Truist Financial Corp (TFC) 2025 Q1 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this event is being recorded.

女士們、先生們，大家好，歡迎參加 Truist Financial Corporation 2025 年第一季財報電話會議。（操作員指示）提醒一下，此事件正在被記錄。

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

現在我很高興介紹您的主持人布拉德·米爾薩普斯先生。

Thank you, Betsy, and good morning, everyone. Welcome to Truist's first quarter 2025 earnings call. With us today are our Chairman and CEO, Bill Rogers; our CFO, Mike Maguire; our Chief Risk Officer, Brad Bender, as well as other members of Truist's senior management team.

謝謝你，貝琪，大家早安。歡迎參加 Truist 2025 年第一季財報電話會議。今天與我們在一起的有我們的董事長兼首席執行官比爾·羅傑斯 (Bill Rogers)；我們的首席財務官 Mike Maguire；我們的首席風險官布拉德·本德 (Brad Bender) 以及 Truist 高級管理團隊的其他成員。

During this morning's call, they will discuss Truist's first quarter results, share their perspectives on current business conditions and provided an updated outlook for 2025. The accompanying presentation as well as earnings release and supplemental financial information are available on the Truist Investor Relations website, ir.truist.com.

在今天早上的電話會議上，他們將討論 Truist 第一季的業績，分享他們對當前商業狀況的看法，並提供 2025 年的最新展望。隨附的簡報以及收益報告和補充財務資訊可在 Truist 投資者關係網站 ir.truist.com 上找到。

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.

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 張和第 3 張投影片中有關這些報表和措施的揭露，以及附錄中與 GAAP 的適當對帳。

With that, I will turn it over to Bill.

說完這些，我會把麥克風交給比爾。

Thanks for having. And good morning, everyone, and thanks for joining our call today. So before we discuss our first quarter results, let's begin as we always do with purpose on slide 4. Truist is a purpose-driven company, dedicated, inspired and building better lives and communities, which is the foundation and guide for everything we do.

謝謝你。大家早安，感謝大家今天參加我們的電話會議。因此，在討論第一季業績之前，讓我們像往常一樣從幻燈片 4 開始。Truist 是一家目標明確的公司，致力於創造更美好的生活和社區，這是我們所做的一切的基礎和指南。

In times like this, with a little more uncertainty, our purposeful approach delivered with care resonates more than ever. We're committed to being a steady, reliable and supportive partner, helping our clients with financial planning and personalized experiences from dedicated industry specialists that focus on understanding their needs.

在這樣的時代，隨著不確定性的增加，我們謹慎採取的有目的的方法比以往任何時候都更能引起共鳴。我們致力於成為穩定、可靠和支援的合作夥伴，透過專注於了解客戶需求的專業行業專家，為客戶提供財務規劃和個人化體驗。

We're here to support our clients and communities with a strong balance sheet, expert industry advice, digital capabilities and a comprehensive suite of products. Our capital position, our liquidity, our strong market share and our talented purposeful teammates delivering against a clear strategy have us well positioned for any environment.

我們透過強大的資產負債表、專業的行業建議、數位能力和全面的產品套件為我們的客戶和社群提供支援。我們的資本狀況、流動性、強大的市場份額以及才華橫溢、目標明確的隊友按照明確的策略實施，使我們在任何環境中都處於有利地位。

We're going to provide some more examples of how our purposeful approach is driving our results throughout the call today.

我們將在今天的電話會議中提供更多範例，說明我們的有目的的方法如何推動我們的成果。

So now turning to our results on slide 5. Market volatility and economic uncertainty have certainly increased, which has resulted in a change in our view of the operating environment. Investment banking and capital markets activity has slowed materially, and the shape of the yield curve has shifted.

現在就來看看投影片 5 上的結果。市場波動性和經濟不確定性確實增加了，這導致我們對經營環境的看法改變了。投資銀行和資本市場活動大幅放緩，殖利率曲線的形狀發生了變化。

As a result of these conditions, we're reducing our revenue outlook, which now assumes a flat year over year investment banking and trading revenue and slightly lower net interest income due to lower medium-term interest rates.

由於這些情況，我們下調了收入預期，目前假設投資銀行和交易收入同比持平，淨利息收入因中期利率降低而略有下降。

Given this outlook, we've also reduced our expenses for the year and are opportunistically buying back additional shares in the second quarter. But what's not changing is our focus on our five key strategic priorities aimed at driving better growth, improving profitability towards our medium-term targets, and achieving positive operating leverage.

鑑於這種前景，我們也削減了今年的開支，並在第二季擇機回購更多股票。但不變的是，我們專注於五大關鍵策略重點，旨在推動更好的成長、提高獲利能力以實現中期目標並實現積極的經營槓桿。

First, we're executing against our strategic growth initiatives which include deepening and expanding existing client relationships in areas like premier banking, middle market banking, payments and wealth, all of which represents significant opportunities to capture additional share within our existing client base.

首先，我們正在執行策略性成長計劃，包括深化和擴大高級銀行業務、中型市場銀行業務、支付和財富等領域的現有客戶關係，所有這些都代表著我們在現有客戶群中獲取更多份額的重要機會。

Second, we're fully committed to maintaining our expense discipline, which was once again evident in the first quarter. We continue to expect to achieve positive operating leverage in 2025 and believe that we can offset a portion of our lower revenue outlook by finding additional efficiencies in our company.

其次，我們全力致力於維持我們的費用紀律，這在第一季再次得到了體現。我們仍然期望在 2025 年實現正的營運槓桿，並相信我們可以透過提高公司效率來抵銷部分較低的收入前景。

Third, although the absolute rate of expense growth will be lower, we are continuing our investments and talent and our technology platform, which is improving the client experience, driving new account production and delivering efficiencies.

第三，儘管費用成長率的絕對值會降低，但我們仍在繼續投資人才和技術平台，以改善客戶體驗、推動新帳戶的產生並提高效率。

One example of these investments is a new patented artificial intelligence tool called Truist Client Pulse that will give our teammates insights into friction points with clients. We'll be able to leverage real-time actionable data to effectively listen to our clients' needs and enhance their Truist experience.

這些投資的一個例子是一種名為 Truist Client Pulse 的新專利人工智慧工具，它將使我們的隊友深入了解與客戶的摩擦點。我們將能夠利用即時可操作數據有效地傾聽客戶的需求並增強他們的 Truist 體驗。

What we'll never take for granted our strong track record on asset quality as we will continue to focus on maintaining strong risk discipline and controls. We have strengthened and de-risked our balance sheet over the last several years, and our credit and risk teams are fully engaged with our clients to better understand the impact of the changing economic landscape.

我們永遠不會忽視我們在資產品質方面的良好記錄，因為我們將繼續致力於保持強大的風險紀律和控制。過去幾年來，我們加強了資產負債表並降低了風險，我們的信貸和風險團隊與客戶充分合作，以更好地了解不斷變化的經濟格局的影響。

Finally, our relative capital advantage allows us to accomplish our strategic growth goals and return capital to our shareholders in the form of dividends and share repurchases over the next several years. As you can see, we continue to feel good about our strong foundation and our positive momentum across our banking franchise, which was evident in our first quarter results.

最後，我們的相對資本優勢使我們能夠實現策略性成長目標，並在未來幾年以股利和股票回購的形式向股東返還資本。如您所見，我們繼續對我們強大的基礎和整個銀行業務的積極勢頭感到滿意，這在我們的第一季業績中得到了證實。

For the first quarter, we reported net income available common shareholders of $1.2 billion or $0.87 a share. At a high level, our solid performance in the first quarter was defined by several key themes. The positive loan and deposit growth momentum we experienced in the fourth quarter continued into the first quarter as both average loans and deposits increased late quarter.

第一季度，我們報告普通股股東淨利潤為 12 億美元，即每股 0.87 美元。從整體來看，我們第一季的穩健表現由幾個關鍵主題決定。我們在第四季度經歷的積極的貸款和存款成長勢頭延續到了第一季度，因為平均貸款和存款在季度末都有所增加。

Adjusted PPNR remained stable late quarter as we were able to offset a linked quarter decline in revenue with lower adjusted non-interest expenses, reflecting our commitment to maintaining that discipline. From a credit and capital perspective, our metrics remain strong.

調整後的 PPNR 在季度末保持穩定，因為我們能夠透過降低調整後的非利息支出來抵消季度收入的下降，這反映了我們維持這項紀律的承諾。從信貸和資本角度來看，我們的指標依然強勁。

Consistent with the fourth quarter of 2024, we returned $1.2 billion of capital to shareholders through our common dividend and repurchase of $500 million for our common stock during the first quarter of 2025. We've already completed $500 million of share repurchases in the second quarter of 2025 and given our strong capital position and current trading levels, we plan to target up to an additional $250 million of stock this quarter.

與 2024 年第四季一致，我們在 2025 年第一季透過普通股股息和回購 5 億美元普通股向股東返還了 12 億美元的資本。我們已經在 2025 年第二季度完成了 5 億美元的股票回購，鑑於我們強大的資本狀況和當前的交易水平，我們計劃在本季度再回購高達 2.5 億美元的股票。

Before I hand the call over to Mike to discuss the quarterly results, I want to spend some time discussing the progress we're making on our strategic priorities and the positive momentum we're seeing within our business segments and with our digital initiatives on slides 6 and 7.

