Truist Financial Corporation (TFC) 2026 Q1 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation first quarter 2026 earnings conference call. (Operator Instructions) A brief question and answer session will follow the formal presentation.

各位女士、先生，大家好，歡迎參加Truist Financial Corporation 2026年第一季財報電話會議。（接線員指示）在正式簡報結束後，將進行簡短的問答環節。

As a reminder, this event is being recorded. It is now my pleasure to introduce your host, Mr. Brad Milsaps.

提醒各位，本活動將被錄音。現在我很榮幸介紹今天的主持人Brad Milsaps先生。

Thank you, Betsy, and good morning, everyone. Welcome to Truist's first quarter 2026 earnings call. With us today are Chairman and CEO, Bill Rogers; our CFO, Mike Maguire; and our Chief Risk Officer, Brad Bender, as well as other members of Truist's senior management team.

謝謝你，Betsy，各位早安。歡迎參加Truist 2026年第一季財報電話會議。今天與會者包括董事長兼執行長Bill Rogers；財務長Mike Maguire；風險長Brad Bender，以及Truist高階管理團隊的其他成員。

During this morning's call, they will discuss Truist's first quarter 2026 results, show 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.

在今天上午的電話會議中，他們將討論Truist 2026年第一季的業績、分享對當前經營環境的觀點，並提供2026年的最新展望。隨附簡報，以及我們的財報新聞稿與補充財務資訊，皆可於Truist投資人關係網站 ir.truist.com 取得。

Our presentation today will include four 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.

我們今天的簡報將包含前瞻性陳述以及若干非GAAP財務衡量指標。請參閱簡報第2與第3頁投影片中關於這些陳述與指標的揭露內容，並請參閱附錄以取得與GAAP之間的適當調節。

With that, I will turn it over to Bill.

接下來，我把時間交給Bill。

Thanks, Brad, and good morning, everyone, and thanks for joining our call today. Before we discuss our first quarter 2026 results, let's begin, as we always do, with purpose on slide 4. At Truist, our purpose is to inspire and build better lives and communities. And one way we bring that to life is through the work we do every day for our clients.

謝謝，Brad，各位早安，也感謝大家今天加入我們的電話會議。在討論2026年第一季業績之前，我們先如同往常一樣，從第4頁投影片的「使命」開始。在Truist，我們的使命是啟發並打造更美好的生活與社區。而我們將使命落實的一種方式，就是每天為客戶所做的工作。

One example of this is our project finance business, which is a client-focused platform that provides financial advice and capital to help develop essential infrastructure that drives long-term economic growth, job creation, and stronger and better communities throughout our footprint in the United States. Our relationships with these clients have led to broad-based franchise engagement, which includes deposits, payments, and lead roles in capital market transactions.

其中一個例子是我們的專案融資業務，這是一個以客戶為中心的平台，提供財務建議與資金，以協助建置關鍵基礎設施，推動長期經濟成長、創造就業，並在我們於美國的服務版圖內打造更強健、更美好的社區。我們與這些客戶的關係帶動了更廣泛的特許經營參與，包括存款、支付，以及在資本市場交易中擔任主辦角色。

From a financial perspective, there are aspects of this business that generate returns somewhat differently than our other businesses. A meaningful portion of this benefit is realized through reductions to our tax provision rather than reported revenue.

從財務角度來看，這項業務在產生報酬的方式上，與我們其他業務有些不同。其中相當一部分的效益，是透過降低我們的所得稅費用（tax provision）而非列報收入來實現。

Mike's going to walk you through the impact of that later in the call, but this dynamic contributed to our lower tax provision in the first quarter and is a factor in our expected lower tax rate for 2026 compared to 2025. This, though, is a great example of how serving our clients and communities is true to our purpose and also drives strong financial outcomes for our shareholders.

Mike稍後會在電話會議中帶各位了解其影響，但這項動態促成了我們第一季較低的所得稅費用，並且也是我們預期2026年稅率將低於2025年的因素之一。不過，這正是一個很好的例子，說明服務客戶與社區既符合我們的使命，也能為股東帶來強勁的財務成果。

Now, turning to our results on slide 5. Before I get into the details of our first quarter, I want to spend a moment on the quality of what we're delivering across the company and how we're executing against our strategic priorities.

接著看第5頁投影片的業績。在我深入第一季細節之前，我想先花點時間談談我們在全公司交付成果的品質，以及我們如何落實策略重點。

What I'm most excited about this quarter is the underlying momentum we're seeing. New client pipelines are growing, activity levels remain healthy, and we're continuing to add talent and execute in the areas that matter most to our strategy of driving improvement in our profitability.

本季我最振奮的是我們看到的基本面動能。新客戶商機管道正在成長，活動水準維持健康，我們也持續延攬人才，並在對我們「提升獲利能力」策略最關鍵的領域持續執行。

During the quarter, we once again added new clients, deepened existing relationships, and grew profitably in the business and products where we're chosen to focus, with loan growth coming from priority segments, fee growth driven by core client activity, and stronger referrals and connectivity across the company. I can clearly say that we're focused, we're aligned, and we're executing well, which is evident in our first quarter results.

本季我們再次新增客戶、深化既有關係，並在我們選擇聚焦的業務與產品上實現獲利性成長；放款成長來自優先客群，手續費成長由核心客戶活動帶動，同時全公司轉介與連結性更強。我可以很清楚地說，我們目標明確、步調一致、執行到位，這也反映在第一季的業績之中。

As you can see on slide 5, we delivered net income available to common shareholders of $1.4 billion, or $1.09 per diluted share for the first quarter, which represents a 25% increase over the first quarter of last year, earnings of $0.87 a share. Our performance was driven by continued execution against strategic priorities, including growth in both consumer and wholesale loans, along with strong non-interest income growth led by our investment banking and wealth management businesses.

如第5頁投影片所示，我們第一季普通股股東可得淨利為14億美元，稀釋後每股盈餘為1.09美元，較去年第一季每股0.87美元成長25%。我們的表現來自持續落實策略重點，包括消費與批發放款雙雙成長，以及由投資銀行與財富管理業務帶動的強勁非利息收入成長。

Together, those factors, along with our expense and credit discipline, contributed to 250 basis points of year-over-year positive operating leverage in the quarter. As a result of this execution and managing our capital through share repurchases, return on tangible common equity improved by 150 basis points to 13.8%, compared to the first quarter of 2025, representing meaningful progress towards our full-year 2027 ROTCE target of 15%.

上述因素，加上我們在費用與信用上的紀律，使本季年對年正向營運槓桿達250個基點。在此執行成果以及透過庫藏股回購管理資本的帶動下，有形普通股權益報酬率（ROTCE）提升150個基點至13.8%，相較於2025年第一季，代表我們朝向2027年全年ROTCE 15%目標取得實質進展。

While we remain firmly on track to achieve this target, as I've said before, it's not a ceiling for our company. The progress we're seeing today across our company gives us confidence in our ability to drive profitability higher over time. With continued execution against our strategic priorities, continued capital return, and the benefit of expected changes to the capital framework, we're establishing a long-term ROTCE target of 16% to 18%.

雖然我們仍堅定地按計畫達成此目標，但如我先前所說，這並不是我們公司的上限。我們目前在全公司看到的進展，讓我們對於隨時間推動更高獲利能力充滿信心。隨著持續落實策略重點、持續回饋資本，以及預期資本框架變動所帶來的效益，我們將建立長期ROTCE目標為16%至18%。

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

在我把電話會議交給Mike討論季度業績之前，我想先花一些時間，談談我們在各業務分部以及數位策略方面所看到的正向動能（第6與第7頁投影片）。

First, let me start with consumer and small business banking. CSBB delivered another solid quarter that was consistent with our expectations and strategy to drive profitability improvement across the enterprise. Average consumer and small business deposits and loans were up 1% and 4%, respectively, versus the first quarter of last year of 2025. Average loans declined modestly for the fourth quarter, which is consistent with normal seasonality, and our goal of emphasizing growth in categories offering the most attractive risk-adjusted returns.

首先，從消費者與小型企業銀行業務開始。CSBB本季再度交出穩健表現，符合我們的預期與推動全企業獲利能力改善的策略。相較於2025年第一季，消費者與小型企業平均存款與平均放款分別成長1%與4%。平均放款較第四季小幅下滑，符合正常季節性，以及我們強調在提供最具吸引力風險調整後報酬之類別中成長的目標。

As you can see on the slide, premier banking was again a source of strength with both deposit and lending production up significantly, driven by deeper client engagement, advisor productivity, and continued momentum in financial planning activity. Digital continues to be a key growth engine for CSBB. Digital share of new-to-bank clients increased to 45%, with Gen-Z and millennials representing more than half of the growth.

如投影片所示，高端銀行（premier banking）再次成為強項，存款與放款產出皆顯著成長，主要受更深的客戶互動、理財顧問生產力提升，以及財務規劃活動持續增溫所帶動。數位仍是CSBB的關鍵成長引擎。透過數位渠道取得的新進本行客戶占比提升至45%，其中Z世代與千禧世代貢獻了超過一半的成長。

Active digital users grew year-over-year, and digital transaction volumes remained strong, reflecting sustained client engagement with our platforms. Building on that digital progress, we're increasingly focused on how AI can further enhance productivity, decision-making, and client engagement across the company.

活躍數位用戶年對年成長，數位交易量也維持強勁，反映客戶對我們平台的持續投入。在此數位進展的基礎上，我們也愈來愈聚焦於AI如何進一步提升全公司的生產力、決策品質與客戶互動。

We see AI as a real operating lever, one that improves the client experience while also creating productivity and operating leverage across our businesses without compromising control, safety, and reliability. Our focus is on using AI to strengthen relationships, giving clients faster, more personalized service, and enabling our teammates to spend more time advising and problem-solving, not navigating processes.

我們將AI視為真正的營運槓桿：在不犧牲控管、安全與可靠性的前提下，既能改善客戶體驗，也能在各項業務中創造生產力與營運槓桿。我們的重點是運用AI強化關係，讓客戶獲得更快速、更個人化的服務，並讓同仁能把更多時間用於提供建議與解決問題，而不是在流程中周旋。

We're already deploying AI across consumer and small business banking in practical, client-facing ways. Truist Insights delivers personalized financial guidance at scale. Truist Assist handles most routine service requests digitally and around the clock, improving consistency and reducing call volumes. AI-enabled call summarization is live for care center agents, lowering after-call work and enhancing insight capture.

我們已在消費者與小型企業銀行業務中，以務實且面向客戶的方式部署AI。Truist Insights可大規模提供個人化的財務指引。Truist Assist可透過數位方式全天候處理多數例行服務需求，提升一致性並降低來電量。支援AI的通話摘要功能已在客服中心坐席上線，可降低通話後作業並強化洞察擷取。

Overall, our disciplined focus on capital allocation, pricing, productivity, and digital execution is translating into strong, underlying performance and positions consumer and small business banking well as we progress through the year.

總體而言，我們在資本配置、定價、生產力與數位化執行上的紀律性聚焦，正轉化為強勁的核心表現，並在我們推進今年進程之際，使消費者與小型企業銀行業務處於有利位置。

Now, turning to wholesale on page -- slide 7. In wholesale, we delivered a strong start to 2026 with continued momentum across loans, deposits, and fees while maintaining a disciplined focus on relationship returns and capital efficiency.

