fitb-20220120

Fifth Third Announces Fourth Quarter 2021 Results

Reported diluted earnings per share of $0.90

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 2021 except where noted)
	4Q21		3Q21		4Q20		Select Business Highlights: •Generated record commercial loan production of $8.2BN (up nearly 50% compared to 3Q21) reflecting strength in corporate and middle market banking •Record commercial banking revenue •Record assets under management net inflows •Generated consumer household growth of 3% vs. 4Q20 •Made special COVID staffing bonus to front-line employees ($10MM noninterest expense) •Issued inaugural Green Bond ($500MM); first Category IV firm to issue ESG bond of any type •Announced strategic acquisition of Dividend Finance, a point-of-sale consumer lender focused on sustainable energy solutions (~30 bps of CET1 capital; expect to close in 2Q22) Select Financial Highlights: •FY21 ROTCE(a) of 16.6%; adjusted ROTCE(a) of 19.1% excl. AOCI •Average C&I loan growth ex. PPP of 7% compared to 3Q21 (end of period growth of 11%) •Average securities balances increased just 1% compared to 3Q21 •NCO ratio of 0.14%; NPL ratio of 0.44%; commercial criticized assets declined 13% compared to 3Q21 •Repurchased shares totaling $316 million as part of capital plan; targeting 9.0% CET1

Income Statement Data
Net income available to common shareholders	$627		$684		$569
Net interest income (U.S. GAAP)	1,197		1,189		1,182
Net interest income (FTE)(a)	1,200		1,192		1,185
Noninterest income	791		836		787
Noninterest expense	1,206		1,172		1,236

Per Share Data
Earnings per share, basic	$0.91		$0.98		$0.79
Earnings per share, diluted	0.90		0.97		0.78
Book value per share	29.43		29.59		29.46
Tangible book value per share(a)	22.58		22.79		23.28

Balance Sheet & Credit Quality
Average portfolio loans and leases	$109,487		$107,970		$109,360
Average deposits	167,541		162,647		158,626
Net charge-off ratio(b)	0.14	%	0.08	%	0.43	%
Nonperforming asset ratio(c)	0.47		0.52		0.79

Financial Ratios
Return on average assets	1.25	%	1.36	%	1.18	%
Return on average common equity	12.2		13.0		10.8
Return on average tangible common equity(a)	16.1		16.9		13.9
CET1 capital(d)(e)	9.53		9.86		10.34
Net interest margin(a)	2.55		2.59		2.58
Efficiency(a)	60.6		57.8		62.7
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 has continued to deliver strong financial results while fully supporting our customers, communities, and employees. Results for the quarter reflected strong business momentum in most of our businesses, resulting in improved and diversified revenues. Net interest income excluding the impact of PPP increased 2% sequentially, benefiting from robust C&I loan growth while continuing to be disciplined in managing our excess cash position. We generated record commercial banking and wealth and asset management revenue, while mortgage revenue was impacted by environmental factors and our decision to retain a portion of our salable production. We expect the positive momentum in our businesses to carry forward into 2022 and beyond.

We had yet another quarter of benign credit results, resulting in a full year net charge-off ratio of just 16 basis points. Additionally, non-performing loans and commercial criticized assets continued to improve.

We took action in recognition of the extraordinary efforts made by our front-line employees throughout the pandemic by making a special COVID staffing bonus totaling $10 million in the fourth quarter.

We continue to focus on growing strong relationships and managing the balance sheet with a through-the-cycle perspective to generate sustainable long-term value and continue our position as a top performing regional bank."

-Greg D. Carmichael, Chairman and CEO

Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397 January 20, 2022


Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	December	September	December
	2021	2021	2020	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,200	$1,192	$1,185	1%	1%
Benefit from credit losses	(47)	(42)	(13)	12%	262%
Noninterest income	791	836	787	(5)%	1%
Noninterest expense	1,206	1,172	1,236	3%	(2)%
Income before income taxes(a)	$832	$898	$749	(7)%	11%

Taxable equivalent adjustment	$3	$3	$3	—	—
Applicable income tax expense	167	191	142	(13)%	18%
Net income	$662	$704	$604	(6)%	10%
Dividends on preferred stock	35	20	35	75%	—
Net income available to common shareholders	$627	$684	$569	(8)%	10%
Earnings per share, diluted	$0.90	$0.97	$0.78	(7)%	15%

Fifth Third Bancorp (NASDAQ®: FITB) today reported fourth quarter 2021 net income of $662 million compared to net income of $704 million in the prior quarter and $604 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $627 million, or $0.90 per diluted share, compared to $684 million, or $0.97 per diluted share, in the prior quarter and $569 million, or $0.78 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain items - 4Q21

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

Valuation of Visa total return swap (noninterest income)

$(14)

Special COVID staffing bonus to front-line employees (noninterest expense)

(8)

After-tax impact(f) of certain items

$(22)

Diluted earnings per share impact of certain items1

$(0.03)

1Diluted earnings per share impact reflects 697.532 million average diluted shares outstanding

Reported full year 2021 net income was $2.8 billion compared to full year 2020 net income of $1.4 billion. Full year 2021 net income available to common shareholders was $2.7 billion, or $3.73 per diluted share, compared to 2020 full year net income available to common shareholders of $1.3 billion, or $1.83 per diluted share.


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	December		September		December
	2021		2021		2020		Seq	Yr/Yr
Interest Income
Interest income	$1,297		$1,295		$1,318		—	(2)%
Interest expense	97		103		133		(6)%	(27)%
Net interest income (NII)	$1,200		$1,192		$1,185		1%	1%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	2.75	%	2.81	%	2.87	%	(6)	(12)
Rate paid on interest-bearing liabilities	0.33	%	0.36	%	0.45	%	(3)	(12)

Ratios
Net interest rate spread	2.42	%	2.45	%	2.42	%	(3)	—
Net interest margin (NIM)	2.55	%	2.59	%	2.58	%	(4)	(3)

Compared to the prior quarter, NII increased $8 million, or 1%, primarily due to higher commercial & industrial (C&I) loan balances, seasonal mutual fund dividends and elevated prepayment penalties received in the investment portfolio, and a reduction in long-term debt, partially offset by lower yields on C&I loan balances due to continued spread compression and lower PPP-related income. PPP-related interest income was $36 million compared to $47 million in the prior quarter. Excluding the impact of PPP-related income, NII increased $19 million, or 2%, sequentially. Compared to the prior quarter, reported NIM decreased 4 bps, primarily due to a $2.6 billion increase in other short-term investments (primarily interest-bearing cash) and lower yields on C&I loans, partially offset by the aforementioned seasonal mutual fund dividends and elevated prepayment penalties received in the investment portfolio. Underlying NIM(g) decreased 1 bp sequentially. Excess liquidity and PPP had a negative impact on reported NIM of approximately 47 bps in the current quarter, compared to 44 bps in the prior quarter.

Compared to the year-ago quarter, NII increased $15 million, or 1%, primarily reflecting the benefit of GNMA forbearance loan buyout purchases, a reduction in long-term debt, higher indirect secured consumer loan balances, and lower deposit costs, partially offset by lower home equity, C&I, and construction balances as well as the impact of lower market rates. Compared to the year-ago quarter, reported NIM decreased 3 bps, primarily reflecting loan spread compression and lower market rates, partially offset by PPP-related income and lower long-term debt and deposit costs.


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	December	September	December
	2021	2021	2020	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$156	$152	$146	3%	7%
Commercial banking revenue	171	152	141	13%	21%
Mortgage banking net revenue	35	86	25	(59)%	40%
Wealth and asset management revenue	150	147	133	2%	13%
Card and processing revenue	104	102	92	2%	13%
Leasing business revenue	74	78	69	(5)%	7%
Other noninterest income	120	120	168	—	(29)%
Securities (losses) gains, net	(19)	(1)	14	NM	NM
Securities losses, net - non-qualifying hedges
on mortgage servicing rights	—	—	(1)	NM	(100)%
Total noninterest income	$791	$836	$787	(5)%	1%

Reported noninterest income decreased $45 million, or 5%, from the prior quarter, and increased $4 million, or 1%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below. Reported results include securities gains and losses, including a $17 million loss attributable to market value changes on Fifth Third's 1.7 million shares of AvidXchange Holdings, Inc. that have occurred since its initial public offering.