在我將電話交給麥克討論季度業績之前，我想花一些時間討論一下我們在戰略重點方面取得的進展以及我們在第 6 和第 7 張幻燈片中看到的業務部門和數字計劃中的積極勢頭。

In consumer and small business banking, I'm encouraged by another solid quarter of consumer loan growth, net new checking account growth, and progress with our premier banking clients as we deepen relationships and acquired key new clients and households through digital and traditional channels.

在消費者和小型企業銀行業務方面，隨著我們透過數位和傳統管道深化關係並獲得關鍵的新客戶和家庭，消費者貸款成長、淨新支票帳戶成長以及與優質銀行客戶的進展再次讓我感到鼓舞。

Average consumer and small business loan balances increased 1.3% linked quarter due to growth in residential mortgage and direct auto and service finance with production up 47% year-over-year and pipelines continuing to increase. Importantly, we're not sacrificing our credit standards or pricing discipline to drive growth.

由於住宅抵押貸款和直接汽車及服務融資的增長，平均消費者和小型企業貸款餘額環比增長 1.3%，產量同比增長 47%，管道持續增加。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。

Consumer credit metrics remain stable and new consumer loan production spreads are accreted to the overall portfolio. Debit card spend for our consumer clients increased 4% on a year-over-year basis, with growth coming across all income bands and driven by spending areas in areas like travel and entertainment.

消費者信貸指標維持穩定，新的消費貸款生產利差累積到整體投資組合中。我們的消費者客戶的金融卡支出年增了 4%，成長來自所有收入階層，並受到旅遊和娛樂等領域的支出推動。

Net new checking account growth was once again positive in the first quarter as we added more than 39,000 new consumer and business accounts, which reflects a 40% increase over the first quarter of last year. Importantly, we are seeing growth within our premier banking segment, which was one of our key focus areas as we've highlighted previously.

第一季度，我們新增了超過 39,000 個消費者和商業帳戶，淨新增支票帳戶成長再次呈正成長，比去年第一季成長了 40%。重要的是，我們看到我們的優質銀行業務正在成長，正如我們之前強調的那樣，這是我們關注的重點領域之一。

During the fourth quarter, we generated nearly $1.8 billion of new deposit production in our premier managed segment, which represents a 23% year over year increase over the first quarter of 2024, driven by significant improvement in banker productivity and new hires.

在第四季度，我們的優質管理部門創造了近 18 億美元的新存款，比 2024 年第一季同比增長 23%，這得益於銀行家生產力和新員工的顯著提高。

As an example, we increased the number of financial plans delivered per banker by 15%, which helped drive $1.6 billion of new investment production during the quarter as those are highly correlated.

例如，我們將每位銀行家提供的財務計畫數量增加了 15%，這有助於推動本季 16 億美元的新投資產出，因為這些計畫是高度相關的。

In wholesale, I'm encouraged by this quarter's loan growth, improved production and progress in key focus areas like payments and wealth. During the quarter, we saw 1% growth in average wholesale loans driven by growth from new and existing clients and increased production.

在批發業務方面，本季的貸款成長、產量提高以及支付和財富等重點關注領域的進展令我感到鼓舞。本季度，受新舊客戶成長和產量增加的推動，平均批發貸款成長了 1%。

As I've mentioned previously, we have a specific focus on capturing more of the middle market. I'm very pleased with the momentum we're already experiencing in production and results. Changing market conditions have made our outlook for investment banking and trading more challenging than we originally estimated to start this year.

正如我之前提到的，我們特別注重佔領更多的中端市場。我對我們在生產和成果方面已經取得的進展感到非常高興。不斷變化的市場條件使得我們今年的投資銀行和交易前景比最初估計的更具挑戰性。

We did have our second-best quarter ever in debt capital markets, but lower overall M&A and equity capital markets activity resulted in growth coming in less than expected as many clients postponed planned transactions.

我們確實在債務資本市場度過了有史以來第二好的一個季度，但由於許多客戶推遲了計劃中的交易，整體併購和股權資本市場活動的減少導致增長低於預期。

However, I am confident that our advice-driven business model is well suited to help our clients navigate current market conditions and continue to grow our share, given the investments we continue to make in talent, products and industry verticals.

然而，我相信，鑑於我們在人才、產品和垂直行業方面的持續投資，我們的建議驅動型商業模式非常適合幫助我們的客戶應對當前的市場狀況，並繼續擴大我們的份額。

In wealth, we launched a new digital client interface that significantly improved the client experience, increased new client and adviser acquisition, and helped drive higher net asset flows despite volatile equity and fixed income markets.

在財富管理方面，我們推出了新的數位客戶介面，顯著改善了客戶體驗，增加了新客戶和顧問的獲取，並在股票和固定收益市場波動的情況下幫助推動了更高的淨資產流量。

Our payments team continues to launch new services that meet our clients' needs for solutions that provide them with speed, simplicity and safety. During the first quarter, we enhanced our real-time payments capabilities, including launching Zelle disbursements, which enables wholesale clients to more efficiently pay consumers.

我們的支付團隊不斷推出新服務，以滿足客戶對快速、簡單和安全解決方案的需求。在第一季度，我們增強了即時支付能力，包括推出 Zelle 支付功能，使批發客戶能夠更有效率地向消費者付款。

These enhancements, along with continued investments and talent have driven a meaningful increase in overall satisfaction scores, as well as ongoing increases in our payments penetration rate with existing clients.

這些改進以及持續的投資和人才推動了整體滿意度得分的顯著提升，也推動了現有客戶的支付滲透率的持續提高。

Enhancing the client experience and growing our digital capabilities are important parts of our overall strategy. Let me discuss that in a little more detail on slide 7. Truist continues to demonstrate strong performance in digital with year-over-year growth across all core digital metrics.

增強客戶體驗和提升我們的數位能力是我們整體策略的重要組成部分。讓我在第 7 張投影片上更詳細地討論一下這個問題。Truist 在數位領域持續表現出色，所有核心數位指標均達到年成長。

In the first quarter of 2025, we opened 195,000 new digital accounts, which reflects a 13% increase over the first quarter of last year and includes 77,000 new to bank clients. Over 60% of our new digital clients are millennials and Gen Z, aligning with our strategy to engage clients early and build enduring relationships over time.

2025 年第一季度，我們開設了 195,000 個新的數位帳戶，比去年第一季成長了 13%，其中包括 77,000 個新銀行客戶。我們超過 60% 的新數位客戶是千禧世代和 Z 世代，這符合我們儘早吸引客戶並隨著時間的推移建立持久關係的策略。

Truist Assist is our AI tool that supports client conversations and provides a seamless transition to a Truist teammate when an inquirer wants further assistance. Truist Assist supported over 1 million conversations in the first quarter of 2025 with more than 80% requiring no further teammate interaction, which helps drive further efficiencies in our consumer business as client behavior shift to more self-service. We expect to continue to grow our digital presence with clients as we further leverage our modern and scalable technology platform.

Truist Assist 是我們的 AI 工具，它支援客戶對話，並在詢問者需要進一步幫助時提供與 Truist 隊友的無縫過渡。Truist Assist 在 2025 年第一季支援了超過 100 萬次對話，其中 80% 以上的對話不需要進一步的隊友互動，這有助於隨著客戶行為轉向更多自助服務而進一步提高我們的消費者業務的效率。隨著我們進一步利用現代化且可擴展的技術平台，我們期望繼續擴大我們在客戶中的數位影響力。

Now, let me turn over to Mike to discuss our financial results in a little more detail. Mike?

現在，讓我請麥克更詳細地討論一下我們的財務結果。麥克風？

Thank you, Bill, and good morning, everyone. I will start with our performance highlights on slide 8. We reported first quarter 2025 GAAP net income available to common shareholders of $1.2 billion or $0.87 per share. Included in our results are $0.02 per share of restructuring charges primarily related to facilities optimization initiatives and severance.

謝謝你，比爾，大家早安。我將從第 8 張投影片開始介紹我們的業績亮點。我們報告稱，2025 年第一季普通股股東可獲得的 GAAP 淨收入為 12 億美元，即每股 0.87 美元。我們的結果包括每股 0.02 美元的重組費用，主要與設施優化計劃和遣散費有關。

Total revenue decreased 3.2% linked quarter as both net interest income and non-interest income declined. Adjusted expenses decreased 5.4% linked quarter, which helped hold PPNR stable and drive a 130 basis point improvement in our efficiency ratio on a linked quarter basis.

由於淨利息收入和非利息收入均下降，總收入較上季下降 3.2%。調整後的費用環比下降了 5.4%，這有助於保持 PPNR 穩定，並推動我們的效率比率環比提高 130 個基點。

Next, I'll cover loans and leases on slide 9. Average loans held for investment increased by 1.1% on a linked quarter basis due to growth in both average commercial and average consumer loans. Average commercial loans increased $1.8 billion or 1%, primarily due to $2 billion of growth in C&I loans partially offset by a decline in CRE loan balances.

接下來，我將在第 9 張投影片上介紹貸款和租賃。由於平均商業貸款和平均消費貸款均有所增長，平均投資貸款環比增長 1.1%。平均商業貸款增加了 18 億美元，增幅為 1%，主要是由於 C&I 貸款增加了 20 億美元，但被 CRE 貸款餘額的下降部分抵消。

In our consumer portfolio, average loans increased $1.6 billion or 1.3% linked quarter due to growth in residential mortgage and indirect auto. End of period loans increased $2.3 billion or 0.7%. Based on our current loan pipeline and a solid start to the year, we continue to believe that we can generate low single digit end of period loan growth in 2025.