現在，轉到第 -- 頁的批發銀行業務（投影片 7）。在批發銀行方面，我們於 2026 年第一季強勁開局，貸款、存款與手續費持續展現動能，同時維持對關係回報與資本效率的紀律性聚焦。

Average wholesale loans and deposits increased 9% and 2% respectively versus the first quarter of 2025, reflecting diversified growth across our industry banking, middle market, and CRE teams as we continue to prioritize high-quality, relationship-driven loan growth. Middle market deposits in particular are where we've invested heavily, grew 11% year-over-year, driven by 7% growth in our legacy markets and 30% growth in expansion markets such as Texas, Ohio, and Pennsylvania.

批發銀行平均貸款與存款分別較 2025 年第一季增加 9% 與 2%，反映我們在產業銀行、中型市場與商用不動產（CRE）團隊的多元化成長；我們持續優先推動高品質、以關係為導向的貸款成長。尤其是中型市場存款是我們重點投入的領域，年增 11%，其中傳統市場成長 7%，而德州、俄亥俄州與賓夕法尼亞州等擴張市場成長 30%。

Wholesale fee performance was also a standout this quarter with strong results in wealth management and investment banking and trading. Investment banking and trading delivered its highest quarterly revenue since 2021, driven by strength across a broad set of product areas. Importantly, we're also seeing even stronger connectivity among our commercial, corporate, and investment banking platforms. This is driving higher quality fee growth with an increase in the number of lead roles and meaningful contributions from existing commercial and wealth clients.

本季批發銀行手續費表現同樣亮眼，財富管理以及投資銀行與交易業務皆有強勁成果。投資銀行與交易業務創下自 2021 年以來最高的單季營收，動能來自廣泛產品領域的強勢表現。重要的是，我們也看到商業銀行、企業銀行與投資銀行平台之間的連結性更為強化。這正帶動更高品質的手續費成長：主辦角色數量增加，且既有商業與財富客戶帶來顯著貢獻。

We're also leveraging AI across wholesale to enhance productivity, underwriting, and client engagement, using predictive analytics to improve advisor effectiveness, accelerate underwriting speed and precision, and scale lead generation and conversion among payments and wealth. These capabilities are helping us serve clients more efficiently while improving returns and speed to market.

我們也在批發銀行全面運用 AI，以提升生產力、承作審核（underwriting）與客戶互動；透過預測分析提升顧問效能、加快承作速度與精準度，並在支付與財富領域擴大商機開發與轉換。這些能力正協助我們更有效率地服務客戶，同時提升報酬並加快上市速度。

Overall, we see clear evidence that our strategy is working. We are preparing high-quality balance sheet growth with improving fee mix, stronger client engagement, and enhanced operating efficiency, which gives us confidence in wholesale's outlook for the remainder of this year.

總體而言，我們清楚看到策略正在奏效。我們正為高品質的資產負債表成長做準備，並改善手續費結構、強化客戶互動與提升營運效率，這讓我們對批發銀行在今年剩餘期間的展望更具信心。

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

接下來，我把時間交給 Mike，請他更詳細說明我們的財務結果。

Thanks, Bill, and good morning, everybody. We reported first quarter 2026 GAAP net income available to common shareholders of $1.4 billion, or $1.9 per diluted share. Earnings per share increased 25% versus the first quarter of 2025, and we're up 9% versus the fourth quarter of 2025.

謝謝你，Bill，各位早安。我們公布 2026 年第一季依 GAAP 計算、可歸屬於普通股股東的淨利為 14 億美元，稀釋後每股盈餘為 1.9 美元。每股盈餘較 2025 年第一季增加 25%，較 2025 年第四季增加 9%。

Revenue decreased 1.9% linked quarter due to lower net interest income, primarily related to day count. Revenue increased 5.1% versus the first quarter of 2025 due to higher net interest income, driven by strong loan growth and higher non-interest income, primarily due to growth in investment banking and trading and wealth management income. GAAP non-interest expense decreased 5.9% versus the fourth quarter of 2025, primarily due to lower expense.

營收較前一季下降 1.9%，主因淨利息收入較低，主要與天數因素相關。營收較 2025 年第一季增加 5.1%，原因是淨利息收入提高（受強勁貸款成長帶動），以及非利息收入增加，主要來自投資銀行與交易以及財富管理收入的成長。依 GAAP 計算的非利息費用較 2025 年第四季下降 5.9%，主要因費用較低。

Non-interest expense increased 2.6% versus the first quarter of 2025, which helped drive the 250 basis points of year-over-year positive operating leverage. Our effective tax rate in the first quarter was 12.4% versus 17.9% in the first quarter of 2025. Approximately half of the year-over-year decline was due to increased client transaction activity in our project finance business that Bill mentioned earlier in the call.

非利息費用較 2025 年第一季增加 2.6%，這有助於帶動年對年 250 個基點的正向營運槓桿。第一季有效稅率為 12.4%，相較 2025 年第一季的 17.9%。年對年下降約有一半，來自 Bill 先前在電話會議中提到的我們專案融資業務中客戶交易活動增加。

Next, I'll cover loans and leases on slide 9. Average loans held for investment increased $2.3 billion, or 0.7%, on a linked quarter basis to $327 billion, driven by 1.8% growth in commercial loans, partially offset by a 0.9% decline in consumer loans. End-of-period loans increased modestly linked quarter as 1% growth in commercial loans was offset by a 1.1% decline in consumer loan balances. Both average and end-of-period loan trends are consistent with the expectations for loan growth and mix that we outlined in January.

接下來，我將在投影片 9 說明貸款與租賃。持有至投資（held for investment）的平均貸款增加 23 億美元（或 0.7%），較前一季增至 3,270 億美元；其中商業貸款成長 1.8%，部分被消費者貸款下降 0.9% 所抵銷。期末貸款較前一季小幅增加，商業貸款成長 1% 被消費者貸款餘額下降 1.1% 所抵銷。平均與期末貸款趨勢皆符合我們在 1 月所概述的貸款成長與組合預期。

As a reminder, our expectations for 2026 were that average loan growth would be driven primarily by commercial and other consumer categories, with relatively slower growth in residential mortgage and indirect auto. This outlook reflected our focus on profitability and being selective in where we deploy capital. Within consumer, average other consumer loans, which include our specialty lending businesses like Sheffield, Service Finance, and Lightstream, were relatively stable on a linked quarter basis, consistent with normal seasonal patterns.

提醒一下，我們對 2026 年的預期是：平均貸款成長主要由商業與其他消費者類別帶動，而住宅房貸與間接汽車貸款的成長相對較慢。此展望反映我們對獲利能力的聚焦，以及在資本投放上更為審慎選擇。在消費者業務中，其他消費者平均貸款（包含 Sheffield、Service Finance 與 Lightstream 等專業放款業務）較前一季相對穩定，符合正常季節性型態。

We continue to expect these portfolios to grow at a mid- to high-single-digit pace in 2026, given their attractive risk-adjusted returns. Based on our current pipeline and economic outlook, we continue to expect average loan growth of approximately 3% to 4% in 2026.

鑑於其具吸引力的風險調整後報酬，我們仍預期這些投資組合在 2026 年將以中至高個位數的速度成長。根據目前的案件管線與經濟展望，我們仍預期 2026 年平均貸款成長約為 3% 至 4%。

Moving now to deposits on slide 10. Driving client deposit growth is a key priority across many of our top businesses and growth initiatives, and I'm encouraged that we saw growth in client deposits in what is typically a seasonally weak quarter for client deposit growth. Average deposits increased 0.7% linked quarter, driven by growth in interest checking, partially offset by declines in all other deposit categories.

接著看投影片 10 的存款。推動客戶存款成長是我們多項核心業務與成長計畫的關鍵優先事項；令我鼓舞的是，在通常屬於客戶存款成長季節性偏弱的一季，我們仍看到客戶存款成長。平均存款較前一季增加 0.7%，由計息支票存款成長帶動，部分被其他所有存款類別的下滑所抵銷。

Average interest-bearing deposit costs declined 14 basis points linked quarter to 2.09%, and average total deposit costs declined 9 basis points to 1.55%. As shown in the chart on the bottom right of the slide, our cumulative interest-bearing deposit beta increased from 45% to 46%, and our total deposit beta increased from 30% to 31% on a linked quarter basis.

平均計息存款成本較前一季下降 14 個基點至 2.09%，平均總存款成本下降 9 個基點至 1.55%。如投影片右下方圖表所示，我們的累計計息存款 beta 由 45% 升至 46%，總存款 beta 較前一季由 30% 升至 31%。

Moving now to net interest income and net interest margin on slide 11. Taxable equivalent net interest income decreased 2.8% linked quarter, or $105 million, primarily due to two fewer days in the quarter compared with the fourth quarter and seasonal changes in our deposit mix. Our net interest margin decreased by 5 basis points linked quarter to 3.02%, driven primarily by that same seasonal change in deposit mix.

接著看投影片 11 的淨利息收入與淨利差。以應稅等值（taxable equivalent）計算的淨利息收入較前一季下降 2.8%（或 1.05 億美元），主要因本季較第四季少兩天，以及存款組合的季節性變化。淨利差較前一季下降 5 個基點至 3.02%，主要同樣由存款組合的季節性變化所致。

For full year 2026, we now expect net interest income to increase 2% to 3% compared with our prior expectation of 3% to 4% growth. The change in our outlook is primarily driven by our expectation that the federal funds rate will remain unchanged throughout 2026 compared with our previous expectation for two 25 basis point reductions, one in April and one in July.

就 2026 年全年而言，我們目前預期淨利息收入將較先前預期的 3% 至 4% 成長，下修為成長 2% 至 3%。展望變動主要是因我們預期聯邦基金利率將在 2026 年全年維持不變；先前我們預期會有兩次各 25 個基點的降息，分別在 4 月與 7 月。

Our net interest income outlook still assumes 3% to 4% average loan growth and the continued benefit from fixed rate asset repricing. Although we expect the net interest margin to remain relatively stable in the second quarter, we do anticipate the full year 2026 average net interest margin will exceed the '25 average of 3.03%. As you can see on the right-hand side of the slide, we also updated our fixed rate asset repricing outlook and our swap disclosure.

我們的淨利息收入展望仍假設平均貸款成長 3% 至 4%，並持續受益於固定利率資產的重訂價。雖然我們預期第二季淨利差將大致維持穩定，但我們確實預期 2026 年全年平均淨利差將高於 2025 年平均的 3.03%。如投影片右側所示，我們也更新了固定利率資產重訂價展望與換匯（swap）揭露。

Turning now to non-interest income on slide 12. Non-interest income increased $7 million, or 0.5%, versus the fourth quarter of 2025, reflecting strong growth in investment banking and trading income and lending related fees, largely offset by a decline in other income due to lower investment income. Investment banking and trading income increased $37 million, or 11% linked quarter, to $372 million, reflecting stronger trading income and capital markets activity, harshly offset by lower M&A fees. Non-interest income increased 11.6% versus the first quarter of 2025, due primarily to the 36% growth in investment banking and trading and 7.6% growth in wealth management income.

