Truist Financial Corp (TFC) 2025 Q4 法說會逐字稿

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

各位女士、先生，大家好，歡迎參加 Truist Financial Corp 2025 年第四季財報電話會議。（操作說明）提醒：本次活動正在錄影。

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

現在我很榮幸地向大家介紹主持人布拉德·米爾薩普先生。

Thank you, Betsy, and good morning everyone. Welcome to Truist fourth 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，貝齊，大家早安。歡迎參加 Truist 2025 年第四季財報電話會議。今天與我們一同出席的有：董事長兼首席執行官比爾·羅傑斯；首席財務官邁克·馬奎爾；首席風險官布拉德·本德，以及 Truist 高級管理團隊的其他成員。

During this morning's call, they will discuss Truist fourth quarter and 2025 results, share their perspectives on current business conditions, and provide an updated outlook for 2026. The accompanying 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 第四季和 2025 年的業績，分享他們對當前商業狀況的看法，並提供 2026 年的最新展望。隨附的簡報、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 上查閱。

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.

我們今天的報告將包含前瞻性陳述和某些非GAAP財務指標。請查閱簡報第 2 頁和第 3 頁中關於這些聲明和措施的披露信息，以及附錄中關於與 GAAP 進行適當調節的信息。

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

這樣，我就把麥克風交給比爾了。

Good morning, and thank you for joining our call today. Before we discuss our fourth quarter and 2025 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 remains at the heart of everything we do. It drives our strategy and fuels our commitment to our clients and the communities we serve.

早安，感謝各位參加今天的電話會議。在我們討論第四季和 2025 年業績之前，讓我們像 Truist 一貫的做法一樣，從第 4 張投影片開始。在 Truist，我們激勵和建立更美好的生活和社區的宗旨始終是我們一切工作的核心。它驅動著我們的策略，並激勵我們對客戶和我們所服務社區的承諾。

Despite market volatility early in 2025, we stayed focused on supporting our clients and executing our growth and profitability agenda. This discipline drove higher earnings, stronger client relationships and attractive new business.

儘管 2025 年初市場波動，但我們始終專注於支持客戶並執行我們的成長和獲利計劃。這種自律帶來了更高的收益、更牢固的客戶關係和更具吸引力的新業務。

A key to delivering on our purpose and performance is the investment in our business, markets and teammates. Some of these significant investments include enhancing our tech and digital capabilities in areas like AI and improving the client experience. Recruiting and developing talented teammates to advise and serve clients with more complex and industry-specific financial needs, announcing plans to open 100 new insight-driven branches in high-growth markets as well as enhancements to more than 300 branch locations in all markets.

實現我們的目標和績效的關鍵在於對我們的業務、市場和團隊成員進行投資。這些重大投資包括提升我們在人工智慧等領域的技術和數位化能力，以及改善客戶體驗。招募和培養有才華的團隊成員，為有更複雜和特定行業財務需求的客戶提供諮詢和服務；宣布計劃在高成長市場開設 100 家以洞察力為導向的新分支機構，並對所有市場的 300 多個分支機構進行改進。

These investments underscore our commitment to the communities we serve and position us to deliver more personalized advice and create opportunities for outsized growth. As we enter 2026, our purpose continues to guide our focus on growth, profitability and deeper client relationships. We're expanding our presence and delivering more differentiated advice-driven experiences. I look forward to sharing more of these priorities during today's call.

這些投資凸顯了我們對所服務社區的承諾，並使我們能夠提供更個人化的建議，創造超額成長的機會。進入 2026 年，我們的宗旨將繼續引導我們專注於成長、獲利能力和更深入的客戶關係。我們正在擴大業務範圍，並提供更多差異化的諮詢服務體驗。我期待在今天的電話會議上分享更多這些優先事項。

Now let's turn to slide 5. We closed 2025 with strong results and clear momentum heading into 2026. We delivered net income available to common shareholders of $1.3 billion or $1 per diluted share for the fourth quarter and $5 billion or $0.0382 per diluted share for the full year 2025. These results include certain charges such as severance and an accrual related to a specific legal matter that was settled in the first quarter of 2026, which totaled $0.12 a share for the quarter and $0.18 per share for the year.

現在我們來看第5張投影片。2025 年我們取得了強勁的業績，並帶著明顯的勢頭邁入 2026 年。第四季歸屬於普通股股東的淨利為 13 億美元，即每股攤薄收益 1 美元；2025 年全年歸屬於普通股股東的淨利為 50 億美元，即每股攤薄收益 0.0382 美元。這些結果包括某些費用，例如遣散費和與 2026 年第一季解決的特定法律事項相關的應計費用，該季度每股總計 0.12 美元，全年每股總計 0.18 美元。

At the start of last year, we outlined five strategic priorities aimed at accelerating our performance and improving our profitability in 2025 and beyond. While there's more to accomplish, I'm proud of the progress we made as a company in 2025 and excited about the momentum we have entering this year. First, we continue to generate strong broad-based loan growth in both wholesale banking and consumer and small business banking, driven by new loan production and increased client acquisition.

去年年初，我們制定了五項策略重點，旨在加快業績成長，並在 2025 年及以後提高獲利能力。雖然還有更多工作要做，但我為我們公司在 2025 年取得的進展感到自豪，並對我們今年的發展勢頭感到興奮。首先，在新增貸款和客戶獲取增加的推動下，我們在批發銀行業務、消費銀行和小型企業銀行業務方面繼續保持強勁的全面貸款成長。

Second, strong loan growth, better second half results in investment banking, trading and wealth along with continued expense discipline, drove 100 basis points of positive adjusted operating leverage in 2025. Third, we made significant investments across our business in talent and technology, laying the foundation for future growth, which we expect to accelerate in 2026. Fourth, we maintained strong asset quality metrics as net charge-offs declined versus last versus 2024 and nonperforming loans remained relatively stable.

其次，強勁的貸款成長、投資銀行、交易和財富管理業務下半年的良好業績以及持續的費用控制，推動 2025 年調整後營運槓桿率上升 100 個基點。第三，我們在人才和技術方面對業務進行了大量投資，為未來的成長奠定了基礎，我們預計這種成長將在 2026 年加速。第四，我們的資產品質指標保持強勁，淨沖銷額較去年和 2024 年有所下降，不良貸款保持相對穩定。

Finally, we returned $5.2 billion of capital to shareholders through our common stock dividend and the repurchase of $2.5 billion of our common stock. Our total capital return in 2025 reflects a 37% increase over 2024.

最後，我們透過普通股股息和回購 25 億美元的普通股，向股東返還了 52 億美元的資本。我們2025年的總資本回報比2024年成長了37%。

Looking ahead, our strategic priorities remain unchanged and our focused clear. Accelerate revenue growth, drive greater positive operating leverage, continue to invest while maintaining our expense and risk discipline and return capital to shareholders at an accelerated rate. Executing on these strategic priorities is central to improving profitability and achieving our long-term goals, including our commitment to deliver a 15% return on tangible common equity in 2027.

展望未來，我們的策略重點不變，我們的目標也很明確。加速收入成長，推動更大的積極經營槓桿，在保持費用和風險紀律的同時繼續投資，並以更快的速度向股東返還資本。執行這些策略重點對於提高獲利能力和實現我們的長期目標至關重要，其中包括我們承諾在 2027 年實現 15% 的有形普通股回報率。

So in summary, we closed 2025 on a strong note and entered 2026 with significant momentum and confidence in our ability to deliver revenue growth at least twice the pace of 2025, greater positive operating leverage, higher levels of capital return and improved profitability.

總而言之，我們以強勁的勢頭結束了 2025 年，並​​以顯著的勢頭和信心進入了 2026 年，相信我們能夠實現至少是 2025 年兩倍的收入增長、更大的積極經營槓桿、更高的資本回報水平和更高的盈利能力。

Before I hand the call over to Mike to discuss our quarterly results, we'll spend some time discussing the positive momentum we're seeing within our business segments and with our digital strategy on slide 6 and 7.

在我將電話交給 Mike 討論我們的季度業績之前，我們將花一些時間討論我們在業務部門和數位化策略方面看到的積極勢頭（請參閱第 6 和 7 頁幻燈片）。

First, let me start with Consumer and Small Business Banking. CSPB delivered consistent strong performance throughout 2025. As shown on the slide, we generated 5% growth in average consumer and small business loans and 1% growth in average deposits.

首先，讓我從消費者和小型企業銀行業務開始。CSPB在2025年全年表現持續強勁。如投影片所示，我們實現了消費者和小型企業貸款平均成長 5%，存款平均成長 1%。

This momentum was fueled by our market-leading consumer lending businesses, another year of net new checking account growth and deeper relationships with our premier banking clients. Loan growth was broad-based across the portfolio with especially strong contributions from indirect auto and our specialty niche lending platforms, Sheffield Service Finance and LightStream. These businesses continue to produce market-leading growth with attractive risk-adjusted returns.

這一發展勢頭得益於我們市場領先的消費信貸業務、連續第二年新增支票帳戶淨增長以及與一流銀行客戶之間更深入的關係。貸款成長遍及整個投資組合，其中間接汽車貸款和我們的專業利基貸款平台 Sheffield Service Finance 和 LightStream 的貢獻尤為強勁。這些企業持續保持市場領先的成長勢頭，並帶來可觀的風險調整後收益。

As part of advancing our consumer lending strategy, we fully integrated our digital end-to-end lending platform, LightStream, into our Truist mobile app experience in our branch banking account opening experience. This expanded scale is improving efficiency, broadening distribution, accelerating growth and meaningfully enhancing the client lending experience.

作為推動消費信貸策略的一部分，我們將我們的端到端數位貸款平台 LightStream 完全整合到 Truist 行動應用程式體驗中，用於我們的分行銀行帳戶開戶體驗。規模擴大後，效率提升，分銷管道更加暢通，成長速度加快，客戶貸款體驗也得到了顯著改善。

Beyond our national consumer lending platforms, Premier Banking also delivered strong results with 2025 production up 22% in deposits, 32% in lending and 12% in financial plans. This performance was driven by higher adviser productivity and strong branded mortgage and branch-led lending.

除了全國消費信貸平台外，卓越理財業務也取得了強勁的業績，預計 2025 年存款將成長 22%，貸款成長 32%，理財計畫成長 12%。這一業績得益於顧問效率的提高以及強大的品牌抵押貸款和分支機構主導的貸款業務。

We continue to see strong outcomes from our strategic investments in digital, delivering year-over-year growth across all core metrics. In the fourth quarter of 2025, we added 77,000 digital new-to-bank clients, up 10% from the prior year quarter, capping a solid full year performance with digital production up 9%. We also took meaningful steps to deepen self-service adoption, expanding capabilities within our AI-powered Truist assist mobile experience.

我們在數位化領域的策略投資持續取得顯著成效，所有核心指標均實現了年成長。2025 年第四季度，我們新增了 77,000 名數位銀行新客戶，比上年同期成長 10%，全年業績穩健，數位業務成長 9%。我們也採取了有意義的措施來加深自助服務的普及，擴展了我們由人工智慧驅動的 Truist 助理行動體驗的功能。

The launch of -- as Truist assist our universal search capability, now delivers client, quick intuitive access from any screen. This drove a 97% increase in digital chat engagement in 2025 and is helping us improve efficiency and strengthen client connectivity as more activity naturally shifts to digital.