在我們的消費者投資組合中，由於住宅抵押貸款和間接汽車貸款的成長，平均貸款較上季增加了 16 億美元，即 1.3%。期末貸款增加 23 億美元，增幅 0.7%。根據我們目前的貸款管道和今年的良好開局，我們仍然相信我們可以在 2025 年實現低個位數的期末貸款成長。

Moving now to the deposit trends on slide 10. Average deposits increased $2.2 billion sequentially, or 0.6%, driven by growth in time deposits and interest checking, which was partially offset by declines in non-interest bearing and money market and savings balances.

現在轉到投影片 10 上的存款趨勢。平均存款環比增加 22 億美元，增幅為 0.6%，這主要得益於定期存款和活期存款的增長，但無息存款、貨幣市場存款和儲蓄存款的下降部分抵消了這一增長。

End of period deposits increased $13.2 billion or 3.4%, which was impacted by two larger but short-term client deposits that drove period and deposit balances higher on a linked quarter basis. Excluding the impact of these two deposits, average deposit balances would have been relatively stable on a linked quarter basis.

期末存款增加了 132 億美元，增幅為 3.4%，這受到兩筆較大但短期客戶存款的影響，導致定期和存款餘額在環比季度內增加。剔除這兩筆存款的影響，平均存款餘額按季度計算會相對穩定。

During the quarter, we continued to actively manage rate paid, which resulted in a decrease in our deposit costs. Specifically, total deposit costs decreased by 10 basis points sequentially to 1.79%, which implies a 30% cumulative total deposit beta.

本季度，我們繼續積極管理支付利率，從而降低了存款成本。具體而言，總存款成本環比下降 10 個基點至 1.79%，這意味著累計總存款貝塔值為 30%。

Interest bearing deposit costs decreased by 16 basis points sequentially to 2.46%. That represents a 43% cumulative total interest-bearing deposit beta. Overall, we expect average deposit balances to remain relatively stable in the second quarter compared with the first quarter of 2025.

計息存款成本較上季下降 16 個基點至 2.46%。這代表累計總計息存款貝塔值為 43%。總體而言，我們預計第二季的平均存款餘額與 2025 年第一季相比將保持相對穩定。

Next, I'll move the net interest income and net interest margin on slide 11. Taxable equivalent net interest income decreased 2.4% linked quarter or $86 million, primarily due to the impact of two fewer days in the first quarter.

接下來，我將把淨利息收入和淨利差移到第 11 張投影片。應稅等值淨利息收入環比下降 2.4% 或 8,600 萬美元，主要由於第一季營業日數減少兩天的影響。

Our net interest margin decreased 6 basis points on a linked quarter basis to 3.01%. For full year 2025, we expect net interest income to increase by approximately 3% versus 2024, driven primarily by low single-digit loan growth, three 25 basis point reductions in the Fed funds rate, and the benefit of fixed rate asset repricing.

我們的淨利差較上季下降 6 個基點至 3.01%。對於 2025 年全年，我們預計淨利息收入將比 2024 年增長約 3%，主要原因是低個位數貸款增長、聯邦基金利率三次下調 25 個基點以及固定利率資產重新定價的好處。

As you can see on the top right-hand side of this slide, we updated our outlook for fixed rate asset repricing. We expect to reprice approximately $42 billion of fixed rate loans and securities over the remainder of 2025.

正如您在此投影片的右上角看到的，我們更新了對固定利率資產重新定價的展望。我們預計在 2025 年剩餘時間內重新定價約 420 億美元的固定利率貸款和證券。

We now expect that the benefit from repricing these assets will be approximately 40 to 50 basis points lower than we previously expected in January due to lower medium-term interest rates. We also updated our swap portfolio disclosure in the bottom right-hand corner of the slide, which is relatively unchanged from the prior quarter.

我們現在預計，由於中期利率較低，重新定價這些資產的收益將比我們 1 月的預期低約 40 至 50 個基點。我們也在投影片的右下角更新了掉期投資組合揭露，與上一季相比基本上沒有變化。

Turning to non-interest income now on slide 12. Non-interest income decreased to $78 million or 5.3% versus the fourth quarter. The linked quarter decrease was primarily attributable to a $69 million decline in other income related to certain equity investments and other gains that were higher in the fourth quarter of 2024.

現在就來看看第 12 張投影片上的非利息收入。非利息收入較第四季下降至 7,800 萬美元，降幅為 5.3%。環比下降主要歸因於 2024 年第四季與某些股權投資相關的其他收入減少 6,900 萬美元以及其他收益較高。

On a light quarter basis, non-interest income declined $54 million or 3.7%, compared to the first quarter of 2024, primarily due to lower investment banking and trading income and lower wealth management income.

按季度計算，非利息收入與 2024 年第一季相比下降了 5,400 萬美元，即 3.7%，這主要是由於投資銀行和交易收入以及財富管理收入下降。

Lower M&A fees were the primary driver of the year over year decline in investment banking and trading income, while wealth management income would have been slightly higher on a year-over-year basis, were it not for the impact of the sale of Sterling Capital Management in July 2024.

併購費用下降是投資銀行和交易收入較去年同期下降的主要原因，若非受到 2024 年 7 月出售 Sterling Capital Management 的影響，財富管理收入較去年同期會略有上升。

Next, I will cover noninterest expense on slide 13. Adjusted non-interest expense, which excludes the impact of restructuring charges decreased 5.4% linked quarter due to lower other expense, professional fees and outside processing and equipment expense.

接下來，我將在第 13 張投影片上介紹非利息支出。調整後非利息支出（不包括重組費用的影響）較上月下降 5.4%，原因是其他支出、專業費用以及外部加工和設備支出減少。

Personnel expense remained relatively stable linked quarter as the normal seasonality associated with the first quarter personnel expenses were offset by a reduction in incentives. Adjusted expenses increased 1.5% versus 1Q '24 due to higher professional fees and outside processing expense, partially offset by lower personnel expense.

由於第一季人員費用的正常季節性因素被獎勵減少所抵消，因此人員費用與上一季相比保持相對穩定。調整後費用較 2024 年第一季增加 1.5%，原因是專業費用和外部處理費用增加，但人員費用減少部分抵消了這一影響。

Moving to asset quality on slide 14. Our asset quality metrics remained stable on both a like and linked quarter basis, reflecting our strong credit risk culture and proactive approach to quickly resolving problem loans.

前往投影片 14 上的資產品質。我們的資產品質指標在同類季度和環比季度均保持穩定，這反映了我們強大的信用風險文化和快速解決問題貸款的主動方法。

Net charge-offs increased 1 basis point to 60 basis points linked quarter, but were down 4 basis points versus the first quarter of 2024. Our loan loss provision exceeded net charge-offs, but growth in certain loan portfolios contributed to a 1 basis point decrease in our ALLL ratio to 1.58%.

淨沖銷額較上季增加 1 個基點，達到 60 個基點，但與 2024 年第一季相比下降了 4 個基點。我們的貸款損失準備金超過了淨沖銷額，但某些貸款組合的成長導致我們的 ALLL 比率下降 1 個基點至 1.58%。

Non-performing loans held for investment as a percentage of total loans increased 1 basis point linked quarter and 3 basis points on a like-quarter basis to 48 basis points. NPLs have remained in a narrow band of 45 to 48 basis points over the last five quarters.

投資性不良貸款佔貸款總額的比例較上月增加 1 個基點，較上季增加 3 個基點，至 48 個基點。過去五個季度，不良貸款率一直維持在45至48個基點的窄幅區間內。

We've been actively analyzing our exposure to consumer and wholesale clients that we believe will be most impacted by tariffs, potential reductions in government spending and more severe economic scenarios. Although this analysis is ongoing and dynamic, we have a strong understanding of our exposure, and we believe that we're adequately reserved at this time.

我們一直在積極分析我們對消費者和批發客戶的風險敞口，我們認為這些客戶將受到關稅、政府支出的潛在削減和更嚴峻的經濟狀況的最大影響。儘管這種分析是持續且動態的，但我們對我們的風險敞口有充分的了解，並且我們相信我們目前已經做好了充分的準備。

As a reminder, Truist had the second lowest C&I loan loss rate versus our peer group in the most recent CCAR stress tests.

提醒一下，在最近的 CCAR 壓力測試中，Truist 的 C&I 貸款損失率與同業相比排名第二低。

Turning to capital on slide 15. On a linked-quarter basis, our CET1 ratio declined 20 basis points to 11.3% as the payment of our common dividend, our $500 million share buyback, growth in our balance sheet and the final CECL phase-in more than offset current period earnings.

轉向第 15 張投影片上的資本。與上一季相比，我們的 CET1 比率下降了 20 個基點，至 11.3%，因為我們支付了普通股股息、回購了 5 億美元股票、資產負債表增長以及最終的 CECL 逐步實施，這些都超過了當期收益。

Our CET1 capital ratio, including the impact of AOCI declined 10 basis points linked quarter to 9.6%, reflecting the aforementioned factors, partially offset by a $500 million decrease in AOCI due to the increase in longer-term interest rates experienced during the quarter.

