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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 23, 2020
fitb-20200723_g1.gif
(Exact name of registrant as specified in its charter)
Ohio 001-33653 31-0854434
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
Fifth Third Center
38 Fountain Square Plaza,Cincinnati,Ohio45263
(Address of Principal Executive Offices)(Zip Code)
(800) 972-3030
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below)

        ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

        ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

        ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

        ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each class Trading
Symbol(s)		 Name of each exchange
on which registered
Common Stock, Without Par Value FITB The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I FITBI The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A FITBP The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K FITBO The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02 Results of Operations and Financial Condition.

On July 23, 2020, Fifth Third Bancorp issued a press release announcing its earnings release for the second quarter of 2020. A copy of this press release is attached as Exhibit 99.1. This information is furnished under both Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.

The information in this Item 2.02 of Form 8-K and Exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 7.01 Regulation FD Disclosure.

On July 23, 2020, Fifth Third Bancorp issued a press release announcing its earnings release for the second quarter of 2020. A copy of this press release is attached as Exhibit 99.1. This information is furnished under both Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.

For the benefit of its investors, Fifth Third Bancorp is also furnishing a presentation regarding its earnings conference call. A copy of this item is attached as Exhibit 99.2.

The information in this Item 7.01 of Form 8-K and Exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1 – Press release dated July 23, 2020

Exhibit 99.2 – Second Quarter 2020 Earnings Presentation

Exhibit 104 – Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 FIFTH THIRD BANCORP
 (Registrant)
   
Date: July 23, 2020
 /s/ TAYFUN TUZUN
   
 Tayfun Tuzun
 Executive Vice President and
Chief Financial Officer



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Fifth Third Announces Second Quarter 2020 Results
Reported diluted earnings per share of $0.23
Reported results included a negative $0.07 impact from certain items on page 2

Key Financial DataKey Highlights
$ millions for all balance sheet and income statement items
2Q20
1Q20
2Q19
Continue to provide support in response to the pandemic
–Proactive outreach with customers, including those transitioning out of COVID-19 hardship programs
–Originated $5.5 billion in Paycheck Protection Program (PPP) loans to approximately 38,000 small and mid-sized businesses
–Taking measures to ensure continued employee & customer safety and remote workforce productivity
Second quarter 2020
–Pre-provision net revenue(a) up 4% from the prior quarter and up 10% from the year-ago quarter despite continued rate headwinds
–Record capital markets revenue
–Significant improvement in reported and adjusted efficiency ratio compared to both the prior and year-ago quarter
–NCO ratio lower than low end of previous guidance range
–9.7% CET1 up 35 bps sequentially; exceeds required minimum (including indicative stress capital buffer) by over 270 bps
–Record deposit growth exceeding loan growth, resulting in excess liquidity (loan-to-core deposit ratio of 75%)
–IB core deposit costs down 41 bps, more than previous guidance; NIM primarily impacted by excess liquidity (29 bps of the sequential decline); NIM also impacted by decline in market rates
Income Statement Data
Net income available to common shareholders$163$29$427
Net interest income (U.S. GAAP)1,2001,2291,245
Net interest income (FTE)(a)
1,2031,2331,250
Noninterest income650671660
Noninterest expense1,1211,2001,243
Per Share Data
Earnings per share, basic$0.23$0.04$0.57
Earnings per share, diluted0.230.040.57
Book value per share28.8828.2626.17
Tangible book value per share(a)
22.6622.0220.03
Balance Sheet & Credit Quality
Average portfolio loans and leases$118,506$110,779$110,095
Average deposits150,598126,789124,345
Net charge-off ratio(b)
0.44 %0.44 %0.29 %
Nonperforming asset ratio(c)
0.65  0.60  0.51  
Financial Ratios
Return on average assets0.40 %0.11 %1.08 %
Return on average common equity3.2  0.6  9.1  
Return on average tangible common equity(a)
4.3  1.0  12.3  
CET1 capital(d)(e)
9.72  9.37  9.57  
Net interest margin(a)
2.75  3.28  3.37  
Efficiency(a)
60.5  63.0  65.1  
Other than the Quarterly Financial Review tables beginning on page 14, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.

CEO Commentary

“Our second quarter performance once again highlighted the strength of our franchise and our ability to navigate the dynamic environment and mitigate the impact of lower rates through well-diversified fee revenues and continued expense discipline. Our CET1 capital ratio of 9.7% and loan-to-core deposit ratio of 75% are both indicative of our balance sheet strength which will serve us well during this challenging environment.

We have now generated year-over-year adjusted positive operating leverage in seven out of the past eight quarters, and also grew tangible book value per share for five consecutive quarters.

We expect credit quality to remain relatively stable in the near-term, reflecting our disciplined client selection, decade-long focus on improving our credit performance in the event of a downturn, and proactive risk management actions. Additionally, our allowance for credit losses continues to incorporate our expectation of a protracted downturn followed by a prolonged recovery period due to the economic fallout from the pandemic.

We remain intently focused on taking appropriate action for our customers, our employees, and our communities during these uncertain times. I am very proud of the way our employees have responded to support our customers and each other.”

-Greg D. Carmichael, Chairman, President and CEO
Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397 July 23, 2020

Income Statement Highlights
($ in millions, except per share data)For the Three Months Ended% Change
JuneMarchJune
202020202019SeqYr/Yr
Condensed Statements of Income
Net interest income (NII)(a)
$1,203$1,233$1,250(2)%(4)%
Provision for credit losses48564085(24)%471%
Noninterest income650671660(3)%(2)%
Noninterest expense1,1211,2001,243(7)%(10)%
Income before income taxes(a)
$247$64$582286%(58)%
Taxable equivalent adjustment$3$4$5(25)%(40)%
Applicable income tax expense4914124250%(60)%
Net income$195$46$453324%(57)%
Dividends on preferred stock32172688%23%
Net income available to common shareholders$163$29$427462%(62)%
Earnings per share, diluted$0.23$0.04$0.57475%(60)%
Fifth Third Bancorp (NASDAQ®: FITB) today reported second quarter 2020 net income of $195 million compared to net income of $46 million in the prior quarter and $453 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $163 million, or $0.23 per diluted share, compared to $29 million, or $0.04 per diluted share, in the prior quarter and $427 million, or $0.57 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain items - 2Q20
(after-tax impacts(f); $ in millions, except per share data)
Valuation of Visa total return swap within other noninterest income$(22)
Branch and non-branch real estate charges within other noninterest income(10)
COVID-19-related expenses(9)
Merger-related expenses(7)
FHLB debt extinguishment charge within other noninterest expense(4)
After-tax impact(f) of certain items
$(52)
Diluted earnings per share impact of certain items$(0.07)
Diluted earnings per share impact reflect 717.572 million average diluted shares outstanding

2

Net Interest Income
(FTE; $ in millions)(a)
For the Three Months Ended% Change
JuneMarchJune
202020202019SeqYr/Yr
Interest Income
Interest income$1,406 $1,529 $1,641 (8)%(14)%
Interest expense203296391(31)%(48)%
Net interest income (NII)$1,203 $1,233 $1,250 (2)%(4)%
Adjusted NII(a)
$1,188$1,217$1,232(2)%(4)%
Average Yield/Rate Analysisbps Change
Yield on interest-earning assets3.21 %4.07 %4.42 %(86)(121)
Rate paid on interest-bearing liabilities0.66 %1.09 %1.47 %(43)(81)
Ratios
Net interest rate spread2.55 %2.98 %2.95 %(43)(40)
Net interest margin (NIM)2.75 %3.28 %3.37 %(53)(62)
Adjusted NIM(a)
2.71 %3.24 %3.32 %(53)(61)
Compared to the prior quarter, reported NII decreased $30 million, or 2%. Excluding purchase accounting accretion of $15 million in the current quarter and $16 million in the prior quarter, adjusted NII decreased $29 million, or 2%. The decrease was driven by the impact of lower market rates on commercial loans, decreased mortgage loan balances due to an increase in prepayment activity, as well as a decline in home equity and credit card balances reflecting generally subdued demand. These impacts were partially offset by elevated average commercial revolving line of credit balances and growth from lower yielding PPP loans, as well as continued focus on reducing deposit costs and the favorable impact of previously executed hedges. Compared to the prior quarter, reported and adjusted NIM decreased 53 bps, also driven by lower market rates and the unfavorable impact from elevated cash balances (29 bps), and lower yielding PPP loans (1 bp), partially offset by benefits from lower deposit costs and previously executed hedges.
Compared to the year-ago quarter, reported NII decreased $47 million, or 4%. Excluding purchase accounting accretion, adjusted NII decreased $44 million, or 4%, primarily reflecting lower market rates, partially offset by the impact of elevated average commercial line draws and lower yielding PPP loans, as well as a continued focus on reducing deposit costs and the favorable impact of previously executed hedges. Compared to the year-ago quarter, reported NIM decreased 62 bps. Excluding purchase accounting accretion, adjusted NIM decreased 61 bps, primarily reflecting the impact of lower market rates on commercial loans and significantly elevated cash balances, partially offset by benefits from lower deposit costs and previously executed hedges.
3

Noninterest Income
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202020202019SeqYr/Yr
Noninterest Income
Service charges on deposits$122$148$143(18)%(15)%
Commercial banking revenue13712410710%28%
Mortgage banking net revenue9912063(18)%57%
Wealth and asset management revenue120134122(10)%(2)%
Card and processing revenue828692(5)%(11)%
Leasing business revenue577376(22)%(25)%
Other noninterest income1274771%(74)%
Securities gains (losses), net21(24)8NM163%
Securities gains, net - non-qualifying hedges
   on mortgage servicing rights—32(100)%(100)%
Total noninterest income$650$671$660(3)%(2)%
Reported noninterest income decreased $21 million, or 3%, from the prior quarter, and decreased $10 million, or 2%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below. Reported noninterest income results include securities gains/losses which were attributable predominantly to mark-to-market impacts related to non-qualified deferred compensation assets, and were offset in noninterest expense, resulting in an immaterial impact to pre-tax income.

Noninterest Income excluding certain items
($ in millions)For the Three Months Ended
JuneMarchJune
202020202019
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)$650 $671 $660 
Valuation of Visa total return swap292222
Branch and non-branch real estate charges12——
Net impairment on private equity investments—15—
Securities (gains) losses, net (excluding GreenSky)(21)24(8)
Noninterest income excluding certain items(a)
$670 $732 $674 
Compared to the prior quarter, noninterest income excluding certain items decreased $62 million, or 8%. Compared to the year-ago quarter, noninterest income excluding certain items decreased $4 million, or 1%.
Compared to the prior quarter, service charges on deposits decreased $26 million, or 18%, reflecting lower consumer and commercial deposit fees which were impacted by the record growth in deposit balances as well as hardship-related fee waivers granted throughout the quarter. Commercial banking revenue increased $13 million, or 10%, reflecting increases in both debt and equity capital markets revenue, as well as increased institutional brokerage revenue. Mortgage banking net revenue decreased $21 million, or 18%, as strong origination fees and gains on loan sales (reflecting improved margins) in the current quarter were more than offset by the MSR net valuation adjustment that returned to normalized levels compared to the prior quarter favorability, as well as lower origination volume and a decrease in gross servicing fee revenue in the current quarter. Current quarter mortgage originations of $3.4 billion decreased 15% compared to the prior quarter and were impacted by the decision to temporarily pause correspondent channel production. Mortgage originations excluding correspondent channel production increased 22% compared to the prior quarter. Wealth and asset management revenue decreased $14 million, or 10%, primarily driven by lower revenue given the equity market performance and seasonally strong tax preparation fees from the prior quarter. Card and processing revenue decreased
4

$4 million, or 5%, resulting from lower credit and debit volumes throughout the quarter reflecting customer behavioral changes in response to the pandemic, partially offset by lower rewards. Leasing business revenue decreased $16 million, or 22%, primarily driven by a decrease in lease syndication revenue.
Compared to the year-ago quarter, service charges on deposits decreased $21 million, or 15%, driven by lower consumer and commercial deposit fees, which were impacted by the record growth in deposit balances as well as hardship-related fee waivers granted throughout the quarter. Commercial banking revenue increased $30 million, or 28%, reflecting increases in both debt and equity capital markets revenue, as well as increased institutional brokerage and financial risk management revenue. Mortgage banking net revenue increased $36 million, or 57% primarily driven by strong origination fees and gains on loan sales reflecting improved margins. Originations excluding the correspondent channel increased 41% compared to the year-ago quarter. Wealth and asset management revenue decreased $2 million, or 2%. Card and processing revenue decreased by $10 million, or 11%, reflecting decreases in debit and credit volumes, partially offset by lower rewards. Leasing business revenue decreased $19 million, or 25% primarily reflecting lower business solutions revenue.

Noninterest Expense
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202020202019SeqYr/Yr
Noninterest Expense
Compensation and benefits$627 $647 $641 (3)%(2)%
Net occupancy expense828288-(7)%
Technology and communications9093136(3)%(34)%
Equipment expense323233-(3)%
Card and processing expense293134(6)%(15)%
Leasing business expense333538(6)%(13)%
Marketing expense203141(35)%(51)%
Intangible amortization expense121314(8)%(14)%
Other noninterest expense196236218(17)%(10)%
Total noninterest expense$1,121 $1,200 $1,243 (7)%(10)%
Impacts of Merger-Related Expenses
($ in millions)For the Three Months Ended
JuneMarchJune
202020202019
Merger-Related Expenses
Compensation and benefits$2 $2 $41 
Net occupancy expense216
Technology and communications4349
Equipment expense——1
Card and processing expense——1
Leasing business expense———
Marketing expense——3
Intangible amortization expense———
Other noninterest expense118
Total merger-related expenses$9 $7 $109 
5

Noninterest Expense excluding Merger-Related Expenses(a)
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202020202019SeqYr/Yr
Noninterest Expense excluding Merger-Related Expenses
Compensation and benefits$625 $645 $600 (3)%4%
Net occupancy expense808182(1)%(2)%
Technology and communications869087(4)%(1)%
Equipment expense323232—%—%
Card and processing expense293133(6)%(12)%
Leasing business expense333538(6)%(13)%
Marketing expense203138(35)%(47)%
Intangible amortization expense121314(8)%(14)%
Other noninterest expense195235210(17)%(7)%
Total noninterest expense excluding merger-related expenses$1,112 $1,193 $1,134 (7)%(2)%
Compared to the prior quarter, reported noninterest expense decreased $79 million, or 7%. Excluding certain noninterest expense items shown on page 2 and in the reconciliation tables of the earnings release (including COVID-19-related expenses), as well as intangible amortization expense, noninterest expense decreased $62 million, or 5%, primarily reflecting lower compensation and benefits (which included $22 million from non-qualified deferred compensation expense in the current quarter compared to an expense benefit of $26 million in the prior quarter), lower other noninterest expense, declines in expenses directly associated with revenue-generating activities, and continued discipline managing expenses throughout the Company. Excluding the impacts of non-qualified deferred compensation expense (offset in noninterest income), expenses decreased $110 million, or 9%, compared to the prior quarter.
Compared to the year-ago quarter, reported noninterest expense decreased $122 million, or 10%. Excluding certain noninterest expenses shown on page 2 and in the reconciliation tables of the earnings release (including COVID-19-related expenses), as well as intangible amortization expense, noninterest expense decreased $38 million, or 3%, primarily reflecting lower marketing expense, lower other noninterest expense, and declines in expenses directly associated with business activities, partially offset by elevated compensation and benefits expenses (which included $22 million from non-qualified deferred compensation expense in the current quarter compared to $7 million in the year-ago quarter). Excluding the impacts of non-qualified deferred compensation expense (offset in noninterest income), expenses decreased $53 million, or 5%, compared to the year-ago quarter.
6

Average Interest-Earning Assets
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202020202019SeqYr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans$59,040 $51,586 $52,078 14%13%
Commercial mortgage loans11,22211,01910,6322%6%
Commercial construction loans5,5485,1325,2488%6%
Commercial leases3,0563,2013,809(5)%(20)%
Total commercial loans and leases$78,866$70,938$71,76711%10%
Consumer loans:
Residential mortgage loans$16,561$16,732$16,804(1)%(1)%
Home equity5,8206,0066,376(3)%(9)%
Indirect secured consumer loans12,12411,80910,1903%19%
Credit card2,2482,4982,408(10)%(7)%
Other consumer loans2,8872,7962,5503%13%
Total consumer loans$39,640$39,841$38,328(1)%3%
Total average portfolio loans and leases$118,506 $110,779 $110,095 7%8%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale$68$108$113(37)%(40)%
Consumer loans held for sale8441,293785(35)%8%
Total average loans and leases held for sale$912$1,401$898(35)%2%
Securities and other short-term investments$56,806$39,033$37,79746%50%
Total average interest-earning assets$176,224$151,213$148,79017%18%
Compared to the prior quarter, total average portfolio loans and leases increased 7%, reflecting growth in commercial and industrial (C&I) loans, commercial construction and indirect secured consumer loans (predominantly indirect automobile). Average commercial portfolio loans and leases increased 11%, reflecting elevated C&I revolving line of credit utilization and the impact of PPP loans in the current quarter, as well as growth in commercial construction and commercial mortgage loans, partially offset by lower commercial leases. Average consumer portfolio loans decreased 1%, reflecting declines in credit card and home equity loans, partially offset by growth in indirect secured consumer loans.
Compared to the year-ago quarter, total average portfolio loans and leases increased 8%, reflecting growth in C&I loans as well as continued growth in indirect secured consumer loans (predominantly indirect automobile). Average commercial portfolio loans and leases increased 10%, reflecting elevated C&I balances predominantly from elevated corporate banking client line of credit utilization for part of the quarter, PPP loans, and growth in commercial mortgage loans, partially offset by a decline in commercial leases. Average consumer portfolio loans increased 3%, as higher indirect secured consumer loans were partially offset by lower credit card and home equity loans.

