Truist Financial Corp (TFC) 2025 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation second 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 年第二季財報電話會議。（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 second quarter 2025 earnings call. With us today are our Chairman and CEO, Bill Rogers; our CFO, Mike Maguire; and 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 年第二季財報電話會議。今天與我們在一起的有我們的董事長兼首席執行官比爾·羅傑斯 (Bill Rogers)、我們的首席財務官邁克·馬奎爾 (Mike Maguire) 和首席風險官布拉德·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 second quarter results, share their perspectives on current business conditions and provide an outlook for 2025. The company's presentation as well as our 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 的第二季業績，分享他們對當前商業狀況的看法並提供 2025 年的展望。該公司的介紹以及我們的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'll turn it over to Bill.

說完這些，我就把麥克風交給比爾。

Great. Thanks, Brad, and good morning, everyone, and thanks for joining our call this morning. Before we discuss the second quarter results, let's begin like we always do at Truist with purpose on Slide 4. At Truist, our purpose to inspire and build better lives and communities. It's more than a statement.

偉大的。謝謝，布拉德，大家早安，謝謝你們今天早上參加我們的電話會議。在我們討論第二季的業績之前，讓我們像往常一樣在 Truist 做的那樣，從幻燈片 4 開始。在 Truist，我們的目標是激勵和建立更美好的生活和社區。這不僅僅是一個聲明。

It's the foundation of our strategy. It's the lens through which we make decisions and the reasons teammates show up every day with conviction and care. In the second quarter, we continue to bring this purpose to life in meaningful ways.

這是我們策略的基礎。它是我們做出決策的視角，也是隊友每天都充滿信念和關懷的原因。在第二季度，我們將繼續以有意義的方式實現這一目標。

We welcomed the dynamic slate of new leaders across our company, reinforcing our commitment to attracting top talent to our already highly experienced and very capable teams. These leaders were attracted to our purpose-driven culture and are already making meaningful impact, strengthening our presence in key growth markets and expanding our capabilities across high-potential verticals.

我們熱烈歡迎公司新一屆領導人的到來，這進一步鞏固了我們吸引頂尖人才加入我們經驗豐富、能力超群的團隊的決心。這些領導者被我們目標驅動的文化所吸引，並且已經產生了有意義的影響，加強了我們在關鍵成長市場的影響力，並擴展了我們在高潛力垂直領域的能力。

From sector-specific coverage to commercial and middle market banking to small business, wealth, premier banking and payments. Our teams are deepening client relationships, driving new business and positioning Truist for the long-term sustainable growth all of which were evident in the second quarter results.

從特定行業覆蓋到商業和中型市場銀行業務，再到小型企業、財富、高級銀行業務和支付。我們的團隊正在深化客戶關係、推動新業務並為 Truist 的長期可持續成長做好準備，所有這些都在第二季的業績中得到了體現。

So on Slide 5, for the second quarter, we reported net income available to common shareholders of $1.2 billion or $0.90 a share which included $0.02 of restructuring charges related to severance and $0.01 of losses from the sale of certain investment securities.

因此，在投影片 5 上，我們報告第二季普通股股東的淨收入為 12 億美元或每股 0.90 美元，其中包括與遣散費相關的 0.02 美元重組費用和出售某些投資證券的 0.01 美元損失。

At a high level, our solid performance in the second quarter reflects the diversity of our business model and the execution of many of our strategic growth initiatives that we've been discussing now for several quarters. These initiatives include accelerating growth through the addition of new clients and deepening existing client relationships in areas like payments, wealth and premier banking.

從總體上看，我們第二季度的穩健表現反映了我們業務模式的多樣性以及我們已經討論了幾個季度的許多戰略成長計劃的執行情況。這些措施包括透過增加新客戶來加速成長，以及深化支付、財富和高級銀行業務等領域的現有客戶關係。

We're executing our plan while maintaining our expense and credit discipline and returning capital to shareholders. During the second quarter, average loan balances increased 2% and end of period loans increased 3.3% linked quarter.

我們正在執行我們的計劃，同時保持我們的費用和信貸紀律並向股東返還資本。第二季度，平均貸款餘額較上季成長 2%，期末貸款較上季成長 3.3%。

Growth was broad-based across our consumer and wholesale segments and driven by increased loan production and new client acquisition. Our lending pipelines remained strong and overall loan production is up significantly year-over-year. Growth should also benefit from our expansion efforts in markets where we have smaller but growing share and for many of the new teammates that have joined our company.

我們的消費和批發部門實現了廣泛成長，成長動力來自貸款產量的增加和新客戶的取得。我們的貸款管道依然強勁，整體貸款額較去年同期大幅成長。我們的擴張努力也將有利於我們在份額較小但不斷增長的市場中的成長，也有利於許多新隊友加入我們公司。

This quarter's loan growth helped offset the equity and debt market volatility that occurred early in the quarter. This volatility impacted trading capital markets and M&A activity for the industry, resulting in lower revenue for our investment banking and trading businesses. As you've heard me discuss previously, I'm 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 ongoing investments we're making in talent, products and industry verticals.

本季的貸款成長有助於抵消本季初出現的股票和債務市場波動。這種波動影響了交易資本市場和產業的併購活動，導致我們的投資銀行和交易業務收入下降。正如您之前聽到我討論的那樣，我相信，鑑於我們在人才、產品和垂直行業方面的持續投資，我們的建議驅動型業務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。

We believe that our investment banking and trading business is well positioned for a second half recovery as we saw steady improvement in overall investment banking revenue in each month during the quarter. Adjusted expenses did come at the high end of the expected range, but we remain confident in our ability to deliver our 1% expense growth target and positive operating leverage in this year.

我們相信，我們的投資銀行和交易業務已為下半年的復甦做好了準備，因為我們看到本季每個月的整體投資銀行收入都在穩步提高。調整後的費用確實處於預期範圍的高端，但我們仍然有信心在今年實現 1% 的費用成長目標和積極的營運槓桿。

That includes the impact of ongoing investments in talent and technology. We also maintained strong asset quality metrics as both non-performing loans and net charge-offs were down 9 basis points linked quarter. In addition, we also received favorable results from the Federal Reserve's annual stress test. We expect that our stress capital buffer will decline and be Florida 2.5% effective October 1. Finally, we remain in a strong capital position, which allows us to support our balance sheet growth and return capital to shareholders.

這包括對人才和技術的持續投資的影響。我們也維持了強勁的資產品質指標，不良貸款和淨沖銷額均比上季下降了 9 個基點。此外，我們也從聯準會年度壓力測試中獲得了良好的結果。我們預計我們的壓力資本緩衝將會下降，自 10 月 1 日起佛羅裡達州的壓力資本緩衝將達到 2.5%。最後，我們仍然保持強大的資本狀況，這使我們能夠支持資產負債表的成長並向股東返還資本。

During the quarter, we returned $1.4 billion of capital to shareholders through our common stock dividend and the repurchase of $750 million of our common stock. Our share repurchase activity in the second quarter included $250 million of repurchases above our recent $500 million quarterly target as we opportunistically took advantage of market volatility and weakness in our share price early in the quarter.

本季度，我們透過普通股股息和回購 7.5 億美元普通股向股東返還了 14 億美元的資本。我們在第二季的股票回購活動中回購了 2.5 億美元，超過了我們最近 5 億美元的季度目標，因為我們抓住機會利用了本季初的市場波動和股價疲軟。

We do plan to target approximately $500 million of share repurchases during the third quarter. Before I hand the call over to Mike to discuss the quarterly results, I'm going to spend some time discussing the progress we're already 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.

我們確實計劃在第三季回購約 5 億美元的股票。在我將電話交給麥克討論季度業績之前，我將花一些時間討論我們在戰略重點方面已經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 and deposit growth, net new checking account growth and progress with our premier banking clients as we deepened 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，消費者貸款和存款成長、淨新支票帳戶成長以及與優質銀行客戶的共同進步再次令我感到鼓舞。

Net new checking account growth, which is a key measure for the growth potential and health of our company was once again positive in the second quarter as we added nearly 37,000 new customers -- new consumer and small business accounts. Importantly, we're attracting younger clients with higher average balances and greater median income which aligns with our strategy to engage clients early in building during relationships over time.

淨新支票帳戶成長率是衡量我們公司成長潛力和健康狀況的關鍵指標，第二季我們增加了近 37,000 名新客戶（新消費者和小型企業帳戶），再次實現正成長。重要的是，我們吸引的是具有更高平均餘額和更高中位數收入的年輕客戶，這符合我們儘早吸引客戶參與長期關係建設的策略。

Average consumer and small business loan balances increased 2.8% linked quarter and end of period balances increased 3.8% due to growth in residential mortgage, indirect auto and other consumer with production up significantly year-over-year.

由於住宅抵押貸款、間接汽車貸款和其他消費貸款產量同比大幅增長，平均消費者和小型企業貸款餘額環比增長 2.8%，期末餘額增長 3.8%。

Over the last year, we've added significant numbers of new partners and dealers to our Service Finance and Sheffield platforms, which is helping drive the growth in other consumer loan balances. We also saw a significant increase in loan and deposit production per banker in our Premier Banking segment, which is a key area of strategic focus.

在過去的一年裡，我們為服務金融和謝菲爾德平台增加了大量新的合作夥伴和經銷商，這有助於推動其他消費貸款餘額的成長。我們還發現，我們的優先銀行業務部門中每位銀行家的貸款和存款產出顯著增加，這是我們的策略重點領域。

We're growing while also maintaining our credit and pricing discipline. Consumer net charge-offs of 71 basis points reached their lowest level since the third quarter of 2023 and new production spreads remained accretive to the overall portfolio. In wholesale, I'm encouraged by this quarter's loan growth, improved production and progress in key focus areas like payments and wealth.

我們在發展的同時，也保持著我們的信用和定價紀律。消費者淨沖銷額為 71 個基點，達到 2023 年第三季以來的最低水平，新的生產利差仍對整體投資組合具有增值作用。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。

During the quarter, we saw 1.5% growth in average wholesale loans and 2.9% growth in end-of-period loans driven by growth from new and existing clients and increased production. Average C&I growth was driven by all of our industry banking groups with particular strength in FIG and energy, middle market lending and structured credit.

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 1.5%，期末貸款成長 2.9%。平均 C&I 成長由我們所有的行業銀行集團推動，尤其是在 FIG 和能源、中間市場貸款和結構性信貸方面的優勢。

As I've mentioned previously, we have a specific focus on capturing more of the middle market. We've seen these balances increase in each quarter this year driven by new clients in a wide variety of industries in a targeted select geographies where we continue to expand.

正如我之前提到的，我們特別注重佔領更多的中端市場。我們看到，今年每季的餘額都在增加，這得益於我們繼續擴張的目標選定地區的各行各業的新客戶。

Year-to-date, we've attracted twice as many new corporate and commercial clients to our platform compared with the same period a year ago while we're also seeing a 40% increase in revenue per client. In wealth, net asset flows were positive despite volatile equity and fixed income markets, as we saw a 27% increase in year-to-date AUM from wholesale and premier clients compared with the same period a year ago.

