Truist Financial Corp at Barclays Global Financial Services Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Jason Goldberg - Barclays Services Corp - Analyst : <_ALACRA_META_ABSTRACT>And we could just put the first ARS question that we've been asking for all the companies. And Mike, preparing for this conference, we went through transcripts of kind of other conferences. And so I just got to start with this question. Update on the quarter. Michael Maguire - Truist Financial Corp - Chief Financial Officer, Senior Executive Vice President Yeah. Update on the quarter is no update. So operating environment feels pretty good right now, still seeing good momentum across our businesses. And so our outlook from July is still intact.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. All right. So the second most requested question to ask was, you put out a press release last month about a plan to build 100 new branches, renovating 300 existing branches. Just maybe provide more color, was that long number press release on that initiative?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Any way to think about the financial impact? Like, I guess you mentioned no change in expense guide. Is there any -- I assume there's an (inaudible), but any expected impact kind of beyond what you were thinking? Or any kind of how do we think about the return on the investment and the like?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And then I guess, loan growth has been pretty decent in the first six months of the year. Maybe just kind of talk to what you're hearing from clients and how is this overall client sentiment?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And I guess the outlook, you've talked about low-single-digit average loan growth for the year. I'm assuming that still holds. But just maybe talk about how to think about that looking out and just kind of big sources of optimism that you're seeing?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And maybe on the consumer side, you're not a big credit card player, but you do have some kind of specialty businesses that others don't. Maybe just kind of near into your heart. Can you just talk to kind of your lending strategy in consumer.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Yeah. I guess some of you said earlier or a little bit more cautious on the prime auto segment. I guess what -- we've heard others kind of leaning in, and it seems like you're leaning out.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And just on deposits, maybe just talk a little bit about the competitive environment, consumer commercial deposits that you're seeing into the mix balances, rate?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And then you kind of touched on the interest rate backdrop. But I guess you talked to NII up 2% in the third quarter, 3% for the year. Maybe just talk to how Truist is positioned from an asset liability perspective? What's the ideal interest rate environment and how that plays into your NII? Any thoughts?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Makes sense. And I put up the next ARS question while I ask Mike a follow up. But I guess beyond the next couple of quarters, what are some of the key considerations that could affect the trajectory of NII as we begin to model 2026? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 3:15PM, TFC.N - Truist Financial Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : And I guess maybe if we could see the results of what the audience thinks is. So the audience view is a relatively stable NIM as we think through next year. If you have any perspective?

Question: Jason Goldberg - Barclays Services Corp - Analyst : All right. Maybe turning to fee income. I was hoping we can kind of dive into some of the kind of bigger line items that we look at. But investment banking and trading is a business you've invested in over the last several years. Maybe do these investments make you -- I guess how are these investments going? And just how does that thing play into maybe second half of the year and looking out?

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess on the third-quarter earnings call, you talked about 5% -- I'm sorry, in the second-quarter earnings call, you talked about 5% fee income growth for the company overall in the third quarter driven by investment banking and trading, I guess, as we sit here today, is that how we still think about it?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And I guess maybe shifting gears to Payments. Maybe discuss the opportunity in that business and just kind of the progress you made with new kind of -- we talked about new products and initiatives.

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess Wealth is another area that to us, looks like a significant opportunity for Truist. What are you doing there to grow it and take share is obviously a competitive space?

Question: Jason Goldberg - Barclays Services Corp - Analyst : If we could put up the next ARS questions, maybe shifting gears to expenses. Two years ago, at this event, Bill rolled out a new expense initiative. And since expenses have been fairly controlled, anything for this year? You're targeting 1% growth for the year, 1% for the quarter. So maybe just maybe talk a bit more just on how you've been able to manage cost at such a low growth rate?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Helpful. And I guess when we think about -- probably starting the 2026 budgeting process. I mean, how should we think about the opportunity to drive or keep this low rate of growth, drive further improvement in the efficiency ratio, just how you're approaching that dynamic?

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess on that point, I guess you pointed to 50 to 150 basis points of positive operating leverage for 2025. I guess as you look out, it sounds like maybe you could do better than that. I guess any particular kind of number in mind or --?

Question: Jason Goldberg - Barclays Services Corp - Analyst : The buy-side consensus seems to be up 1% to 3% or so for next year as you think about your budget?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Yeah. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 3:15PM, TFC.N - Truist Financial Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess asset quality, maybe just talk to what areas of the portfolio you're watching more closely. Anything you're pulling back in due to credit?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And put up the next ARS question as we shift the discussion to capital. But maybe Truist has obviously taken some actions to improve the balance sheet, the capital strength of the company. Maybe just remind us what your kind of top capital priorities are?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. I guess on that, Truist opted not to raise its dividend at least so far kind of coming out of the stress test. Any kind of thoughts around that? And how should we just think about that going forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 3:15PM, TFC.N - Truist Financial Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : And then you used the phrase elevated share repurchase. It's like that $500 million a quarter number the right way to think about it?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. So the room does like share repurchase, but interestingly, acquisitions don't appear off the table. So maybe just talk about -- obviously, the company has done both predecessor organization, large acquisitions over the years, and did a big one to come together. Just your kind of thoughts on bank acquisitions as the environment peers a little bit easier and there's a couple of trillion air banks out there that could probably use some more competition from some of these regionals getting together. And then you can also maybe talk to nonbanks.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Good point. Last year at this conference, Bill announced a new medium-term mid-teens ROTCE target. Maybe just talk to the initiatives and strategies in place that should help you get there.

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess since that time, the regulatory supervisory backdrop is -- feels to be getting easier. I guess, any noticeable changes or just kind of how you're thinking about the landscape over the next couple of years?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Yeah.

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess when I think about our conversation today relative to the one maybe we had a few years ago, there's been a lot of work to be done to simplify the company. Capital is in a much better position. The market may or may not appreciate that. Just maybe just talk to in terms of kind of just how you feel about Truist's positioning in the marketplace and what you've been done, what needs to get done?

Question: Jason Goldberg - Barclays Services Corp - Analyst : That's a perfect way to leave it. Please join me in thanking Mike for his time today.