我們的 CET1 資本比率（包括 AOCI 的影響）環比下降 10 個基點至 9.6%，反映了上述因素，但由於本季長期利率上升導致 AOCI 減少 5 億美元，部分抵消了這一影響。

We continue to believe that our strong capital position gives us unique ability to utilize our future earnings and the accretion of AOCI to fund balance sheet growth and to return a significant amount of capital to our shareholders.

我們始終相信，我們強大的資本狀況賦予我們獨特的能力，利用我們未來的收益和 AOCI 的成長來資助資產負債表的成長，並向我們的股東返還大量資本。

Next, I'll provide additional color on our guidance for the second quarter of 2025 as well as for the full year on slide 16. For full year 2025, we now expect revenue to increase 1.5% to 2.5% relative to 2024, adjusted revenue of $20.1 billion. This compares with growth of 3% to 3.5% previously.

接下來，我將在第 16 張投影片上進一步闡述我們對 2025 年第二季以及全年的指導。對於 2025 年全年，我們目前預計營收將比 2024 年成長 1.5% 至 2.5%，調整後營收為 201 億美元。相比之下，之前的成長率為 3% 至 3.5%。

Our new guidance reflects our updated outlook for lower investment banking activity, increased volatility impacting our sales and trading results, lower wealth management income, which in part relies on market values and the shape of the yield curve.

我們的新指引反映了我們對投資銀行活動減少、波動性增加影響我們的銷售和交易結果、財富管理收入減少的最新展望，這在一定程度上依賴市場價值和收益率曲線的形狀。

The majority of the reduction in our revenue outlook is due to our expectation for lower investment banking and trading activity, which we now expect to remain relatively flat on a year-over-year basis versus our previous expectation for low double-digit growth.

我們收入預期的下調主要是因為我們預期投資銀行和交易活動會減少，目前我們預計這些活動將與去年同期相比保持相對平穩，而我們之前預期的是較低的兩位數增長。

In addition, lower market valuations will slightly pressure our wealth management income. The remainder of the change to our outlook is related to our latest forecast for the shape of the yield curve, which delays our ability to lower deposit costs and reduces the benefit of fixed rate asset repricing.

此外，市場估值較低也會對我們的財富管理收入造成一定壓力。我們展望的其餘變化與我們對殖利率曲線形狀的最新預測有關，這延遲了我們降低存款成本的能力並降低了固定利率資產重新定價的好處。

Our net interest income outlook continues to assume a low single-digit end-of-period loan growth and now assumes three 25 basis point reductions in the Fed funds rate, one in June, September and December compared with our previous view of reductions in just March and September. Based on these assumptions, we expect net interest income to increase 3% in 2025 versus 2024.

我們的淨利息收入前景繼續假設期末貸款成長率為低個位數，並且現在假設聯邦基金利率三次下調 25 個基點，分別在 6 月、9 月和 12 月，而我們之前的觀點是僅在 3 月和 9 月下調。基於這些假設，我們預計 2025 年淨利息收入將比 2024 年成長 3%。

In terms of our outlook for adjusted expenses, we now expect full year 2025 adjusted expenses to increase by approximately 1% in 2025 versus 2024. This compares with growth of 1.5% previously. Our improved expense outlook reflects a reduction in incentives due to lower expected revenue in 2025 and other ongoing cost savings initiatives.

就調整後支出的展望而言，我們現在預計 2025 年全年調整後支出將比 2024 年增加約 1%。相比之下，此前的成長率為 1.5%。我們改善的費用前景反映了 2025 年預期收入較低以及其他正在進行的成本節約措施所導致的激勵措施減少。

In terms of asset quality, we continue to expect net charge-offs of about 60 basis points in 2025, which is unchanged from our previous guidance. Finally, we expect our effective tax rate to approximate 17% or 20% on a taxable equivalent basis in 2025.

在資產品質方面，我們繼續預期 2025 年淨沖銷額約為 60 個基點，與我們先前的指引相同。最後，我們預計 2025 年我們的有效稅率將按應稅等值基礎達到約 17% 或 20%。

Looking into the second quarter of 2025, we expect revenue to increase approximately 1.5% relative to first quarter revenue of $4.9 billion. We expect net interest income to increase by approximately 1.5% in the second quarter, primarily driven by an additional day in the second quarter relative to the first quarter, some loan growth and the benefit from fixed asset repricing.

展望 2025 年第二季度，我們預計營收將比第一季的 49 億美元成長約 1.5%。我們預計第二季淨利息收入將成長約 1.5%，主要原因是第二季相對於第一季增加了一天，貸款有所成長，以及固定資產重新定價的好處。

We expect non-interest income to increase 1% to 3%, driven primarily by higher other income. Adjusted expenses of $2.9 billion in the first quarter are expected to increase 2% to 3% linked quarter due to higher personnel expenses related to annual merit increases. As it relates to buybacks, as Bill mentioned, we plan to target up to $750 million during the second quarter.

我們預計非利息收入將成長 1% 至 3%，主要受其他收入增加的推動。由於年度績效加薪相關的人員費用增加，預計第一季調整後支出為 29 億美元，季增 2% 至 3%。至於回購，正如比爾所提到的，我們計劃在第二季將回購目標定為 7.5 億美元。

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

現在我將把發言權交還給比爾，請他做最後的評論。

Great. Thanks, Mike. So in conclusion, we're seeing solid progress in many of our key strategic focus areas, including premier banking, wealth, payments and middle market banking. Despite the market volatility, our growth mindset and strategic focus remains steadfast.

偉大的。謝謝，麥克。總而言之，我們在許多關鍵策略重點領域都取得了穩步進展，包括優質銀行、財富、支付和中型市場銀行業務。儘管市場波動，我們的成長思維和策略重點依然堅定不移。

We're paying close attention to the changes in our markets, the economy and client behavior as our credit risk teams are fully engaged in working with our clients to understand the impact of these changes. We'll continue to adhere to the credit and risk discipline that has served our company and shareholders well over multiple economic cycles.

我們密切關注市場、經濟和客戶行為的變化，我們的信用風險團隊正全力與客戶合作，以了解這些變化的影響。我們將繼續遵守信貸和風險紀律，這些紀律在多個經濟週期中為我們的公司和股東提供了良好的服務。

The good news is that our advice-driven business model is well positioned to succeed in a wide variety of economic scenarios given our robust capital advantage, strong liquidity profile and demographically attractive markets where we have strong share.

好消息是，憑藉我們強大的資本優勢、強勁的流動性狀況以及在人口統計學上具有吸引力並佔有較大份額的市場，我們的以建議為導向的商業模式能夠在各種經濟情景中取得成功。

More importantly, our balance sheet remains open and ready to help our clients navigate the current environment. We're actively looking for opportunities to serve new and existing clients and capitalize on current and future market disruption.

更重要的是，我們的資產負債表保持開放並隨時準備好幫助我們的客戶應對當前的環境。我們正在積極尋找機會為新舊客戶提供服務，並利用當前和未來的市場變革。

Truist is retaining, expanding and adding new talent motivated by our platform, markets and the opportunity. I'm as optimistic as ever about Truist future, especially in light of the momentum I see every day inside this company.

Truist 正在保留、擴大和增加受我們的平台、市場和機會激勵的新人才。我對 Truist 的未來一如既往地樂觀，尤其是考慮到我每天看到的這家公司的發展勢頭。

I'd like to thank all of our teammates for their incredible purposeful focus and productivity in moving our company forward. So again, thank you for your interest and your investment in Truist.

我要感謝我們所有的隊友，感謝他們為推動公司前進所表現出的令人難以置信的專注和高效。再次感謝您對 Truist 的關注和投資。

Brad, let me turn it back over to you.

布拉德，讓我把它交還給你。

Thank you, Bill. Betsy, at this time, will you please explain how our listeners can participate in the Q&A session. As you do that, I'd like to ask the participants to please limit yourselves to one primary question and one follow-up in order that we may accommodate as many of you as possible today.

謝謝你，比爾。貝琪，現在請您解釋一下我們的聽眾如何參與問答環節。在此過程中，我希望請與會者將自己限制在一個主要問題和一個後續問題上，以便我們今天能夠盡可能地滿足各位的要求。

(Operator Instructions) Ken Uston, Autonomous Research.

（操作員指示）肯·烏斯頓，自主研究。

Thanks. Hi. Good morning, guys. Push-and-pull question. So it's nice to see the increased buyback in the second quarter relative to the first. And I'm just wondering like how much of that is just real confidence in the capital position versus a bit of an offset to what we're all seeing, and you talked about a potentially slower loan environment.

謝謝。你好。大家早安。推拉問題。因此，很高興看到第二季的回購量相對於第一季增加。我只是想知道，其中有多少是對資本狀況的真正信心，還是對我們所看到的一點點抵消，以及您談到的可能較慢的貸款環境。

Yeah. Ken, our strong capital position really puts us in a position to do a couple of things. One is capitalize on growth. So the good news is we're seeing some of that be opportunistic. I'll talk a little bit about that and then weather, any storm that might be in front of us.

是的。肯，我們強大的資本實力確實使我們能夠做幾件事。一是抓住增長機會。好消息是，我們看到其中一些是機會主義的。我將稍微談論一下這個話題，然後談談天氣以及我們可能遇到的任何風暴。

And this quarter was a good intersection of all three of those. We did have RWA growth that we're funding that we feel really good about that. We can support our current level of buyback and dividends, obviously, feel really, really good about that. And we just want to be opportunistic.