Total period-end commercial portfolio loans and leases of $75 billion included $5.2 billion in PPP loan balances and decreased $3 billion, or 3%, from the prior quarter, and increased $5 billion, or 7%, from the year-ago quarter, reflecting a normalization of commercial revolving line utilization throughout the current quarter. Period-end commercial revolving line utilization was 38%, compared to 47% in the prior quarter and 37% in the year-ago quarter.
Average available-for-sale debt and other securities of $36.1 billion increased 3% compared to the prior quarter and increased 4% compared to the year-ago quarter. Average other short-term investments (which includes interest-bearing cash) of $19.8 billion increased $16.9 billion compared to the prior quarter and increased $17.5 billion compared to the year-ago quarter.
7

Average Deposits
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202020202019SeqYr/Yr
Average Deposits
Demand$45,761 $35,765 $35,818 28%28%
Interest checking49,76040,29836,51423%36%
Savings16,35414,71514,41811%13%
Money market30,02227,10925,93411%16%
Foreign office(g)
182209163(13)%12%
Total transaction deposits$142,079$118,096$112,84720%26%
Other time4,4215,0815,678(13)%(22)%
Total core deposits$146,500$123,177$118,52519%24%
Certificates - $100,000 and over4,0673,3555,78021%(30)%
Other deposits3125740(88)%(23)%
Total average deposits$150,598 $126,789 $124,345 19%21%
Compared to the prior quarter, average core deposits increased 19%, with double-digit growth in all deposit captions except other time and foreign office deposits. Average demand deposits represented 31% of total core deposits in the current quarter compared to 29% in the prior quarter. Average commercial transaction deposits increased 34% and average consumer transaction deposits increased 8%.
Compared to the year-ago quarter, average core deposits increased 24%, reflecting record growth in commercial and consumer balances. Average commercial transaction deposits increased 45% and average consumer transaction deposits increased 10%.
The period end loan-to-core deposit ratio was 75% in the current quarter, compared to 89% in the prior quarter and 91% in the year-ago quarter.

Average Wholesale Funding
($ in millions)For the Three Months Ended% Change
JuneMarchJune
202020202019SeqYr/Yr
Average Wholesale Funding
Certificates - $100,000 and over$4,067 $3,355 $5,780 21%(30)%
Other deposits3125740(88)%(23)%
Federal funds purchased3096541,151(53)%(73)%
Other short-term borrowings2,3771,7501,11936%112%
Long-term debt16,95515,81615,5437%9%
Total average wholesale funding$23,739$21,832$23,6339%—%
Compared to the prior quarter, average wholesale funding increased 9%, driven primarily by debt issuances of $1.25 billion during the quarter, as well as increases in jumbo CD balances and other short-term borrowings reflecting $3 billion in FHLB advances which were initiated in the first month of the quarter and subsequently extinguished, partially offset by decreased federal funds borrowings and other deposits. Compared to the year-ago quarter, average wholesale funding remained flat as decreases in jumbo CD balances, federal funds borrowings and other deposits were offset by increases in long-term debt and other short-term borrowings.
8

Credit Quality Summary
($ in millions)As of and For the Three Months Ended
JuneMarchDecemberSeptemberJune
20202020201920192019
Total nonaccrual portfolio loans and leases (NPLs)$700$647$618$482$521
Repossessed property4101098
OREO4352522831
Total nonperforming portfolio loans and leases and OREO (NPAs)$747$709$680$519$560
NPL ratio(h)
0.61 %0.55 %0.56 %0.44 %0.48 %
NPA ratio(c)
0.65 %0.60 %0.62 %0.47 %0.51 %
Total loans and leases 30-89 days past due (accrual)$381$409$364$402$383
Total loans and leases 90 days past due (accrual)136151130132128
Allowance for loan and lease losses (ALLL), beginning$2,348 $1,202 $1,143 $1,115 $1,115 
Impact of CECL adoption—643———
Total net losses charged-off(130)(122)(113)(99)(78)
Provision for loan and lease losses47862517212778
ALLL, ending$2,696$2,348$1,202$1,143$1,115
Reserve for unfunded commitments, beginning$169$144$154$147$133
Impact of CECL adoption—10———
Reserve for acquired commitments————7
Provision for (benefit from) the reserve for unfunded commitments715(10)77
Reserve for unfunded commitments, ending$176$169$144$154$147
Total allowance for credit losses (ACL)$2,872 $2,517 $1,346 $1,297 $1,262 
ACL ratios:
As a % of portfolio loans and leases2.50 % 2.13 % 1.23 % 1.19 % 1.15 % 
As a % of nonperforming portfolio loans and leases410 % 389 % 218 % 269 % 242 % 
As a % of nonperforming portfolio assets385 % 355 % 198 % 250 % 225 % 
ALLL as a % of portfolio loans and leases2.34 %1.99 %1.10 %1.04 %1.02 %
Total losses charged-off$(163)$(159)$(152)$(130)$(119)
Total recoveries of losses previously charged-off3337393141
Total net losses charged-off$(130)$(122)$(113)$(99)$(78)
Net charge-off ratio (NCO ratio)(b)
0.44 %0.44 %0.41 %0.36 %0.29 %
Commercial NCO ratio0.40 %0.32 %0.20 %0.18 %0.13 %
Consumer NCO ratio0.52 %0.66 %0.78 %0.68 %0.59 %
Nonperforming portfolio loans and leases were $700 million in the current quarter, with the resulting NPL ratio of 0.61%. Compared to the prior quarter, NPLs increased $53 million with the NPL ratio increasing 6 bps. Compared to the year-ago quarter, NPLs increased $179 million with the NPL ratio increasing 13 bps.
Nonperforming portfolio assets were $747 million in the current quarter, with the resulting NPA ratio of 0.65%. Compared to the prior quarter, NPAs increased $38 million with the NPA ratio increasing 5 bps. Compared to the year-ago quarter, NPAs increased $187 million with the NPA ratio increasing 14 bps.

9

The provision for credit losses totaled $485 million in the current quarter. The allowance for credit loss ratio represented 2.50% of total portfolio loans and leases in the current quarter, compared with 2.13% in the prior quarter and 1.15% in the year-ago quarter (using the incurred loss methodology). In the current quarter, the allowance for credit losses represented 410% of nonperforming portfolio loans and leases and 385% of nonperforming portfolio assets. The allowance for loan and lease losses ratio represented 2.34% of total portfolio loans and leases in the current quarter.
Net charge-offs were $130 million in the current quarter, with the resulting NCO ratio of 0.44%. Compared to the prior quarter, net charge-offs increased $8 million and the NCO ratio remained flat. Compared to the year-ago quarter, net charge-offs increased $52 million and the NCO ratio increased 15 bps.

Capital Position
As of and For the Three Months Ended
JuneMarchDecemberSeptemberJune
20202020201920192019
Capital Position
Average total Bancorp shareholders' equity as a % of average assets11.30 %12.63 %12.58%12.43%12.02 %
Tangible equity(a)
7.68 %8.41 %9.52%9.29%9.09 %
Tangible common equity (excluding AOCI)(a)
6.77 %7.41 %8.44%8.21%8.27 %
Tangible common equity (including AOCI)(a)
8.13 %8.65 %9.08%9.09%8.91 %
Regulatory Capital Ratios(e)
CET1 capital(d)
9.72 %9.37 %9.75%9.56%9.57 %
Tier I risk-based capital(d)
10.95 %10.56 %10.99%10.81%10.62 %
Total risk-based capital(d)
14.23 %13.59 %13.84%13.68%13.53 %
Tier I leverage8.16 %9.37 %9.54%9.36%9.24 %
Capital ratios remained strong during the quarter. The CET1 capital ratio was 9.72%, the tangible common equity to tangible assets ratio was 6.77% excluding AOCI, and 8.13% including AOCI. The Tier I risk-based capital ratio was 10.95%, the Total risk-based capital ratio was 14.23%, and the Tier I leverage ratio was 8.16%. Certain capital ratios, including the Tier I leverage ratio, were impacted by the significant increase in assets throughout the quarter, predominantly from growth in 0% risk-weighted assets resulting from an increase in interest-bearing cash as well as PPP loans.
On June 30, 2020, Fifth Third released its indicative stress capital buffer requirement resulting from the Federal Reserve Board’s 2020 Comprehensive Capital Analysis and Review results incorporating the supervisory severely adverse scenario published in February 2020. Fifth Third’s indicative stress capital buffer under this scenario is 2.5%, effective October 1, 2020. The stress capital buffer of 2.5% is the floor under the regulatory capital rules. Without the floor, Fifth Third estimates its buffer would have been approximately 2.1%.

10

Tax Rate
The effective tax rate was 19.9% compared with 22.6% in the prior quarter and 21.5% in the year-ago quarter. The tax rate in the current quarter reflected a one-time $2 million tax benefit primarily due to various state items.
Conference Call
Fifth Third will host a conference call to discuss these financial results at 9:00 a.m. (Eastern Time) today. This conference call will be webcast live and may be accessed through the Fifth Third Investor Relations website at www.53.com (click on “About Us” then “Investor Relations”).
Those unable to listen to the live webcast may access a webcast replay through the Fifth Third Investor Relations website at the same web address.
Corporate Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2020, the Company had $203 billion in assets and operates 1,122 full-service Banking Centers, and 2,456 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2020, had $405 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”
Earnings Release End Notes
(a)Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 27.
(b)Net losses charged-off as a percent of average portfolio loans and leases.
(c)Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO.
(d)Under the U.S. banking agencies' Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.
(e)Current period regulatory capital ratios are estimated.
(f)Assumes a 23% tax rate.
(g)Includes commercial customer Eurodollar sweep balances for which the Bank pays rates comparable to other commercial deposit accounts.
(h)Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO.
11


FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document.

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) risks relating to Fifth Third’s ability to realize the anticipated benefits of the merger with MB Financial, Inc.; (36) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (37) potential dilution from future acquisitions; (38) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (39) results of investments or acquired entities; (40) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (41) inaccuracies or other failures from the use of models; (42) effects of critical accounting policies and judgments or the use of inaccurate estimates; (43) weather-related events, other natural disasters, or health emergencies; and (44) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity.

You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements.
# # #


12

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Quarterly Financial Review for June 30, 2020

Table of Contents


Financial Highlights14-15
Consolidated Statements of Income16-17
Consolidated Balance Sheets18-19
Consolidated Statements of Changes in Equity20
Average Balance Sheet and Yield Analysis21-22
Summary of Loans and Leases23
Regulatory Capital24
Summary of Credit Loss Experience25
Asset Quality26
Regulation G Non-GAAP Reconciliation27-29
Segment Presentation30


13

Fifth Third Bancorp and Subsidiaries
Financial Highlights% / bps% / bps
$ in millions, except per share dataFor the Three Months EndedChangeYear to DateChange
(unaudited)JuneMarchJuneJuneJune
202020202019SeqYr/Yr20202019Yr/Yr
Income Statement Data
Net interest income$1,200$1,229$1,245(2%)(4%)$2,429$2,3274%
Net interest income (FTE)(a)
1,2031,2331,250(2%)(4%)2,4362,3364%
Noninterest income650671660(3%)(2%)1,3211,761(25%)
Total revenue (FTE)(a)
1,8531,9041,910(3%)(3%)3,7574,097(8%)
Provision for credit losses48564085(24%)471%1,125175543%
Noninterest expense1,1211,2001,243(7%)(10%)2,3212,341(1%)
Net income19546453324%(57%)2431,228(80%)
Net income available to common shareholders16329427462%(62%)1931,187(84%)
Earnings Per Share Data
Net income allocated to common shareholders$162$28$423479%(62%)$191$1,176(84%)
Average common shares outstanding (in thousands):
Basic714,767713,556738,051—(3%)714,161699,7672%
Diluted717,572720,363747,750—(4%)718,967709,4301%
Earnings per share, basic$0.23$0.04$0.57475%(60%)$0.27$1.68(84%)
Earnings per share, diluted0.230.040.57475%(60%)0.271.66(84%)
Common Share Data
Cash dividends per common share$0.27$0.27$0.24-13%$0.54$0.4617%
Book value per share28.8828.2626.172%10%28.8826.1710%
Market price per share19.2814.8527.9030%(31%)19.2827.90(31%)
Common shares outstanding (in thousands)712,202711,306731,474—(3%)712,202731,474(3%)
Market capitalization$13,731$10,563$20,40830%(33%)$13,731$20,408(33%)
Financial Ratios
Return on average assets0.40 %0.11 %1.08 %29  (68) 0.26 %1.56 %(130) 
Return on average common equity3.2 %0.6 %9.1 %260  (590) 1.9 %13.9 %(1,200) 
Return on average tangible common equity(a)
4.3 %1.0 %12.3 %330  (800) 2.7 %17.8 %(1,510) 
Noninterest income as a percent of total revenue(a)
35.0 %35.0 %35.0 %—  —  35.0 %43.0 %(800) 
Dividend payout117.4%675.0%42.1%(5,576) 753  200.0%27.4%1,726  
Average total Bancorp shareholders' equity as a percent of average assets11.30 %12.63 %12.02 %(133) (72) 11.92 %11.74 %18  
Tangible common equity(a)
6.77 %7.41 %8.27 %(64) (150) 6.76 %8.27 %(151) 
Net interest margin (FTE)(a)
2.75 %3.28 %3.37 %(53) (62) 2.99 %3.33 %(34) 
Efficiency (FTE)(a)
60.5 %63.0 %65.1 %(250) (460) 61.8 %57.1 %470  
Effective tax rate19.9 %22.6 %21.5 %(270) (160) 20.4 %21.9 %(150) 
Credit Quality
Net losses charged-off$130$122$787 %67 %$252$15662 %
Net losses charged-off as a percent of average portfolio loans and leases0.44 %0.44 %0.29 %—150.44 %0.30 %14
ALLL as a percent of portfolio loans and leases2.34 %1.99 %1.02 %351322.34 %1.02 %132
ACL as a percent of portfolio loans and leases(g)
2.50 %2.13 %1.15 %371352.50 %1.15 %135
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO0.65 %0.60 %0.51 %5140.65 %0.51 %14
Average Balances
Loans and leases, including held for sale$119,418$112,180$110,9936%8%$115,799$104,71211%
Securities and other short-term investments56,80639,03337,79746%50%47,92036,95330%
Assets198,387171,871167,57815%18%185,129158,32417%
Transaction deposits(b)
142,079118,096112,84720%26%130,087106,78022%
Core deposits(c)
146,500123,177118,52519%24%134,838112,05120%
Wholesale funding(d)
23,73921,83223,6339%—22,78622,915(1%)
Bancorp shareholders' equity22,42021,71320,1353%11%22,06618,58819%
Regulatory Capital Ratios(e)
CET1 capital(f)
9.72 %9.37 %9.57 %35159.72 %9.57 %15
Tier I risk-based capital(f)
10.95 %10.56 %10.62 %393310.95 %10.62 %33
Total risk-based capital(f)
14.23 %13.59 %13.53 %647014.23 %13.53 %70
Tier I leverage8.16 %9.37 %9.24 %(121)(108)8.16 %9.24 %(108)
Operations
Banking centers1,1221,1231,207—(7%)1,1221,207(7%)
ATMs2,4562,4642,551—(4%)2,4562,551(4%)
Full-time equivalent employees20,34020,18219,7581%3%20,34019,7583%
(a)Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 27.
(b)Includes demand, interest checking, savings, money market and foreign office deposits of commercial customers.
(c)Includes transaction deposits plus other time deposits.
(d)Includes certificates $100,000 and over, other deposits, federal funds purchased, other short-term borrowings and long-term debt.
(e)Current period regulatory capital ratios are estimates.
(f)Under the U.S. banking agencies' Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.
(g)The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.

