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Analysis

TFC 10-K Analysis: The Two-Speed Bank Behind the $10B Buyback

Truist Financial returned 104% of its FY2025 net income to shareholders — $5.2 billion through dividends and buybacks — while CET1 capital declined 70 basis points. But the 10-K reveals a bank running at two speeds: Wholesale Banking already operates at 49% efficiency while Consumer Banking's earnings collapsed 17.8%. With 30-89 day delinquencies surging 22.3% and the filing's own stress test showing a $2.4 billion reserve hit would halve EPS, the $10 billion buyback authorization is a bet on a consumer franchise that's weakening faster than buybacks can compensate.

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15 min

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