接著看投影片 12 的非利息收入。非利息收入較 2025 年第四季增加 700 萬美元（或 0.5%），反映投資銀行與交易收入以及放款相關手續費的強勁成長，但多數被其他收入因投資收益較低而下滑所抵銷。投資銀行與交易收入較前一季增加 3,700 萬美元（或 11%）至 3.72 億美元，反映交易收入與資本市場活動更強勁，但被較低的併購（M&A）費用大幅抵銷。非利息收入較 2025 年第一季增加 11.6%，主要因投資銀行與交易成長 36%，以及財富管理收入成長 7.6%。

Next I'll cover non-interest expense on slide 13. On a linked quarter basis, non-interest expense declined 5.9%, driven by lower other expense and lower personnel expense. Other expense in the fourth quarter of 2025 included an accrual related to a legal matter, while the decline in personnel expense was driven primarily by lower incentive compensation. These benefits were partially offset by higher regulatory costs, as the fourth quarter of 2025 benefited from an FDIC special assessment credit.

接下來我將在第 13 頁投影片說明非利息費用。以連續季度比較，非利息費用下降 5.9%，主要受其他費用下降及人員費用下降所帶動。2025 年第四季的其他費用包含與一項法律事項相關的應計費用，而人員費用下降主要是由於激勵性薪酬較低所致。上述效益部分被較高的監管成本所抵銷，因為 2025 年第四季受惠於 FDIC 特別評估費用抵減（credit）。

On a year-over-year basis, expense growth remains well controlled. Non-interest expense increased 2.6% versus the first quarter of 2025, reflecting higher personnel expense, partially offset by lower professional fees and outside processing costs.

以年對年比較，費用成長仍受到良好控管。相較於 2025 年第一季，非利息費用增加 2.6%，反映人員費用較高，部分被較低的專業費用與外部處理成本所抵銷。

Moving now to asset quality on slide 14. Our asset quality metrics remained strong on both a linked and like-quarter basis. Net charge-offs increased 4 basis points linked quarter to 61 basis points and were up 1 basis point versus the first quarter of 2025. Non-performing loans held for investment increased 2 basis points linked quarter to 50 basis points of total loans, driven by higher consumer non-performing loans, partially offset by improvement in C&I and CRE.

接著看第 14 頁投影片的資產品質。無論以連續季度或同季比較，我們的資產品質指標仍維持強勁。淨沖銷（net charge-offs）以連續季度比較上升 4 個基點至 61 個基點，較 2025 年第一季亦上升 1 個基點。投資持有之不良貸款以連續季度比較上升 2 個基點至總貸款的 50 個基點，主要由消費金融不良貸款增加所致，部分被 C&I 與 CRE 的改善所抵銷。

The increase in consumer non-performing loans was primarily due to a change in the non-accrual criteria for certain indirect auto loans, which we disclosed in our 10-K, rather than any deterioration in underlying credit trends. While this enhancement will result in higher reported non-performing indirect auto loans over time, there's no impact to the cash flows or loss expectations over the lifetime earnings of these loans.

消費金融不良貸款的增加，主要是因我們對部分間接汽車貸款的停計息（non-accrual）認列標準進行調整（我們已在 10-K 中揭露），而非基礎信用趨勢惡化所致。雖然此項強化將使未來報導的間接汽車不良貸款隨時間提高，但不會影響這些貸款在存續期間的現金流或損失預期。

Before I move on to discuss our capital position on slide 16, I do want to spend a few moments on our non-depository financial institution, our NDFI exposure, and how we think about the risk profile of that portfolio. To support that discussion, we've included expanded detail on our NDFI loan portfolio on slide 15.

在我轉到第 16 頁投影片討論資本部位之前，我想先花幾分鐘談談我們的非存款金融機構（NDFI）曝險，以及我們如何看待該投資組合的風險輪廓。為支持這段討論，我們在第 15 頁投影片提供了更詳盡的 NDFI 貸款組合資訊。

As of March 31, loans classified as NDFI represented 12% of total loans. This is a well-diversified portfolio across 35 different asset classes, and it's structured with protections that have held up well historically in stress environments. Our largest NDFI exposure is to diversified equity REITs. This is a client-driven business that we've been active in for more than 20 years, and it's an area where we have deep experience. These loans are secured by income-producing real estate, underwritten with conservative leverage, and supported by strong covenant packages, which helps mitigate downside risk.

截至 3 月 31 日，分類為 NDFI 的貸款占總貸款 12%。此為跨 35 種不同資產類別的高度分散投資組合，並以歷來在壓力環境中表現良好的保護性條款加以結構化。我們最大的 NDFI 曝險為多元化股權型 REIT。這是一項由客戶需求驅動的業務，我們已深耕超過 20 年，並在此領域具備深厚經驗。這些貸款以具收益的不動產作為擔保，以保守槓桿承作，並由強健的契約條款組合支撐，有助於降低下行風險。

With respect to private credit, our exposure is primarily through lending relationships with business development companies, or BDCs, and middle market loan funds. In total, these exposures represent about 1% of our loan portfolio. From a risk standpoint, these facilities are underwritten with advanced rate limits, borrowing-based mechanics, and meaningful equity positions beneath us, all of which are designed to provide significant loss protection in more stressed scenarios.

就私募信貸（private credit）而言，我們的曝險主要來自與商業發展公司（BDC）及中型市場貸款基金的放款關係。合計而言，這些曝險約占我們貸款組合的 1%。從風險角度看，這些授信在承作時設有預支率（advance rate）上限、以借款基礎（borrowing base）為核心的機制，以及位於我們之下具實質規模的股權部位，皆旨在於更具壓力的情境下提供顯著的損失保護。

Moving now to capital on slide 16. Our 10.8% CET ratio was stable with the fourth quarter. During the first quarter, we repurchased $1.1 billion of common stock, compared with $750 million in the fourth quarter. We are targeting repurchases of $1.2 billion in the second quarter, and approximately $5 billion in 2026, compared with our previous expectation for $4 billion of repurchases for full year 2026.

接著看第 16 頁投影片的資本。我們 10.8% 的 CET1 比率與第四季持平。第一季我們回購普通股 11 億美元，相較之下第四季為 7.5 億美元。我們目標在第二季回購 12 億美元，並在 2026 年約回購 50 億美元，較先前對 2026 全年回購 40 億美元的預期上調。

Overall, our capital allocation priorities remain unchanged. These priorities include supporting the organic growth needs of our clients, paying our common stock dividend, and returning excess capital to shareholders through share repurchases. M&A is not a priority for Truist, as we remain focused on improving our own profitability and returning capital to our shareholders.

整體而言，我們的資本配置優先順序維持不變。這些優先事項包括支持客戶的內生成長需求、支付普通股股利，以及透過股票回購將多餘資本回饋股東。併購（M&A）並非 Truist 的優先事項，因我們仍聚焦於提升自身獲利能力並將資本回饋股東。

Finally, we are well-positioned for the recently issued [Basel 3] proposal. Under the newly proposed capital rules, we estimate that risk-weighted assets could decline by 9% under the revised standardized approach and by 11% under ERBA. We believe the proposed changes align well with our lending strategies and support continued elevated capital return to our shareholders.

最後，我們已為近期發布的《巴塞爾協定三》（Basel 3）提案做好充分準備。在新提議的資本規則下，我們估計風險加權資產在修訂後的標準法下可能下降 9%，在 ERBA 下可能下降 11%。我們認為這些提議的變更與我們的放款策略高度契合，並支持我們持續以較高水準向股東回饋資本。

And now I'll review our guidance for 2026 and the second quarter on slide 17. As I previously mentioned, given the shift in market expectations for interest rates this year, we now expect 2026 net interest income growth of 2% to 3%, compared with our prior expectation of 3% to 4%.

接下來我將在第 17 頁投影片說明我們對 2026 年及第二季的指引。如我先前提到，鑑於今年市場對利率預期的轉變，我們目前預期 2026 年淨利息收入成長為 2% 至 3%，低於先前預期的 3% 至 4%。

On the other hand, we now expect stronger non-interest income growth this year, reflecting continued momentum across all of our fee-based businesses. We now expect high single-digit growth in non-interest income, compared with our prior expectation of mid- to high single-digit growth.

另一方面，我們目前預期今年非利息收入成長將更為強勁，反映我們所有以手續費為主的業務持續動能。我們目前預期非利息收入將呈現高個位數成長，較先前預期的中至高個位數成長更為樂觀。

In addition, we now expect full-year GAAP non-interest expense to increase approximately 1.75% in 2026, versus our previous expectation of 1.25% to 2.25% growth. Taken together, although we are modestly refining our revenue outlook to the low end of the prior 4% to 5% range, our overall earnings expectations for 2026 remain unchanged.

此外，我們目前預期 2026 年全年依 GAAP 認列的非利息費用約增加 1.75%，相較於先前預期的 1.25% 至 2.25% 成長。綜合而言，儘管我們將營收展望小幅調整至先前 4% 至 5% 區間的低端，但我們對 2026 年整體獲利的預期維持不變。

In terms of asset quality, there's no change in our expectations for net charge-offs to be about 55 basis points in 2026. As I mentioned earlier in the call, due to increased client-driven transaction activity in our project finance business, we now expect our effective tax rate to approximate 14.5% or 16.5% on the taxable equivalent basis in 2026, versus our previous expectation of 16.5% and 18.5% respectively.

就資產品質而言，我們對 2026 年淨沖銷約為 55 個基點的預期沒有改變。如我先前在電話會議中提到，由於我們專案融資業務中客戶驅動的交易活動增加，我們目前預期 2026 年有效稅率在應稅等值（taxable equivalent）基礎下約為 14.5% 或 16.5%，相較於先前分別為 16.5% 與 18.5% 的預期。

Finally, as it relates to buybacks, we're now targeting $5 billion of share repurchases in 2026 versus our previous expectation of $4 billion. In other words, despite the pressure we see in net interest income, our stronger non-interest income, increased share repurchases, and a lower tax rate from client-driven activity result in an overall earnings expectation for 2026 that remains unchanged. As a result, we remain confident in the EPS trajectory we expected in January and in our ability to achieve our 14% ROTCE target in 2026 and our 15% ROTCE target in 2027.

最後，關於回購，我們目前目標在 2026 年進行 50 億美元的股票回購，高於先前預期的 40 億美元。換言之，儘管我們看到淨利息收入承壓，但更強勁的非利息收入、增加的股票回購，以及客戶驅動活動帶來的較低稅率，使我們對 2026 年整體獲利的預期維持不變。因此，我們仍對 1 月所預期的 EPS 走勢，以及在 2026 年達成 14% ROTCE 目標與在 2027 年達成 15% ROTCE 目標的能力充滿信心。

Now looking into the second quarter of 2026, we expect revenue to remain relatively stable relative to the first quarter, revenue of $5.2 billion. We expect net interest income to increase approximately 1% in the second quarter, primarily driven by an additional day and increased client deposit balances. We expect non-interest income to decline approximately 1% in the linked quarter due to lower investment banking and trading income, partially offset by higher other income and card and treasury management fees.