14

Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share dataFor the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20202020201920192019
Income Statement Data
Net interest income$1,200$1,229$1,228$1,242$1,245
Net interest income (FTE)(a)
1,2031,2331,2321,2461,250
Noninterest income6506711,035740660
Total revenue (FTE)(a)
1,8531,9042,2671,9861,910
Provision for credit losses48564016213485
Noninterest expense1,1211,2001,1601,1591,243
Net income19546734549453
Net income available to common shareholders16329701530427
Earnings Per Share Data
Net income allocated to common shareholders$162$28$696$526$423
Average common shares outstanding (in thousands):
Basic714,767713,556715,137726,716738,051
Diluted717,572720,363724,968736,086747,750
Earnings per share, basic$0.23$0.04$0.97$0.72$0.57
Earnings per share, diluted0.230.040.960.710.57
Common Share Data
Cash dividends per common share$0.27$0.27$0.24$0.24$0.24
Book value per share28.8828.2627.4127.3226.17
Market value per share19.2814.8530.7427.3827.90
Common shares outstanding (in thousands)712,202711,306708,916718,583731,474
Market capitalization$13,731$10,563$21,792$19,675$20,408
Financial Ratios
Return on average assets0.40 %0.11 %1.72 %1.28 %1.08 %
Return on average common equity3.2 %0.6 %14.2 %10.7 %9.1 %
Return on average tangible common equity(a)
4.3 %1.0 %18.7 %14.2 %12.3 %
Noninterest income as a percent of total revenue(a)
35 %35 %46 %37 %35 %
Dividend payout117.4%675.0%24.7%33.3%42.1%
Average total Bancorp shareholders' equity as a percent of average assets11.30 %12.63 %12.58 %12.43 %12.02 %
Tangible common equity(a)
6.77 %7.41 %8.44 %8.21 %8.27 %
Net interest margin (FTE)(a)
2.75 %3.28 %3.27 %3.32 %3.37 %
Efficiency (FTE)(a)
60.5 %63.0 %51.2 %58.4 %65.1 %
Effective tax rate19.9 %22.6 %22.0 %20.2 %21.5 %
Credit Quality
Net losses charged-off$130$122$113$99$78
Net losses charged-off as a percent of average portfolio loans and leases0.44 %0.44 %0.41 %0.36 %0.29 %
ALLL as a percent of portfolio loans and leases2.34 %1.99 %1.10 %1.04 %1.02 %
Allowance for credit losses as a percent of portfolio loans and leases(g)
2.50 %2.13 %1.23 %1.19 %1.15 %
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO0.65 %0.60 %0.62 %0.47 %0.51 %
Average Balances
Loans and leases, including held for sale$119,418$112,180$110,986$110,666$110,993
Securities and other short-term investments56,80639,03338,32638,18837,797
Assets198,387171,871169,327169,585167,578
Transaction deposits(b)
142,079118,096116,285114,541112,847
Core deposits(c)
146,500123,177121,792120,364118,525
Wholesale funding(d)
23,73921,83221,49122,49223,633
Bancorp shareholders' equity22,42021,71321,30421,08720,135
Regulatory Capital Ratios(e)
CET1 capital(f)
9.72 %9.37 %9.75 %9.56 %9.57 %
Tier I risk-based capital(f)
10.95 %10.56 %10.99 %10.81 %10.62 %
Total risk-based capital(f)
14.23 %13.59 %13.84 %13.68 %13.53 %
Tier I leverage8.16 %9.37 %9.54 %9.36 %9.24 %
Operations
Banking centers1,1221,1231,1491,1431,207
ATMs2,4562,4642,4812,4872,551
Full-time equivalent employees20,34020,18219,86919,47819,758
(a)Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 27.
(b)Includes demand, interest checking, savings, money market and foreign office deposits of commercial customers.
(c)Includes transaction deposits plus other time deposits.
(d)Includes certificates $100,000 and over, other deposits, federal funds purchased, other short-term borrowings and long-term debt.
(e)Current period regulatory capital ratios are estimates.
(f)Under the U.S. banking agencies' Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.
(g)The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.
15

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income(a)
$ in millionsFor the Three Months Ended% ChangeYear to Date% Change
(unaudited)JuneMarchJuneJuneJune
202020202019SeqYr/Yr20202019Yr/Yr
Interest Income
Interest and fees on loans and leases$1,115$1,235$1,336(10%)(17%)$2,350$2,479(5%)
Interest on securities283283290-(2%)566571(1%)
Interest on other short-term investments5710(29%)(50%)1219(37%)
Total interest income1,4031,5251,636(8%)(14%)2,9283,069(5%)
Interest Expense
Interest on deposits83166243(50)%(66%)248449(45%)
Interest on federal funds purchased—28(100)%(100%)220(90%)
Interest on other short-term borrowings269(67)%(78%)814(43%)
Interest on long-term debt118122131(3)%(10%)241259(7%)
Total interest expense203296391(31)%(48%)499742(33%)
Net Interest Income1,2001,2291,245(2)%(4%)2,4292,3274%
Provision for credit losses48564085(24%)471%1,125175543%
Net Interest Income After Provision for Credit Losses7155891,16021%(38%)1,3042,152(39%)
Noninterest Income
Service charges on deposits122148143(18)%(15%)270274(1%)
Commercial banking revenue13712410710%28%26120925%
Mortgage banking net revenue9912063(18)%57%21911984%
Wealth and asset management revenue120134122(10)%(2%)2552349%
Card and processing revenue828692(5)%(11%)167171(2%)
Leasing business revenue577376(22)%(25%)13110821%
Other noninterest income1274771%(74%)18616(97%)
Securities (losses) gains, net21(24)8NM163%(3)25NM
Securities gains, net - non-qualifying hedges on mortgage servicing rights—32(100%)(100%)35(40%)
Total noninterest income650671660(3)%(2%)1,3211,761(25%)
Noninterest Expense
Compensation and benefits627647641(3%)(2%)1,2741,2512%
Net occupancy expense828288-(7%)164164-
Technology and communications9093136(3%)(34%)183219(16%)
Equipment expense323233-(3%)64632%
Card and processing expense293134(6%)(15%)6064(6%)
Leasing business expense333538(6%)(13%)685719%
Marketing expense203141(35%)(51%)5177(34%)
Other noninterest expense208249232(16%)(10%)4574462%
Total noninterest expense1,1211,2001,243(7%)(10%)2,3212,341(1%)
Income Before Income Taxes24460577307%(58%)3041,572(81%)
Applicable income tax expense4914124250%(60%)61344(82%)
Net Income19546453324%(57%)2431,228(80%)
Dividends on preferred stock32172688%23%504122%
Net Income Available to Common Shareholders$163$29$427462%(62%)$193$1,187(84%)
16

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20202020201920192019
Interest Income
Interest and fees on loans and leases$1,115$1,235$1,252$1,320$1,336
Interest on securities283283299291290
Interest on other short-term investments5781410
Total interest income1,4031,5251,5591,6251,636
Interest Expense
Interest on deposits83166201243243
Interest on federal funds purchased—2548
Interest on other short-term borrowings26589
Interest on long-term debt118122120128131
Total interest expense203296331383391
Net Interest Income1,2001,2291,2281,2421,245
Provision for credit losses48564016213485
Net Interest Income After Provision for Credit Losses7155891,0661,1081,160
Noninterest Income
Service charges on deposits122148149143143
Commercial banking revenue137124127123107
Mortgage banking net revenue99120739563
Wealth and asset management revenue120134129124122
Card and processing revenue8286959492
Leasing business revenue5773719276
Other noninterest income1273826447
Securities gains (losses), net21(24)1058
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights—3(1)—2
Total noninterest income6506711,035740660
Noninterest Expense
Compensation and benefits627647576584641
Net occupancy expense8282848488
Technology and communications9093103100136
Equipment expense3232333333
Card and processing expense2931333334
Leasing business expense3335364038
Marketing expense2031444041
Other noninterest expense208249251245232
Total noninterest expense1,1211,2001,1601,1591,243
Income Before Income Taxes24460941689577
Applicable income tax expense4914207140124
Net Income19546734549453
Dividends on preferred stock3217331926
Net Income Available to Common Shareholders$163$29$701$530$427
17

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of% Change
(unaudited)JuneMarchJune
202020202019SeqYr/Yr
Assets
Cash and due from banks$3,221$3,282$2,764(2%)17%
Other short-term investments28,2436,3193,357347%741%
Available-for-sale debt and other securities(a)
38,59938,64535,7530%8%
Held-to-maturity securities(b)
161721(6%)(24%)
Trading debt securities52643332221%63%
Equity securities273459485(41%)(44%)
Loans and leases held for sale9121,6301,205(44%)(24%)
Portfolio loans and leases:
  Commercial and industrial loans55,66158,25051,104(4%)9%
  Commercial mortgage loans11,23311,16010,7171%5%
  Commercial construction loans5,4795,4625,2640%4%
  Commercial leases3,0613,1233,677(2%)(17%)
Total commercial loans and leases75,43477,99570,762(3%)7%
  Residential mortgage loans16,45716,70116,777(1%)(2%)
  Home equity5,6815,9636,325(5%)(10%)
  Indirect secured consumer loans12,39512,05010,4033%19%
  Credit card2,2112,4172,436(9%)(9%)
  Other consumer loans2,8752,9112,580(1%)11%
Total consumer loans39,61940,04238,521(1%)3%
Portfolio loans and leases115,053118,037109,283(3%)5%
Allowance for loan and lease losses(2,696)(2,348)(1,115)15%142%
Portfolio loans and leases, net112,357115,689108,168(3%)4%
Bank premises and equipment2,0532,0092,0742%(1%)
Operating lease equipment809819894(1%)(10%)
Goodwill4,2614,2614,284-(1%)
Intangible assets171184215(7%)(20%)
Servicing rights6766851,039(1%)(35%)
Other assets10,78910,9598,221(2%)31%
Total Assets$202,906$185,391$168,8029%20%
Liabilities
Deposits:
  Demand$49,359$39,533$35,58925%39%
  Interest checking51,58644,52037,49116%38%
  Savings16,89615,55714,4849%17%
  Money market30,88127,77526,46511%17%
  Foreign office1911771758%9%
  Other time3,9134,6835,759(16%)(32%)
  Certificates $100,000 and over4,1202,8165,42946%(24%)
  Other deposits———NMNM
Total deposits156,946135,061125,39216%25%
Federal funds purchased2621,625179(84%)46%
Other short-term borrowings1,2854,542957(72%)34%
Accrued taxes, interest and expenses2,5822,4322,3976%8%
Other liabilities3,1693,5763,422(11%)(7%)
Long-term debt16,32716,28215,7840%3%
Total Liabilities180,571163,518148,13110%22%
Equity
Common stock(c)
2,0512,0512,051--
Preferred stock1,7701,7701,331-33%
Capital surplus3,6033,5973,5720%1%
Retained earnings17,64317,67717,4310%1%
Accumulated other comprehensive income2,9512,4771,17819%151%
Treasury stock(5,683)(5,699)(5,089)0%12%
Total Bancorp shareholders' equity22,33521,87320,4742%9%
Noncontrolling interests——197NM(100%)
Total Equity22,33521,87320,6712%8%
Total Liabilities and Equity$202,906$185,391$168,8029%20%
(a) Amortized cost$35,780$36,428$34,731(2%)3%
(b) Market values16  17  21  (6%)(24%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,000—  —  
Outstanding, excluding treasury712,202711,306731,474—  (3 %)
Treasury211,690212,586192,419—  10 %


18

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of
(unaudited)JuneMarchDecemberSeptemberJune
20202020201920192019
Assets
Cash and due from banks$3,221$3,282$3,278$3,261$2,764
Other short-term investments28,2436,3191,9503,2353,357
Available-for-sale debt and other securities(a)
38,59938,64536,02837,17835,753
Held-to-maturity securities(b)
1617171821
Trading debt securities526433297297322
Equity securities273459564459485
Loans and leases held for sale9121,6301,4001,2231,205
Portfolio loans and leases:
  Commercial and industrial loans55,66158,25050,54250,76851,104
  Commercial mortgage loans11,23311,16010,96310,82210,717
  Commercial construction loans5,4795,4625,0905,2815,264
  Commercial leases3,0613,1233,3633,4953,677
Total commercial loans and leases75,43477,99569,95870,36670,762
  Residential mortgage loans16,45716,70116,72416,67516,777
  Home equity5,6815,9636,0836,2186,325
  Indirect secured consumer loans12,39512,05011,53811,02610,403
  Credit card2,2112,4172,5322,4672,436
  Other consumer loans2,8752,9112,7232,6572,580
Total consumer loans39,61940,04239,60039,04338,521
Portfolio loans and leases115,053118,037109,558109,409109,283
Allowance for loan and lease losses(2,696)(2,348)(1,202)(1,143)(1,115)
Portfolio loans and leases, net112,357115,689108,356108,266108,168
Bank premises and equipment2,0532,0091,9952,0532,074
Operating lease equipment809819848869894
Goodwill4,2614,2614,2524,2904,284
Intangible assets171184201201215
Servicing rights6766859939101,039
Other assets10,78910,9599,1908,8198,221
Total Assets$202,906$185,391$169,369$171,079$168,802
Liabilities
Deposits:
  Demand$49,359$39,533$35,968$35,893$35,589
  Interest checking51,58644,52040,40936,96537,491
  Savings16,89615,55714,24814,35414,484
  Money market30,88127,77527,27727,37026,465
  Foreign office191177221226175
  Other time3,9134,6835,2375,6625,759
  Certificates $100,000 and over4,1202,8163,7024,3775,429
  Other deposits———500—
Total deposits156,946135,061127,062125,347125,392
Federal funds purchased2621,625260876179
Other short-term borrowings1,2854,5421,0114,046957
Accrued taxes, interest and expenses2,5822,4322,4412,5072,397
Other liabilities3,1693,5762,4222,4253,422
Long-term debt16,32716,28214,97014,47415,784
Total Liabilities180,571163,518148,166149,675148,131
Equity
Common stock(c)
2,0512,0512,0512,0512,051
Preferred stock1,7701,7701,7701,7701,331
Capital surplus3,6033,5973,5993,5893,572
Retained earnings17,64317,67718,31517,78617,431
Accumulated other comprehensive income2,9512,4771,1921,6351,178
Treasury stock(5,683)(5,699)(5,724)(5,427)(5,089)
Total Bancorp shareholders' equity22,33521,87321,20321,40420,474
Noncontrolling interests————197
Total Equity22,33521,87321,20321,40420,671
Total Liabilities and Equity$202,906$185,391$169,369$171,079$168,802
(a) Amortized cost$35,780$36,428$34,966$35,662$34,731
(b) Market values1617171821
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,0002,000,0002,000,000
Outstanding, excluding treasury712,202711,306708,916718,583731,474
Treasury211,690212,586214,977205,309192,419
19