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	December	September	December
	2021	2021	2020
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$791	$836	$787
Valuation of Visa total return swap	19	17	30
Net disposition charges/(gain)	—	(60)	11
Securities losses/(gains), net	19	1	(14)
Noninterest income excluding certain items(a)	$829	$794	$814

Compared to the prior quarter, noninterest income excluding certain items increased $35 million, or 4%. Compared to the year-ago quarter, noninterest income excluding certain items increased $15 million, or 2%.

Compared to the prior quarter, service charges on deposits increased $4 million, or 3%, reflecting an increase in both commercial treasury management and consumer deposit fees. Record commercial banking revenue increased $19 million, or 13%, primarily driven by an increase in M&A advisory revenue, partially offset by lower corporate bond fees. Mortgage banking net revenue decreased $51 million, or 59%, reflecting a $41 million decrease in origination fees and gains on loan sales (including a $12 million unfavorable impact from the retention of certain mortgages originated during the quarter), and a $14 million decrease from MSR net valuation adjustments, partially offset by an increase in servicing fees. Current quarter mortgage originations of $4.3 billion decreased $0.7 billion, or 14%, compared to the prior quarter. Wealth and asset management revenue increased $3 million, or 2%, driven primarily by increased high net worth insurance and personal asset management revenue. Card and processing revenue increased $2 million, or 2%, primarily driven by higher spend volume. Leasing business revenue decreased $4 million, or 5%, primarily driven by a decrease in business solutions revenue, partially offset by an increase in lease remarketing revenue. Other noninterest income results were driven by the recognition of tax receivable agreement revenue of $46 million as well as private equity income.

Compared to the year-ago quarter, service charges on deposits increased $10 million, or 7%, reflecting an increase in both commercial treasury management and consumer deposit fees. Commercial banking revenue increased $30 million,

or 21%, primarily driven by increases in M&A advisory revenue and loan syndication revenue, partially offset by lower corporate bond fees. Mortgage banking net revenue increased $10 million, or 40%, reflecting an $11 million decrease in MSR asset decay reflecting slower prepayment speeds and an $8 million improvement from MSR net valuation adjustments, partially offset by a $10 million decrease in origination fees and gains on loan sales. Wealth and asset management revenue increased $17 million, or 13%, primarily driven by higher personal asset management revenue and brokerage fees. Card and processing revenue increased $12 million, or 13%, primarily driven by higher spend volumes, partially offset by higher rewards. Leasing business revenue increased $5 million, or 7%, primarily reflecting increases in lease remarketing revenue.


Noninterest Expense
($ in millions)	For the Three Months Ended			% Change
	December	September	December
	2021	2021	2020	Seq	Yr/Yr
Noninterest Expense
Compensation and benefits	$655	$627	$679	4%	(4)%
Net occupancy expense	77	79	98	(3)%	(21)%
Technology and communications	103	98	90	5%	14%
Equipment expense	36	34	34	6%	6%
Card and processing expense	19	19	31	—	(39)%
Leasing business expense	36	33	37	9%	(3)%
Marketing expense	35	29	30	21%	17%
Other noninterest expense	245	253	237	(3)%	3%
Total noninterest expense	$1,206	$1,172	$1,236	3%	(2)%

Reported noninterest expense increased $34 million, or 3%, from the prior quarter, and decreased $30 million, or 2%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.


Noninterest Expense excluding certain items
($ in millions)	For the Three Months Ended
	December	September	December
	2021	2021	2020
Noninterest Expense excluding certain items
Noninterest expense (U.S. GAAP)	$1,206	$1,172	$1,236
Special COVID staffing bonus to front-line employees	(10)	—	—
Fifth Third Foundation contribution	—	(15)	(25)
Branch and non-branch real estate charges	—	—	(21)
Business acquisition charges	—	—	(16)
Noninterest expense excluding certain items(a)	$1,196	$1,157	$1,174

Compared to the prior quarter, noninterest expense excluding certain items increased $39 million, or 3%, primarily reflecting an increase in compensation and benefits, driven by higher performance-based compensation expense reflecting strong business results as well as elevated medical benefits, increased marketing expense associated with Fifth Third Momentum Banking, and an increase in technology and communications expense related to continued modernization investments.

Compared to the year-ago quarter, noninterest expense excluding certain items increased $22 million, or 2%, primarily driven by an increase in technology and communications expense related to continued modernization investments, expenses associated with the aforementioned GNMA forbearance loan buyout purchases, and an increase in travel and entertainment expense. These items were partially offset by lower card and processing expense due to contract renegotiations and a decrease in compensation and benefits expense, primarily reflecting a decline in full-time equivalent employees.


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	December	September	December
	2021	2021	2020	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$49,566	$47,766	$50,385	4%	(2)%
Commercial mortgage loans	10,247	10,317	10,727	(1)%	(4)%
Commercial construction loans	5,329	5,728	5,820	(7)%	(8)%
Commercial leases	3,057	3,158	2,932	(3)%	4%
Total commercial loans and leases	$68,199	$66,969	$69,864	2%	(2)%
Consumer loans:
Residential mortgage loans	$16,188	$16,223	$16,016	—	1%
Home equity	4,179	4,409	5,315	(5)%	(21)%
Indirect secured consumer loans	16,345	15,590	13,272	5%	23%
Credit card	1,739	1,748	2,042	(1)%	(15)%
Other consumer loans	2,837	3,031	2,851	(6)%	—
Total consumer loans	$41,288	$41,001	$39,496	1%	5%
Total average portfolio loans and leases	$109,487	$107,970	$109,360	1%	—

Memo:
Average PPP loans	$1,756	$3,071	$5,098	(43)%	(66)%
Average portfolio commercial and industrial loans - excl. PPP loans	$47,810	$44,695	$45,287	7%	6%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$5	$31	$56	(84)%	(91)%
Consumer loans held for sale	5,298	5,527	2,048	(4)%	159%
Total average loans and leases held for sale	$5,303	$5,558	$2,104	(5)%	152%

Securities (taxable and tax-exempt)	$37,631	$37,208	$35,965	1%	5%
Other short-term investments	34,624	32,065	34,989	8%	(1)%
Total average interest-earning assets	$187,045	$182,801	$182,418	2%	3%

Compared to the prior quarter, total average portfolio loans and leases increased 1%, reflecting an increase in both commercial loan and lease balances and consumer loans. Average commercial portfolio loans and leases increased 2%, primarily reflecting growth in C&I loans which increased 4% (or 7% excluding the impact of PPP loans). Average consumer portfolio loans increased 1%, as higher indirect secured consumer loans were partially offset by lower home equity and other consumer loan balances.

Compared to the year-ago quarter, total average portfolio loans and leases were flat, as an increase in consumer loans was offset by lower commercial loans and leases. Average commercial portfolio loans and leases decreased 2% primarily due to PPP forgiveness and lower commercial construction loans, partially offset by higher C&I loans (which were up 6% excluding the impact of PPP loans). Average consumer portfolio loans increased 5%, as higher indirect secured consumer loans were partially offset by lower home equity and credit card balances.

Average loans and leases held for sale were $5 billion in the current quarter compared to $6 billion in the prior quarter and $2 billion in the year-ago quarter. The increase from the year-ago quarter was primarily attributable to the aforementioned GNMA forbearance loan buyout purchases within consumer loans held for sale (approximately $4.7 billion purchased since December 2020, including $0.7 billion in October 2021).

Average securities (taxable and tax-exempt) of $38 billion in the current quarter increased $0.4 billion, or 1%, compared to the prior quarter and increased $2 billion, or 5%, compared to the year-ago quarter.