再看 2026 年第二季，我們預期營收相較第一季將維持相對穩定，營收為 52 億美元。我們預期第二季淨利息收入約增加 1%，主要由於多一天的天數效應以及客戶存款餘額增加所帶動。我們預期非利息收入以連續季度比較約下降 1%，原因是投資銀行與交易收入較低，部分被較高的其他收入以及卡片與財資管理手續費所抵銷。

Non-interest expense of $3 billion in the first quarter is expected to increase by 3% to 4% linked quarter due to higher personnel expense. Consistent with our full-year outlook, we're targeting approximately $1.2 billion of share repurchases in the second quarter of 2026.

第一季 30 億美元的非利息費用預期將以連續季度比較增加 3% 至 4%，原因是人員費用較高。與我們全年展望一致，我們目標在 2026 年第二季回購約 12 億美元的股票。

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

現在我把時間交還給 Bill，請他做一些最後的結語。

Thanks, Mike. Before we close, I want to reinforce the confidence I have in Truist's direction and earnings trajectory we're building. As shown on slide 18, we continue to have clear line of sight to a 14% return on tangible common equity in 2026 and 15% in 2027, driven by improving profitability, continued execution across the franchise, and strong capital return.

謝謝你，Mike。在我們結束之前，我想再次強調我對 Truist 目前方向以及我們正在打造的獲利軌跡充滿信心。如第 18 頁投影片所示，我們仍然清楚可見在 2026 年達成 14% 的有形普通股權益報酬率（ROTCE），並在 2027 年達成 15%；這將由獲利能力改善、全行持續落實執行，以及強勁的資本回饋所驅動。

As I mentioned earlier, our 15% ROTCE target in 2027 remains a firm and achievable target. However, we view it as an important milestone, not the endpoint. With continued execution and discipline, we have the ability and clear line of sight to drive returns to 16% to 18% over the next three to five years as earnings power continues to strengthen and capital is deployed.

如我先前提到的，我們在 2027 年達成 15% ROTCE 的目標仍然堅定且可達成。不過，我們將其視為一個重要里程碑，而非終點。在持續執行與紀律之下，隨著獲利能力持續增強並部署資本，我們有能力且清楚可見在未來三到五年把報酬率推升至 16% 到 18%。

Achieving these returns will be driven by the same core factors we've discussed today and on previous calls. These factors include sustained growth in our key businesses, positive operating leverage, disciplined expense and risk management, and elevated capital return to shareholders.

要達成這些報酬率，將由我們今天以及先前電話會議中討論過的相同核心因素所驅動。這些因素包括我們關鍵業務的持續成長、正向營運槓桿、嚴謹的費用與風險管理，以及提高對股東的資本回饋。

Overall, we're encouraged by the progress we're making, and we remain focused on executing with discipline, delivering for our clients, and creating long-term value for our shareholders. I want to thank our teammates for their commitment, focus, and their purposeful work, and thank our shareholders for your continued trust and support.

整體而言，我們對目前取得的進展感到鼓舞，並將持續專注於以紀律執行、為客戶交付成果，以及為股東創造長期價值。我要感謝我們的同仁展現承諾與專注，並以使命感投入工作；也感謝各位股東持續的信任與支持。

Well, Brad, let me turn that back over to you.

好的，Brad，我把時間交回給你。

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

謝謝你，Bill。Betsy，現在請你說明聽眾要如何參與問答環節。在你說明的同時，我也想請各位與會者為了讓今天能容納更多人提問，請每位只提出一個主要問題，並加上一個簡短追問。

(Operator Instructions)

(接線員指示)

Scott Siefers, Piper Sandler.

Scott Siefers，Piper Sandler。

Morning, guys. Thank you for taking the questions. Hey, let's see, Mike, when you think about the rationalized NII outlook for the year, could you please provide just a little context regarding just more specifically, how the lack of likely Fed fund rate cuts impact things?

早安，各位。謝謝你們接受提問。Mike，談到你們今年經調整後的淨利息收入（NII）展望時，能否請你提供一些背景，特別是更具體地說明：聯準會基金利率可能不會降息，會如何影響？

Just hoping to understand, is that just what it means likely for deposit cost leverage? Or are there other factors involved? And maybe you could talk a little about the competitive environment, particularly on the deposit side, please.

我只是想了解，這是否主要意味著存款成本槓桿的影響？還是還有其他因素？另外也請你談談競爭環境，尤其是在存款端，謝謝。

Yeah, sure. Good morning, Scott, no, I think you said it. I mean, we had cuts in April and July. With both coming out of our outlook, we've, I think, been pretty consistent about the fact that we're positioned liability sensitive on the short end. And so saw a little bit of pressure there that came through. And frankly, the second part of your question is probably the other contributing factor, which is it is competitive. I think with rates where they are, we're seeing a little bit more rotation on product. We're seeing a little bit more yield seeking and rate awareness in the market across the businesses.

好的，當然。早安，Scott，不，我想你說得沒錯。我們原本預期在 4 月和 7 月會降息。但當這兩次降息都從我們的展望中移除後，我想我們一直相當一致地表示：在短端我們的部位是負債敏感型。因此那邊出現了一些壓力。坦白說，你問題的第二部分可能也是另一個促成因素，也就是競爭確實激烈。在利率維持在目前水準的情況下，我們看到產品之間的輪動稍微增加。我們也看到市場在各項業務上更追求收益、對利率更敏感。

So probably not unexpected, given the expected path on rates but that's where the pressure is really coming from that drove our outlook a little lower. I think the good news, Scott, just to say it and we mentioned this in our prepared remarks, we are seeing great momentum on the fee side. And so I think when combined allowed us to hang on to the low end of the revenue guide and that coupled with the tax outlook and the buyback tweaked a little higher, we're seeing the bottom line, still in line with our January expectations.

所以考量到利率的預期路徑，這大概不算意外；但壓力主要就是從這裡來，讓我們把展望稍微下修。Scott，我想好消息是——也如我們在事先準備的講稿中提到——我們在手續費收入端看到很強的動能。因此合併起來，讓我們仍能維持營收指引的低端；再加上稅務展望以及回購規模略為上調，我們看到最終獲利仍與 1 月的預期一致。

Yeah. Perfect. And then on that last point, it's great to see the pace of repurchase step up in the first quarter as well as the higher expectation for the year. Maybe if you could talk a little more about that decision? How much would you say is sort of confidence in your own outlook versus just sort of panning in the risk-weighted asset release that we get from the offense new proposals, for instance?

是的。很好。另外也很高興看到第一季回購步伐加快，以及全年預期也提高。也許你可以再多談一點這個決策？你會說這有多少是基於對自身展望的信心， versus 例如來自新提案（Basel III 等）所帶來的風險加權資產釋放的順風？

Yeah. I wouldn't attribute the increase from $4 billion to $5 billion to the Basel III proposal. I think that will have an impact in terms of, we mentioned the durability of being able to stay at an elevated buyback into '28 and maybe beyond. We'll need to see where the rule finalizes. This was more of a follow-through on how we've been thinking about capital management in '26 and '27.

是的。我不會把從 40 億美元增加到 50 億美元的原因歸因於 Basel III 的提案。我認為那確實會產生影響，因為我們提到過，這會影響我們能否在 2028 年、甚至可能更久，持續維持較高水準回購的「持久性」。我們需要看看最終規則如何定案。這次調整更多是延續我們對 2026 與 2027 年資本管理的思考。

We're targeting that 10% CET1 level in '27 as the various moving parts that you would expect to contribute to capital planning that just retrended the buyback a little bit higher this year. So hopefully, that answers your question.

我們的目標是在 2027 年達到 10% 的普通股權益第一類資本比率（CET1）；在資本規劃中，各種你所預期會影響的變動因素綜合作用下，使得我們今年把回購規模稍微往上調。希望這能回答你的問題。

Yeah, that's perfect. So thank you guys very much.

是的，完全回答了。非常感謝各位。

Ken Usdin, Autonomous Research.

Ken Usdin，Autonomous Research。

Good morning. A follow-up to the longer-term 16% to 18% ROE. Just wondering, you just talked about the kind of capital part and what that might look like. How do you think the ROA trajects as you think about that new 16% to 18% and how much extra that might be on top of the -- once you get to 15%?

早安。我想追問一下較長期的 16% 到 18% 股東權益報酬率（ROE）。你剛剛談到資本面的部分以及可能的樣貌。當你們思考新的 16% 到 18% 目標時，你們認為資產報酬率（ROA）的軌跡會如何？以及在達到 15% 之後，額外提升的幅度大概會是多少？

Good morning. Ken, it's Michael. I'll start there. Look, I think as you think about the 16% to 18% over just that extended horizon, right, I think we've got a lot of confidence based on a lot of the areas that Bill mentioned in his remarks in terms of the areas where we expect to improve profitability, right, client deposits. We expect our margin to improve. Our fee businesses are all generating accelerating growth.

早安。Ken，我是 Michael。我先回答。你看，當你把 16% 到 18% 放在更長的時間範圍來看時，我認為我們很有信心，因為 Bill 在他的談話中提到許多我們預期能提升獲利能力的領域，例如客戶存款。我們預期利差會改善。我們的手續費業務也都在產生加速成長。

Those same factors are going to contribute to that next horizon the three- to five-year outlook of 16% to 18%. I see our ROA profile moving closer to, call it, [120] in that sort of 2017 outlook, and I think it creeps a little higher from there.

同樣的因素也會推動下一個時間區間，也就是三到五年的 16% 到 18% 展望。我認為我們的 ROA 概況會更接近——姑且稱之為——[120]，也就是那種 2017 年展望的水準，並且我認為之後還會再略為上升。

Yes, Ken, I would just add, I think the 16% to 18% is a mixture. Mike talked about just accelerating our growth in fees, expanded NIM, margin, client deposit growth, optimizing the balance sheet, benefits, prudent capital allocation, more durability in our return on capital. Think about things like that, for us, the HTM pulled a par and then just efficiencies in our business.

是的，Ken，我再補充一下：我認為 16% 到 18% 是多項因素的組合。Mike 談到的是加速手續費成長、擴大淨利息收益率（NIM）與利差、客戶存款成長、最佳化資產負債表帶來的效益、審慎的資本配置，以及讓我們的資本報酬更具持久性。也可以想想像是對我們而言，HTM 拉回到票面（par），以及我們業務上的效率提升。

So not only is it an ROA story, but it's also an efficiency story. I mean I think that we're seeing some of the benefits of things like AI, but in fairness, just the process improvements that we're making that we can redeploy for growth and also harvest for profitability.

所以這不只是 ROA 的故事，也是一個效率的故事。我的意思是，我們確實看到像 AI 這類工具帶來的一些效益，但公平地說，更重要的是我們正在做的流程改善；這些改善可以重新部署以支持成長，也能轉化為獲利能力。

Got it. And second, just a question on Investment Banking, a really solid result this quarter. I know Mike, you talked about the second quarter a little bit. But just can you talk about the different sides of the business? What was the drivers IB versus Trading? And then just how you're seeing the environment and customer confidence in terms of transaction willingness?

了解。第二個問題，關於投資銀行，本季表現非常亮眼。我知道 Mike 你稍早談到了一點第二季的情況。但你能否談談業務的不同面向？投行（IB）相較於交易（Trading）的驅動因素是什麼？另外，你如何看待目前環境以及客戶信心，特別是就交易意願而言？

We had broad-based strength this quarter, especially on a like-quarter basis, you saw outsized performance and trading. But I'd say we're seeing really good activities across the core banking business as well as trading. If you think about our outlook for the year, I think at one point, we were thinking about kind of mid-teens growth.