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
For the Three Months EndedYear to Date
JuneJuneJuneJune
2020201920202019
Total Equity, Beginning$21,873$19,844$21,203$16,250
Net income1954532431,228
Other comprehensive income, net of tax:
Change in unrealized gains:
Available-for-sale debt securities4565771,3381,008
Qualifying cash flow hedges17191419280
Change in accumulated other comprehensive income related to employee benefit plans1122
Comprehensive income6691,2222,0022,518
Cash dividends declared:
Common stock(195)(178)(390)(343)
Preferred stock(32)(26)(50)(41)
Impact of stock transactions under stock compensation plans, net20104335
Shares acquired for treasury—(200)—(1,113)
Impact of acquisition———3,159
Noncontrolling interest———197
Other—(1)(1)(1)
Impact of cumulative effect of change in accounting principles——(472)10
Total Equity, Ending$22,335$20,671$22,335$20,671
20

Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis
$ in millionsFor the Three Months Ended% ChangeYear to Date% Change
(unaudited)JuneMarchJuneJuneJune
202020202019SeqYr/Yr20202019Yr/Yr
Assets
Interest-earning assets:
  Commercial and industrial loans$59,106$51,693$52,18714%13%$55,399$49,14513%
  Commercial mortgage loans11,22411,02010,6352%6%11,1229,03523%
  Commercial construction loans5,5485,1325,2488%6%5,3405,0446%
  Commercial leases3,0563,2013,811(5%)(20%)3,1283,684(15%)
Total commercial loans and leases78,93471,04671,88111%10%74,98966,90812%
  Residential mortgage loans17,40518,02417,589(3%)(1%)17,71516,8735%
  Home equity5,8206,0066,376(3%)(9%)5,9136,366(7%)
  Indirect secured consumer loans12,12411,80910,1903%19%11,9679,68624%
  Credit card2,2482,4982,408(10%)(7%)2,3732,402(1%)
  Other consumer loans2,8872,7972,5493%13%2,8422,47715%
Total consumer loans40,48441,13439,112(2%)4%40,81037,8048%
  Taxable securities36,81735,97335,4672%4%36,39534,8964%
  Tax exempt securities15616240(4%)290%15934368%
  Other short-term investments19,8332,8982,290584%766%11,3662,023462%
Total interest-earning assets176,224151,213148,79017%18%163,719141,66516%
Cash and due from banks3,1212,8802,9318%6%3,0002,57616%
Other assets21,39419,62316,9729%26%20,50915,19235%
Allowance for loan and lease losses(2,352)(1,845)(1,115)27%111%(2,099)(1,109)89%
Total Assets$198,387$171,871$167,57815%18%$185,129$158,32417%
Liabilities
Interest-bearing liabilities:
  Interest checking deposits$49,760$40,298$36,51423%36%$45,029$35,11328%
  Savings deposits16,35414,71514,41811%13%15,53413,73913%
  Money market deposits30,02227,10925,93411%16%28,56524,54116%
  Foreign office deposits182209163(13%)12%1961856%
  Other time deposits4,4215,0815,678(13%)(22%)4,7515,271(10%)
Total interest-bearing core deposits100,73987,41282,70715%22%94,07578,84919%
  Certificates $100,000 and over4,0673,3555,78021%(30%)3,7114,576(19%)
  Other deposits3125740(88%)(23%)144381(62%)
  Federal funds purchased3096541,151(53%)(73%)4811,582(70%)
  Other short-term borrowings2,3771,7501,11936%112%2,063884133%
  Long-term debt16,95515,81615,5437%9%16,38715,4926%
Total interest-bearing liabilities124,478109,244106,34014%17%116,861101,76415%
Demand deposits45,76135,76535,81828%28%40,76333,20223%
Other liabilities5,7275,1495,08811%13%5,4384,65917%
Total Liabilities175,966150,158147,24617%20%163,062139,62517%
Total Equity22,42121,71320,3323%10%22,06718,69918%
Total Liabilities and Equity$198,387$171,871$167,57815%18%$185,129$158,32417%
For the Three Months Endedbps ChangeYear to Datebps Change
JuneMarchJuneJuneJune
Yield/Rate Analysis202020202019SeqYr/Yr20202019Yr/Yr
Interest-earning assets:
  Commercial and industrial loans(a)
3.47 %4.25 %4.79 %(78) (132) 3.83 %4.73 %(90) 
  Commercial mortgage loans(a)
3.44 %4.44 %5.11 %(100) (167) 3.94 %4.98 %(104) 
  Commercial construction loans(a)
3.53 %4.82 %5.71 %(129) (218) 4.15 %5.63 %(148) 
  Commercial leases(a)
3.47 %3.46 %3.51 %1  (4) 3.47 %3.30 %17  
Total commercial loans and leases3.47 %4.28 %4.84 %(81) (137) 3.86 %4.76 %(90) 
  Residential mortgage loans3.53 %3.63 %3.70 %(10) (17) 3.58 %3.71 %(13) 
  Home equity3.60 %4.71 %5.30 %(111) (170) 4.16 %5.32 %(116) 
  Indirect secured consumer loans4.04 %4.09 %4.11 %(5) (7) 4.07 %3.96 %11  
  Credit card11.28 %12.13 %12.38 %(85) (110) 11.72 %12.50 %(78) 
  Other consumer loans6.50 %7.71 %7.58 %(121) (108) 7.09 %7.54 %(45) 
Total consumer loans4.34 %4.71 %4.85 %(37) (51) 4.53 %4.85 %(32) 
Total loans and leases3.76 %4.44 %4.84 %(68) (108) 4.09 %4.79 %(70) 
  Taxable securities3.08 %3.15 %3.28 %(7) (20) 3.12 %3.30 %(18) 
  Tax exempt securities(a)
2.96 %3.04 %3.50 %(8) (54) 3.00 %4.03 %(103) 
  Other short-term investments0.11 %0.97 %1.80 %(86) (169) 0.22 %1.87 %(165) 
Total interest-earning assets3.21 %4.07 %4.42 %(86) (121) 3.61 %4.38 %(77) 
Interest-bearing liabilities:
  Interest checking deposits0.24 %0.75 %1.17 %(51) (93) 0.46 %1.17 %(71) 
  Savings deposits0.06 %0.13 %0.17 %(7) (11) 0.09 %0.16 %(7) 
  Money market deposits0.32 %0.72 %1.14 %(40) (82) 0.51 %1.09 %(58) 
  Foreign office deposits0.09 %0.57 %0.53 %(48) (44) 0.35 %0.57 %(22) 
  Other time deposits1.21 %1.56 %1.84 %(35) (63) 1.40 %1.82 %(42) 
Total interest-bearing core deposits0.27 %0.68 %1.03 %(41) (76) 0.46 %1.01 %(55) 
  Certificates $100,000 and over1.40 %2.09 %2.10 %(69) (70) 1.71 %2.11 %(40) 
  Other deposits0.04 %0.85 %2.92 %(81) (288) 0.76 %2.46 %(170) 
  Federal funds purchased0.16 %1.13 %2.61 %(97) (245) 0.82 %2.50 %(168) 
  Other short-term borrowings0.32 %1.32 %3.08 %(100) (276) 0.74 %3.28 %(254) 
  Long-term debt2.80 %3.12 %3.39 %(32) (59) 2.95 %3.37 %(42) 
Total interest-bearing liabilities0.66 %1.09 %1.47 %(43) (81) 0.86 %1.47 %(61) 
(a) Presented on an FTE basis.
21

Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis
$ in millionsFor the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20202020201920192019
Assets
Interest-earning assets:
  Commercial and industrial loans$59,106$51,693$50,980$51,364$52,187
  Commercial mortgage loans11,22411,02010,83210,69510,635
  Commercial construction loans5,5485,1325,3345,2675,248
  Commercial leases3,0563,2013,3843,5633,811
Total commercial loans and leases78,93471,04670,53070,88971,881
  Residential mortgage loans17,40518,02417,85317,73317,589
  Home equity5,8206,0066,1476,2676,376
  Indirect secured consumer loans12,12411,80911,28110,70710,190
  Credit card2,2482,4982,4962,4482,408
  Other consumer loans2,8872,7972,6792,6222,549
Total consumer loans40,48441,13440,45639,77739,112
  Taxable securities36,81735,97336,25535,65335,467
  Tax exempt securities156162573840
  Other short-term investments19,8332,8982,0142,4972,290
Total interest-earning assets176,224151,213149,312148,854148,790
Cash and due from banks3,1212,8803,0632,7692,931
Other assets21,39419,62318,09619,07716,972
Allowance for loan and lease losses(2,352)(1,845)(1,144)(1,115)(1,115)
Total Assets$198,387$171,871$169,327$169,585$167,578
Liabilities
Interest-bearing liabilities:
  Interest checking deposits$49,760$40,298$38,628$37,729$36,514
  Savings deposits16,35414,71514,27414,40514,418
  Money market deposits30,02227,10927,42926,96225,934
  Foreign office deposits182209244222163
  Other time deposits4,4215,0815,5075,8235,678
Total interest-bearing core deposits100,73987,41286,08285,14182,707
  Certificates $100,000 and over4,0673,3554,0724,7955,780
  Other deposits312572524740
  Federal funds purchased3096541,1747391,151
  Other short-term borrowings2,3771,7501,1331,2781,119
  Long-term debt16,95515,81614,86015,63315,543
Total interest-bearing liabilities124,478109,244107,573107,633106,340
Demand deposits45,76135,76535,71035,22335,818
Other liabilities5,7275,1494,7405,5225,088
Total Liabilities175,966150,158148,023148,378147,246
Total Equity22,42121,71321,30421,20720,332
Total Liabilities and Equity$198,387$171,871$169,327$169,585$167,578
Yield/Rate Analysis
Interest-earning assets:
  Commercial and industrial loans(a)
3.47 %4.25 %4.32 %4.66 %4.79 %
  Commercial mortgage loans(a)
3.44 %4.44 %4.48 %4.86 %5.11 %
  Commercial construction loans(a)
3.53 %4.82 %4.88 %5.39 %5.71 %
  Commercial leases(a)
3.47 %3.46 %3.30 %3.34 %3.51 %
Total commercial loans and leases3.47 %4.28 %4.34 %4.68 %4.84 %
  Residential mortgage loans3.53 %3.63 %3.57 %3.67 %3.70 %
  Home equity3.60 %4.71 %4.80 %5.20 %5.30 %
  Indirect secured consumer loans4.04 %4.09 %4.16 %4.22 %4.11 %
  Credit card11.28 %12.13 %12.37 %12.57 %12.38 %
  Other consumer loans6.50 %7.71 %7.75 %7.69 %7.58 %
Total consumer loans4.34 %4.71 %4.74 %4.87 %4.85 %
Total loans and leases3.76 %4.44 %4.49 %4.75 %4.84 %
  Taxable securities3.08 %3.15 %3.27 %3.24 %3.28 %
  Tax exempt securities(a)
2.96 %3.04 %4.44 %3.18 %3.50 %
  Other short-term investments0.11 %0.97 %1.65 %2.18 %1.80 %
Total interest-earning assets3.21 %4.07 %4.15 %4.34 %4.42 %
Interest-bearing liabilities:
  Interest checking deposits0.24 %0.75 %0.88 %1.12 %1.17 %
  Savings deposits0.06 %0.13 %0.14 %0.18 %0.17 %
  Money market deposits0.32 %0.72 %0.89 %1.13 %1.14 %
  Foreign office deposits0.09 %0.57 %0.95 %0.37 %0.53 %
  Other time deposits1.21 %1.56 %1.75 %1.79 %1.84 %
Total interest-bearing core deposits0.27 %0.68 %0.82 %1.01 %1.03 %
  Certificates $100,000 and over1.40 %2.09 %2.14 %2.20 %2.10 %
  Other deposits0.04 %0.85 %1.75 %1.97 %2.92 %
  Federal funds purchased0.16 %1.13 %1.74 %2.06 %2.61 %
  Other short-term borrowings0.32 %1.32 %1.89 %2.55 %3.08 %
  Long-term debt2.80 %3.12 %3.22 %3.26 %3.39 %
Total interest-bearing liabilities0.66 %1.09 %1.22 %1.41 %1.47 %
Ratios:
  Net interest margin (FTE)(b)
2.75 %3.28 %3.27 %3.32 %3.37 %
  Net interest rate spread (FTE)(b)
2.55 %2.98 %2.93 %2.93 %2.95 %
  Interest-bearing liabilities to interest-earning assets70.64 %72.24 %72.05 %72.31 %71.47 %
(a) Presented on an FTE basis.
(b) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 27.
22

Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millionsFor the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20202020201920192019
Average Portfolio Loans and Leases
Commercial loans and leases:
  Commercial and industrial loans$59,040$51,586$50,938$51,241$52,078
  Commercial mortgage loans11,22211,01910,83110,69210,632
  Commercial construction loans5,5485,1325,3345,2675,248
  Commercial leases3,0563,2013,3843,5623,809
Total commercial loans and leases78,86670,93870,48770,76271,767
Consumer loans:
  Residential mortgage loans16,56116,73216,69716,73616,804
  Home equity5,8206,0066,1476,2676,376
  Indirect secured consumer loans12,12411,80911,28110,70710,190
  Credit card2,2482,4982,4962,4482,408
  Other consumer loans2,8872,7962,6792,6212,550
Total consumer loans39,64039,84139,30038,77938,328
Total average portfolio loans and leases$118,506$110,779$109,787$109,541$110,095
Average Loans and Leases Held for Sale
Average commercial loans and leases held for sale$68$108$43$127$113
Average consumer loans held for sale8441,2931,156998785
Average loans and leases held for sale$912$1,401$1,199$1,125$898
End of Period Portfolio Loans and Leases
Commercial loans and leases:
  Commercial and industrial loans$55,661$58,250$50,542$50,768$51,104
  Commercial mortgage loans11,23311,16010,96310,82210,717
  Commercial construction loans5,4795,4625,0905,2815,264
  Commercial leases3,0613,1233,3633,4953,677
Total commercial loans and leases75,43477,99569,95870,36670,762
Consumer loans:
  Residential mortgage loans16,45716,70116,72416,67516,777
  Home equity5,6815,9636,0836,2186,325
  Indirect secured consumer loans12,39512,05011,53811,02610,403
  Credit card2,2112,4172,5322,4672,436
  Other consumer loans2,8752,9112,7232,6572,580
Total consumer loans39,61940,04239,60039,04338,521
Total portfolio loans and leases$115,053$118,037$109,558$109,409$109,283
End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale$72$65$136$86$174
Consumer loans held for sale8401,5651,2641,1371,031
Loans and leases held for sale$912$1,630$1,400$1,223$1,205
Operating lease equipment$809$819$848$869$894
Loans and Leases Serviced for Others(a)
Commercial and industrial loans$967$947$922$916$977
Commercial mortgage loans592545454446438
Commercial construction loans536462397392323
Commercial leases582302322345358
Residential mortgage loans78,80481,90180,73482,70284,597
Other consumer loans5050505050
Total loans and leases serviced for others81,53184,20782,87984,85186,743
Total loans and leases serviced$198,305$204,693$194,685$196,352$198,125
(a) Fifth Third sells certain loans and leases and obtains servicing responsibilities.
23

Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millionsAs of
(unaudited)JuneMarchDecemberSeptemberJune
2020(a)
2020201920192019
Regulatory Capital
CET1 capital$13,935$13,840$13,847$13,568$13,532
Additional tier I capital1,7691,7691,7691,7691,493
Tier I capital15,70415,60915,61615,33715,025
Tier II capital4,7044,4724,0454,0764,112
Total regulatory capital$20,408$20,081$19,661$19,413$19,137
Risk-weighted assets(b)
$143,407$147,756$142,065$141,880$141,421
Ratios
Average total Bancorp shareholders' equity as a percent of average assets11.30 %12.63 %12.58 %12.43 %12.02 %
Regulatory Capital Ratios
Fifth Third Bancorp
CET1 capital(b)
9.72 %9.37 %9.75 %9.56 %9.57 %
Tier I risk-based capital(b)
10.95 %10.56 %10.99 %10.81 %10.62 %
Total risk-based capital(b)
14.23 %13.59 %13.84 %13.68 %13.53 %
Tier I leverage8.16 %9.37 %9.54 %9.36 %9.24 %
Fifth Third Bank
Tier I risk-based capital(b)
11.75 %11.36 %11.86 %11.79 %11.67 %
Total risk-based capital(b)
13.64 %13.17 %13.46 %13.37 %13.23 %
Tier I leverage8.80 %10.16 %10.36 %10.26 %10.59 %
(a)Current period regulatory capital data and ratios are estimated.
(b)Under the U.S. banking agencies' Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.
24

Fifth Third Bancorp and Subsidiaries
Summary of Credit Loss Experience
$ in millionsFor the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20202020201920192019
Average portfolio loans and leases:
  Commercial and industrial loans$59,040$51,586$50,938$51,241$52,078
  Commercial mortgage loans11,22211,01910,83110,69210,632
  Commercial construction loans5,5485,1325,3345,2675,248
  Commercial leases3,0563,2013,3843,5623,809
Total commercial loans and leases78,86670,93870,48770,76271,767
  Residential mortgage loans16,56116,73216,69716,73616,804
  Home equity5,8206,0066,1476,2676,376
  Indirect secured consumer loans12,12411,80911,28110,70710,190
  Credit card2,2482,4982,4962,4482,408
  Other consumer loans2,8872,7962,6792,6212,550
Total consumer loans39,64039,84139,30038,77938,328
Total average portfolio loans and leases$118,506$110,779$109,787$109,541$110,095
Losses charged-off:
  Commercial and industrial loans($68)($54)($40)($30)($30)
  Commercial mortgage loans(2)(2)———
  Commercial leases(11)(5)—(4)(3)
Total commercial loans and leases(81)(61)(40)(34)(33)
  Residential mortgage loans(2)(2)(4)(2)(1)
  Home equity(3)(5)(12)(5)(6)
  Indirect secured consumer loans(15)(21)(24)(21)(15)
  Credit card(40)(42)(40)(38)(40)
  Other consumer loans(22)(28)(32)(30)(24)
Total consumer loans(82)(98)(112)(96)(86)
Total losses charged-off($163)($159)($152)($130)($119)
Recoveries of losses previously charged-off:
  Commercial and industrial loans$3$4$4$1$10
  Commercial mortgage loans—————
  Commercial leases—————
Total commercial loans and leases344110
  Residential mortgage loans11112
  Home equity22333
  Indirect secured consumer loans89888
  Credit card66755
  Other consumer loans1315161313
Total consumer loans3033353031
Total recoveries of losses previously charged-off$33$37$39$31$41
Net losses charged-off:
  Commercial and industrial loans($65)($50)($36)($29)($20)
  Commercial mortgage loans(2)(2)———
  Commercial leases(11)(5)—(4)(3)
Total commercial loans and leases(78)(57)(36)(33)(23)
  Residential mortgage loans(1)(1)(3)(1)1
  Home equity(1)(3)(9)(2)(3)
  Indirect secured consumer loans(7)(12)(16)(13)(7)
  Credit card(34)(36)(33)(33)(35)
  Other consumer loans(9)(13)(16)(17)(11)
Total consumer loans(52)(65)(77)(66)(55)
Total net losses charged-off($130)($122)($113)($99)($78)
Net losses charged-off as a percent of average portfolio loans and leases:
  Commercial and industrial loans0.45 %0.39 %0.28 %0.22 %0.15 %
  Commercial mortgage loans0.07 %0.06 %(0.02 %)(0.01 %)0.00 %
  Commercial leases1.47 %0.60 %0.06 %0.41 %0.32 %
Total commercial loans and leases0.40 %0.32 %0.20 %0.18 %0.13 %
  Residential mortgage loans0.02 %0.02 %0.07 %0.03 %(0.02 %)
  Home equity0.07 %0.17 %0.59 %0.16 %0.18 %
  Indirect secured consumer loans0.24 %0.43 %0.56 %0.50 %0.30 %
  Credit card6.17 %5.87 %5.21 %5.41 %5.75 %
  Other consumer loans1.17 %1.87 %2.51 %2.47 %1.84 %
Total consumer loans0.52 %0.66 %0.78 %0.68 %0.59 %
Total net losses charged-off as a percent of average portfolio loans and leases0.44 %0.44 %0.41 %0.36 %0.29 %
25

Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millionsFor the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20202020201920192019
Allowance for Credit Losses
Allowance for loan and lease losses, beginning$2,348$1,202$1,143$1,115$1,115
  Impact of CECL adoption—643———
  Total net losses charged-off(130)(122)(113)(99)(78)
  Provision for loan and lease losses47862517212778
Allowance for loan and lease losses, ending$2,696$2,348$1,202$1,143$1,115
Reserve for unfunded commitments, beginning$169$144$154$147$133
  Impact of CECL adoption—10———
  Reserve for acquired commitments————7
  Provision for (benefit from) the reserve for unfunded commitments715(10)77
Reserve for unfunded commitments, ending$176$169$144$154$147
Components of allowance for credit losses:
  Allowance for loan and lease losses$2,696$2,348$1,202$1,143$1,115
  Reserve for unfunded commitments176169144154147
Total allowance for credit losses$2,872$2,517$1,346$1,297$1,262
As of
JuneMarchDecemberSeptemberJune
20202020201920192019
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
  Commercial and industrial loans$94$100$118$70$135
  Commercial mortgage loans8983211720
  Commercial construction loans—11——
  Commercial leases2218262731
  Residential mortgage loans1412131211
  Home equity5254546361
  Indirect secured consumer loans51111
  Other consumer loans22222
Total nonaccrual portfolio loans and leases (excludes restructured loans)278271236192261
Nonaccrual restructured portfolio commercial loans and leases282243231235204
Nonaccrual restructured portfolio consumer loans and leases1401331515556
Total nonaccrual portfolio loans and leases700647618482521
Repossessed property4101098
OREO4352522831
Total nonperforming portfolio loans and leases and OREO747709680519560
Nonaccrual loans held for sale1———4
Nonaccrual restructured loans held for sale1171323
Total nonperforming assets$749$710$687$532$587
Restructured portfolio consumer loans and leases (accrual)$963$976$965$958$958
Restructured portfolio commercial loans and leases (accrual)$119$63$23$34$32
Loans and leases 90 days past due (accrual):
  Commercial and industrial loans$10$13$11$15$19
  Commercial mortgage loans2320151811
  Commercial construction loans———11
  Commercial leases—10—1—
Total commercial loans and leases3343263531
  Residential mortgage loans5454504847
  Home equity——1—1
  Indirect secured consumer loans1211101011
  Credit card3642423837
  Other consumer loans11111
Total consumer loans1031081049797
Total loans and leases 90 days past due (accrual)(b)
$136$151$130$132$128
Ratios
Net losses charged-off as a percent of average portfolio loans and leases0.44 %0.44 %0.41 %0.36 %0.29 %
Allowance for credit losses:
As a percent of portfolio loans and leases2.50 %2.13 %1.23 %1.19 %1.15 %
   As a percent of nonperforming portfolio loans and leases(a)
410 %389 %218 %269 %242 %
   As a percent of nonperforming portfolio assets(a)
385 %355 %198 %250 %225 %
Nonperforming portfolio loans and leases as a percent of portfolio loans
   and leases and OREO(a)
0.61 %0.55 %0.56 %0.44 %0.48 %
Nonperforming portfolio assets as a percent of portfolio loans and leases
   and OREO(a)
0.65 %0.60 %0.62 %0.47 %0.51 %
Nonperforming assets as a percent of total loans and leases, OREO, and
repossessed property0.65 %0.59 %0.62 %0.48 %0.53 %
(a) Excludes nonaccrual loans held for sale.
(b) Excludes loans held for sale.
26

Use of Non-GAAP Financial Measures
In addition to GAAP measures, management considers various non-GAAP measures when evaluating the performance of the business, including: “net interest income (FTE),” “interest income (FTE),” “net interest margin (FTE),” “net interest rate spread (FTE),” “income before income taxes (FTE),” “tangible net income available to common shareholders,” “average tangible common equity,” “return on average tangible common equity,” “tangible common equity (excluding AOCI),” “tangible common equity (including AOCI),” “tangible equity,” “tangible book value per share,” “adjusted noninterest income,” “adjusted noninterest expense,” “pre-provision net revenue,” “adjusted efficiency ratio,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” “adjusted return on average tangible common equity, excluding accumulated other comprehensive income,” “adjusted net interest margin,” “adjusted pre-provision net revenue,” “adjusted return on average assets,” “efficiency ratio (FTE),” “total revenue (FTE),” and certain ratios derived from these measures. The Bancorp believes these non-GAAP measures provide useful information to investors because these are among the measures used by the Fifth Third management team to evaluate operating performance and to make day-to-day operating decisions.

The FTE basis adjusts for the tax-favored status of income from certain loans and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income and net interest margin as it provides a relevant comparison between taxable and non-taxable amounts.

The Bancorp believes tangible net income available to common shareholders, average tangible common equity, tangible common equity (excluding AOCI), tangible common equity (including AOCI), tangible equity, tangible book value per share and return on average tangible common equity are important measures for evaluating the performance of the business without the impacts of intangible items, whether acquired or created internally, in a manner comparable to other companies in the industry who present similar measures.

The Bancorp believes noninterest income, noninterest expense, net interest income, net interest margin, pre-provision net revenue, efficiency ratio, return on average common equity, return on average tangible common equity, and return on average assets are important measures that adjust for significant, unusual, or large transactions that may occur in a reporting period which management does not consider indicative of ongoing financial performance and enhances comparability of results with prior periods.

Management considers various measures when evaluating capital utilization and adequacy, including the tangible equity and tangible common equity (including and excluding AOCI), in addition to capital ratios defined by U.S. banking agencies. These calculations are intended to complement the capital ratios defined by U.S. banking agencies for both absolute and comparative purposes. These ratios are not formally defined by U.S. GAAP or codified in the federal banking regulations and, therefore, are considered to be non-GAAP financial measures. Management believes that providing the tangible common equity ratio excluding AOCI on certain assets and liabilities enables investors and others to assess the Bancorp’s use of equity without the effects of changes in AOCI, some of which are uncertain; providing the tangible common equity ratio including AOCI enables investors and others to assess the Bancorp’s use of equity if components of AOCI, such as unrealized gains or losses, were to be monetized.

Please note that although non-GAAP financial measures provide useful insight, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures.

Please see Reg. G reconciliations of all historical non-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.
27

Fifth Third Bancorp and Subsidiaries
Regulation G Non-GAAP Reconciliation
$ and shares in millionsAs of and For the Three Months Ended
(unaudited)JuneMarchDecemberSeptemberJune
20202020201920192019
Net interest income$1,200$1,229$1,228$1,242$1,245
Add: Taxable equivalent adjustment34445
Net interest income (FTE) (a)1,2031,2331,2321,2461,250
Net interest income (annualized) (b)4,8264,9434,8724,9284,994
Net interest income (FTE) (annualized) (c)4,8384,9594,8884,9435,014
Net interest income (FTE)1,2031,2331,2321,2461,250
Less: Net interest income impact from purchase accounting accretion1516182818
Adjusted net interest income (FTE) (d)1,1881,2171,2141,2181,232
Adjusted net interest income (FTE) (annualized) (e)4,7774,8954,8164,8324,942
Interest income1,4031,5251,5591,6251,636
Add: Taxable equivalent adjustment34445
Interest income (FTE)1,4061,5291,5631,6291,641
Interest income (FTE) (annualized) (f)5,6556,1506,2016,4636,582
Interest expense (annualized) (g)8161,1911,3131,5201,568
Average interest-earning assets (h)176,224151,213149,312148,854148,790
Average interest-bearing liabilities (i)124,478109,244107,573107,633106,340
Net interest margin (b) / (h)2.74 %3.27 %3.26 %3.31 %3.36 %
Net interest margin (FTE) (c) / (h)2.75 %3.28 %3.27 %3.32 %3.37 %
Adjusted net interest margin (e) / (h)2.71 %3.24 %3.22 %3.25 %3.32 %
Net interest rate spread (FTE) (f) / (h) - (g) / (i)2.55 %2.98 %2.93 %2.93 %2.95 %
Income before income taxes$244$60$941$689$577
Add: Taxable equivalent adjustment34445
Income before income taxes (FTE)$247$64$945$693$582
Net income available to common shareholders$163$29$701$530$427
Add: Intangible amortization, net of tax910111111
Tangible net income available to common shareholders (j)17239712541438
Tangible net income available to common shareholders (annualized) (k)6921572,8252,1461,757
Average Bancorp shareholders' equity22,42021,71321,30421,08720,135
Less: Average preferred stock(1,770)(1,770)(1,770)(1,445)(1,331)
Average goodwill(4,261)(4,251)(4,260)(4,286)(4,301)
Average intangible assets(178)(193)(194)(208)(215)
Average tangible common equity, including AOCI (l)16,21115,49915,08015,14814,288
Less:Average AOCI(2,702)(1,825)(1,416)(1,444)(619)
Average tangible common equity, excluding AOCI (m)13,50913,67413,66413,70413,669
Total Bancorp shareholders' equity22,33521,87321,20321,40420,474
Less:Preferred stock(1,770)(1,770)(1,770)(1,770)(1,331)
Goodwill(4,261)(4,261)(4,252)(4,290)(4,284)
Intangible assets(171)(184)(201)(201)(215)
Tangible common equity, including AOCI (n)16,13315,65814,98015,14314,644
Less:AOCI(2,951)(2,477)(1,192)(1,635)(1,178)
Tangible common equity, excluding AOCI (o)13,18213,18113,78813,50813,466
Add:Preferred stock1,7701,7701,7701,7701,331
Tangible equity (p)14,95214,95115,55815,27814,797
Total assets202,906185,391169,369171,079168,802
Less:Goodwill(4,261)(4,261)(4,252)(4,290)(4,284)
Intangible assets(171)(184)(201)(201)(215)
Tangible assets, including AOCI (q)198,474180,946164,916166,588164,303
Less:AOCI, before tax(3,735)(3,135)(1,509)(2,070)(1,491)
Tangible assets, excluding AOCI (r)$194,739$177,811$163,407$164,518$162,812
Common shares outstanding (s)712711709719731
Tangible equity (p) / (r)7.68 %8.41 %9.52 %9.29 %9.09 %
Tangible common equity (excluding AOCI) (o) / (r)6.77 %7.41 %8.44 %8.21 %8.27 %
Tangible common equity (including AOCI) (n) / (q)8.13 %8.65 %9.08 %9.09 %8.91 %
Tangible book value per share (n) / (s)$22.66$22.02$21.13$21.06$20.03
28

