Truist Financial (TFC): First take: PPNR beat on fees and cost; lowering full-year revenues while adding a plus to full year ROTCE

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Truist Financial (TFC): First take: PPNR beat on fees and cost; lowering full-year revenues while adding a plus to full year ROTCE

Equity Research

17 July 2026 | 7:53AM EDT

Truist Financial (TFC): First take: PPNR beat on fees and cost; lowering

full-year revenues while adding a plus to full year ROTCE

Bottom line on the fundamentals / stock: Overall, this was a mixed quarter and Ryan M. Nash, CFA

+1(212)902-8963 | ryan.nash@gs.com

soft (but largely expected) guide, in our view. While PPNR was a beat, the Goldman Sachs & Co. LLC

components weren’t ideal as strength in fees and lower expenses (no NQDCP Lucas Haimes

adjustment) offset a miss on NII. The miss on NII was driven by a lower margin on +1(212)902-3305lucas.haimes@gs.com|

higher deposit costs (the Street was looking for flat) while EOP loan growth Goldman Sachs & Co. LLC

underperformed expectations. Credit was solid as NCOs came in below expectations

leading to a provision beat. While its 3Q guide shows softness in PPNR and its

lowering full year revenue guidance, we believe this was somewhat well telegraphed

coming in. Additionally, it now expects its full-year ROTCE to be 14+% (up from 14%)

and given the PPNR downgrade the upside is likely coming from a lower provision.

Overall we are unsure where positioning lies coming into today. It was clearly

negative leading up to earnings (based on conversations) but some investors had

gotten more positive given “all the bad news is in there,” the guide is in-line with

investor expectations and the buyback should kick into high gear for the next few

weeks. So when we put it all together, we think shares may advance slightly in the

near-term; however, the fate of performance over the medium term won’t be

determined until the new CEO comes in and lays out his plan.