我們本季呈現廣泛性的強勁表現，尤其以同季比較來看，你會看到交易業務有超出預期的表現。但我會說，我們在核心銀行業務以及交易方面都看到非常好的活動量。如果你看我們對今年的展望，我想在某個時間點，我們原本預期大概是中十位數的成長。

I think it could be higher than that, high teens, maybe even 20% across that full line. A lot of that is trading year-over-year, but we expect double-digit growth in what I think of as like the traditional investment banking business. And it's broad-based. It's really across all the products.

我認為可能會高於那個水準，達到高十位數，甚至整體可能接近 20%。其中很大一部分是交易業務的年增所帶動，但我們也預期我所稱的傳統投資銀行業務將有雙位數成長。而且是廣泛性的。基本上涵蓋所有產品。

And I mentioned in my comments, I think one of the things I'm probably most excited about is just this connectivity to our core franchise. I mean I think that's a set of our secret sauce in the investment banking business. The fees from our commercial and wealth businesses were up actually substantially, and the pipelines are up substantially as part of that. So it feels and the confidence that we talked about, it just feels more durable and feels more sustainable because it's tied in tightly to that to the franchise.

我在評論中提到，我最感到興奮的其中一點，就是與我們核心特許經營（franchise）的連結性。我認為這正是我們投資銀行業務的「獨門配方」。來自我們商業銀行與財富管理業務的費用收入其實大幅上升，而相關的案源管線（pipelines）也大幅增加。因此，這種感受以及我們談到的信心，之所以更持久、更可持續，是因為它與我們的特許經營緊密相連。

Erika Najarian, UBS.

Erika Najarian，瑞銀（UBS）。

Yes, thank you for taking my question. Bill, this one is for you. I guess I'm wondering why unveil today a new long-term ROTCE target. I fully realize that you have the Basel III reform coming. But you also -- Mike also mentioned that wasn't a factor in the repurchase. So I guess, is there something in the ROA profile that you saw accelerating or improving that gave you the confidence to unveil a new ROTCE target today?

是的，謝謝讓我提問。Bill，這題是問你的。我想知道為什麼今天要公布一個新的長期 ROTCE 目標。我完全理解你們即將面臨巴塞爾 III 改革。但你也提到——Mike 也提到——那並不是回購的因素。所以我想問的是，你是否在 ROA 的輪廓/走勢上看到某些加速或改善，讓你有信心在今天公布新的 ROTCE 目標？

Yes. I mean, I think, Erika, you and others have asked us a lot is 15% sort of the endpoint or is it a point on the journey. And I think one, we feel confident where we're going. You can see this quarter's results, and we feel confident in the momentum that we're building. Quite frankly, the Basel 3 is a component. So we wanted to answer that question as well, sort of how does that fit into this piece.

是的。我的意思是，Erika，你和其他人常常問我們：15% 是終點，還是旅程中的一個點。我想第一，我們對前進方向很有信心。你可以看到本季的結果，我們也對正在建立的動能很有信心。坦白說，巴塞爾 III 也是其中一個組成部分。所以我們也想回答這個問題，也就是它如何融入這整體的拼圖。

And as Mike highlighted, it's pretty beneficial to our balance sheet. It's beneficial to the -- how we do business. And so our ability to redeploy capital as it relates to that part of it. So I think it's a variety of things. We felt it was important to start putting a stake in the ground for you, your constituency, for our shareholders. and for our teammates. We just feel really good about the momentum we're building.

而如同 Mike 強調的，這對我們的資產負債表相當有利。也有利於——我們做生意的方式。因此，這也關係到我們在那部分的資本再部署能力。所以我認為是多種因素的綜合。我們覺得重要的是，為你們、你們的利害關係人、我們的股東以及我們的同仁，先把目標「釘」在地上。我們對正在建立的動能感覺非常好。

Let me just to add to that, Erika. I mean, in fairness, we didn't really have a long-term target out there. The 14% and 15% ROTCE targets really are short term and I think Bill said it, I think it was appropriate for us to establish a long-term target. I think having clarity on the evolving capital framework contributed to that. But really, I think it's the confidence in the business that we're -- and the momentum that we're seeing in the businesses. So really, all three of those factors contributed to our decision to provide a new target.

Erika，我再補充一下。公平地說，我們之前其實沒有對外提出一個長期目標。14% 和 15% 的 ROTCE 目標其實是短期目標；正如 Bill 所說，我認為我們建立一個長期目標是合適的。對於資本框架演進的清晰度，確實也促成了這件事。但更重要的是，我認為是我們對業務的信心——以及我們在各項業務中看到的動能。所以，這三個因素共同促成我們決定提供一個新的目標。

Thank you. And my second question, we have to ask because obviously, Truist was in the news a few weeks ago. There was a Bloomberg article essentially speculating that you could potentially be attractive to another partner. And I know you just put a stake in the ground. So clearly, you have a view of your future that's right. At the same time, your market cap to core deposits is quite low relative to your peers.

謝謝。我的第二個問題，我們必須問，因為顯然 Truist 幾週前上了新聞。有一篇彭博文章基本上在推測，你們可能對另一個合作夥伴具有吸引力。而我知道你們剛剛已經把目標釘在地上。所以很明顯，你們對自身未來有一個你們認為正確的看法。同時，你們的市值相對於核心存款的比率，與同業相比相當低。

And looking at your Board, you have some heavyweight financial institution veterans on your Board. Bill, I guess, like this is sort of a free-flowing question. What are your thoughts on that -- monetizing your business that way?

再看你們的董事會，裡面有一些重量級的金融機構資深人士。Bill，我想這算是一個比較開放式的問題。你怎麼看待——用那種方式把你們的業務變現（monetizing）？

Yeah. I mean, Erika, we've all been at this a long time and to ask me to speculate on some rumor and some article which by the way, has been repeated, I think, pretty solidly by the person identified in that. So let's just like put that aside.

是的。Erika，我們大家在這行都很久了，要我去臆測某個傳聞、某篇文章——順帶一提，我認為文中被點名的人也相當明確地重申過——所以我們先把那個放一邊。

Now, how do we feel about our business? I think we feel great about our business. And we feel great about the trajectory that we're establishing. We've sort of -- we've set forth a plan that achieves mid-teens EPS growth over an extended period of time under a really good risk posture. I think that provides an advantaged return to our shareholders, and that's always going to be the goal is let's make sure we have a plan that gives an advantage return to our shareholders. And that's -- that's the 100% focus of our Board, myself and our team.

那我們對自己的業務感覺如何？我想我們對自己的業務感覺非常好。我們也對正在建立的發展軌跡感到非常好。我們已經提出一個計畫：在非常良好的風險態勢下，於較長期間實現中十位數的 EPS 成長。我認為這能為股東帶來具優勢的報酬，而我們的目標永遠都是：確保我們有一個能為股東帶來更有利回報的計畫。而這——這就是董事會、我本人以及我們團隊 100% 的專注重點。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利（Morgan Stanley）。

Hi, good morning. Bill, a question for you on the ROTCE target. I know you laid it out as a three to five-year target. But as we think about that 15% number for next year, do you need to see the benefit from the lower capital requirements come through before you get to the lower end of that longer-term ROTCE target? Or can we continue to see some improvement post that 15% as we get into 2028 and beyond?

嗨，早安。Bill，我想就 ROTCE 目標問你一題。我知道你把它設定為三到五年的目標。但當我們思考明年的 15% 這個數字時，你是否需要先看到較低資本要求帶來的好處落地，才能達到那個較長期 ROTCE 目標區間的下緣？或者在達到 15% 之後，隨著進入 2028 年及之後，我們仍能持續看到一些改善？

Yes. I mean, if the question is the 15% was established without any regard to Basel. So if that's the question, that's how we establish that goal. And then the 16% to 18% starts to take a first sort of nibble at that in terms of how we might deploy capital and confidence in how we would use capital to continue to grow our business. But as Mike highlighted, it's really about our just accelerated confidence in our business, our ability to improve margins, accelerate growth in fees and continue to stay on the trajectory that we've already established.

是的。我的意思是，如果你的問題是：15% 這個目標是在完全不考慮巴塞爾的情況下建立的。如果是這個問題，那我們就是這樣設定那個目標的。而 16% 到 18% 則開始把巴塞爾因素「稍微」納入，主要是就我們可能如何部署資本、以及我們如何運用資本來持續成長業務的信心而言。但如同 Mike 強調的，核心其實是我們對業務加速提升的信心、我們改善利差/利潤率的能力、加速費用收入成長的能力，以及持續維持我們已經建立的發展軌跡。

So the 15% was established under sort of, I would say, non-Basel and then 16% to 18% has some incorporation, but more in terms of how we would utilize the capital against our strategies. Does that make sense to your question?

所以 15% 是在我會說的「非巴塞爾」情境下建立的；而 16% 到 18% 有一些納入，但更多是就我們會如何把資本用在策略上。這樣有回答到你的問題嗎？

Yes, it sounds like it's coming from both the numerator and the denominator as we go out beyond 2027.

是的，聽起來隨著我們展望到 2027 年之後，這同時來自分子與分母兩端。

Absolutely. And I would just add, the Basel impact while it's a contributing factor is not the majority of the benefit that I think we'll see over that period. It's going to be more capital-efficient revenue. It's going to be a more efficient balance sheet efficiency, productivity. So it's really -- we're focused on the numerator and the denominator and glad to have both, but have good line of sight to operating in that area.

完全同意。我只想補充，巴塞爾規範的影響雖然是其中一個貢獻因素，但並不是我認為在那段期間我們將看到的效益中的主要部分。更多會來自資本效率更高的營收。也會來自更有效率的資產負債表運用、以及生產力提升。所以重點是——我們同時聚焦分子與分母，也很高興兩者都能帶來助益，而且我們對在那個區間內運作有相當清晰的能見度。

Got it. And just as my follow-up, as we think about net interest margins, Mike, you noted yield-seeking behavior and more competition on the loan side. I guess, how are you thinking about that three teens level on NIM going forward?

了解。再追問一下，談到淨利差（NIM），Mike，你提到存款客戶有追求更高收益的行為，以及放款端競爭更激烈。那麼，對於未來 NIM 維持在「三個十幾」（3-teens）這個水準，你是怎麼思考的？

Yes. I think -- so we still feel good about getting to a three teens net interest margin. I think without the cuts this year, we won't get there by the end of the fourth quarter, which is what we said we'd be able to do in January. And again, I attribute that to the rate path. I think current curve has a cut in '27.

是的。我想——我們仍然對達到「三個十幾」的淨利差感到有信心。我認為如果今年沒有降息，我們就無法在第四季末達到那個水準；那是我們在一月時說過可以做到的。而且我再次把這歸因於利率路徑。我認為目前的殖利率曲線把降息放在 2027 年。

That, coupled with some of the other benefits like the cumulative fixed asset -- fixed rate asset repricing and other factors, I think, do get us there in '27. And who knows? We don't know what the rate path actually will be, so we can hold off some hope. But three teens this year is not likely to happen.

