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Key Points
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Adjusted Q3 earnings per share rose 12% year over year to $1.16, although reported EPS was $0.56 after a $0.60 impact from the RAC auto-loan sale and securities repositioning.
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Truist is simplifying its portfolio by exiting RAC and selling its LightStream personal-lending business, using proceeds to repay funding and reposition securities; the moves are expected to improve capital, credit metrics and future earnings.
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CEO Mike Lyons outlined a focus on relationship-based banking, including deposits, wealth management, payments, technology and middle-market lending. Truist expects about $1 billion in Q4 share repurchases and is targeting 15% ROTCE in 2027.
Truist Financial (NYSE:TFC) reported third-quarter <a href="https://bitcomme.com/the-best-ipad-apps-for-productivity-in-2026/” title=”The best iPad apps for productivity in 2026″>2026 adjusted earnings per share of $1.16, up 12% from a year earlier, as the bank advanced a strategic review aimed at simplifying its business mix, improving balance-sheet composition and redirecting resources toward relationship-based banking businesses.
Reported net income available to common shareholders was $684 million, or $0.56 per diluted share. Results included the effects of the completed sale of the company’s Regional Acceptance Corporation, or RAC, auto loan portfolio and a related available-for-sale securities repositioning. Those actions reduced reported earnings per share by a net $0.60
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“We have all the raw materials to become one of the country’s top-performing banks,” Chief Executive Officer Mike Lyons said on his first earnings call in the role. Lyons said the company’s central objective is to improve operating performance, growth, profitability and shareholder value, while acknowledging Truist has not performed up to its potential in recent years.
Portfolio exits and balance-sheet changes
Truist completed the previously announced sale of its $5.5 billion RAC auto loan portfolio at the end of the third quarter, receiving $5.2 billion in net proceeds that it used to reduce borrowings. Maguire said the sale reduced consolidated non-performing loans by 28% and lowered expected annualized net charge-offs by 10 basis points.
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