今年迄今為止，與去年同期相比，我們平台吸引的新企業和商業客戶數量增加了一倍，同時每位客戶的收入也增加了 40%。在財富方面，儘管股票和固定收益市場波動，但淨資產流量仍為正值，因為我們看到批發和優質客戶的年初至今 AUM 與去年同期相比增長了 27%。

Our payments team continues to launch new services that meet our clients needs for solutions that provide them with speed, simplicity, and safety.

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。

During the second quarter. We also experienced more digital innovation. Trus became the first financial institution to approve requests for payment over the RTP network via an alias such as a cell phone or an email address.

在第二季。我們也經歷了更多的數位創新。Trus 成為第一家透過手機或電子郵件地址等別名批准透過 RTP 網路付款請求的金融機構。

This innovation is designed to unlock meaningful value for both commercial and consumer clients accelerating cash flow, improving reconciliation and delivering real-time confirmations. These enhancements, along with continued investments and our team have driven a meaningful increase in treasury management penetration rates with our existing clients and help drive a 14% increase in treasury management revenue versus the second quarter of last year.

這項創新旨在為商業和消費者客戶釋放有意義的價值，加速現金流，改善對帳並提供即時確認。這些改進，加上持續的投資和我們的團隊，推動了我們現有客戶的資金管理滲透率的顯著提高，並幫助推動資金管理收入與去年第二季度相比增長了 14%。

Enhancing the client experience and growing our digital capabilities are also important parts of our strategy, let me discuss that in detail on Slide 7. We continue to see strong momentum in our digital strategy with meaningful progress platform integration, engagement and production.

增強客戶體驗和提升我們的數位能力也是我們策略的重要組成部分，讓我在第 7 張投影片上詳細討論這一點。我們的數位策略持續保持強勁勢頭，平台整合、參與和生產都取得了有意義的進展。

In the second quarter, digital account production rose 17% year-over-year with 43% of new-to-bank clients joining us through digital channels a 900 basis point increase versus the second quarter of last year. This momentum reflects investments we've made in our digital platform and improvements we've made to the digital onboarding experience.

第二季度，數位帳戶產量年增 17%，其中 43% 的新銀行客戶透過數位管道加入我們，比去年第二季度增加了 900 個基點。這一勢頭反映了我們對數位平台的投資以及對數位入職體驗的改進。

A key milestone this quarter was fully integrating Lightstream lending products into our digital platform under the new LightStream by Truist brand. This integration expands access to lending solutions for all Truist clients and further strengthens our digital offering. We're also seeing deeper engagement across our digital platform. More than 1.8 million clients are now using our digital financial management tools, and that's a 40% increase from last year.

本季的一個重要里程碑是將 Lightstream 借貸產品完全整合到我們新品牌 LightStream by Truist 的數位平台中。此次整合擴大了所有 Truist 客戶獲得貸款解決方案的管道，並進一步增強了我們的數位產品。我們也看到整個數位平台的參與度越來越高。目前已有超過 180 萬名客戶正在使用我們的數位財務管理工具，比去年增加了 40%。

Together, these results highlight the strength of our digital foundation and our continued focus on delivering value, operating efficiently and deepening client relationships. We expect to continue growing our digital presence with clients as we further leverage our modern and scalable technology platform.

總之，這些結果凸顯了我們數位基礎的實力以及我們對創造價值、高效營運和深化客戶關係的持續關注。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 it over to Mike to discuss our financial results in more detail. Mike?

現在讓我把時間交給麥克更詳細地討論我們的財務結果。麥克風？

Thank you, Bill, and good morning, everyone. I'll start with our financial performance highlights on Slide 8. We reported second quarter 2025 GAAP net income available to common shareholders of $1.2 billion or $0.90 per share. As Bill mentioned, included in our results are $0.02 per share of restructuring charges, which are primarily related to severance.

謝謝你，比爾，大家早安。我將從幻燈片 8 上的財務業績亮點開始。我們報告稱，2025 年第二季普通股股東可獲得的 GAAP 淨收入為 12 億美元，即每股 0.90 美元。正如比爾所提到的，我們的業績包含每股 0.02 美元的重組費用，這主要與遣散費有關。

In addition, our results included an $18 million pretax loss or $0.01 per share after tax related to the sale of $398 million of lower-yielding investment securities. We invested the proceeds from the sale into higher-yielding investment securities and anticipate an earn back of approximately 2-years.

此外，我們的業績還包括出售 3.98 億美元低收益投資證券而產生的 1,800 萬美元稅前虧損或每股 0.01 美元稅後虧損。我們將出售所得投資於收益較高的投資證券，預計回報期約為 2 年。

Moving now to 2Q '25 results. Adjusted revenue increased 2.1% linked quarter due to 2.3% growth in net interest income and 1.8% growth in non-interest income. Adjusted expenses increased 2.1% linked quarter primarily due to higher personnel expenses related to annual merit increases and strategic hiring efforts.

現在轉到 2025 年第二季的業績。由於淨利息收入成長 2.3% 和非利息收入成長 1.8%，調整後營收成長 2.1%。調整後費用較上季增加 2.1%，主要原因是與年度績效加薪和策略招募工作相關的人事費用增加。

As Bill mentioned, our asset quality metrics showed improvement as both non-performing loans and net charge-offs declined on a linked quarter basis and year-over-year basis.

正如比爾所提到的，我們的資產品質指標有所改善，不良貸款和淨沖銷額均按季度和同比下降。

Next, I'll cover loans and leases on Slide 9. Average loans held for investment increased 2% on a linked-quarter basis due to growth in both average commercial and average consumer loans. End-of-period loans increased $10.2 billion or 3.3% split evenly between commercial and consumer loans.

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，投資性平均貸款環比增長 2%。期末貸款增加了 102 億美元，增幅為 3.3%，其中商業貸款和消費貸款各佔一半。

Average commercial loans increased $3 billion or 1.6% due to $3.3 billion of growth in C&I loans partially offset by modest declines in CRE and commercial construction loan balances. In our consumer portfolio, average loans increased $3.2 billion or 2.7% linked quarter due to growth in residential mortgage, indirect auto and other consumer.

平均商業貸款增加了 30 億美元，即 1.6%，這是因為 C&I 貸款增加了 33 億美元，但被 CRE 和商業建築貸款餘額的小幅下降部分抵消。在我們的消費者投資組合中，由於住宅抵押貸款、間接汽車和其他消費的增長，平均貸款環比增加了 32 億美元，即 2.7%。

Other consumer loans, which primarily includes Sheffield and Service Finance, are typically seasonally strongest in the second and third quarters of the year, but are also benefiting from new partners and dealers added to the platforms throughout the course of the year.

其他消費貸款（主要包括謝菲爾德和服務金融）通常在第二季和第三季表現最為強勁，但也受益於全年平台上新增的合作夥伴和經銷商。

Moving to deposit trends on Slide 10. Average deposits increased $8.3 billion sequentially or 2.1%, driven by growth in interest checking, time deposits and non-interest-bearing demand. Average deposit balances were impacted by $10.9 billion of short-term client deposits that we discussed on last quarter's earnings call. These deposits remained on our balance sheet for the entire quarter, but have since been withdrawn.

前往投影片 10 上的存款趨勢。受利息支票存款、定期存款和無息存款需求增長的推動，平均存款環比增加 83 億美元，增幅為 2.1%。平均存款餘額受到我們在上個季度的收益電話會議上討論的 109 億美元短期客戶存款的影響。這些存款在整個季度都保留在我們的資產負債表上，但後來被提取了。

Excluding the impact of these deposits, average deposit balances would have been down slightly on a linked quarter basis. As shown in the chart on the bottom right-hand side of Slide 10, our cumulative interest-bearing deposit beta declined from 43% to 37% on a linked quarter basis. If you were to exclude the impact of the two larger short-term deposits, the rate paid on interest-bearing deposits and our cumulative interest-bearing deposit beta would have been relatively stable.

如果不計這些存款的影響，平均存款餘額按季度計算會略有下降。如投影片 10 右下角的圖表所示，我們的累積計息存款貝塔係數按季度計算從 43% 下降到 37%。如果排除兩筆較大短期存款的影響，計息存款的利率和我們的累積計息存款貝塔係數將相對穩定。

Moving to net interest income and net interest margin on Slide 11. Taxable equivalent net interest income increased 2.3% linked quarter or $80 million, primarily due to the impact of loan growth, fixed asset -- fixed rate asset repricing and one additional day in the second quarter.

轉到投影片 11 上的淨利息收入和淨利差。應稅等值淨利息收入環比增長 2.3% 或 8000 萬美元，主要原因是貸款增長、固定資產——固定利率資產重新定價以及第二季度增加一天的影響。

Our net interest income or margin increased 1 basis point on a linked-quarter basis to 3.02%. As you can see on the top right-hand side of the slide, we updated our outlook for fixed rate asset repricing. We expect to reprice approximately $27 billion of fixed rate loans and investment securities over the remainder of 2025.

我們的淨利息收入或利潤率較上季增加 1 個基點，達到 3.02%。正如您在幻燈片的右上角看到的，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 270 億美元的固定利率貸款和投資證券。

Depending on the level of loan and deposit growth in the second half of 2025, we may opt to use cash flow from the investment portfolio to fund a portion of our loan growth for the remainder of the year. Based on our current view of interest rates for the remainder of 2025, we anticipate that new fixed rate loans will have a run-on rate of around 7% compared with a runoff rate of approximately 6.4%.

根據 2025 年下半年的貸款和存款成長水平，我們可能會選擇使用投資組合的現金流來為今年剩餘時間的部分貸款成長提供資金。根據我們目前對 2025 年剩餘時間利率的看法，我們預計新的固定利率貸款的擠兌率將在 7% 左右，而擠兌率將在 6.4% 左右。

We also updated our swap portfolio disclosure in the bottom right-hand corner of the slide. This reflects a small increase in our received fixed swap program from the prior quarter. Turning to non-interest income on Slide 12. Adjusted non-interest income increased $25 million or 1.8% versus the first quarter of 2025 as growth in our other income was partially offset by lower investment banking and trading revenue.

我們也在投影片的右下角更新了掉期投資組合揭露。這反映了我們收到的固定掉期計劃較上一季略有增加。轉向第 12 張投影片上的非利息收入。調整後的非利息收入與 2025 年第一季相比增加了 2,500 萬美元，即 1.8%，因為我們其他收入的成長被投資銀行和交易收入的下降部分抵消。

The linked quarter increase in noninterest income was primarily attributable to an $83 million increase in other income related to higher [NCDCP] income, which is offset by personnel expense and income from certain equity investments and other investments that were lower in the first quarter of 2025.

非利息收入的環比增長主要歸因於與 [NCDCP] 收入增加相關的其他收入增加了 8,300 萬美元，但這被 2025 年第一季較低的人員費用和某些股權投資及其他投資的收入所抵消。

Investment banking and trading income declined $68 million or 25% linked quarter, reflecting weaker trading results, lower capital markets activity and lower M&A volumes during the first half of the second quarter. Early in the quarter, our trading business, which primarily supports our investment banking franchise, incurred losses driven by market volatility. The month of May was much improved, and June was more consistent with the performance we have historically experienced in this business and would expect to perform for the remainder of the year.