再加上一些其他效益，例如固定資產——固定利率資產的累積性重定價，以及其他因素，我認為會讓我們在 2027 年達到那個水準。而且誰知道呢？我們並不知道實際的利率路徑會如何，所以我們仍可以保留一些希望。但今年達到「三個十幾」不太可能發生。

Thank you.

謝謝。

We will see, by the way, it just to clean it up. we will see our net interest margin continue to expand throughout the second half of the year. So we get a little bit of benefit in the second quarter from some seasonality on the CSBB side, on some deposits which show up in the third quarter, and then we have good seasonal patterns in the fourth quarter as well around public funds plus the other factors I mentioned.

順帶一提，為了把話說清楚，我們會看到淨利差在下半年持續擴大。所以第二季我們會因為 CSBB 端的一些季節性因素、以及部分存款的季節性而得到一點好處，這些會在第三季反映出來；而第四季在公款（public funds）方面也有良好的季節性型態，再加上我剛才提到的其他因素。

So you will see us after kind of a stable Q2, expand, and we do expect for the full year to have a net interest margin better than we had in 2025. We just won't get to that three-teens exit rate as we see it right now.

所以在第二季大致穩定之後，你會看到我們開始擴大；而且我們預期全年淨利差會優於 2025 年。只是以目前我們看到的情況，還達不到那個「三個十幾」的期末（exit）水準。

Great. I appreciate the color. Thank you.

很好。謝謝你提供的補充說明。謝謝。

Mike Mayo, Wells Fargo.

Mike Mayo，富國銀行（Wells Fargo）。

Hi. You mentioned an increase in yield-seeking behavior among customers for deposits. And I guess, everybody loves your markets, obviously. And they're moving there, they vacation there and all the banks are opening branches and hiring bankers. So I ask this question every quarter. It just seems like it's continues to pick up.

你好。你提到客戶在存款方面追求更高收益的行為增加。而且我想，大家顯然都很喜歡你們的市場。人們搬到那裡、去那裡度假，所有銀行都在開分行、招募銀行家。所以我每一季都會問這個問題。看起來這種情況還在持續升溫。

I don't you say none of this is new, you're used to that, but just seems to be reach to the next level. I think you have like the Truist One checking sign-up bonus. So I guess my question is, what's the temperature on the degree of competition? How much are you using kind of marketing expenses, such as paying customers to move their accounts and what impact is it happening? Thanks.

我不是說這些都不是新鮮事，你們也習慣了，但感覺好像又上了一個層級。我想你們有像 Truist One 支票帳戶的開戶獎金。所以我的問題是，競爭的溫度到底有多高？你們在多大程度上使用行銷費用，例如付錢讓客戶把帳戶轉過來？其影響是什麼？謝謝。

Yes. Mike, it is competitive as we've noted. And we're seeing that, that show up from people who've moved into our markets, and they're coming to our markets for the right reason. Our markets grew net migration by almost 300,000. And last year, and Charlotte, as an example, grows by 150 people a day. So we see and feel that in migration into our markets and the competitive nature of that.

是的。Mike，正如我們所提到的，競爭確實激烈。我們看到這點反映在搬進我們市場的人身上，而他們來到我們市場的理由也很正當。我們的市場淨遷入人口增加了將近 30 萬。而且去年，以夏洛特為例，每天增加 150 人。所以我們確實看到並感受到人口遷入我們市場，以及由此帶來的競爭態勢。

On the deposit side, we also grew net-new. So that's an important barometer that we look at. So first quarter, again, grew net new, that's a critical barometer for us. It's sort of like in the are we winning category. Yes, we use marketing tools like everybody else does. Yes, we use incentives for clients to join us. But you also saw the really good production in the places that we're emphasizing. So think about our premier banking, production was up 20%. Premier is a bit of a place where we've just started leaning in the last couple of quarters.

在存款端，我們也實現了淨新增成長。這是我們觀察的一個重要指標。所以第一季同樣是淨新增成長，這對我們是關鍵指標。這有點像是「我們是否在贏」的類別。是的，我們像其他人一樣使用行銷工具。是的，我們也會用獎勵措施吸引客戶加入。但你也看到我們在重點投入的領域有非常好的產出。例如我們的尊榮銀行（Premier Banking），產出成長了 20%。Premier 是我們在過去幾季才開始加大投入的領域。

So we're starting to see the real benefit of very focused, very targeted deposit production. And then we're seeing deposit production outside of our core franchise. So if you look at sort of our overall deposit production. We talked about this earlier. As you know, it's up pretty significantly outside of our franchise, our core franchise.

因此我們開始看到非常聚焦、非常精準的存款拓展所帶來的實質效益。同時，我們也看到核心特許經營（core franchise）之外的存款拓展。所以如果你看我們整體的存款拓展。我們之前也談過。如你所知，在我們的特許經營之外、也就是核心特許經營之外，成長相當顯著。

So not only are we competing, we're also on the offensive side in lots of places. So -- but as Mike noted, if rates higher for longer is a tough operating environment for deposits. And what we look at is are we creating net new or we're growing our business with new clients, and we see that both in the wholesale and the consumer side. So while the profitability of those clients is less today, the fact that we're adding them as a good harbinger for profitability in the future.

所以我們不僅在競爭，也在很多地方採取進攻策略。不過正如 Mike 所說，如果利率在高檔維持更久，對存款而言是個艱難的經營環境。我們看的重點是：我們是否在創造淨新增、是否透過新客戶來擴大業務；我們在批發端與消費端都看到了這點。所以雖然這些客戶目前的獲利能力較低，但我們正在增加他們，這是未來獲利能力的良好先兆。

Okay. So planting seeds for the future. And just a follow-up to your answer to the other question, I wasn't sure on the exact answer of that. What is Truist -- under what conditions would Truist consider, say, another merger of equals? Under what conditions would Truist consider selling to another bank?

好的。所以是在為未來播種。另外追問一下你對前一個問題的回答，我不太確定你剛才的答案具體是什麼。Truist 在什麼條件下會考慮，例如，再來一次對等合併（merger of equals）？Truist 在什麼條件下會考慮出售給另一家銀行？

Under what condition would Truist consider buying another bank? And this topic does come up, not just in the press but with investors, as you know. And as you said, 16% to 18% ROTCE with a lower risk profile over three to five years, it seems like you have a game plan.

Truist 在什麼條件下會考慮收購另一家銀行？而且如你所知，這個話題不只在媒體上，也會在投資人之間被提起。正如你所說，未來三到五年以較低風險輪廓達成 16% 到 18% 的 ROTCE（有形普通股權益報酬率），看起來你們已經有一套作戰計畫。

Having said that, the question does come up. And also, Bill, you sound like you have a lot of energy as we hear you right now, but how -- what's your plan to stay on? How long -- is there a mandatory retirement? I forget the succession and that whole kind of big question.

話雖如此，這個問題確實會被提出。另外，Bill，從你現在的聲音聽起來精力很充沛，但你打算繼續留任的計畫是什麼？你會待多久——是否有強制退休年齡？我忘了接班安排以及那整個大問題。

So Mike, we're just going to go after all of them. Okay. All right. Well, let's go down it. So on the succession side, I've got a great job leading a great purpose-led company. We've got a great team, incredible teammates, strong leadership team, businesses hitting on more cylinders every day towards our performance and return objectives and just be confident that our Board has a strong succession process, and they can apply against this incredible framework. So just like put that one in that category.

所以 Mike，我們就把這些全部一起回答。好。好吧。那我們逐一來。先談接班，我很榮幸能領導一家以使命為導向的優秀公司。我們有很棒的團隊、了不起的同仁、強而有力的領導團隊，各項業務每天都在以更多面向推進，朝向我們的績效與報酬目標前進；我也很有信心董事會有健全的接班流程，並能在這個卓越的架構下加以運用。所以就把這一題先歸到那一類。

We've been really clear on the M&A front, Mike. I mean I don't know how to be more clear that, that's just not a priority for us. So I mean, I'll just say it one more time. And to your part of your question is part of the answer is we've got a great plan. We've got a really strong plan. I think this quarter is one more evidence of the fact that we're executing against that plan.

Mike，我們在併購（M&A）方面一直講得非常清楚。我的意思是，我不知道還能怎麼更清楚地說：那對我們來說並不是優先事項。所以，我再說一次。而你問題中的一部分，其實也是答案的一部分：我們有一個很好的計畫。我們有一個非常強而有力的計畫。我認為本季再次證明了我們正在依照該計畫執行。

We have an opportunity to deliver return to shareholders that I think are advantaged and they are advantaged given where we're coming from, given the growth that we see. And look, that's going to be the goal is how do we maximize this franchise? How do we create advantage shareholder value? And that's the focus every day. Again, from me, my team, the Board, and our incredible teammates.

我們有機會為股東帶來我認為更具優勢的回報，而這種優勢來自於我們的起點、以及我們所看到的成長。而且你看，目標就是：我們要如何把這個特許經營（franchise）價值最大化？我們要如何創造具優勢的股東價值？這就是每天的重點。同樣地，這是我、我的團隊、董事會，以及我們出色的同仁每天專注的事。

All right. That's great. If I can squeeze one more. Your core investment banking business growing double digits even without trading. That seems to be much faster than peers your size. I'm not sure why you're growing so much faster than others there.

好。很棒。如果我可以再擠一個問題。你們的核心投資銀行業務即使不含交易（trading）也有雙位數成長。這看起來比同等規模的同業快很多。我不太確定為什麼你們的成長會比其他人快這麼多。

Well, a couple of things, Mike. I mean I think, one, we've been at this for a long time. So this is a multi-decade build of our business. And as I mentioned in the earlier answer is this tie into our franchise. So this isn't a separate business that's just solely market dependent.

嗯，有幾點，Mike。我想第一，我們做這件事已經很久了。所以這是我們業務歷經數十年的建置成果。而且如我在前面回答提到的，這與我們的特許經營（franchise）緊密相連。因此這不是一個獨立、只單純依賴市場環境的業務。

We really have incredible bankers on the field right now that really understand how to utilize the skills, the advice, the industry specialization, the products for all of our commercial, corporate and middle-market clients. So I think the confidence that we have not only in the future, but a bit of the -- you noted the excess performance is really tied to this durability of our franchise. And this is a culture that we've built over decades. This is why teammates want to come, be part of this investment banking business and be part of our core corporate and middle market business. They want to come here and be part of it because they can see that opportunity, and it's manifesting itself in the results.

我們現在場上真的有非常出色的銀行家，他們非常了解如何運用專業技能、建議、產業專精與產品，來服務我們所有的商業、企業以及中型市場客戶。所以我認為，我們不僅對未來有信心，而且你提到的超額表現，很大程度上也與我們特許經營的韌性密切相關。這是一種我們花了數十年建立的文化。這也是為什麼同仁想加入、成為這個投資銀行業務的一部分，並成為我們核心企業與中型市場業務的一部分。他們想來這裡參與其中，因為他們看得到機會，而這也正反映在成果上。

I mean the consistent pattern, Mike, for IB is that we're playing more meaningful roles in even larger transactions. So you've got some leverage there, too, just as we continue to bring great talent to the platform and again, our earning, again, more important roles. So hopefully, that will continue.

