Truist Financial Corp (NYSE:TFC) Q2 2020 Earnings Conference Call - Final Transcript
Jul 16, 2020 • 08:00 am ET
Kelly S. King
our communities need a lot of help. We've been really focused on living our purpose. You've heard about our Truist Cares philanthropic initiative, where we pledge $50 million to rebuild communities. Some of the things we're doing are really, really exciting. For example, we're doing technological support in areas that are un-served or underserved with regard to Internet and WiFi capabilities.
We're using that to support automated reading capabilities in these areas, because these kids are sheltered and placed at home, and don't have access easily to learning. We're supporting our communities, doing a lot of work with CDFIs in terms of supporting small businesses, minority-owned businesses, women-owned businesses, feel good about that. Just to give you a perspective, over the last few years on our onUp Movement, we provided about 6 million people with tools to provide the financial confidence. Since 2009, we've done over 12,000 community projects. We've touched over 18 million people through our Financial Foundations program, which is focused on financial literacy.
In high schools, we've reached over 1 million high school students. And since the merger of equals, in very short period of time, we've provided $440 million in financing to support 2,200 affordable housing units, creating 1,400 new jobs across our footprint. We've been really focused on addressing racial and social inequity. We are expanding our efforts to advance equity, economic empowerment and education for our clients, our communities and our teammates. I'm very proud to say we observed Juneteenth holiday by giving our people time-off.
We had a virtual town hall with our 3,000 of our teammates that I was able to co-host along with Ben Crump, and it was a really, really good dialog, good discussion. We've had over 200 Days of Understanding, where we bring together our teammates and give them an opportunity to just dialog and talk about what's going on, challenges that they face. Those have been really, really great sessions. I participated in some and found them to be very, very informative and helpful. We're in the process of doing even more town halls. We conducted unconscious bias training. So, we're doing a lot to try to help our communities and our teammates weather through the storm and get better through the storm. And I feel really good about that.
I'll show you how this is playing out. With regard to our second quarter highlights, on Slide 6, we're very pleased that we had taxable-equivalent revenue of $5.9 billion. It was up 7%. But as you know, that was merger timing affected. We did have adjusted net income of $1.1 billion, feel good about that. Our diluted earnings per share on a GAAP basis were $0.67, but our adjusted basis earnings were $0.82, which was very, very strong relative to the environment.
Our return on average common equity on adjusted basis was 7.26%. Return on average tangible common adjusted was 14.17%. And I was very pleased that our adjusted efficiency ratio was 55.8%, which is very strong in