投資銀行和交易收入季減 6,800 萬美元，或 25%，反映出第二季上半段交易業績較弱、資本市場活動減少、併購量下降。本季初，主要支持我們投資銀行業務的交易業務因市場波動而蒙受損失。五月的業績有了很大改善，六月的業績與我們在該業務領域的歷史表現更加一致，預計今年剩餘時間的業績也將保持良好。

As Bill mentioned, we also saw improvement in investment banking in the second half of the quarter and we remain optimistic about investment banking and trading revenue improving in the second half of 2025 based on our current pipeline and an improvement in overall activity. On a like-quarter basis, adjusted non-interest income declined $20 million or 1.4% compared to the second quarter of 2024 primarily due to lower investment banking and trading income and lower wealth management income due to the sale of Sterling Capital Management in July 2024.

正如比爾所提到的，我們也看到本季下半段投資銀行業務有所改善，並且基於我們目前的管道和整體活動的改善，我們仍然對 2025 年下半年投資銀行和交易收入的改善持樂觀態度。與上一季相比，調整後非利息收入與 2024 年第二季相比下降 2,000 萬美元，降幅為 1.4%，主要原因是 2024 年 7 月出售 Sterling Capital Management 導致投資銀行和交易收入下降以及財富管理收入下降。

Next, I'll cover non-interest expense on Slide 13. Adjusted noninterest expense, which excludes the impact of restructuring charges, increased 3.1% linked quarter due primarily to higher personnel expenses related to annual merit increases and strategic hiring efforts.

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）較上季增加 3.1%，主要原因是與年度績效加薪和策略招聘工作相關的人事費用增加。

On a year-over-year basis, expenses remained well controlled and were up 2.1% due primarily to higher professional fees and outside processing expense related to ongoing investments in technology and in our risk infrastructure.

與去年同期相比，費用仍然得到良好的控制，上漲了 2.1%，這主要歸因於專業費用的增加以及與持續投資技術和風險基礎設施相關的外部處理費用的增加。

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

現在轉到投影片 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強勁，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 decreased 9 basis points to 51 basis points linked quarter and were down 7 basis points versus the second quarter of 2024 as we benefited from lower consumer and CRE losses on both a linked and like quarter basis. Our loan loss provision exceeded net charge-offs by $92 million, but improved outlook for loss rates in certain portfolios like CRE Office and multifamily contributed to a 4 basis points decrease and our ALL ratio to 1.54% of total loans.

淨沖銷額環比下降 9 個基點至 51 個基點，環比下降 7 個基點，因為我們受益於環比和同季度消費者和 CRE 損失的降低。我們的貸款損失準備金超過淨沖銷額 9,200 萬美元，但 CRE Office 和多戶住宅等某些投資組合的損失率前景改善，導致損失準備金下降 4 個基點，ALL 比率降至貸款總額的 1.54%。

Our CRE office portfolio, which represents just above 1% of total loans, declined almost $500 million linked quarter on an end-of-period basis. Non-performing loans held for investment as a percentage of total loans decreased 9 basis points linked quarter and 7 basis points on a like-quarter basis to 39 basis points of total loans. We saw linked quarter improvement in several categories, including CRE and C&I non-performing loans, which helped drive our non-performing loan level to multi-quarter look.

我們的 CRE 辦公室投資組合佔貸款總額的 1% 多一點，在期末季減了近 5 億美元。投資性不良貸款佔貸款總額的百分比較上季下降 9 個基點，較上季下降 7 個基點，至貸款總額的 39 個基點。我們看到多個類別的季度環比改善，包括商業房地產和商業與工業不良貸款，這有助於推動我們的不良貸款水平達到多個季度的水平。

Turning to capital on Slide 15. On a linked quarter basis, our CET1 ratio declined 30 basis points to 11% as balance sheet growth, $750 million of share repurchases and the payment of our common dividend more than offset our period earnings. Our CET1 capital ratio, including the impact of AOCI, declined 30 basis points linked quarter to 9.3%, reflecting the aforementioned factors.

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 30 個基點，至 11%，因為資產負債表的增長、7.5 億美元的股票回購以及普通股股息的支付超過了我們的期間收益。我們的 CET1 資本比率（包括 AOCI 的影響）環比下降 30 個基點至 9.3%，反映了上述因素。

During the quarter, we also received favorable CCAR results, resulting in a 50 basis points decrease in our total loss rate and a 90 basis points decrease in our CET1 erosion rate. As a result, we anticipate our stress capital buffer to decline 30 basis points and to be floored at 2.5% effective October 1.

本季度，我們也獲得了良好的 CCAR 結果，導致我們的總損失率下降了 50 個基點，CET1 侵蝕率下降了 90 個基點。因此，我們預計我們的壓力資本緩衝將下降 30 個基點，並從 10 月 1 日起降至 2.5% 的最低水準。

At June 30, our CET1 ratio was 400 basis points higher than our new regulatory minimum of 7% leaving us well positioned to both grow our balance sheet and return capital to shareholders. Next, I'll provide additional color on our guidance for the third quarter of 2025 and for the full year. That's on Slide 16. For full year 2025, our outlook for revenue and expense growth is unchanged. We continue to expect revenue to increase 1.5% to 2.5% relative to 2024 adjusted revenue of $20.1 billion.

截至 6 月 30 日，我們的 CET1 比率比新的 7% 最低監管比率高出 400 個基點，這使我們能夠更好地擴大資產負債表並向股東返還資本。接下來，我將進一步闡述我們對 2025 年第三季和全年的預期。這是第 16 張投影片。對於 2025 年全年，我們對收入和支出成長的預期保持不變。我們繼續預期營收將相對於 2024 年調整後的 201 億美元成長 1.5% 至 2.5%。

Net interest income remains on track to increase 3% in '25 versus 2024. Our net interest income outlook assumes low single-digit average loan growth and two, 25 basis points reduction in the Fed funds rate in September and December compared with three previously in June, September and December. We expect noninterest income to remain relatively flat '25 versus 2024.

與 2024 年相比，2025 年淨利息收入仍有望成長 3%。我們的淨利息收入前景假設平均貸款成長率為低個位數，9 月和 12 月聯邦基金利率將分別下調 25 個基點（此前 6 月、9 月和 12 月分別下調 3 個基點）。我們預計 2025 年非利息收入將與 2024 年相比保持相對穩定。

In terms of our outlook for adjusted expenses, we continue to expect full year '25 adjusted expenses to increase by approximately 1% in 2025 versus 2024, which is also unchanged from our previous guidance and continues to imply a positive operating leverage of approximately 50 basis points to 150 basis points. In terms of asset quality, we expect net charge-offs of 55 basis points to 60 basis points in 2025 compared with 60 basis points previously.

就調整後費用的展望而言，我們繼續預計 2025 年全年調整後費用將比 2024 年增加約 1%，這與我們之前的指引相同，並繼續意味著正營運槓桿約為 50 個基點至 150 個基點。在資產品質方面，我們預期 2025 年淨沖銷額將為 55 個基點至 60 個基點，而先前為 60 個基點。

Finally, we expect our effective tax rate to approximate 17.5% or 20% on a taxable equivalent basis in 2025 compared with 17% and 20% previously due to a lower contribution from non-taxable income and certain tax law changes in states in which we operate.

最後，我們預計，由於非應稅收入的貢獻較低以及我們經營所在州的某些稅法變化，到 2025 年，我們的有效稅率將約為 17.5% 或 20%（按應稅等值計算），而之前分別為 17% 和 20%。

Looking into the third quarter of 2025 we expect revenue to increase approximately 2.5% to 3.5% relative to second quarter revenue of $5.1 billion. We expect net interest income to increase approximately 2% in the third quarter primarily driven by loan growth, the benefit from fixed asset repricing and an additional day in the third quarter relative to the second quarter.

展望 2025 年第三季度，我們預期營收將比第二季的 51 億美元成長約 2.5% 至 3.5%。我們預計第三季淨利息收入將成長約 2%，主要原因是貸款成長、固定資產重新定價的好處以及第三季相對於第二季多出一天的時間。

We expect non-interest income to increase by about 5% driven primarily by higher investment banking and trading income, partially offset by lower other income. Adjusted expenses of $3 billion in the second quarter are expected to increase about 1% linked quarter. As it relates to buybacks, as Bill mentioned, we plan to target up to $500 million for the third quarter.

我們預計非利息收入將成長約 5%，主要原因是投資銀行和交易收入增加，但其他收入減少將部分抵銷這一成長。預計第二季調整後支出為 30 億美元，季增約 1%。至於回購，正如比爾所提到的，我們計劃在第三季將回購目標定為 5 億美元。

So with that, I'll hand it back to Bill for some final remarks.

因此，我將把發言權交還給比爾，請他做最後的評論。

Great. Thanks, Mike. At the beginning of the year, we outlined several strategic priorities that would be key to driving our performance this year and beyond. These top priorities included a keen focus on executing our strategic growth initiatives driving positive operating leverage, continuing to invest in talent and technology, maintaining our credit and risk discipline and returning capital to shareholders.

偉大的。謝謝，麥克。年初，我們概述了幾個對於推動我們今年及以後的業績至關重要的策略重點。這些首要任務包括重點執行我們的策略成長計劃，推動積極的經營槓桿，繼續投資於人才和技術，維持我們的信用和風險紀律，並向股東返還資本。

Although there's still a significant amount of opportunity that lies in front of us, I'm pleased with both the performance and the momentum at the mid-point of this year. We're seeing solid progress in our key strategic focus areas, including premier banking, wealth, payments and middle market as production, deepening with our existing client base and banker productivity have increased in all areas of our business.

儘管我們面前仍有大量機遇，但我對今年年中的表現和勢頭感到滿意。隨著生產、現有客戶群的深化和銀行家生產力的提高，我們在主要戰略重點領域（包括優質銀行、財富、支付和中端市場）取得了穩步進展，我們業務的所有領域都實現了生產、現有客戶群的深化和銀行家生產力的提高。

We also remain on track to deliver our goal of positive operating leverage in 2025 despite what's turned out to be a more challenging first 6-months in our investment banking and trading business. We continue to invest in important areas like talent, technology and our risk infrastructure to improve the client experience.

儘管我們的投資銀行和交易業務的前六個月面臨更大的挑戰，但我們仍有望實現 2025 年的正營運槓桿目標。我們持續投資人才、技術和風險基礎設施等重要領域，以改善客戶體驗。

Our credit and risk discipline has remained strong as evidenced by favorable CCAR results and the improvement in asset quality metrics which currently sit at multi-quarter lows. Finally, our strong capital position continues to afford us the ability to grow our balance sheet while also returning more than $2.6 billion worth of capital to our shareholders through the first half of the year.

我們的信貸和風險紀律依然強勁，這從良好的 CCAR 結果和目前處於多個季度低點的資產品質指標的改善中可以看出。最後，我們強大的資本狀況繼續使我們能夠擴大資產負債表，同時在今年上半年向股東返還價值超過 26 億美元的資本。

We will remain focused on these key strategic initiatives as we strive to generate better returns and greater shareholder value over time. I am optimistic as ever about our future especially in light of the momentum that I see every day inside our company. I want to pause and thank all of our incredible teammates for their purposeful focus and productivity in moving our company forward. So thank you all for your interest in Truist.