Fifth Third Bancorp and Subsidiaries
Regulation G Non-GAAP Reconciliation
$ in millionsFor the Three Months Ended
(unaudited)JuneMarchJune
202020202019
Net income (t)$195$46$453
Net income (annualized) (u)7841851,817
Adjustments (pre-tax items)(a)
Valuation of Visa total return swap292222
Branch and non-branch real estate charges12--
COVID-19-related expenses12--
Merger-related expenses97109
FHLB debt extinguishment charge6--
Unfavorable credit valuation adjustment (CVA)-36-
Net impairment of private equity investments-15-
Adjustments, after-tax (v)(a)
5262101
Noninterest income (x)650671660
Valuation of Visa total return swap292222
Branch and non-branch real estate charges12--
Net impairment of private equity investments-15-
Adjusted noninterest income (y)691708682
Noninterest expense (z)1,1211,2001,243
COVID-19-related expenses(12)--
Merger-related expenses(9)(7)(109)
FHLB debt extinguishment charge(6)--
Unfavorable credit valuation adjustment (CVA)-(36)-
Adjusted noninterest expense (aa)1,0941,1571,134
Intangible amortization expense121314
Adjusted noninterest expense excluding intangible amortization expense (ab)1,0821,1441,120
Adjusted net income (t) + (v) + (w)247108554
Adjusted net income (annualized) (ac)9934342,222
Adjusted tangible net income available to common shareholders (j) + (v) + (w)224101539
Adjusted tangible net income available to common shareholders (annualized) (ad)9014062,162
Average assets (ae)$198,387$171,871$167,578
Return on average tangible common equity (k) / (l)4.3 %1.0 %12.3 %
Adjusted return on average tangible common equity, including AOCI (ad) / (l)5.6 %2.6 %15.1 %
Adjusted return on average tangible common equity, excluding AOCI (ad) / (m)6.7 %3.0 %15.8 %
Return on average assets (u) / (ae)0.40 %0.11 %1.08 %
Adjusted return on average assets (ac) / (ae)0.50 %0.25 %1.33 %
Efficiency ratio (z) / [(a) + (x)]60.5 %63.0 %65.1 %
Adjusted efficiency ratio (ab) / [(d) + (y)]57.6 %59.4 %58.5 %
Total revenue (FTE) (a) + (x)$1,853$1,904$1,910
Pre-provision net revenue (PPNR) (a) + (x) - (z)$732$704$667
Adjusted pre-provision net revenue (PPNR) (d) + (y) - (ab)$797$781$794
(a) Assumes a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items.
29

Fifth Third Bancorp and Subsidiaries
Segment Presentation
$ in millions
(unaudited)
For the three months ended June 30, 2020
Commercial Banking
Branch
Banking(b)
Consumer Lending(c)
Wealth
and Asset Management
Other/
Eliminations
Total
Net interest income (FTE)(a)
$573$513$92$51$(26)$1,203
(Provision for) benefit from credit losses(457)(52)(10)133(485)
Net interest income after provision for credit losses11646182527718
Noninterest income29416798121(30)650
Noninterest expense(405)(454)(120)(122)(20)(1,121)
Income (loss) before income taxes51746051(43)247
Applicable income tax (expense) benefit(a)
7(36)(12)(11)—(52)
Net income (loss)$12$138$48$40$(43)$195
For the three months ended March 31, 2020
Commercial Banking
Branch
Banking(b)
Consumer Lending(c)
Wealth
and Asset Management
Other/
Eliminations
Total
Net interest income (FTE)(a)
$511$505$89$37$91$1,233
Provision for credit losses(45)(62)(13)(1)(519)(640)
Net interest income after provision for credit losses4664437636(428)593
Noninterest income287198124135(73)671
Noninterest expense(480)(488)(122)(143)33(1,200)
Income (loss) before income taxes2731537828(468)64
Applicable income tax (expense) benefit(a)
(49)(32)(17)(6)86(18)
Net income (loss)$224$121$61$22$(382)$46
For the three months ended December 31, 2019
Commercial Banking
Branch
Banking(b)
Consumer Lending(c)
Wealth
and Asset Management
Other/
Eliminations
Total
Net interest income (FTE)(a)
$603$569$91$41$(72)$1,232
Provision for credit losses(83)(60)(15)—(4)(162)
Net interest income after provision for credit losses5205097641(76)1,070
Noninterest income324214741292941,035
Noninterest expense(422)(485)(123)(131)1(1,160)
Income before income taxes4222382739219945
Applicable income tax expense(a)
(81)(50)(6)(8)(66)(211)
Net income $341$188$21$31$153$734
For the three months ended September 30, 2019
Commercial Banking
Branch
Banking(b)
Consumer Lending(c)
Wealth
and Asset Management
Other/
Eliminations
Total
Net interest income (FTE)(a)
$627$598$88$44$(111)$1,246
Provision for credit losses(54)(58)(14)—(8)(134)
Net interest income after provision for credit losses5735407444(119)1,112
Noninterest income33520496125(20)740
Noninterest expense(425)(469)(114)(129)(22)(1,159)
Income (loss) before income taxes4832755640(161)693
Applicable income tax (expense) benefit(a)
(90)(58)(12)(8)24(144)
Net income (loss)$393$217$44$32$(137)$549
For the three months ended June 30, 2019
Commercial Banking
Branch
Banking(b)
Consumer Lending(c)
Wealth
and Asset Management
Other/
Eliminations
Total
Net interest income (FTE)(a)
$634$620$83$48$(135)$1,250
(Provision for) benefit from credit losses(25)(55)(7)—2(85)
Net interest income after provision for credit losses6095657648(133)1,165
Noninterest income30120267118(28)660
Noninterest expense(420)(467)(118)(135)(103)(1,243)
Income (loss) before income taxes4903002531(264)582
Applicable income tax (expense) benefit(a)
(95)(63)(5)(7)41(129)
Net income (loss)$395$237$20$24$(223)$453
(a) Includes taxable equivalent adjustments of $3 million, $4 million, $4 million, $4 million and $5 million for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, respectively.
(b) Branch Banking provides a full range of deposit and loan and lease products to individuals and small businesses through full-service banking centers.
(c) Consumer Lending includes the Bancorp's residential mortgage, home equity, automobile and other indirect lending activities.
30
Fifth Third Bancorp 2Q20 Earnings Presentation July 23, 2020 Refer to earnings release dated July 23, 2020 for further information. Classification: Internal Use 1  Fifth Third Bancorp | All Rights Reserved

 
Cautionary statement This presentation contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission [“SEC”]. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) risks relating to Fifth Third’s ability to realize the anticipated benefits of the merger with MB Financial, Inc.; (36) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (37) potential dilution from future acquisitions; (38) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (39) results of investments or acquired entities; (40) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (41) inaccuracies or other failures from the use of models; (42) effects of critical accounting policies and judgments or the use of inaccurate estimates; (43) weather-related events, other natural disasters, or health emergencies; and (44) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity. You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. In this presentation, we may sometimes provide non-GAAP financial information. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. We provide a discussion of non-GAAP measures and reconciliations to the most directly comparable GAAP measures in later slides in this presentation, as well as on pages 27 through 29 of our 2Q20 earnings release. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Bancorp's control or cannot be reasonably predicted. For the same reasons, the Bancorp's management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Classification: Internal Use 2  Fifth Third Bancorp | All Rights Reserved

 
Customer activity and pandemic response update COVID-19 hardship relief summary Payment deferrals % of Total loans Consumer portfolio COVID-19 relief programs As of 6/30/20 in payment deferral programs As of 7/17/20 % of deferral % of deferral % of deferral balance Commercial loans & leases: 6% balances < 30 % of accounts making > 1 balances which exits which have re- Commercial and industrial loans 4% days past due prior to relief payment during have exited enrolled for Commercial mortgage 16% programs deferral period programs additional relief Commercial construction 7% Residential mortgage loans Commercial leases 4% 89% 35% n/m n/m Consumer Loans: 8% Home equity 91% 28% n/m n/m Residential mortgage loans 9% Indirect secured consumer loans 97% 38% 57% 13% Home equity 4% Indirect secured consumer loans 10% Credit card 94% 71% 39% 7% Credit card 7% Other consumer loans 97% 26% 30% 14% Other consumer loans 4% Total portfolio loans and leases 6% Total 92% 37% 53% 12% Totals exclude mortgage and home equity Memo: COVID-19 high impact portfolios 15% given 6 month offers Mortgage and auto application trends Consumer spending trends Fifth Third Mortgage & Auto Applications; Fifth Third total consumer spending data (debit and credit, excluding 30% Year–over-year weekly change recurring payments); Year-over-year change (7 day moving average) 20% 15% 10% 0% 0% (10%) (15%) (20%) (30%) (30%) (45%) Auto Applications (40%) Mortgage Purchase Applications (60%) (50%) 1/3 1/16 1/29 2/11 2/24 3/8 3/21 4/3 4/16 4/29 5/12 5/25 6/7 6/20 1/7 1/21 2/4 2/18 3/3 3/17 3/31 4/14 4/28 5/12 5/26 6/9 6/23 7/7 Residential mortgage forbearance data excludes mortgages serviced for others Classification: Internal Use 3  Fifth Third Bancorp | All Rights Reserved

 
2Q20 highlights 1 1 • Continue to support customers, communities, Reported Adjusted and employees EPS $0.23 $0.30 • Strong PPNR performance despite lower rate ROA 0.40% 0.50% environment; significant improvement in reported and adjusted efficiency ratios ROE 3.2% 4.2% ROTCE 4.3% 6.7% • Record capital markets revenue excl. AOCI NIM 2.75% 2.71% • NCO ratio below the low end of previous excl. PAA guidance range Efficiency 60.5% 57.6% ratio excl. PAA & CDI • CET1 increased 35 bps from prior quarter to 9.7% and exceeds required minimum by over PPNR $732MM $797MM 270 bps • Record deposit growth resulting in a loan-to- CET1 9.72% core deposit ratio of 75% (72% ex. PPP) 1Reported ROTCE, NIM, pre-provision net revenue, and efficiency ratio are non-GAAP measures: all adjusted figures are non-GAAP measures; see reconciliation on pages 28 and 29 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release;Classification: Current periodInternal regulatory Use capital ratios are estimated. 4  Fifth Third Bancorp | All Rights Reserved

 
Interest earning assets Average loan & lease balances Average securities1 and short-term investments $ in billions; loan & lease balances exclude HFS $ in billions $118.5 $55.9 $110.1 $110.8 $39.6 $19.8 $38.3 $39.8 4.84% Includes approx. $37.0 $38.0 4.44% $3.8BN in PPP loans $2.3 $2.9 3.76% 3.28% 3.15% 3.08% $78.9 $71.8 $70.9 $36.1 $34.7 $35.1 2Q19 1Q20 2Q20 2Q19 1Q20 2Q20 Short-term Taxable Commercial Consumer Total loan yield Securities1 investments securities yield Period-end loan & lease balances Period-end securities1 and short-term investments $ in billions; loan & lease balances exclude HFS $ in billions $118.0 $115.1 $64.0 $109.3 $40.0 $39.6 $28.2 $38.5 $42.7 Includes approx. $38.1 $5.2BN in PPP $6.3 loans $3.4 $78.0 $75.4 $70.8 $34.7 $36.4 $35.8 2Q19 1Q20 2Q20 2Q19 1Q20 2Q20 Commercial Consumer Securities1 Short-term investments Note: Totals shown above may not foot due to rounding; 1Available-for-sale debt and other securities at amortized cost; previous disclosures included available-for-sale equity securities which are disclosed separately in the financial results Classification: Internal Use 5  Fifth Third Bancorp | All Rights Reserved

 
Core deposits and wholesale funding Average core deposit balances Average wholesale funding balances $ in billions $ in billions $146.5 $118.5 $123.2 $71.6 $23.6 $23.7 $21.8 $66.8 $67.4 3.02% 2.73% $51.7 $55.8 $74.9 2.27% 1.03% 0.68% 0.27% 2Q19 1Q20 2Q20 2Q19 1Q20 2Q20 Total IB core Commercial Consumer Total wholesale funding wholesale funding cost deposit rate Period-end core deposit balances Period-end wholesale funding balances $ in billions $152.9 $ in billions $132.2 $119.9 $73.2 $25.3 $22.3 $22.0 $68.6 $67.1 $79.7 $52.8 $63.6 2Q19 1Q20 2Q20 2Q19 1Q20 2Q20 Commercial Consumer Total wholesale funding Note: Totals shown above may not foot due to rounding Classification: Internal Use 6  Fifth Third Bancorp | All Rights Reserved

 
Aggressively reducing interest expense given the rate environment Proactively managing deposit costs given the rate environment IB core deposit rate 1.03% 0.99% 1.01% 2020 0.82% 0.77% 0.74% 0.54% 0.35% 0.27% 0.21% 1Q19 2Q19 3Q19 4Q19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 June Deposit rates by product 3Q15 2Q20 2020 Recent actions taken Interest checking 0.18% 0.24% 0.17% • Significantly reduced deposit rates several times throughout the quarter; further reduced in July (with plans to achieve 0.05% 0.06% 0.05% Savings ~11 bps reduction in 3Q20 IB core deposit costs compared Money market 0.21% 0.32% 0.23% to 2Q20) Foreign office 0.14% 0.09% 0.03% • Significantly lowered consumer CD rates, now just 20 basis points for a 1-year CD Other time 1.19% 1.21% 1.05% • Eliminated relationship money market promo rates IB core deposits 0.22% 0.27% 0.21% • Terminated $3 billion in FHLB advances Core deposits 0.14% 0.19% 0.14% Classification: Internal Use 7  Fifth Third Bancorp | All Rights Reserved

 
Net interest income1 1Q20 to 2Q20 NII & NIM Walk NII $ in millions; NIM change in bps NII NIM $1,250$1,232 $1,233 1Q20 $1,217 3.24% $1,217 $1,203 $1,188 Excluding PAA Elevated Cash - Balances (29) PPP Impact 21 (1) Defensive Wholesale 3.32% Funding Actions (9) (2) 3.24% Incremental Impact 2.71% of Cash Flow Hedges 30 7 Other Market Rate & (102) (25) Total net interest income; $ millions income; interest net Total Repricing Impacts Other Balance Sheet Composition 31 (3) Changes 2Q19 1Q20 2Q20 2Q20 $1,188 2.71% NII Adjusted NII Adjusted NIM (excl. PAA) (excl. PAA) Total quarterly impact of hedge portfolio; 2Q20 $62 +14 bps 1Results are on a fully-taxable equivalent basis; non-GAAP measure: see reconciliation on pages 28 and 29 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release Classification: Internal Use 8  Fifth Third Bancorp | All Rights Reserved