Truist 的推出——作為我們通用搜尋功能的輔助，現在可讓客戶從任何螢幕快速直觀地存取。這將推動數位聊天互動量在 2025 年增長 97%，並有助於我們提高效率，加強與客戶的聯繫，因為越來越多的活動自然轉移到了數位領域。

Let's turn to wholesale on page 7. In wholesale, we delivered a strong finish to 2025, driven by meaningful improvement in the second half of the year in both loan and deposit growth, investment banking and trading revenue and continued progress in strategic focus areas such as payment and wealth. We onboarded twice as many new corporate and commercial clients versus last year, spanning a diverse range of industries and markets. Building on these new client relationships and our focus on deepening existing ones, we saw our loan and deposit momentum strengthen as the year progressed.

讓我們翻到第 7 頁，看看批發業務。在批發業務方面，我們為 2025 年畫上了圓滿的句號，這得益於下半年貸款和存款成長、投資銀行和交易收入的顯著改善，以及在支付和財富等戰略重點領域的持續進展。與去年相比，我們新增的企業和商業客戶數量翻了一番，涵蓋了各個行業和市場。憑藉這些新的客戶關係以及我們對深化現有關係的重視，我們看到，隨著時間的推移，我們的貸款和存款成長勢頭不斷增強。

Average wholesale loans increased 3% in 2025 with momentum accelerating in the second half. Fourth quarter average loans were up 8% compared to the fourth quarter of 2024, fueled by new client acquisition and supported by focused talent investments as our strategy continues to gain traction. End-of-period wholesale deposit balances rose 6% linked quarter. While seasonal public funds contributed to this growth, we saw growth from all of our industry banking teams and geographies.

2025年平均批發貸款成長3%，下半年成長加速。與 2024 年第四季相比，第四季平均貸款額成長了 8%，這得益於新客戶的取得以及對人才的重點投資，我們的策略正在不斷取得成效。期末批發存款餘額較上季成長 6%。雖然季節性公共資金對這一增長有所貢獻，但我們所有行業銀行團隊和地區的成長都反映了這一點。

Full year investment banking and trading income declined 6% versus 2024 due to first half market volatility. However, activity rebounded strongly in the second half with fourth quarter revenues up 28% versus fourth quarter of '24, driven by increased M&A, trading, equity and debt capital markets activity. In wealth, net asset flows remained positive, supported by 8.5% increase in new clients last year with almost 30% being generated by CSBB. Wholesale payment fees, which include merchant services, commercial card and treasury management fees rose 8% in 2025.

由於上半年市場波動，全年投資銀行和交易收入較 2024 年下降 6%。然而，下半年市場活動強勁反彈，第四季營收比 2024 年第四季成長了 28%，這主要得益於併購、交易、股權和債務資本市場活動的增加。在財富方面，淨資產流動保持正值，這得益於去年新客戶數量增長 8.5%，其中近 30% 來自 CSBB。批發支付費用（包括商家服務費、商業卡費和資金管理費）在 2025 年上漲了 8%。

Treasury management fees, a key strategic focus grew 13% on the strength of new client acquisition and deeper relationships within our existing base. Importantly, our payments pipeline are up significantly year-over-year, positioning us for continued growth in 2026.

資金管理費作為關鍵策略重點，憑藉新客戶的取得和與現有客戶群更深入的關係，成長了 13%。重要的是，我們的支付管道年增率顯著，這為我們在 2026 年的持續成長奠定了基礎。

So now let me turn it over to Mike to discuss the financial results in a little more detail.

現在，我把麥克風交給麥克，讓他更詳細地討論一下財務表現。

Thank you, Bill, and good morning, everyone. So before I start with our performance highlights on slide 8, I do want to briefly mention certain changes to the presentation of our earnings materials today and on a go-forward basis. On January 12, we filed an 8-K detailing changes to the presentation of certain noninterest income and noninterest expense items effective December 31, 2025, we changed the reporting line labeled card and payment fees to a new reporting line called card and treasury management fees. This line includes debit card, retail card and commercial card fees, merchant discount fees and treasury management fees.

謝謝你，比爾，大家早安。因此，在我開始介紹第 8 頁的業績亮點之前，我想先簡單提及我們今天以及未來在收益材料呈現方式上的一些變化。1 月 12 日，我們提交了一份 8-K 表格，詳細說明了自 2025 年 12 月 31 日起對某些非利息收入和非利息支出項目的列報方式進行的變更。我們將標記為「卡片和支付費用」的報告行更改為名為「卡片和資金管理費」的新報告行。此項費用包括金融卡、零售卡和商業卡手續費、商家折扣費和資金管理費。

Previously, treasury management fees were included in the service charges on deposits line, which we renamed other deposit revenue. Other deposit revenue includes NSF and overdraft fees and other service charges.

以前，資金管理費包含在存款服務費中，我們將其更名為其他存款收入。其他存款收入包括退票費、透支費和其他服務費。

We believe these changes more accurately reflect how we're managing our business, and we'll give investors more insights into how we're progressing with important fee income-generating initiatives. In terms of expenses, we will no longer disclose adjusted expense in our earnings materials. Instead, we will provide context on material items impacting results.

我們相信這些變化能更準確地反映我們管理業務的方式，我們將讓投資者更深入地了解我們在重要的費用收入創收計劃方面取得的進展。關於費用方面，我們將不再在獲利文件中揭露調整後的費用。相反，我們將提供影響結果的實質因素的背景資訊。

For today's discussion, I'll provide you with adjusted expense for comparison purposes. But going forward, other, our expense commentary and guidance will be based on GAAP expense. As a result of this change, we moved to restructuring charges, which typically included expenses related to severance and facility charges back to their respective reporting lines such as personnel and occupancy expense.

為了方便比較，在今天的討論中，我將提供調整後的費用數據。但展望未來，其他費用評論和指導將以 GAAP 費用為基礎。由於這項變化，我們將重組費用（通常包括遣散費和設施費用）重新計入各自的報告科目，例如人員費用和占用費用。

Okay. With that said, I'll now turn to the full year 2025 and fourth quarter results, which starts on slide 8. We reported 2025 GAAP net income available to common shareholders of $5 billion or $3.82 per diluted share and fourth quarter 2025 net income available to common shareholders of $1.3 billion or $1 per diluted share.

好的。接下來，我將介紹 2025 年全年及第四季業績，從第 8 頁投影片開始。我們公佈了 2025 年歸屬於普通股股東的 GAAP 淨利潤為 50 億美元，即每股攤薄收益 3.82 美元；2025 年第四季歸屬於普通股股東的淨利潤為 13 億美元，即每股攤薄收益 1 美元。

Our fourth quarter 2025 results included a charge of $130 million or $0.08 per share after tax due to an incremental accrual related to Truist executing a settlement agreement on January 20, 2026 in the matter of Bickerstaff versus SunTrust Bank.

我們 2025 年第四季的業績包括 1.3 億美元或每股稅後 0.08 美元的費用，這是由於 Truist 於 2026 年 1 月 20 日就 Bickerstaff 訴 SunTrust 銀行一案達成和解協議而產生的額外應計費用。

In addition, our fourth quarter results included $0.04 per share of charges primarily related to severance. Revenue increased 1.1% linked quarter due to 1.9% growth in net interest income, partially offset by a modest decrease in noninterest income. GAAP noninterest expense increased 5.2% linked quarter, primarily due to the legal accrual and higher personnel expense. Excluding the legal accrual and severance, noninterest expense declined approximately 0.3% on a linked-quarter basis.

此外，我們第四季的業績包括每股 0.04 美元的費用，主要與遣散費有關。由於淨利息收入成長1.9%，收入較上季成長1.1%，但部分被非利息收入的小幅下降所抵銷。GAAP 非利息支出較上季增加 5.2%，主要原因是法律費用提列和人員費用增加。剔除法定應計費用及遣散費，非利息支出較上季下降約 0.3%。

Net charge-offs increased 9 basis points on a linked quarter basis, reflecting normal seasonality in our consumer portfolio. Nonperforming loans remained relatively stable on a linked quarter basis. Our CET1 capital ratio declined 20 basis points to 10.8%, and our CET1 ratio, including AOCI increased 10 basis points linked quarter to 9.5%. During the quarter, we repurchased $750 million of common stock and announced a new share repurchase authorization of up to $10 billion with no expiration date.

淨沖銷額較上一季增加 9 個基點，反映了我們消費品組合的正常季節性波動。不良貸款與上一季相比保持相對穩定。我們的 CET1 資本充足率下降 20 個基點至 10.8%，而包括 AOCI 在內的 CET1 資本充足率較上季上升 10 個基點至 9.5%。本季度，我們回購了價值 7.5 億美元的普通股，並宣布了一項新的股票回購授權，金額高達 100 億美元，且無到期日。

Next, I'll cover loans and leases on slide 9. Average loans held for investment increased $4.3 billion or 1.3% on a linked quarter basis to $325 million due to growth in both commercial and consumer loans. For the full year, average loans held for investment increased 3.6% to $316 billion due to 5.4% growth in average consumer and card loans and 2.4% growth in average commercial loans.

接下來，我將在第 9 張投影片中講解貸款和租賃。由於商業貸款和消費貸款均有所增長，用於投資的平均貸款額環比增長 43 億美元，增幅 1.3%，達到 3.25 億美元。全年來看，用於投資的平均貸款成長了 3.6%，達到 3,160 億美元，這主要得益於平均消費貸款和信用卡貸款增加了 5.4%，以及平均商業貸款增加了 2.4%。

Based on our current pipeline and economic outlook, we expect 3% to 4% average loan growth in 2026. However, average loan growth in 2026 will primarily be driven by growth in commercial loans and other consumer loans relatively slower growth in residential mortgage and direct auto compared with 2025.

根據我們目前的貸款項目儲備和經濟前景，我們預計 2026 年平均貸款成長率為 3% 至 4%。然而，2026 年的平均貸款成長將主要由商業貸款和其他消費貸款的成長所驅動，而房屋抵押貸款和直接汽車貸款的成長速度將比 2025 年相對放緩。

Other consumer loans, which include our specialty lending businesses, Sheffield, Service Finance and LightStream are expected to grow at a similar pace as these businesses continue to offer attractive risk-adjusted returns.

其他消費貸款，包括我們的專業貸款業務 Sheffield、Service Finance 和 LightStream，預計將以類似的速度成長，因為這些業務將繼續提供有吸引力的風險調整後收益。

Moving to deposit trends on slide 10. Driving client deposit growth is a key priority for Truist, and we are seeing improved momentum with clients in both consumer and wholesale. Average deposits were relatively stable on a linked quarter basis as the decline in higher cost broker deposits was offset by growth in lower-cost client deposits.

第 10 頁將討論存款趨勢。推動客戶存款成長是 Truist 的關鍵優先事項，我們看到消費者和批發客戶的成長勢頭都在增強。由於高成本經紀商存款的下降被低成本客戶存款的成長所抵消，平均存款額較上季保持相對穩定。

This improving mix, along with recent reductions in the federal funds rate, resulted in a 7 basis point decline in average interest-bearing deposit costs to 2.23% and a 20 basis point reduction in our total cost of deposits to 1.64%. As shown in the chart on the bottom right hand of the slide, our cumulative interest-bearing deposit beta improved from 38% to 45%, and our total deposit beta improved from 24% to 30% on a linked-quarter basis. These improvements reflect stronger client deposit growth and disciplined efforts to reduce rate paid.