我們將繼續專注於這些關鍵策略舉措，努力隨著時間的推移創造更好的回報和更大的股東價值。我對我們的未來一如既往地充滿樂觀，特別是考慮到我每天看到的公司內部的發展勢頭。我想停下來感謝我們所有出色的隊友，感謝他們的專注和高效，並推動我們公司向前發展。非常感謝大家對 Truist 的關注。

And with that, let me turn it over to Brad for Q&A.

現在，請容許我把問答時間交給布萊德。

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

謝謝你，比爾。貝琪，現在，請我們解釋一下我們的聽眾如何參與問答環節。在此過程中，我想請與會者將自己限制在一個主要問題和一個後續問題上，以便今天盡可能滿足大家的要求。

(Operator Instructions) Scott Siefers, Piper Sandler.

（操作員指示）斯科特·西弗斯、派珀·桑德勒。

Morning, everyone. Thank you for taking the question. Bill, it was really nice to see the strong loan growth. I was hoping you could spend just a quick second sort of expanding upon your thoughts on sort of overall sentiment among your customer base, I guess, especially on the interest on the commercial side, but maybe kind of across the portfolio given the stronger second quarter.

大家早安。感謝您回答這個問題。比爾，看到貸款強勁成長真是令人高興。我希望您能花一點時間來詳細闡述您對客戶群體整體情緒的看法，尤其是商業方面的興趣，但考慮到第二季度表現更強勁，也許可以對整個投資組合進行闡述。

Yeah, Scott, thanks for recognizing that. It's interesting. So on -- maybe start with the consumer side first. Our consumer business continues to be really strong. Consumers are staying in the game.

是的，斯科特，謝謝你認識到這一點。這很有趣。所以——也許先從消費者方面開始。我們的消費者業務持續保持強勁。消費者仍在遊戲中。

The quality of the consumer, particularly as it relates to our portfolio continues to be strong. So we've got really good credit quality as part of this production. That's been a lot of the initiatives and things that we put forth. And it also is a lot of product-specific things. So things we're doing in Service Finance and doing in Sheffield and doing in Lightstream.

消費者的質量，特別是與我們的投資組合相關的消費者的質量繼續保持強勁。因此，作為此次製作的一部分，我們獲得了非常好的信用品質。這就是我們提出的許多倡議和措施。而且它還有很多特定於產品的東西。所以我們在 Service Finance、謝菲爾德和 Lightstream 所做的事情。

So we're relevant to how consumers want to borrow. And I think that's a really important component of our growth story on the consumer side in terms of loans. As it relates to the wholesale side, it's -- our clients also came into this with a lot of strength. So a lot of liquidity got through sort of the post-COVID supply chain and all those issues, still some wait and see in fairness. I mean I think I'm really pleased with our results given the fact that there's still some uncertainty out there.

因此，我們與消費者的借貸方式息息相關。我認為這是我們消費者貸款成長的一個非常重要的組成部分。就批發方面而言，我們的客戶也以很大的實力參與其中。因此，大量流動性通過了疫情後的供應鏈和所有這些問題，公平地說，仍有一些人持觀望態度。我的意思是，考慮到仍然存在一些不確定性，我認為我對我們的結果感到非常滿意。

Some certainty was cleared in the last several weeks, I think about the tax bill, think about some of the other things that have come in place. A lot of our activity, which I'm really happy about is with new clients. So these are new to Truist. So clients who are wanting to experience what we have to offer are impressed with our purpose-driven focus, impressed with the products and capabilities. I talked a little bit about treasury management and whatever.

過去幾週，一些確定性已經得到澄清，我想到了稅收法案，想到了已經到位的一些其他事情。我們的許多活動都與新客戶有關，這讓我感到非常高興。所以這些對於 Truist 來說都是新的。因此，想要體驗我們提供的產品的客戶會對我們的目標導向、產品和功能留下深刻的印象。我談了一點財務管理之類的事情。

So some of it's unique to Truist, some of it's unique to our markets that are really healthy. And I think we have a reason to still feel confident about where our -- both our consumers and our business and wholesale clients are going forward.

因此，其中一些是 Truist 獨有的，有些是我們真正健康的市場獨有的。我認為我們有理由對我們的消費者、企業和批發客戶的未來發展充滿信心。

Perfect. Okay, thank you. And then, Mike, I was hoping you -- apologies if you mentioned this in your prepared remarks, but just given the a small step down in the anticipated pace of repurchase in the third quarter.

完美的。好的，謝謝。然後，麥克，我希望你——如果你在準備好的發言中提到了這一點，我很抱歉，但考慮到第三季預期的回購速度略有下降。

And I understand April in particular, might have presented kind of a unique opportunity on pricing. But maybe just sort of thoughts on why the step down in the anticipated pace of repurchase. And then just thoughts on sort of broader capital management ambitions, especially given the lower SCB results.

我知道四月可能特別適合定價。但也許只是對預期回購速度為何放緩的一些思考。然後只是考慮更廣泛的資本管理目標，特別是考慮到 SCB 績效較低。

Yeah. No problem, Scott. For us, the $750 million versus $500 million really was opportunistic as we watch the price simply present itself at a more attractive level at $500 million, coupled with our dividend, we're at around 100% of total payout. And we feel like that's appropriately elevated given our current capital position. If you look at the quarter and sort of year-to-date we are seeing the balance sheet growth that we've all been focused on.

是的。沒問題，斯科特。對我們來說，7.5 億美元相對於 5 億美元確實是一個機會，因為我們看到價格在 5 億美元這個更具吸引力的水平上出現，再加上我們的股息，我們的總支出約為 100%。我們認為，考慮到我們目前的資本狀況，這一水準已經得到適當提升。如果你看一下本季和今年迄今為止的情況，我們會看到我們一直在關注的資產負債表成長。

And so we still continue to prioritize our banking franchise first and and then capital return second. So I think a return to $500 million is probably a reasonable place to expect us to stay for the medium term. The SCB, we were pleased with the results there. I mean, we -- I would say that our outcome was consistent with our expectations. We expected in a less severe scenario to see improved loss rates we feel like the balance sheet was in a touch better condition.

因此，我們仍然繼續優先考慮我們的銀行特許經營權，其次才是資本回報。因此，我認為回到 5 億美元可能是我們中期預期的合理水平。對於 SCB，我們對那裡的成果感到滿意。我的意思是，我想說我們的結果與我們的預期一致。我們預計，在情況不那麼嚴重的情況下，損失率會有所改善，我們覺得資產負債表的狀況會好一些。

We appreciate some of the transparency that we saw this year with the process, saw some improvements in PP&R modeling, et cetera, TIH was, we feel like appropriately dealt with. So all in all, we felt good about those results.

我們很欣賞今年流程中的一些透明度，看到了 PP&R 建模的一些改進，等等，我們覺得 TIH 得到了適當的處理。總而言之，我們對這些結果感到滿意。

I don't think that has necessarily an impact on how we think about a target operating area for capital. We've been pretty consistent that we think sort of a 10% CET1 (inaudible) is appropriate. If you look at our results this quarter, we're at 11% stated and 9.3% adjusted for AOCI and you sort of split the middle is sort of 10%.

我認為這不一定會對我們如何考慮資本的目標營運領域產生影響。我們一直非常一致地認為 10% 的 CET1（聽不清楚）是適當的。如果你看一下我們本季的業績，我們的聲明率為 11%，根據 AOCI 調整後為 9.3%，中間值為 10%。

And so I think you'll see us continue to glide towards that 10% area, assuming, by the way, that we see a rule finalized at some point here.

因此，我認為你會看到我們繼續向 10% 的區域滑行，順便說一句，假設我們在某個時候看到最終確定的規則。

Ken Uston, Autonomous.

肯‧烏斯頓 (Ken Uston)，《自治》。

Hey, thanks. Good morning, everyone. I was wondering if you could start -- you talked about the deposit costs and some of those higher costs coming off already in the second quarter. So you talk about underlying deposit competition -- and obviously, you're seeing good loan growth and you're funding that incrementally as well. What do you expect to see in terms of deposit costs from here ahead of getting any incremental help from rate cuts?

嘿，謝謝。大家早安。我想知道您是否可以開始——您談到了存款成本以及第二季度已經出現的一些較高的成本。因此，您談到了基礎存款競爭——顯然，您看到了良好的貸款成長，並且您也在逐步為其提供資金。在降息帶來增量幫助之前，您預計存款成本方面會出現什麼情況？

Yeah, good morning, Ken. I'll start with that one and maybe Bill, you can add. But I'd say, first and foremost, we're pretty pleased by how the deposit franchise is performing. We've seen some real strength, especially on the consumer side of things. It is competitive. We think sort of rationally competitive.

是的，早安，肯。我將從這個開始，也許比爾，你可以添加。但我想說，首先，我們對存款特許經營的表現感到非常滿意。我們已經看到了一些真正的實力，特別是在消費者方面。它很有競爭力。我們認為這是一種理性的競爭。

But look, we had a little bit of noise in the second quarter with the large sort of temporary M&A-related deposits ex those deposits, we would have been down a touch. That would have been consistent with what we would have otherwise expected just given some seasonal tax outflows and the likes.

但你看，第二季我們遇到了一些麻煩，因為有大量臨時併購相關存款，如果扣除這些存款，我們的收入會略有下降。考慮到一些季節性稅收流出等因素，這與我們的預期是一致的。

From a pricing perspective, as we move into sort of the third quarter and the fourth quarter, I think just losing the 10, 9 that we footnoted in our disclosure, we would expect to see balances probably a little bit lower in the third quarter, but we would expect to make up hopefully some ground on pricing. So maybe you see the betas move closer to a 40% area or so. And by the way, I think that contemplates a cut, even though it's late we think we might have some ability to get a touch ahead of that.

從定價角度來看，隨著我們進入第三季度和第四季度，我認為，只要失去我們在披露中註明的 10、9，我們預計第三季度的餘額可能會略低一些，但我們希望在定價上有所彌補。因此，您可能會看到 beta 值接近 40% 左右的區域。順便說一句，我認為這是考慮到削減，儘管已經很晚了，但我們認為我們可能有能力提前採取行動。

And then in the fourth quarter, we would expect continued momentum. If we get that second cut in the fourth quarter, maybe you start to see a little bit better rotation into some of the checking products continued momentum on the production side in consumer and in wholesale.

我們預計第四季將繼續保持成長勢頭。如果我們在第四季度進行第二次降息，也許你會開始看到一些支票產品的輪換有所改善，消費和批發方面的生產方面繼續保持增長勢頭。

By the way, we've been onboarding a number of bankers in our new sort of corporate and commercial banking hiring. And so I feel pretty good that we might see a little bit of a bounce in the fourth quarter. We also have public funds coming online in the fourth quarter.