 
Noninterest income $732 2Q20 vs. 1Q20 • Adjusted noninterest income1 down $62 million, or 8% $674 $671 $670 $660 $650 • Primary drivers: ‒ Service charges on deposits (down 18%) ‒ Strong mortgage origination revenue, offset by positive net MSR valuation from the prior quarter ‒ Wealth and asset management revenue (down 10%) ‒ Partially offset by commercial banking revenue (up 10%) 2Q20 vs. 2Q19 • Adjusted noninterest income1 down $4 million, or 1% Total Total income; noninterest $ millions • Primary drivers: ‒ Service charges on deposits (down 15%) ‒ Leasing business revenue (down 25%) ‒ Card and processing revenue (down 11%) ‒ Partially offset by commercial banking revenue (up 28%) 2Q19 1Q20 2Q20 Noninterest income Adjusted noninterest income (excl. securities (gains)/losses)1 1Non-GAAP measure: see reconciliation on pages 28 and 29 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release Classification: Internal Use 9  Fifth Third Bancorp | All Rights Reserved

 
Noninterest expense 2Q20 vs. 1Q20 1 $1,243 • Adjusted noninterest expense down $62 million. Excluding $1,200 impact of $22 million non-qualified deferred compensation $1,144 expense in the current quarter compared to $26 million benefit $1,120 $1,121 $1,082 in the prior quarter, adjusted expenses were down $110 million, or 9%. • Primary drivers: ‒ Lower compensation and benefits (down 10%) ‒ Marketing expense (down 35%) ‒ Other noninterest expense (down 17%) 2Q20 vs. 2Q19 • Adjusted noninterest expense1 down $38 million. Excluding Total noninterest expense; $ millions expense; noninterest Total impact of non-qualified deferred compensation ($7 million expense in year-ago quarter), adjusted expenses were down $53 million, or 5%. • Primary drivers: ‒ Other noninterest expense (down 7%) ‒ Marketing expense (down 47%) 2Q19 1Q20 2Q20 Noninterest expense Adjusted noninterest expense ‒ Leasing business expense (down 13%) (excl. intangible amortization) 1 1Excluding intangible amortization is a non-GAAP measure: see reconciliation on pages 28 and 29 of this presentation and use of non-GAAP measures on pages 27- 29 of the earnings release Classification: Internal Use 10  Fifth Third Bancorp | All Rights Reserved

 
Well diversified commercial portfolio with several potential risk mitigants to recent stresses Commercial portfolio by industry sectors Potential risk mitigants for COVID-19 high impact portfolios $s in billions 1Q20 2Q20 Leisure & recreation – Primarily casinos, restaurants, sports, fitness, hotels, etc. Ex. PPP including underlying real estate Loans O/S Loans O/S Change • Casinos ($2.0BN) - Diversified between global operators, regionals, and Real estate $11.9 $11.7 (2%) Native American operated Manufacturing 13.2 11.6 (12%) • Restaurants ($1.9BN) - ~65% fast food/quick service; ~85% of total portfolio is currently open (as of 6/30) Financial services and insurance 8.3 6.8 (18%) 1 • Sports ($0.6BN) - predominantly well-known and established US franchises Leisure & recreation 7.4 6.8 (8%) and leagues (mix of leagues, teams, and stadiums) Business services 5.3 4.7 (11%) • Fitness ($0.4BN) - predominantly low cost and mid-range centers Wholesale trade 4.7 4.2 (11%) Communication and information 3.5 3.4 (3%) Retail (non-essential) - Primarily consumer discretionary stores, malls, etc. Mining 3.2 3.0 (6%) • C&I borrowers with strong performance given e-commerce disruption; Retail (non-essential) 1 3.5 3.0 (14%) composition almost exclusively either investment grade and well-positioned Healthcare - other2 2.8 2.6 (7%) to weather downturn, or market-conforming ABL structures Healthcare facilities 1 2.6 2.5 (4%) Healthcare facilities - Primarily elective & private practices and nursing homes Transportation and warehousing - other2 2.7 2.5 (7%) Construction 2.9 2.2 (24%) • Well diversified with long-term clients across broad sectors including Skilled 2 Nursing, Physician Offices, Behavioral Health, Assisted Living and Retail trade - other 1.7 0.8 (53%) Surgery/Outpatient Centers, etc. Leisure travel 1 0.5 0.5 - All Others3 3.8 3.9 3% Leisure travel - Primarily passenger water and air Total Commercial Loan & Lease Portfolio 78.0 70.2 (10%) • Well-contained to a few large operators; all have been able to access capital markets to bolster liquidity over the last two months Total COVID High Impact Industries 14.0 12.8 (9%) Well diversified commercial portfolio favoring large borrowers with a track record of resilience; COVID-19 high impact portfolio is geographically diverse (Excluding PPP, 72% of the C&I high impact portfolio in shared national credits) 1Leisure & recreation consists of the following industry classifications (as defined by NAICS): “Accommodation and food” and “Entertainment and recreation”; retail (non-essential) maps to the retail trade industry classification; healthcare facilities maps to the healthcare industry classification; leisure travel maps to the “transportation and warehousing: industry classification; 2”Healthcare – other” primarily consist of hospitals; “transportation and warehousing – other” primarily consists of non-leisure related transportation activities; “retail trade – other” primarily consists of vehicle related 3 dealers and gas stations; ”All others” consists of the following industry classifications:Classification: other services, utilities,Internal public Use administration, agribusiness, individuals, and other. 11  Fifth Third Bancorp | All Rights Reserved

 
Oil & gas portfolio remains well positioned $2.7BN I 2.3% of total loans Oil & Gas Balance Mix RBL 68% utilization 7% Oil & Gas Oil / Gas Mix 56% / 44% Production Reserve-Based Structure 95% 9% 4% $0.3BN I 0.3% of total loans ~97% <3% Midstream 26% utilization Midstream Oil / Gas Mix 60% / 40% Refining Asset-Based Structure 10% 79% $0.2BN I 0.2% of total loans Oilfield Services 79% utilization Total Loans Ex. Oil & Gas (OFS) Asset-Based Structure 60% Meaningful improvements from last cycle which had already exhibited strong performance 2015 2Q20 • Portfolio is less levered and more hedged than before the last downturn • $24MM total energy portfolio losses from 2015-2016 downturn Fifth Third RBL client cash flow 4.7x 2.7x leverage • RBL clients are well-hedged against lower commodity prices; By year- end, clients hedged more than 50%: Fifth Third RBL balance % 44% 79% – 2020: ~75%; 2021: ~35% • Deliberately underweight in OFS which we believe will exhibit higher Fifth Third OFS balance % 18% 7% losses in a down cycle Totals represent percentage of Fifth Third’s total loans & leases of $116 billion; Hedge information based on proved developed producing (PDP) reserves Classification: Internal Use 12  Fifth Third Bancorp | All Rights Reserved

 
Consumer portfolios are well positioned Portfolio Weighted average % of Total Portfolio WA LTV WA FICO1 FICO scores Loans at Orig. Potential mitigants Residential mortgage 14% 756 74% • Proactively made over 3 million calls to our customers since the onset56% of the pandemic to assess their financial situation Indirect secured 11% 753 93% Predominantly auto • COVID-19 hardship programs: Home equity 5% 761 70% • Significant decline in requests since April peak (down ~85% by the end of 2Q20) Other consumer 2% 759 NA Predominantly GreenSky • High percentage of consumer customers have made a payment (~37%) Credit card 2% 735 NA 4% • Small number of customers requesting FICO score distribution1 additional assistance • Enhanced underwriting standards across almost all 4% products (including improvements in LTV and FICO score requirements) 22% >=750 • Focused on existing relationships, significantly 755 720-749 limiting prospects in unsecured products except WA FICO for total 56% 660-719 high/super prime consumer portfolio 18% <=659 • Augmented collections efforts Totals represent percentage of Fifth Third’s total loans & leases of $116 billion; 1FICO distributions at origination exclude certain acquired mortgages and home equity loans as well as $100 million from credit card loans on book primarily ~15+ years, and $500 million from consumer loans associated with private wealth clients. Classification: Internal Use 13  Fifth Third Bancorp | All Rights Reserved

 
Credit quality overview Nonperforming assets1 (NPAs) ACL as % of portfolio loans and leases 2.76% Ex. PPP Including MB 2.64% unamortized loan discount 2.13% 2.50% 0.72% 0.65% 0.60% 1.23% 0.52% 0.51% 1.15% 1.19% 2Q17 2Q18 2Q19 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 NPA Ratio Incurred Loss Method CECL Net charge-offs (NCOs) • NPA ratio of 0.65% up 5 bps from prior quarter • NCO ratio consistent with previous expectations 0.66% 0.59% 0.52% • ACL represents 410% of NPLs, and 385% of NPAs 0.52% 0.46% 0.44% 0.44% 0.41% • Including the MB unamortized discount, ACL represents: 0.29% 0.28% 0.40% – 65% of 2020 company run DFAST severe losses 0.34% 0.32% 0.17% 0.13% – 41% of 2020 supervisory DFAST severe losses 2Q17 2Q18 2Q19 2Q20 • Provision 373% of NCOs Consumer NCO ratio Commercial NCO ratio Total NCO ratio 1Excludes HFS loans Classification: Internal Use 14  Fifth Third Bancorp | All Rights Reserved

 
Current expected credit losses (CECL) allowance Allocation of allowance by product 1Q20 2Q20 $s in millions % of portfolio % of portfolio Allowance for loan & lease losses Amount loans & leases Amount loans & leases Commercial and industrial loans 977 1.68% 988 1.78% Commercial mortgage loans 237 2.12% 375 3.34% Commercial construction loans 33 0.97% 97 1.77% Commercial leases 46 1.47% 42 1.37% Total commercial 1,313 1.68% 1,502 1.99% Residential mortgage 259 1.55% 327 1.99% Home equity loans 219 3.67% 239 4.21% Indirect secured consumer loans 129 1.07% 171 1.38% Credit card loans 306 12.66% 327 14.79% Other consumer loans 122 4.19% 130 4.52% Total consumer 1,035 2.58% 1,194 3.01% Allowance for loan & lease losses 2,348 1.99% 2,696 2.34% Reserve for unfunded commitments1 169 176 Allowance for credit losses $2,517 2.13% $2,872 2.50% • Allowance for credit losses increased $355M, reflecting worsening economic outlook due to COVID-19 • Including the impact of the unamortized discount from the MB loan portfolio, the ACL ratio was 2.64% • Furthermore, excluding the impact of PPP, the ACL ratio would have been 2.76% 1 2Q20 commercial and consumer portfolio make up $127M and $49M, respectively,Classification: of the Internal total reserveUse for unfunded commitments. 15  Fifth Third Bancorp | All Rights Reserved

 
Strong capital and liquidity position Regulatory capital position 29 bps • Risk-based capital ratios have meaningfully 9.72% 33 bps (14 bps) improved despite reserve build (13 bps) 9.37% • Expect to continue suspension of share repurchases until at least end of the year • ~$3.5BN excess capital over indicative stress capital buffer minimums • Common dividends account for ~55 bps of 1Q20 Net Income RWA Common Reserve Build 2Q20 (ex reserve build) Dividends Under CECL CET1 per year Liquidity position $s in billions; as of 6/30/2020 • Unprecedented levels of short-term liquidity Liquidity Sources currently ~18x higher than 2019 average Fed Reserves ~$28 • Loan-to-core deposit ratio of 75% (72% ex. Unpledged Investment Securities ~$28 PPP) Available FHLB Borrowing Capacity ~$18 • Over $100 billion of available liquidity sources Current Fed Discount Window Availability ~$30 • $4.4B in Holding Company cash, sufficient to satisfy all fixed obligations in a stressed Total ~$104 environment for ~30 months Current period regulatory capital ratios are estimated. Classification: Internal Use 16  Fifth Third Bancorp | All Rights Reserved

 
Current expectations Third quarter 2020 Loans & leases Down 3.5 - 4% sequentially (average balances, incl. HFS) NII (FTE)1 Down ~3% sequentially with no accelerated PPP fee benefit (excluding PAA) (2Q20 baseline: $1.188BN) Noninterest income1 Up 2%+ sequentially (2Q20 baseline: $670MM) Noninterest expense1 Up ~2% sequentially (excl. merger-related and CDI expenses; 2Q20 baseline: $1.082BN) Net charge-off ratio 50 - 55 bps range Effective tax rate ~21% range for remainder of 2020 As of July 23, 2020; please see cautionary statements on page 2 1Non-GAAP measure: see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 27-29 of the earnings release. Classification: Internal Use 17  Fifth Third Bancorp | All Rights Reserved

 
1 Resilient Balance Sheet Remain well- positioned to 2 Proactive navigate the Management uncertain economic environment 3 Diversified Revenue Mix Classification: Internal Use 18  Fifth Third Bancorp | All Rights Reserved

 
Appendix Classification: Internal Use 19  Fifth Third Bancorp | All Rights Reserved

 
Balance sheet positioning Commercial loans1,2,3 Consumer loans1 Investment portfolio Long-term debt4 $21.8BN fixed 3 | $48.5BN variable 1,2 $31.0BN fixed | $8.7BN variable 1 $12.4BN fixed | $3.9BN variable 4 • 1ML based: 55%6 • 1ML based: 1%7 • 58% allocation to bullet/ • 1ML based: 8%8 • 3ML based: 7%6 • 12ML based: 2%7 locked-out cash flow securities • 3ML based: 16%8 • Yield: 3.08% • Prime based: 5%6 • Prime based: 18%7 • Weighted avg. life: 4.27 • Effective duration of 4.75 • Other based: 3%6,9 • Weighted avg. life: 3.1 years years • Weighted avg. life: 1.7 years • Net unrealized pre-tax gain: $2.8BN 4% 2% • 99% AFS 5% 6% 8% 19% 8% 28% 20% 16% 14% 41% 72% 73% 31% 53% C&I 32% Fix | 68% Variable Resi mtg.& 95% Fix | 5% Variable Level 1 100% Fix | 0% Variable Senior debt 74% Fix | 26% Variable construction Coml. 22% Fix | 78% Variable Auto/Indirect 100% Fix | 0% Variable Level 2A 100% Fix | 0% Variable Sub debt 78% Fix | 22% Variable mortgage Coml. Non-HQLA/ Auto securiz. 98% Fix | 2% Variable 1% Fix | 99% Variable Home equity 10% Fix | 90% Variable 70% Fix | 30% Variable construction Other proceeds Credit card Includes $3.4BN non-agency CMBS Coml. lease 100% Fix | 0% Variable 22% Fix | 78% Variable Other 82% Fix | 18% Variable (All super-senior, AAA-rated securities; Other 65% Fix | 35% Variable 62% WA LTV, ~39% credit enhancement) • The information above incorporates the impact of $11BN in cash flow hedges ($8BN in C&I receive-fixed swaps, $3BN in floors with a 2.25% strike against 1ML) as well as ~$3BN fair value hedges associated with long term debt (receive-fixed swaps) • The impacts of PPP loans (given the expected temporary nature) are excluded Data as of 6/30/20; 1Excludes HFS Loans & Leases; 2Fifth Third had $11B of variable loans classified as fixed given the impacts of $3BN in floors with a 2.25% 1ML strike and $8BN in receive-fix swaps; 3Excludes 5.2BN in Small Business Administration Paycheck Protection Program (PPP) loans; 4Fifth Third had $1.46B 3ML receive-fix swaps and $1.25B 1ML receive-fix swaps outstanding against long-term debt, which are being included in floating, long-term debt with swaps outstanding reflected at fair value; 5Effective duration of the taxable available for sale portfolio; 6As a percent of total commercial, excluding PPP loans; 7As a percent of total consumer; 8As a percent of total long-term debt; 9Includes 12ML, 6ML, Classification:and Fed Funds Internal based Useloans 20  Fifth Third Bancorp | All Rights Reserved

