fitb-20230119

Fifth Third Reports Fourth Quarter 2022 Diluted Earnings Per Share of $1.01

Compared to the year-ago quarter, reported revenue increased 16% while expenses increased only 1%

NIM(a) expanded 13 basis points, and key credit quality metrics remained stable sequentially

Reported results included a negative $0.03 impact from certain items on page 2



Key Financial Data							Key Highlights

$ millions for all balance sheet and income statement items							(fourth quarter 2022 except where noted)
	4Q22		3Q22		4Q21		Select Business Highlights: •Generated consumer household growth of 2.5% compared to 4Q21 •Repurchased shares totaling $100 million •Named to Top 25 of America's Most JUST Companies by JUST Capital and CNBC •Launched Fifth Third Wealth Advisors, an independent registered investment advisor Select Financial Highlights: •ROTCE(a) of 29.2%; adjusted ROTCE(a) of 19.2% excl. AOCI •PPNR(a) increased 40% compared to 4Q21 •Efficiency ratio(a) of 52.6%; adjusted efficiency ratio(a) of 51.6% improved approximately 8 points compared to 4Q21 •Net interest income(a) increased 32% compared to 4Q21 •ACL of 1.98%, an increase of 7 bps from 3Q22 (flat excluding Dividend Finance); NPA ratio of 0.44% improved 2 bps compared to 3Q22

Income Statement Data
Net income available to common shareholders	$699		$631		$627
Net interest income (U.S. GAAP)	1,577		1,498		1,197
Net interest income (FTE)(a)	1,582		1,502		1,200
Noninterest income	735		672		791
Noninterest expense	1,218		1,167		1,206

Per Share Data
Earnings per share, basic	$1.01		$0.91		$0.91
Earnings per share, diluted	1.01		0.91		0.90
Book value per share	22.26		21.30		29.43
Tangible book value per share(a)	14.83		13.87		22.58

Balance Sheet & Credit Quality
Average portfolio loans and leases	$121,371		$119,644		$109,487
Average deposits	161,061		159,469		167,541
Net charge-off ratio(b)	0.22	%	0.21	%	0.14	%
Nonperforming asset ratio(c)	0.44		0.46		0.47

Financial Ratios
Return on average assets	1.42	%	1.25	%	1.25	%
Return on average common equity	18.8		14.9		12.2
Return on average tangible common equity(a)	29.2		21.9		16.1
CET1 capital(d)(e)	9.27		9.14		9.54
Net interest margin(a)	3.35		3.22		2.55
Efficiency(a)	52.6		53.7		60.6
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 Regulation S-K 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

Fifth Third delivered record operating results in 2022. We generated record revenue and prudently managed expenses throughout the year while continuing to invest in our businesses, which resulted in approximately seven hundred basis points of positive operating leverage for the year.

Our results continue to reflect our disciplined and thoughtful approach throughout the bank. For instance, our key credit quality metrics in both commercial and consumer portfolios remain resilient, reflecting our focus on high-quality relationships and our approach to client selection. Furthermore, strong revenue for the quarter reflects both our balance sheet management discipline as well as the benefits of our fee income diversification.

While economic visibility remains limited, Fifth Third has spent nearly a decade focused on generating sustainable financial results. As we navigate the environment, we will follow our guiding principles of stability, profitability, and growth – in that order.

We were honored to be named to the top 25 among America’s Most Just Companies by JUST Capital and CNBC. This is the only comprehensive ranking that recognizes companies doing right by all stakeholders as defined by the American public. The recognition reflects our longstanding commitment to employees, customers, communities, and shareholders.

-Tim Spence, President and CEO

Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397 January 19, 2023


Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	December	September	December
	2022	2022	2021	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,582	$1,502	$1,200	5%	32%
Provision for (benefit from) credit losses	180	158	(47)	14%	NM
Noninterest income	735	672	791	9%	(7)%
Noninterest expense	1,218	1,167	1,206	4%	1%
Income before income taxes(a)	$919	$849	$832	8%	10%

Taxable equivalent adjustment	$5	$4	$3	25%	67%
Applicable income tax expense	177	192	167	(8)	6%
Net income	$737	$653	$662	13%	11%
Dividends on preferred stock	38	22	35	73%	9%
Net income available to common shareholders	$699	$631	$627	11%	11%
Earnings per share, diluted	$1.01	$0.91	$0.90	11%	12%

Fifth Third Bancorp (NASDAQ®: FITB) today reported fourth quarter 2022 net income of $737 million compared to net income of $653 million in the prior quarter and $662 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $699 million, or $1.01 per diluted share, compared to $631 million, or $0.91 per diluted share, in the prior quarter and $627 million, or $0.90 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain item(s) - 4Q22

(after-tax impact(f); $ in millions, except per share data)

Valuation of Visa total return swap (noninterest income)

$(29)

Branch impairment charges (noninterest income)

(5)

Tax benefit associated with resolution of certain acquisition related tax matters

After-tax impact(f) of certain items

$(19)

Diluted earnings per share impact of certain item(s)1

$(0.03)

1Diluted earnings per share impact reflects 694.195 million average diluted shares outstanding

Reported full year 2022 net income was $2.4 billion compared to full year 2021 net income of $2.8 billion. Full year 2022 net income available to common shareholders was $2.3 billion, or $3.35 per diluted share, compared to 2021 full year net income available to common shareholders of $2.7 billion, or $3.73 per diluted share.


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	December		September		December
	2022		2022		2021		Seq	Yr/Yr
Interest Income
Interest income	$2,080		$1,764		$1,297		18%	60%
Interest expense	498		262		97		90%	413%
Net interest income (NII)	$1,582		$1,502		$1,200		5%	32%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	4.40	%	3.78	%	2.75	%	62	165
Rate paid on interest-bearing liabilities	1.56	%	0.87	%	0.33	%	69	123

Ratios
Net interest rate spread	2.84	%	2.91	%	2.42	%	(7)	42
Net interest margin (NIM)	3.35	%	3.22	%	2.55	%	13	80

Compared to the prior quarter, NII increased $80 million, or 5%, primarily reflecting the net benefit of higher market rates, improved yields on fixed rate consumer loans, and loan growth in commercial and consumer portfolios, partially offset by the deposit mix shift from demand to interest-bearing accounts. Compared to the prior quarter, NIM increased 13 bps, primarily reflecting the net benefit of higher market rates as well as improved yields on fixed rate consumer loans, partially offset by the aforementioned deposit mix shift from demand to interest-bearing accounts.

Compared to the year-ago quarter, NII increased $382 million, or 32%, reflecting the net benefit of higher market rates, as well as growth in C&I loan balances and investment portfolio balances, partially offset by deposit mix shift from demand to interest-bearing accounts and lower PPP-related income. Compared to the year-ago quarter, NIM increased 80 bps, reflecting the net benefit of higher market rates as well as growth in C&I loan balances and investment portfolio balances, partially offset by aforementioned deposit mix shift from demand to interest-bearing accounts.


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	December	September	December
	2022	2022	2021	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$140	$143	$156	(2)%	(10)%
Commercial banking revenue	158	134	171	18%	(8)%
Mortgage banking net revenue	63	69	35	(9)%	80%
Wealth and asset management revenue	139	141	150	(1)%	(7)%
Card and processing revenue	103	105	104	(2)%	(1)%
Leasing business revenue	58	60	74	(3)%	(22)%
Other noninterest income	72	59	120	22%	(40)%
Securities gains (losses), net	2	(38)	(19)	NM	NM
Securities losses, net - non-qualifying hedges
on mortgage servicing rights	—	(1)	—	(100)%	NM
Total noninterest income	$735	$672	$791	9%	(7)%

Reported noninterest income increased $63 million, or 9%, from the prior quarter, and decreased $56 million, or 7%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including securities gains and losses and impairment charges related to planned branch optimization efforts that will result in approximately 25 closures in the first half of 2023.


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	December	September	December
	2022	2022	2021
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$735	$672	$791
Valuation of Visa total return swap	38	17	19
Branch impairment charges	6	—	—
Securities (gains)/losses, net	(2)	38	19
Noninterest income excluding certain items(a)	$777	$727	$829

Compared to the prior quarter, noninterest income excluding certain items increased $50 million, or 7%. Compared to the year-ago quarter, noninterest income excluding certain items decreased $52 million, or 6%.

Compared to the prior quarter, service charges on deposits decreased $3 million, or 2%, reflecting the market related impact of higher earnings credits. Commercial banking revenue increased $24 million, or 18%, reflecting higher M&A advisory revenue, client financial risk management revenue, and fixed income sales and trading revenue. Mortgage banking net revenue decreased $6 million, or 9%, primarily reflecting a $6 million decrease in origination fees and gain on loan sales. Wealth and asset management revenue decreased $2 million, or 1%, primarily driven by decreased brokerage fee revenue. Card and processing revenue decreased 2% driven by higher rewards. Leasing business revenue decreased $2 million, or 3%, primarily reflecting lower lease remarketing revenue. Other noninterest income results were driven by the recognition of tax receivable agreement revenue of $46 million in the current quarter. Private equity income of approximately $14 million was stable compared to the prior quarter.

Compared to the year-ago quarter, service charges on deposits decreased $16 million, or 10%, reflecting the market related impact of higher earnings credits and the elimination of consumer non-sufficient funds fees in July 2022. Commercial banking revenue decreased $13 million, or 8%, primarily driven by decreases in M&A advisory revenue, loan syndication revenue, and corporate bond fees, partially offset by an increase in client financial risk management revenue. Mortgage banking net revenue increased $28 million, or 80%, reflecting a $27 million decrease in MSR asset decay, a $12

million increase in mortgage servicing revenue, and an $8 million increase from MSR net valuation adjustments, partially offset by a $19 million decrease in origination fees and gains on loan sales. Wealth and asset management revenue decreased $11 million, or 7%, primarily reflecting lower personal asset management revenue impacted by market valuations. Card and processing revenue decreased $1 million, or 1%, driven by higher rewards partially offset by higher spend volumes. Leasing business revenue decreased $16 million, or 22%, reflecting the disposition of LaSalle Solutions in early 2022 and a decrease in lease remarketing revenue. The decrease in other noninterest income was primarily attributable to lower private equity income.


Noninterest Expense
($ in millions)	For the Three Months Ended			% Change
	December	September	December
	2022	2022	2021	Seq	Yr/Yr
Noninterest Expense
Compensation and benefits	$655	$605	$655	8%	—
Net occupancy expense	82	74	77	11%	6%
Technology and communications	111	106	103	5%	8%
Equipment expense	37	36	36	3%	3%
Card and processing expense	21	21	19	—	11%
Leasing business expense	36	33	36	9%	—
Marketing expense	31	35	35	(11)%	(11)%
Other noninterest expense	245	257	245	(5)%	—
Total noninterest expense	$1,218	$1,167	$1,206	4%	1%

Compared to the prior quarter, noninterest expense increased $51 million, or 4%, reflecting higher performance-based compensation expense, net occupancy expense, and technology and communications expense related to continued modernization investments, partially offset by a decrease in marketing expense and other expenses. Noninterest expense in the current quarter included a $6 million expense related to the impact of non-qualified deferred compensation mark-to-market (compared to a $7 million benefit in the prior quarter).

Compared to the year-ago quarter, noninterest expense increased $12 million, or 1%, primarily reflecting an increase in technology and communications expense, net occupancy expense, and expenses associated with Dividend Finance and Provide. This was partially offset by a decrease in marketing expense. Compensation and benefits expense in the fourth quarter of 2021 includes $10 million related to a special COVID staffing bonus to front-line employees.


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	December	September	December
	2022	2022	2021	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$57,646	$56,646	$49,566	2%	16%
Commercial mortgage loans	10,898	10,751	10,247	1%	6%
Commercial construction loans	5,544	5,557	5,329	—	4%
Commercial leases	2,736	2,792	3,057	(2)%	(11)%
Total commercial loans and leases	$76,824	$75,746	$68,199	1%	13%
Consumer loans:
Residential mortgage loans	$17,577	$17,617	$16,188	—	9%
Home equity	4,024	3,956	4,179	2%	(4)%
Indirect secured consumer loans	16,536	16,750	16,345	(1)%	1%
Credit card	1,795	1,756	1,739	2%	3%
Other consumer loans	4,615	3,819	2,837	21%	63%
Total consumer loans	$44,547	$43,898	$41,288	1%	8%
Total average portfolio loans and leases	$121,371	$119,644	$109,487	1%	11%

Memo:
Average PPP loans	$158	$283	$1,756	(44)%	(91)%
Average portfolio commercial and industrial loans - excl. PPP loans	$57,488	$56,363	$47,810	2%	20%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$84	$3	$5	NM	NM
Consumer loans held for sale	1,411	2,253	5,298	(37)%	(73)%
Total average loans and leases held for sale	$1,495	$2,256	$5,303	(34)%	(72)%

Total average loans and leases	$122,866	$121,900	$114,790	1%	7%

Securities (taxable and tax-exempt)	$58,489	$57,713	$37,631	1%	55%
Other short-term investments	6,285	5,765	34,624	9%	(82)%
Total average interest-earning assets	$187,640	$185,378	$187,045	1%	—

Compared to the prior quarter, total average portfolio loans and leases increased 1%, reflecting an increase in both commercial and consumer portfolios. Average commercial portfolio loans and leases increased 1%, primarily reflecting an increase in commercial and industrial (C&I) and commercial mortgage loan balances. Average consumer portfolio loans increased 1%, reflecting an increase in other consumer loan balances (primarily Dividend Finance) and home equity balances, partially offset by a decrease in indirect secured consumer loan balances.

Compared to the year-ago quarter, total average portfolio loans and leases increased 11%, reflecting an increase in both commercial and consumer portfolios. Average commercial portfolio loans and leases increased 13%, primarily reflecting an increase in C&I loan balances, partially offset by a decrease in commercial lease balances. Average consumer portfolio loans increased 8%, as increases in both other consumer and residential mortgage loan balances were partially offset by a decrease in home equity balances.

Average loans and leases held for sale were $1 billion in the current quarter compared to $2 billion in the prior quarter and $5 billion in the year-ago quarter. Current quarter average loans and leases held for sale were impacted by a decline in residential mortgage balances (primarily from a continued decline in government guaranteed mortgage buyouts).

Average securities (taxable and tax-exempt; amortized cost) of $58 billion in the current quarter increased $1 billion, or 1%, compared to the prior quarter and increased $21 billion, or 55%, compared to the year-ago quarter. Average other

short-term investments (including interest-bearing cash) of $6 billion in the current quarter increased $1 billion, or 9%, compared to the prior quarter and decreased $28 billion, or 82%, compared to the year-ago quarter.

Total period-end commercial portfolio loans and leases of $76 billion increased 1% compared to the prior quarter, primarily reflecting an increase in C&I balances. Compared to the year-ago quarter, total period-end commercial portfolio loans increased 9%, primarily reflecting an increase in C&I balances, partially offset by a decrease in commercial lease balances. Period-end commercial revolving line utilization was 37%, compared to 37% in the prior quarter and 33% in the year-ago quarter.

Period-end consumer portfolio loans of $45 billion increased 2% compared to the prior quarter, primarily reflecting an increase in other consumer loan balances (primarily Dividend Finance) and credit card balances, partially offset by a decrease in indirect secured consumer loan balances. Compared to the year-ago quarter, total period-end consumer portfolio loans increased 8%, reflecting an increase in other consumer loan balances and residential mortgage loan balances, partially offset by a decrease in indirect secured consumer loans.