這種不斷改善的投資組合，加上最近聯邦基金利率的下調，導致平均計息存款成本下降了 7 個基點至 2.23%，總存款成本下降了 20 個基點至 1.64%。如投影片右下角的圖表所示，我們的累積計息存款貝塔係數從 38% 提高到 45%，總存款貝塔係數從 24% 提高到 30%（按季度環比計算）。這些改善反映了客戶存款的強勁成長和降低支付費率的嚴格努力。

Moving now to net interest income and net interest margin on slide 11. Taxable equivalent net interest income increased 1.9% linked quarter or $69 million, primarily due to loan and client deposit growth in fixed rate asset repricing. Our net interest margin increased 6 basis points linked quarter to 3.07%. For full year 2026, we expect net interest income to increase by 3% to 4%. This outlook is based on 3% to 4% average loan growth which implies low single-digit end-of-period loan growth. We also expect low single-digit end-of-period deposit growth.

接下來，我們將討論第 11 張投影片中的淨利息收入和淨利差。應稅等值淨利息收入季增 1.9%，即 6,900 萬美元，主要原因是固定利率資產重新定價導致貸款和客戶存款成長。我們的淨利差較上季成長 6 個基點，達到 3.07%。我們預計 2026 年全年淨利息收入將成長 3% 至 4%。這一預期是基於平均貸款成長率 3% 至 4% 的假設，這意味著期末貸款成長率將僅為個位數。我們也預期期末存款成長率將維持在個位數低點。

Average earning assets will grow at a slower rate in '26 than average loans as average investment securities and other earning assets are expected to decline by 4% to 5% on an annual basis. Lastly, we expect two 25 basis point reduction in the Fed funds rate, one in April and one in July, and we will continue to benefit from fixed rate asset repricing.

2026 年，平均生息資產的成長速度將低於平均貸款的成長速度，因為平均投資證券和其他生息資產預計將以每年 4% 至 5% 的速度下降。最後，我們預計聯邦基金利率將兩次下調 25 個基點，一次在 4 月，一次在 7 月，我們將繼續受益於固定利率資產的重新定價。

Although we expect modest net interest margin compression in the first quarter, we anticipate full year 2026 average net interest margin will exceed the average of 303 due to the benefits of fixed rate asset repricing and improved earning asset mix and lower deposit costs. As you can see on the right-hand side of the slide, we've also updated our fixed rate asset repricing outlook and our swap disclosure.

儘管我們預計第一季淨利差將略有收窄，但由於固定利率資產重新定價、獲利資產組合改善以及存款成本降低等因素，我們預計 2026 年全年平均淨利差將超過 303 的平均值。正如您在投影片右側所看到的，我們也更新了固定利率資產重新定價展望和互換揭露。

Turning now to noninterest income on Slide 12. Noninterest income decreased $12 million or 0.8% versus the third quarter of 2025, reflecting modest declines across several fee income categories, partially offset by higher investment banking and trading income. Investment banking and trading increased $12 million or 3.7% linked quarter and $335 million, reflecting stronger M&A-related fees partially offset by lower trading activity.

現在就來看看第 12 張投影片中的非利息收入。與 2025 年第三季相比，非利息收入減少了 1,200 萬美元，降幅為 0.8%，反映出幾個費用收入類別略有下降，但部分被更高的投資銀行和交易收入所抵銷。投資銀行和交易業務季增 1,200 萬美元，增幅 3.7%，達到 3.35 億美元，反映出併購相關費用的增加，但部分被交易活動的減少所抵銷。

Our new reporting line for card and treasury management fees was down slightly linked quarter due to seasonality, but grew 3.7% year-over-year as double-digit growth in treasury management fees was partially offset by lower merchant and corporate credit card fees.

由於季節性因素，我們新的信用卡和資金管理費報告項目環比略有下降，但同比增長 3.7%，因為資金管理費的兩位數增長被商家和企業信用卡費用的下降部分抵消。

Next, I'll cover noninterest expense on slide 13. On a linked-quarter basis, noninterest expense increased 5.2%, driven by higher other expense related to the legal accrual previously mentioned, higher personnel expenses due to increased incentives and severance.

接下來，我將在第 13 頁投影片中介紹非利息支出。與上一季相比，非利息支出增加了 5.2%，主要原因是前面提到的與法律應計相關的其他支出增加，以及由於激勵措施和遣散費增加而導致的人員支出增加。

These increases were partially offset by lower regulatory costs due to an FDIC special assessment credit. Excluding the impact of the legal accrual and severance costs, noninterest expense declined by 0.3% linked quarter. Adjusted noninterest expense increased 1% in 2025, reflecting our commitment to expense discipline and driving positive operating leverage during the year.

由於聯邦存款保險公司 (FDIC) 的特別評估抵免，監管成本降低，部分抵消了這些增長。剔除法律應計費用和遣散費的影響，非利息支出較上季下降0.3%。2025 年調整後的非利息支出增加了 1%，這反映了我們對支出控制的承諾，並推動了本年度積極的營運槓桿作用。

Moving to asset quality on slide 14. Our asset quality metrics remain strong on both a linked and like-quarter basis, reflecting our strong credit risk culture and proactive approach to quickly resolving problem loans. Nonperforming loans held for investment remained stable at 48 basis points of total loans, while the ALLL declined 1 basis point to 1.53% of total loans. Net charge-offs increased 9 basis points linked quarter to 57 basis points and were down 2 basis points versus the fourth quarter of 2024.

第 14 頁，我們將討論資產品質。我們的資產品質指標無論從上季或同季來看都保持強勁，這反映了我們強大的信貸風險文化和積極主動地快速解決不良貸款的方法。用於投資的不良貸款佔貸款總額的比例保持穩定，為 48 個基點，而貸款損失準備金率下降 1 個基點，至佔貸款總額的 1.53%。淨沖銷額季增 9 個基點至 57 個基點，較 2024 年第四季下降 2 個基點。

The linked quarter increase in net charge-offs reflect higher C&I and seasonally higher consumer losses, partially offset by lower CRE losses. For the full year 2025, net charge-offs declined 5 basis points to 54 basis points.

上一季淨沖銷額增加反映了工商業損失增加和季節性消費者損失增加，但部分被商業房地產損失減少所抵消。2025 年全年，淨沖銷額下降 5 個基點至 54 個基點。

And now I'll turn to guidance on -- for 2026 on slide 15. For full year 2026, we expect revenue to increase 4% to 5% relative to 2025 revenue of $20.5 billion driven by 3% to 4% growth in net interest income and mid- to high single-digit growth in noninterest income. We expect full year 2026 GAAP noninterest expense to increase by 1.25% to 2.25% in '26 versus GAAP '25 noninterest expense of $12.1 billion. Our ['26] GAAP revenue and expense outlook implies positive operating leverage of 275 basis points in 2026.

現在我將轉向關於 2026 年的指導方針——請參閱第 15 頁投影片。預計 2026 年全年收入將比 2025 年的 205 億美元增長 4% 至 5%，主要得益於淨利息收入增長 3% 至 4%，以及非利息收入中高個位數增長。我們預計 2026 年全年 GAAP 非利息支出將比 2025 年 GAAP 非利息支出 121 億美元增加 1.25% 至 2.25%。我們 2026 年的 GAAP 收入和支出展望意味著 2026 年的營運槓桿率為 275 個基點。

As I mentioned earlier, our noninterest expense guide will be based on GAAP noninterest expense as we will no longer provide guidance on adjusted noninterest expense going forward. For comparison purposes, 2026 noninterest expense growth would be approximately 2.35% to 3.35% and operating leverage would be approximately 165 basis points if you were to exclude the impact of the fourth quarter 2025 legal accrual that I discussed earlier in the call.

正如我之前提到的，我們的非利息支出指南將以GAAP非利息支出為基礎，因為我們將不再提供調整後的非利息支出指南。為了進行比較，如果不計入我在電話會議中早些時候討論過的 2025 年第四季度法律應計項目的影響，2026 年非利息支出增長率約為 2.35% 至 3.35%，經營槓桿率約為 165 個基點。

In terms of asset quality, we expect net charge-offs of about 55 basis points in 2026, which is relatively stable compared with net charge-offs of 54 basis points in 2025.

就資產品質而言，我們預期 2026 年淨沖銷額約為 55 個基點，與 2025 年淨沖銷額 54 個基點相比，這一數字相對穩定。

Finally, we expect our effective tax rate to approximate 16.5% or 18.5% on a taxable equivalent basis in '26 versus 16.4% and 18.9% in 2025. As it relates to buybacks, we're targeting approximately $4 billion of share repurchases during the year.

最後，我們預期 2026 年的實際稅率（以應稅等值計算）將約為 16.5% 或 18.5%，而 2025 年則分別為 16.4% 和 18.9%。關於股票回購，我們計劃今年回購約 40 億美元的股票。

Looking into the first quarter of '26, we expect revenue to decrease approximately 2% to 3% relative to fourth quarter revenue of $5.3 billion. We expect net interest income to decrease approximately 2% to 3% in the first quarter, primarily driven by two fewer days in the first quarter relative to the fourth quarter and a seasonal decline in public fund deposits.

展望 2026 年第一季度，我們預計營收將比第四季 53 億美元的營收下降約 2% 至 3%。我們預計第一季淨利息收入將下降約 2% 至 3%，主要原因是第一季比第四季少了兩天，以及公共基金存款的季節性下降。

We expect noninterest income to decline 2% to 3% linked quarter due to lower other income. GAAP noninterest expense of $3.2 billion in the fourth quarter are expected to decrease by 4% to 5% linked quarter due to lower other expense and personnel costs, partially offset by higher regulatory costs. If you were to exclude the impact of the fourth quarter 2025 legal accrual, noninterest expense would be flat to down 1% linked quarter. Finally, we're targeting $1 billion of share repurchases in the first quarter of 2026.

由於其他收入減少，我們預計非利息收入將環比下降 2% 至 3%。第四季 GAAP 非利息支出為 32 億美元，預計季減 4% 至 5%，因為其他支出和人員成本下降，但部分被更高的監管成本所抵銷。若排除 2025 年第四季法定應計項目的影響，非利息支出將與上一季持平或下降 1%。最後，我們的目標是在 2026 年第一季回購 10 億美元的股票。

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

那麼，接下來我將把發言權交還給比爾，請他做最後的總結發言。

Great. Thanks, Mike. As we close, I want to emphasize the confidence I have in Truist's direction. We're seeing tangible results across key businesses with strong momentum in client engagement and revenue growth.

偉大的。謝謝你，麥克。最後，我想強調我對 Truist 發展方向的信心。我們在關鍵業務領域看到了切實的成果，客戶參與度和營收成長勢頭強勁。

As shown on slide 16, our goal of achieving a 15% ROTCE in 2027 is locked up and reflects our confidence in Truist's long-term earnings power and strategic direction. We see and have invested in multiple paths to stronger revenue and profitability and with disciplined execution, we expect meaningful improvement over the next two years.

如投影片 16 所示，我們在 2027 年實現 15% ROTCE 的目標已經鎖定，這反映了我們對 Truist 長期獲利能力和策略方向的信心。我們看到了多種提高收入和盈利能力的途徑，並已對其進行了投資。透過嚴格執行，我們預計未來兩年將取得顯著改善。

Much of this progress will come from deepening client relationships in consumer and wholesale, especially in wealth, payments, premier banking, investment banking and trading, small business and corporate and commercial banking, where momentum is already strong. This is highly accretive to our ROTCE commitment. Our expectation is that our revenue growth will double in 2026 and when combined with our expense discipline should lead to even greater operating leverage and profitability improvement this year.

