Truist Financial Sells $5.5B Auto Loan Portfolio, Reaffirms Outlook

Truist Financial reaffirmed its current-quarter and full-year outlook while announcing plans to sell $5.5 billion of near-prime auto loans and exit its Regional Acceptance Corporation (RAC) business. The portfolio sale and business exit signal a balance-sheet simplification and potential reduction in consumer-credit exposure, while the unchanged outlook supports near-term earnings expectations.