我的意思是，Mike，投行（IB）一貫的趨勢是：我們在更大型的交易中扮演更具關鍵性的角色。因此，隨著我們持續把優秀人才帶到這個平台上，而且我們再次在更重要的角色上取得更多份額，你們也會看到一些槓桿效應。所以希望這樣的趨勢能持續下去。

All right. Thank you.

好。謝謝。

(Operator Instructions) Matt O'Connor, Deutsche Bank.

（接線員指示）Deutsche Bank 的 Matt O'Connor。

Good morning. Was just hoping to dig into the loan growth a little bit. I guess, first, why don't we see a little bit more on the commercial side this quarter? And why not more optimistic on the year? And is there some kind of loans that are being fed through kind of the banking network instead as we just think about kind of the business holistically?

早安。我想再深入了解一下貸款成長。我想先問，為什麼本季在商業端沒有看到更多成長？以及為什麼對全年不更樂觀？另外，從整體業務來看，是否有某些貸款其實是改由銀行網路（banking network）那邊承作/流轉？

Yeah, sure, Matt. So let me take a shot at that. So if you look at the commercial -- commercial corporate banking business, it's up a little over 8% year-over-year and a little under -- just under 2%. So we've got good momentum in the places that we're emphasizing. And what I really like about it is this is -- our team is really focused on the return side.

好的，當然，Matt。我來試著回答。如果你看商業——商業企業銀行業務，年增略高於 8%，而且——略低於——不到 2%。所以在我們強調的領域，我們有不錯的動能。而我真正喜歡的是——我們的團隊非常專注在報酬面。

So 22% more new relationship, 60% of payments and business associated with it. It's a higher quality. So as we enter into the risk profile, it's a higher quality. The revenue per client is higher. So I see this investment in the future. And then we're seeing really good activity in other markets, Texas, Pennsylvania, Western PA, Ohio, so I think our model is actually resonating really well. I think our teams are focused on the right things on higher returning, more fulsome relationships where we can play a lead in more meaningful role.

所以新建立的往來關係增加 22%，其中 60% 也帶來了相關的支付與業務。品質更高。因此就風險輪廓而言，品質更高。每位客戶的收入更高。所以我把這視為對未來的投資。此外，我們也在其他市場看到非常好的活動：德州、賓州、西賓州、俄亥俄；所以我認為我們的模式確實引起了很好的共鳴。我認為我們的團隊專注在正確的事情上：更高報酬、更完整的往來關係，讓我們能在其中擔任主辦並扮演更有意義的角色。

So maybe our at -- bats are a little smaller, but our batting average is really high. We're winning where we want to win. And then on the consumer side, there was some intentionality on that side, so some of the places that have lower returns, I think indirect auto spreads have tightened pretty significantly there.

所以也許我們每次上場打擊（at-bats）的規模小一點，但我們的打擊率非常高。我們在想贏的地方贏下來。而在消費端，那邊也有一些刻意的調整；在一些報酬較低的領域，我認為間接汽車貸款利差已經明顯收斂。

That's an area that we throttled back a little bit. But our core consumer businesses, I think Sheffield, Lightstream, Service Finance, that's up 7.5%-plus of like, average balances are up. And remember, that has a seasonality to it. So the production in those businesses, remember, if you think about power equipment and HVAC and all that, production will go up 30% to 50% here in the next couple of quarters.

那是我們稍微放慢的一個領域。但我們的核心消費金融業務，我想 Sheffield、Lightstream、Service Finance，平均餘額成長超過 7.5%。而且請記得，那是有季節性的。所以這些業務的放款量，記得，如果你想到動力設備、HVAC（暖通空調）等，接下來幾季的產量會增加 30% 到 50%。

So I think we're -- I think we're actually positioned in the right place to be focused on higher returning businesses that achieved really good return for us. So -- and pipelines are strong. And again, pipelines in the businesses and the places where we think are most important to win and achieve the best return long term for our shareholders

所以我認為——我認為我們其實站在正確的位置上，專注於能為我們帶來很高報酬的高報酬業務。所以——而且案源（pipelines）很強。同樣地，案源集中在我們認為最重要、最需要贏下來、並能在長期為股東取得最佳報酬的業務與區域。

Okay. Thank you.

好的。謝謝。

Ebrahim Poonawala, Bank of America.

美國銀行（Bank of America）的 Ebrahim Poonawala。

Good morning. Just wanted to follow up, Bill, I guess, with all the questions and just from a stock standpoint, like I think you said like you've got a great plan, strong momentum just as you talked about the businesses. Correct me if I'm missing something. When we look at the revenue growth outlook for the full year, 4%, expenses, whatever up 2%, is that the algo? Or do you think this bank should be doing much better than 4% in nominal GDP world of 3% to 5%?

早安。Bill，我想追問一下，因為大家問了很多問題，從股價/股票的角度來看，我想你說你們有很好的計畫、強勁的動能，就像你談到各項業務一樣。如果我有遺漏請糾正我。當我們看全年營收成長展望 4%，費用大概成長 2%，這就是你們的演算法（algo）/目標框架嗎？還是你認為在名目 GDP 3% 到 5% 的世界裡，這家銀行應該做得遠比 4% 更好？

Just how do you put sort of the medium-term growth outlook for the company? And is 4% the right way? Because I think part of it is, you've got the scale, you've got all these businesses, shouldn't you be doing better in an environment which seems generally constructive?

你如何看待公司中期的成長展望？而 4% 這個看法是否正確？因為我想其中一部分是，你們有規模、也有這麼多業務，在看起來整體偏建設性的環境下，不是應該做得更好嗎？

Yes. Ebrahim, I think what you're seeing is that building over time, right? So we're hitting on more cylinders. So that growth in revenue continues to increase. As it relates to this specific outlook, I mean, we took a posture that we've looked at the forward curve and took a view that that's going to have an impact on NII and wanted to reflect that.

是的。Ebrahim，我認為你看到的是隨著時間推進的累積建置，對吧？所以我們在更多引擎上同時發力。因此營收成長會持續提高。至於這個特定的展望，我們採取的立場是：我們看了遠期利率曲線（forward curve），並認為那會對淨利息收入（NII）造成影響，因此希望把這點反映進去。

But if you look at the momentum in terms of new clients, the activity, the fee businesses, the things that are going on, I think we'll continue to sustainably build that business and sustainably build it with a more positive and continued operating leverage. And you see it in this quarter, and you see it in our confidence in establishing that in a longer-term goal. And that was the purpose of doing that. We'll continue to improve, continue to hit on more cylinders. And I think every day, it better reflects the opportunity that's our franchise.

但如果你從新客戶的動能、活動量、手續費型業務以及正在發生的各項事情來看，我認為我們將持續、可持續地打造這項業務，並且在更正向且持續的營運槓桿帶動下穩健成長。你在本季看得到，也能從我們對把它設定為更長期目標的信心中看得到。這就是這麼做的目的。我們會持續改善、持續讓更多引擎缸數一起發力。我認為每天它都更能反映我們這個特許經營平台所擁有的機會。

John Pancari, Evercore.

John Pancari，Evercore。

Just on the -- back to the deposit side of the equation, could you maybe just update us on your growth expectation there? And then the areas of what businesses that you're really focusing on? I know deposit generation on the core side has been an intensified focus for the bank this year. And if you could talk to us about that progress you're making in remixing the deposit base? And then just lastly, what is your updated rate sensitivity to moves along the curve?

就——回到存款這一端的問題，能否請你更新一下你們對存款成長的預期？以及你們真正聚焦的業務領域是哪些？我知道今年銀行在核心端的存款生成一直是加強的重點。如果可以的話，請談談你們在重新調整存款基礎（deposit base remix）方面取得的進展。最後，你們對殖利率曲線各段利率變動的最新利率敏感度是多少？

I'll get the first and the third and maybe let Bill provide a little commentary on some of the deposit production stuff. I think we -- our outlook for deposits year-over-year average is low single digits, John. We feel fine about that, very focused on mix as well. Obviously, based on some of my comments about DDA and rotation, defending clients, it's -- obviously, it's a competitive environment out there. You asked about IRR sensitivities.

我先回答第一個和第三個問題，然後也許讓Bill就存款產出的一些情況補充說明。我想我們——我們對存款年對年平均的展望是低個位數成長，John。我們對此感覺良好，也非常重視結構（mix）。顯然，基於我先前對DDA與資金輪動、守住客戶的評論——外部環境確實競爭激烈。你問到IRR敏感度。

Relatively unchanged relative to the new baseline, right? We've got no cuts in now. We've -- so we see a touch of risk in the up 50s and the down 50s. We're sitting at this strange place where you've got the clients along the option on both sides, right? So whether it's rotation or prepayment, but we're relatively neutral, maybe a better way to put it.

相對於新的基準，大致沒有改變，對吧？我們現在的假設已經不包含降息。我們——所以在上升50個基點與下降50個基點的情境下，我們看到些微風險。我們處在一個有點奇特的位置：客戶在兩邊都握有選擇權，對吧？不論是資金輪動或提前償還，但我們相對中性——也許這樣說更貼切。

Yeah. And then in terms of the focus area, John, so I mentioned before, the premier production, which is really strong, net new, which is good. And then overall, like in our middle market business and across wholesale, we've had a really significant increase in their activity in deposits. 60% of our new business has a mandated component to it. So while some of those are more interest-bearing at this point, I think it's indicative of the quality of the relationship and ability to improve the profitability on that going forward.

是的。至於聚焦領域，John，如我之前提到的，高端客群（premier）帶來的新增產出非常強勁，淨新增也很好。另外，整體來看，在我們的中型市場業務以及整個批發端（wholesale），存款相關活動量有非常顯著的提升。我們60%的新業務都包含強制性的存款組成。因此，雖然其中一些目前是較偏付息的存款，我認為這反映了關係品質，以及未來提升其獲利能力的空間。

And so I feel good about the momentum that we've established in the wholesale side and the consumer side. I think today, getting new clients is actually really important. And I think our engine is firing on a lot of cylinders and the profitability of that, certainly from the deposit side will improve over time.

所以我對我們在批發端與消費端所建立的動能感到樂觀。我認為在今天，取得新客戶其實非常重要。我覺得我們的引擎在很多方面都在發力，而其獲利性——特別是從存款端來看——會隨時間推進而改善。

Okay. Thanks, Bill.

好的。謝謝你，Bill。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Good morning, gentlemen. Thank you for the added disclosures on the NDFI and everyone is obviously giving us better disclosures, which is great. So the question is there's really no concerns, I don't think today about credit losses. And the way the loans are structured as you described, and your disclosure suggests that even in the downturn, losses might be limited. But I guess -- and you guys have done credit well through the cycle. So from your perspective, can you share with us in a downturn, what are the real risks in this portfolio for you folks, again, in a normal recession, normal credit cycle where we know everybody is going to have higher credit issues?

早安，各位先生。感謝你們增加對NDFI的揭露，而且顯然大家都在提供更好的揭露，這很棒。所以問題是：我想目前其實沒有什麼對信用損失的疑慮。依照你們所描述的貸款結構，以及你們的揭露內容顯示，即使在景氣下行時，損失也可能有限。但我想——而且你們在整個景氣循環中一直把信用做得很好。所以從你們的角度，能否分享在景氣下行時，對你們而言這個投資組合真正的風險是什麼？同樣是在一般衰退、一般信用循環的情境下，我們知道每個人都會面臨較高的信用問題。

Yes. Thanks, Gerard. I appreciate the question. So I think first for us, we start with really strong relationships. We have solid bankers covering these asset managers and the clients. And then as you noted, the structural protections that exist, particularly in the BDC or the private credit section that middle market, our advance rates are sort of in that 60% to 70% range.