這項進展的大部分將來自深化消費者和批發客戶關係，尤其是在財富管理、支付、高端銀行服務、投資銀行和交易、小型企業以及公司和商業銀行服務等領域，這些領域的發展勢頭已經十分強勁。這大大增強了我們對ROTCE的承諾。我們預計到 2026 年，我們的收入將翻一番，再加上我們的成本控制，今年應該會帶來更大的營運槓桿和獲利能力提升。

Like 2025, we entered 2026 in a strong capital position enabling us to support client growth and accelerate capital return through increased share repurchases. As Mike mentioned, we're targeting $4 billion of share repurchase this year, which represents a 60% increase versus last year.

與 2025 年一樣，我們以強勁的資本實力進入 2026 年，這使我們能夠支持客戶成長並透過增加股票回購來加速資本回報。正如麥克所提到的，我們今年的目標是回購 40 億美元的股票，比去年成長 60%。

In summary, I am confident in our future. I'm encouraged by the results and momentum we're seeing across our company and remain focused on executing with discipline, delivering for our clients and creating value for our shareholders.

總之，我對我們的未來充滿信心。我為公司目前所取得的成果和發展動能感到鼓舞，並將繼續專注於嚴謹執行，為客戶創造價值，為股東創造價值。

Thank you to our teammates for their incredible focus, productivity and purpose-driven commitment to moving Truist forward. As always, we appreciate your continued interest and support and we look forward to updating you on our progress in the quarters ahead.

感謝我們的團隊成員展現出的高度專注、高效和目標導向的奉獻精神，推動 Truist 向前發展。一如既往，我們感謝您持續的關注和支持，並期待在接下來的幾季中向您報告我們的進展。

With that, Brad, let me turn it back over to you.

那麼，布萊德，現在把麥克風交還給你了。

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 would like to ask the participants to one primary question and one follow-up in order to accommodate as many of you as possible today.

謝謝你，比爾。貝齊，現在請我們解釋一下聽眾如何參與問答環節。為了盡可能地照顧到各位，我想請各位參與者提出一個主要問題和一個後續問題。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛集團。

Good Morning Bill. Good morning, Mike.

早安，比爾。早上好，麥克。

Good morning.

早安.

Morning, Bill, can you maybe talk a little bit more about loan growth where you ended the year at up 8% year-over-year and you're guiding to 3% to 4%, and it seems like if you think about the exit run rate, you're already running at about 3% average growth it implies, as you said, low single-digit growth. So maybe just unpack the loan growth a little bit further between commercial and consumer? And how are you thinking about growth across each of those areas. Thank you.

早安，比爾，你能再多談談貸款成長嗎？你們今年的貸款年增了 8%，預計未來一年將成長 3% 到 4%。但如果你考慮退出運行率，你會發現你們的平均成長率已經達到了 3% 左右，正如你所說，這意味著個位數的低成長率。那麼，或許我們可以進一步分析一下商業貸款和消費貸款之間的成長？您如何看待這些領域的成長？謝謝。

Yeah. Thanks, Ryan. Great to hear from you. Yeah, as you noted, we're entering with some good momentum. And if you think about the mix, let me sort of talk about how I think this year will pan out. C&I is at its sort of strongest quarter. I mean production was up really, really significantly and just high-quality business. I mean, high-quality advice-driven business tied with treasury management, 62% plus and some type of treasury management products. So really, really good momentum on the C&I side.

是的。謝謝你，瑞恩。很高興收到你的來信。是的，正如你所指出的，我們目前勢頭良好。如果你仔細考慮各種因素，讓我來談談我認為今年會如何發展。工商業正處於其表現最強勁的季度。我的意思是，產量確實大幅成長，而且業務品質非常高。我的意思是，高品質的諮詢服務業務與資金管理相結合，佔比超過 62%，並提供某種類型的資金管理產品。所以，工商業方面勢頭真的很好。

I think overall, we're going to really sort of focus on places where we have great client demand, clients still healthy, we're going to rebalance a bit focus on higher client value and optimizing our return in our mix. And so I think the result of that is going to be a little more wholesale. The consumer businesses like Sheffield and LightStream and service finance continue to see great opportunities there, probably in areas like indirect auto and some of those, probably a little less in terms of exposure, margins being a little bit tighter a little bit lower client value.

我認為整體而言，我們將真正專注於客戶需求旺盛、客戶狀況良好的地區，我們將重新調整投資組合，更加重視客戶價值，並優化我們的投資回報。所以我認為最終結果會更全面徹底一些。像 Sheffield 和 LightStream 這樣的消費品企業以及服務金融企業繼續看到巨大的機會，可能在間接汽車等領域，其中一些領域的風險敞口可能略小一些，利潤率略微收緊一些，客戶價值略低一些。

So I think about it in two ways. One, continuing the momentum and things that have high client value, long-term return characteristics and optimizing that return in mix over time. All of that, though, contributed to 3% to 4%, what I would consider sort of like really, really high quality consistent growth. And again, building on momentum that we already have.

所以我從兩個方面來考慮這個問題。第一，繼續保持這種勢頭，做那些具有高客戶價值、長期回報特徵的事情，並隨著時間的推移優化投資組合的回報。不過，所有這些因素最終促成了 3% 到 4% 的成長，我認為這算是非常非常高品質的持續成長。而且，我們還要繼續保持目前的動能。

Got it. And if I can ask a follow-up, Mike. On the net interest margin, I think you noted it would exceed last year's 3.03%. Given that you're currently at 3.07%, can you maybe unpack what is included within the margin for deposit pricing? And do you expect the NIM to expand from current levels? And what is the cadence behind that. Thank you.

知道了。麥克，我能再問一個後續問題嗎？關於淨利差，我想您已經提到過，它將超過去年的 3.03%。鑑於您目前的利率為 3.07%，您能否詳細解釋存款定價的利差包含哪些內容？您預計淨利潤率會從目前的水平上升嗎？而這背後的節奏是什麼？謝謝。

Yeah, sure. Ryan, Yeah. So it was nice to see the uptick obviously in the fourth quarter, which was largely driven by some of the seasonal deposit mix and some of the benefit of the cuts, that will go the other way on seasonality in the first quarter. So while we sort of entered the year at 3.07%, we would expect to back up just a touch.

當然可以。瑞恩，是的。因此，很高興看到第四季明顯回升，這主要是由於一些季節性存款組合和一些減稅措施帶來的好處，而第一季季節性因素的影響則會相反。所以，雖然我們年初的收益率約為 3.07%，但我們預計會略有回落。

But throughout the course of the rest of the year, we would expect to see margin expansion, especially in the second half, where we see the benefit of the cuts, you asked around deposit pricing, our expectation coming into the year, we'll grind a touch higher on the betas in the first quarter, but we would expect to be in the kind of low 50s neighborhood by year-end.

但在今年剩餘的時間裡，我們預計利潤率將有所擴張，尤其是在下半年，屆時我們將看到降息帶來的好處。您問到了存款定價方面的問題，我們年初的預期是，第一季我們會略微提高貝塔係數，但我們預計到年底將達到 50 左右的低點。

So you've got the lower cost of deposits. You've also got the fixed asset, the fixed rate asset repricing, engine happening in the background as well. And I think those are factors that are going to really help us make really, I think, significant progress on the margin relative. I know previously, we've talked about sort of a three teens level in '27. We're going to make significant progress towards towards that level in '26 and frankly, see ourselves exiting '26 in kind of that three teens area, which I think were really nice set up for 2027.

所以你的存款成本更低。此外，固定資產、固定利率資產重新定價引擎也在後台運作。我認為這些因素將真正幫助我們取得顯著的進步，尤其是在邊際效益方面。我知道之前我們討論過 2027 年的三個十幾歲的水平。我們將在 2026 年朝著這個目標取得重大進展，坦白說，我認為到 2026 年底，我們的目標將達到 2027 年的 30 多個目標，我認為這為 2027 年奠定了非常好的基礎。

Thank you. Appreciate all the color.

謝謝。欣賞這繽紛的色彩。

John Pencari, Evercore.

John Pencari，Evercore。

Morning.

早晨。

Good morning.

早安.

On your 2027 ROCE target of 15%, I appreciate your you reiterated your confidence in the attainability there. And, could you possibly help kind of unpack the components that give you that confidence? You mentioned the three teens NIM and you might be able to get that by the end of '26. Just curious on maybe your efficiency expectations underneath that balance sheet growth, how we could think about the pace there as you approach that in 2027? And then also, I think, common equity Tier 1, you've alluded to the 10%, but how are you thinking about capital underneath that 15% ROCE. Thanks.

關於您提出的 2027 年 15% 的 ROCE 目標，我很欣賞您重申了對該目標實現的信心。那麼，您能否幫我分析一下是什麼因素讓您擁有這種自信呢？你提到了 NIM 的三個青少年，你或許能在 2026 年底前得到他們。我只是好奇，在資產負債表成長的背景下，您對效率有何預期？隨著您接近 2027 年的目標，我們該如何看待這方面的成長速度？另外，我認為，關於普通股一級資本，您提到了 10%，但是您是如何考慮 15% ROCE 下的資本的呢？謝謝。

Yes. Sure, John. So think about it maybe in its simplest term is the concept of holding the denominator of capital and dollars steady. And then improving momentum and return from the numerator. So sort of by that is sort of the basic mantra that we're operating from.

是的。當然可以，約翰。所以，不妨這樣想，或許最簡單的解釋就是維持資本和美元的分母穩定。然後提高動量和分子回報。所以，這大概就是我們奉行的基本原則。

I'll also say that this is going to be, we see this as more of a straight line. So in addition to [15%], we're locked in on [14%] for this year. So we don't, this isn't going to be an all at the end, parabolic curve that's going to be a straight line continued improvement. So again, think about that denominator and dollars holding steady.

我還要說，我們認為這將是一條更直線的發展路徑。所以除了[15%]之外，我們今年還確定了[14%]的目標。所以，這不會是一條最終呈現拋物線狀的持續改善的直線。所以，再次強調，要考慮分母和美元保持穩定這一因素。

And then the part on the numerator that really is accretive and not necessarily in order, but I'll go down a few of these payments is really significant. So I think about the growth in payments, we're seeing a 13% kind of growth. We expect that growth to continue in the double-digit kind of basis. So that's really accretive to not only deposits but also to NIM and the sort of the overall (inaudible). Our middle market expansion, we 2x the number of clients we're seeing in that business. So we see that as really, really positive to that growth.

然後，分子中的那部分實際上是遞增的，而且不一定是按順序來的，但我會逐一分析其中的一些付款，這非常重要。所以我覺得支付領域的成長情況是，我們看到了大約 13% 的成長。我們預計這種成長動能將持續保持兩位數。所以這不僅有利於存款，也有利於淨利差以及整體收益。（聽不清楚）我們在中端市場的擴張，使我們在該業務領域的客戶數量翻了一番。所以我們認為這對成長來說是一個非常非常正面的因素。

Premier and our wealth production. Net asset flows of wealth really positive. Premier, I talked about the deposit production and loan production, sort those 20-plus percent kind of activity. And then think about all the things that are deepening client relationships in all of those categories, those are things that are really most accretive because if anybody we've already committed talent, we've already committed capital to those businesses and what we're doing is increasing the return against that.

總理和我們的財富創造。財富淨資產流動為正。總理，我談到了存款產生和貸款產生，處理那些超過 20% 的活動。然後想想所有這些類別中那些加深客戶關係的事情，這些都是真正最具增值性的，因為我們已經投入了人才，我們已經投入了資金到這些業務中，而我們正在做的就是提高這些投入的回報。

Mike mentioned fixed asset repricing is a component of it. There's all sorts of RWA maximization efforts to ensure that we're running our RWA engine really, really effectively. We talked about the improving operating leverage. So that's also a component of that as we'll run this revenue increase off a more efficient platform.

