CHARLOTTE, N.C., June 30, 2023 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced the Federal Reserve Board has determined the Company's preliminary stress capital buffer ("SCB") requirement is 2.9%. The Federal Reserve Board will provide the Company's final SCB requirement on or before Aug. 31, 2023. Once finalized, the new SCB requirement will be in effect from Oct. 1, 2023 to Sept. 30, 2024.
Truist also announced plans to maintain its current quarterly common stock dividend of $0.52 per share, subject to approval by its board of directors.
"Truist's 2023 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. "Our strong liquidity and capital positions, bolstered by the approximately 30 basis point increase to our CET1 ratio from the minority stake sale of Truist Insurance Holdings that was completed after the start of the 2023 annual stress test exercise, provide us 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."
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of products and services through our retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $574 billion as of March 31, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of Truist, including under hypothetical regulatory stress testing scenarios. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "could," "may," "should," "will" or other similar words or expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Truist's current expectations and assumptions regarding Truist's businesses, the economy, and other future conditions or reflect theoretical performance under prescribed hypothetical scenarios and the regulatory stress testing rules. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Many possible events or factors could affect Truist's future financial results and performance and could cause actual results or performance to differ materially from anticipated results or performance. Except to the extent required by applicable law or regulation, Truist disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding Truist and factors which could affect the forward-looking statements contained herein can be found in Truist's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as updated by its Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.
SOURCE Truist Financial Corporation