Quick Take On 2Q26 Earnings Result: Lower NII But On Track for Near-term ROTCE

研报英文原文证据摘录

Quick Take On 2Q26 Earnings Result: Lower NII But On Track for Near-term ROTCE

Update

July 17, 2026 10:39 PM GMT

Morgan Stanley & Co. LLCMTruist Financial Corp | North America Manan Gosalia

Equity Analyst

Quick Take On 2Q26 Earnings Manan.Gosalia@morganstanley.comBen Bayanfar +1 212 761-4092

Research Associate

Ben.Bayanfar@morganstanley.com +1 212 761-0649

Result: Lower NII But On Track

Truist Financial Corp (TFC.N, TFC UN)

Large Cap Banks | United States of Americafor Near-term ROTCE

Stock Rating Equal-weight

Industry View Attractive

Price target $54.00

Reaction to earnings Shr price, close (Jul 17, 2026) $52.50

Mkt cap, curr (mm) $64,877

Unchanged Modest upside Modest revision lower 52-Week Range $56.15-40.79

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Source: Company data, Morgan Stanley Research EPS ($)** 3.90 4.58 4.92 5.62

Prior EPS ($)** - 4.48 4.92 5.69

NII guide cut was larger than we expected, partly due to actions P/E 12.6 11.5 10.7 9.3 EPS ($)§ 3.96 4.53 5.10 5.74

that TFC is taking on the balance sheet, but actions coupled Div yld (%) 4.2 4.1 4.3 4.8

with better fees should be marginally ROTCE accretive to 2026. Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

With the new CEO stepping in Sep 1, we stay on the sidelines **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

pending greater clarity on strategic actions. eQuarterly= Morgan StanleyEPSResearch($) estimates

2026e 2026e 2027e 2027e

NII guidance cut worse than expected Quarter 2025 Prior Current Prior Current

Q1 0.87 - 1.09a 1.12 1.09

• Truist cut its FY 2026 NII growth guidance to 1-1.5% (from 2-3%), its second Q2 0.91 - 1.23a 1.26 1.22