麥克提到固定資產重定價是其中的一個組成部分。我們採取了各種 RWA 最大化措施，以確保我們的 RWA 引擎能夠真正有效地運作。我們討論如何提高營運槓桿。所以這也是其中的一個組成部分，因為我們將藉助更有效率的平台來實現營收成長。

And then your point on CET1, we're building this model on a 10% CET1. I think that's probably sort of the right ZIP code. And then looking this year to $4 billion in buybacks to accelerate all that. So again, my high degree of confidence is everything I mentioned in there has got momentum against it, initiatives against it. We're starting nothing flat-footed everything on our toes, which is why I sort to say, locked in for 15%.

關於您提到的 CET1，我們是基於 10% 的 CET1 來建立這個模型的。我覺得這應該是正確的郵遞區號。然後，今年將斥資 40 億美元進行股票回購，以加速這一切。所以，我再次高度確信，我上面提到的所有事情都出現了反對它的勢頭，出現了反對它的舉措。我們一開始就步履蹣跚，一切都小心翼翼，所以我才說，鎖定15%的份額。

Got it. That's helpful, Bill. And then staying along the same lines, I mean, no good deed goes unpunished. So you set out that $14 million. You gave us the $15 million last quarter on 2027, getting a lot of interest now on where you could ultimately go longer term.

知道了。那很有幫助，比爾。然後，順著這個思路，我的意思是，好心沒好報。所以你拿出了那1400萬美元。上個季度你給了我們 1500 萬美元，用於 2027 年的發展，現在很多人都對你未來的長期發展方向很感興趣。

Your peers are flagging the the mid- to upper teens in terms of ROTC over time. Can you possibly talk about that? Help us frame, is Truist positioned to operate in that range and, is that a reasonable range? And how do you think about that timing?

隨著時間的推移，你的同齡人開始注意到 ROTC 的年齡在十幾歲到二十歲之間。您能談談這件事嗎？請幫我們分析，Truist 是否有能力在該範圍內運營，以及該範圍是否合理？你覺得這個時機如何？

Yeah. John, our business model, we sort of look at our business model, look at our level of capital, and past 2027, I just, I don't want to sort of speculate as to what all those things might be. We might be in a different capital position. The business model resulting from the momentum that we're generating. Quite frankly, the economic environment that we might or might not be operating at that particular time.

是的。約翰，我們的商業模式，我們審視一下我們的商業模式，審視一下我們的資本水平，至於2027年以後，我不想去猜測所有這些事情可能會如何發展。我們的資本狀況可能會有所不同。這是由我們所創造的發展動能催生的商業模式。坦白說，這取決於我們當時可能所處的經濟環境。

And if you think about it, like for now, the ascension to 15%, I think about we started 13% going to 15% plus our dividend I think that's a really attractive path to that level. And as we get to the 15% and as we evaluate all the things I've just talked about, then we'll look and see where we are at that particular juncture.

仔細想想，就目前而言，收益率上升到 15%，我認為我們從 13% 開始，到 15% 再加上股息，我認為這是一條非常有吸引力的達到該水平的路徑。當我們達到 15% 的進度，並評估我剛才談到的所有事情之後，我們就會看看我們在這個特定節點上處於什麼位置。

I think it's sort of premature to sort of lay something out there that isn't as locked in as we think we are on the 15%. We want to have confidence when we say a number. We don't want to sort of be caution to the wind. We want to really be focused just like we are today.

我認為現在就公佈一些尚未完全確定的15%的方案還為時過早。我們希望在說出一個數字時充滿信心。我們不想過於魯莽。我們希望像今天一樣，繼續保持專注。

Okay. Great. Thanks, Bill.

好的。偉大的。謝謝你，比爾。

Scott Siefers, Piper Sandler.

斯科特·西弗斯，派珀·桑德勒。

Morning everyone. Thank you for taking the question. Let's see, I think you've touched or at least alluded to this briefly a couple of times, but just on the capital markets, I think there's plenty of optimism about the industry's potential this year. That's, of course, an area where you all have invested really, really heavily. Maybe if you could just sort of expand on your thoughts about momentum and potential there for the coming year.

各位早安。感謝您回答這個問題。嗯，我想您已經幾次簡要地提及或暗示過這一點，但就資本市場而言，我認為人們對今年該行業的潛力抱有很大的樂觀態度。當然，這是你們都投入了大量資金的領域。或許您可以詳細談談您對來年發展動能和潛力的看法。

Yeah, Scott, I think as you pointed out, I mean, this is a business we've been investing in for decades. And I think we're in a really good position. We have really good momentum coming out of the second half of the year. And quite frankly, on a lot of cylinders. So debt capital markets, leveraged finance, M&A, all of our FRM derivatives, FX, all of those things are hitting on really good cylinders.

是的，斯科特，我想正如你所指出的那樣，我的意思是，這是我們幾十年來一直在投資的行業。我認為我們現在處境非常有利。下半年以來，我們取得了非常好的發展動能。坦白說，很多氣缸都運作良好。因此，債務資本市場、槓桿融資、併購、我們所有的FRM衍生品、外匯，所有這些都進展得非常順利。

And we come into it with a good pipeline. So we come into it with a good pipeline and not only the pipeline from the investment banking, but really the pipeline that's generated from our middle market and commercial client base.

而且我們擁有良好的產品線。因此，我們擁有良好的客戶管道，不僅包括投資銀行的客戶管道，還包括我們的中端市場和商業客戶群所產生的客戶管道。

I mean, probably what I'm most excited about is this organic activity that we're building. We put talent on the field that really understands how to leverage all of our industry specialties, understands how to leverage our product and capabilities and position those and great advice for our clients with the appropriate team work that goes on and the technology that we built to support all that. So part of the double revenue story for us is we think we continue with a low double figure kind of compound growth in this business.

我的意思是，我最興奮的可能是我們正在建立的這種有機活動。我們把真正了解如何利用我們所有行業專長、了解如何利用我們的產品和能力並進行定位的人才派到現場，並透過適當的團隊合作和我們為支持這一切而構建的技術，為客戶提供極好的建議。因此，對我們來說，營收翻倍的部分原因是我們認為我們將繼續保持該業務兩位數的複合成長率。

I mean, I have every reason to be confident. It's organically built. We've hired some really good talent. You'll continue to see that some really good talent. We've developed talent over a long time. We've got some senior leaders who've been in our business for quite a while. So this is a business I feel really confident in. I think we have a full capability and long-term continued high growth potential.

我的意思是，我有充分的理由感到自信。它是自然形成的。我們招到了一些非常優秀的人才。你會看到很多非常優秀的人才。我們長期以來一直在培養人才。我們有一些資深領導，他們在我們公司工作了很長一段時間。所以，我對這個行業非常有信心。我認為我們具備充分的能力和長期持續高成長的潛力。

Perfect. Thank you, Bill. And then, Mike, so on capital management, really robust repurchase plans and capacity. And I guess, as I think about sort of calls on capital uses of capital, the loan growth outlook seems very prudent. You've got some things accelerating while you sort of dial back others. So I would guess the overall repurchase plan is a very sturdy one. But just as you think about the coming year, any factors that would cause you to toggle down or up that pace of repurchase to get to the sort of net $4 billion?

完美的。謝謝你，比爾。然後，麥克，關於資本管理，非常穩健的回購計劃和能力。我想，考慮到資本用途的各種需求，貸款成長前景似乎非常謹慎。有些事情你在加速推進，有些事情你在放緩節奏。所以我認為整體回購計劃非常穩健。但當你展望來年時，有哪些因素會導致你調整回購速度，以達到淨回購 40 億美元的目標？

Yeah. Good morning, Scott, the way we're thinking about this is we believe that, that 10% operating target or level is appropriate. We've sort of laid out a trajectory that gets us there by the end of '27. And so there are going to be moving parts as we go. If loans or the balance sheet grows a little faster one quarter versus another, we make a little more, a little less money, one quarter versus another.

是的。早上好，史考特，我們的想法是，我們認為10%的營運目標或水準是合適的。我們已經制定了一個大致的計劃，到 2027 年底就能實現目標。因此，在這個過程中，各個環節都會有所變動。如果貸款或資產負債表在一個季度內比另一個季度增長得更快，那麼我們一個季度賺的錢就會比另一個季度多一些，或者少一些。

And of course, just the overall, I guess, economic backdrop, you wouldn't want to dismiss, but in a stable operating environment, we're going to trend to that 10% over the next eight quarters. So if you look at the math, that gets you to about $1 billion a quarter this year, frankly, perhaps maybe a touch higher. And so that's really how we're thinking about it's just kind of retrending to [10%] during that period.

當然，整體經濟背景也不容忽視，但在穩定的經營環境下，我們預計未來八個季度將達到 10% 的成長目標。所以，如果你算一下，今年每季大約能達到 10 億美元，坦白說，也許還會更高一些。所以，我們實際上是這樣認為的，在那段時間裡，它可能會回落到 [10%]。

Got you. Okay perfect. Thank you guys very much.

抓到你了。好的，完美。非常感謝各位。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Hey, good morning.

嘿，早安。

Good morning.

早安.

Good morning.

早安.

Two questions. One, I think just on deposits. Talk about, like do you expect both as you move towards this wholesale mix on the lending side, what does that mean for deposits and deposit growth as we look forward, both in terms of the mix or when we think about DDA noninterest-bearing balances. And just the pace of overall deposit growth, do you think that kind of shifts for growth? And how strong could it be? Thanks.

兩個問題。第一，我認為只是關於存款。談談，例如，隨著貸款方面轉向批發組合，您是否預期兩者都會受到影響？展望未來，這對存款和存款成長意味著什麼？無論是從組合角度來看，或是從DDA非計息餘額的角度來看，都是如此。就整體存款成長速度而言，您認為這種成長趨勢會發生轉變嗎？它究竟能有多強？謝謝。

Yeah, Ebrahim, you're not talking about this. If you think about where we were a year ago with loans, can we build the momentum and sort of asset generating part of our franchise, and you see us deliver on that. And then we pull that into this year, and we pull that in the momentum and we optimize that. I think we're the exact same place on deposits.

是啊，易卜拉欣，你說的不是這個。想想我們一年前的貸款情況，我們能否建立起發展勢頭，並打造我們特許經營的資產生成部分，你就會明白我們是如何做到這一點的。然後我們將這些因素融入今年的趨勢中，並利用這種勢頭進行優化。我認為我們在存款方面完全一樣。

I mean we're sort of at the same place. We're building that momentum. We're building that consistency. It's part of core to what we do. And then I look at the leading indicators on deposits and sort of think about, okay, what should give us confidence that we have deposit growth.

我的意思是，我們其實處境差不多。我們正在積蓄這種勢頭。我們正在努力建立這種一致性。這是我們工作的核心部分。然後我會查看存款方面的領先指標，並思考，好吧，什麼才能讓我們有信心看到存款成長。

First, I think the, for the industry, so a little bit of a natural tailwind with QE and lower rates. So just put that on one side. But then idiosyncratic and specific to us. Think about the momentum. We saw wholesale deposits grow 400 basis points faster in the latter part of 2025 versus '24. I mentioned earlier, 62% of our new clients came with deposits, and we've had 2 times the number of clients.

