Truist Financial Corp Results Presentation Deck
Noninterest expense
$3,795
$30
$145
$363
$3,257
67.8%
57.9%
3Q21
$3,700
$143
$427
$3,131
66.5%
56.0%
5-Quarter Trend ($ MM)
$3,674
$137
$418
$3,119
69.0%
58.3%
4Q21
Adjusted noninterest expense
Amortization
GAAP efficiency ratio
1Q22
$3,580
$143
$238
$3,238
63.3%
57.0%
($39)
2Q22
Merger costs¹
Other significant items
Adjusted efficiency ratio
$3,613
$140
$152
$3,321
61.8%
56.4%
3Q22
-
vs. Prior Quarter
Noninterest expense increased $33 million, or 0.9%
Merger costs¹ declined $86 million, or 36%
Adjusted noninterest expense was $3.3 billion, up $83 million, or 2.6%
—
Professional fees and outside processing² up $34 million due to ongoing
investments in technology
vs. Prior Year
Noninterest expense declined $182 million, or 4.8%
Merger costs¹ declined $211 million
-
Other expense² increased $28 million primarily due to higher operational
losses
Adjusted noninterest expense up $64 million, or 2.0%, as higher operational
losses and increased investment spend mitigated by merger cost save progress
-
Personnel expense² increased $23 million primarily as a result of
investments in lines of business and enterprise technology, in addition to
the BenefitMall acquisition
Other expense² increased $87 million as a result of higher operational
losses and increased teammate travel
Professional fees and outside processing² up $70 million due to enterprise
technology investments and increased call center staffing
Personnel expense² down $32 million as a result of impacts from the
nonqualified plan and lower performance-driven incentives; partially offset
by investments in talent and acquisitions
Software, occupancy, equipment costs all declined primarily due to merger
cost save progress
TRUIST HH
1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger
2 Excludes incremental operating expenses related to the merger; 3Q21 professional fees and outside processing expense also excludes professional fee accrual
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