Total period-end securities (taxable and tax-exempt; amortized cost) of $58 billion in the current quarter was stable compared to the prior quarter and increased $20 billion, or 53%, compared to the year-ago quarter. Period-end other short-term investments of $8 billion increased $2 billion, or 27%, compared to the prior quarter and decreased $26 billion, or 76%, compared to the year-ago quarter.


Average Deposits
	($ in millions)	For the Three Months Ended			% Change
		December	September	December
		2022	2022	2021	Seq	Yr/Yr
	Average Deposits
	Demand	$54,550	$59,535	$64,828	(8)%	(16)%
	Interest checking	47,801	42,574	47,384	12%	1%
	Savings	23,474	23,814	21,702	(1)%	8%
	Money market	28,713	29,066	30,566	(1)%	(6)%
	Foreign office(g)	209	206	193	1%	8%
	Total transaction deposits	$154,747	$155,195	$164,673	—	(6)%
	CDs $250,000 or less	2,748	2,048	2,604	34%	6%
	Total core deposits	$157,495	$157,243	$167,277	—	(6)%
	CDs over $250,000	3,566	2,226	264	60%	NM

	Total average deposits	$161,061	$159,469	$167,541	1%	(4)%

Compared to the prior quarter, average core deposits were stable (with balances increasing approximately $0.3 billion), as an increase in commercial deposits was mostly offset by a decline in consumer deposits. Average demand deposits represented 35% of total core deposits in the current quarter, down 3% compared to the prior quarter. Average commercial transaction deposits increased 2% and average consumer transaction deposits decreased 2% compared to the prior quarter. Period end core deposits increased 1% compared to the prior quarter.

Compared to the year-ago quarter, average core deposits decreased 6%, reflecting the deliberate commercial deposit runoff in mid-2022. Average commercial transaction deposits decreased 12% and average consumer transaction deposits were flat compared to the year-ago quarter. Period end core deposits decreased 5% compared to the year-ago quarter.

The period end portfolio loan-to-core deposit ratio was 76% in the current quarter, compared to 75% in the prior quarter and 66% in the year-ago quarter.


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		December	September	December
		2022	2022	2021	Seq	Yr/Yr
	Average Wholesale Funding
	CDs over $250,000	$3,566	$2,226	$264	60%	NM

	Federal funds purchased	264	607	315	(57)%	(16)%
	Other short-term borrowings	6,190	7,436	1,000	(17)%	519%
	Long-term debt	13,425	11,796	11,697	14%	15%
	Total average wholesale funding	$23,445	$22,065	$13,276	6%	77%

Compared to the prior quarter, average wholesale funding increased 6%, primarily reflecting $2 billion in long-term debt issued and an increase in jumbo CD balances, partially offset by a decrease in other short-term borrowings (primarily lower FHLB advances).

Compared to the year-ago quarter, average wholesale funding increased 77%, as modest earning asset growth outpaced core deposit balances. The growth in wholesale funding was primarily attributed to increases in other short-term borrowings, jumbo CD balances, and from long-term debt issuances throughout 2022.


Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	December		September		June		March		December
	2022		2022		2022		2022		2021

Total nonaccrual portfolio loans and leases (NPLs)	$515		$522		$539		$534		$498
Repossessed property	6		6		6		5		5
OREO	18		18		14		27		24
Total nonperforming portfolio loans and leases and OREO (NPAs)	$539		$546		$559		$566		$527

NPL ratio(h)	0.42	%	0.44	%	0.45	%	0.46	%	0.44	%
NPA ratio(c)	0.44	%	0.46	%	0.47	%	0.49	%	0.47	%

Portfolio loans and leases 30-89 days past due (accrual)	$364		$335		$294		$288		$254
Portfolio loans and leases 90 days past due (accrual)	40		59		39		50		117

Allowance for loan and lease losses (ALLL), beginning	$2,099		$2,014		$1,908		$1,892		$1,954
Total net losses charged-off	(68)		(62)		(62)		(34)		(38)
Provision for (benefit from) loan and lease losses	163		147		168		50		(24)
ALLL, ending	$2,194		$2,099		$2,014		$1,908		$1,892

Reserve for unfunded commitments, beginning	$199		$188		$177		$182		$205
Provision for (benefit from) the reserve for unfunded commitments	17		11		11		(5)		(23)
Reserve for unfunded commitments, ending	$216		$199		$188		$177		$182

Total allowance for credit losses (ACL)	$2,410		$2,298		$2,202		$2,085		$2,074

ACL ratios:
As a % of portfolio loans and leases	1.98	%	1.91	%	1.85	%	1.80	%	1.85	%
As a % of nonperforming portfolio loans and leases	468	%	440	%	408	%	391	%	416	%
As a % of nonperforming portfolio assets	447	%	420	%	394	%	369	%	394	%

ALLL as a % of portfolio loans and leases	1.81	%	1.75	%	1.70	%	1.65	%	1.69	%

Total losses charged-off	$(103)		$(104)		$(90)		$(64)		$(77)
Total recoveries of losses previously charged-off	35		42		28		30		39
Total net losses charged-off	$(68)		$(62)		$(62)		$(34)		$(38)

Net charge-off ratio (NCO ratio)(b)	0.22	%	0.21	%	0.21	%	0.12	%	0.14	%
Commercial NCO ratio	0.13	%	0.17	%	0.19	%	0.05	%	0.10	%
Consumer NCO ratio	0.38	%	0.28	%	0.24	%	0.25	%	0.21	%

Nonperforming portfolio loans and leases were $515 million in the current quarter, with the resulting NPL ratio of 0.42%. Compared to the prior quarter, NPLs decreased $7 million with the NPL ratio decreasing 2 bps. Compared to the year-ago quarter, NPLs increased $17 million with the NPL ratio decreasing 2 bps.

Nonperforming portfolio assets were $539 million in the current quarter, with the resulting NPA ratio of 0.44%. Compared to the prior quarter, NPAs decreased $7 million with the NPA ratio decreasing 2 bps. Compared to the year-ago quarter, NPAs increased $12 million with the NPA ratio decreasing 3 bps.

The provision for credit losses totaled $180 million in the current quarter. The allowance for credit loss ratio represented 1.98% of total portfolio loans and leases at quarter end, compared with 1.91% for the prior quarter end and 1.85% for the year-ago quarter end. In the current quarter, the allowance for credit losses represented 468% of nonperforming portfolio loans and leases and 447% of nonperforming portfolio assets.

Net charge-offs were $68 million in the current quarter, with the resulting NCO ratio of 0.22%. Compared to the prior quarter, net charge-offs increased $6 million and the NCO ratio increased 1 bp. Compared to the year-ago quarter, net charge-offs increased $30 million and the NCO ratio increased 8 bps, reflecting a normalization from near-historically low net charge-offs in the year-ago quarter.


Capital Position
	As of and For the Three Months Ended
	December		September	June	March	December
	2022		2022	2022	2022	2021
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	8.18	%	9.13%	9.35%	10.23%	10.71	%
Tangible equity(a)	8.31	%	8.18%	8.05%	7.98%	7.97	%
Tangible common equity (excluding AOCI)(a)	7.30	%	7.16%	7.01%	6.96%	6.94	%
Tangible common equity (including AOCI)(a)	5.00	%	4.75%	5.82%	6.48%	7.47	%

Regulatory Capital Ratios(d)(e)
CET1 capital	9.27	%	9.14%	8.95%	9.31%	9.54	%
Tier 1 risk-based capital	10.52	%	10.40%	10.23%	10.63%	10.91	%
Total risk-based capital	12.78	%	12.64%	12.47%	12.93%	13.42	%
Leverage	8.57	%	8.44%	8.30%	8.32%	8.27	%

The CET1 capital ratio was 9.27%, the tangible common equity to tangible assets ratio was 7.30% excluding AOCI, and 5.00% including AOCI. The Tier 1 risk-based capital ratio was 10.52%, the Total risk-based capital ratio was 12.78%, and the Leverage ratio was 8.57%.

During the fourth quarter of 2022, Fifth Third repurchased approximately $100 million of its outstanding stock, which reduced common shares by approximately 3.1 million at quarter end.

Tax Rate

The effective tax rate for the quarter was 19.4% compared with 22.7% in the prior quarter and 20.1% in the year-ago quarter. The tax rate in the fourth quarter reflects a favorable adjustment of $15 million associated with resolution of certain acquisition related tax matters.

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, which will be available for 30 days.

Corporate Profile

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people, and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com.

Earnings Release End Notes

(a)Non-GAAP measure; see discussion of non-GAAP reconciliation beginning on page 27.

(b)Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis.

(c)Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO.

(d)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.

(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.

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. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions 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”).

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, misappropriation 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 and the effects of inflation; (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) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (45) Fifth Third's ability to meet its environmental and/or social targets, goals and commitments.

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. 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 expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.

# # #

Quarterly Financial Review for December 31, 2022

Table of Contents




			Financial Highlights			14-15
			Consolidated Statements of Income			16-17
			Consolidated Balance Sheets			18-19
			Consolidated Statements of Changes in Equity			20
			Average Balance Sheet and and Yield/Rate Analysis			21-22
			Summary of Loans and Leases			23
			Regulatory Capital			24
			Summary of Credit Loss Experience			25
			Asset Quality			26
			Non-GAAP Reconciliation			27-29
			Segment Presentation			30


Fifth Third Bancorp and Subsidiaries
Financial Highlights								% / bps								% / bps
$ in millions, except per share data		For the Three Months Ended						Change				Year to Date				Change
(unaudited)		December		September		December						December		December
		2022		2022		2021		Seq		Yr/Yr		2022		2021		Yr/Yr
Income Statement Data
Net interest income		$1,577		$1,498		$1,197		5%		32%		$5,609		$4,770		18%
Net interest income (FTE)(a)		1,582		1,502		1,200		5%		32%		5,625		4,782		18%
Noninterest income		735		672		791		9%		(7%)		2,766		3,118		(11%)
	Total revenue (FTE)(a)	2,317		2,174		1,991		7%		16%		8,391		7,900		6%
Provision for (benefit from) credit losses		180		158		(47)		14%		NM		563		(377)		NM
Noninterest expense		1,218		1,167		1,206		4%		1%		4,719		4,748		(1%)
Net income		737		653		662		13%		11%		2,446		2,770		(12%)
Net income available to common shareholders		699		631		627		11%		11%		2,330		2,659		(12%)

Earnings Per Share Data
Net income allocated to common shareholders		$698		$631		$625		11%		12%		$2,328		$2,652		(12%)
Average common shares outstanding (in thousands):
	Basic	688,680		689,278		688,370		—		—		688,634		702,189		(2%)
	Diluted	694,195		694,593		697,532		—		—		694,952		711,198		(2%)
Earnings per share, basic		$1.01		$0.91		$0.91		11%		11%		$3.38		$3.78		(11%)
Earnings per share, diluted		1.01		0.91		0.90		11%		12%		3.35		3.73		(10%)

Common Share Data
Cash dividends per common share		$0.33		$0.33		$0.30		—		10%		$1.26		$1.14		11%
Book value per share		22.26		21.30		29.43		5%		(24%)		22.26		29.43		(24%)
Market value per share		32.81		31.96		43.55		3%		(25%)		32.81		43.55		(25%)
Common shares outstanding (in thousands)		683,386		686,343		682,778		—		—		683,386		682,778		—
Market capitalization		$22,422		$21,936		$29,735		2%		(25%)		$22,422		$29,735		(25%)

Financial Ratios
Return on average assets		1.42	%	1.25	%	1.25	%	17		17		1.18	%	1.34	%	(16)
Return on average common equity		18.8	%	14.9	%	12.2	%	390		660		13.7	%	12.8	%	90
Return on average tangible common equity(a)		29.2	%	21.9	%	16.1	%	730		NM		19.7	%	16.6	%	310
Noninterest income as a percent of total revenue(a)		32	%	31	%	40	%	100		(800)		33	%	39	%	(600)
Dividend payout		32.7	%	36.3	%	33.0	%	(360)		(30)		37.3	%	30.2	%	710
Average total Bancorp shareholders’ equity as a percent of average assets		8.18	%	9.13	%	10.71	%	(95)		(253)		9.22	%	11.06	%	(184)
Tangible common equity(a)		7.30	%	7.16	%	6.94	%	14		36		7.30	%	6.94	%	36
Net interest margin (FTE)(a)		3.35	%	3.22	%	2.55	%	13		80		3.02	%	2.59	%	43
Efficiency (FTE)(a)		52.6	%	53.7	%	60.6	%	(110)		(800)		56.2	%	60.1	%	(390)
Effective tax rate		19.4	%	22.7	%	20.1	%	(330)		(70)		21.0	%	21.2	%	(20)

Credit Quality
Net losses charged-off		$68		$62		$38		10	%	79	%	$227		$174		30	%
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.22	%	0.21	%	0.14	%	1		8		0.19	%	0.16	%	3
ALLL as a percent of portfolio loans and leases		1.81	%	1.75	%	1.69	%	6		12		1.81	%	1.69	%	12
ACL as a percent of portfolio loans and leases(g)		1.98	%	1.91	%	1.85	%	7		13		1.98	%	1.85	%	13
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.44	%	0.46	%	0.47	%	(2)		(3)		0.44	%	0.47	%	(3)

Average Balances
Loans and leases, including held for sale		$122,866		$121,900		$114,790		1%		7%		$120,561		$114,117		6%
Securities and other short-term investments		64,774		63,478		72,255		2%		(10%)		65,765		70,261		(6%)
Assets		206,017		206,688		209,604		—		(2%)		206,929		206,324		—
Transaction deposits(b)		154,747		155,195		164,673		—		(6%)		158,961		159,204		—
Core deposits(c)		157,495		157,243		167,277		—		(6%)		161,303		162,418		(1%)
Wholesale funding(d)		23,445		22,065		13,276		6%		77%		18,506		15,079		23%
Bancorp shareholders’ equity		16,857		18,864		22,449		(11%)		(25%)		19,080		22,812		(16%)

Regulatory Capital Ratios(e)(f)
CET1 capital		9.27	%	9.14	%	9.54	%	13		(27)		9.27	%	9.54	%	(27)
Tier 1 risk-based capital		10.52	%	10.40	%	10.91	%	12		(39)		10.52	%	10.91	%	(39)
Total risk-based capital		12.78	%	12.64	%	13.42	%	14		(64)		12.78	%	13.42	%	(64)
Leverage		8.57	%	8.44	%	8.27	%	13		30		8.57	%	8.27	%	30

Additional Metrics
Banking centers		1,087		1,080		1,117		1%		(3%)		1,087		1,117		(3%)
ATMs		2,132		2,146		2,322		(1%)		(8%)		2,132		2,322		(8%)
Full-time equivalent employees		19,319		19,187		19,112		1%		1%		19,319		19,112		1%
Assets under care ($ in billions)(h)		$510		$494		$554		3%		(8%)		$510		$554		(8%)
Assets under management ($ in billions)(h)		55		52		65		6%		(15%)		55		65		(15%)

(a)Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 27.

(b)Includes demand, interest checking, savings, money market and foreign office deposits of commercial customers.

(c)Includes transaction deposits plus CDs $250,000 or less.

(d)Includes CDs over $250,000, other deposits, federal funds purchased, other short-term borrowings and long-term debt.