 
Interest rate risk management NII is asset sensitive in year 1 and year 2 to rising Estimated NII sensitivity profile and ALCO policy limits rates. % Change in NII (FTE) ALCO policy limit • As of June 30, 2020, 52% of HFI loans were variable 13 to 24 13 to 24 rate net of existing hedges (69% of total commercial; Change in interest rates (bps) 12 months months 12 months months 22% of total consumer) +200 Ramp over 12 months 1.98% 7.26% (4.00%) (6.00%) +100 Ramp over 12 months 1.02% 3.88% NA NA • Inclusive of hedges and embedded floors, ~90% of $50BN commercial portfolio indexed to 1ML have floors at or above a 0% index • Investment portfolio effective duration of 4.71 Estimated NII sensitivity with deposit beta changes • Short-term borrowings represent approximately 7% of Betas 25% higher Betas 25% lower total wholesale funding, or 1% of total funding 13 to 24 13 to 24 Change in interest rates (bps) 12 months months 12 months months • Approximately $12.6 billion in non-core funding +200 Ramp over 12 months (1.98%) (0.18%) 5.94% 14.70% matures beyond one year +100 Ramp over 12 months (0.96%) 0.19% 3.00% 7.57% Interest rate sensitivity tables leverage the following deposit assumptions: Estimated NII sensitivity with demand deposit balance changes • Beta on all interest-bearing deposit and sweep balances: 71% up and 41% down2 % Change in NII (FTE) $1BN balance decline $1BN balance increase • No modeled re-pricing lag on deposits 13 to 24 13 to 24 Change in Interest Rates (bps) 12 months months 12 months months • Utilizes forecasted balance sheet with $750MM DDA +200 Ramp over 12 months 1.76% 6.80% 2.20% 7.72% runoff (per 100 bps rate movement) assumed in up +100 Ramp over 12 months 0.91% 3.65% 1.13% 4.11% rate scenarios • Weighted interest-bearing deposit floor of 8 bps 1 Effective duration of the taxable available for sale portfolio; 2Re-pricing percentage or “beta” is the estimated change in yield over 12 months as a result of a shock or ramp 100 bps parallel shift in the yield curve, Note: data as of 06/30/20; actual results may vary from these simulated results due to differences between forecasted and actual balance sheet composition, timing, magnitude, and frequency of interest rate changes, as well as other changes in market conditions and management strategies. Classification: Internal Use 21  Fifth Third Bancorp | All Rights Reserved

 
NPL rollforward1 Commercial $ millions 2Q19 3Q19 4Q19 1Q20 2Q20 Balance, beginning of period $ 313 $ 390 $ 349 $ 397 $ 445 Transfers to nonaccrual status 139 32 165 176 173 Transfers to accrual status - - - (31) - Transfers to held for sale - - (17) (6) (4) Loan paydowns/payoffs (40) (44) (60) (31) (50) Transfers to OREO - - (1) - - Charge-offs (33) (34) (40) (61) (81) Draws/other extensions of credit 11 5 1 1 4 Balance, end of period $ 390 $ 349 $ 397 $ 445 $ 487 Consumer $ millions 2Q19 3Q19 4Q19 1Q20 2Q20 Balance, beginning of period $ 137 $ 131 $ 133 $ 221 $ 202 Transfers to nonaccrual status 42 46 136 63 92 Transfers to accrual status (28) (21) (21) (51) (66) Transfers to held for sale - - - - - Loan paydowns/payoffs (10) (10) (13) (14) (11) Transfers to OREO (2) (3) (3) (7) - Charge-offs (8) (10) (11) (10) (5) Draws/other extensions of credit - - - - 1 Balance, end of period $ 131 $ 133 $ 221 $ 202 $ 213 Total NPL $ millions $ 521 $ 482 $ 618 $ 647 $ 700 Total new nonaccrual loans - HFI $ 181 $ 78 $ 301 $ 239 $ 265 1Loan balances exclude nonaccrual loans HFS Classification: Internal Use 22  Fifth Third Bancorp | All Rights Reserved

 
Balance and credit loss trends1 Commercial & industrial Residential mortgage $59.0 $52.1 $51.2 $50.9 $51.6 $16.8 $16.7 $16.7 $16.7 $16.6 0.45% 0.39% 0.22% 0.28% 0.15% 0.07% (0.02%) 0.03% 0.02% 0.02% 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Commercial mortgage Home equity $11.2 $10.6 $10.7 $10.8 $11.0 $6.4 $6.3 $6.1 $6.0 $5.8 0.59% 0.18% 0.16% 0.17% 0.07% 0.06% 0.07% (0.00%) (0.01%) (0.02%) 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Commercial construction Indirect secured consumer loans $11.8 $12.1 $5.5 $11.3 $5.2 $5.3 $5.3 $5.1 $10.2 $10.7 0.56% 0.50% 0.43% 0.30% 0.24% (0.00%) (0.00%) 0.00% 0.00% (0.00%) 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Average portfolio balance NCOs as a % of average portfolio loans 1All balances are in billions Classification: Internal Use 23  Fifth Third Bancorp | All Rights Reserved

 
Expected impacts of MB purchase accounting1 Net Core Deposit Intangible Amortization Purchase Accounting Accretion 8 7 $38 5 5 5 4 4 (3) (4) (4) (4) ($ in in ($ millions) (5) (5) (5) (9) (9) (9) (9) (10) (11) (11) 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 • Reflects purchase accounting impacts exclusively related to the MB Financial acquisition • Projected purchase accounting accretion from the non-PCI loan portfolio represents scheduled amortization, and does not include impact of any accelerated payoffs 1See forward-looking statements on page 2 of this presentation. Classification: Internal Use 24  Fifth Third Bancorp | All Rights Reserved

 
Strong liquidity profile Holding company: Unsecured debt maturities • Holding Company cash as of June 30, 2020: $4.4B $ millions – excl. Retail Brokered & Institutional CDs $5,487 • Cash currently sufficient to satisfy all fixed obligations in a stressed environment for ~30 months (debt maturities, common and preferred dividends, interest, and other $3,150 expenses) without accessing capital markets, relying on $2,250 dividends from subsidiaries or any other actions $1,500 $1,050 $1,150 • The Holding Company issued $750MM of seven-year and $500MM of three-year long-term debt in 2Q20 • $1.1BN of Holding Company debt was called in 2Q20 2020 2021 2022 2023 2024 2025 on Bank entity: Fifth Third Bancorp Fifth Third Bank Fifth Third Financial Corp • The Bank did not issue long-term debt in 2Q20 • Available and contingent borrowing capacity (2Q20): Heavily core funded ‒ FHLB ~$17.9B available, ~$18.1B total As of 6/30/2020 ‒ Federal Reserve ~$30.2B Long-term Other debt 2020 funding plans liabilities Equity 8% Demand Short term 3% 11% • In 2020, Fifth Third expects to issue sufficient long-term borrowings 24% 1% debt to maintain its current ratings under the Moody’s Non-core LGF methodology deposits 2% Foreign Interest Savings/ checking Office Consumer <1% MMDA 25% time 24% 2% Classification: Internal Use 25  Fifth Third Bancorp | All Rights Reserved

 
Mortgage banking results Mortgage banking net revenue $ millions $120 $99 $95 $19 • Mortgage banking revenue decreased $10 $73 $21 million from prior quarter and $63 $63 $4 $67 increased $36 million from year-ago $1 $71 quarter $72 $70 $95 • $3.4B in originations, up 19% compared $81 $64 to the year-ago quarter and down 15% $37 $49 from prior quarter (driven by decision to ($1) pause correspondent channel ($45) ($50) ($52) ($47) ($58) originations during 2Q20); 30% purchase 2Q19 3Q19 4Q19 1Q20 2Q20 volume Gross Origination fees and Net MSR servicing MSR decay gains on loan sale Valuation fees • 2Q20 mortgage banking drivers: Mortgage originations and gain-on-sale margin1 $ billions $4.01 ‒ Origination fees and gain on sale $3.79 revenue up $14MM sequentially $3.35 $0.82 $3.42 $1.04 $2.87 ‒ Gain on sale margin up 153 bps 3.76% $0.86 sequentially $0.80 ‒ Minimal net MSR valuation 2.32% 2.23% impact, compared to $19MM benefit in prior quarter 1.66% 1.56% $2.07 $2.49 $2.74 $3.19 $2.41 2Q19 3Q19 4Q19 1Q20 2Q20 Originations HFS Originations HFI Margin 1Gain-on-sale margin represents gains on all loans originated for saleClassification: Internal Use 26  Fifth Third Bancorp | All Rights Reserved

 
2Q20 adjustments and notable items Adjusted EPS of $0.301 2Q20 reported EPS of $0.23 included a negative $0.07 impact from the following notable items: • $29 million pre-tax (~$22 million after-tax2) charge related to the valuation of the Visa total return swap • $12 million pre-tax (~$10 million after-tax2) charge related to branch and non-branch real estate charges • $12 million pre-tax (~$9 million after-tax2) in expenses related to COVID-19 • $9 million pre-tax (~$7 million after-tax2) merger charges • $6 million pre-tax (~$4 million after-tax2) FHLB debt termination charge 1Average diluted common shares outstanding (thousands); 717,572; 2Assumes a 23% tax rate; : all adjusted figures are non-GAAP measures; see reconciliation on pages 28 and 29 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release; Classification: Internal Use 27  Fifth Third Bancorp | All Rights Reserved

 
Regulation G non-GAAP reconciliation Fifth Third Bancorp and Subsidiaries Regulation G Non-GAAP Reconciliation For the Three Months Ended $ and shares in millions June March December September June (unaudited) 2020 2020 2019 2019 2019 Net income (U.S. GAAP) (a) $195 $46 $734 $549 $453 Net income (U.S. GAAP) (annualized) (b) $784 $185 $2,912 $2,178 $1,817 Net income available to common shareholders (U.S. GAAP) (c) $163 $29 $701 $530 $427 Add: Intangible amortization, net of tax 9 10 11 11 11 Tangible net income available to common shareholders (d) $172 $39 $712 $541 $438 Tangible net income available to common shareholders (annualized) (e) $692 $157 $2,825 $2,146 $1,757 Net income available to common shareholders (annualized) (f) $656 $117 $2,781 $2,103 $1,713 Average Bancorp shareholders' equity (U.S. GAAP) (g) $22,420 $21,713 $21,304 $21,087 $20,135 Less: Average preferred stock (h) (1,770) (1,770) (1,770) (1,445) (1,331) Average goodwill (4,261) (4,251) (4,260) (4,286) (4,301) Average intangible assets and other servicing rights (178) (193) (194) (208) (215) Average tangible common equity (i) $16,211 $15,499 $15,080 $15,148 $14,288 Less: average accumulated other comprehensive income ("AOCI") (2,702) (1,825) (1,416) (1,444) (619) Average tangible common equity, excluding AOCI (j) $13,509 $13,674 $13,664 $13,704 $13,669 Adjustments (pre-tax items) Valuation of Visa total return swap 29 22 44 11 22 Private equity write-down - 15 - - - Merger-related expense 9 7 9 28 109 Contribution for Fifth Third Foundation - - 20 - - Gain recognized from Worldpay TRA transaction - - (345) - - Unfavorable credit calculation adjustment (CVA) - 36 - - - Branch and non-branch real estate charges 12 - - - - COVID-19-related expenses 12 - - - - FHLB debt estinguishment charge 6 - - - - 1 Adjustments - after-tax (k) 52 62 ($202) $30 101 Adjusted net income [(a) + (k)] $247 $108 $532 $579 $554 Adjusted net income (annualized) (l) $993 $434 $2,111 $2,297 $2,222 Adjusted net income available to common shareholders [(c) + (k)] $215 $91 $499 $560 $528 Adjusted net income available to common shareholders (annualized) (m) $865 $366 $1,980 $2,222 $2,118 Adjusted tangible net income available to common shareholders [(d) + (k)] $224 $101 $510 $571 $539 Adjusted tangible net income available to common shareholders (annualized) (n) $901 $406 $2,023 $2,265 $2,162 Average assets (o) $198,387 $171,871 $169,327 $169,585 $167,578 Metrics: Return on assets (b) / (o) 0.40% 0.11% 1.72% 1.28% 1.08% Adjusted return on assets (l) / (o) 0.50% 0.25% 1.25% 1.35% 1.33% Return on average common equity (f) / [(g) + (h)] 3.2% 0.6% 14.2% 10.7% 9.1% Adjusted return on average common equity (m) / [(g) + (h)] 4.2% 1.8% 10.1% 11.3% 11.3% Return on average tangible common equity (e) / (i) 4.3% 1.0% 18.7% 14.2% 12.3% Adjusted return on average tangible common equity (n) / (i) 5.6% 2.6% 13.4% 15.0% 15.1% Adjusted return on average tangible common equity, excluding AOCI (n) / (j) 6.7% 3.0% 14.8% 16.5% 15.8% See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financialClassification: measures; 1Pre-tax Internal items: for Use all periods assume a 23% tax rate, except for 2Q19 non-deductible merger-related items 28  Fifth Third Bancorp | All Rights Reserved

 
Regulation G non-GAAP reconciliation Fifth Third Bancorp and Subsidiaries Regulation G Non-GAAP Reconciliation For the Three Months Ended $ and shares in millions June March December September June (unaudited) 2020 2020 2019 2019 2019 Average interest-earning assets (a) $176,224 $151,213 $149,312 $148,854 $148,790 Net interest income (U.S. GAAP) (b) $1,200 $1,229 $1,228 $1,242 $1,245 Add: Taxable equivalent adjustment 3 4 4 4 5 Net interest income (FTE) (c) $1,203 $1,233 $1,232 $1,246 $1,250 Less: Net interest income impact from purchase accounting accretion 15 16 18 28 18 Adjusted net interest income (d) $1,188 $1,217 $1,214 $1,218 $1,232 Net interest income (FTE) (annualized) (e) $4,838 $4,959 $4,888 $4,943 $5,014 Adjusted net interest income (FTE) (annualized) (f) $4,777 $4,895 $4,816 $4,832 $4,942 Noninterest income (U.S. GAAP) (g) $650 $671 $1,035 $740 $660 Valuation of Visa total return swap 29 22 44 11 22 Gain recognized from Worldpay TRA transaction - - (345) - - Private equity write-down - 15 - - - Branch and non-branch real estate charges 12 - - - - Adjusted noninterest income (h) $691 $708 $734 $751 $682 Add: Securities (gains)/losses (21) 24 (10) (5) (8) Adjusted noninterest income, (excl. securities (gains)/losses) $670 $732 $724 $746 $674 Noninterest expense (U.S. GAAP) (i) $1,121 $1,200 $1,160 $1,159 $1,243 Contribution for Fifth Third Foundation - - (20) - - COVID-19-related expenses (12) - - - - FHLB debt estinguishment charge (6) - - - - Unfavorable credit valuation adjustment (CVA) - (36) - - - Merger-related expense (9) (7) (9) (28) (109) Adjusted noninterest expense $1,094 $1,157 $1,131 $1,131 $1,134 Less: Intangible amortization 12 13 14 14 14 Adjusted noninterest expense excl. intangible amortization expense (j) $1,082 $1,144 $1,117 $1,117 $1,120 Metrics: Pre-provision net revenue [(c) + (g) - (i)] 732 704 1,107 827 667 Adjusted pre-provision net revenue [(d) + (h) - (j)] 797 781 831 852 794 Net interest margin (FTE) (e) / (a) 2.75% 3.28% 3.27% 3.32% 3.37% Adjusted net interest margin (FTE) (f) / (a) 2.71% 3.24% 3.22% 3.25% 3.32% Efficiency ratio (FTE) (i) / [(c) + (g)] 60.5% 63.0% 51.2% 58.4% 65.1% Adjusted efficiency ratio (j) / [(d) + (h)] 57.6% 59.4% 57.3% 56.7% 58.5% See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures Classification: Internal Use 29  Fifth Third Bancorp | All Rights Reserved