TRUIST FINANCIAL CORP Annual Report, Year Ended Dec 31, 2024

Truist Financial Corporation (TFC) reported a net income of $4.5 billion, or $3.36 per share, for the fiscal year ended December 31, 2024. This marks a significant turnaround from a net loss of $1.5 billion in the prior year, largely driven by a $6.9 billion gain on the sale of its remaining stake in Truist Insurance Holdings, LLC (TIH) and strategic balance sheet repositioning. The company effectively managed its capital through a $1.0 billion share repurchase program and $2.8 billion in common stock dividends, returning a total of $3.8 billion to shareholders. Asset quality remained stable, with nonperforming loans at 0.47% of total loans held for investment. The bank also focused on strengthening its core operations, including investments in technology and risk infrastructure, while maintaining expense discipline. Despite a challenging deposit environment and higher funding costs, Truist saw an improvement in its Net Interest Margin (NIM) to 3.03%. The company's strategic initiatives, including the divestiture of non-core assets and a focus on core banking growth, position it for continued stability and potential growth.