(e)Current period regulatory capital ratios are estimates.

(f)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.

(g)The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.

(h)Assets under management and assets under care include trust and brokerage assets.


Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data		For the Three Months Ended
(unaudited)		December		September		June		March		December
		2022		2022		2022		2022		2021
Income Statement Data
Net interest income		$1,577		$1,498		$1,339		$1,195		$1,197
Net interest income (FTE)(a)		1,582		1,502		1,342		1,198		1,200
Noninterest income		735		672		676		684		791
	Total revenue (FTE)(a)	2,317		2,174		2,018		1,882		1,991
Provision for (benefit from) credit losses		180		158		179		45		(47)
Noninterest expense		1,218		1,167		1,112		1,222		1,206
Net income		737		653		562		494		662
Net income available to common shareholders		699		631		526		474		627

Earnings Per Share Data
Net income allocated to common shareholders		$698		$631		$525		$473		$625
Average common shares outstanding (in thousands):
	Basic	688,680		689,278		689,019		687,538		688,370
	Diluted	694,195		694,593		694,805		696,242		697,532
Earnings per share, basic		$1.01		$0.91		$0.76		$0.69		$0.91
Earnings per share, diluted		1.01		0.91		0.76		0.68		0.90

Common Share Data
Cash dividends per common share		$0.33		$0.33		$0.30		$0.30		$0.30
Book value per share		22.26		21.30		24.56		26.33		29.43
Market value per share		32.81		31.96		33.60		43.04		43.55
Common shares outstanding (in thousands)		683,386		686,343		686,152		685,905		682,778
Market capitalization		$22,422		$21,936		$23,055		$29,521		$29,735

Financial Ratios
Return on average assets		1.42	%	1.25	%	1.09	%	0.96	%	1.25	%
Return on average common equity		18.8	%	14.9	%	12.3	%	10.0	%	12.2	%
Return on average tangible common equity(a)		29.2	%	21.9	%	17.5	%	13.4	%	16.1	%
Noninterest income as a percent of total revenue(a)		32	%	31	%	33	%	36	%	40	%
Dividend payout		32.7	%	36.3	%	39.5	%	43.5	%	33.0	%
Average total Bancorp shareholders’ equity as a percent of average assets		8.18	%	9.13	%	9.35	%	10.23	%	10.71	%
Tangible common equity(a)		7.30	%	7.16	%	7.01	%	6.96	%	6.94	%
Net interest margin (FTE)(a)		3.35	%	3.22	%	2.92	%	2.59	%	2.55	%
Efficiency (FTE)(a)		52.6	%	53.7	%	55.1	%	64.9	%	60.6	%
Effective tax rate		19.4	%	22.7	%	22.4	%	19.2	%	20.1	%

Credit Quality
Net losses charged-off		$68		$62		$62		$34		$38
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.22	%	0.21	%	0.21	%	0.12	%	0.14	%
ALLL as a percent of portfolio loans and leases		1.81	%	1.75	%	1.70	%	1.65	%	1.69	%
ACL as a percent of portfolio loans and leases(g)		1.98	%	1.91	%	1.85	%	1.80	%	1.85	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.44	%	0.46	%	0.47	%	0.49	%	0.47	%

Average Balances
Loans and leases, including held for sale		$122,866		$121,900		$120,236		$117,162		$114,790
Securities and other short-term investments		64,774		63,478		64,170		70,732		72,255
Assets		206,017		206,688		205,897		209,150		209,604
Transaction deposits(b)		154,747		155,195		160,035		166,032		164,673
Core deposits(c)		157,495		157,243		162,228		168,408		167,277
Wholesale funding(d)		23,445		22,065		15,789		12,568		13,276
Bancorp shareholders’ equity		16,857		18,864		19,248		21,402		22,449

Regulatory Capital Ratios(e)(f)
CET1 capital		9.27	%	9.14	%	8.95	%	9.31	%	9.54	%
Tier 1 risk-based capital		10.52	%	10.40	%	10.23	%	10.63	%	10.91	%
Total risk-based capital		12.78	%	12.64	%	12.47	%	12.93	%	13.42	%
Leverage		8.57	%	8.44	%	8.30	%	8.32	%	8.27	%

Additional Metrics
Banking centers		1,087		1,080		1,080		1,079		1,117
ATMs		2,132		2,146		2,153		2,201		2,322
Full-time equivalent employees		19,319		19,187		19,119		19,247		19,112
Assets under care ($ in billions)(h)		$510		$494		$512		$549		$554
Assets under management ($ in billions)(h)		55		52		54		61		65

(a)Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 27.

(b)Includes demand, interest checking, savings, money market and foreign office deposits of commercial customers.

(c)Includes transaction deposits plus CDs $250,000 or less.

(d)Includes CDs over $250,000, other deposits, federal funds purchased, other short-term borrowings and long-term debt.

(e)Current period regulatory capital ratios are estimates.

(f)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.

(g)The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.

(h)Assets under management and assets under care include trust and brokerage assets.


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change		Year to Date		% Change
(unaudited)	December	September	December			December	December
	2022	2022	2021	Seq	Yr/Yr	2022	2021	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,577	$1,315	$1,000	20%	58%	$4,954	$4,079	21%
Interest on securities	440	414	281	6%	57%	1,517	1,090	39%
Interest on other short-term investments	58	31	13	87%	346%	116	42	176%
Total interest income	2,075	1,760	1,294	18%	60%	6,587	5,211	26%

Interest Expense
Interest on deposits	300	112	11	168%	NM	447	59	658%
Interest on federal funds purchased	2	3	—	(33%)	NM	6	—	NM
Interest on other short-term borrowings	53	43	—	23%	NM	108	2	NM
Interest on long-term debt	143	104	86	38%	66%	417	380	10%
Total interest expense	498	262	97	90%	413%	978	441	122%

Net Interest Income	1,577	1,498	1,197	5%	32%	5,609	4,770	18%

Provision for (benefit from) credit losses	180	158	(47)	14%	NM	563	(377)	NM
Net Interest Income After Provision for (Benefit from) Credit Losses	1,397	1,340	1,244	4%	12%	5,046	5,147	(2%)

Noninterest Income
Service charges on deposits	140	143	156	(2%)	(10%)	589	600	(2%)
Commercial banking revenue	158	134	171	18%	(8%)	565	637	(11%)
Mortgage banking net revenue	63	69	35	(9%)	80%	215	270	(20%)
Wealth and asset management revenue	139	141	150	(1%)	(7%)	570	586	(3%)
Card and processing revenue	103	105	104	(2%)	(1%)	409	402	2%
Leasing business revenue	58	60	74	(3%)	(22%)	237	300	(21%)
Other noninterest income	72	59	120	22%	(40%)	265	332	(20%)
Securities (losses) gains, net	2	(38)	(19)	NM	NM	(82)	(7)	NM
Securities losses, net - non-qualifying hedges on mortgage servicing rights	—	(1)	—	(100%)	NM	(2)	(2)	—
Total noninterest income	735	672	791	9%	(7%)	2,766	3,118	(11%)

Noninterest Expense
Compensation and benefits	655	605	655	8%	—	2,554	2,626	(3%)
Net occupancy expense	82	74	77	11%	6%	307	312	(2%)
Technology and communications	111	106	103	5%	8%	416	388	7%
Equipment expense	37	36	36	3%	3%	145	138	5%
Card and processing expense	21	21	19	—	11%	80	89	(10%)
Leasing business expense	36	33	36	9%	—	131	137	(4%)
Marketing expense	31	35	35	(11%)	(11%)	118	107	10%
Other noninterest expense	245	257	245	(5%)	—	968	951	2%
Total noninterest expense	1,218	1,167	1,206	4%	1%	4,719	4,748	(1%)
Income Before Income Taxes	914	845	829	8%	10%	3,093	3,517	(12%)
Applicable income tax expense	177	192	167	(8)	6%	647	747	(13%)
Net Income	737	653	662	13%	11%	2,446	2,770	(12%)
Dividends on preferred stock	38	22	35	73%	9%	116	111	5%
Net Income Available to Common Shareholders	$699	$631	$627	11%	11%	$2,330	$2,659	(12%)


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended
(unaudited)	December	September	June	March	December
	2022	2022	2022	2022	2021
Interest Income
Interest and fees on loans and leases	$1,577	$1,315	$1,081	$983	$1,000
Interest on securities	440	414	369	294	281
Interest on other short-term investments	58	31	14	12	13
Total interest income	2,075	1,760	1,464	1,289	1,294

Interest Expense
Interest on deposits	300	112	25	11	11
Interest on federal funds purchased	2	3	1	—	—
Interest on other short-term borrowings	53	43	12	—	—
Interest on long-term debt	143	104	87	83	86
Total interest expense	498	262	125	94	97

Net Interest Income	1,577	1,498	1,339	1,195	1,197

Provision for (benefit from) credit losses	180	158	179	45	(47)
Net Interest Income After Provision for (Benefit from) Credit Losses	1,397	1,340	1,160	1,150	1,244

Noninterest Income
Service charges on deposits	140	143	154	152	156
Commercial banking revenue	158	134	137	135	171
Mortgage banking net revenue	63	69	31	52	35
Wealth and asset management revenue	139	141	140	149	150
Card and processing revenue	103	105	105	97	104
Leasing business revenue	58	60	56	62	74
Other noninterest income	72	59	85	52	120
Securities gains (losses), net	2	(38)	(32)	(14)	(19)
Securities losses, net - non-qualifying hedges on mortgage servicing rights	—	(1)	—	(1)	—
Total noninterest income	735	672	676	684	791

Noninterest Expense
Compensation and benefits	655	605	584	711	655
Net occupancy expense	82	74	75	77	77
Technology and communications	111	106	98	101	103
Equipment expense	37	36	36	36	36
Card and processing expense	21	21	20	19	19
Leasing business expense	36	33	31	32	36
Marketing expense	31	35	28	24	35
Other noninterest expense	245	257	240	222	245
Total noninterest expense	1,218	1,167	1,112	1,222	1,206
Income Before Income Taxes	914	845	724	612	829
Applicable income tax expense	177	192	162	118	167
Net Income	737	653	562	494	662
Dividends on preferred stock	38	22	36	20	35
Net Income Available to Common Shareholders	$699	$631	$526	$474	$627


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of			% Change
(unaudited)	December	September	December
	2022	2022	2021	Seq	Yr/Yr
Assets
Cash and due from banks	$3,466	$3,068	$2,994	13%	16%
Other short-term investments	8,351	6,594	34,572	27%	(76%)
Available-for-sale debt and other securities(a)	51,503	51,289	38,110	—	35%
Held-to-maturity securities(b)	5	5	8	—	(38%)
Trading debt securities	414	414	512	—	(19%)
Equity securities	317	315	376	1%	(16%)
Loans and leases held for sale	1,007	1,940	4,415	(48%)	(77%)
Portfolio loans and leases:
Commercial and industrial loans	57,232	56,437	51,659	1%	11%
Commercial mortgage loans	11,020	10,947	10,316	1%	7%
Commercial construction loans	5,433	5,573	5,241	(3%)	4%
Commercial leases	2,704	2,821	3,052	(4%)	(11%)
Total commercial loans and leases	76,389	75,778	70,268	1%	9%
Residential mortgage loans	17,628	17,600	16,397	—	8%
Home equity	4,039	4,000	4,084	1%	(1%)
Indirect secured consumer loans	16,552	16,646	16,783	(1%)	(1%)
Credit card	1,874	1,770	1,766	6%	6%
Other consumer loans	4,998	4,205	2,752	19%	82%
Total consumer loans	45,091	44,221	41,782	2%	8%
Portfolio loans and leases	121,480	119,999	112,050	1%	8%
Allowance for loan and lease losses	(2,194)	(2,099)	(1,892)	5%	16%
Portfolio loans and leases, net	119,286	117,900	110,158	1%	8%
Bank premises and equipment	2,187	2,155	2,120	1%	3%
Operating lease equipment	627	612	616	2%	2%
Goodwill	4,915	4,925	4,514	—	9%
Intangible assets	169	181	156	(7%)	8%
Servicing rights	1,746	1,732	1,121	1%	56%
Other assets	13,459	14,333	11,444	(6%)	18%
Total Assets	$207,452	$205,463	$211,116	1%	(2%)

Liabilities
Deposits:
Demand	$53,125	$57,601	$65,088	(8%)	(18%)
Interest checking	51,653	46,985	48,870	10%	6%
Savings	23,469	23,771	22,227	(1%)	6%
Money market	28,220	28,707	30,263	(2%)	(7%)
Foreign office	182	185	121	(2%)	50%
CDs $250,000 or less	3,809	2,007	2,486	90%	53%
CDs over $250,000	3,232	2,396	269	35%	NM
Total deposits	163,690	161,652	169,324	1%	(3%)
Federal funds purchased	180	212	281	(15%)	(36%)
Other short-term borrowings	4,838	6,378	980	(24%)	394%
Accrued taxes, interest and expenses	1,822	1,589	2,233	15%	(18%)
Other liabilities	5,881	7,184	4,267	(18%)	38%
Long-term debt	13,714	11,712	11,821	17%	16%
Total Liabilities	190,125	188,727	188,906	1%	1%
Equity
Common stock(c)	2,051	2,051	2,051	—	—
Preferred stock	2,116	2,116	2,116	—	—
Capital surplus	3,684	3,660	3,624	1%	2%
Retained earnings	21,689	21,219	20,236	2%	7%
Accumulated other comprehensive (loss) income	(5,110)	(5,306)	1,207	(4%)	NM
Treasury stock	(7,103)	(7,004)	(7,024)	1%	1%
Total Equity	17,327	16,736	22,210	4%	(22%)
Total Liabilities and Equity	$207,452	$205,463	$211,116	1%	(2%)
(a) Amortized cost	$57,530	$57,372	$36,941	—	56%
(b) Market values	5	5	8	—	(38%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	—	—
Outstanding, excluding treasury	683,386	686,343	682,778	—	—
Treasury	240,507	237,549	241,115	—	—


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	December	September	June	March	December
	2022	2022	2022	2022	2021
Assets
Cash and due from banks	$3,466	$3,068	$3,437	$3,049	$2,994
Other short-term investments	8,351	6,594	7,419	20,529	34,572
Available-for-sale debt and other securities(a)	51,503	51,289	52,837	48,832	38,110
Held-to-maturity securities(b)	5	5	5	6	8
Trading debt securities	414	414	293	324	512
Equity securities	317	315	326	358	376
Loans and leases held for sale	1,007	1,940	2,542	2,616	4,415
Portfolio loans and leases:
Commercial and industrial loans	57,232	56,437	56,095	53,909	51,659
Commercial mortgage loans	11,020	10,947	10,748	10,694	10,316
Commercial construction loans	5,433	5,573	5,357	5,420	5,241
Commercial leases	2,704	2,821	2,850	2,915	3,052
Total commercial loans and leases	76,389	75,778	75,050	72,938	70,268
Residential mortgage loans	17,628	17,600	17,566	17,144	16,397
Home equity	4,039	4,000	3,906	3,916	4,084
Indirect secured consumer loans	16,552	16,646	17,017	17,424	16,783
Credit card	1,874	1,770	1,763	1,690	1,766
Other consumer loans	4,998	4,205	3,521	2,753	2,752
Total consumer loans	45,091	44,221	43,773	42,927	41,782
Portfolio loans and leases	121,480	119,999	118,823	115,865	112,050
Allowance for loan and lease losses	(2,194)	(2,099)	(2,014)	(1,908)	(1,892)
Portfolio loans and leases, net	119,286	117,900	116,809	113,957	110,158
Bank premises and equipment	2,187	2,155	2,118	2,102	2,120
Operating lease equipment	627	612	600	622	616
Goodwill	4,915	4,925	4,926	4,514	4,514
Intangible assets	169	181	194	145	156
Servicing rights	1,746	1,732	1,582	1,444	1,121
Other assets	13,459	14,333	13,694	12,961	11,444
Total Assets	$207,452	$205,463	$206,782	$211,459	$211,116