順便說一句，我們在新型企業和商業銀行招聘中已經招募了一些銀行家。因此，我感覺我們可能會在第四季度看到一點反彈。我們第四季也將投入公共資金。

And look, all things equal in our outlook, we assume getting back to sort of a mid-40s beta by the end of the year. Again, that's with two cuts.

並且，在我們的展望中，如果所有條件都相同，我們預計到今年年底測試版將回到 1940 年代中期的水平。再次，這是兩次削減。

Yeah. And maybe I'd add, Ken, on the competitive side, maybe sort of break it up a little bit on the consumer side, we sort of got two prongs going really well right now. One is the net news story, which is really important. So we're adding relationships. And as I mentioned, they're more profitable, younger, higher median income.

是的。肯，我可能想補充一點，在競爭方面，也許在消費者方面可以稍微分開一下，我們現在有兩個方面進展得非常順利。一是網路新聞報道，這非常重要。因此我們正在添加關係。正如我所提到的，他們的利潤更高、更年輕、平均收入更高。

So really good net new story. And then our deepening story with existing relationships. So that's also a really strong part of our component here and growing not only the net new but also growing the overall balance. So you saw some pretty good growth on the consumer side, really good growth in some of our expansion markets, which we've talked about. And then maybe more importantly, we've really we had some contraction in fairness in some of our key markets, and those are reversing.

所以這真是一個很棒的新故事。然後是我們與現有關係的深化故事。因此，這也是我們業務中非常重要的部分，它不僅增加了淨新增量，還增加了整體餘額。因此，您會看到消費者方面出現了相當不錯的成長，我們的一些擴張市場也出現了非常好的成長，我們已經討論過了。也許更重要的是，我們的一些主要市場的公平性確實有所下降，而這些情況正在逆轉。

So think about markets like Charlotte, Tampa, et cetera, we're really pleased with what we're seeing in some of the some of these early share numbers in those markets. So our relative competitiveness has increased significantly. Mike talked a little bit about the wholesale side I feel like we're building momentum there. So if we think about the new relationships that we're bringing in, much deeper penetration with those relationships -- they're now coming with treasury relationships. Deposits tend to follow that.

因此，想想夏洛特、坦帕等市場，我們對這些市場的一些早期份額數據感到非常滿意。因此我們的相對競爭力顯著增強。麥克談了一點關於批發方面的事情，我覺得我們正在那裡積聚勢頭。因此，如果我們考慮我們正在引入的新關係，這些關係的滲透將更加深入——現在它們與財務關係有關。存款往往遵循這一規律。

So I think we have a good sort of some lead to good leading indicators on the wholesale side as we think about the deposit franchise. So I feel good about the momentum. It is competitive, but most importantly, I feel really good about our competitive positioning. I don't think we've actually been better positioned than we are right now.

因此，我認為，當我們考慮存款特許經營權時，我們在批發方面有一些良好的領先指標。所以我對於這種勢頭感到很滿意。競爭很激烈，但最重要的是，我對我們的競爭定位感到非常滿意。我認為我們實際上並沒有比現在處於更好的位置。

Got it. And just a second question on the fee side. You mentioned the -- obviously, we knew about the IB softness in April. You also mentioned the trading. Is there a way you can help us understand like what that bounce back looks like.

知道了。關於費用方面還有第二個問題。您提到——顯然，我們知道 4 月份 IB 的疲軟情況。您也提到了交易。您能幫助我們了解一下這種反彈是什麼樣子的嗎？

I missed just your commentary about just stronger expectations and also just do we know how big that DCP benefit was on the other side as well?

我只是想念您關於更強預期的評論，而且我們是否知道 DCP 的另一方面的好處有多大？

Thank you.

謝謝。

Yes. Sure, Ken. On the trading and banking side, what I'd say is we saw weakness in both, especially in the month of April, and then May, a little better. And then June, almost fully recovered. And actually, if you look even into July, we're seeing more normalized results.

是的。當然，肯。在貿易和銀行方面，我想說的是，我們看到了兩方面的疲軟，尤其是在四月份，然後五月有所改善。到了六月，幾乎完全康復了。實際上，如果你看一下七月份，我們會看到更正常化的結果。

And so I think it's been that trend that gives us the confidence that in the third quarter, we'll be back to a normalized level and again also in the (inaudible). Was your second question on the non-call?

所以我認為這種趨勢讓我們有信心在第三季度恢復正常水平，並且（聽不清楚）。你的第二個問題是關於未打電話嗎？

Yes.

是的。

Yes. So let's see, in the quarter, non-qual was better, I think, [$25 million] and so where you'll see that from a geography perspective is in other income, you're higher. But from a PPNR perspective, it's neutral because you also would see an increase in personnel expense.

是的。因此，讓我們看看，在本季度，非品質收入更好，我認為 [2500 萬美元]，因此從地理角度來看，您會看到其他收入更高。但從 PPNR 的角度來看，這是中性的，因為你也會看到人員費用的增加。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Good morning. I guess two questions. Maybe, Mike, for you, as we think about the trajectory of how we get to a 15% ROTCE at some point. When I look at the operating leverage and you spell it out very clearly on Slide 8, just talk to us, there wasn't much this quarter. It was barely anything in the first quarter. As we think about the positive operating leverage kicking in, is it back half loaded?

早安.我想問兩個問題。麥克，也許對你來說，當我們思考如何在某個時候達到 15% ROTCE 的軌跡時。當我查看經營槓桿時，你在第 8 張投影片上非常清楚地說明了這一點，請告訴我們，本季的經營槓桿並不多。第一季幾乎沒有任何進展。當我們考慮積極的經營槓桿開始發揮作用時，它是否又回到了半負荷狀態？

Was that sort of the view? Or do we need a meaningful pickup in fee revenue growth to actually drive that in order to get -- sort of narrow that gap to the 15% ROTCE.

是那樣的觀點嗎？或者我們是否需要費用收入大幅成長才能真正推動這一目標，從而將差距縮小到 15% 的 ROTCE。

Thanks.

謝謝。

Yeah. I think there's a variety of things that are going to contribute to improved profitability and returns, Ebrahim, you hit on one, we do have an expectation. We've talked a lot about the initiatives that we have undertaken the investments that we're making to improve just our ability to drive more I'll call it, capital-efficient revenue through our existing sort of asset base and client base. Some of that's product, some of that's deepening with existing clients. Some of that is continuing to invest in our businesses like wealth -- like our wealth products like investment banking.

是的。我認為有各種各樣的因素將有助於提高盈利能力和回報，易卜拉欣，你說到了一點，我們確實有一個期望。我們已經談了很多關於我們採取的舉措以及我們正在進行的投資，這些投資旨在提高我們透過現有的資產基礎和客戶基礎來推動更多資本高效收入的能力。其中一些是產品，有些是與現有客戶的深化合作。其中一部分是繼續投資我們的財富業務—例如投資銀行等財富產品。

So yes. And then, of course, also we expect to see some improvements in our margin. We're seeing the fixed asset repricing phenomenon that should continue for the rest of this year and next year, we're going to continue to drive sort of smart growth. Funding is obviously a really important part of that. We're very, very focused on continuing to drive client deposit growth.

是的。當然，我們也希望看到利潤率提高。我們看到固定資產重新定價現象將在今年剩餘時間和明年持續下去，我們將繼續推動智慧成長。資金顯然是其中非常重要的一部分。我們非常非常注重持續推動客戶存款成長。

That's not always perfectly matched. You're seeing that this quarter where loan growth is perhaps a touch ahead of deposit growth. That doesn't mean that we're not very, very focused on continuing to drive balances and operating accounts and so on and so forth. So it's not going to be an overnight story, but we should continue to see sort of continuous improvement in that ROTCE.

這並不總是完美匹配的。您將看到本季度的貸款成長可能略高於存款成長。這並不意味著我們不太注重繼續推動餘額和營運帳戶等等。所以這不會是一夜之間發生的事情，但我們應該繼續看到 ROTCE 的持續改善。

Got it. And I guess, Bill, I think you mentioned in your prepared remarks around the RTP capability. I'm just wondering the significance of that in terms of getting more commercial deposits like is there a case to be made where you could see a much increased wallet share on the commercial clients where you've been making a big push. Just give us a sense of how we should think about that opportunity, particularly as it relates to fee revenue or deposit growth.

知道了。我想，比爾，我認為你在準備好的演講中提到了 RTP 功能。我只是想知道這對於獲得更多商業存款的意義，例如，您是否可以看到您一直大力推廣的商業客戶的錢包份額大幅增加。請讓我們了解我們應該如何看待這個機會，特別是與費用收入或存款成長相關的機會。

Thanks.

謝謝。

Yeah, thanks. I highlighted one product. So it's not -- one product doesn't drive, but it's -- but I think it's just evidence of our innovation and evidenced by our overall improvement. So treasury management fees being up 14%. And much more deepening with the wholesale relationships, the new relationships come now with treasury management penetration that more reflects what we think the back book can get to. So it's a combination of a lot of things and our overall relevance to clients.

是的，謝謝。我重點介紹了一種產品。所以這不是——一種產品不能驅動，而是——但我認為這只是我們創新的證據，也是我們整體改進的證據。因此資金管理費上漲了 14%。隨著批發關係的進一步深化，新的關係現在隨著財務管理的滲透而來，這更反映了我們認為後台帳簿可以實現的目標。所以它是許多因素的結合，也是我們與客戶整體相關性的結合。

That specific product is sort of a unique product that allows clients to have faster, safer disbursements with the consumer side. So it's a nice sort of meat of the consumer and the in the wholesale side in terms of how funds flow. But I think it's a bunch of things. It's a bunch of different investments that we've made and again, evidenced by the growth that we've seen. And I think deposits -- as I said, these are leading indicators.

該特定產品是一種獨特的產品，可讓客戶更快、更安全地向消費者付款。因此，從資金流動的角度來看，這對消費者和批發商來說是個很好的補充。但我認為這是很多事情。我們進行了一系列不同的投資，我們看到的成長也證明了這一點。我認為存款——正如我所說，這些都是領先指標。

I think deposits are a bit of the lagging indicators that come with more treasury business, more operating accounts that drive that.

我認為存款是一個滯後指標，它會隨著財務業務的增加和營運帳戶的增加而出現。

Betsy Graseck, Morgan Stanley.

摩根士丹利的 Betsy Graseck。

Hi, good morning.

嗨，早安。

Good morning.

早安.

I wanted to turn to expenses for a minute here. and understand a little bit more about the restructuring piece of the expenses that you called out because I know you mentioned severance and wanted to understand how much of that is severance.

我想在這裡討論一下費用。並且進一步了解您提到的費用重組部分，因為我知道您提到了遣散費，並且想了解其中有多少是遣散費。

And is that severance related to the merger from years ago or something else? And then also just to understand a little bit more about how you're thinking about the investments needed to continue to build. I mean, you're already building.

這筆遣散費是否與幾年前的合併有關，還是與別的事有關？然後，也只是為了進一步了解您如何考慮繼續建造所需的投資。我的意思是，你已經在建造了。

So I'm assuming it's in run rate, but maybe you could give us a sense as to where the incremental investments you're making today? Are they at pace? Or is there an accelerator there?