Average other short-term investments (including interest-bearing cash) of $35 billion in the current quarter increased $3 billion, or 8%, compared to the prior quarter and decreased $0.4 billion, or 1%, compared to the year-ago quarter.

Total period-end commercial portfolio loans and leases of $70 billion increased 5% compared to the prior quarter, primarily reflecting growth of 11% in C&I loans excluding PPP, partially offset by PPP forgiveness and lower construction loan balances. Compared to the year-ago quarter, total period-end commercial portfolio loans increased $1 billion, or 2%, primarily reflecting growth in C&I loans excluding PPP, partially offset by PPP forgiveness and lower construction and commercial mortgage loan balances. Period-end commercial revolving line utilization was 33%, compared to 31% in the prior quarter and 32% in the year-ago quarter.

Period-end consumer portfolio loans of $42 billion increased 1% compared to the prior quarter, as continued growth in indirect secured consumer loans was partially offset by a decline in other consumer loan and home equity balances. Compared to the year-ago quarter, total period-end consumer portfolio loans increased $2 billion, or 5%, reflecting higher indirect secured consumer loan balances, partially offset by lower home equity and other consumer loan balances.


Average Deposits
	($ in millions)	For the Three Months Ended			% Change
		December	September	December
		2021	2021	2020	Seq	Yr/Yr
	Average Deposits
	Demand	$64,828	$62,626	$56,365	4%	15%
	Interest checking	47,384	45,128	47,664	5%	(1)%
	Savings	21,702	20,941	17,658	4%	23%
	Money market	30,566	30,514	31,205	—	(2)%
	Foreign office(h)	193	195	161	(1)%	20%
	Total transaction deposits	$164,673	$159,404	$153,053	3%	8%
	CDs $250,000 or less	2,604	2,937	4,260	(11)%	(39)%
	Total core deposits	$167,277	$162,341	$157,313	3%	6%
	CDs over $250,000	264	306	1,313	(14)%	(80)%

	Total average deposits	$167,541	$162,647	$158,626	3%	6%
	Fifth Third has elected to record CDs $250,000 or less within core deposits, consistent with minimum FDIC insurance coverage. Fifth Third had previously recorded certificates under $100,000 as "other time" within core deposits. Prior periods have been adjusted to conform to current period presentation.

Compared to the prior quarter, average core deposits increased 3%, as increases in demand, interest checking, and savings deposit balances were partially offset by decreases in certificates $250,000 or less. Average demand deposits represented 39% of total core deposits in the current quarter, consistent with the prior quarter. Average commercial transaction deposits increased 5% and average consumer transaction deposits increased 2%.

Compared to the year-ago quarter, average core deposits increased 6%, reflecting ongoing impacts of fiscal and monetary stimulus combined with success in generating consumer household growth, partially offset by the HSA deposit sale finalized near the end of the third quarter of 2021. Average commercial transaction deposits increased 3% and average consumer transaction deposits increased 13%.

The period end portfolio loan-to-core deposit ratio was 66% in the current quarter, compared to 65% in the prior quarter and 69% in the year-ago quarter.


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		December	September	December
		2021	2021	2020	Seq	Yr/Yr
	Average Wholesale Funding
	CDs over $250,000	$264	$306	$1,313	(14)%	(80)%

	Federal funds purchased	315	348	307	(9)%	3%
	Other short-term borrowings	1,000	1,122	1,091	(11)%	(8)%
	Long-term debt	11,697	12,057	15,018	(3)%	(22)%
	Total average wholesale funding	$13,276	$13,833	$17,729	(4)%	(25)%
	Fifth Third has elected to record CDs $250,000 or less within core deposits, consistent with minimum FDIC insurance coverage. Fifth Third had previously recorded certificates under $100,000 as "other time" within core deposits. As a result wholesale funding now only includes CDs over $250,000. Prior periods have been adjusted to conform to current period presentation.

Compared to the prior quarter, average wholesale funding decreased 4%, reflecting the impact of reductions in long-term debt over the past two quarters, as well as continued runoff in jumbo CD balances and other short-term borrowings. Compared to the year-ago quarter, average wholesale funding decreased 25%, reflecting decreases in long-term debt, jumbo CD balances, and other short-term borrowings.


Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	December		September		June		March		December
	2021		2021		2021		2021		2020

Total nonaccrual portfolio loans and leases (NPLs)	$498		$528		$621		$741		$834
Repossessed property	5		4		5		7		9
OREO	24		27		31		35		21
Total nonperforming portfolio loans and leases and OREO (NPAs)	$527		$559		$657		$783		$864

NPL ratio(i)	0.44	%	0.49	%	0.58	%	0.68	%	0.77	%
NPA ratio(c)	0.47	%	0.52	%	0.61	%	0.72	%	0.79	%

Total loans and leases 30-89 days past due (accrual)	$254		$267		$281		$305		$357
Total loans and leases 90 days past due (accrual)	117		92		83		124		163

Allowance for loan and lease losses (ALLL), beginning	$1,954		$2,033		$2,208		$2,453		$2,574
Total net losses charged-off	(38)		(21)		(44)		(71)		(118)
Benefit from loan and lease losses	(24)		(58)		(131)		(174)		(3)
ALLL, ending	$1,892		$1,954		$2,033		$2,208		$2,453

Reserve for unfunded commitments, beginning	$205		$189		$173		$172		$182
(Benefit from) provision for the reserve for unfunded commitments	(23)		16		16		1		(10)
Reserve for unfunded commitments, ending	$182		$205		$189		$173		$172

Total allowance for credit losses (ACL)	$2,074		$2,159		$2,222		$2,381		$2,625

ACL ratios:
As a % of portfolio loans and leases	1.85	%	2.00	%	2.06	%	2.19	%	2.41	%
As a % of nonperforming portfolio loans and leases	416	%	409	%	358	%	321	%	315	%
As a % of nonperforming portfolio assets	394	%	386	%	338	%	304	%	304	%

ALLL as a % of portfolio loans and leases	1.69	%	1.81	%	1.89	%	2.03	%	2.25	%

Total losses charged-off	$(77)		$(56)		$(103)		$(109)		$(154)
Total recoveries of losses previously charged-off	39		35		59		38		36
Total net losses charged-off	$(38)		$(21)		$(44)		$(71)		$(118)

Net charge-off ratio (NCO ratio)(b)	0.14	%	0.08	%	0.16	%	0.27	%	0.43	%
Commercial NCO ratio	0.10	%	0.03	%	0.10	%	0.17	%	0.40	%
Consumer NCO ratio	0.21	%	0.16	%	0.26	%	0.43	%	0.47	%

Nonperforming portfolio loans and leases were $498 million in the current quarter, with the resulting NPL ratio of 0.44%. Compared to the prior quarter, NPLs decreased $30 million with the NPL ratio decreasing 5 bps. Compared to the year-ago quarter, NPLs decreased $336 million with the NPL ratio decreasing 33 bps.

Nonperforming portfolio assets were $527 million in the current quarter, with the resulting NPA ratio of 0.47%. Compared to the prior quarter, NPAs decreased $32 million with the NPA ratio decreasing 5 bps. Compared to the year-ago quarter, NPAs decreased $337 million with the NPA ratio decreasing 32 bps.

The benefit from credit losses totaled $47 million in the current quarter. The allowance for credit loss ratio represented 1.85% of total portfolio loans and leases at quarter end, compared with 2.00% for the prior quarter end and 2.41% for the year-ago quarter end. In the current quarter, the allowance for credit losses represented 416% of nonperforming portfolio loans and leases and 394% of nonperforming portfolio assets.

Net charge-offs were $38 million in the current quarter, with the resulting NCO ratio of 0.14%. Compared to the prior quarter, net charge-offs increased $17 million and the NCO ratio increased 6 bps, reflecting higher charge-offs in both commercial and consumer portfolios. Compared to the year-ago quarter, net charge-offs decreased $80 million and the NCO ratio decreased 29 bps, reflecting improvement in both commercial and consumer portfolios.