本季是這三者的良好交會點。我們確實實現了 RWA 成長，並且我們對此感到非常滿意。我們可以支持當前的回購和股息水平，顯然，對此感覺非常非常好。我們只是想抓住機會。

So we saw an opportunity with the price of our shares, utilizing this capital position to invest in Truist, and we like investing in Truist. And doing all that, we still maintain that relative capital position. So a little more opportunistic relative to current share price.

因此，我們看到了股價方面的機會，利用這一資本地位投資 Truist，我們喜歡投資 Truist。在完成所有這些之後，我們仍然保持著相對的資本地位。因此相對於目前股價而言，機會主義色彩更濃厚。

Thanks. It's a better answer to a not great worded question. Second question, just on the deposit side, just kind of same context with the potential for lower rates here, how do you see your ability to control deposit costs and change up your mix of deposits as you look forward? Thanks, guys.

謝謝。對於措辭不太好的提問來說，這是一個更好的答案。第二個問題，僅就存款方面而言，同樣的背景以及利率可能降低的情況，您如何看待您控制存款成本和改變存款組合的能力？謝謝大家。

Hey, good morning, Ken. It's Mike. Look, I think so far so good, I'd say, on the rate paid story for us. We had a good early start when we saw the cuts last year, have taken a very client-centric approach, but also a disciplined approach in managing the environment we're in.

嘿，早安，肯。我是麥克。瞧，我認為到目前為止，我們的支付費率情況都很好。當我們看到去年的削減時，我們有了一個良好的開端，採取了以客戶為中心的方法，同時也採取了嚴謹的方法來管理我們所處的環境。

So obviously, we didn't get the cut. We thought we might get in May, still are making some progress, obviously, on the funding portfolio. We'd expect that to benefit obviously some more in the second half as we see our cuts, but we're doing the things you would expect.

顯然，我們沒有被選中。我們認為我們可能會在五月取得進展，顯然在融資組合方面仍會取得一些進展。我們預計，隨著我們削減開支，下半年顯然會受益更多，但我們正在做的事情正是您所期望的。

We're looking at our -- on the consumer side, looking at our CD portfolio, managing our maturities well. We shortened our portfolio up there and touch in advance of some of the cuts and as far as mix, it's relatively stable, right? You saw DDA remix just a touch to 27% this quarter. I don't view that as a troubling trend at all. We had a little bit of movement in the portfolio.

我們正在關註消費者方面，關注我們的 CD 投資組合，妥善管理我們的到期日。我們縮短了投資組合，並提前觸及了一些削減，就組合而言，它相對穩定，對嗎？本季度，DDA 的混合比例略微上升至 27%。我根本不認為這是一個令人不安的趨勢。我們的投資組合有一些變動。

I mentioned in our in our remarks that we had a couple of large deposits come in at the end of the quarter that crossed over the quarter as well that impacts mix but feel pretty good.

我在我們的評論中提到，我們在本季度末收到了幾筆大額存款，這些存款也跨越了整個季度，雖然產生了影響，但感覺相當不錯。

The only thing I might add is we invested in a lot of tools last year that allows us to be a lot more surgical in our deposit pricing. So I think the overall level of sophistication and intensity around deposit pricing continues to improve every quarter.

我唯一想補充的是，去年我們投資了許多工具，這讓我們在存款定價方面更加精準。因此我認為存款定價的整體複雜性和強度每季都在持續提高。

John Pancari, Evercore.

約翰·潘卡里（John Pancari），Evercore。

Good morning. On the loan growth side, just want to see if you can give us a little more color around what you're seeing in terms of demand. Maybe if you could talk about utilization? Are you seeing any weakening of the of the pipelines and commitments. And then also, any areas of strength where you have an opportunity, given the uncertain backdrop? Thanks.

早安.關於貸款成長方面，我只是想看看您是否可以提供一些有關您所看到的需求方面的詳細資訊。也許您可以談談利用率？您是否看到管道和承諾有任何減弱的跡象？那麼，在不確定的背景下，您在哪些方面還具有優勢和機會？謝謝。

Yeah. Sure, John. So it's been interesting. I mean, we feel really good about the investments that we've made over the last several quarters, and you see that showing up in this quarter's results. So let me start with that as a premise.

是的。當然，約翰。這很有趣。我的意思是，我們對過去幾季所做的投資感到非常滿意，而您會看到這一點在本季度的業績中得到體現。因此，讓我以此為前提開始。

Commitments are up, so we feel good about that. Utilization, I would say, up slightly. So that really isn't part of the story. It's a lot more about production and pretty universal. I mean, you saw our consumer numbers which were very strong. And then within our wholesale units, I mean, it's in a lot of different areas, FIG, energy, health care, I mentioned middle market before, some of our core commercial markets doing well.

承諾已經兌現，因此我們對此感到高興。我想說的是，利用率略有上升。所以這實際上不是故事的一部分。它更多地與生產有關並且相當普遍。我的意思是，您看到我們的消費者數量非常強勁。然後在我們的批發部門內，我的意思是，它涉及許多不同的領域，FIG、能源、醫療保健，我之前提到過中端市場，我們的一些核心商業市場表現良好。

Our C&I production is up every quarter over the last five quarters. So we've got good momentum on that standpoint. Our pipelines in consumer are the best they've ever been. I mean they're really, really significant. On C&I, our pipelines are good. Pull-through could be a little bit slower. I mean, we have to look at that, but really good.

在過去五個季度中，我們的商業和工業產量每季都在成長。因此從這個角度來看，我們的勢頭良好。我們在消費者方面的管道是迄今為止最好的。我的意思是它們確實非常重要。在 C&I 方面，我們的管道很好。拉通可能會慢一點。我的意思是，我們必須看看這個，但真的很好。

So despite all the uncertainty and volatility and all the things that we think about, our core organic production capacity, our pipelines and our markets in fairness probably contribute to this. The skill set of our teammates, the products and the things that we do, actually have us feeling good about continued loan growth.

因此，儘管存在各種不確定性和波動性，儘管我們考慮了各種因素，但公平地說，我們的核心有機生產能力、我們的管道和我們的市場可能都對此有所貢獻。我們的隊友的技能、產品以及我們所做的事情實際上讓我們對貸款的持續成長感到滿意。

And John, I would just add, a lot of the growth we're seeing is with new and existing clients versus necessarily an increase in utilization. So that's a good trend.

約翰，我想補充一點，我們看到的成長很大一部分來自於新舊客戶，而不是利用率的必然增加。這是一個好的趨勢。

Great. Okay. Thank you for that. And then separately on the IB and cap market side, I know you had cited some pressures there. And I guess if you could just give us the similar type of color around what you're seeing in terms of the pipeline. Is the pipeline continued to build and you're just getting a delayed pull-through of the transactions.

偉大的。好的。謝謝你。然後分別在 IB 和資本市場方面，我知道您提到了一些壓力。我想，如果您能為我們提供您在管道方面看到的類似顏色的話。管道是否繼續建設，而您只是延遲了交易的傳輸。

Are you seeing any erosion of that pipeline, just given the wild uncertainty around the tariff debate and everything? And then one last question related to that. why wouldn't your trading businesses be benefiting from the volatility versus being negatively impacted? Thanks.

考慮到關稅爭論和其他方面的巨大不確定性，您是否認為該管道會受到侵蝕？最後一個問題與此相關。為什麼您的貿易業務不會從波動中受益，反而會受到負面影響？謝謝。

Yeah. So let me start with the last one first and just remind you remember what our investment banking business looks like. We're a pretty traditional investment banking business, syndication, debt capital markets, equity capital markets, M&A. Our trading business is really a client-focused trading business. So we have a low bar kind of business. So we're not doing a lot of proprietary type trading.

是的。因此，讓我先從最後一個開始，並提醒您記住我們的投資銀行業務是什麼樣的。我們是一家相當傳統的投資銀行業務，包括銀團貸款、債務資本市場、股權資本市場和併購。我們的貿易業務實際上是以客戶為中心的貿易業務。所以我們的生意門檻很低。因此，我們不會進行大量的自營交易。

This is trading for our clients. So it just doesn't have the same kind of beta maybe attached to its results. The irony is I feel better about investment banking than I have ever. I mean, I think I feel really good about the talent that we've got on the field. I feel good about the investments we've made.

這是為我們的客戶進行的交易。因此，它的結果可能並不具有相同類型的測試版。諷刺的是，我對投資銀行業務的感覺比以往任何時候都好。我的意思是，我對我們在球場上所擁有的天賦感到非常滿意。我對我們所做的投資感到滿意。

I don't think we've ever been better positioned the alignment with our overall corporate and commercial banking has never been better. The propensity to introduce our industry specialties, create pipelines and opportunities.

我認為，我們從未處於如此有利的地位，我們與整體企業和商業銀行業務的協調也從未如此良好。傾向於引入我們的行業專長，創造管道和機會。

We had a really good core investment-grade debt capital markets quarter. Pipelines are just deferred as the way I would say it. So pipelines came in really strong to begin the quarter. Pipelines tend to be a little more deferred, particularly on the M&A side. Although in fairness, we've had some new mandates this quarter.

我們的核心投資等級債務資本市場本季表現非常好。正如我所說，管道只是被推遲了。因此，本季初管道表現非常強勁。管道往往會被推遲一些，特別是在併購方面。不過公平地說，本季我們確實有一些新的任務。

So it's not like the spicket shut off. It just seems to be a little bit deferred. We're not losing business to someone else. I think our clients are primarily pausing from that standpoint. So I think overall, industry is sort of projected to be flat. We thought that seemed to be the best place to be positioned.