所以我假設它是運行率，但也許您可以讓我們了解您今天所做的增量投資在哪裡？他們步調一致嗎？還是那裡有加速器？

Thanks.

謝謝。

Mike, why don't you take the first part of that and then I'll take the second part. That's okay.

麥克，你先講第一部分，然後我講第二部分。沒關係。

Yeah. I mean all but I think $2 million of the restructuring charges in the quarter were related to severance. It was not merger related. These were repositioning of different parts of the company. I won't go into any specifics, but that's the answer to your question.

是的。我的意思是，除了本季 200 萬美元的重組費用外，其餘費用都與遣散費有關。這與合併無關。這是對公司不同部分的重新定位。我不會談論任何細節，但這就是你問題的答案。

Yeah. And we're always trying to continue to drive that efficiency as we go through. So I think that's not merger-related but also just restructuring and getting a line with our strategic priorities of our businesses. And then I think your bigger question is, can you maintain a 1% expense growth and then continue to invest in the company -- and the answer to that's yes. Because we continue to have -- I mean if you think about sort of end of '23, we put a lot of cost saving disciplines into our company.

是的。我們始終致力於不斷提高效率。所以我認為這與合併無關，而只是重組並與我們的業務策略重點保持一致。然後我認為你更大的問題是，你能否保持 1% 的費用成長，然後繼續投資公司——答案是肯定的。因為我們繼續——我的意思是，如果你想想 23 年底，我們在公司中實施了許多節約成本的紀律。

And they continue to accrue, meaning the discipline continues to accrue -- complements to Mike. He's done a really great job of creating a process for us that we've got a lot of discipline. We sort of know what's next up on the expense side, and we know what's next up on the investment side. So we've got a good calibration of thinking through that.

而且它們還在不斷累積，這意味著紀律也在不斷增強——這是對麥克的補充。他為我們創造了一個非常規範的流程，做得非常好。我們知道支出方面接下來會發生什麼，我們也知道投資方面接下來會發生什麼。因此，我們對此進行了很好的思考。

And then the top priorities for investing are I think we talked about all those and hopefully some of the prepared remarks, enhancing our digital platform. You've seen the results of that. payments and product capability. I mean I was intentional in mentioning some of the product capability that we've been investing in and seeing the results of that. Hiring and retaining talent continue to be a big part of what we're doing.

然後，我認為投資的首要任務是討論所有這些，並希望討論一些準備好的評論，以增強我們的數位平台。您已經看到了其結果。付款和產品能力。我的意思是我有意提到我們一直在投資的一些產品功能以及看到的成果。聘用和留住人才仍然是我們工作的重要部分。

And then -- and you see all those in the results. And then the infrastructure part, it's a little harder to see, but investing in the risk platform, the data platforms, cyber controls, all the things that we need to do to make sure that we're running a great company.

然後——你就會在結果中看到所有這些。然後是基礎設施部分，這有點難以看清，但投資風險平台、數據平台、網路控制，我們需要做的所有事情，以確保我們經營一家偉大的公司。

So I think we've got the calibration of this right that we can continue to invest in the company. Our teams and our leaders sort of get the save a dollar, invest a dollar kind of mentality. And I think we've got good calibration and good understanding of those levers of the company.

因此我認為我們已經掌握了這項權利，可以繼續對該公司進行投資。我們的團隊和領導者都有一種「省一美元，投資一美元」的心態。我認為我們對公司的這些槓桿進行了很好的校準和理解。

Yeah. And the call that you gave earlier, Bill, on the payments piece was what I got from the tell me what I missed is that corporate treasurers can now process activity via their cell phones 24/7.

是的。比爾，你之前在支付方面打的電話告訴我，我錯過了什麼，那就是公司財務主管現在可以透過手機全天候處理活動。

Well, it's really disbursements. It's they can really -- the disbursements can relate to sort of how consumers want to interact. So they can have disbursements related to aliases like cell phones as an example. So that's a really pretty big advancement. So think about how disbursements are made that this can be done the way the client wants to receive it and it speeds up the the interaction with the business and the consumer.

嗯，這確實是支出。他們確實可以——支出可以與消費者想要如何互動相關。因此，他們可以獲得與別名（例如手機）相關的支出。所以這確實是一個非常大的進步。因此，請考慮如何進行支付，以便可以按照客戶希望的方式進行支付，並加快與企業和消費者的互動。

So it's sort of a two for in the sense it's really good for the companies in terms of understanding their cash flow and really helps their their businesses. So I mean if you think about the best product as we're helping a client achieve their objectives.

因此，從某種意義上來說，這是一種雙贏，它讓公司更了解他們的現金流，並真正幫助他們開展業務。所以我的意思是，當我們幫助客戶實現他們的目標時，你會考慮最好的產品。

And this is 24/7 real time. Is that right?

這是全天候實時的。是嗎？

Yeah, yeah.

是啊是啊。

John Pancari, Evercore.

約翰·潘卡里（John Pancari），Evercore。

Good morning. Just on the expense front, I know you had indicated that numbers came in a little bit at the higher end of your expectations and part of that is your investments in your hiring -- can you just talk about the flexibility there? I mean how can you manage that? Or what are the areas of managing it?

早安.就費用方面而言，我知道您曾表示實際數字略高於您的預期，其中一部分原因是您在招聘方面的投資——您能談談這方面的靈活性嗎？我的意思是你怎麼能做到這一點？或者管理的領域有哪些？

If you do see revenue remain stubborn here, do you have as much flexibility given that you're still hiring in select areas and investing in the businesses and select areas of technology. So can you just talk about the ability to drive the positive operating leverage regardless of the uncertainty on the top line.

如果您確實發現這裡的收入仍然很穩定，那麼考慮到您仍在特定領域招募員工並投資於業務和特定技術領域，您是否擁有相同的靈活性？那麼，您能否談談無論營收存在何種不確定性，推動正向經營槓桿的能力？

Yeah. John, it's Mike. I'll respond to that one. I mean, certain of our businesses, as an example, if you look at our outlook, and you might say, well, maybe there's risk in this -- in a lot of cases, if we're doing our jobs, our incentive designs are performance sensitive, right? So to the extent that revenue doesn't sort of present itself, then we'll obviously take appropriate actions related to incentives.

是的。約翰，我是麥克。我會回應那個。我的意思是，以我們的某些業務為例，如果你看看我們的前景，你可能會說，好吧，也許這其中存在風險——在很多情況下，如果我們正在做我們的工作，我們的激勵設計是對績效敏感的，對嗎？因此，如果收入沒有出現，我們顯然會採取與激勵相關的適當行動。

So that's a part of it. I'd say that the later you get into the year, just to say it does get a little harder to stop and start things. But we've actually been pretty planful as it relates to that. And so we generally keep a number of levers handy in the top draw whatever such that to the extent that the environment does change, we can be flexible. I mean we -- we're -- I think we're crystal clear on the importance of generating positive operating leverage this year and into the future.

這就是其中的一部分。我想說，隨著時間的流逝，停止和開始事情變得越來越困難。但實際上，我們就此已經做好了相當周密的計劃。因此，我們通常會在最頂部保留一些方便的槓桿，以便在環境發生變化時，我們可以靈活應對。我的意思是，我們——我們——我認為我們非常清楚今年和未來創造積極經營槓桿的重要性。

And so that's a real focus of our planning. And I don't know how else to say it, but we just feel really confident our ability to deliver there.

這是我們計劃的真正重點。我不知道該如何表達，但我們對自己實現目標的能力充滿信心。

Got it. Okay, Mike. And just separately, on the loan front, I just want to see if I can get a little bit more color on the low single-digit outlook. I know, Bill, you mentioned on the commercial wholesale side is a bit of a wait-and-see still. But I guess if you can give a little bit more color where in the back half, do you see commercial growth accelerating?

知道了。好的，麥克。另外，就貸款方面而言，我只是想看看是否能對低個位數前景有更多的了解。我知道，比爾，你提到的商業批發方面仍需要一點觀望。但我想，如果您能更詳細地介紹後半部分，您是否認為商業成長正在加速？

And maybe what areas of what would be the drivers? Is it M&A financing? Or do you see CapEx actually becoming a greater driver and maybe just talk about the line utilization aspect?

哪些領域可能是驅動因素？是併購融資嗎？或者您認為資本支出實際上會成為更大的驅動力，也許只是談論生產線利用率方面？

Yeah. Let me start with the back part, too, because I didn't talk about it earlier, Line utilization is actually pretty flat. So if we think about the components of loan growth, the components are production paydowns and utilization. Paydowns have been pretty flat. Utilization has been pretty flat.

是的。讓我也從後面開始，因為我之前沒有談到它，線路利用率實際上相當平穩。因此，如果我們考慮貸款成長的組成部分，這些組成部分就是生產還款和利用率。還款額一直相當平穩。利用率一直相當平穩。

They're pockets asset securitization, some of those others, they tend to -- they have a little bit, which I think is probably may be tariff related, but overall, pretty flat. So the story for us has been production. So our confidence in sort of maintaining this is that we're producing at a pretty high level. So that has tail attached to it. The quality of what we're producing is really, really high.

他們是零散資產證券化，其中一些，他們傾向於 - 他們有一點點，我認為這可能與關稅有關，但總體而言，相當平穩。所以對我們來說，故事就是生產。因此，我們對維持這種狀況有信心，因為我們的產量處於相當高的水平。所以它有尾巴。我們生產的產品的品質確實非常高。

So think about less leads, think about treasury penetration and then a lot of net new. So these are a lot of new clients that we continue to have an opportunity to expand with. I do think paydowns could increase on the back side, by the way. So I think that's something to actually think about in terms of like how do we maintain and they could increase with the capital markets opening back up. clients getting more active in that.

因此，考慮較少的線索，考慮資金滲透，然後考慮大量的淨新線索。因此，我們擁有許多新客戶，並有機會繼續擴大業務。順便說一句，我確實認為背面的支付可能會增加。所以我認為這是一個真正值得思考的問題，例如我們如何維持，以及隨著資本市場的重新開放，它們可能會如何增加，客戶在這方面會變得更加活躍。

And by the way, we'll benefit from that. Our capture rate on clients who use the capital markets is really high. We've sort of been through those cycles before. So really, it's a production story. And we've had consistent now production story, and it's a new client story.

順便說一句，我們將從中受益。我們對使用資本市場的客戶的捕獲率非常高。我們以前也經歷過類似的周期。所以實際上這是一個製作故事。我們現在有一致的生產故事，這是一個新的客戶故事。

It's a new market story. So I think I think we feel confident we've got good momentum. I think just feel confident where we are in the second half. And what we have today is funding a lot of growth. And then on the consumer side, we talk about on the consumer side, similarly, really, really great production stories and consistent production stories.

這是一個新的市場故事。所以我認為我們有信心我們已經取得了良好的勢頭。我認為我們對下半場的表現充滿信心。我們今天所做的就是為大量成長提供資金。然後在消費者方面，我們談論消費者方面，同樣，非常非常棒的生產故事和一致的生產故事。

We have a little seasonality. I think I mentioned that earlier. We have a little seasonality. If you think about our businesses like Sheffield and like service finance, you think about the markets we operate in and HVAC and lake related activities and mowers and those kind of things. There's a little bit of seasonality in that.