Capital Position
	As of and For the Three Months Ended
	December		September		June	March	December
	2021		2021		2021	2021	2020
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	10.71	%	11.16	%	11.11%	11.26%	11.34	%
Tangible equity(a)	7.97	%	8.06	%	8.35%	8.20%	8.18	%
Tangible common equity (excluding AOCI)(a)	6.94	%	7.01	%	7.28%	7.14%	7.11	%
Tangible common equity (including AOCI)(a)	7.47	%	7.74	%	8.18%	7.95%	8.29	%

Regulatory Capital Ratios(d)(e)
CET1 capital	9.53	%	9.86	%	10.37%	10.46%	10.34	%
Tier I risk-based capital	10.89	%	11.28	%	11.83%	11.94%	11.83	%
Total risk-based capital	13.40	%	13.94	%	14.60%	14.80%	15.08	%
Tier I leverage	8.27	%	8.41	%	8.55%	8.61%	8.49	%

Capital ratios remained strong this quarter. The CET1 capital ratio was 9.53%, the tangible common equity to tangible assets ratio was 6.94% excluding AOCI, and 7.47% including AOCI. The Tier I risk-based capital ratio was 10.89%, the Total risk-based capital ratio was 13.40%, and the Tier I leverage ratio was 8.27%. Certain capital ratios, including the Tier I leverage ratio, continued to be impacted by the increase in assets since the onset of the pandemic, predominantly from 0% risk-weighted assets resulting from interest-bearing cash as well as PPP loans.

During the fourth quarter of 2021, Fifth Third repurchased approximately $316 million of its outstanding stock as part of the Company's capital plan, which reduced common shares by approximately 7.3 million at quarter end.

Tax Rate

The effective tax rate was 20.1% compared with 21.3% in the prior quarter and 19.1% in the year-ago quarter.

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 Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2021, the Company had $211 billion in assets and operates 1,117 full-service Banking Centers, and 2,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2021, had $554 billion in assets under care, of which it managed $65 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

Earnings Release End Notes

(a)Non-GAAP measure; see discussion of non-GAAP 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)Fourth quarter 2021 underlying NIM calculated by reducing average interest-earning assets approximately $32.1 billion resulting from excess cash compared to normalized levels (average other short term investments less a $2.5 billion normalized level) and approximately $1.8 billion from average PPP balances (with a corresponding reduction to net interest income of approximately $36 million), resulting in an underlying NIM of approximately 3.02%; Third quarter 2021 underlying NIM calculated by reducing average interest-earning assets approximately $29.6 billion resulting from excess cash compared to normalized levels (average other short term investments less a $2.5 billion normalized level) and approximately $3.1 billion from average PPP balances (with a corresponding reduction to net interest income of approximately $47 million), resulting in an underlying NIM of approximately 3.03%.

(h)Includes commercial customer Eurodollar sweep balances for which the Bank pays rates comparable to other commercial deposit accounts.

(i)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; (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 sustainability 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, 2021

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 Yield 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
		2021		2021		2020		Seq		Yr/Yr		2021		2020		Yr/Yr
Income Statement Data
Net interest income		$1,197		$1,189		$1,182		1%		1%		$4,770		$4,782		—
Net interest income (FTE)(a)		1,200		1,192		1,185		1%		1%		4,782		4,795		—
Noninterest income		791		836		787		(5%)		1%		3,118		2,830		10%
	Total revenue (FTE)(a)	1,991		2,028		1,972		(2%)		1%		7,900		7,625		4%
(Benefit from) provision for credit losses		(47)		(42)		(13)		12%		262%		(377)		1,097		NM
Noninterest expense		1,206		1,172		1,236		3%		(2%)		4,748		4,718		1%
Net income		662		704		604		(6%)		10%		2,770		1,427		94%
Net income available to common shareholders		627		684		569		(8%)		10%		2,659		1,323		101%

Earnings Per Share Data
Net income allocated to common shareholders		$625		$683		$567		(8%)		10%		$2,652		$1,317		101%
Average common shares outstanding (in thousands):
	Basic	688,370		697,457		715,482		(1%)		(4%)		702,189		714,730		(2%)
	Diluted	697,532		706,090		722,096		(1%)		(3%)		711,198		719,735		(1%)
Earnings per share, basic		$0.91		$0.98		$0.79		(7%)		15%		$3.78		$1.84		105%
Earnings per share, diluted		0.90		0.97		0.78		(7%)		15%		3.73		1.83		104%

Common Share Data
Cash dividends per common share		$0.30		$0.30		$0.27		—		11%		$1.14		$1.08		6%
Book value per share		29.43		29.59		29.46		(1%)		—		29.43		29.46		—
Market value per share		43.55		42.44		27.57		3%		58%		43.55		27.57		58%
Common shares outstanding (in thousands)		682,778		689,790		712,760		(1%)		(4%)		682,778		712,760		(4%)
Market capitalization		$29,735		$29,275		$19,651		2%		51%		$29,735		$19,651		51%

Financial Ratios
Return on average assets		1.25	%	1.36	%	1.18	%	(11)		7		1.34	%	0.73	%	61
Return on average common equity		12.2	%	13.0	%	10.8	%	(80)		140		12.8	%	6.4	%	640
Return on average tangible common equity(a)		16.1	%	16.9	%	13.9	%	(80)		220		16.6	%	8.4	%	820
Noninterest income as a percent of total revenue(a)		40	%	41	%	40	%	(100)		—		39	%	37	%	200
Dividend payout		33.0	%	30.6	%	34.2	%	240		(120)		30.2	%	58.7	%	NM
Average total Bancorp shareholders' equity as a percent of average assets		10.71	%	11.16	%	11.34	%	(45)		(63)		11.06	%	11.61	%	(55)
Tangible common equity(a)		6.94	%	7.01	%	7.11	%	(7)		(17)		6.94	%	7.11	%	(17)
Net interest margin (FTE)(a)		2.55	%	2.59	%	2.58	%	(4)		(3)		2.59	%	2.78	%	(19)
Efficiency (FTE)(a)		60.6	%	57.8	%	62.7	%	280		(210)		60.1	%	61.9	%	(180)
Effective tax rate		20.1	%	21.3	%	19.1	%	(120)		100		21.2	%	20.6	%	60

Credit Quality
Net losses charged-off		$38		$21		$118		81	%	(68	%)	$174		$471		(63	%)
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.14	%	0.08	%	0.43	%	6		(29)		0.16	%	0.42	%	(26)
ALLL as a percent of portfolio loans and leases		1.69	%	1.81	%	2.25	%	(12)		(56)		1.69	%	2.25	%	(56)
ACL as a percent of portfolio loans and leases(g)		1.85	%	2.00	%	2.41	%	(15)		(56)		1.85	%	2.41	%	(56)
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.47	%	0.52	%	0.79	%	(5)		(32)		0.47	%	0.79	%	(32)

Average Balances
Loans and leases, including held for sale		$114,790		$113,528		$111,464		1%		3%		$114,117		$114,411		—
Securities and other short-term investments		72,255		69,273		70,954		4%		2%		70,261		58,277		21%
Assets		209,604		205,449		203,930		2%		3%		206,324		194,230		6%
Transaction deposits(b)		164,673		159,404		153,053		3%		8%		159,204		140,505		13%
Core deposits(c)(h)		167,277		162,341		157,313		3%		6%		162,418		145,752		11%
Wholesale funding(d)(h)		13,276		13,833		17,729		(4%)		(25%)		15,079		20,377		(26%)
Bancorp shareholders' equity		22,449		22,927		23,126		(2%)		(3%)		22,812		22,555		1%

Regulatory Capital Ratios(e)(f)
CET1 capital		9.53	%	9.86	%	10.34	%	(33)		(81)		9.53	%	10.34	%	(81)
Tier I risk-based capital		10.89	%	11.28	%	11.83	%	(39)		(94)		10.89	%	11.83	%	(94)
Total risk-based capital		13.40	%	13.94	%	15.08	%	(54)		(168)		13.40	%	15.08	%	(168)
Tier I leverage		8.27	%	8.41	%	8.49	%	(14)		(22)		8.27	%	8.49	%	(22)

Operations
Banking centers		1,117		1,100		1,134		2%		(1%)		1,117		1,134		(1%)
ATMs		2,322		2,336		2,397		(1%)		(3%)		2,322		2,397		(3%)
Full-time equivalent employees		19,112		19,171		19,872		—		(4%)		19,112		19,872		(4%)

(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)Fifth Third has elected to record CDs $250,000 or less within core deposits, consistent with minimum FDIC insurance coverage. Fifth Third had previously recorded certificates $100,000 or less as "other time" within core deposits. As a result, wholesale funding now only includes CDs over $250,000. Prior periods have been adjusted to conform to current period presentation.


Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data		For the Three Months Ended
(unaudited)		December		September		June		March		December
		2021		2021		2021		2021		2020
Income Statement Data
Net interest income		$1,197		$1,189		$1,208		$1,176		$1,182
Net interest income (FTE)(a)		1,200		1,192		1,211		1,179		1,185
Noninterest income		791		836		741		749		787
	Total revenue (FTE)(a)	1,991		2,028		1,952		1,928		1,972
Benefit from credit losses		(47)		(42)		(115)		(173)		(13)
Noninterest expense		1,206		1,172		1,153		1,215		1,236
Net income		662		704		709		694		604
Net income available to common shareholders		627		684		674		674		569

Earnings Per Share Data
Net income allocated to common shareholders		$625		$683		$673		$672		$567
Average common shares outstanding (in thousands):
	Basic	688,370		697,457		708,833		714,433		715,482
	Diluted	697,532		706,090		718,085		723,425		722,096
Earnings per share, basic		$0.91		$0.98		$0.95		$0.94		$0.79
Earnings per share, diluted		0.90		0.97		0.94		0.93		0.78

Common Share Data
Cash dividends per common share		$0.30		$0.30		$0.27		$0.27		$0.27
Book value per share		29.43		29.59		29.57		28.78		29.46
Market value per share		43.55		42.44		38.23		37.45		27.57
Common shares outstanding (in thousands)		682,778		689,790		703,740		711,596		712,760
Market capitalization		$29,735		$29,275		$26,904		$26,649		$19,651

Financial Ratios
Return on average assets		1.25	%	1.36	%	1.38	%	1.38	%	1.18	%
Return on average common equity		12.2	%	13.0	%	13.0	%	13.1	%	10.8	%
Return on average tangible common equity(a)		16.1	%	16.9	%	16.6	%	16.8	%	13.9	%
Noninterest income as a percent of total revenue(a)		40	%	41	%	38	%	39	%	40	%
Dividend payout		33.0	%	30.6	%	28.4	%	28.7	%	34.2	%
Average total Bancorp shareholders' equity as a percent of average assets		10.71	%	11.16	%	11.11	%	11.26	%	11.34	%
Tangible common equity(a)		6.94	%	7.01	%	7.28	%	7.14	%	7.11	%
Net interest margin (FTE)(a)		2.55	%	2.59	%	2.63	%	2.62	%	2.58	%
Efficiency (FTE)(a)		60.6	%	57.8	%	59.1	%	63.0	%	62.7	%
Effective tax rate		20.1	%	21.3	%	22.1	%	21.4	%	19.1	%

Credit Quality
Net losses charged-off		$38		$21		$44		$71		$118
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.14	%	0.08	%	0.16	%	0.27	%	0.43	%
ALLL as a percent of portfolio loans and leases		1.69	%	1.81	%	1.89	%	2.03	%	2.25	%
ACL as a percent of portfolio loans and leases(g)		1.85	%	2.00	%	2.06	%	2.19	%	2.41	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.47	%	0.52	%	0.61	%	0.72	%	0.79	%

Average Balances
Loans and leases, including held for sale		$114,790		$113,528		$114,443		$113,701		$111,464
Securities and other short-term investments		72,255		69,273		70,475		69,014		70,954
Assets		209,604		205,449		206,353		203,836		203,930
Transaction deposits(b)		164,673		159,404		158,779		153,834		153,053
Core deposits(c)(h)		167,277		162,341		162,294		157,662		157,313
Wholesale funding(d)(h)		13,276		13,833		15,651		17,608		17,729
Bancorp shareholders' equity		22,449		22,927		22,927		22,952		23,126

Regulatory Capital Ratios(e)(f)
CET1 capital		9.53	%	9.86	%	10.37	%	10.46	%	10.34	%
Tier I risk-based capital		10.89	%	11.28	%	11.83	%	11.94	%	11.83	%
Total risk-based capital		13.40	%	13.94	%	14.60	%	14.80	%	15.08	%
Tier I leverage		8.27	%	8.41	%	8.55	%	8.61	%	8.49	%

Operations
Banking centers		1,117		1,100		1,096		1,098		1,134
ATMs		2,322		2,336		2,369		2,383		2,397
Full-time equivalent employees		19,112		19,171		19,402		19,819		19,872

(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.


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
	2021	2021	2020	Seq	Yr/Yr	2021	2020	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,000	$1,014	$1,028	(1%)	(3%)	$4,079	$4,424	(8%)
Interest on securities	281	266	278	6%	1%	1,090	1,119	(3%)
Interest on other short-term investments	13	12	9	8%	44%	42	29	45%
Total interest income	1,294	1,292	1,315	—	(2%)	5,211	5,572	(6%)

Interest Expense
Interest on deposits	11	12	27	(8%)	(59%)	59	322	(82%)
Interest on federal funds purchased	—	—	—	NM	NM	—	2	(100%)
Interest on other short-term borrowings	—	—	1	NM	(100%)	2	14	(86%)
Interest on long-term debt	86	91	105	(5%)	(18%)	380	452	(16%)
Total interest expense	97	103	133	(6%)	(27%)	441	790	(44%)

Net Interest Income	1,197	1,189	1,182	1%	1%	4,770	4,782	—

(Benefit from) provision for credit losses	(47)	(42)	(13)	12%	262%	(377)	1,097	NM
Net Interest Income After (Benefit from) Provision for Credit Losses	1,244	1,231	1,195	1%	4%	5,147	3,685	40%

Noninterest Income
Service charges on deposits	156	152	146	3%	7%	600	559	7%
Commercial banking revenue	171	152	141	13%	21%	637	528	21%
Mortgage banking net revenue	35	86	25	(59%)	40%	270	320	(16%)
Wealth and asset management revenue	150	147	133	2%	13%	586	520	13%
Card and processing revenue	104	102	92	2%	13%	402	352	14%
Leasing business revenue	74	78	69	(5%)	7%	300	276	9%
Other noninterest income	120	120	168	—	(29%)	332	211	57%
Securities (losses) gains, net	(19)	(1)	14	NM	NM	(7)	62	NM
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	—	—	(1)	NM	(100%)	(2)	2	NM
Total noninterest income	791	836	787	(5%)	1%	3,118	2,830	10%

Noninterest Expense
Compensation and benefits	655	627	679	4%	(4%)	2,626	2,590	1%
Net occupancy expense	77	79	98	(3%)	(21%)	312	350	(11%)
Technology and communications	103	98	90	5%	14%	388	362	7%
Equipment expense	36	34	34	6%	6%	138	130	6%
Card and processing expense	19	19	31	—	(39%)	89	121	(26%)
Leasing business expense	36	33	37	9%	(3%)	137	140	(2%)
Marketing expense	35	29	30	21%	17%	107	104	3%
Other noninterest expense	245	253	237	(3%)	3%	951	921	3%
Total noninterest expense	1,206	1,172	1,236	3%	(2%)	4,748	4,718	1%
Income Before Income Taxes	829	895	746	(7%)	11%	3,517	1,797	96%
Applicable income tax expense	167	191	142	(13%)	18%	747	370	102%
Net Income	662	704	604	(6%)	10%	2,770	1,427	94%
Dividends on preferred stock	35	20	35	75%	—	111	104	7%
Net Income Available to Common Shareholders	$627	$684	$569	(8%)	10%	$2,659	$1,323	101%


