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Amounts may not foot due to rounding.

(1)Represents a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in this release or the appendix to Truist’s Second Quarter 2025 Earnings Presentation.

(2)This metric is calculated based on continuing operations.

(3)Current quarter capital ratios are preliminary.

(4)Comparisons noted in this section summarize changes from second quarter of 2025 compared to first quarter of 2025 on a continuing operations basis, unless otherwise noted.

“We delivered strong second-quarter results, driven by strategic loan growth and higher net interest income derived from continued strong production from our business. Our performance reflects the value of our client-centric business model and momentum in our strategy, as we see tangible results from investments we have made in talent and technology across our platforms.

We remain on track to achieve our annual expense growth target, which includes continued investments in talent and technology. Asset quality remained strong, and our strong capital position continues to support both our growth initiatives and our ability to return capital to shareholders.

As we stay on offense, our clear strategic focus, strong balance sheet, and unwavering commitment to our purpose—to inspire and build better lives and communities—position us well to continue driving improved performance in the evolving environment.”

(1)Amounts are on a taxable-equivalent basis, which represents a non-GAAP measure, utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.

(2)Represents daily average balances. Unrealized gains and losses on available-for-sale securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.

Taxable-equivalent net interest income for the second quarter of 2025 was up $80 million, or 2.3%, compared to the first quarter of 2025. Net interest margin was 3.02%, up one basis point compared to the first quarter of 2025.

•Average earning assets increased $4.8 billion, or 1.0%, primarily due to an increase in average total loans of $6.3 billion, or 2.1%, partially offset by a decline in average securities of $2.2 billion, or 1.8%.

•The yield on the average total loan portfolio was 6.01%, up four basis points.

•Average deposits increased $8.3 billion, or 2.1% primarily due to higher short-term client deposits, average short-term borrowings decreased $4.1 billion, or 13%, and average long-term debt increased $1.8 billion, or 5.5%.

•The average cost of total deposits was 1.85%, up six basis points. The average cost of short-term borrowings was 4.47%, down two basis points reflecting lower market rates. The average cost of long-term debt was 5.02%, down three basis points.

Taxable-equivalent net interest income for the second quarter of 2025 was up $55 million, or 1.5%, compared to the second quarter of 2024. Net interest margin was 3.02%, flat compared to the second quarter of 2024.

•Average earning assets increased $6.8 billion, or 1.4%, primarily due to an increase in average total loans of $6.3 billion, or 2.0%.

•The yield on the average total loan portfolio was 6.01%, down 43 basis points due to the impact of variable rate loans repricing. The yield on the average securities portfolio was 3.16%, up 40 basis points, reflecting the balance sheet repositioning in the second quarter of 2024 and reinvesting cash flows into higher yielding securities.

•Average deposits increased $12.4 billion, or 3.2%, and average long-term debt decreased $2.5 billion, or 6.8%.

•The average cost of total deposits was 1.85%, down 24 basis points. The average cost of short-term borrowings was 4.47%, down 111 basis points. The average cost of long-term debt was 5.02%, up 15 basis points.

Noninterest income was up $8 million, or 0.6%, compared to the first quarter of 2025 primarily due to higher other income, offset by lower investment banking and trading income. Excluding securities losses, noninterest income was up $25 million, or 1.8%, compared to the first quarter of 2025.

•Other income increased due to higher income from investments held for certain post-retirement benefits (which is primarily offset by higher personnel expense) and higher income from certain solar equity investments and other investments.

•Investment banking and trading income decreased due to lower capital markets activity, trading income, and merger and acquisition fees.

Noninterest income was up $6.6 billion compared to the second quarter of 2024 primarily due to securities losses resulting from the balance sheet repositioning in 2024 and higher other income, partially offset by lower investment banking and trading income. Excluding securities losses, noninterest income was down $20 million, or 1.4%, compared to the second quarter of 2024.

•Other income increased due to higher income from certain solar investments and other investments.

•Investment banking and trading income decreased due to lower trading income and capital markets activity.

Noninterest expense was up $80 million, or 2.8%, compared to the first quarter of 2025 primarily due to higher personnel expense. Restructuring charges decreased $10 million. Adjusted noninterest expense, which excludes restructuring charges, increased $90 million, or 3.1%, compared to the prior quarter.

•Personnel expense increased due to higher salaries, other post-retirement benefit expense (which is primarily offset by higher other income), and incentives, partially offset by seasonally lower payroll taxes.