我們有一點季節性。我想我之前提到過這一點。我們有一點季節性。如果您考慮我們的業務，例如謝菲爾德和服務金融，您就會想到我們運營的市場以及暖通空調和湖泊相關活動以及割草機等等。這其中有一點季節性。

But again, the overall production numbers are really strong and expansion. So I think a lot of new -- a lot of new dealers, I mentioned before, to those businesses. So some of it's market, some of it is idiosyncratic to us and our initiatives and focus and relevance and importance with our clients and our markets.

但整體產量確實強勁且擴張。所以我認為，很多新的——很多新的經銷商，我之前提到過，都加入這些企業。因此，它的某些市場、某些方面對我們來說是特殊的，並且與我們的客戶和市場具有計劃、重點、相關性和重要性。

Mike Mayo, Wells Fargo.

富國銀行的麥克·梅奧。

Hey, first day, a CFO question and a CEO question, but the CFO question is, what do you think about a normalized NIM? Or where should NIM be over time? And how long might it take to get there? And then the CEO question is how much of your time has been spent on the merger and regulation, if you go back 1- to 2-years ago and how much time should be freed up given this kind of new world now that you're fighting back and more on offense.

嘿，第一天，有一個 CFO 問題和一個 CEO 問題，但 CFO 的問題是，您對標準化 NIM 有何看法？或者隨著時間的推移，NIM 應該處於什麼位置？到達那裡需要多長時間？然後，執行長的問題是，如果回顧一兩年前，您在合併和監管上花了多少時間，在現在這種新環境下，您應該騰出多少時間，因為您正在反擊並且更多地進攻。

Thanks.

謝謝。

Hey Mike, I'm up first, I guess. On the NIM, you saw a basis point better this quarter. We would expect that positive trend to continue into the third and fourth quarter I think your question was more what's normalized. I'm not sure there's like a normalized -- I would expect us to continue to -- if the operating environment is relatively normal to continue to improve. I think last year, at some point, we said we thought maybe a teens area, maybe even a touch better is achievable.

嘿，麥克，我想我是第一個起來的。從淨利息收益率 (NIM) 來看，本季基點有所改善。我們預計這種積極趨勢將持續到第三和第四季度，我認為您的問題更多的是正常化。我不確定這是否是一種正常化——我希望我們能夠繼續——如果營運環境相對正常的話，它會繼續改善。我想去年，在某個時候，我們說過，我們認為也許可以建立一個青少年區，甚至可能更好一點。

That contemplates the balance sheet sort of continuing to evolve with kind of rolling up the curve, so to speak, -- and frankly, in our case, we think the second half of this year and next year, getting some of the cuts and being able to drive beta as a touch. But I think three teams is a reasonable expectation. It could be a little better, a little worse.

這意味著資產負債表將繼續演變，就像曲線向上滾動一樣——坦白說，就我們而言，我們認為今年下半年和明年將會出現一些削減，並能夠推動貝塔值的成長。但我認為三支球隊是合理的期望。情況可能會好一點，也可能會差一點。

Just to say it because I think I mean it, we really do focus on NII growth and, of course, profitability is really important to us to but sort of quarter-to-quarter and the size of the balance sheet can change, you know this. But over a longer period of time, I'd like to see us more in that neighborhood than where we are today.

我之所以這麼說，是因為我認為我是認真的，我們確實關注 NII 的成長，當然，獲利能力對我們來說也非常重要，但每個季度和資產負債表的規模可能會發生變化，你知道這一點。但從更長遠的角度來看，我希望看到我們更多地融入那個社區，而不是現在的社區。

Great. And then, Mike, I hope you think I can answer a CFO question too, by the way. They don't have to be distinguished. But to go into the sort of the time spend and merger and regulation. I'd say like focusing on the merger integration is behind us.

偉大的。順便說一句，麥克，我希望你認為我也可以回答有關財務長的問題。沒有必要對它們進行區分。但要深入探討花費的時間、合併和監管。我想說，專注於合併整合已經過去了。

And I think that's the real pivot that you feel the regulatory stuff sort of to tonic, I mean it doesn't get really high rates of speed. Mike, you and I have talked about this a lot of times. The J curve, if you think about our merger was longer and deeper than we anticipated. So we sort of have to own that. But we're at the accelerate part of that J curve.

我認為這是真正的關鍵，你感覺到監管的東西有點滋補，我的意思是它並沒有真正獲得高速度。麥克，你和我已經談論過這個問題很多次了。如果您想想我們的合併，J 曲線會比我們預期的更長、更深。所以我們必須承認這一點。但我們正處於 J 曲線的加速部分。

So we don't we don't look back. We're not inhibited by integration issues. All of that's behind us, all the things that we see in terms of growth initiatives, client service, teammates on the ground, those who want to be with us or with us and those who have joined us are like fired up and ready to go.

所以我們不會回頭。我們不會受到整合問題的阻礙。所有這些都已成為過去，我們看到的成長計劃、客戶服務、實地隊友、想要與我們在一起或與我們在一起的人以及已經加入我們的人都準備好了。

The investments we're making are starting to pay off and create momentum. So I think the large part of what you see here is integration being clearly behind us and everything that goes along with integration and we're on that positive high part of the slope of the J curve in terms of moving forward.

我們所做的投資開始產生回報並產生動力。所以我認為，您在這裡看到的大部分情況是，整合已經明顯落後於我們，並且伴隨整合而來的一切，就前進而言，我們正處於 J 曲線斜率的正高部分。

Net news, probably like a really good example, net new in terms of consumer and new in terms of wholesale. So clients and markets are attractive. We're turning the corner on some of the deposit share opportunities in some of our large markets, which has been really, really great. And again, on the regulatory stuff, I think that's more of a go-forward thing. Things don't shift quickly.

網路新聞可能是一個很好的例子，就消費者而言是新的，就批發而言也是新的。因此客戶和市場都很有吸引力。我們正在一些大型市場中抓住一些存款份額機會，這真的非常棒。再次強調，關於監管方面，我認為這更是一件向前邁進的事情。事情不會很快改變。

They don't have stair-step like all of a sudden, somebody is new in the office, and we spend a lot of less time. We want to create a really good risk infrastructure for our company. There are things that we're going to do, whether we're asked to do them by a regulator or not because we want to be sustainable, long-term great governance and great risk controls to think about what the future opportunities are in our business. But I think the big one for us, Mike, is the the integration is fully behind us. We've taken it out back and like put it to bed.

他們不會突然出現階梯式的晉升，辦公室裡會突然來人，我們花的時間就會少很多。我們希望為我們的公司創建一個真正良好的風險基礎設施。有些事情我們都會去做，不管監管機構是否要求我們這麼做，因為我們希望實現永續發展，實現長期良好的治理和良好的風險控制，並思考我們業務的未來機會。但我認為，麥克，對我們來說最重要的是整合已經完全結束。我們把它拿出來並放到床上。

So just a short follow-up, Bill. So I mean, I think a lot of your competitors for a few years there, that trust was the gift that keeps on giving in terms of giving up share and you talked about the J curve being deeper longer than you expected. But my sense it's a little bit more of a nice bite in the Southeast. I mean it's just really competitive. It seems like you're really re-invigorated to go at it really hard.

那麼只是一個簡短的後續問題，比爾。所以我的意思是，我認為幾年來你的許多競爭對手都給予了信任，而這種信任就是在放棄市場份額方面不斷給予的禮物，你談到的 J 曲線比你預期的更深更長。但我的感覺是東南部的景色更加美麗。我的意思是競爭真的很激烈。看起來你真的重新充滿活力，願意努力去做這件事。

Can you just talk about the competitive dynamics in the fastest-growing market, but it also seems like some of the most competitive? And how do you adjust for that?

您能否談談這個成長最快的市場中的競爭動態，但它似乎也是競爭最激烈的市場之一？您該如何適應這種情況？

Mike, it's always been competitive. So I think that's maybe the important part of this. This isn't sort of new to a market. It's always been competitive. Some new entrants, but also like really sophisticated large competitors who we've had for a long time.

麥克，競爭一直都很激烈。所以我認為這也許是其中最重要的部分。這對市場來說並不是什麼新鮮事。競爭一直很激烈。一些新進入者，但也有一些像我們長期擁有的真正成熟的大型競爭對手。

Maybe I won't get into the knife fight comparison, but I don't think we've ever been better competitively positioned. So our ability to sort of win every day, win every client compete with prowess and advice and capabilities, just -- we've just never been stronger. Our team -- they've got to bring it on attitude. They've got a champion mindset. I mean they're chinstraps are buckled and trust me, we're in the game and competing really, really hard.

也許我不會將其與刀戰進行比較，但我認為我們的競爭地位從未如此優越。因此，我們憑藉著實力、建議和能力贏得每一天的勝利、贏得每位客戶的競爭的能力——我們從未如此強大。我們的團隊—他們必須拿出積極的態度。他們擁有冠軍心態。我的意思是他們的下巴帶都扣好了，相信我，我們在比賽中競爭非常非常激烈。

And you see that -- start to see that now in our results in a couple of quarters with that benefit. And I think you're going to continue to see it.

而您將會看到－從我們幾個季度後的業績中就能看出這一好處。我認為你會繼續看到它。

And just a real short follow-up. Just compared to before the global financial crisis, I guess maybe the crazies are off the street is it might be competitive, but is it rational?

這只是一個非常簡短的後續行動。與全球金融危機之前相比，我想也許瘋子已經退出市場，這或許是有競爭力的，但這合理嗎？

We just have a lot of sophisticated competitors. I mean, so we compete a lot on product capability and advice. I mean, that's sort of how we want to lead as are we giving the best advice? Are we most relevant to our clients? Are we satisfying their needs?

我們只是有很多老練的競爭對手。我的意思是，我們在產品能力和建議方面競爭激烈。我的意思是，這就是我們想要發揮的領導作用，我們是否給了最好的建議？我們與客戶最相關嗎？我們滿足了他們的需求嗎？

Are we introducing relevant opportunities to help them grow and help them achieve shareholder value for their companies and for their individuals to help them grow along their platform and increase their capabilities to satisfy their needs and grow and prosper. So I think it's a sophisticated competitive market, and we're a sophisticated competitive force.

我們是否引入了相關的機會來幫助他們成長，幫助他們為公司和個人實現股東價值，幫助他們沿著自己的平台成長，提高他們滿足需求、成長和繁榮的能力。所以我認為這是一個複雜的競爭市場，我們是一股複雜的競爭力量。

(Operator Instructions) Chris McGratty, KBW.

（操作員指示）Chris McGratty，KBW。

Great, good morning. Thanks for the question. Bill, just going back to the expense comment for a moment, the operating leverage. I think you talked about not only this year but over the next several years, generating positive operating leverage.

太好了，早安。謝謝你的提問。比爾，我們先回到費用評論，經營槓桿。我認為您談論的不僅是今年，而且是未來幾年產生積極的經營槓桿。

I'm wondering if that narrative gets it all easier, given with the progress on deregulation? I guess that's the first point. And then two, I'm interested in whether that might be any savings might be used to increase technology to compete more with the cat ones?

