CHARLOTTE, N.C., June 28,
2024 /PRNewswire/ -- Truist Financial Corporation
(NYSE: TFC) today released the results of its annual company-run
stress test, conducted in accordance with the regulations of the
Board of Governors of the Federal Reserve System ("Federal
Reserve") and the Federal Deposit Insurance Corporation, under the
Dodd-Frank Wall Street Reform and Consumer Protection Act. The
results are available online at
https://IR.Truist.com/other-filings.
Truist announced that the Federal Reserve has determined the
Company's preliminary stress capital buffer ("SCB") requirement is
2.8%. The Federal Reserve will provide the Company's final SCB
requirement on or before Aug. 31,
2024. Once finalized, the new SCB requirement will be in
effect from Oct. 1, 2024 to
Sept. 30, 2025. The new SCB
requirement does not include the impact of the sale of Truist
Insurance Holdings ("TIH") or the balance sheet repositioning that
occurred on May 6, 2024.
Truist's board of directors has authorized a $5 billion share repurchase program through 2026
as part of the Company's overall capital distribution strategy,
with share repurchases expected to begin during the third quarter
of 2024. Truist plans to maintain its current quarterly common
stock dividend of $0.52 per share,
subject to approval by its board of directors.
"Truist's 2024 annual stress test results again demonstrate the
benefits of our diverse business mix and prudent and disciplined
risk management culture," said Truist Chairman and Chief Executive
Officer Bill Rogers. "The net impact
from the sale of TIH and the balance sheet repositioning completed
in May 2024 solidify Truist's strong
liquidity and capital positions, increasing our Q1 2024 pro-forma
CET1 ratio to 11.4%. Truist's current capital position and strategy
provides significant capacity to serve our clients and
stakeholders, maintain a strong dividend for our shareholders, and
ultimately help us deliver on our purpose to inspire and build
better lives and communities."
The share-repurchase program enables Truist to acquire shares
through open-market purchases or privately negotiated transactions,
including through Rule 10b5-1 plans and other programs, at the
discretion of management and on terms (including quantity, timing,
and price) that management determines to be advisable. Actions in
connection with the share-repurchase program will be subject to
various factors, including Truist's capital and liquidity positions
and related internal frameworks, accounting and regulatory
considerations (including any restrictions that may be imposed by
the Federal Reserve and any changes to capital, liquidity, and
other regulatory requirements that may be proposed or adopted by
the U.S. banking agencies), Truist's financial and operational
performance, alternative uses of capital, the trading price of
Truist's common stock, and general market conditions. The
share-repurchase program does not obligate Truist to acquire a
specific dollar amount or number of shares and may be extended,
modified, or discontinued at any time.
About Truist
Truist Financial Corporation is a
purpose-driven financial services company committed to inspiring
and building better lives and communities. As a leading U.S.
commercial bank, Truist has leading market share in many of the
high-growth markets across the country. Truist offers a wide range
of products and services through our wholesale and consumer
businesses, including consumer and small business banking,
commercial banking, corporate and investment banking, wealth
management, payments, and specialized lending businesses.
Headquartered in Charlotte, North
Carolina, Truist is a top-10 commercial bank with total
assets of $535 billion as of
March 31, 2024. Truist Bank, Member
FDIC. Learn more at Truist.com.
Forward-Looking Statements
This release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements can be
identified by the fact that they do not relate strictly to
historical or current facts. Forward-looking statements often use
words such as "believe," "expect," "anticipate," "intend,"
"pursue," "seek," "continue," "estimate," "project," "outlook,"
"forecast," "potential," "target," "objective," "trend," "plan,"
"goal," "initiative," "priorities," or other words of comparable
meaning or future-tense or conditional verbs such as "may," "will,"
"should," "would," or "could." In particular, forward-looking
statements by Truist include statements Truist
makes about future dividends and share repurchases and its
capacity to serve clients. Forward-looking statements convey
Truist's expectations, intentions, or forecasts about future
events, circumstances, or results. All forward-looking statements,
by their nature, are subject to assumptions, risks, and
uncertainties, which may change over time and many of which are
beyond Truist's control. You should not rely on any
forward-looking statement as a prediction or guarantee about the
future. Actual future objectives, strategies, plans, prospects,
performance, conditions, and results may differ materially from
those set forth in any forward-looking statement. While no list of
assumptions, risks, and uncertainties could be complete, some of
the factors that may cause actual results or other future events or
circumstances to differ from those in Truist's
forward-looking statements include the risks and
uncertainties more fully discussed in Part I, Item 1A (Risk
Factors) in Truist's most recently filed Annual Report
on Form 10-K and in Truist's subsequent filings with
the Securities and Exchange Commission. Any forward-looking
statement made by Truist or on its behalf speaks only
as of the date that it was made. Truist does not
undertake to update any forward-looking statement to reflect the
impact of events, circumstances, or results that arise after the
date that the statement was made, except as required by applicable
securities laws. You, however, should consult further disclosures
(including disclosures of a forward-looking nature) that
Truist may make in any subsequent Annual Report on Form 10-K,
Quarterly Report on Form 10-Q, or Current Report on Form
8-K.
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SOURCE Truist Financial Corporation