Liabilities
Deposits:
Demand	$53,125	$57,601	$60,859	$65,590	$65,088
Interest checking	51,653	46,985	43,338	48,836	48,870
Savings	23,469	23,771	23,748	23,622	22,227
Money market	28,220	28,707	28,792	29,947	30,263
Foreign office	182	185	177	115	121
CDs $250,000 or less	3,809	2,007	2,125	2,267	2,486
CDs over $250,000	3,232	2,396	2,135	234	269
Total deposits	163,690	161,652	161,174	170,611	169,324
Federal funds purchased	180	212	711	250	281
Other short-term borrowings	4,838	6,378	7,057	872	980
Accrued taxes, interest and expenses	1,822	1,589	1,683	1,471	2,233
Other liabilities	5,881	7,184	6,197	7,263	4,267
Long-term debt	13,714	11,712	10,990	10,815	11,821
Total Liabilities	190,125	188,727	187,812	191,282	188,906
Equity
Common stock(c)	2,051	2,051	2,051	2,051	2,051
Preferred stock	2,116	2,116	2,116	2,116	2,116
Capital surplus	3,684	3,660	3,636	3,615	3,624
Retained earnings	21,689	21,219	20,818	20,501	20,236
Accumulated other comprehensive (loss) income	(5,110)	(5,306)	(2,644)	(1,096)	1,207
Treasury stock	(7,103)	(7,004)	(7,007)	(7,010)	(7,024)
Total Equity	17,327	16,736	18,970	20,177	22,210
Total Liabilities and Equity	$207,452	$205,463	$206,782	$211,459	$211,116
(a) Amortized cost	$57,530	$57,372	$56,140	$50,171	$36,941
(b) Market values	5	5	5	6	8
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
Outstanding, excluding treasury	683,386	686,343	686,152	685,905	682,778
Treasury	240,507	237,549	237,741	237,987	241,115


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
			For the Three Months Ended		Year to Date
			December	December	December	December
			2022	2021	2022	2021
Total Equity, Beginning			$16,736	$22,524	$22,210	$23,111
Net income			737	662	2,446	2,770
Other comprehensive loss, net of tax:
Change in unrealized (losses) gains:
		Available-for-sale debt securities	86	(299)	(5,480)	(1,040)
		Qualifying cash flow hedges	98	(139)	(851)	(365)
Change in accumulated other comprehensive income related to employee benefit plans			12	8	14	11

Comprehensive (loss) income			933	232	(3,871)	1,376
Cash dividends declared:
	Common stock		(229)	(208)	(877)	(805)
	Preferred stock		(38)	(35)	(116)	(111)
Impact of stock transactions under stock compensation plans, net			25	13	81	33
Shares acquired for treasury			(100)	(316)	(100)	(1,393)
Other			—	—	—	(1)


Total Equity, Ending			$17,327	$22,210	$17,327	$22,210


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	December			September			December
(unaudited)	2022			2022			2021
	Average	Average		Average	Average		Average	Average
	Balance	Yield/Rate		Balance	Yield/Rate		Balance	Yield/Rate
Assets
Interest-earning assets:
Loans and leases:
Commercial and industrial loans(a)	$57,729	5.71	%	$56,648	4.53	%	$49,571	3.42	%
Commercial mortgage loans(a)	10,898	4.98	%	10,751	4.10	%	10,247	2.86	%
Commercial construction loans(a)	5,544	5.73	%	5,557	4.71	%	5,329	3.10	%
Commercial leases(a)	2,737	3.23	%	2,793	3.08	%	3,057	2.81	%
Total commercial loans and leases	76,908	5.52	%	75,749	4.42	%	68,204	3.28	%
Residential mortgage loans	18,987	3.48	%	19,870	3.32	%	21,486	3.17	%
Home equity	4,024	5.63	%	3,956	4.84	%	4,179	3.60	%
Indirect secured consumer loans	16,536	3.67	%	16,750	3.34	%	16,345	3.18	%
Credit card	1,795	13.39	%	1,756	12.89	%	1,739	12.24	%
Other consumer loans	4,616	6.27	%	3,819	6.21	%	2,837	6.15	%
Total consumer loans	45,958	4.40	%	46,151	4.06	%	46,586	3.73	%
Total loans and leases	122,866	5.10	%	121,900	4.29	%	114,790	3.46	%
Securities:
Taxable securities	57,230	3.00	%	56,535	2.86	%	36,607	3.00	%
Tax exempt securities(a)	1,259	3.02	%	1,178	2.77	%	1,024	2.38	%
Other short-term investments	6,285	3.68	%	5,765	2.15	%	34,624	0.15	%
Total interest-earning assets	187,640	4.40	%	185,378	3.78	%	187,045	2.75	%
Cash and due from banks	3,127			3,162			3,079
Other assets	17,351			20,163			21,433
Allowance for loan and lease losses	(2,101)			(2,015)			(1,953)
Total Assets	$206,017			$206,688			$209,604

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$47,801	1.63	%	$42,574	0.72	%	$47,384	0.05	%
Savings deposits	23,474	0.37	%	23,814	0.12	%	21,702	0.02	%
Money market deposits	28,713	0.61	%	29,066	0.22	%	30,566	0.03	%
Foreign office deposits	209	1.51	%	206	0.78	%	193	0.04	%
CDs $250,000 or less	2,748	1.12	%	2,048	0.09	%	2,604	0.16	%
Total interest-bearing core deposits	102,945	1.05	%	97,708	0.41	%	102,449	0.04	%
CDs over $250,000	3,566	3.15	%	2,226	1.90	%	264	0.94	%

Federal funds purchased	264	3.52	%	607	2.10	%	315	0.13	%
Securities sold under repurchase agreements	476	0.36	%	472	0.22	%	578	0.01	%
FHLB advances	5,489	3.61	%	6,608	2.30	%	—	—
Derivative collateral and other secured borrowings	225	4.10	%	356	4.92	%	422	0.26	%
Long-term debt	13,425	4.23	%	11,796	3.49	%	11,697	2.92	%
Total interest-bearing liabilities	126,390	1.56	%	119,773	0.87	%	115,725	0.33	%
Demand deposits	54,550			59,535			64,828
Other liabilities	8,220			8,516			6,602
Total Liabilities	189,160			187,824			187,155
Total Equity	16,857			18,864			22,449
Total Liabilities and Equity	$206,017			$206,688			$209,604
Ratios:
Net interest margin (FTE)(b)		3.35	%		3.22	%		2.55	%
Net interest rate spread (FTE)(b)		2.84	%		2.91	%		2.42	%
Interest-bearing liabilities to interest-earning assets		67.36	%		64.61	%		61.87	%
(a) Average Yield/Rate of these assets are presented on an FTE basis.
(b) Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 27.


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	Year to Date
$ in millions	December			December
(unaudited)	2022			2021
	Average	Average		Average	Average
	Balance	Yield/Rate		Balance	Yield/Rate
Assets
Interest-earning assets:
Loans and leases:
Commercial and industrial loans(a)	$55,618	4.32	%	$48,966	3.54	%
Commercial mortgage loans(a)	10,723	3.87	%	10,396	3.01	%
Commercial construction loans(a)	5,458	4.38	%	5,783	3.13	%
Commercial leases(a)	2,828	3.02	%	3,130	2.94	%
Total commercial loans and leases	74,627	4.21	%	68,275	3.40	%
Residential mortgage loans	19,731	3.27	%	21,359	3.26	%
Home equity	3,971	4.46	%	4,565	3.59	%
Indirect secured consumer loans	16,914	3.31	%	15,156	3.35	%
Credit card	1,737	12.73	%	1,783	12.28	%
Other consumer loans	3,581	6.16	%	2,979	6.03	%
Total consumer loans	45,934	3.97	%	45,842	3.85	%
Total loans and leases	120,561	4.12	%	114,117	3.58	%
Securities:
Taxable securities	52,218	2.86	%	36,164	2.97	%
Tax exempt securities(a)	1,128	2.72	%	854	2.33	%
Other short-term investments	12,419	0.94	%	33,243	0.13	%
Total interest-earning assets	186,326	3.54	%	184,378	2.83	%
Cash and due from banks	3,093			3,055
Other assets	19,490			21,050
Allowance for loan and lease losses	(1,980)			(2,159)
Total Assets	$206,929			$206,324

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$45,835	0.65	%	$45,850	0.06	%
Savings deposits	23,445	0.14	%	20,531	0.02	%
Money market deposits	29,326	0.23	%	30,631	0.04	%
Foreign office deposits	170	0.74	%	164	0.04	%
CDs $250,000 or less	2,342	0.40	%	3,214	0.31	%
Total interest-bearing core deposits	101,118	0.40	%	100,390	0.05	%
CDs over $250,000	1,688	2.45	%	530	1.30	%

Federal funds purchased	381	1.69	%	333	0.12	%
Securities sold under repurchase agreements	482	0.17	%	594	0.02	%
FHLB advances	3,733	2.63	%	—	—
Derivative collateral and other secured borrowings	329	2.94	%	513	0.30	%
Long-term debt	11,893	3.50	%	13,109	2.89	%
Total interest-bearing liabilities	119,624	0.82	%	115,469	0.38	%
Demand deposits	60,185			62,028
Other liabilities	8,040			6,015
Total Liabilities	187,849			183,512
Total Equity	19,080			22,812
Total Liabilities and Equity	$206,929			$206,324
Ratios:
Net interest margin (FTE)(b)		3.02	%		2.59	%
Net interest rate spread (FTE)(b)		2.72	%		2.45	%
Interest-bearing liabilities to interest-earning assets		64.20	%		62.63	%
(a) Average Yield/Rate of these assets are presented on an FTE basis.
(b) Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 27.


Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millions	For the Three Months Ended
(unaudited)	December	September	June	March	December
	2022	2022	2022	2022	2021
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$57,646	$56,646	$55,460	$52,554	$49,566
Commercial mortgage loans	10,898	10,751	10,710	10,521	10,247
Commercial construction loans	5,544	5,557	5,356	5,371	5,329
Commercial leases	2,736	2,792	2,839	2,942	3,057
Total commercial loans and leases	76,824	75,746	74,365	71,388	68,199
Consumer loans:
Residential mortgage loans	17,577	17,617	17,363	16,501	16,188
Home equity	4,024	3,956	3,895	4,009	4,179
Indirect secured consumer loans	16,536	16,750	17,241	17,136	16,345
Credit card	1,795	1,756	1,704	1,691	1,739
Other consumer loans	4,615	3,819	3,125	2,742	2,837
Total consumer loans	44,547	43,898	43,328	42,079	41,288
Total average portfolio loans and leases	$121,371	$119,644	$117,693	$113,467	$109,487

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$84	$3	$7	$18	$5
Consumer loans held for sale	1,411	2,253	2,536	3,677	5,298
Average loans and leases held for sale	$1,495	$2,256	$2,543	$3,695	$5,303

Average PPP loans(a)	$158	$283	$549	$1,012	$1,756
Average portfolio commercial and industrial loans - excluding PPP loans	57,488	56,363	54,911	51,542	47,810
Total average portfolio commercial and industrial loans	$57,646	$56,646	$55,460	$52,554	$49,566

End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$57,232	$56,437	$56,095	$53,909	$51,659
Commercial mortgage loans	11,020	10,947	10,748	10,694	10,316
Commercial construction loans	5,433	5,573	5,357	5,420	5,241
Commercial leases	2,704	2,821	2,850	2,915	3,052
Total commercial loans and leases	76,389	75,778	75,050	72,938	70,268
Consumer loans:
Residential mortgage loans	17,628	17,600	17,566	17,144	16,397
Home equity	4,039	4,000	3,906	3,916	4,084
Indirect secured consumer loans	16,552	16,646	17,017	17,424	16,783
Credit card	1,874	1,770	1,763	1,690	1,766
Other consumer loans	4,998	4,205	3,521	2,753	2,752
Total consumer loans	45,091	44,221	43,773	42,927	41,782
Total portfolio loans and leases	$121,480	$119,999	$118,823	$115,865	$112,050

End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale	$73	$69	$4	$23	$21
Consumer loans held for sale	934	1,871	2,538	2,593	4,394
Loans and leases held for sale	$1,007	$1,940	$2,542	$2,616	$4,415

Operating lease equipment	$627	$612	$600	$622	$616

Loans and Leases Serviced for Others(b)
Commercial and industrial loans	$1,109	$1,067	$994	$993	$923
Commercial mortgage loans	614	630	601	592	610
Commercial construction loans	406	421	418	502	474
Commercial leases	581	567	566	571	589
Residential mortgage loans	103,154	102,696	100,519	97,736	89,234
Other consumer loans	912	941	974	—	—
Total loans and leases serviced for others	106,776	106,322	104,072	100,394	91,830
Total loans and leases owned or serviced	$229,890	$228,873	$226,037	$219,497	$208,911

End of period PPP loans(a)	$94	$210	$371	$737	$1,305
End of period portfolio commercial and industrial loans - excluding PPP loans	57,138	56,227	55,724	53,172	50,354
Total end of period portfolio commercial and industrial loans	$57,232	$56,437	$56,095	$53,909	$51,659

(a)Paycheck Protection Program loans are included in commercial and industrial loans in the Condensed Consolidated Balance Sheets.

(b)Fifth Third sells certain loans and leases and obtains servicing responsibilities.


Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millions		As of
(unaudited)		December		September		June		March		December
		2022(a)		2022		2022		2022		2021
Regulatory Capital(b)
CET1 capital		$15,681		$15,264		$14,827		$14,937		$14,781
Additional tier 1 capital		2,116		2,116		2,116		2,116		2,116
Tier 1 capital		17,797		17,380		16,943		17,053		16,897
Tier 2 capital		3,820		3,743		3,713		3,676		3,892
Total regulatory capital		$21,617		$21,123		$20,656		$20,729		$20,789
Risk-weighted assets		$169,110		$167,060		$165,659		$160,352		$154,860

Ratios
Average total Bancorp shareholders’ equity as a percent of average assets		8.18	%	9.13	%	9.35	%	10.23	%	10.71	%

Regulatory Capital Ratios(b)
Fifth Third Bancorp
	CET1 capital	9.27	%	9.14	%	8.95	%	9.31	%	9.54	%
	Tier 1 risk-based capital	10.52	%	10.40	%	10.23	%	10.63	%	10.91	%
	Total risk-based capital	12.78	%	12.64	%	12.47	%	12.93	%	13.42	%
	Leverage	8.57	%	8.44	%	8.30	%	8.32	%	8.27	%

Fifth Third Bank, National Association
	Tier 1 risk-based capital	11.31	%	10.94	%	10.58	%	10.85	%	10.90	%
	Total risk-based capital	12.81	%	12.41	%	12.01	%	12.24	%	12.33	%
	Leverage	9.22	%	8.91	%	8.61	%	8.51	%	8.29	%

(a)Current period regulatory capital data and ratios are estimated.

