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Truist — bank health check

TFC
Super regionalAssets $556.0B4-quarter TTM
Close · Oct 16, 202647.07P/E 11.2 · yield 4.4%
P/TBV1.44×TBVPS 32.63
Line · r 10%1.64×range 1.43–1.91×
−12% discountP/TBV ÷ line − 1
Fed funds · last FOMC3.75–4.00%Sep 16, 2026 · +25bp
UST 3m · 2y · 10y · Oct 16, 20264.26 · 4.74 · 5.0910y−2y +0.35 · 10y−3m +0.83
KBE · YTD+4.8%1D +0.1% · 1Y +15.5% · 5Y +15%
KRE · YTD+7.7%1D +0.1% · 1Y +20.1% · 5Y −1%
SPY · YTD+11.9%1D −1.1% · 1Y +15.5% · 5Y +71%
Prices as ofOct 16, 2026Financials TTM through Sep 30, 2026

Valuation range

the line at three costs of equity
r 11% · 1.43×r 9% · 1.91×now 1.44×
0.0×1.0×2.0×3.0×4.0×

At r = 10% the line gives 1.64× for a 14.4% ROTCE; the market pays 1.44×, a 12% discount to the line.

Where it has traded

quarter-end P/TBV · 20 quarters · Sep 30, 2021 → Jun 30, 2026
1.00×1.63×2.25×2.88×3.50×2021202220232024202520262021-09-30 · 2.48× (close 58.65 · TBVPS 23.63)2021-12-31 · 2.58× (close 58.55 · TBVPS 22.68)2022-03-31 · 3.00× (close 56.70 · TBVPS 18.90)2022-06-30 · 2.76× (close 47.43 · TBVPS 17.18)2022-09-30 · 2.94× (close 43.54 · TBVPS 14.80)2022-12-31 · 2.97× (close 43.03 · TBVPS 14.50)2023-03-31 · 2.09× (close 34.10 · TBVPS 16.31)2023-06-30 · 1.77× (close 30.35 · TBVPS 17.15)2023-09-30 · 1.80× (close 28.61 · TBVPS 15.93)2023-12-31 · 1.64× (close 36.92 · TBVPS 22.48)2024-03-31 · 1.76× (close 38.98 · TBVPS 22.09)2024-06-30 · 1.49× (close 38.85 · TBVPS 26.05)2024-09-30 · 1.57× (close 42.77 · TBVPS 27.25)2024-12-31 · 1.63× (close 43.38 · TBVPS 26.53)2025-03-31 · 1.49× (close 41.15 · TBVPS 27.56)2025-06-30 · 1.52× (close 42.99 · TBVPS 28.20)2025-09-30 · 1.59× (close 45.72 · TBVPS 28.74)2025-12-31 · 1.51× (close 49.21 · TBVPS 32.60)2026-03-31 · 1.58× (close 45.97 · TBVPS 29.11)2026-06-30 · 1.53× (close 49.82 · TBVPS 32.63)p75 2.51×med 1.70×p25 1.56×now 1.44×
Five-year median 1.70×, middle half 1.56–2.51×, range 1.49–3.00×. Now 1.44×: −15% below its own median, higher than 0% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Jun 30, 2026 · $B
0510152025Interest income: 24.2 $B24.2InterestincomeInterest expense: −9.7 $B−9.7InterestexpenseNII: 14.5 $B14.5NIINon-interest income: 6.3 $B6.3Non-interestincomeNet revenue: 20.9 $B20.9NetrevenueOperating expenses: −12.7 $B−12.7OperatingexpensesProvision: −1.3 $B−1.3ProvisionPre-tax: 6.8 $B6.8Pre-taxTax: −1.0 $B−1.0TaxNet income: 5.8 $B5.8Netincome
assets $556.0B ÷ TCE $40.4B = 13.8× leverage · ROA 1.05% × 13.8 = ROTCE 14.4%

Revenue mix

NII vs. non-interest income · Super regional peers (4)
TFC70 / 30
Tier average65 / 35

Efficiency 61.1% vs. tier 62.1% · ROTCE 14.4% vs. 15.5% · credit cost 6.3% vs. 4.8% · AOCI/TCE −16.6% vs. −16.3%.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
NII, $B3.6
Provision, $B0.40
Efficiency58.0%
AOCI / TCE−16.6%