Truist Financial (TFC): Key takeaways from meetings with TFC management

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Truist Financial (TFC): Key takeaways from meetings with TFC management

Equity Research

20 July 2026 | 9:34PM EDT

Truist Financial (TFC): Key takeaways from meetings with TFC

management

We recently hosted a call (as part of our earnings callback series) with TFC’s CFO, Ryan M. Nash, CFA

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

Mike Maguire and Head of Investor Relations Brad Milsaps. The focus on the call was Goldman Sachs & Co. LLC

around: 1) optimization of the balance sheet in order to drive higher returns, as well Lucas Haimes

as the tradeoffs between growth and returns, 2) questions regarding expectations +1(212)902-3305lucas.haimes@gs.com|

around incoming CEO Mike Lyons and what changes could be on the horizon, 3) Goldman Sachs & Co. LLC

drivers of loan growth in 2H26 as well as a discussion on portfolio optimization

across various consumer and commercial books, 4) the trajectory of NII/NIM for

2H26 and the path for deposit costs and its margin, 5) outlook for fee and expense

growth, 6) capital return expectations for 2H26 and 2027, and 7) expectations for

drivers of ROTCE expansion given loan portfolio optimization and an outlook for

slower NIM expansion. Each of these are discussed below:

Focused on optimizing parts of loan book to drive higher returns: TFC’s ROTCE

came in at 15.4% in 2Q26 (+~160bps QoQ and +310bps YoY) as fee growth

outpaced NII growth resulting in total revenue growth of +5.6% YoY resulting in

~330bps of positive operating leverage (expenses up +2.3% YoY). Looking ahead,

TFC slightly refined its 2026 ROTCE expectations where it now expects a ~14%+

ROTCE (vs. ~14% prior) and reiterated its 2027 ROTCE target of 15% and

longer-term target of 16-18%.

With TFC’s outlook for slower revenue growth in 2026 along with an unchanged