(b)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.


Fifth Third Bancorp and Subsidiaries
Summary of Credit Loss Experience
$ in millions	For the Three Months Ended
(unaudited)	December		September		June		March		December
	2022		2022		2022		2022		2021
Average portfolio loans and leases:
Commercial and industrial loans	$57,646		$56,646		$55,460		$52,554		$49,566
Commercial mortgage loans	10,898		10,751		10,710		10,521		10,247
Commercial construction loans	5,544		5,557		5,356		5,371		5,329
Commercial leases	2,736		2,792		2,839		2,942		3,057
Total commercial loans and leases	76,824		75,746		74,365		71,388		68,199
Residential mortgage loans	17,577		17,617		17,363		16,501		16,188
Home equity	4,024		3,956		3,895		4,009		4,179
Indirect secured consumer loans	16,536		16,750		17,241		17,136		16,345
Credit card	1,795		1,756		1,704		1,691		1,739
Other consumer loans	4,615		3,819		3,125		2,742		2,837
Total consumer loans	44,547		43,898		43,328		42,079		41,288
Total average portfolio loans and leases	$121,371		$119,644		$117,693		$113,467		$109,487

Losses charged-off:
Commercial and industrial loans	($30)		($46)		($34)		($11)		($25)
Commercial mortgage loans	—		—		—		—		(1)
Commercial construction loans	—		—		(3)		—		—
Commercial leases	(6)		(1)		—		—		(2)
Total commercial loans and leases	(36)		(47)		(37)		(11)		(28)
Residential mortgage loans	(1)		(1)		—		(1)		—
Home equity	(2)		(2)		(3)		(2)		(2)
Indirect secured consumer loans	(21)		(18)		(14)		(16)		(13)
Credit card	(17)		(15)		(18)		(17)		(17)
Other consumer loans	(26)		(21)		(18)		(17)		(17)
Total consumer loans	(67)		(57)		(53)		(53)		(49)
Total losses charged-off	($103)		($104)		($90)		($64)		($77)

Recoveries of losses previously charged-off:
Commercial and industrial loans	$10		$12		$1		$2		$11
Commercial mortgage loans	—		—		—		1		—
Commercial construction loans	—		1		—		—		—
Commercial leases	1		2		—		—		—
Total commercial loans and leases	11		15		1		3		11
Residential mortgage loans	—		2		1		2		3
Home equity	2		3		3		3		4
Indirect secured consumer loans	7		8		9		9		7
Credit card	4		3		4		4		4
Other consumer loans	11		11		10		9		10
Total consumer loans	24		27		27		27		28
Total recoveries of losses previously charged-off	$35		$42		$28		$30		$39

Net losses charged-off:
Commercial and industrial loans	($20)		($34)		($33)		($9)		($14)
Commercial mortgage loans	—		—		—		1		(1)
Commercial construction loans	—		1		(3)		—		—
Commercial leases	(5)		1		—		—		(2)
Total commercial loans and leases	(25)		(32)		(36)		(8)		(17)
Residential mortgage loans	(1)		1		1		1		3
Home equity	—		1		—		1		2
Indirect secured consumer loans	(14)		(10)		(5)		(7)		(6)
Credit card	(13)		(12)		(14)		(13)		(13)
Other consumer loans	(15)		(10)		(8)		(8)		(7)
Total consumer loans	(43)		(30)		(26)		(26)		(21)
Total net losses charged-off	($68)		($62)		($62)		($34)		($38)

Net losses charged-off as a percent of average portfolio loans and leases (annualized):
Commercial and industrial loans	0.14	%	0.24	%	0.24	%	0.07	%	0.11	%
Commercial mortgage loans	—		(0.01	%)	—		(0.03	%)	0.03	%
Commercial construction loans	—		(0.08	%)	0.23	%	—		(0.01	%)
Commercial leases	0.70	%	(0.12	%)	(0.03	%)	(0.02	%)	0.24	%
Total commercial loans and leases	0.13	%	0.17	%	0.19	%	0.05	%	0.10	%
Residential mortgage loans	0.01	%	(0.02	%)	(0.02	%)	(0.02	%)	(0.06	%)
Home equity	0.02	%	(0.08	%)	(0.06	%)	(0.07	%)	(0.18	%)
Indirect secured consumer loans	0.32	%	0.24	%	0.13	%	0.17	%	0.14	%
Credit card	2.85	%	2.69	%	3.26	%	3.13	%	2.90	%
Other consumer loans	1.33	%	1.10	%	1.04	%	1.07	%	1.12	%
Total consumer loans	0.38	%	0.28	%	0.24	%	0.25	%	0.21	%
Total net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.22	%	0.21	%	0.21	%	0.12	%	0.14	%


Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millions	For the Three Months Ended
(unaudited)	December		September		June		March		December
	2022		2022		2022		2022		2021
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$2,099		$2,014		$1,908		$1,892		$1,954
Total net losses charged-off	(68)		(62)		(62)		(34)		(38)
Provision for (benefit from) loan and lease losses	163		147		168		50		(24)
Allowance for loan and lease losses, ending	$2,194		$2,099		$2,014		$1,908		$1,892

Reserve for unfunded commitments, beginning	$199		$188		$177		$182		$205
Provision for (benefit from) the reserve for unfunded commitments	17		11		11		(5)		(23)
Reserve for unfunded commitments, ending	$216		$199		$188		$177		$182

Components of allowance for credit losses:
Allowance for loan and lease losses	$2,194		$2,099		$2,014		$1,908		$1,892
Reserve for unfunded commitments	216		199		188		177		182
Total allowance for credit losses	$2,410		$2,298		$2,202		$2,085		$2,074

	As of
	December		September		June		March		December
	2022		2022		2022		2022		2021
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$90		$111		$89		$105		$116
Commercial mortgage loans	10		10		12		32		42
Commercial construction loans	1		—		—		6		6
Commercial leases	—		2		2		3		4
Residential mortgage loans	53		49		49		42		10
Home equity	43		43		45		49		47
Indirect secured consumer loans	19		4		5		5		5
Other consumer loans	5		3		2		1		1
Total nonaccrual portfolio loans and leases (excludes restructured loans)	221		222		204		243		231
Nonaccrual restructured portfolio commercial loans	162		175		216		177		169
Nonaccrual restructured portfolio consumer loans	132		125		119		114		98
Total nonaccrual portfolio loans and leases	515		522		539		534		498
Repossessed property	6		6		6		5		5
OREO	18		18		14		27		24
Total nonperforming portfolio loans and leases and OREO	539		546		559		566		527
Nonaccrual loans held for sale	—		—		—		—		15
Nonaccrual restructured loans held for sale	—		—		—		4		—
Total nonperforming assets	$539		$546		$559		$570		$542

Loans and leases 90 days past due (accrual):
Commercial and industrial loans	$11		$16		$6		$9		$17
Commercial mortgage loans	—		—		—		2		1
Commercial construction loans	—		—		—		—		1
Commercial leases	2		10		1		—		—
Total commercial loans and leases	13		26		7		11		19
Residential mortgage loans(c)	7		7		8		14		72
Home equity	1		1		2		1		1
Indirect secured consumer loans	—		10		8		9		9
Credit card	18		14		13		14		15
Other consumer loans	1		1		1		1		1
Total consumer loans	27		33		32		39		98
Total loans and leases 90 days past due (accrual)(b)	$40		$59		$39		$50		$117
Ratios
Net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.22	%	0.21	%	0.21	%	0.12	%	0.14	%
Allowance for credit losses:
As a percent of portfolio loans and leases	1.98	%	1.91	%	1.85	%	1.80	%	1.85	%
As a percent of nonperforming portfolio loans and leases(a)	468	%	440	%	408	%	391	%	416	%
As a percent of nonperforming portfolio assets(a)	447	%	420	%	394	%	369	%	394	%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases(a)	0.42	%	0.44	%	0.45	%	0.46	%	0.44	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)	0.44	%	0.46	%	0.47	%	0.49	%	0.47	%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property	0.44	%	0.45	%	0.46	%	0.48	%	0.47	%
(a) Excludes nonaccrual loans held for sale.
(b) Excludes loans held for sale.
(c) Excludes government guaranteed residential mortgage loans.

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,” “tangible book value per share (excluding AOCI),” “adjusted noninterest income,” “noninterest income excluding certain items,” “adjusted noninterest expense,” “noninterest expense excluding certain items,” “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 pre-provision net revenue,” “adjusted return on average assets,” “efficiency ratio (FTE),” “total revenue (FTE),” “noninterest income as a percent of total revenue”, 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, noninterest income as a percent of total revenue, 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.

The Bancorp believes noninterest income excluding certain items and noninterest expense excluding certain items are important measures that adjust for certain components that are prone to significant period-to-period changes in order to facilitate the explanation of variances in the noninterest income and noninterest expense line items.

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


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millions		As of and For the Three Months Ended
(unaudited)		December		September		June		March		December
		2022		2022		2022		2022		2021
Net interest income		$1,577		$1,498		$1,339		$1,195		$1,197
Add: Taxable equivalent adjustment		5		4		3		3		3
Net interest income (FTE) (a)		1,582		1,502		1,342		1,198		1,200

Net interest income (annualized) (b)		6,257		5,943		5,371		4,846		4,749
Net interest income (FTE) (annualized) (c)		6,276		5,959		5,383		4,859		4,761

Interest income		2,075		1,760		1,464		1,289		1,294
Add: Taxable equivalent adjustment		5		4		3		3		3
Interest income (FTE)		2,080		1,764		1,467		1,292		1,297
Interest income (FTE) (annualized) (d)		8,252		6,998		5,884		5,240		5,146

Interest expense (annualized) (e)		1,976		1,039		501		381		385
Average interest-earning assets (f)		187,640		185,378		184,406		187,894		187,045
Average interest-bearing liabilities (g)		126,390		119,773		115,462		116,764		115,725

Net interest margin (b) / (f)		3.33	%	3.21	%	2.91	%	2.58	%	2.54	%
Net interest margin (FTE) (c) / (f)		3.35	%	3.22	%	2.92	%	2.59	%	2.55	%
Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.84	%	2.91	%	2.76	%	2.46	%	2.42	%

Income before income taxes		$914		$845		$724		$612		$829
Add: Taxable equivalent adjustment		5		4		3		3		3
Income before income taxes (FTE)		919		849		727		615		832

Net income available to common shareholders		699		631		526		474		627
Add: Intangible amortization, net of tax		10		10		9		9		9
Tangible net income available to common shareholders (h)		709		641		535		483		636
Tangible net income available to common shareholders (annualized) (i)		2,813		2,543		2,146		1,959		2,523

Average Bancorp shareholders’ equity		16,857		18,864		19,248		21,402		22,449
Less:	Average preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Average goodwill	(4,925)		(4,926)		(4,744)		(4,514)		(4,514)
	Average intangible assets	(176)		(188)		(158)		(150)		(162)
Average tangible common equity, including AOCI (j)		9,640		11,634		12,230		14,622		15,657
Less:	Average AOCI	5,386		3,037		2,397		(129)		(1,382)
Average tangible common equity, excluding AOCI (k)		15,026		14,671		14,627		14,493		14,275

Total Bancorp shareholders’ equity		17,327		16,736		18,970		20,177		22,210
Less:	Preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Goodwill	(4,915)		(4,925)		(4,926)		(4,514)		(4,514)
	Intangible assets	(169)		(181)		(194)		(145)		(156)
Tangible common equity, including AOCI (l)		10,127		9,514		11,734		13,402		15,424
Less:	AOCI	5,110		5,306		2,644		1,096		(1,207)
Tangible common equity, excluding AOCI (m)		15,237		14,820		14,378		14,498		14,217
Add:	Preferred stock	2,116		2,116		2,116		2,116		2,116
Tangible equity (n)		17,353		16,936		16,494		16,614		16,333

Total assets		207,452		205,463		206,782		211,459		211,116
Less:	Goodwill	(4,915)		(4,925)		(4,926)		(4,514)		(4,514)
	Intangible assets	(169)		(181)		(194)		(145)		(156)
Tangible assets, including AOCI (o)		202,368		200,357		201,662		206,800		206,446
Less:	AOCI, before tax	6,468		6,716		3,347		1,387		(1,528)
Tangible assets, excluding AOCI (p)		$208,836		$207,073		$205,009		$208,187		$204,918

Common shares outstanding (q)		683		686		686		686		683

Tangible equity (n) / (p)		8.31	%	8.18	%	8.05	%	7.98	%	7.97	%
Tangible common equity (excluding AOCI) (m) / (p)		7.30	%	7.16	%	7.01	%	6.96	%	6.94	%
Tangible common equity (including AOCI) (l) / (o)		5.00	%	4.75	%	5.82	%	6.48	%	7.47	%
Tangible book value per share (including AOCI) (l) / (q)		$14.83		$13.87		$17.10		$19.54		$22.58
Tangible book value per share (excluding AOCI) (m) / (q)		$22.31		$21.60		$20.96		$21.13		$20.82


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millions		For the Three Months Ended
(unaudited)		December		September		December
		2022		2022		2021
Net income (r)		$737		$653		$662
Net income (annualized) (s)		2,924		2,591		2,626

Adjustments (pre-tax items)
	Valuation of Visa total return swap	38		17		19
	Branch impairment charges	6		—		—
	Special COVID staffing bonus to front-line employees	—		—		10
Adjustments, after-tax (t)(a)		34		13		22

Adjustments (tax related items)
	Tax benefit associated with resolution of certain acquisition related tax matters	(15)		—		—
Adjustments (tax related items) (u)		(15)		—		—

Noninterest income (v)		735		672		791
	Valuation of Visa total return swap	38		17		19
	Branch impairment charges	6		—		—
Adjusted noninterest income (w)		779		689		810

Noninterest expense (x)		1,218		1,167		1,206
	Special COVID staffing bonus to front-line employees	—		—		(10)
Adjusted noninterest expense (y)		1,218		1,167		1,196



Adjusted net income (r) + (t) + (u)		756		666		684
Adjusted net income (annualized) (z)		2,999		2,642		2,714

Adjusted tangible net income available to common shareholders (h) + (t) + (u)		728		654		658
Adjusted tangible net income available to common shareholders (annualized) (aa)		2,888		2,595		2,611

Average assets (ab)		$206,017		$206,688		$209,604

Return on average tangible common equity (i) / (j)		29.2	%	21.9	%	16.1	%
Return on average tangible common equity excluding AOCI (i) / (k)		18.7	%	17.3	%	17.7	%
Adjusted return on average tangible common equity, including AOCI (aa) / (j)		30.0	%	22.3	%	16.7	%
Adjusted return on average tangible common equity, excluding AOCI (aa) / (k)		19.2	%	17.7	%	18.3	%

Return on average assets (s) / (ab)		1.42	%	1.25	%	1.25	%
Adjusted return on average assets (z) / (ab)		1.46	%	1.28	%	1.29	%
Efficiency ratio (FTE) (x) / [(a) + (v)]		52.6	%	53.7	%	60.6	%
Adjusted efficiency ratio (y) / [(a) + (w)]		51.6	%	53.3	%	59.5	%
Total revenue (FTE) (a) + (v)		$2,317		$2,174		$1,991
Adjusted total revenue (FTE) (a) + (w)		$2,361		$2,191		$2,010
Pre-provision net revenue (PPNR) (a) + (v) - (x)		$1,099		$1,007		$785
Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y)		$1,143		$1,024		$814
Totals may not foot due to rounding; (a) Assumes a 23% tax rate