我想知道，考慮到放鬆管制的進展，這種說法是否會讓一切變得更容易？我想這是第一點。其次，我感興趣的是，這些節省下來的資金是否可以用來提高技術水平，從而與貓咪進行更深入的競爭？

Yeah, Chris, I think it's a lot of things. Again, I don't see the stair step on the regulatory expense side. Over time, yes, but I think that's just a result of us having better infrastructure, better governance better foundational elements that we can operate on. And and we have invested a lot in those over the last few years. So that has been a significant part of our investment.

是的，克里斯，我認為有很多原因。再說一次，我沒有看到監管費用的進步。隨著時間的推移，是的，但我認為這只是我們擁有更好的基礎設施、更好的治理和更好的基礎要素的結果。在過去幾年裡，我們在這些方面投入了大量資金。所以這是我們投資的重要組成部分。

Again, I would say that's more us versus sort of like regulatory driven necessarily. But I think your other point is exactly right. And by the way, through other technology, the AI into this. There are other developments and opportunities on the expense savings side. As long as we continue to see ways to invest and grow our markets, I think we do have those kind of trade-offs.

再次強調，我想說的是，這更多的是我們自己而不是由監管部門驅動的。但我認為你的另一個觀點是完全正確的。順便說一下，透過其他技術，人工智慧也可以融入其中。在節省開支方面還有其他發展和機會。只要我們繼續尋找投資和擴大市場的方法，我認為我們確實存在這種權衡。

And the best way to drive operating leverage is to grow the top line. So we want to use some of the expense saves and some of the opportunities to continue to drive revenue and get that mix right. So having positive operating leverage with no growth is not a good outcome. So we want to have positive operating leverage and growth that reflects the markets and opportunities that exist for us.

提高經營槓桿的最佳方式就是增加營業收入。因此，我們希望利用節省的部分費用和一些機會來繼續增加收入，並實現正確的收入組合。因此，雖然有正的經營槓桿，但沒有成長，這並不是一個好結果。因此，我們希望擁有積極的經營槓桿和成長，以反映我們所面臨的市場和機會。

And some of the areas Bill is talking about are they self-fund, right? So there are investments we can make in things that create efficiency -- and there are a number of those right now given sort of innovation that's happening. Those are -- that's also a phenomenon that's helping support that positive operating leverage expectation.

比爾談到的一些領域是自籌資金的，對嗎？因此，我們可以對提高效率的事物進行投資——考慮到正在發生的創新，現在有許多這樣的投資。這些也是有助於支持正向經營槓桿預期的現象。

Steven Alexopoulos, TD Cowen.

史蒂文·亞歷克斯普洛斯（Steven Alexopoulos），TD Cowen。

Hey, good morning everybody.

嘿，大家早安。

Good morning. Welcome.

早安.歡迎。

Thank you. I wanted to try to better understand the sensitivity of the guide to rate cuts. And the question is, if we don't see any rate cuts, do you guys think you could still get into that revenue range and the positive operating leverage range for the year?

謝謝。我想嘗試更好地理解指引對降息的敏感度。問題是，如果我們沒有看到任何降息，你們認為今年的收入範圍和營運槓桿率還能達到這個水準嗎？

Hey, Steve, good morning. Yeah, I think we could, right? I mean I think the answer is probably it depends. I think the shape of the curve matters a lot. I think to the extent we didn't get the cuts. But we -- and we see a pretty stable, call it, 2-year or maybe we even say a touch higher.

嘿，史蒂夫，早安。是的，我想我們可以，對吧？我的意思是我認為答案可能是視情況而定。我認為曲線的形狀很重要。我認為在某種程度上我們沒有得到削減。但是，我們看到了一個相當穩定的兩年期，甚至可能略高一點。

I think those forces would offset one another. I think if you saw no cuts and you saw the long and lower as an example, that would maybe create some risk. But I think at the end of the day, I don't think we feel super sensitive to sort of the rate path second half of the year.

我認為這些力量會相互抵消。我認為，如果您沒有看到任何削減，而是以長而低為例，這可能會產生一些風險。但我認為，最終，我認為我們對下半年的利率走勢並不會特別敏感。

On our revenue outlook, we're going to be working pretty hard to to manage our funding costs and to generate good core funding it's probably more of a watch item for next year, right? We'd love to get more cuts sooner and keep it going.

就我們的收入前景而言，我們將非常努力地管理我們的融資成本並產生良好的核心資金，這可能是明年更值得關注的項目，對嗎？我們希望盡快獲得更多剪輯並繼續下去。

Yeah. I mean, most of it's embedded for this year. I mean, our ratecut forecast is towards the end of the year, you've got a pretty small impact.

是的。我的意思是，其中大部分都是今年嵌入的。我的意思是，我們預測降息將在年底前發生，但影響相當小。

It really ends up being a lot more curve shape, I think.

我認為它最終會呈現出更多的曲線形狀。

Matt O'Connor, Deutsche Bank.

德意志銀行的馬特·奧康納。

Good morning. Just wanted to circle back again on the investment banking, capital market fees. Look, I mean, I know versus like the big banks, it's hard to comp you guys versus regional and everybody has got a little bit of a different mix.

早安.只是想再回顧一下投資銀行和資本市場費用。你看，我的意思是，我知道與大銀行相比，很難將你們與地區銀行進行比較，而且每家銀行都有一些不同的組合。

But I guess I was surprised like how low the number was and then your characterization of June is kind of being more normalized as opposed to maybe kind of strong as we're hearing elsewhere. So just trying to understand, like, is it a mix difference? Is it timing?

但我想我對這個數字如此之低感到驚訝，然後你對六月的描述就更加正常化了，而不是像我們在其他地方聽到的那樣強勁。所以只是想了解一下，這是否是一種混合差異？時機合適嗎？

Is it -- we're going to have this massive number in 3Q and those questions pretty irrelevant. How should we think about that a little bit more?

是的——我們將在第三季得到這個巨大的數字，而這些問題卻無關緊要。我們該如何進一步思考這個問題？

Yeah. Thanks, Matt. I mean so remember, sort of distinguish between the large guys. I mean, we have a trading business is driven by our client business. So right?

是的。謝謝，馬特。我的意思是，記住，要區分大個子。我的意思是，我們的貿易業務是由客戶業務驅動的。那麼對嗎？

We don't have sort of a separate trading business. And in April, some of those markets were substantially disrupted. I mean I think sort of the public finance market is the prime example. And we have a good business in public finance, by the way, it's a huge deposit driver for us. So it's an important part of our overall business structure.

我們沒有單獨的貿易業務。四月份，一些市場受到了嚴重干擾。我的意思是，我認為公共財政市場就是最好的例子。順便說一句，我們在公共財政領域擁有良好的業務，這對我們來說是一個巨大的存款驅動力。所以它是我們整體業務結構的重要組成部分。

So that was a case where that was probably a weighted element, probably a little more idiosyncratic to us in terms of a little overweighting in our treasury, but not overweighted to our business. And I think that's sort of the way to think about it. On the M&A front, it's a little bit like which deals are you in? So we had a lot of deals get deferred during the second quarter. By the way, none went away.

因此，在這種情況下，這可能是一個加權因素，可能對我們來說有點特殊，因為我們的財務狀況有點超重，但對我們的業務來說並沒有超重。我認為這就是思考這個問題的方式。在併購方面，這有點像您參與了哪些交易？因此，我們在第二季度有很多交易被推遲。順便說一句，沒有人消失。

Many are back in the market already. So there's a little bit of -- there's reason to be optimistic that didn't really change the trajectory. And then as Mike mentioned, June is sort of back on track. I mean, sort of May got better, June's back on track. All the elements that you see in loan growth and new clients and building our corporate banking business and all those elements, those are all regular way business that we've been doing for decades.

許多人已經重返市場。因此，我們有理由樂觀地認為這並沒有真正改變軌跡。然後正如麥克所提到的，六月又回到了正軌。我的意思是，五月的情況有所好轉，六月又回到了正軌。您所看到的所有貸款成長、新客戶以及建立我們的公司銀行業務等要素，都是我們幾十年來一直在做的常規業務。

And I think we have every reason to be confident that we're confident that we'll continue to be on that trend. So a little bit was the client-oriented businesses that we're in and the businesses that we support. But I think that diversity also really benefits us on the other side.

我認為我們有充分的理由相信，我們將繼續保持這一趨勢。所以，我們所從事的業務和我們所支持的業務有一點是以客戶為導向的。但我認為多樣性也確實為我們帶來了好處。

Gerard Cassidy, RBC.

傑拉德·卡西迪（Gerard Cassidy），加拿大皇家銀行。

Hi, good morning. This is Thomas Leddy standing in for Gerard. Just a quick high-level question on credit quality. So it was strong in the quarter, and many of your peers also saw pretty healthy metrics. Given all the noise and uncertainty in the macro and geopolitical environments, I'm not asking you to comment on other banks credit trends, but what in your view is driving the generally strong credit results this quarter?

嗨，早安。這是代替杰拉德的托馬斯·萊迪。我只是想問一個關於信用品質的簡單的高級問題。因此本季表現強勁，而且許多同業也看到了相當健康的指標。鑑於宏觀和地緣政治環境中的各種噪音和不確定性，我並不是要求您對其他銀行的信貸趨勢發表評論，但您認為是什麼推動了本季度信貸業績普遍強勁？

I'm going to let Brad Bender to that, Brad?

我要讓布萊德本德來做這件事，布萊德？

Yeah. Thanks, Thomas. As you mentioned, we did see strong performance and continue to see signs of stabilization and resilience I think in terms of the short run, it really is around, we're starting to see some certainty that is helping. There are some macros out there that we're watchful, and that is also why you saw us revise the guide into the [55 to 60] range. CRE, we see that, that sector now is largely behind us.

是的。謝謝，托馬斯。正如您所提到的，我們確實看到了強勁的表現，並繼續看到穩定和恢復的跡象，我認為就短期而言，它確實存在，我們開始看到一些有幫助的確定性。我們對一些宏非常警惕，這也是為什麼我們將指南修改為 [55 到 60] 範圍的原因。我們看到，CRE 產業目前基本上已經落後於我們。

You saw some adjustments there. And so the teams really continue to perform really strongly there. We took the right actions several periods back I'd say areas that we continue to just focus on and watch is around what is consumer confidence, where it's spending, what are those cost pressures that are in the system. If all of those continue to hold, we see really strong positive trends to continue.

您在那裡看到了一些調整。因此，這些球隊確實繼續在那裡表現強勁。我們在幾個時期前採取了正確的行動，我想說我們繼續關注和觀察的領域是消費者信心如何、消費在哪裡、系統中的成本壓力是什麼。如果所有這些繼續保持下去，我們將看到真正強勁的積極趨勢將繼續下去。

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。

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 your interest in Truist, we hope you have a great day. Betsy, you may now disconnect the call.

謝謝你，貝琪，我們的收益電話會議到此結束。如果您有任何其他問題，請隨時聯繫投資者關係團隊。感謝您對 Truist 的關注，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 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。