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended
(unaudited)	December	September	June	March	December
	2021	2021	2021	2021	2020
Interest Income
Interest and fees on loans and leases	$1,000	$1,014	$1,035	$1,030	$1,028
Interest on securities	281	266	279	264	278
Interest on other short-term investments	13	12	9	8	9
Total interest income	1,294	1,292	1,323	1,302	1,315

Interest Expense
Interest on deposits	11	12	15	21	27
Interest on other short-term borrowings	—	—	—	1	1
Interest on long-term debt	86	91	100	104	105
Total interest expense	97	103	115	126	133

Net Interest Income	1,197	1,189	1,208	1,176	1,182

Benefit from credit losses	(47)	(42)	(115)	(173)	(13)
Net Interest Income After Benefit from Credit Losses	1,244	1,231	1,323	1,349	1,195

Noninterest Income
Service charges on deposits	156	152	149	144	146
Commercial banking revenue	171	152	160	153	141
Mortgage banking net revenue	35	86	64	85	25
Wealth and asset management revenue	150	147	145	143	133
Card and processing revenue	104	102	102	94	92
Leasing business revenue	74	78	61	87	69
Other noninterest income	120	120	49	42	168
Securities (losses) gains, net	(19)	(1)	10	3	14
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	—	—	1	(2)	(1)
Total noninterest income	791	836	741	749	787

Noninterest Expense
Compensation and benefits	655	627	638	706	679
Net occupancy expense	77	79	77	79	98
Technology and communications	103	98	94	93	90
Equipment expense	36	34	34	34	34
Card and processing expense	19	19	20	30	31
Leasing business expense	36	33	33	35	37
Marketing expense	35	29	20	23	30
Other noninterest expense	245	253	237	215	237
Total noninterest expense	1,206	1,172	1,153	1,215	1,236
Income Before Income Taxes	829	895	911	883	746
Applicable income tax expense	167	191	202	189	142
Net Income	662	704	709	694	604
Dividends on preferred stock	35	20	35	20	35
Net Income Available to Common Shareholders	$627	$684	$674	$674	$569


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of			% Change
(unaudited)	December	September	December
	2021	2021	2020	Seq		Yr/Yr
Assets
Cash and due from banks	$2,994	$3,213	$3,147	(7%)		(5%)
Other short-term investments	34,572	34,203	33,399	1%		4%
Available-for-sale debt and other securities(a)	38,110	37,870	37,513	1%		2%
Held-to-maturity securities(b)	8	8	11	—		(27%)
Trading debt securities	512	685	560	(25%)		(9%)
Equity securities	376	329	313	14%		20%
Loans and leases held for sale	4,415	5,203	4,741	(15%)		(7%)
Portfolio loans and leases:
Commercial and industrial loans	51,659	47,834	49,665	8%		4%
Commercial mortgage loans	10,316	10,300	10,602	—		(3%)
Commercial construction loans	5,241	5,456	5,815	(4%)		(10%)
Commercial leases	3,052	3,130	2,915	(2%)		5%
Total commercial loans and leases	70,268	66,720	68,997	5%		2%
Residential mortgage loans	16,397	16,158	15,928	1%		3%
Home equity	4,084	4,276	5,183	(4%)		(21%)
Indirect secured consumer loans	16,783	16,004	13,653	5%		23%
Credit card	1,766	1,744	2,007	1%		(12%)
Other consumer loans	2,752	3,009	3,014	(9%)		(9%)
Total consumer loans	41,782	41,191	39,785	1%		5%
Portfolio loans and leases	112,050	107,911	108,782	4%		3%
Allowance for loan and lease losses	(1,892)	(1,954)	(2,453)	(3%)		(23%)
Portfolio loans and leases, net	110,158	105,957	106,329	4%		4%
Bank premises and equipment	2,120	2,101	2,088	1%		2%
Operating lease equipment	616	647	777	(5%)		(21%)
Goodwill	4,514	4,514	4,258	—		6%
Intangible assets	156	169	139	(8%)		12%
Servicing rights	1,121	943	656	19%		71%
Other assets	11,444	11,889	10,749	(4%)		6%
Total Assets	$211,116	$207,731	$204,680	2%		3%

Liabilities
Deposits:
Demand	$65,088	$63,879	$57,711	2%		13%
Interest checking	48,870	45,964	47,270	6%		3%
Savings	22,227	21,423	18,258	4%		22%
Money market	30,263	30,652	30,650	(1%)		(1%)
Foreign office	121	202	143	(40%)		(15%)
CDs $250,000 or less(d)	2,486	2,691	3,740	(8%)		(34%)
CDs over $250,000(d)	269	297	1,309	(9%)		(79%)
Total deposits	169,324	165,108	159,081	3%		6%
Federal funds purchased	281	309	300	(9%)		(6%)
Other short-term borrowings	980	949	1,192	3%		(18%)
Accrued taxes, interest and expenses	2,233	2,083	2,614	7%		(15%)
Other liabilities	4,267	5,339	3,409	(20%)		25%
Long-term debt	11,821	11,419	14,973	4%		(21%)
Total Liabilities	188,906	185,207	181,569	2%		4%
Equity
Common stock(c)	2,051	2,051	2,051	—		—
Preferred stock	2,116	2,116	2,116	—		—
Capital surplus	3,624	3,611	3,635	—		—
Retained earnings	20,236	19,817	18,384	2%		10%
Accumulated other comprehensive income	1,207	1,637	2,601	(26%)		(54%)
Treasury stock	(7,024)	(6,708)	(5,676)	5%		24%
Total Equity	22,210	22,524	23,111	(1%)		(4%)
Total Liabilities and Equity	$211,116	$207,731	$204,680	2%		3%
(a) Amortized cost	$36,941	$36,308	$34,982	2%		6%
(b) Market values	8	8	11	—		(27%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	—		—
Outstanding, excluding treasury	682,778	689,790	712,760	(1	%)	(4	%)
Treasury	241,115	234,102	211,132	3	%	14	%
(d) Fifth Third has elected to record CDs $250,000 or less within core deposits, consistent with minimum FDIC insurance coverage. Fifth Third had previously recorded certificates
$100,000 or less as "other time" within core deposits. Prior periods have been adjusted to conform to current period presentation.


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	December	September	June	March	December
	2021	2021	2021	2021	2020
Assets
Cash and due from banks	$2,994	$3,213	$3,285	$3,122	$3,147
Other short-term investments	34,572	34,203	32,409	34,187	33,399
Available-for-sale debt and other securities(a)	38,110	37,870	38,012	37,595	37,513
Held-to-maturity securities(b)	8	8	10	10	11
Trading debt securities	512	685	711	728	560
Equity securities	376	329	341	315	313
Loans and leases held for sale	4,415	5,203	5,730	5,477	4,741
Portfolio loans and leases:
Commercial and industrial loans	51,659	47,834	47,564	49,094	49,665
Commercial mortgage loans	10,316	10,300	10,347	10,481	10,602
Commercial construction loans	5,241	5,456	5,871	6,198	5,815
Commercial leases	3,052	3,130	3,238	3,255	2,915
Total commercial loans and leases	70,268	66,720	67,020	69,028	68,997
Residential mortgage loans	16,397	16,158	16,131	15,776	15,928
Home equity	4,084	4,276	4,545	4,815	5,183
Indirect secured consumer loans	16,783	16,004	15,192	14,336	13,653
Credit card	1,766	1,744	1,793	1,810	2,007
Other consumer loans	2,752	3,009	3,052	3,090	3,014
Total consumer loans	41,782	41,191	40,713	39,827	39,785
Portfolio loans and leases	112,050	107,911	107,733	108,855	108,782
Allowance for loan and lease losses	(1,892)	(1,954)	(2,033)	(2,208)	(2,453)
Portfolio loans and leases, net	110,158	105,957	105,700	106,647	106,329
Bank premises and equipment	2,120	2,101	2,073	2,072	2,088
Operating lease equipment	616	647	715	718	777
Goodwill	4,514	4,514	4,259	4,259	4,258
Intangible assets	156	169	117	127	139
Servicing rights	1,121	943	818	784	656
Other assets	11,444	11,889	11,210	10,858	10,749
Total Assets	$211,116	$207,731	$205,390	$206,899	$204,680