所以這並不像水龍頭被關閉了。只是看起來有點推遲了。我們不會把生意輸給別人。我認為我們的客戶主要是從這個角度暫停的。所以我認為總體而言，行業預計會保持穩定。我們認為那似乎是最好的定位位置。

If things recover, we're never better positioned. I mean, we've gained incremental share every quarter for the last several quarters. So if the market returns, we're going to return with equal to better than the market. Just right now spot, looking at investment banking, it seemed to us to be most prudent to say that that's a flat sort of forecast.

如果情況好轉，我們的處境將比現在更好。我的意思是，過去幾季我們每季的市佔率都在增加。因此，如果市場回歸，我們的回報將與市場持平甚至更好。就目前情況來看，從投資銀行的角度來看，我們認為最謹慎的說法是，這是一種平穩的預測。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi. Good morning. The first one is for Mike. You noted that underneath the revenue guide, you're expecting NII to increase 3%. If you could remind us, is that unchanged or revised from the original January outlook? And if you could give us a sense of how much of the revision would have been curve versus size of the balance sheet.

你好。早安.第一個是給麥克的。您指出，在收入指南中，您預計 NII 將增加 3%。如果您能提醒我們的話，這與 1 月份的原始展望相比是否有所變化或有所修改？而您能否讓我們了解修訂內容中有多少是曲線與資產負債表規模的對比？

Hey. Good morning, Erika. I actually don't think we gave explicit guidance in January for the year for NII. I think it would have been implied closer to call it, [high-3s], maybe closer to 4%. So we probably have a 0.75% or so impact to NII relative to our outlook. And it's almost entirely driven by the change in the curve.

嘿。早安，艾麗卡。我實際上並不認為我們在一月份針對 NII 給出了明確的年度指導。我認為更接近的說法是 [high-3s]，可能接近 4%。因此，相對於我們的展望，我們對 NII 的影響可能為 0.75% 左右。這幾乎完全是由曲線的變化所驅動的。

And as we talk about two-year -- pardon me, medium-term rates, where we're really looking on the curve is the difference in where the two-year is, not just today, but where implied have it throughout the course of the year. And so, the impact on the loan repricing opportunity that we've talked about as well as to a lesser extent the securities.

當我們談論兩年期——請原諒，中期利率——時，我們真正關注的是曲線上的兩年期利率的差異，不僅是今天的差異，而且是全年隱含的差異。因此，這對我們所討論的貸款重新定價機會以及在較小程度上對證券的影響。

Got it. And just -- I apologize if you said this in the prepared remarks, and I just didn't catch it, it's been insane morning. But did you give the baseline unemployment rate for your reserve Mike, and what the weighted average is that's embedded in your first quarter reserve, please?

知道了。而且——如果您在準備好的發言中說過這句話，而我沒聽清楚，我深感抱歉，因為今天早上太瘋狂了。但是，麥克，您是否給出了儲備的基準失業率，以及第一季儲備中包含的加權平均值是多少？

We didn't give you that, Erika. Brad, I'll let you -- he's here in the room with us, you want to talk a little bit about our baseline unemployment outlook.

我們沒有給你這個，艾莉卡。布拉德，我讓你──他就在我們在房間裡，你想談談我們的基本失業前景。

Thanks, Mike and Erika. So the way we think about the varying degrees of factors in our allowance, unemployment obviously plays into that. We use it across baseline and then the two different stress scenarios.

謝謝，麥克和埃里卡。因此，當我們考慮津貼中不同程度的因素時，失業顯然是其中的一個因素。我們在基線和兩種不同的壓力情境中使用它。

I'd say where we are right now is mid to high single-digits when you factor in the modeled output plus the qualitative overlays. We feel good about where it sits today. We feel like we can weather whatever is in front of us from a creditor's standpoint.

我想說，如果將模型輸出和定性疊加考慮在內，我們現在的水平是中高個位數。我們對它目前所處的位置感到滿意。我們覺得從債權人的角度來看，我們可以度過眼前的一切。

And then actual unemployment rate, what we're using like --

然後是實際失業率，我們使用的--

So it's got [51] in the model, but then you adjust off of that at a pull level based on the asset mix.

因此模型中存在 [51]，但您可以根據資產組合在拉動水準上進行調整。

Mike Mayo, Wells Fargo Securities.

富國證券的麥克梅奧 (Mike Mayo)。

I think you're doing what you can in terms of investing in talent, tech and transitioning from defense to offense as you said. And you did get more loan growth, but I'm still just trying to reconcile the overall guidance and somewhat upbeat comments with the uncertainty with the macro.

我認為，正如您所說，您在人才、技術投資以及由守轉攻方面正在盡其所能。貸款確實增長了，但我仍在試圖將整體指導和樂觀的評論與宏觀的不確定性相協調。

On the one hand, it shows like -- it seems like you're showing more realism. The curve impacts NII and aftermarket impact investment banking, and you have a little lower guide there. On the other hand, looks like you're accelerating buybacks, and your reserves are not so different.

一方面，它顯示出——似乎你表現出了更多的現實主義。此曲線影響 NII，而售後市場影響投資銀行，因此這裡的指導略低一些。另一方面，看起來您正在加速回購，而且您的儲備並沒有太大差別。

And so, if the world is that much more difficult, why wouldn't you be increasing reserves more? Why wouldn't you be slowing down buybacks. I'm not saying to do that. I'm just trying to reconcile those thoughts. Thanks.

那麼，如果世界變得更加困難，為什麼不增加儲備呢？為什麼你們不放慢回購速度呢？我並不是說要這麼做。我只是想調和這些想法。謝謝。

Yeah. Mike, it's a great question. So if you think about the guidance, it's really centered on two things. So a flat forecast on investment banking. Again, I hope that's wrong. I hope markets recover quickly. And as I said before, when they do, we're really, really well positioned, and we've gain marginal share in that business over time and we're well positioned.

是的。麥克，這個問題問得很好。因此，如果你考慮指導，它實際上集中在兩件事上。因此對投資銀行業務的預測是平淡的。我再次希望這是錯的。我希望市場能夠盡快復甦。正如我之前所說，當他們這樣做時，我們確實處於非常非常有利的位置，並且隨著時間的推移，我們在該業務中獲得了邊際份額，我們處於有利位置。

But realistically, sitting with sort of a spot forecast and looking at overall industry that seemed prudent to us. And then the other was related to just where we are in the curve. Everything else in terms of loan production and deposit production and payments penetration, all those things, we're not changing any of that.

但實際上，根據某種現貨預測並觀察整個產業，這對我們來說似乎是謹慎的。另一個與我們在曲線中所處的位置有關。貸款生產、存款生產和支付滲透等方面的其他一切，我們都不會改變任何事情。

I mean, we still feel really good about that. And as you evidenced in the first quarter, we actually have strong momentum. So with a little more isolated to those things versus a statement around that we see some precipice in the market. And then I think as you take that a further step, all those things are considered when we set that reserve.

我的意思是，我們對此仍然感到非常高興。正如您在第一季所證明的那樣，我們實際上擁有強勁的發展勢頭。因此，如果我們對這些事情進行更孤立的觀察，而不是圍繞這些事情發表聲明，我們會發現市場出現了一些懸崖現象。然後我認為，當你進一步採取這項措施時，我們在設定儲備時會考慮到所有這些因素。

So I mean, I think we look at volatility and uncertainty in tariffs and potential impacts and all those things related to the reserve. And then on the share buyback, as I noted earlier, it's just an opportunistic time. And we want to -- we like Truist, and we want to invest in Truist.

所以我的意思是，我認為我們會考慮關稅的波動性和不確定性以及潛在影響以及所有與儲備相關的因素。關於股票回購，正如我之前提到的，這只是一個機會時機。我們希望－我們喜歡 Truist，我們也希望投資 Truist。

We've got a strong capital position, taking a little marginal opportunistic continues to keep us in a really strong capital position to not only weather any storm, but what I hope is more to invest more in our business and the growth of our business.

我們擁有強大的資本實力，採取一些邊際機會主義措施可以讓我們繼續保持真正強大的資本實力，不僅可以抵禦任何風暴，而且我希望可以更多地投資於我們的業務和業務成長。

I guess just as a follow-up, when I think about what could happen, it seems like that loan production and the deposits and the payments could fall off the cliff if this trade war situation goes on for too long. So I guess, do you have any frame of context in your career that gives us the lens or framework on how to view this? And also, how did the pandemic help prepare you and your clients for the impact on supply chains. Thanks.

我想作為後續，當我思考可能發生的事情時，似乎如果這種貿易戰局勢持續太久，貸款產生、存款和付款可能會急劇下降。所以我想，在您的職業生涯中是否有任何背景框架可以為我們提供如何看待這個問題的視角或框架？此外，疫情如何幫助您和您的客戶做好應對供應鏈影響的準備。謝謝。

Yeah. The second part of your question, I think is actually really, really insightful, and I think that's happened. I think if we look and talking to a lot of clients, they learned a lot during the pandemic in terms of managing working capital. I mean, I think it's one of these things. I believe it's one of these things when we are perplexed as an industry why utilization is lower than traditional.