Noninterest expense was down $108 million, or 3.5%, compared to the second quarter of 2024 due to lower other expense and lower regulatory costs, partially offset by higher professional fees and outside processing expense. The second quarter of 2024 included a charitable contribution of $150 million (other expense) and a FDIC special assessment adjustment of $13 million (regulatory costs). Restructuring charges for both quarters include severance charges as well as costs associated with facilities optimization initiatives. Adjusted noninterest expense, which excludes the charitable contribution, the FDIC special assessment adjustment, and restructuring charges, increased $60 million, or 2.1%, compared to the earlier quarter.

•Professional fees and outside processing expense increased due to higher investments in technology and risk infrastructure.

The effective tax rate for the second quarter of 2025 was relatively flat compared to the first quarter of 2025.

The second quarter of 2025 reflects a provision for income taxes while the second quarter of 2024 reflects a benefit for income taxes driven by the discrete impact of the balance sheet repositioning of securities.

Average loans and leases HFI were $312.6 billion, an increase of $6.2 billion, or 2.0%, compared to the prior quarter.

•Average commercial loans increased 1.6% due to an increase in the commercial and industrial portfolio.

•Average consumer loans increased 2.7% due to growth in the residential mortgage, other consumer, and indirect auto portfolios.

End of period loans and leases HFI were $318.8 billion, up $10.2 billion, or 3.3%, primarily due to increases in the commercial and industrial, residential mortgage, and other consumer portfolios.

Average deposits for the second quarter of 2025 were $400.5 billion, an increase of $8.3 billion, or 2.1%, compared to the prior quarter.

Average noninterest-bearing deposits increased 0.7% compared to the prior quarter and represented 26.6% of total deposits for the second quarter of 2025 compared to 27.0% for the first quarter of 2025. Average interest checking deposits increased 6.4% primarily due to short-term client deposits. Average money market and savings accounts decreased 0.9%. Average time deposits increased 4.5%.

Capital ratios remained strong compared to the regulatory requirements for well capitalized banks. Truist’s CET1 ratio was 11.0% as of June 30, 2025, down 30 basis points compared to March 31, 2025 due to capital returned to shareholders and an increase in risk-weighted assets, partially offset by current quarter earnings.

Truist declared common dividends of $0.52 per share during the second quarter of 2025 and repurchased $750 million of common stock. The dividend and total payout ratios for the second quarter of 2025 were 57% and 121%, respectively.

Truist completed the 2025 CCAR process and received the preliminary SCB requirement of 2.5% for the period October 1, 2025 to September 30, 2026. The Federal Reserve will provide Truist with its final SCB requirement by August 31, 2025.

Truist’s average consolidated LCR was 110% for the three months ended June 30, 2025, compared to the regulatory minimum of 100%.

Nonperforming assets totaled $1.3 billion at June 30, 2025, down $302 million compared to March 31, 2025, due to decreases in the CRE, commercial and industrial, and LHFS portfolios. Nonperforming loans and leases were 0.39% of loans and leases held for investment at June 30, 2025, down nine basis points compared to March 31, 2025.

Loans 90 days or more past due and still accruing totaled $546 million at June 30, 2025, down three basis points as a percentage of loans and leases compared with the prior quarter. Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.04% at June 30, 2025, down one basis point compared to March 31, 2025.

Loans 30-89 days past due and still accruing totaled $1.8 billion at June 30, 2025, up $192 million, or five basis points, as a percentage of loans and leases, compared to the prior quarter primarily due to an increase in the indirect auto, and residential mortgage portfolios.

The allowance for credit losses was $5.3 billion at June 30, 2025 and included $4.9 billion for the allowance for loan and lease losses and $354 million for the reserve for unfunded commitments. The ALLL ratio was 1.54%, down four basis points compared with March 31, 2025. The ALLL covered nonperforming loans and leases held for investment 3.9x, compared to 3.3x at March 31, 2025. At June 30, 2025, the ALLL was 3.1x annualized net charge-offs, compared to 2.6x at March 31, 2025.

The provision for credit losses was $488 million for the second quarter of 2025 compared to $458 million for the first quarter of 2025.

•The increase in the current quarter provision expense primarily reflects a higher allowance build.

•The net charge-off ratio for the current quarter was down compared to the first quarter of 2025 primarily driven by lower net charge-offs in the indirect auto and CRE portfolios.