Liabilities
Deposits:
Demand	$65,088	$63,879	$62,760	$61,363	$57,711
Interest checking	48,870	45,964	44,872	45,582	47,270
Savings	22,227	21,423	20,667	20,162	18,258
Money market	30,263	30,652	30,564	30,630	30,650
Foreign office	121	202	152	113	143
CDs $250,000 or less(d)	2,486	2,691	2,958	3,404	3,740
CDs over $250,000(d)	269	297	310	1,139	1,309
Total deposits	169,324	165,108	162,283	162,393	159,081
Federal funds purchased	281	309	338	302	300
Other short-term borrowings	980	949	1,130	1,106	1,192
Accrued taxes, interest and expenses	2,233	2,083	2,045	1,879	2,614
Other liabilities	4,267	5,339	4,304	3,881	3,409
Long-term debt	11,821	11,419	12,364	14,743	14,973
Total Liabilities	188,906	185,207	182,464	184,304	181,569
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	3,624	3,611	3,602	3,592	3,635
Retained earnings	20,236	19,817	19,343	18,863	18,384
Accumulated other comprehensive income	1,207	1,637	1,974	1,792	2,601
Treasury stock	(7,024)	(6,708)	(6,160)	(5,819)	(5,676)
Total Equity	22,210	22,524	22,926	22,595	23,111
Total Liabilities and Equity	$211,116	$207,731	$205,390	$206,899	$204,680
(a) Amortized cost	$36,941	$36,308	$36,081	$35,963	$34,982
(b) Market values	8	8	10	10	11
(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	682,778	689,790	703,740	711,596	712,760
Treasury	241,115	234,102	220,153	212,297	211,132
(d) Fifth Third has elected to record CDs $250,000 or less within core deposits, consistent with minimum FDIC insurance coverage. Fifth Third had previously recorded certificates
$100,000 or less as "other time" within core deposits. Prior periods have been adjusted to conform to current period presentation.


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
			2021	2020	2021	2020
Total Equity, Beginning			$22,524	$22,951	$23,111	$21,203
Net income			662	604	2,770	1,427
Other comprehensive (loss) income, net of tax:
Change in unrealized (losses) gains:
		Available-for-sale debt securities	(299)	(153)	(1,040)	1,119
		Qualifying cash flow hedges	(139)	(68)	(365)	296
Change in accumulated other comprehensive income related to employee benefit plans			8	(5)	11	(2)
Change in other			—	(4)	—	(4)
Comprehensive income			232	374	1,376	2,836
Cash dividends declared:
	Common stock		(208)	(195)	(805)	(780)
	Preferred stock		(35)	(35)	(111)	(104)
Impact of stock transactions under stock compensation plans, net			13	16	33	82
Shares acquired for treasury			(316)	—	(1,393)	—
Other			—	—	(1)	—
Issuance of preferred stock			—	—	—	346
Impact of cumulative effect of change in accounting principles			—	—	—	(472)
Total Equity, Ending			$22,210	$23,111	$22,210	$23,111


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	December			September			December
(unaudited)	2021			2021			2020
	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)	$49,571	3.42	%	$47,774	3.54	%	$50,437	3.50	%
Commercial mortgage loans(a)	10,247	2.86	%	10,339	3.00	%	10,731	3.17	%
Commercial construction loans(a)	5,329	3.10	%	5,729	3.12	%	5,820	3.19	%
Commercial leases(a)	3,057	2.81	%	3,158	2.84	%	2,932	3.33	%
Total commercial loans and leases	68,204	3.28	%	67,000	3.39	%	69,920	3.42	%
Residential mortgage loans	21,486	3.17	%	21,750	3.21	%	18,065	3.33	%
Home equity	4,179	3.60	%	4,409	3.59	%	5,315	3.64	%
Indirect secured consumer loans	16,345	3.18	%	15,590	3.27	%	13,272	3.70	%
Credit card	1,739	12.24	%	1,748	12.38	%	2,042	11.75	%
Other consumer loans	2,837	6.15	%	3,031	5.91	%	2,850	6.38	%
Total consumer loans	46,586	3.73	%	46,528	3.79	%	41,544	4.11	%
Total loans and leases	114,790	3.46	%	113,528	3.55	%	111,464	3.68	%
Securities:
Taxable securities	36,607	3.00	%	36,177	2.86	%	35,506	3.10	%
Tax exempt securities(a)	1,024	2.38	%	1,031	2.22	%	459	2.21	%
Other short-term investments	34,624	0.15	%	32,065	0.15	%	34,989	0.10	%
Total interest-earning assets	187,045	2.75	%	182,801	2.81	%	182,418	2.87	%
Cash and due from banks	3,079			3,114			2,969
Other assets	21,433			21,566			21,116
Allowance for loan and lease losses	(1,953)			(2,032)			(2,573)
Total Assets	$209,604			$205,449			$203,930

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$47,384	0.05	%	$45,128	0.05	%	$47,664	0.08	%
Savings deposits	21,702	0.02	%	20,941	0.02	%	17,658	0.03	%
Money market deposits	30,566	0.03	%	30,514	0.03	%	31,205	0.06	%
Foreign office deposits	193	0.04	%	195	0.03	%	161	0.07	%
CDs $250,000 or less(c)	2,604	0.16	%	2,937	0.19	%	4,260	0.63	%
Total interest-bearing core deposits	102,449	0.04	%	99,715	0.04	%	100,948	0.09	%
CDs over $250,000(c)	264	0.94	%	306	1.10	%	1,313	1.46	%

Federal funds purchased	315	0.13	%	348	0.13	%	307	0.18	%
Securities sold under repurchase agreements	578	0.01	%	570	0.01	%	581	0.08	%
Other secured borrowings	422	0.26	%	552	0.24	%	510	0.65	%
Long-term debt	11,697	2.92	%	12,057	2.98	%	15,018	2.76	%
Total interest-bearing liabilities	115,725	0.33	%	113,548	0.36	%	118,677	0.45	%
Demand deposits	64,828			62,626			56,365
Other liabilities	6,602			6,348			5,762
Total Liabilities	187,155			182,522			180,804
Total Equity	22,449			22,927			23,126
Total Liabilities and Equity	$209,604			$205,449			$203,930
Ratios:
Net interest margin (FTE)(b)		2.55	%		2.59	%		2.58	%
Net interest rate spread (FTE)(b)		2.42	%		2.45	%		2.42	%
Interest-bearing liabilities to interest-earning assets		61.87	%		62.12	%		65.06	%
(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.
(c) Fifth Third has elected to record CDs $250,000 or less within core deposits, consistent with minimum FDIC insurance coverage. Fifth Third had previously recorded certificates
$100,000 or less as "other time" within core deposits. Prior periods have been adjusted to conform to current period presentation.


