Truist Financial Corporation (TFC) Q4 2022 Earnings Call Transcript

Truist Financial Corporation (NYSE:TFC) Q4 2022 Earnings Conference Call January 19, 2023 8:00 AM ET

Company Participants

Ankur Vyas - Head, Investor Relations

Bill Rogers - Chairman and Chief Executive Officer

Mike Maguire - Chief Financial Officer

Clarke Starnes - Vice Chair and Chief Risk Officer

Beau Cummins - Vice Chair

John Howard - Chief Insurance Officer

Conference Call Participants

Mike Mayo - Wells Fargo Securities

Ken Usdin - Jefferies

Matt O’Connor - Deutsche Bank

John McDonald - Autonomous Research

Ebrahim Poonawala - Bank of America

Gerard Cassidy - RBC

Betsy Graseck - Morgan Stanley

Operator

Greetings, ladies and gentlemen and welcome to the Truist Financial Corporation’s Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this event is being recorded. It is now my pleasure to introduce your host, Mr. Ankur Vyas, Head of Investor Relations, Truist Financial Corporation. Please go ahead, sir.

Ankur Vyas

Thank you, Jess and good morning everyone. Welcome to Truist’s fourth quarter 2022 earnings call. With us today are our Chairman and CEO, Bill Rogers, and our CFO, Mike Maguire. During this morning’s call, they will discuss Truist’s fourth quarter results and share their perspectives on our continued activation of Truist’s purpose, current business conditions and our outlook for 2023. Clarke Starnes, our Vice Chair and Chief Risk Officer; Beau Cummins, our Vice Chair; and John Howard, our Chief Insurance Officer, are also in attendance and are available to participate in the Q&A portion of our call.

The accompanying presentation as well as our earnings release and supplemental financial information are available on the Truist Investor Relations website, ir.truist.com. Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on Slides 2 and 3 of the presentation regarding these statements and measures as well as the appendix for the appropriate reconciliations to GAAP. In addition, Truist is not responsible and does not edit nor guarantee the accuracy of our earnings teleconference transcripts provided by third-parties. The only authorized live and archived webcast are located on our website.

With that, let me now turn it over to Bill.

Bill Rogers

Thanks, Ankur. Good morning, everybody and Happy New Year. Thank you for joining our call today. Truist delivered a strong finish to a pivotal and purposeful year. We completed our final integration and decommissioning activities and incurred the final set of merger-related costs. Adjusted PPNR grew a strong 12% sequentially, ahead of our guidance and helped us deliver on our commitment for positive operating leverage for the full year. We will cover the details on the quarter’s results throughout the presentation and we will start with our purpose, the foundation of our company on Slide 4. Truist is a purpose-driven company dedicated to inspiring and building better lives and communities. Our purpose is the foundation for our success as a company that drives performance and defines how we do business everyday.