首先，我認為對於該行業來說，量化寬鬆和低利率帶來了一定的自然利好。所以就把它放在一邊吧。但卻是特有的，只屬於我們。想想這股勢頭。我們看到，2025 年下半年批發存款成長率比 2024 年快 400 個基點。我之前提到過，我們 62% 的新客戶都支付了訂金，而且我們的客戶數量是原來的兩倍。

So we have a lot more clients, a lot more clients with treasury management products, and some of those are still funding. So they're in the funding base. So deeper penetration in the middle market based. We still have some loan only clients that we're penetrating in that base. So in addition to the new, we look at the back book. End-of-period client deposits were up almost $7.5 billion. The other leading indicator is that treasury management fee is up 13%. And then you go to the consumer side, and we look at sort of the leading indicators there.

因此，我們擁有更多的客戶，更多擁有資金管理產品的客戶，其中一些客戶仍在進行融資。所以他們是資金來源之一。因此，需要更深入地滲透到中端市場。我們仍然有一些只提供貸款的客戶，我們正在努力擴大這部分客戶群。所以除了新書之外，我們還要看看以前的書。期末客戶存款增加了近75億美元。另一個領先指標是資金管理費上漲了 13%。然後我們再來看看消費者方面，看看那些領先指標。

The first is net new. So we're adding net new clients and the quality of those clients has increased year-over-year. So the amount of deposits that they're bringing to us increases year-over-year. The focus on Premier, I talked about the deposit production being up significantly in Premier, the amount of off-us deposits from our Premier client base is actually quite significant.

第一個是全新的。因此，我們新增了客戶，而這些客戶的品質也逐年提升。因此，他們每年為我們帶來的存款金額都在增加。我重點談到了Premier帳戶的存款額大幅成長，Premier客戶群的非本通路存款額實際上相當可觀。

So their capacity to use great tools to approach those clients has been really significant. Technology, digital account opening our branches, branch expansion, more marketing related to deposit generation, deposit generation in expansion markets for us like Texas and Pennsylvania.

因此，他們利用強大的工具來接觸這些客戶的能力非常重要。科技、數位化帳戶開戶、分公司擴張、更多與存款相關的行銷、在德州和賓州等擴張市場中的存款。

So just my net summary is, we have really good momentum in the deposit side and might sort of outline the deposit and loan correlation for this year. So we feel good about deposit growth. We feel good about that opportunity headed into this year.

所以我的總體總結是，存款方面勢頭良好，我們可以大致概括一下今年的存款和貸款相關性。因此，我們對存款成長感到滿意。我們對今年的機會感到樂觀。

That's good color, Bill. Thank you. And I guess maybe just a separate question around the wholesale strategy. On paper, $0.5 trillion balance sheet. You've been in investment banking for a long time. Truist should be winning in terms of when we think about fee revenue growth financing.

比爾，這顏色真不錯。謝謝。我想再問一個關於批發策略的問題。帳面上，資產負債表規模達0.5兆美元。你在投資銀行業工作很久了。從費用收入成長融資的角度來看，Truist 應該會佔優勢。

Just give us a sense, one, just do some of the changes by the OCC around leverage lending, does that create a slightly better opportunity to compete in terms of risk-adjusted returns. And remind us where you think the sweet spot for Truist is on the wholesale/capital market side? Is it against the Wall Street banks? Is it against middle market investment banks. Would love some color there. Thank you.

第一，請給我們一個大致的感受，例如，OCC 對槓桿貸款做出的一些改變，是否在風險調整後的收益方面創造了更好的競爭機會。請問您認為 Truist 在批發/資本市場的最佳切入點在哪裡？這是針對華爾街銀行的嗎？這是針對中型投資銀行的嗎？希望那裡能增添一些色彩。謝謝。

Yeah. Let me try to unpack that question. So on the leverage lending specifically, remember, that's been a core competency for us for a long time. So I don't see the guidance significantly changing our approach. Maybe there's something around the edge or that not, but we've been good in that business for a long time. And as you note, it's a really strong driver of our investment banking business as well. So I think sort of steady as she goes, continue on that front.

是的。讓我試著解釋一下這個問題。所以，具體到槓桿貸款領域，請記住，這長期以來一直是我們的核心競爭力。所以我認為該指導意見不會顯著改變我們的做法。或許邊緣地帶有些東西，或許沒有，但我們在這個行業已經做得非常好了。正如您所指出的，它也是我們投資銀行業務的強勁驅動力。所以我認為她會穩步前進，繼續朝著這個方向努力。

And then in terms of our competitive position, the answer is to both. It really relies on a couple of things. I mean I think what we want to be a sort of a couple of things. One is the premier middle market investment bank. So think about that as sort of like the high bar in terms of standard and then really focused on places where we have specialization and a really strong right to win. So think about those combinations.

至於我們的競爭地位，答案是兩者都是。這主要取決於兩件事。我的意思是，我認為我們想要做到以下兩點。一家是頂尖的中型市場投資銀行。所以，你可以把這看作是高標準的門檻，然後真正專注於我們擅長的領域，以及我們有充分理由獲勝的領域。所以，想想這些組合。

So core middle market, leveraging our franchise, I mentioned earlier, I've been really excited about the teamwork team that we have on the field, the training we put in place, the partnerships we have, the new talent we have that really know how to leverage the tools and capabilities for our sort of core commercial and middle market clients. And then anywhere on a specialty business, we have the right to win against anybody along that spectrum. I hope that clarifies it.

因此，核心中端市場，利用我們的特許經營權，正如我之前提到的，我對我們現場的團隊合作、我們實施的培訓、我們建立的合作夥伴關係以及我們擁有的新人才感到非常興奮，他們真正知道如何利用工具和能力為我們的核心商業和中端市場客戶提供服務。在任何專業領域，我們都有權戰勝該領域的任何對手。希望這樣解釋清楚了。

Well, that's a good color. Thanks, Bill.

嗯，這顏色不錯。謝謝你，比爾。

Ken Usdin, Autonomous Research.

Ken Usdin，自主研究。

Hey, thanks, good morning. Mike, just coming back to a prior comment you made, Bill had mentioned getting to the three teens NIM by year-end '26. And you had mentioned kind of remixing average earning assets with loans growing in some of the other categories coming down as an offset. So just wondering how you expect average earning assets to traject off of the mid-40s exit? And also, like where is your landing spot in terms of securities and cash as a percentage of total assets as you do that remixing? Thanks.

嘿，謝謝，早安。Mike，回到你之前的評論，Bill 提到到 2026 年底要達到三個 10 歲以下的 NIM。你曾經提到過，可以透過調整平均收益資產與貸款的組合方式，來抵銷其他一些類別資產下降的影響。所以我想知道您預計平均收益資產在40年代中期退出市場後會如何走勢？另外，在進行資產重組時，證券和現金佔總資產的比例是多少？謝謝。

Yeah. Sure, Ken. If you think back to '25, you'll remember, throughout the course of the year, we brought the securities portfolio down, really in the second half of the year from, I think, maybe the $125-ish billion ballpark down to the $117 billion, $118 billion. And so we would actually, I think, expect that to be relatively consistent in '26 at that $117 billion, $118 billion level. And so if you just do the sort of math on the year-over-year average, you've got essentially the securities and a few of the other earning assets categories down that 5% to 6%.

是的。當然可以，肯。如果你回想一下 2025 年，你會記得，在這一年中，我們一直在縮減證券投資組合，尤其是在下半年，從大約 1,250 億美元左右縮減到 1,170 億美元、1,180 億美元。因此，我認為我們實際上可以預期，2026 年這一數字將相對穩定在 1,170 億美元至 1,180 億美元的水平。因此，如果你對同比平均值進行一些計算，你會發現證券和其他一些獲利資產類別基本上下降了 5% 到 6%。

So you couple that with the loan growth in the 3% to 4% area, you get to maybe, I don't know, ballpark half that growth rate for earning assets. Now the good news is at half the earning asset growth rate of loans, coupled with net interest margin expansion, that's what sort of gets you to the 3% to 4% outlook on NII for the year.

所以，如果再加上 3% 到 4% 的貸款成長率，那麼獲利資產的成長率可能只有貸款成長率的一半左右，我不太確定。好消息是，貸款的獲利資產成長率達到其一半，再加上淨利差的擴大，這大致可以解釋為什麼今年的淨利息收入預期能達到 3% 到 4%。

In terms of mix, we've, I think, relatively stable again is kind of how we exit '25. So we think about sort of the securities and cash combined in the $140 billion to $150-ish billion area. And so I think you'll see us there. That helps us sort of more than satisfy our sort of lab and ILS T requirements and we think it's sort of the right sort of place on the efficient frontier from an earnings perspective as well.

就產品組合而言，我認為我們2025年末的情況相對穩定。所以我們認為證券和現金加起來大概在 1400 億美元到 1500 億美元左右。所以我想你們會在那裡看到我們。這幫助我們更好地滿足了實驗室和ILS T的要求，而且我們認為從盈利的角度來看，這也是效率前沿上的一個合適位置。

Okay. Got it. And then, and just on that updated slide you gave us on the fixed rate repricing and the swaps book, you still obviously have a lot of forward starting swaps relative to the size of the portfolio. Can you just help us understand like how that layers in? And how much of a benefit will just the former drag be in terms of a year-over-year helper this year on the swaps. Thanks.

好的。知道了。然後，就您給我們的關於固定利率重新定價和互換帳簿的最新投影片而言，相對於投資組合的規模，您顯然仍然有很多遠期起始互換。您能幫我們理解這些層次是如何構成的嗎？而僅僅前者對今年互換交易的年比貢獻究竟有多大好處？謝謝。

Sure. In terms of the active receivers, Q3, Q4 was actually flat around $50 billion. And you see that sort of gradually phase in throughout the course of '26. So I think we go to like $57 billion, $58 billion in the first quarter, then to $80 million and $100 million. I think we end the fourth quarter a little over $100 billion.

當然。就活躍接收方而言，第三季和第四季實際上持平在 500 億美元左右。你可以看到這種現像在 2026 年逐漸出現。所以我認為第一季會達到 570 億美元、580 億美元，然後是 8,000 億美元、1 億美元。我認為我們第四季結束時營收將略高於1000億美元。

So you do have a much more significant proportion of the swaps effective. Now at the same time, at least based on forwards, you've got the policy rate lower at almost sort of similar rate. So what, you start the year with less notional active out of the money. You end the year with more notional, active and even slightly in the money. So the answer to your question on like what's the impact year-over-year?

所以，實際生效的互換交易比例就高很多。同時，至少從遠期合約來看，保單利率已經降低到幾乎相同的水平。所以，年初時你的名義活躍空頭部位會減少。年末，你的名義收入、實際收入甚至略有盈餘。所以，你問的「同比影響有多大？」這個問題的答案是？

Is it a helper top of my head, maybe it's $100 million. But obviously, that's just one component of the balance sheet. And so you're thinking about with the policy rate lower, 50 basis points at least as we see it, you've also got the floaters, the cash loans, et cetera, going the other way. So all that gets taken into consideration in our outlook and how we're positioned.

我憑記憶估計，可能是1億美元。但顯然，這只是資產負債表的一個組成部分。因此，考慮到政策利率下調（至少在我們看來是 50 個基點），浮動利率貸款、現金貸款等也朝著相反的方向發展。因此，所有這些因素都會被納入我們的考慮範圍和市場定位中。

Got it. Okay. Thanks, Mike.

