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TRUIST HH News Release Contact : Investors : Ankur Vyas 404.827.6714 | investors@truist.com Media : Shelley Miller 704.692.1518 | media@truist.com Truist reports third quarter 2021 results GAAP earnings of $ 1.6 billion , or $ 1.20 per diluted share Adjusted earnings of $ 1.9 billion , or $ 1.42 per diluted share Results reflect diverse business mix , strong fee income , and solid core loan and deposit growth Excellent credit quality and improving economic conditions drive provision benefit Successful conversion of heritage BB & T clients CHARLOTTE , N.C. , ( October 15 , 2021 ) - Truist Financial Corporation ( NYSE : TFC ) today reported earnings for the third quarter of 2021 . Net income available to common shareholders was $ 1.6 billion , up 51 % , compared to the third quarter last year . Earnings per diluted common share were $ 1.20 , an increase of 52 % compared with the same period last year . Results for the third quarter produced an annualized return on average assets ( ROA ) of 1.28 % , an annualized return on average common shareholders ' equity ( ROCE ) of 10.2 % , and an annualized return on tangible common shareholders ' equity ( ROTCE ) of 19.3 % . Adjusted net income available to common shareholders was $ 1.9 billion , or $ 1.42 per diluted share , excluding merger - related and restructuring charges of $ 172 million ( $ 132 million after - tax ) , incremental operating expenses related to the merger of $ 191 million ( $ 147 million after - tax ) , and a one - time professional fee expense of $ 30 million ( $ 23 million after - tax ) . Adjusted results produced an annualized ROA of 1.51 % , an annualized ROCE of 12.1 % , and an annualized ROTCE of 22.6 % . Adjusted earnings per diluted share were up 46 % compared to the prior year . " Truist produced solid results in the third quarter , driven by strong fee income from our diverse business mix - including wealth , insurance brokerage , investment banking , and positive trends in a number of other businesses given improving economic conditions , ” said Chief Executive Officer William H. Rogers Jr. " We also continue to deliver exceptional credit performance with net charge - offs at 19 basis points . The health of our clients remains strong and we delivered average loan growth of 2 % annualized compared to the prior quarter , excluding PPP loans . " We continue to make great progress and carefully guide our clients through conversion milestones , including completing our retail mortgage origination conversion and accelerating the roll - out of our Truist digital app . In addition , after months of intense preparation , we migrated approximately 7 million clients to the new Truist technology ecosystem - our most significant milestone to date and the result of the expertise and purposeful commitment from thousands of dedicated teammates . We are excited about these successful milestones in the integration process and are one step closer to the finish line of the merger . - 1 -