Truist Financial Corp: Mixed 2Q; NII Outlook Cut Again; Loans Exit To Pressure NII, Moving To UW

研报英文原文证据摘录

Truist Financial Corp: Mixed 2Q; NII Outlook Cut Again; Loans Exit To Pressure NII, Moving To UW

J P M O R G A N North America Equity Research

20 July 2026

Truist Financial Corp ▼Underweight

Previous: Neutral

Mixed 2Q; NII Outlook Cut Again; Loans Exit To TFC, TFC US

Price (17 Jul 26):$52.50

Pressure NII, Moving To UW ▼Price Target (Dec-26):$53.00

Prior (Dec-26):$53.50

Truist posted mixed 2Q EPS of $1.23. Truist lowered net interest income outlook Banks — Large-Cap

ACfor second quarter in a row due to continued deposit and loan spread pressures and Vivek Juneja

slow loan growth. Truist is exiting Marine/RV lending and plans to reduce its auto (1-212) 622-6465

loan portfolio - these loan runoffs will likely pressure net interest income over the vivek.juneja@jpmorgan.com

next couple of years. The bank raised non-interest income guide for FY26 which Andrew J Dietrich

has been boosted by capital markets and other income - other income to a large (1-212) 622-4244

extent by equity investment gains which could be choppy unless management aj.dietrich@jpmorgan.com

stages the exits. Truist is doing a good job at managing expenses and building out Sai M Nettem

its capital markets business but has seen some choppiness in trading revenues over (1-212) 622-2666

sai.nettem@jpmorgan.com

the past year - Treasury management is in its early stages. In addition, the key area J.P. Morgan Securities LLC

of growth in consumer loans, other consumer loans, is seeing net charge-offs

(NCOs) continuing to rise yoy, up 16% yoy, and NCO ratios also up again yoy for

third quarter in a row despite low unemployment, in contrast to trends at all our Quarterly Forecasts (FYE Dec)

major players in credit cards where NCOs are down yoy. Adj. EPS ($)

2025A 2026E 2027E