是的。我認為你問題的第二部分實際上非常非常有見地，而且我認為這已經發生了。我認為，如果我們觀察並與許多客戶交談，他們會發現在疫情期間他們在營運資金管理方面學到了很多東西。我的意思是，我認為這就是其中之一。我認為，當我們作為一個行業感到困惑，為什麼利用率低於傳統水平時，這就是其中之一。

I think it's because clients learned how to manage working capital really well and manage their supply chains really well. They created a lot more diversity, a lot more consistency. So I do think clients are better prepared, understand their supply chains at some multiple of what they did before, created more flexibility and optionality and particularly on larger clients, maybe give back to smaller clients.

我認為這是因為客戶學會如何很好地管理營運資金以及如何很好地管理他們的供應鏈。他們創造了更多的多樣性和一致性。因此，我確實認為客戶準備得更充分，對他們的供應鏈的了解比以前多了幾倍，創造了更多的靈活性和可選性，特別是對較大的客戶，也許可以回饋較小的客戶。

But larger clients, I think they just have more flexibility, better understanding of their supply chain. And then we're really helping that too. I mean, we've got a really good business that helps them manage and think about how to leverage supply chains.

但我認為，對於大客戶來說，他們擁有更大的彈性，也更了解他們的供應鏈。然後我們也確實在提供幫助。我的意思是，我們有一個非常好的業務，可以幫助他們管理和思考如何利用供應鏈。

And then in terms of a career, it's really an unusual circumstance and that we look at and you've indicated some different data points. Our underlying business is really solid, and our client business is really solid. Our consumers are in good shape. Our business clients are in good shape.

從職業角度來看，這確實是一種不尋常的情況，我們研究了一下，並且您指出了一些不同的數據點。我們的基礎業務非常穩固，我們的客戶業務也非常穩固。我們的消費者狀況良好。我們的商業客戶狀況良好。

So different maybe from other environments where you could feel softness in the underlying portfolios, you still see that right now. So I think there's reasons to be optimistic that people see themselves through this. But we just are unwilling to put all that into a forecast and into our guidance. But I think we enter into this in a very different situation where consumers and businesses are more solid and they did learn a lot in the supply chain.

因此，也許與其他環境不同，在其他環境中，您可能會感覺到基礎投資組合的疲軟，但現在您仍然可以看到這一點。所以我認為人們有理由樂觀地看待自己。但我們只是不願意將所有這些納入預測和指導中。但我認為，我們進入這一階段的情況非常不同，消費者和企業更加穩固，他們確實在供應鏈中學到了很多。

On the small side, I think that's a little more challenging on the small business side because their business may not have the flexibility. So they could be impacted in one supply chain avenue from one tariff to one country analysis.

從小處來說，我認為這對小型企業來說更具挑戰性，因為他們的業務可能缺乏靈活性。因此，它們可能會受到從一種關稅到一個國家分析的一條供應鏈途徑的影響。

So we're looking closely at those idiosyncratic things to make sure that we're keeping an eye on those clients, helping them think through think they're where they go. But I think it is an interesting time in my career. And then back to how the whole premise started, I just don't think we've ever been better positioned to be in the athletic position to respond good momentum, as you mentioned, good talent and a capital position that allows us to weather but also take advantage of opportunities.

因此，我們正在密切關注這些特殊事物，以確保我們密切關注這些客戶，幫助他們思考他們要去的地方。但我認為這是我職業生涯中一個有趣的時刻。然後回到整個前提是如何開始的，我只是認為我們從來沒有像現在這樣處於更好的運動位置來應對良好的勢頭，正如你提到的，良好的人才和資本地位使我們能夠經受住考驗，同時也能利用機會。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Hi. Good morning. Mike, I just have one quick question for you. You mentioned during the prepared remarks that you've got, I think, it's $42 billion that's rolling in 2Q through 4Q this year. And that it's rolling at a lower pickup than you had said before. Could you just tell us what the yield pickup is that you expect on this $42 billion?

你好。早安.麥克，我只想問你一個簡單的問題。您在準備好的發言中提到，我認為，今年第二季至第四季的資金流入量為 420 億美元。而且它的滾動速度比你之前說的要低。您能否告訴我們，您預計這 420 億美元的收益會是多少？

Yeah. Sure, Betsy. And I have to speak in terms of averages, obviously, because across that $42 billion, you've got a meaningful portion that's loans, some securities and then even within loans, you've got a pretty wide variety of products in that bundle.

是的。當然，貝琪。顯然，我必須以平均值來表示，因為在這 420 億美元中，很大一部分是貸款、一些證券，甚至在貸款中，也有各種各樣的產品。

But back in January, we mentioned that we felt like, call it, 90 to 100 basis points of, I'll call it, incremental run-on versus run-off. And we think that, that's lower by 40 to 50 basis points. So almost half.

但早在 1 月份，我們就提到，我們感覺這相當於 90 到 100 個基點的增量運作與停止運作。我們認為，這一數字將下降 40 至 50 個基點。幾乎是一半。

And again, our term exposure is really more in that sort of two year part of the curve. The whole curve is important to us, but especially I'd say two to five is probably as we think about that repricing opportunity, probably 75% of that opportunity is less than five years.

而且，我們的長期敞口實際上更集中在曲線的兩年部分。整個曲線對我們很重要，但特別是我想說，當我們考慮重新定價機會時，二到五年可能是其中 75% 的機會少於五年。

Okay. But on the average, $42 billion is going to roll it on average 45 bps pickup.

好的。但平均而言，420 億美元將帶來平均 45 個基點的利率提升。

No, higher than that, probably closer to like 50 to 60, plus a little. It actually changes over the year, Betsy. So our view on two as an example is this is based on implied forwards is that the two-year will probably decline a touch over the course of the year. And so, maybe in this quarter and next quarter, we're picking up, maybe it's closer to 60 to 70 and then maybe it's closer to 50 to 60 basis points later in the year.

不，比這更高，可能接近 50 到 60，再多一點。事實上，它一年比一年有變化，貝琪。因此，以兩年期公債為例，我們的觀點是基於隱含遠期殖利率，即兩年期公債在一年內可能會略有下降。因此，也許在本季度和下個季度，我們會回升，也許接近 60 到 70 個基點，然後也許在今年晚些時候接近 50 到 60 個基點。

Got it. Okay. Thank you. Super helpful. And then just on the question on loan growth. As you think through the puts and takes here on the outlook, are you changing your lending standards?

知道了。好的。謝謝。超有幫助。然後是關於貸款成長的問題。當您思考前景的利弊時，您是否會改變您的貸款標準？

No. Betsy, we're just constantly consistent in lending standards and how we think about our portfolio and how we think about our opportunities. Everything you're seeing from us is like just really strong execution within that framework.

不。貝琪，我們的貸款標準、投資組合和機會的考慮方式始終保持一致。您從我們這裡看到的一切都表明我們在該框架內實現了真正強大的執行力。

Okay. So lending standards don't change, but as the environment unfolds, you'll see growth from like adding new customers, I suppose. That's really the message you have for us?

好的。因此，貸款標準不會改變，但隨著環境的變化，我想你會看到新客戶增加帶來的成長。這確實是您想傳達給我們的訊息嗎？

Yeah. I've been adding new clients, expanding with existing clients, being more relevant, expanding in markets where we weren't before, building our middle market business, consumer execution, premier production, all those things in those categories.

是的。我一直在增加新客戶、擴大現有客戶、提高相關性、拓展我們以前沒有涉足的市場、建立我們的中端市場業務、消費者執行、優質生產，以及所有這些類別中的業務。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

Good morning. Can you elaborate on some of the areas that you're targeting for costs base and maybe reframe with the restructuring charges were for this quarter and how that helps going forward?

早安.您能否詳細說明您在成本基礎方面所針對的一些領域，並可能重新建立本季的重組費用，以及這對未來有何幫助？

I'll start and maybe turn it to you on the specific on the restructuring charges and whatnot. Matt, you remember, in 2023 we started with a significant expense initiative where we went and looked at everything in our company in terms of opportunities, and you saw a lot of that in the consolidation simplification of our business creating better pull through.

我將開始並可能向您介紹有關重組費用等具體內容。馬特，您記得，2023 年我們啟動了一項重大開支計劃，我們從機會的角度審視了公司的一切，而您在業務整合簡化中看到了很多這樣的機會，從而創造了更好的業績。

So a lot of this is just realizing -- continuing to realize the benefits of those activities. So this isn't a onetime stop start kind of thing. This is a continuation of the learnings that we embedded in our system and the continuous improvement opportunities.

因此，很多時候我們只是在實現──繼續實現這些活動的好處。所以這不是一次性停止啟動的事情。這是我們在系統中嵌入的學習和持續改進機會的延續。

So there are all those same kind of categories, continuing to get the benefits of being more efficient, consolidations, spans and layers, all those traditional things that come in terms of expenses, but all that's offset against the investments that we're making.

因此，存在所有這些相同類型的類別，繼續獲得更有效率、合併、跨度和層次的好處，所有這些傳統的東西都以費用的形式出現，但所有這些都抵消了我們所做的投資。

So that's an important component here is what we're not stopping is the investments that we're making in our digital capabilities which I talked about, talent that continues wanting to be part of our platform, treasury management and payments, our risk and infrastructure.

所以這是一個重要的組成部分，我們不會停止對我提到的數位能力的投資，人才繼續希望成為我們平台、財務管理和支付、風險和基礎設施的一部分。

So it's toggling all those things and allowing a little more of those expense savings to come through to help offset some of the investments that we want to continue to make. And then Michael, let you talk about the specifics on the restructuring.