Fifth Third Bancorp and Subsidiaries
Segment Presentation(b)
$ in millions
(unaudited)

For the three months ended December 31, 2022	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$876	$1,151	$94	$(539)	$1,582
(Provision for) benefit from credit losses	11	(46)	—	(145)	(180)
Net interest income after (provision for) benefit from credit losses	887	1,105	94	(684)	1,402
Noninterest income	349	268	133	(15)	735
Noninterest expense	(464)	(602)	(134)	(18)	(1,218)
Income (loss) before income taxes	772	771	93	(717)	919
Applicable income tax (expense) benefit(a)	(150)	(162)	(19)	149	(182)
Net income (loss)	$622	$609	$74	$(568)	$737

For the three months ended September 30, 2022	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$596	$833	$79	$(6)	$1,502
(Provision for) benefit from credit losses	2	(34)	—	(126)	(158)
Net interest income after (provision for) benefit from credit losses	598	799	79	(132)	1,344
Noninterest income	298	286	134	(46)	672
Noninterest expense	(440)	(608)	(142)	23	(1,167)
Income (loss) before income taxes	456	477	71	(155)	849
Applicable income tax (expense) benefit(a)	(87)	(100)	(15)	6	(196)
Net income (loss)	$369	$377	$56	$(149)	$653

For the three months ended June 30, 2022	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$555	$631	$53	$103	$1,342
Provision for credit losses	(80)	(29)	—	(70)	(179)
Net interest income after provision for credit losses	475	602	53	33	1,163
Noninterest income	356	241	132	(53)	676
Noninterest expense	(442)	(580)	(137)	47	(1,112)
Income before income taxes	389	263	48	27	727
Applicable income tax expense(a)	(72)	(55)	(10)	(28)	(165)
Net income (loss)	$317	$208	$38	$(1)	$562

For the three months ended March 31, 2022	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$525	$517	$35	$121	$1,198
(Provision for) benefit from credit losses	34	(29)	—	(50)	(45)
Net interest income after (provision for) benefit from credit losses	559	488	35	71	1,153
Noninterest income	339	256	144	(55)	684
Noninterest expense	(479)	(601)	(142)	—	(1,222)
Income before income taxes	419	143	37	16	615
Applicable income tax expense(a)	(78)	(31)	(8)	(4)	(121)
Net income	$341	$112	$29	$12	$494

For the three months ended December 31, 2021	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$415	$438	$24	$323	$1,200
Benefit from (provision for) credit losses	117	(24)	—	(46)	47
Net interest income after benefit from (provision for) credit losses	532	414	24	277	1,247
Noninterest income	384	258	145	4	791
Noninterest expense	(459)	(600)	(139)	(8)	(1,206)
Income before income taxes	457	72	30	273	832
Applicable income tax expense(a)	(89)	(14)	(7)	(60)	(170)
Net income	$368	$58	$23	$213	$662
(a) Includes taxable equivalent adjustments of $5 million for the three months ended December 31, 2022, $4 million for the three months ended September 30, 2022 and $3 million for the three months ended June 30, 2022, March 31, 2022 and December 31, 2021.
(b) Effective September 30, 2022, the Bancorp reorganized its reportable segments. Prior period results have been adjusted to conform to the new segment presentation. The Commercial Banking segment provides services to large and middle-market businesses and government and professional customers. The Consumer and Small Business Banking segment provides services to individuals and small businesses through a network of full-service banking centers and relationships with indirect and correspondent loan originators. The Wealth and Asset Management segment provides a full range of wealth management services for individuals, companies and not-for-profit organizations.

© Fifth Third Bancorp | All Rights Reserved Ó Fifth Third Bancorp | All Rights Reserved Fifth Third Bancorp 4Q22 Earnings Presentation January 19, 2023 Refer to earnings release dated January 19, 2023 for further information.

© Fifth Third Bancorp | All Rights Reserved 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. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions 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”). 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, misappropriation 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 and the effects of inflation; (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) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (45) Fifth Third's ability to meet its environmental and/or social targets, goals and commitments. 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. 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 expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein. Copies of those filings are available at no cost on the SEC’s website at www.sec.gov or on our website at www.53.com. 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 4Q22 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, 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. Cautionary statement 2

© Fifth Third Bancorp | All Rights Reserved Reported 1 Adjusted 1 EPS $1.01 $1.04 ROA 1.42% 1.46% ROE 18.8% 19.3% ROTCE 29.2% 19.2% NIM 3.35% 3.35% Efficiency ratio 52.6% 51.6% PPNR $1.10BN $1.14BN CET1 2 9.27% • Generated record revenue and prudently managed expenses • PPNR 1 increased 40% compared to 4Q21 • Net interest income 1 increased 32% compared to 4Q21; NIM up 13 basis points compared to 3Q22 • Efficiency ratio 1 of 52.6%; adjusted efficiency ratio 1 of 51.6% improved approximately 8 points compared to 4Q21 • ACL of 1.98%, an increase of 7 bps from 3Q22 (flat excluding Dividend Finance) • NPA ratio of 0.44% improved 2 bps compared to 3Q22 excl. AOCI For end note descriptions, see end note summary starting on page 39 4Q22 highlights 3

© Fifth Third Bancorp | All Rights Reserved NII $ in millions; NIM change in bps 3Q22 to 4Q22 Reported NII & NIM Walk T o t a l n e t in t e r e s t i n c o m e ; $ m il li o n s NII NIM For end note descriptions, see end note summary starting on page 39 NII $1,5023Q22 3.22% NIM $1,582 3.35%4Q22 Securities portfolio Loan balances / mix 5 (2) 31 5 83 18Net market rate benefit Deposit balances / mix (37) (8) Net interest income 1 Other, net -(2) 4 3.35% 3.22% 2.55%

© Fifth Third Bancorp | All Rights Reserved Noninterest income • Adjusted noninterest income 1 up $50 million, or 7% • Primary drivers: ‒ Other noninterest income (up 53%) reflecting the recognition of tax receivable agreement revenue in the current quarter ‒ Commercial banking revenue (up 18%) reflecting higher M&A advisory revenue, client financial risk management revenue, and fixed income sales and trading revenue ‒ Partially offset by Mortgage banking revenue (down 9%) reflecting a decrease in origination fees and gain on loan sales • Adjusted noninterest income 1 down $52 million, or 6% • Primary drivers: ‒ Other noninterest income (down 17%) reflecting lower private equity income ‒ Service charges on deposits (down 10%) reflecting the market related impact of higher earnings credits and the elimination of consumer non-sufficient funds fees in July 2022 ‒ Partially offset by Mortgage banking net revenue (up 80%) reflecting a decrease in MSR asset decay and an increase mortgage servicing revenue 4Q22 vs. 4Q21 4Q22 vs. 3Q22 For end note descriptions, see end note summary starting on page 39 T o t a l n o n in t e r e s t i n c o m e ; $ m il li o n s Securities losses/(gains), net ($ in millions) 4Q21 3Q22 4Q22 Net loss attributable to legacy venture equity investments $17 $28 $1 Net losses/(gains) attributable to non-qualified deferred compensation plans (NQDC) 2 7 (2) Other losses/(gains), net — 3 (1) Securities losses/(gains), net $19 $38 ($2) 5

© Fifth Third Bancorp | All Rights Reserved • Adjusted noninterest expense 1 up $51 million, or 4% • Primary drivers: ‒ Compensation and benefits (up 8%), including $13 million from NQDC plans ‒ Net occupancy expense (up 11%) reflecting an increase in branch costs including repairs & maintenance (partially related to Hurricane Ian) and expenses associated with new branches in the Southeast ‒ Technology and communications (up 5%) reflecting continued modernization investments T o t a l n o n in t e r e s t e x p e n s e ; $ m il li o n s • Adjusted noninterest expense 1 up $22 million, or 2% • Primary drivers: ‒ Technology and communications (up 8%) ‒ Net occupancy expense (up 6%) ‒ Expenses associated with Dividend Finance and Provide ‒ Compensation expense related to the minimum wage increase 4Q22 vs. 4Q21 4Q22 vs. 3Q22 For end note descriptions, see end note summary starting on page 39 Noninterest expense 6

© Fifth Third Bancorp | All Rights Reserved QoQ YoY (50%) (79%) +6% NM QoQ YoY +2% +8% +1% +9% 5.10% Interest earning assets Commercial Securities 1 Average securities 1 and short-term investmentsAverage loan & lease balances Total loan yield $ in billions; loan & lease balances excluding HFS Short-term investments Taxable securities yield Consumer Period-end loan & lease balances Period-end HFS loan & lease balances Commercial Consumer $ in billions Note: For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding % change % change % change % change $ in billions; loan & lease balances excluding HFS $ in billions 7 4.29% 3.46% 3.00% 2.86% 3.00% $0.0 $0.1$0.1 QoQ YoY +1% +8% +1% +13% QoQ YoY +9% (82%) +1% +55% Commercial Consumer

© Fifth Third Bancorp | All Rights Reserved Core deposits and wholesale funding Average wholesale funding balancesAverage core deposit balances Commercial Consumer Total IB core deposit rate $ in billions Total wholesale funding Wholesale funding cost Commercial Consumer Period-end core deposit balances Period-end wholesale funding balances $ in billions Note: totals shown above may not foot due to rounding % change % change % change % change $ in billions $ in billions 8 Total wholesale funding 1.05% 0.41% 0.04% 2.61% 2.89% QoQ YoY (2%) +1% +2% (12%) QoQ YoY +6% +77% QoQ YoY +1% flat flat (10%) QoQ YoY +6% +65% 3.83%

© Fifth Third Bancorp | All Rights Reserved Early stage delinquencies and NPAs Net charge-offs (NCOs) ACL as % of portfolio loans and leases • Drivers of $112MM increase in ACL: ‒ $109MM increase from loan balances and unfunded commitment growth ‒ Remainder of growth reflecting macroeconomic forecast conditions • $96MM net increase related to Dividend Finance For end note descriptions, see end note summary starting on page 39 Credit quality overview 9 NPA ratio 1 30-89 days past due as a % of portfolio loans 1 Consumer NCO ratioCommercial NCO ratio Total NCO ratio 4Q204Q19 4Q21 3Q22 4Q22 0.78% 0.41% 0.20% 0.47% 0.43% 0.40% 0.21% 0.14% 0.10% 0.28% 0.21% 0.17% 0.38% 0.22% 0.13% 4Q19 4Q20 4Q21 3Q22 4Q22 0.62% 0.33% 0.33% 0.79% 0.23% 0.47% 0.28% 0.46% 0.44% 0.30%

© Fifth Third Bancorp | All Rights Reserved Allowance for loan & lease losses Commercial and industrial loans Commercial mortgage loans Commercial construction loans Commercial leases Total commercial loans and leases Residential mortgage loans Home equity Indirect secured consumer loans Credit card Other consumer loans Total consumer loans Allowance for loan & lease losses Reserve for unfunded commitments 1 Allowance for credit losses Allocation of allowance by product $ in millions 4Q22 Amount % of portfolio loans & leases For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding Change in Rate Compared to: 3Q22 CECL Day 1 Allowance for credit losses 10 7 bps increase in ACL compared to prior quarter (flat excluding Dividend Finance) 2,194 216 $2,410 1.81% 1.98% 0.06% 0.07% 0.12% 0.16% 776 246 90 15 245 133 248 187 254 1,067 1,127 1.36% 2.23% 1.66% 0.55% 1.39% 3.29% 4.96% 1.13% 13.55% 2.37% 1.48% (0.07%) 0.05% (0.08%) (0.02%) (0.05%) 0.19% 1.11% 0.05% 1.06% 0.24% (0.05%) 0.14% 0.66% 0.76% (0.33%) (0.22%) (0.08%) 1.08% 0.20% 2.22% (0.09%) 0.23%

© Fifth Third Bancorp | All Rights Reserved 9.14% ~41 bps • Loan-to-core deposit ratio of 76% • ~$102 billion of available liquidity sources • $5.2 billion in Holding Company cash, sufficient to satisfy all fixed obligations in a stressed environment for ~24 months Regulatory capital position Fed Reserves Unpledged Investment Securities Available FHLB Borrowing Capacity Current Fed Discount Window Availability Total ~$7 ~$44 ~$8 ~$43 ~$102 Liquidity Sources Liquidity position $ in billions; as of 12/31/2022 Common equity tier 1 ratio 1 For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding Strong capital and liquidity position (~14 bps) (~11 bps) ~3 bps 9.27% 3Q22 Net income to common Common dividends RWA Other 4Q22 11 Share repurchases (~6 bps) targeting a 9.25% CET1 ratio 2

© Fifth Third Bancorp | All Rights Reserved 12 1 Innovative, software-enabled products that simplify customers’ lives and enhance the client experience Sustained organic growth from positioning the bank to benefit from secular trends and through gaining market share Proactive balance sheet management (credit risk, rate risk, capital) positioning the bank to serve clients and perform well in any environment Commitment to living our purpose every day to improve the lives of our customers and the well-being of our communities Strong profitability and returns driven by expense discipline and relationship profitability focus What you should expect from Fifth Third 2 3 4 5

Classification: Internal Use © Fifth Third Bancorp | All Rights Reserved 13 Consistently investing for growth through the cycle Consistent strong financial results and top tier profitability Consistent NIM and credit discipline Consistent customer acquisition growth Consistent peer-leading efficiency ratio De novo investments in the Southeast Sales force additions & marketing investments Scaling fintech platforms Platform modernization and digital enablement Consistent outcomesConsistent investments in our businesses • Over 70 Southeast branches added since 2019 • Product innovation led by Momentum Banking in Consumer and Expert AP and Expert AR in Commercial • Added 45 Commercial and Wealth sales FTE in 2022; expect additional sales force expansion in 2023 • Marketing spend increased 10% in 2022 • Expect Dividend Finance loan production in 2023 of ~$4.5BN (with period-end balances of ~$5BN at YE23) • Expanding Provide product offering; expect loan production in 2023 of ~$1BN (with period-end balances of $3BN at YE23)

© Fifth Third Bancorp | All Rights Reserved Net interest income 1 Noninterest income 1 stable Noninterest expense 1 up 4 – 5% up 13 – 14% (FY22 baseline: $5.625BN) (FY22 baseline: $2.944BN) (FY22 baseline: $4.719BN) Net charge-off ratio 25 – 35 bps Effective tax rate ~23% For end note descriptions, see end note summary starting on page 39 As of January 19, 2023; please see cautionary statements on page 2 Total revenue 1 up 9 – 10% (FY22 baseline: $8.487BN; Includes securities g/l) PPNR 1 up 15 – 17% (FY22 baseline: $3.768BN; includes securities g/l) (including HFS) Avg. loans & leases up 3 – 4% Current expectations FY 2023 compared to FY 2022 14 guidance assumes 12/31/23 Fed funds rate of 4.75% ~1% from FDIC insurance assessment rate ~1% from Dividend Finance expenses ~1% from 2022 NQDC mark-to-market impact Allowance for credit losses expect ~$100MM build per quarter due to loan growth (primarily Dividend Finance) and assumes no change to macroeconomic outlook and risk profile as of 4Q22

