Page 1

TRUIST HH News Release Contact : Investors : Alan Greer Media : 336.733.3021 | investors@truist.com Shelley Miller 704.692.1518 | media@truist.com Aaron Reeves 336.733.2874 | investors@truist.com Truist Reports First Quarter 2021 Results Earnings of $ 1.3 billion , or $ 0.98 per diluted share CHARLOTTE , N.C. , ( April 15 , 2021 ) - Truist Financial Corporation ( NYSE : TFC ) today reported earnings for the first quarter of 2021 . Net income available to common shareholders was $ 1.3 billion , up 35.3 percent , compared to the first quarter last year . Earnings per diluted common share were $ 0.98 , an increase of 34.2 percent compared with the same period last year . Results for the first quarter produced an annualized return on average assets ( ROA ) of 1.17 percent , an annualized return on average common shareholders ' equity ( ROCE ) of 8.69 percent and an annualized return on tangible common shareholders ' equity ( ROTCE ) of 16.40 percent . Adjusted net income available to common shareholders was $ 1.6 billion , or $ 1.18 per diluted share , excluding merger - related and restructuring charges of $ 141 million ( $ 108 million after - tax ) , incremental operating expenses related to the merger of $ 175 million ( $ 134 million after - tax ) and an acceleration of loss recognition related to certain terminated cash flow hedges of $ 36 million ( $ 28 million after - tax ) . Adjusted results produced an annualized ROA of 1.39 percent , an annualized ROCE of 10.41 percent and an annualized ROTCE of 19.36 percent . " Truist and our teammates have a lot to be proud of in the first quarter , including a strong financial performance and several significant milestones reflective of our purpose in action , " said Chairman and Chief Executive Officer Kelly S. King . " We advanced our ESG strategy with the issuance of our first social bond - becoming the first U.S. regional bank to do so — and became the lead investor for Greenwood , an innovative digital banking platform designed for Black and Latinx consumers and business owners . In addition , we received an ‘ Outstanding ' CRA rating for our community development efforts , and continued to make great progress towards our Community Benefits Plan , after ending 2020 at 114 percent of our annual target . These achievements reflect our continued commitment to support and invest in the diverse communities we're proud to serve . " Adjusted net income was $ 1.6 billion , an increase of 42 percent compared with the first quarter last year . On a diluted per share basis , adjusted net income was $ 1.18 per share , also up 42 percent from last year . This growth resulted from a record performance in our insurance business , record results from investment banking and a significantly lower provision for credit losses . We also demonstrated strong expense discipline by reducing expenses . The adjusted efficiency ratio for the quarter was 56.9 percent and the adjusted return on average tangible common shareholders ' equity was a strong 19.36 percent . - 1 -