The provision for credit losses was $488 million for the second quarter of 2025 compared to $451 million for the second quarter of 2024.

•The increase in the current quarter provision expense primarily reflects a higher allowance build.

•The net charge-off ratio for the current quarter was down compared to the second quarter of 2024 primarily driven by lower net charge-offs in the CRE portfolio, partially offset by the commercial and industrial portfolio.

Investors can access the live second quarter 2025 earnings call at 8 a.m. ET today by webcast or dial-in as follows:

Webcast: app.webinar.net/z5gqlB9OVNL

Dial-in: 1-877-883-0383, passcode 5911048

Additional details: The news release and presentation materials are available at ir.truist.com under “Events & Presentations.” A replay of the call will be available on the website for 30 days.

The presentation, including an appendix reconciling non-GAAP disclosures, and Truist’s Second Quarter 2025 Quarterly Performance Summary, which contains detailed financial schedules, are available at https://ir.truist.com/earnings.

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top-10 commercial bank with total assets of $544 billion as of June 30, 2025. Truist Bank, Member FDIC. Learn more at Truist.com.

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•Adjusted net income available to common shareholders and adjusted diluted EPS - Adjusted net income available to common shareholders and adjusted diluted earnings per share are non-GAAP in that these measures exclude selected items, net of tax. Truist’s management uses these measures in their analysis of Truist’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.

•Adjusted efficiency ratio, adjusted fee income ratio, and related measures - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains and losses, amortization of intangible assets, restructuring charges, and other selected items. Adjusted revenue and adjusted noninterest expense are related measures used to calculate the adjusted efficiency ratio. Additionally, the adjusted fee income ratio is non-GAAP in that it excludes securities gains and losses and other selected items, and is calculated using adjusted revenue and adjusted noninterest income. Taxable equivalent revenue and taxable equivalent net interest income include a taxable equivalent adjustment utilizing the federal income tax rate of 21% for certain tax-exempt instruments. Adjusted revenue and adjusted noninterest income exclude securities gains and losses and other selected items. Adjusted noninterest expense excludes restructuring charges, and other selected items. Truist’s management calculated these measures based on Truist’s continuing operations. Truist’s management uses these measures in their analysis of Truist’s performance. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges.

•PPNR - Pre-provision net revenue is a non-GAAP measure that adjusts net income determined in accordance with GAAP to exclude the impact of the provision for credit losses and provision for income taxes. Adjusted pre-provision net revenue is a non-GAAP measure that additionally excludes securities gains (losses), restructuring charges, and other selected items. Truist’s management calculated these measures based on Truist’s continuing operations. Truist’s management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

•Tangible Common Equity and Related Measures - Tangible common equity and related measures, including ROTCE and TBVPS, are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value.

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s Second Quarter 2025 Earnings Presentation, which is available at https://ir.truist.com/earnings.

•evolving political, geopolitical, business, social, economic, and market conditions at local, regional, national, and international levels;

•monetary, fiscal, and trade laws or policies, including tariffs or responses to rates of inflation above target levels;

•the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel;

•our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;

•judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry;

•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in other entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;

•evolving accounting standards and policies;

•the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk;

•any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system;

•disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;

•our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits;

•changes in any of our credit ratings;

•our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss;

•negative market perceptions of our investment portfolio or its value;

•adverse publicity or other reputational harm to us, our service providers, or our senior officers;

•business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;

•our ability to execute on strategic and operational plans, including accelerating growth, improving profitability, investing in talent, technology, and risk infrastructure, maintaining expense, credit, and risk discipline, and returning capital to shareholders;

•changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets;

•our ability to successfully make and integrate acquisitions and to effect divestitures;

•our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services;

•our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures;

•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information;

•our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk;

•our ability to satisfactorily and profitably perform loan servicing and similar obligations;

•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;

•our ability to effectively deal with economic, business, or market slowdowns or disruptions;

•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;

•our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;

•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;

•the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations;

•our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties;

•our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction;

•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics;

•widespread outages of operational, communication, and other systems;

•our ability to maintain appropriate corporate responsibility practices, oversight, and disclosures;

•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and

•other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports.

(1)Represents a non-GAAP measure. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this Quarterly Performance Summary or the appendix to Truist’s Second Quarter 2025 Earnings Presentation.

(2)This metric is calculated based on continuing operations.

(3)Includes AFS and HTM securities. Average balances reflect AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost.