們推動這項業務回報的重要方式，提高我們對客戶的首要地位。

And following up on that primacy comment, Bill, how do you guys intersect or interlock your pursuit of the digital channel with primacy, it seems like the industry you guys included is the optimum mix is having a physical branches as well as the digital channel. Do most of the primacy relationship still come through the brick and mortar? Or are you seeing some success in building through the digital channel?

比爾，根據首要評論，你們如何將數位管道的追求與首要地位交叉或聯繫起來，看來你們所包括的行業是擁有實體分支機構和數位管道的最佳組合。大部分的首要關係仍然是透過實體形式實現嗎？或者您看到透過數位管道進行建設取得了一些成功？

You're really on it? And the answer is both. We have this concept called P3. So this concept of that touch and technology equals trust. So what we want to do and the capability that we've built, for example, our clients and Truist assess, so our digital clients can have a virtual assistant to help them and their transaction. But what we believe very high, both of those are opportunities. When a client is interacting with us digitally and shows up in our branch, we want to be able to follow up on that transaction and continue that process.

你真的在做嗎？答案是兩者兼具。我們有這個概念，稱為P3。因此，觸摸和技術的概念等於信任。因此，我們想要做什麼以及我們已經建立的能力，例如，我們的客戶和 Truist 進行評估，這樣我們的數位客戶就可以擁有一個虛擬助理來幫助他們及其交易。但我們堅信，這兩者都是機會。當客戶以數位方式與我們互動並出現在我們的分支機構時，我們希望能夠跟進該交易並繼續該流程。

So I think they're actually both really important as part of the overall process. It never becomes more clear in something like we've -- spent the last few weeks and the storms. So those economies were go to cash during that particular time. So our branches and our ATMs are the most important thing that those communities need at that time. They don't have access to digital internet down, powers down. So being able to toggle between both of those and making sure that we serve our clients and the way they can be best be served. And that's why I lead with that in this particular commentary is just to show how important both of those things are because the our goal is to create an enduring relationship with the community and with a client. And we do that by investing in the channels that are most important to them when they're most important to them.

所以我認為它們實際上作為整個過程的一部分都非常重要。在我們經歷了過去幾週和暴風雨的情況下，這一點從未變得更加清晰。因此，這些經濟體在那個特定時期都轉向了現金。因此，我們的分店和 ATM 機是這些社區當時需要的最重要的東西。他們無法存取數位互聯網，斷電。因此，能夠在這兩者之間切換，並確保我們為客戶提供服務以及為他們提供最佳服務的方式。這就是為什麼我在這篇特別的評論中提出這一點只是為了表明這兩件事的重要性，因為我們的目標是與社區和客戶建立持久的關係。我們透過在對他們最重要的時候投資對他們最重要的管道來做到這一點。

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

我們的問答環節到此結束。我想將會議轉回進行閉幕式。

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

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

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。