知道了。好的。謝謝你，麥克。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Hi. A lot of talk about NIMs and return, and I was more focused on growth, and I know you're not satisfied with the growth and that you expect growth to be 2x in 2026 and 2025. So directionally, I think you're moving where you want to be. But when you give your revenue guide of 4% to 5%. That seems kind of in line, maybe below a couple of peers for 2026, yet the population growth in your footprint is what, 2x. So I'm just wondering, and you're talking about the momentum you had in a lot of businesses for that growth.

你好。大家都在談論淨利差和回報，但我更專注於成長，我知道你對目前的成長並不滿意，你希望 2026 年和 2025 年的成長能達到 2 倍。所以從方向上看，我認為你正朝著你想去的方向前進。但當你給出的收入預期是 4% 到 5% 時。這看起來還算合理，可能比 2026 年的幾個同行低一些，但你所在地區的人口增長率是原來的 2 倍。所以我就想問，你剛才提到了很多企業在成長方面所擁有的動能。

But do you need to increase your investments even more than you're already doing, just to keep up with the bigger banks that are increasing their investments. And in the 100 new de novo branches, why now? Where are they going to be? It's just a contrast versus in the prior five years, the merger when you're closing a lot of branches. Thank you.

但是，為了跟上那些不斷增加投資的大銀行，你真的需要比現在增加更多的投資嗎？在這 100 家全新分店中，為什麼是現在？他們會去哪裡？這與前五年合併時關閉大量分行的情況形成了鮮明對比。謝謝。

Yeah, Mike, I think your basic question is are we investing enough? And are we investing in the right places for growth. Let's sort of start with the concept of, as you pointed out, we're doubling revenue. So we are building momentum, building capacity to (inaudible). So the investments that we've made are reflected in that doubling of revenue. So let's sort of start as that premise as we are making investments that are mattering.

是的，麥克，我認為你的基本問題是，我們的投資是否足夠？我們是否在正確的領域進行投資以促進成長？我們先從你提到的這個概念入手，那就是我們的收入要翻倍。所以我們正在積蓄力量，提昇能力（聽不清楚）因此，我們所做的投資體現在營收翻倍上。所以，讓我們從這個前提開始：我們正在進行一些有意義的投資。

The things that are, I would consider to be significant accretive market share accretive kind of growth if you think about investment banking, treasury management, sort of in the low double-digit kind of kind of categories. I mean I think those are reflective of the fact that we're growing disproportionately and taking advantage of the opportunity that we have with our client base and with our markets.

我認為，在投資銀行、資金管理等領域，那些能大幅提升市場佔有率、實現顯著成長的因素，其成長率通常在兩位數左右。我的意思是，我認為這反映了我們發展速度遠超預期，並且充分利用了我們客戶群和市場所帶來的機會。

And then when we unpack the expenses and unpack sort of where we're investing, it's a netting process. So remember, we're also continuing to create efficiencies in the company. So when we look at our overall expense level, that's a net number.

然後，當我們仔細分析各項支出和投資方向時，就會發現這是一個淨額結算的過程。所以請記住，我們也不斷提高公司效率。所以，當我們查看整體支出水準時，那是一個淨額。

We're creating efficiencies that not only came out of the merger, but it really came out of the work that we did in the end of 2023 when we, as you duly noted, by the way, when we needed to really bend the expense curve we bent that significantly, but we're still harvesting some of those savings.

我們正在創造效率，這不僅源於合併，而且實際上源於我們在 2023 年底所做的工作。正如您所指出的，當時我們需要真正扭轉成本曲線，我們確實大幅扭轉了成本曲線，但我們仍在從中節省一些資金。

And then we look at the risk infrastructure that we've built in our company, that's been a really significant part of the expense growth base over the last several years. While that will continue to be high and appropriately so, the rate of increase will lower. So again, creating efficiencies to redeploy and things that matter.

然後我們審視一下公司建立的風險基礎設施，這在過去幾年中一直是支出成長的重要因素。雖然這一數字仍將保持在高位，而且也應該如此，但成長率將會下降。所以，再次強調，要提高效率，重新部署資源，做真正重要的事。

And then you've seen the things that we're investing in, we go down the list, investment banking talent, corporate banking all the investments we're making in the wholesale payment, we're rolling out literally new products and capabilities every month. You've seen the investments we're making in digital, the growth we've seen in digital marketing, premier banking, deposit growth, tech investments to create efficiency and effectiveness.

然後，您也看到了我們正在投資的項目，我們逐一列舉，包括投資銀行人才、企業銀行、批發支付等各個領域的投資，我們每個月都在推出全新的產品和功能。您已經看到了我們在數位化領域的投資，我們在數位行銷、高端銀行服務、存款成長以及為提高效率和效益而進行的技術投資方面取得的成長。

And then on the branch side, this is a long-term game. So this isn't a quarter-by-quarter game. So for the past six years, we've effectively not invested or added net new branches into our branch network. So as the population shifts in our markets as our focus gets really clear on things like Premier, we're going to open these branches in places that have the highest return for our franchise long term. So think about expansion markets, think about Texas in terms of examples, think about market demographics that have changed in markets like South Florida and markets like Atlanta, where we'll continue to invest

從分支的角度來看，這是一場長期遊戲。所以這不是一場按節進行的比賽。因此，在過去的六年裡，我們實際上沒有投資，也沒有在我們的分支機構網絡中增加新的分支機構。隨著我們市場人口結構的變化，以及我們對 Premier 等業務的關注度越來越高，我們將在那些能夠為我們的特許經營帶來長期最高回報的地方開設這些分店。所以，想想擴張市場，以德州為例，想想像南佛羅裡達州和亞特蘭大這樣的市場，這些市場的人口結構已經發生了變化，我們將繼續投資這些市場。

And then overall, in all of our markets refurbishing. So I'm very confident that we're investing in the things that are delivering results and I think you see that in the momentum we're building. And then we're putting a stake in the ground for continued momentum, doubling net revenue and creating this 15% return, which obviously has those characteristics attached to it.

然後總體而言，在我們所有的市場中進行翻新。所以我非常有信心，我們正在投資那些能夠帶來成果的項目，我認為你們可以從我們正在建立的勢頭中看到這一點。然後，我們為保持持續成長勢頭奠定了基礎，將淨收入翻一番，並創造了 15% 的回報率，這顯然具有這些特徵。

So I'm satisfied and excited about the opportunities. And then put on top of that, AI, other efficiencies and other opportunities we're going to open up the aperture to continue to invest even more and with lots of clarity. We know the next place to invest, the next dollar to save, the next dollar to invest with a lot of clarity. Thanks, Mike.

所以我對這些機會感到滿意和興奮。此外，再加上人工智慧、其他效率提升和其他機遇，我們將進一步擴大投資範圍，並更清晰地規劃未來。我們非常清楚下一個投資方向、下一個儲蓄目標和下一個投資目標。謝謝你，麥克。

Yeah, sure. And just you mentioned the 15%. It seems like you're really hyper focused on the 15% return. Is that for the year 2027? Or is that reaching 15% at some time in '27. Thanks.

當然可以。剛才你提到了15%。看來你真的非常關注那15%的報酬率。是指2027年嗎？或者說，這個數字會在 2027 年的某個時候達到 15%。謝謝。

(technical difficulty)

（技術難題）

For the year '27. Okay. And that, I guess that's not a final destination when you announced the merger seven years ago, you're talking over 20%. So I imagine you want to go higher after that.

27 年。好的。我想，七年前宣布合併時，這並不是最終目標，當時你們談論的是超過 20% 的股份。所以我想你之後應該會想走得更高吧。

Yeah. I mean, different business model in fairness, right? When we announced the merger, we had different businesses at a different return characteristics, so I think that, as I answered previously, I mean, 15% is not the final destination. But the path from here to 15% is actually quite attractive from a shareholder perspective. I think as we get closer to that 15%.

是的。公平地說，它們的商業模式不同，對吧？當我們宣布合併時，我們擁有不同的業務，其回報特徵也不同，所以我認為，正如我之前回答的那樣，我的意思是，15% 並不是最終目標。但從股東的角度來看，從現在到 15% 的路徑實際上相當有吸引力。我認為隨著我們越來越接近15%。

As we understand, as I mentioned, for economic environment, business model, where we see momentum, where we see a chance to put our foot on the accelerator, what we're seeing the return on the branch investment, just talking about that as an example, then we'll start to hold in a little bit better about where that next stage of the destination is.

正如我剛才提到的，我們了解到，就經濟環境、商業模式而言，我們看到了發展勢頭，看到了加速前進的機會，看到了分支機構投資的回報（舉個例子來說），然後我們就能更好地把握下一階段的目標方向。

I think I'm careful in saying final destination, I mean I don't think there's a finish line. I mean, I think we're sort of constantly want to be improving and moving forward. The 15% was just to declare from here to there and the slope is, I think, actually quite positive from a shareholder perspective.

我覺得我用「最終目的地」這個詞比較謹慎，我的意思是，我認為並沒有終點線。我的意思是，我覺得我們總是想要不斷進步和發展。這 15% 只是為了說明從這裡到那裡的變化，而且我認為，從股東的角度來看，這個斜率實際上是相當積極的。

All right, thank you.

好的，謝謝。

Yes, thanks.

好的，謝謝。

Betsy Graseck , Morgan Stanley.

貝齊‧格拉塞克，摩根士丹利。

Hi, good morning.

您好，早安。

Good morning.

早安.

Just continuing along those lines. The question I have is just trying to understand how the efficiency ratio projects as you manage through this process of driving up ROCE. And specifically, also looking to understand the impact of the severance that we had this quarter when that flows through into the P&L from a head count perspective. And how do you see head count trajecting and the efficiency ratio trajecting as you move towards the 15%? Thank you.

繼續沿著這個思路走下去。我的問題是，如何理解在提高 ROCE 的過程中，效率比率是如何變化的。具體來說，我們也想了解本季裁員對損益表（從人員數量角度來看）的影響。那麼，隨著公司朝著 15% 的目標邁進，您認為員工人數和效率比率的變化趨勢如何？謝謝。

Hi, Betsy, it's Mike. I'll get it started. So on the efficiency ratio, look, we do expect to see sort of incremental improvement over the course of the next couple of years. I think that kind of mid-50s area is probably a reasonable expectation. That's lined up to improving.

嗨，貝齊，我是麥克。我來啟動它。所以就效率比率而言，我們預計在未來幾年內會看到逐步改善。我認為50多美元的預期值應該比較合理。這預示著情況將會好轉。

Bill sort of talked about the numerator and sort of more throughput, more sort of, I'll call it, capital efficient revenue that's going to drive our ROA higher with sort of a similar level of capital over time. So it gets you to that kind of off that 1% ROA higher and more in line with what it's going to take to get to that 15% level. In terms of severance, the charges we took in the fourth quarter would have been related to actions in the fourth quarter.

比爾談到了分子，以及更高的吞吐量，或者說，更高的資本效率收入，這將使我們的 ROA 在資本水平大致相同的情況下，隨著時間的推移而提高。這樣一來，你的資產報酬率就能從 1% 提升到更高，更接近達到 15% 水準所需的水準。就遣散費而言，我們在第四季承擔的費用與第四季的行為有關。

FTEs, there's a little bit of noise in that, Betsy, because we've got contractor conversions happening. We've got head count coming in, coming out. So in fact, you might actually see head count higher throughout the course of the year as we move from contractor to full-time employees. Now cost per FTE would go down, assuming we do a good job executing that strategy. And we can, maybe throughout the course of this year, maybe give you a little bit more detail around how that's playing out.