© Fifth Third Bancorp | All Rights Reserved Net interest income 1 Noninterest income 1 down 11 – 13% Noninterest expense 1 up 6 – 7% down 1 – 2% (4Q22 baseline: $1.582BN) (4Q22 baseline: $777MM) (4Q22 baseline: $1.218BN) Net charge-off ratio 25 – 30 bps Effective tax rate ~23% For end note descriptions, see end note summary starting on page 39 As of January 19, 2023; please see cautionary statements on page 2 Total revenue 1 down 4 – 5% (4Q22 baseline: $2.361BN; Includes securities g/l) PPNR 1 down 16 – 18% (4Q22 baseline: $1.143BN; includes securities g/l) (including HFS) Avg. loans & leases stable Current expectations 1Q23 compared to 4Q22 15 guidance assumes 3/31/23 Fed funds rate of 5.00% down 6 - 7% excluding TRA impact down ~2% excluding ~$100MM in seasonal 1Q23 expenses down 3 - 5% excluding TRA impact and seasonal 1Q23 expenses down 3 - 4% excluding TRA impact Allowance for credit losses expect ~$100MM build due to loan growth (primarily Dividend Finance) and assumes no change to macroeconomic outlook and risk profile as of 4Q22

© Fifth Third Bancorp | All Rights Reserved 17 Our purpose, vision, and core values support our commitment to generating sustainable value for stakeholders Our Vision Be the One Bank people most value and trust Our Core Values Our Purpose To improve the lives of our customers and the well-being of our communities Work as One Bank Take Accountability Be Respectful Act with Integrity Living our purpose guided by our vision and values

© Fifth Third Bancorp | All Rights Reserved 18 Addressing climate change Promoting inclusion and diversity Demonstrating our commitment to employees Strengthening our communities Keeping the customer at the center $180MM Neighborhood Investment Program in nine majority-Black communities $1.3BN provided in community development lending and investment in 2021 $32.7MM in charitable donations to support communities 6 ~3MM people educated through our LIFE programs 8 ~115K hours of community service and $6MM in employee giving $20/hour minimum wage with over 40% of workforce receiving mid-year compensation increase Up to 7% 401(k) employer contribution with 80% participation ~776K hours of training (40 hours average / FTE) Decrease in overall turnover from 21.2% in 2021, to 21.0% in 2022 New flexible PTO policy including volunteer paid time away for full-time (8 hours) and part-time (4 hours) employees 12MM customer outreach calls, continuing our heightened connection to the customer 2.5% consumer household growth Low reliance on punitive consumer fees, with $13MM in NSF fees eliminated and $39MM in overdraft fees avoided with Extra Time ® $27BN deposited up to 2 days early with Early Pay® $26MM in consumer cash back rewards with 5/3 Cash/Back cards 22% reduction in monthly complaint volume since 2019 $2.8BN accelerating racial equality, equity and inclusion initiative 38% board diversity 2 58% women; 28% persons of color in workforce >99% pay equity for women and minorities 7 $80MM Tier 1 diverse supplier spend, ~9.3% of net addressable spend 3 Launched employee Sustainability Business Resource Group in June 2022 ~$24BN in sustainable financing towards $100BN goal 208 due diligence reviews for sensitive sectors in compliance with E&S Risk Management Framework 1 52% reduction in Scope 1 and 2 GHG emissions since 2014 3 100% renewable energy purchased since 2019 Achieved carbon neutrality in our operations since 2020 4 $500MM inaugural Green Bond issued in October 2021 5 Fifth Third is committed to supporting customers, communities and employees For end note descriptions, see end note summary starting on page 39 Sustainability priorities and metrics

© Fifth Third Bancorp | All Rights Reserved A- Leadership Band 2019, 2020 and 2021 CDP surveys (2022 score forthcoming) 19 Actions Demonstrating Leadership Third-party recognitions $500,000 donated for hurricane relief in Florida Through Fifth Third Foundation in addition to other assistance programs Published 3 rd ESG report Available on ir.53.com Announced 10-year $100BN Environmental & Social Finance Target Expansion of the original $8BN renewable energy goal achieved in June 2022 Aligned executive compensation to ESG priorities ESG Funding Modifier added to 2022 Variable Compensation Plan Established sustainability office Leading comprehensive environmental, social and governance strategy, which includes the Bank’s climate strategy and sustainable finance initiatives Acquisition of Dividend Finance A leading fintech point-of-sale (POS) lender, providing financing solutions for residential renewable energy and sustainability-focused home improvement $ 20 minimum wage per hour Effective July 2022, increase from $18 per hour since 2019 Expanded operational sustainability goals Announced six new operational sustainability targets to be achieved by 2030, including Scope 1 and 2 GHG emissions reduction of 75% SSGA R-Factor Score January 2023 Outperformer Top 10-30% among Commercial Banks S&P Global ESG Score 83 rd percentile Top among peers 1 MSCI ESG Rating January 2023 A Upgraded 3 notches CSRHub ESG Ranking January 2023 91 st percentile Top among peers 1 ESG Risk Rating 2 January 2023 Low Risk Top quartile among peers 1 Refinitiv ESG Combined Score January 2023 A- (79/100) Top among peers 1 A recognized leader in sustainability among peers For end note descriptions, see end note summary starting on page 39 Top Workplace in Financial Services Recognized by Energage in 2022 Perfect 100% Score Human Rights Campaign Corporate Equity index for seventh consecutive year For Express Banking account Corporate Sustainability Assessment

© Fifth Third Bancorp | All Rights Reserved 20 Unsecured debt maturities Composition of deposits by segment Holding company: • Holding Company cash as of December 31, 2022: $5.2BN • Cash currently sufficient to satisfy all fixed obligations in a stressed environment for ~24 months (debt maturities, common and preferred dividends, interest, and other expenses) without accessing capital markets, relying on dividends from subsidiaries or any other actions • The Holding Company issued the following long-term debt in 4Q22: ◦ $1BN 6NC5 fixed-to-floating rate debt • The Holding Company did not have long-term debt maturities in 4Q22 Bank entity: • The Bank issued the following long-term debt in 4Q22: ◦ $1BN 3NC2 fixed-to-floating rate debt • The Bank did not have long-term debt maturities in 4Q22 • Available and contingent borrowing capacity (4Q22): ◦ FHLB ~$7.7BN available, ~$13.4BN total ◦ Federal Reserve ~$43.3BN Average as of 4Q22 Strong liquidity profile $ millions – excl. Retail Brokered & Institutional CDs

© Fifth Third Bancorp | All Rights Reserved Paycheck Protection Program update Average PPP loan balances Period-end PPP loan balances PPP interest income • Originated $7.3BN in PPP loans across all 3 waves • 4Q22 loan balances ◦ FY22 Average Balance: $0.5BN ◦ 4Q22 Average Balance: $0.2BN $ in millions $ in billions $ in billions Totals shown above may not foot due to rounding 21 $1

© Fifth Third Bancorp | All Rights Reserved • Third-party serviced GNMA forbearance loan purchases: • 4Q20: $2.1BN • 1Q21: $0.6BN • 2Q21: $1.0BN • 3Q21: $0.3BN • 4Q21: $0.7BN • FY22 NII of ~$66MM compared to ~$117MM in FY21 • FY22 servicing expenses of ~$23MM compared to ~$50MM in FY21 • Relatively minor noninterest income in both FY21 and FY22 • GNMA forbearance projections are incorporated into outlook Average loan balances $ in billions Net interest income $ in millions Servicing expenses $ in millions actual actual actual For end note descriptions, see end note summary starting on page 39 GNMA forbearance loan purchase update 1 22

© Fifth Third Bancorp | All Rights Reserved • 66% allocation to bullet/ locked- out cash flow securities • AFS yield: 2.97% 5 • Effective duration of 5.4 6 • Net unrealized pre-tax loss: $6.0BN • 99% AFS 11 $27.6BN fixed 3 | $48.7BN variable 1,2 Commercial loans 1,2,3 Balance sheet positioning 100% Fix | 0% Variable 85% Fix | 15% Variable Investment portfolioConsumer loans 1 Long-term debt 4 $36.8BN fixed | $8.3BN variable 1 $7.6BN fixed | $6.1BN variable 4 • 1M based: 45% 7,12 • 3M based: 6% 7,12 • Prime & O/N based: 15% 7,12 • Other based: 1% 7,10,12 • Weighted avg. life: 1.9 years 1,3 • 1M based: 2% 8,12 • 12M based: 2% 8,12 • Prime: 12% 8 • Other based: 3% 8,12,13 • Weighted avg. life: 3.8 years 1 • 1M based: 15% 9 • 3M based: 7% 9 • SOFR based: 22% • Weighted avg. life: 4.6 years C&I 27% Fix | 73% Variable Coml. mortgage 41% Fix | 59% Variable Coml. lease 100% Fix | 0% Variable Resi mtg.& construction 90% Fix | 10% Variable Home equity 8% Fix | 92% Variable Senior debt 52% Fix | 48% Variable Sub debt 65% Fix | 35% Variable Auto securiz. proceeds 100% Fix | 0% Variable Coml. construction 33% Fix | 67% Variable Credit card 40% Fix | 60% Variable Other 79% Fix | 21% Variable Other 85% Fix | 15% Variable Level 1 100% Fix | 0% Variable Level 2A Non-HQLA/ Other • The information above incorporates the impact of $12BN in active cash flow hedges ($8BN in C&I receive-fixed swaps and $4BN in CRE receive-fixed swaps) and ~$6.0BN fair value hedges associated with long-term debt (receive-fixed swaps). • The impacts of PPP loans (given the expected temporary nature) are excluded Includes $5.2BN non-agency CMBS (All super-senior, AAA-rated securities; 57.9% WA LTV, ~38.7% credit enhancement) Auto/Indirect 97% Fix | 3% Variable For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding 23

© Fifth Third Bancorp | All Rights Reserved Managing rate risk against conservative outcomes Estimated NII sensitivity profile and ALCO policy limits Estimated NII sensitivity at specific betas Dynamic beta models assume approximately 75-80% effective betas in our baseline NII sensitivity used in IRR simulations 1 •Models are calibrated to performance in prior rate cycles • In 2022, we have significantly outperformed modeled betas •Additionally, rate risk measures assume no deposit re-pricing lags and $1BN of DDA runoff per 100 bps of rate hikes As of December 31, 2022: •47% of HFI loans were variable rate net of existing hedges (64% of total commercial; 18% of total consumer) 2 •Short-term borrowings represent approximately 23% of total wholesale funding, or 3% of total funding •Approximately $12.3 billion in non-core funding matures beyond one year 24

© Fifth Third Bancorp | All Rights Reserved ($3BN @ 2.25% 1- month LIBOR strike) Cash flow hedges continue to protect NIM 1 EOP notional value of cash flow hedges ($ in billions) Actual Cash flow hedges For end note descriptions, see end note summary starting on page 39 Swap protection extends through 2031 ($3BN added in 4Q22) 25 Floors Forward starting swaps Existing swaps weighted average receive fix rate (swaps only) 2.35% 2.37% 2.37% 3.27%2.37% 2.35%2.34% 2.34% 2.34% 2.50% 3.17% 3.17% 3.19% 3.44% 2

© Fifth Third Bancorp | All Rights Reserved Mortgage banking results $ in millions Mortgage banking net revenue Mortgage originations and margins • Mortgage banking net revenue decreased $6 million from the prior quarter, primary reflecting a $6 million reduction in origination fees and gain on loan sales. • $2.3 billion in originations, down 43% from the prior quarter and down 47% compared to the year-ago quarter; ~86% purchase volume Note: totals shown above may not foot due to rounding $ in billions 0.95% 1.10% 1.10% 1.18% 0.84% 0.85% 0.95% 0.80%Gain-on-sale margin Gain-on-sale margin represents gains on all loans originated for sale divided by salable originations. Rate lock margin Rate lock margin represents gains recorded associated with salable rate locks divided by salable rate locks. 0.74% 0.86% 26 $35 $52 $31 $69 Mortgage banking net revenue $63

© Fifth Third Bancorp | All Rights Reserved Estimated potential GAAP noninterest income recognition 1,2 $ in millions; pre-tax For end note descriptions, see end note summary starting on page 39 Future TRA payment schedule 27 actual

© Fifth Third Bancorp | All Rights Reserved Preferred dividend schedule 1Q23 2Q23 3Q23 4Q23 Series H 2 - ~$15 ~$12 ~$12 Series I ~$8 ~$8 ~$8 ~$8 Series J ~$6 ~$6 ~$6 ~$6 Series K ~$3 ~$3 ~$3 ~$3 Series L ~$4 ~$4 ~$4 ~$4 Class B Series A ~$3 ~$3 ~$3 ~$3 Total ~$23 ~$39 ~$36 ~$36 Upcoming preferred dividend schedule 1 $ in millions Floating (3ML + 3.129%) 2 For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding 28

© Fifth Third Bancorp | All Rights Reserved 4Q21 3Q22 4Q22 NCO ratio 1 0.11% 0.24% 0.14% 30-89 Delinquencies 0.14% 0.22% 0.14% 90+ Delinquencies 0.03% 0.03% 0.02% Nonperforming Loans 2 0.54% 0.45% 0.38% 29 Portfolio loans $ in billions Period-end QoQ change Average QoQ change Key statistics Revolving Line Utilization Trend 3 Commercial & industrial overview For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding 3.8% 6.0% 5.5% 2.1% 1.8% 8.0% 4.4% 4.1% 0.6% 1.4% Average - C&I Period-end C&I

© Fifth Third Bancorp | All Rights Reserved 4Q21 3Q22 4Q22 NCO ratio 1 0.03% (0.03%) 0.00% 30-89 Delinquencies 0.03% 0.10% 0.16% 90+ Delinquencies 0.01% 0.00% 0.00% Nonperforming Loans 2 0.35% 0.25% 0.29% Commercial real estate overview 30 CRE Mortgage Balance by owner occupancy CRE Construction Balance by property type Average – Commercial Mortgage Average – Commercial Construction Period-end – Commercial Mortgage Period-end – Commercial Construction Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding $ in billions (1.3%) 3.6% (0.1%) 2.6% (0.4%) (2.9%) 2.0% 1.1% 1.5% 0.8% Multifamily Other Retail Hospitality Office Industrial Home Builder Non-Owner Occupied Owner Occupied 4Q21 1Q22 2Q22 3Q22 4Q22