是的。謝謝你，Gerard。我很感謝這個問題。我想對我們而言，首先是建立在非常強的客戶關係上。我們有很扎實的銀行團隊覆蓋這些資產管理人與客戶。然後如你所提到的，存在結構性的保護，特別是在BDC或私募信貸那一塊的中型市場，我們的預支比率（advance rates）大約在60%到70%的區間。

And so we have significant protection in there. So we've also modeled this in a stressed environment, and this overall actually performs better than our aggregate C&I portfolio. And so we're confident in where we sit today with how we've underwritten these credits and how we manage and monitor them. As you know, they have regular collateral inspections, strong borrowing base. So we're confident in where we sit today with it. I think how it manifests in a downturn, you would watch what happens to the underlying companies and their performance within those structures.

因此我們在其中有相當程度的保護。我們也在壓力情境下做過模型測試，而整體表現其實優於我們的整體C&I投資組合。所以我們對目前在這些授信的承作（underwriting）方式，以及我們管理與監控的方式，都很有信心。如你所知，它們有定期的擔保品檢查、強健的借款基礎（borrowing base）。因此我們對目前的狀況很有信心。我想在景氣下行時，它會如何呈現，你會去觀察底層公司在這些結構之下的表現會發生什麼變化。

Thank you, Mike.

謝謝你，Mike。

Saul Martinez, HSBC.

Saul Martinez，HSBC。

Hi.Thanks for squeezing me in here. I want to follow up on the investment banking outlook. Good quarter, high-teen growth expectations, which does -- which is off of maybe some easy comps in the first half of last year. But I wanted to ask just about your confidence in sustaining double-digit growth beyond 2026. What drives that? Which products? Is it ECM, advisory? And how are you thinking about the growth there?

嗨。謝謝讓我插個問題。我想追問一下投資銀行業務的展望。本季表現不錯，對高十位數成長的預期——這可能部分是因為去年上半年基期較容易。但我想問的是，你們對於在2026年之後仍能維持雙位數成長的信心如何？是什麼在驅動？哪些產品？是ECM、財務顧問（advisory）嗎？你們如何看待那邊的成長？

And just as a clarification, when you say double digits, are you talking about core investment banking or Investment Banking and Trading -- the trading line as it's presented in the consolidated income statement?

我想先釐清一下：你說的雙位數，是指核心投資銀行，還是指合併損益表中呈列的「投資銀行與交易」——也就是交易那一條線？

I'll take the easy one first. When I said double digits, I was talking about nontrading for the year. And as we think about the sustainability of double-digit growth, this business for us has been a high single digit, low double-digit grower. Obviously, transaction activity and marketing a lot, but it has been consistently performing in that range. So -- and I think for the foreseeable future, we're going to continue to invest in the business, continue to hire great talent.

我先回答比較簡單的部分。我說的雙位數，是指今年非交易（nontrading）的部分。至於雙位數成長的可持續性，對我們而言，這項業務一直是高個位數到低雙位數的成長者。當然，交易活動與市場環境影響很大，但它一直穩定地落在那個區間。所以——我認為在可預見的未來，我們會持續投資這項業務，持續延攬優秀人才。

We feel like we've got the products that we need to win and to serve our clients all along the spectrum and the industries that we're focused in, but we're constantly finding new and other ways to serve those clients as well. So for us, it's a growth business, and I think an expectation for high single digit, low double-digit growth is appropriate.

我們覺得我們已具備所需的產品，能夠在我們聚焦的各產業、以及客戶需求光譜的各個環節中勝出並服務客戶，但我們也持續在尋找新的方式來服務這些客戶。因此對我們而言，這是一項成長型業務，我認為對高個位數、低雙位數成長的預期是合理的。

Yes. And you've mentioned it. I mean, this is a broad-based, which is really good. I mean in the sense that we've got a strong equity capital markets business and FRM business, and we talked about project finance earlier in the call, our debt capital markets has been a strong contributor for a long time. I think M&A will be a bigger part of the growth going forward.

是的。而且你也提到了。我的意思是，這是廣泛基礎的成長，這點非常好。也就是說，我們有強勁的股票資本市場（ECM）業務與FRM業務；我們在電話會議較早也談到專案融資；而我們的債務資本市場（DCM）長期以來一直是重要的貢獻來源。我認為未來併購（M&A）將會成為成長中更大的一部分。

We've invested a lot in that area. And again, back to this tie-in to the franchise. The other part is we've got our corporate and middle market banking teams, about 23% of them are new to the platform. And so they came to this platform to leverage these capabilities and products. So what we're seeing is their productivity is really high, and that gives us more confidence in the future of where we're going.

我們在那個領域投入了很多。再一次，回到與特許經營（franchise）的連結。另一部分是，我們的企業與中型市場銀行團隊中，約有23%是平台新進人員。因此他們加入這個平台，是為了運用這些能力與產品。所以我們看到他們的生產力非常高，這也讓我們對未來的發展方向更有信心。

We've added good teams in the Investment Banking side, the specialty areas that we've chosen to specialize in, our strong pipelines are strong. Now quarter-to-quarter, there will be volatility. So we just -- we all know that. I mean there'll be volatility quarter-to-quarter. But our overall confidence in the business is predicated again on a multi-decade organic strategy. Remember, I mean, we built this business organically sort of one step at a time, adding teammates and creating product and capability along the spectrum to build this momentum going forward.

我們在投資銀行端也增添了優秀團隊，在我們選擇專精的利基領域，我們強勁的案源管線依然強勁。當然，季度之間會有波動。所以我們只是——我們都知道這點。我的意思是，季度之間會有波動。但我們對業務的整體信心，仍然是建立在一個跨越數十年的有機成長策略之上。記得，我是說，我們是以有機方式一步一步打造這項業務，增加夥伴、並在各個面向建立產品與能力，來累積這股向前的動能。

Great. Thank you.

很好。謝謝。

Chris McGratty, KBW.

Chris McGratty，KBW。

Great. Thanks, Good morning. Mike or Bill, I'm interested in the operating leverage narrative over the three to five years that you lay out for your new targets. I'm interested in, does that get easier? Or does that get perhaps more challenging? And what role does AI and investing in the company play in that? Any kind of color would be great.

很好。謝謝，早安。Mike 或 Bill，我想了解你們在新目標中所提出的、未來三到五年的營運槓桿敘事。我想知道，這會變得更容易嗎？或者可能更具挑戰？AI 以及對公司投資在其中扮演什麼角色？任何補充說明都很有幫助。

Yeah, good morning, Chris, look, I do think that we're going to be able to continue to drive positive operating leverage over that horizon. There are -- I think it was maybe as Ebrahim's question a moment ago about revenue growth. There are natural accelerants, whether it be the under-earning in our NIM. Bill mentioned the bond portfolio, we've got sort of natural fixed asset -- fixed rate asset repricing it's happening. We've got more focus and rigor around capital allocation and portfolio construction.

是的，早安，Chris。你看，我確實認為在那個期間內，我們將能持續推動正向的營運槓桿。有一些——我想可能就像剛才 Ebrahim 問到的營收成長。有一些自然的加速因素，例如我們的淨利差（NIM）仍有未充分發揮的部分。Bill 提到債券投資組合，我們有一些自然的固定資產——固定利率資產正在進行重定價。我們也在資本配置與投資組合建構上更聚焦、更嚴謹。

So I think we feel good about the top line. And then to your point around tools like accelerants like AI, I think, will play a role in that. I think too soon to necessarily quantify that over a three- to five-year period. But certainly, we have an expectation in establishing that target that we're going to be able to continue to drive efficiency and productivity through the business.

所以我認為我們對營收端（top line）感覺不錯。至於你提到像 AI 這類工具、這類加速因素，我認為也會在其中扮演角色。我認為要在三到五年的期間內精確量化，現在可能還太早。但可以確定的是，在設定該目標時，我們預期能持續透過業務推動效率與生產力提升。

Yes, I think as you noted, Chris, I mean, I think AI is going to play a really big role and give us a lot more flexibility and flexibility in terms of reinvesting in the business, as I mentioned earlier, a harvesting for profitability. So we've -- we're pretty -- we're far down the process. We consolidated our tech and ops units for a specific reason.

是的，正如你所指出的，Chris，我的意思是，我認為 AI 將扮演非常重要的角色，並在我們重新投資於業務方面提供更大的彈性——如我先前提到的，在獲利上進行收割（harvesting）。所以我們——我們已經——在這個流程上走得相當深入。我們整併了技術與營運（tech and ops）單位，是有特定原因的。

So people can look at process or end to end, we're seeing significant improvements and opportunity. And as Mike noted, I mean, we're just starting. I mean, I think this is a significant opportunity for industry as a whole. And I think we've got a great team on this. And looking at the ways that we can expand our client business, improve efficiency, make this a great teammate experience and benefit shareholders along this path.

這樣大家就能從流程或端到端的角度來看，我們看到顯著的改善與機會。而如 Mike 所說，我的意思是，我們才剛開始。我認為這對整個產業而言都是一個重大機會。我也認為我們在這方面有一支很棒的團隊。並且在思考如何擴展我們的客戶業務、提升效率、讓同仁有更好的工作體驗，並在這條路徑上讓股東受益。

David Chiaverini, Jefferies.

David Chiaverini，Jefferies。

Hi, thanks for taking the question. So it sounds as if the pricing pressure is more on the deposit side versus the loan side, can you talk about the loan pricing environment and how spreads are holding up?

嗨，謝謝讓我提問。聽起來定價壓力更多是在存款端而不是貸款端，你能談談貸款定價環境，以及利差的維持情況嗎？

Yes, I'd say credit spreads have actually remained relatively tight despite all that's happening in the world. And so that's been a little bit of a head scratcher. As you look at our yields, you've got a lot going on, right? You've got some remixing. We're expanding our corporate and commercial banking business.

是的，我會說信用利差其實仍維持在相對偏緊的水準，儘管世界上發生了這麼多事情。所以這有點讓人摸不著頭緒。當你看我們的收益率時，會有很多因素在作用，對吧？你會看到一些重新組合（remixing）。我們正在擴大企業與商業銀行業務。

So you might see a touch of mix in yield. You might see obviously, spreads across the board, still relatively tight as well. So that will be a welcome development if we see some expansion of margin on the credit side.

因此你可能會在收益率上看到些許組合影響。你也會看到，整體而言各項利差仍相對偏緊。所以如果我們在信用端看到利差擴大、帶動利潤率提升，那將是令人樂見的發展。

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

問答環節到此結束。我想把電話會議交回給 Brad Milsaps，請他做結語。

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 may now disconnect the line.

好的。謝謝你，Betsy。我們的法說會到此結束。如果你有任何其他問題，請隨時聯繫投資人關係團隊。感謝你對 Truist 的關注，祝你有美好的一天。Betsy。你現在可以斷線。

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

本次電話會議已結束。感謝參加今天的簡報。你現在可以斷線。