因此，它會切換所有這些事情，並允許更多的費用節省來幫助抵消我們想要繼續進行的一些投資。然後邁克爾，讓你談談重組的具體細節。

Yeah. On the restructuring charges, Matt, this quarter it was predominantly some corporate facilities rationalization and then also some severance. So those were really the two notable items. I think you asked, how big of a part of our story that will be throughout the course of the year.

是的。關於重組費用，馬特，本季主要是一些公司設施合理化，以及一些遣散費。所以這確實是兩件值得注意的事情。我想你問過，這在我們全年的故事中佔多大比例。

We don't expect there to be significant restructuring charges throughout the course of the year. I mean, I think as I said here today, I see $40 million to $50 million high side. So that helps.

我們預計今年全年不會出現重大重組費用。我的意思是，正如我今天在這裡所說的那樣，我認為價格高出 4000 萬到 5000 萬美元。這很有幫助。

Okay. That's $40 million to $50 million for the rest of the year?

好的。那麼今年剩餘時間的收入將是 4,000 萬到 5,000 萬美元嗎？

Yeah.

是的。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Hey, good morning. I guess maybe, Mike, for you on capital, and apologies if you already addressed this. But when you look at the CET1 with or without AOCI, just give us a sense of -- I appreciate the sensitivity to the stock price, but how much more aggressive can you be on the pace of buybacks? And is there a CET1 target that we should keep in mind in the near term below which you don't want capital levels to go?

嘿，早安。麥克，我想也許對你來說，資本問題很重要，如果你已經解決了這個問題，我很抱歉。但是，當您查看帶有或不帶有 AOCI 的 CET1 時，請給我們一種感覺——我理解對股價的敏感性，但是您在回購速度上還能有多積極呢？我們是否應該在短期內牢記一個 CET1 目標，以免資本水準低於該目標？

Yeah. Good morning, Ebrahim. Look, I think on the buyback, we feel good about the rhythm that we established, the $500 million a quarter. I think, again, that with the dividend equating to approximately our earnings, we feel like is a pretty elevated.

是的。早安，易卜拉欣。看，我認為在回購方面，我們對建立的節奏感到滿意，即每季 5 億美元。我再次認為，由於股息大約相當於我們的收益，我們覺得這是一個相當高的數字。

And as we've said, with our sort of more medium-term capital planning, something that we believe can be more sustainable. I think the $250 million incremental that we're looking at this quarter, Bill framed it well. It's opportunistic. We saw a pretty significant sell-off in the industry in the stock and so had the flexibility to frankly have a bias for action there.

正如我們所說，透過我們的中期資本規劃，我們相信這可以更永續。我認為，我們本季看到的 2.5 億美元增量，比爾對此做出了很好的闡述。這是機會主義的。我們看到該行業的股票出現了相當嚴重的拋售，因此坦白說，我們有靈活性，並傾向於採取行動。

But I wouldn't expect for us to necessarily continue to exercise that flexibility. In terms of a target, we talked a little bit about this earlier in the year and some of last year. It will be important for us to actually see a final sort of rule on Basel and have a better sense for an implementation timeline.

但我並不期望我們一定會繼續保持這種彈性。就目標而言，我們在今年早些時候和去年的一些時候討論過這個問題。對我們來說，真正了解巴塞爾協議的最終規則並更好地了解實施時間表非常重要。

We've talked about a 10% area, operating area. I think that's still sensible based on everything that we know now. I don't think it's a moment short term where we would be eager to add a ton of leverage. So I think we sort of stay the course here with the $500 million, and we'll watch the market, and we'll adjust as it makes sense.

我們討論了 10% 的區域，即操作區域。我認為根據我們現在所知道的一切，這仍然是合理的。我認為短期內我們不會急於增加大量槓桿。因此，我認為我們會堅持這 5 億美元的投資方針，並觀察市場，進行合理的調整。

Gerard Cassidy, RBC.

傑拉德·卡西迪（Gerard Cassidy），加拿大皇家銀行。

Hi, Bill. Hi, Mike. Can you guys share with us -- we hear a lot of your competitors looking to the Southeast and your primary franchise as an area of expansion and growth. Can you tell us, has competition changed or intensified?

你好，比爾。你好，麥克。你們能否與我們分享一下——我們聽說很多競爭對手都將東南部和你們的主要特許經營區視為擴張和增長的區域。您能告訴我們，競爭是否改變了或加劇了？

And then second, as part of that, are you seeing any aggressive lending going on from your competitors that you're obviously not willing to compete against because it's too aggressive?

其次，作為其中的一部分，您是否看到競爭對手正在進行激進的貸款，而您顯然不願意與之競爭，因為它太激進了？

Yeah. Gerard, I'd say one thing, having spent my entire career in these markets. They're always competitive. And they're competitive because they're great markets. So I wouldn't say anything particularly differentiated. We compete with a lot of smart competitors.

是的。傑拉德，我想說一件事，我的整個職業生涯都在這些市場上度過。他們總是充滿競爭力。因為它們是巨大的市場，所以它們具有競爭力。所以我不會說任何特別有差別的話。我們與許多聰明的競爭對手競爭。

So I don't think anything out of the ordinary in terms of pricing or structure. And then as I've mentioned earlier, there are other markets where we're also expanding. I talked about Texas and Philadelphia and Ohio and other places where we have big investments too, and we're competing really, really well in those markets.

因此，我認為在定價或結構方面沒有什麼不尋常的。正如我之前提到的，我們也在向其他市場擴張。我談到了德州、費城、俄亥俄州和其他我們也有大量投資的地方，我們在這些市場上的競爭力非常強。

So I think just it's an overall competitive market. You've seen the results of how we fared in this competitive environment with our loan growth, production capabilities continued to improve, the investments we've made. So I think my answer would be we've never been more competitive in terms of our athletic position. And these are highly competitive markets. I mean, I don't know any other way to describe it.

所以我認為這是一個整體競爭的市場。您已經看到了我們在這種競爭環境中的表現，包括貸款成長、生產能力的持續提高以及我們所做的投資。所以我認為我的答案是，就我們的運動地位而言，我們的競爭力從未如此強大。這些市場競爭非常激烈。我的意思是，我不知道還有什麼其他方式來描述它。

Very good. And then as a follow-up on just loans in general. In the fourth quarter, you folks and your peers are required on a best-efforts basis to put out the exposure to loans to non-depository financial institutions.

非常好。然後作為對一般貸款的後續跟進。在第四季度，您和您的同事需要盡最大努力向非存款金融機構提供貸款。

And your numbers are not that excessive as some of your peers. Can you share with us those categories, whether it's the business credit intermediary category or private equity funds. What are you guys seeing in those kinds of categories since that's been a growth area for the industry.

而且您的數字並不像您的一些同行那樣過多。您能否與我們分享這些類別，無論是商業信貸中介類別還是私募股權基金。鑑於這是行業的一個成長領域，你們對這些類別有何看法？

Yeah. Brad, let me, I'll let you talk about the NDFI, and I would say, it's pretty traditional for us. But Brad, you could go in a little more detail.

是的。布拉德，讓我，我讓你談談 NDFI，我想說，這對我們來說非常傳統。但是布拉德，你可以更詳細地講一下。

Yeah. Thanks, Gerard, for the question. So I'd say, look, our NDFI exposure obviously was impacted by the definitional change. The portfolio in the aggregate is about 13 different sub-sectors across 20 different asset classes. They're longtime corporate investment banking and CRE clients with our largest concentration in REITs, but we approach it with full credit risk governance model.

是的。謝謝杰拉德提出這個問題。所以我想說，我們的 NDFI 風險敞口顯然受到了定義變化的影響。該投資組合總體涵蓋 20 種不同資產類別的 13 個不同子行業。他們是我們長期的企業投資銀行和 CRE 客戶，其中房地產投資信託 (REIT) 是我們最大的客戶，但我們採用全面的信用風險治理模式來處理這個問題。

We've got really good limits in place. We manage contagion risk. And so, this is regular wave business for us to support our clients, and we feel really good about where our exposure sits even post the definitional change.

我們已經制定了非常好的限制。我們管理傳染風險。因此，對我們來說，支援客戶是常規業務，即使在定義發生變化之後，我們對我們的曝光度仍然感到非常滿意。

I see. And just as a follow up here, are you seeing the competitors, the private credit guys or just the non-bank lenders impacting your customers in these categories as well? Or what are you seeing on that side of it?

我懂了。順便問一下，您是否看到競爭對手、私人信貸機構或非銀行貸款機構也對這些類別的客戶產生影響？或是你在那邊看到了什麼？

Yeah. Gerald, I think private credit certainly has been part of our ecosystem for a long time. I don't know whether it's unique to this portfolio, but certainly, a competitive force that we think through and deal with and obviously by our results, also very competitive against them as well.

是的。傑拉爾德，我認為私人信貸長期以來一直是我們生態系統的一部分。我不知道這是否是這個投資組合所獨有的，但可以肯定的是，這是我們深思熟慮並處理的競爭力量，而且顯然從我們的結果來看，我們也非常具有競爭力。

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。我想將會議交還給布拉德·米爾薩普斯，請他做最後發言。

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

好的。謝謝你，貝琪。我們的下一次通話就此結束。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，我們希望您度過愉快的一天。貝琪，你現在可以掛斷電話了。

The conference is 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。