© Fifth Third Bancorp | All Rights Reserved 4Q21 3Q22 4Q22 NCO ratio 1 (0.06%) (0.02%) 0.01% 30-89 Delinquencies 0.12% 0.10% 0.17% 90+ Delinquencies 0.44% 0.04% 0.04% Nonperforming Loans 2 0.20% 0.65% 0.70% Weighted average FICO at origination 3 765 766 765 Weighted average LTV at origination 71% 71% 71% Residential Mortgage overview 31 Portfolio FICO score at origination 3 $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding (0.2%) 1.9% 5.2% 1.5% (0.2%) 1.5% 4.6% 2.5% 0.2% 0.2% 750+720-749<660 660-719 4% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 4Q21 3Q22 4Q22 NCO ratio 1 (0.18%) (0.08%) 0.02% 30-89 Delinquencies 0.61% 0.55% 0.74% 90+ Delinquencies 0.02% 0.03% 0.02% Nonperforming Loans 2 1.89% 1.70% 1.66% Weighted average FICO at origination 3 763 767 767 Weighted average LTV at origination 68% 67% 67% Home equity overview 32 Portfolio FICO score at origination 3 $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding (5.2%) (4.1%) (2.8%) 1.6% 1.7% (4.5%) (4.1%) (0.3%) 2.4% 1.0% 750+720-749<660 660-719 2% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 4Q21 3Q22 4Q22 NCO ratio 1 0.14% 0.24% 0.32% 30-89 Delinquencies 0.61% 0.65% 0.86% 90+ Delinquencies 0.05% 0.06% 0.00% Nonperforming Loans 2 0.16% 0.09% 0.18% Indirect secured consumer overview 33 Portfolio FICO score at origination Includes primarily RV & Marine $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding 1% 4.8% 4.8% 0.6% (2.8%) (1.3%) 4.9% 3.8% (2.3%) (2.2%) (0.6%) 750+720-749<660 660-719 Weighted average FICO at origination 3 766 768 768 Weighted average LTV at origination 88% 88% 88% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 4Q21 3Q22 4Q22 NCO ratio 1 2.90% 2.69% 2.85% 30-89 Delinquencies 1.02% 1.02% 1.12% 90+ Delinquencies 0.85% 0.79% 0.96% Nonperforming Loans 2 1.30% 1.30% 1.44% Credit card overview 34 Portfolio FICO score at origination 3 750+720-749<660 660-719 $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding (0.5%) (2.8%) 0.8% 3.1% 2.2% 1.3% (4.3%) 4.3% 0.4% 5.9% Weighted average FICO at origination 3 741 742 743 4% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 4Q21 1Q22 2Q22 3Q22 4Q22 Balance, beginning of period $349 $337 $323 $319 $298 Transfers to nonaccrual status 62 54 49 91 68 Transfers to accrual status (26) (2) — — (5) Transfers to held for sale (2) (4) — (19) — Loan paydowns/payoffs (21) (52) (17) (48) (63) Transfer to OREO — — — — — Charge-offs (28) (11) (37) (47) (36) Draws/other extensions of credit 3 1 1 2 1 Balance, end of period $337 $323 $319 $298 $263 4Q21 1Q22 2Q22 3Q22 4Q22 Balance, beginning of period $179 $161 $211 $220 $224 Transfers to nonaccrual status 30 97 64 56 83 Transfers to accrual status (30) (23) (29) (22) (19) Transfers to held for sale — — — — — Loan paydowns/payoffs (13) (16) (20) (20) (19) Transfer to OREO — (1) (1) (1) (3) Charge-offs (5) (7) (6) (10) (15) Draws/other extensions of credit — — 1 1 1 Balance, end of period $161 $211 $220 $224 $252 NPL 1 Rollforward Commercial Consumer $ in millions $ in millions $ in millions For end note descriptions, see end note summary starting on page 39 35 Total NPL $498 $534 $539 $522 $515 Total new nonaccrual loans - HFI $92 $151 $113 $147 $151 Total NPL

© Fifth Third Bancorp | All Rights Reserved 4Q22 adjustments and notable items Adjusted EPS of $1.04 1 4Q22 reported EPS of $1.01 included a negative $0.03 impact from the following notable items: • $38 million pre-tax (~$29 million after-tax 2 ) charge related to the valuation of the Visa total return swap • $6 million pre-tax (~5 million after-tax 2 ) charge related to Branch impairments • $15 million tax benefit associated with resolution of certain acquisition related tax matters For end note descriptions, see end note summary starting on page 39 36

© Fifth Third Bancorp | All Rights Reserved For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding 37 Fifth Third Bancorp and Subsidaries For the Three Months Ended For the Year Ended $ and shares in millions December September June March December (unaudited) 2022 2022 2022 2022 2021 2022 Net income (U.S. GAAP) (a) $737 $653 $562 $494 $662 $2,446 Net income (U.S. GAAP) (annualized) (b) $2,924 $2,591 $2,254 $2,003 $2,626 $2,446 Net income available to common shareholders (U.S. GAAP) (c) $699 $631 $526 $474 $627 $2,330 Add: Intangible amortization, net of tax 10 10 9 9 9 37 Tangible net income available to common shareholders (d) $709 $641 $535 $483 $636 $2,367 Tangible net income available to common shareholders (annualized) (e) $2,813 $2,543 $2,146 $1,959 $2,523 $2,367 Net income available to common shareholders (annualized) (f) $2,773 $2,503 $2,110 $1,922 $2,488 $2,330 Average Bancorp shareholders' equity (U.S. GAAP) (g) $16,857 $18,864 $19,248 $21,402 $22,449 $19,080 Less: Average preferred stock (h) (2,116) (2,116) (2,116) (2,116) (2,116) (2,116) Average goodwill (4,925) (4,926) (4,744) (4,514) (4,514) (4,779) Average intangible assets and other servicing rights (176) (188) (158) (150) (162) (168) Average tangible common equity (i) $9,640 $11,634 $12,230 $14,622 $15,657 $12,017 Less: Average accumulated other comprehensive income ("AOCI") 5,386 3,037 2,397 (129) (1,382) 2,689 Average tangible common equity, excluding AOCI (j) $15,026 $14,671 $14,627 $14,493 $14,275 $14,706 Adjustments (pre-tax items) Valuation of Visa total return swap 38 17 18 11 19 84 Branch impairment charges 6 — — — — 6 Net business acquisition and disposition charges/(gain) — — 6 — — 6 Special COVID staffing bonus to front-line employees — — — — 10 — Adjustments - after-tax 1 (k) $34 $13 $19 $8 $22 $74 Adjustments (tax related items) Tax benefit associated with resolution of certain acquisition related tax matters (15) — — — — (15) Adjustments (tax related items) (l) (15) — — — — (15) Adjusted net income [(a) + (k)+ (l)] $756 $666 $581 $502 $684 $2,505 Adjusted net income (annualized) (m) $2,999 $2,642 $2,330 $2,036 $2,714 $2,505 Adjusted net income available to common shareholders [(c) + (k) + (l)] $718 $644 $545 $482 $649 $2,389 Adjusted net income available to common shareholders (annualized) (n) $2,849 $2,555 $2,186 $1,955 $2,575 $2,389 Adjusted tangible net income available to common shareholders [(d) + (k) + (l)] 728 $654 $554 $491 $658 $2,426 Adjusted tangible net income available to common shareholders (annualized) (o) $2,888 $2,595 $2,222 $1,991 $2,611 $2,426 Average assets (p) $206,017 $206,688 $205,897 $209,150 $209,604 $206,929 Metrics: Return on assets (b) / (p) 1.42% 1.25% 1.09% 0.96% 1.25% 1.18% Adjusted return on assets (m) / (p) 1.46% 1.28% 1.13% 0.97% 1.29% 1.21% Return on average common equity (f) / [(g) + (h)] 18.8% 14.9% 12.3% 10.0% 12.2% 13.7% Adjusted return on average common equity (n) / [(g) + (h)] 19.3% 15.3% 12.8% 10.1% 12.7% 14.1% Return on average tangible common equity (e) / (i) 29.2% 21.9% 17.5% 13.4% 16.1% 19.7% Adjusted return on average tangible common equity (o) / (i) 30.0% 22.3% 18.2% 13.6% 16.7% 20.2% Adjusted return on average tangible common equity, excluding AOCI (o) / (j) 19.2% 17.7% 15.2% 13.7% 18.3% 16.5% Non-GAAP reconciliation

© Fifth Third Bancorp | All Rights Reserved Non-GAAP reconciliation For end note descriptions, see end note summary starting on page 39; totals shown above may not foot due to rounding 38 Fifth Third Bancorp and Subsidiaries For Three Months Ended For the Year Ended $ and shares in millions December September June March December (unaudited) 2022 2022 2022 2022 2021 2022 Average interest-earning assets (a) $187,640 $185,378 $184,406 $187,894 $187,045 $186,326 Net interest income (U.S. GAAP) (b) $1,577 $1,498 $1,339 $1,195 $1,197 $5,609 Add: Taxable equivalent adjustment 5 4 3 3 3 16 Net interest income (FTE) (c) $1,582 $1,502 $1,342 $1,198 $1,200 $5,625 Net interest income (FTE) (annualized) (d) $6,276 $5,959 $5,383 $4,859 $4,761 $5,625 Noninterest income (U.S. GAAP) (e) $735 $672 $676 $684 $791 $2,766 Valuation of Visa total return swap 38 17 18 11 19 84 Branch impairment charges 6 — — — — 6 Net disposition charges/(gain) — — 6 — — 6 Adjusted noninterest income (f) $779 $689 $700 $695 $810 $2,862 Add: Securities (gains)/losses (2) 38 32 14 19 82 Adjusted noninterest income, (excl. securities (gains)/losses) $777 $727 $732 $709 $829 $2,944 Noninterest expense (U.S. GAAP) (g) $1,218 $1,167 $1,112 $1,222 $1,206 $4,719 Special COVID staffing bonus to front-line employees — — — — (10) — Adjusted noninterest expense (h) $1,218 $1,167 $1,112 $1,222 $1,196 $4,719 Metrics: Revenue (FTE) (c) + (e) 2,317 2,174 2,018 1,882 1,991 8,391 Adjusted revenue (c) + (f) 2,361 2,191 2,042 1,893 2,010 8,487 Pre-provision net revenue [(c) + (e) - (g)] 1,099 1,007 906 660 785 3,672 Adjusted pre-provision net revenue [(c) + (f) - (h)] 1,143 1,024 930 671 814 3,768 Net interest margin (FTE) (d) / (a) 3.35% 3.22% 2.92% 2.59% 2.55% 3.02% Efficiency ratio (FTE) (g) / [(c) + (e)] 52.6% 53.7% 55.1% 64.9% 60.6% 56.2% Adjusted efficiency ratio (h) / [(c) + (f)] 51.6% 53.3% 54.5% 64.6% 59.5% 55.6%

© Fifth Third Bancorp | All Rights Reserved Slide 3 end notes 1. Reported ROTCE, NIM, pre-provision net revenue, and efficiency ratio are non-GAAP measures: all adjusted figures are non-GAAP measures; see reconciliation on pages 37 and 38 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release. 2. Current period regulatory capital ratios are estimated. Slide 4 end notes 1. Results are on a fully-taxable equivalent basis; non-GAAP measure: see reconciliation on pages 37 and 38 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 5 end notes 1. Non-GAAP measure: see reconciliation on pages 37 and 38 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 6 end notes 1. Non-GAAP measure: see reconciliation on pages 37 and 38 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 7 end notes 1. Includes taxable and tax-exempt securities. Slide 9 end notes 1. Excludes HFS loans. Slide 10 end notes 1. 4Q22 commercial and consumer portfolio make up $131M and $85M, respectively, of the total reserve for unfunded commitment. Slide 11 end notes 1. Current period regulatory capital ratios are estimated. 2. 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. Slide 14 & 15 end notes 1. Non-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. Slide 18 end notes Data is for fiscal year 2022, unless otherwise noted. 1. 9/23/2020 - 12/31/2022. The Environmental and Social Risk Management Framework (previously Environmental and Social Policy) can be found at ir.53.com/esg/environment 2. In terms of ethnicity or gender. 3. Data is through 9/30/2022 4. For Scope 1, Scope 2 and business travel under Scope 3 emissions. Projected full year 2022 CO2e emissions are based on 2022 year-to-date data as well as historical company data from 2014-2021. Final CO2 emissions will be made available in 2023 following independent verification. 5. Sustainable Bond Report can be found at ir.53.com/esg/sustainability-bonds 6. Data is through 11/30/2022 7. Refer to the 2021 ESG report for additional details on methodology 8. Since 2004 39 Earnings presentation end notes

© Fifth Third Bancorp | All Rights Reserved Earnings presentation end notes Slide 19 end notes 1. Peer Group comprises of Fifth Third's board approved peers. 2. From leading third party ESG data provider. Slide 22 end notes 1. 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. Slide 23 end notes Note: Data as of 12/31/22. 1. Excludes HFS Loans & Leases. 2. Fifth Third had $12B of commercial variable loans classified as fixed given the impacts of $8BN in C&I receive-fix swaps and $4BN in CRE receive-fix swaps; Excludes forward starting swaps & floors; Excludes$3BN in out-of-the-money floors with a 2.25% 1ML strike currently on the balance sheet. 3. Excludes ~$0.1BN in Small Business Administration Paycheck Protection Program (PPP) loans. 4. Fifth Third had $705MM 3ML receive-fix swaps and $2.25BN 1ML receive-fix swaps, and $3.0BN SOFR receive-fix swaps outstanding against long-term debt, which are being included in floating long-term debt. 5. Yield of the 4Q22 weighted average taxable and non-taxable (tax equivalent) available for sale portfolio. 6. Effective duration taxable and non-taxable available for sale portfolio. 7. As a percent of total commercial, excluding PPP loans. 8. As a percent of total consumer. 9. As a percent of par. 10. Includes 12M term, 6M term, and Fed Funds based loans. 11. Excludes equity securities. 12. Term points include LIBOR, SOFR, BSBY, AMERIBOR, Treasuries & FX curves. 13. Includes overnight term, 3M term, 6M term, 12M term and Fed Funds. Slide 24 end notes Note: Data as of 12/31/22; 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. 1. Re-pricing percentage or “beta” is the estimated change in yield after the 12-month ramp scenarios are fully realized and therefore reflects year-2. 2. Excludes ~$0.1BN in Small Business Administration Paycheck Protection Program (PPP) loans. Slide 25 end notes 1. Represents forward looking statement, please refer to page 2 of this presentation regarding forward-looking non-GAAP measures; All swaps are receive fixed / pay 1-month LIBOR. 2. $3BN floors mature on 12/16/2024. Slide 27 end notes 1. Assumes FIS will have sufficient taxable income to utilize TRA related deductions and have a marginal tax rate of 25%. 2. See forward-looking statements on page 2. Slide 28 end notes 1. Represents forward looking statement, please refer to page 2 of this presentation regarding forward-looking non-GAAP measures. 2. Projected dividends for Series J and Series H (converts to floating in 3Q23) reflect 3m LIBOR plus applicable spread. Given the ongoing LIBOR transition, these will transition to SOFR-based calculations (pursuant to the Federal LIBOR legislation) on 6/30/2023). 40

© Fifth Third Bancorp | All Rights Reserved Slide 29 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. Total commercial portfolio line utilization. Slide 30 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. Slide 31 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. FICO distributions at origination exclude certain acquired mortgage loans. Slide 32 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. FICO distributions at origination exclude certain acquired home equity loans. Slide 33 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. Slide 34 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. FICO distributions at origination exclude ~$80 million from credit loans on book primarily ~15+ years. Slide 35 end notes 1. Loan balances exclude nonaccrual loans HFS. Slide 36 end notes 1. Average diluted common shares outstanding (thousands); 694,195; all adjusted figures are non-GAAP measures; see reconciliation on pages 37 and 38 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release. 2. Assumes a 23% tax rate. Slide 37 end notes Note: See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures. 1. Assumes a 23% tax rate. Slide 38 end notes Note: See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures. 41 Earnings presentation end notes


						FIFTH THIRD BANCORP
						(Registrant)

Date: January 19, 2023						/s/ James C. Leonard

						James C. Leonard
						Executive Vice President and Chief Financial Officer