貝齊，關於全職員工人數，這方面有點波動，因為我們正在進行承包商轉職。我們有人員進出統計。因此，實際上，隨著我們從合約工過渡到全職員工，您可能會看到全年員工人數增加。如果該策略執行得當，那麼每位全職員工的成本將會下降。或許在今年晚些時候，我們可以向大家詳細介紹事情的進展。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作說明）

Matt O'Connor, Deutsche Bank.

馬特‧奧康納，德意志銀行。

Good morning. A little bit of a follow-up on the last question here. Just as you think about the restructuring and severance costs for '26, do you think there'll be anything meaningful? I think there was about [150] this year. And I appreciate the guidance on a reported basis, just trying to adjust for some of these items and see what the underlying operating leverage is. Thanks.

早安.這裡稍微補充一下上一個問題。就像你在考慮 2026 年的重組和遣散費用時一樣，你認為會有什麼實質的進展嗎？我認為今年大約有[150]個。我很感謝你們提供的基於報告的指導，我只是想根據其中一些項目進行調整，看看潛在的經營槓桿是什麼。謝謝。

Yeah. Got it, Matt. Look, I mean, first of all, I appreciate the comment on sort of going to GAAP. This is something that we've gotten some good feedback on from investors. And I think it's going to be a more simple way to present our results.

是的。明白了，馬特。首先，我很感謝你對採用 GAAP 的建議。我們從投資者那裡得到了一些很好的回饋。我認為這將是一種更簡潔的呈現結果的方式。

At the end of the day, the restructuring charges and sort of thinking about the, originally, you recall, sort of the MRCs, they've just become sort of less significant relative to our overall story. That doesn't mean they'll go away. Obviously, we'll continue to have severance expense. We'll continue to have facilities-related charges and the like. But I do think that there is an opportunity and an expectation that they'll be lower over time.

歸根結底，重組費用以及最初你可能還記得的MRC費用，相對於我們的整體情況而言，已經變得不那麼重要了。但這並不意味著他們會消失。顯然，我們還會繼續支付遣散費。我們將繼續收取設施相關費用等。但我認為，隨著時間的推移，這些數字會降低，而且這種預期也是可能的。

Difficult to necessarily forecast just given their nature. We do have an expectation that they'll be lower in '26 modestly. And again, it will be sort of up to us to do a great job trying to create more opportunity there and beyond. So hopefully, that helps.

鑑於其性質，很難做出準確預測。我們預計 2026 年它們會略有下降。再次強調，我們要盡全力在那裡乃至更遠的地方創造更多機會。希望這能有所幫助。

Thank you.

謝謝。

Yeah.

是的。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Good morning Bill. Good morning, Mike. Can you share with us, Bill and Mike as well, I guess. Obviously, the outlook for yourselves and your peers this year looks really strong based upon the outlook for the economy, the yield curve, loan demand is picking up across the board. And if you have to look around corners, aside from the big geopolitical risks we all see, what are you guys keeping your eye on that could kind of surprise us later in the year because, again, the outlooks across the board look pretty darn good.

早安，比爾。早上好，麥克。我想，您能和我們分享一下嗎？也想跟比爾、麥克分享一下。顯然，根據經濟前景、殖利率曲線以及貸款需求全面回升的情況來看，您和您同行今年的前景看起來非常樂觀。如果你們需要關註一些其他方面，除了我們都看到的重大地緣政治風險之外，你們還關注哪些可能在今年晚些時候給我們帶來驚喜的因素呢？因為總的來說，各方面的前景看起來都相當不錯。

Yeah, Mike, we can each talk about what keeps us up in terms of looking around quarters, I mean , I think this is what we get paid for. We look around a lot of corners. We stress for a lot of things within the business environment. I think to your point of your question, if you sort of said, number one would be a more macro concerns and issues. Does the economy hold up?

是的，麥克，我們可以各自談談是什麼讓我們徹夜難眠，四處打聽消息，我的意思是，我認為這就是我們拿工資的原因。我們環顧四周。我們在商業環境中會關注很多方面。我認為，就你提出的問題而言，如果你要說第一點，那就是更宏觀的擔憂和問題。經濟情勢是否依然良好？

Are we able to deploy all our strategies and our initiatives against the backdrop of an expanding and growing economy. So I sort of start with that because on the micro side, I feel really confident about the things that we're doing.

在經濟不斷擴張和成長的背景下，我們能否部署所有策略和措施？所以我從這方面入手，因為在微觀層面，我對我們正在做的事情非常有信心。

So in terms of looking around our own corners, again, we'll stress for everything, we will stress for credit, we will stress for idiosyncratic things, we will stress for geographies, specialties, all that kind of stuff. So we're always going to be looking at it. But given the diversity of our franchise, those aren't my number one concern. So really are on the macro. Do we have the overall capacity to grow our business.

所以，就我們本身而言，我們會強調一切，我們會強調學分，我們會強調獨特之處，我們會強調地理位置、專業領域等等。所以我們會一直關注這件事。但考慮到我們特許經營的多樣性，這些並不是我最關心的問題。所以，我們確實是在關注宏觀層面。我們是否具備發展業務的整體能力？

And right now, the client sentiment is pretty good. And I would say in the macro, if you break it down, my probably number one focus is employment. If I look at a number every day is employment, the index of risk to financial services, I think we all learned in the financial crisis was related to employment. So that's what I say really focused on will businesses still be confident to continue to hire if consumers are confident that they have a job or can get a job or have a job in a gig job then that confidence will stay and elevate it. So most of mine or macro, Mike, you might have

目前，客戶情緒相當不錯。從宏觀角度來看，如果細化分析，我最關注的可能是就業問題。如果我每天專注在一個數字，那就是就業率，也就是金融服務風險指數，我認為我們在金融危機中都了解到，它與就業息息相關。所以，我真正想說的是，如果消費者相信自己有工作、能找到工作或能找到零工，那麼企業是否還有信心繼續招聘，這種信心就會維持並提升。所以，我的大部分或宏觀方面，麥克，你可能有

Yeah. I mean this might err a touch too tactical, but I mean one thing that's on our minds here is credit spreads are still tight. And so that's, I think, sort of the longer that stays that way, that in some respects is a risk that we're absorbing. We talked a little bit about just the competitive nature of things, right? It's a fierce marketplace. And so we should all be up at night worrying about that. But Bill, I think you covered it well.

是的。我的意思是，這種說法可能有點過於策略性，但我的意思是，我們現在考慮的一點是，信用利差仍然很窄。所以，我認為，這種情況持續的時間越長，在某種程度上，我們承擔的風險就越大。我們剛才也稍微聊了一下競爭的本質，對吧？這是一個競爭非常激烈的市場。所以，我們都應該為此夜不能寐。但是比爾，我覺得你已經解釋得很好了。

Thank you.

謝謝。

Saul Martinez, HSBC.

索爾·馬丁內斯，匯豐銀行。

Hey, good morning. Thanks for taking my question. I just have a real quick one, follow-up to Matt's question, just to clarify, Mike. The guidance implies (inaudible) billion of expenses. That does have some level of restructuring expenses embedded in it that are maybe slightly lower than this year. Is that right? Because obviously, if it doesn't, and it would imply it's something like 3.5% to 4.5% growth versus the adjusted number based on how you have been doing it. So I just wanted to clarify that.

嘿，早安。謝謝您回答我的問題。我還有一個簡短的問題，是針對 Matt 的問題的後續，我想澄清一下，Mike。該指導意見暗示將產生（聽不清楚）數十億的支出。這其中包含了一些重組費用，可能比今年略低。是這樣嗎？因為很明顯，如果不是這樣，那就意味著成長率大約是 3.5% 到 4.5%，而根據你一直以來的做法，調整後的數字則不是這樣。所以我想澄清一下。

Yeah. No, that's right. The outlook, so the 1.25% to 2.25% of the GAAP base includes what previously would have been outlined as restructuring charges or severance and ex legal, that would be closer to 2.3% and 3.3% year-over-year.

是的。沒錯。因此，根據 GAAP 基準計算的 1.25% 至 2.25% 的預期包括以前會列為重組費用或遣散費，並且扣除法律費用後，同比將接近 2.3% 至 3.3%。

Okay. All right. So it does include a similar number than this year? Okay, right, just wanted to make sure. Thank you.

好的。好的。所以它包含的數量和今年差不多嗎？好的，我只是想確認一下。謝謝。

Lower. Sorry, just to clarify,

降低。不好意思，我再澄清一下。

Understood. A little bit lower. Understood.

明白了。再低一點。明白了。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Oh great, good morning. If I look at the slide it looks like you grew net new checking accounts about $72,000 during the year. I guess two parts. Do you have that number for 2024? And then more broadly, consumer and small business checking accounts were modestly negative year-on-year. I'm interested in kind of the impact of the branch openings in reversing this and when you might starting to see kind of a tangible progress in those trends? Thank you.

哦，太好了，早安。如果我看一下投影片，似乎你們這一年新增支票帳戶淨額約為 72,000 美元。我想應該是兩個部分。你有2024年的數據嗎？此外，總體而言，消費者和小型企業支票帳戶較去年同期略有下降。我感興趣的是，分行開放對扭轉這種局面會產生怎樣的影響，以及何時才能看到這些趨勢出現實際進展？謝謝。

Yeah, Chris, the net new in 2024 was about 100, if I'm going to sort of go from memory, so like right in that zone. But as I mentioned earlier, the quality of the 70 plus this year is much higher. So higher average deposit in those and what we're seeing also is our pull-through is really higher with that. So the quality is really, really strong. And the diversity of where it comes from, it comes from the digital channels I talked about the significant investment there and also the branch network.

是的，克里斯，如果我憑記憶說的話，2024 年的淨新增量大約是 100，所以就在這個範圍內。但正如我之前提到的，今年70歲以上人群的品質要高得多。因此，這些項目的平均存款額較高，我們也看到，這些項目的成交率也確實更高。所以品質真的非常非常好。而且它的來源多種多樣，既包括我之前提到的數位管道的大量投資，也包括分支機構網路。

And that leads to the, to your next question is sort of what are we going to see from the branch investment and reemployment. (inaudible),, we're just getting started. So like that day will come, we'll talk more about that, but the capabilities that we have now in our branches, I think some of the models that we used to use, I think we can sort of bend some of those curves because our ability to open accounts digitally and branches do more in a branch that we could do before, I think allows us to have a little more confidence in the return characteristics of those investments. But that's too early to tell right now.

這就引出了你的下一個問題，那就是我們將從分公司投資和再就業中看到什麼。 （聽不清楚）我們才剛開始。所以，那一天終會到來，我們會更多地談論它，但就我們目前在分支機構所擁有的能力而言，我認為我們可以改變一些我們過去使用的模式，因為我們能夠以數位方式開戶，而且分支機構能夠比以前做得更多，我認為這讓我們對這些投資的回報特徵更有信心。但現在下結論還為時過早。

So we're building the models, we're getting started great site selection, great markets, and we'll keep you updated on where we go there. But overall, net new is, continues to be strong and the quality is improving.

所以我們正在建立模型，我們正在進行良好的選址和市場拓展，我們會隨時向您報告我們的進展。但整體而言，新增流量依然強勁，品質也不斷提高。

Great. Thanks, Bill.

偉大的。謝謝你，比爾。

Yes.

是的。

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

我們的問答環節到此結束。現在我把會議交還給各位，請大家作總結發言。

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

好的，謝謝你，貝齊。我們的財報電話會議到此結束。如果您還有其他疑問，請隨時聯繫投資者關係團隊。感謝您對 Truist 的關注，祝您度過美好的一天。貝齊。您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.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。