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	Year to Date
$ in millions	December			December
(unaudited)	2021			2020
	Average	Average		Average	Average
	Balance	Yield/Rate		Balance	Yield/Rate
Assets
Interest-earning assets:
Loans and leases:
Commercial and industrial loans(a)	$48,966	3.54	%	$53,814	3.63	%
Commercial mortgage loans(a)	10,396	3.01	%	11,011	3.54	%
Commercial construction loans(a)	5,783	3.13	%	5,509	3.65	%
Commercial leases(a)	3,130	2.94	%	3,038	3.43	%
Total commercial loans and leases	68,275	3.40	%	73,372	3.61	%
Residential mortgage loans	21,359	3.26	%	17,828	3.49	%
Home equity	4,565	3.59	%	5,679	3.90	%
Indirect secured consumer loans	15,156	3.35	%	12,454	3.93	%
Credit card	1,783	12.28	%	2,230	11.64	%
Other consumer loans	2,979	6.03	%	2,848	6.76	%
Total consumer loans	45,842	3.85	%	41,039	4.35	%
Total loans and leases	114,117	3.58	%	114,411	3.88	%
Securities:
Taxable securities	36,164	2.97	%	36,109	3.08	%
Tax exempt securities(a)	854	2.33	%	233	2.61	%
Other short-term investments	33,243	0.13	%	21,935	0.13	%
Total interest-earning assets	184,378	2.83	%	172,688	3.23	%
Cash and due from banks	3,055			2,978
Other assets	21,050			20,933
Allowance for loan and lease losses	(2,159)			(2,369)
Total Assets	$206,324			$194,230

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$45,850	0.06	%	$46,890	0.27	%
Savings deposits	20,531	0.02	%	16,440	0.06	%
Money market deposits	30,631	0.04	%	29,879	0.29	%
Foreign office deposits	164	0.04	%	185	0.21	%
CDs $250,000 or less(c)	3,214	0.31	%	5,247	1.25	%
Total interest-bearing core deposits	100,390	0.05	%	98,641	0.29	%
CDs over $250,000(c)	530	1.30	%	2,208	1.41	%
Other deposits	—	—		71	0.76	%
Federal funds purchased	333	0.12	%	385	0.58	%
Securities sold under repurchase agreements	594	0.02	%	610	0.79	%
Other secured borrowings	513	0.30	%	1,099	0.82	%
Long-term debt	13,109	2.89	%	16,004	2.82	%
Total interest-bearing liabilities	115,469	0.38	%	119,018	0.66	%
Demand deposits	62,028			47,111
Other liabilities	6,015			5,546
Total Liabilities	183,512			171,675
Total Equity	22,812			22,555
Total Liabilities and Equity	$206,324			$194,230
Ratios:
Net interest margin (FTE)(b)		2.59	%		2.78	%
Net interest rate spread (FTE)(b)		2.45	%		2.57	%
Interest-bearing liabilities to interest-earning assets		62.63	%		68.92	%
(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.
(c) Fifth Third has elected to record CDs $250,000 or less within core deposits, consistent with minimum FDIC insurance coverage. Fifth Third had previously recorded certificates
$100,000 or less as "other time" within core deposits. Prior periods have been adjusted to conform to current period presentation.


Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millions	For the Three Months Ended
(unaudited)	December	September	June	March	December
	2021	2021	2021	2021	2020
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$49,566	$47,766	$48,773	$49,629	$50,385
Commercial mortgage loans	10,247	10,317	10,459	10,532	10,727
Commercial construction loans	5,329	5,728	6,043	6,039	5,820
Commercial leases	3,057	3,158	3,174	3,114	2,932
Total commercial loans and leases	68,199	66,969	68,449	69,314	69,864
Consumer loans:
Residential mortgage loans	16,188	16,223	15,883	15,803	16,016
Home equity	4,179	4,409	4,674	5,009	5,315
Indirect secured consumer loans	16,345	15,590	14,702	13,955	13,272
Credit card	1,739	1,748	1,770	1,879	2,042
Other consumer loans	2,837	3,031	3,056	2,996	2,851
Total consumer loans	41,288	41,001	40,085	39,642	39,496
Total average portfolio loans and leases	$109,487	$107,970	$108,534	$108,956	$109,360

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$5	$31	$52	$104	$56
Consumer loans held for sale	5,298	5,527	5,857	4,641	2,048
Average loans and leases held for sale	$5,303	$5,558	$5,909	$4,745	$2,104

Average PPP loans(a)	$1,756	$3,071	$4,810	$5,200	$5,098
Average portfolio commercial and industrial loans - excluding PPP loans	47,810	44,695	43,963	44,429	45,287
Total average portfolio commercial and industrial loans	$49,566	$47,766	$48,773	$49,629	$50,385

End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$51,659	$47,834	$47,564	$49,094	$49,665
Commercial mortgage loans	10,316	10,300	10,347	10,481	10,602
Commercial construction loans	5,241	5,456	5,871	6,198	5,815
Commercial leases	3,052	3,130	3,238	3,255	2,915
Total commercial loans and leases	70,268	66,720	67,020	69,028	68,997
Consumer loans:
Residential mortgage loans	16,397	16,158	16,131	15,776	15,928
Home equity	4,084	4,276	4,545	4,815	5,183
Indirect secured consumer loans	16,783	16,004	15,192	14,336	13,653
Credit card	1,766	1,744	1,793	1,810	2,007
Other consumer loans	2,752	3,009	3,052	3,090	3,014
Total consumer loans	41,782	41,191	40,713	39,827	39,785
Total portfolio loans and leases	$112,050	$107,911	$107,733	$108,855	$108,782

End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale	$21	$2	$46	$80	$276
Consumer loans held for sale	4,394	5,201	5,684	5,397	4,465
Loans and leases held for sale	$4,415	$5,203	$5,730	$5,477	$4,741

Operating lease equipment	$616	$647	$715	$718	$777

Loans and Leases Serviced for Others(b)
Commercial and industrial loans	$923	$879	$919	$1,011	$979
Commercial mortgage loans	610	620	623	639	653
Commercial construction loans	474	487	528	592	601
Commercial leases	589	555	536	547	569
Residential mortgage loans	89,234	77,929	71,496	65,922	68,800
Other consumer loans	—	50	50	50	50
Total loans and leases serviced for others	91,830	80,520	74,152	68,761	71,652
Total loans and leases serviced	$208,911	$194,281	$188,330	$183,811	$185,952

End of period PPP loans(a)	$1,305	$2,344	$3,685	$5,381	$4,844
End of period portfolio commercial and industrial loans - excluding PPP loans	50,354	45,490	43,879	43,713	44,821
Total end of period portfolio commercial and industrial loans	$51,659	$47,834	$47,564	$49,094	$49,665

(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
		2021(a)		2021		2021		2021		2020
Regulatory Capital(b)
CET1 capital		$14,778		$14,673		$15,050		$14,931		$14,682
Additional tier I capital		2,116		2,116		2,116		2,117		2,115
Tier I capital		16,894		16,789		17,166		17,048		16,797
Tier II capital		3,891		3,953		4,018		4,083		4,615
Total regulatory capital		$20,785		$20,742		$21,184		$21,131		$21,412
Risk-weighted assets		$155,101		$148,827		$145,084		$142,799		$141,974

Ratios
Average total Bancorp shareholders' equity as a percent of average assets		10.71	%	11.16	%	11.11	%	11.26	%	11.34	%

Regulatory Capital Ratios(b)
Fifth Third Bancorp
	CET1 capital	9.53	%	9.86	%	10.37	%	10.46	%	10.34	%
	Tier I risk-based capital	10.89	%	11.28	%	11.83	%	11.94	%	11.83	%
	Total risk-based capital	13.40	%	13.94	%	14.60	%	14.80	%	15.08	%
	Tier I leverage	8.27	%	8.41	%	8.55	%	8.61	%	8.49	%

Fifth Third Bank, National Association
	Tier I risk-based capital	10.88	%	11.25	%	11.67	%	12.70	%	12.28	%
	Total risk-based capital	12.31	%	12.79	%	13.27	%	14.41	%	14.17	%
	Tier I leverage	8.28	%	8.43	%	8.46	%	9.19	%	8.85	%

(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
	2021		2021		2021		2021		2020
Average portfolio loans and leases:
Commercial and industrial loans	$49,566		$47,766		$48,773		$49,629		$50,385
Commercial mortgage loans	10,247		10,317		10,459		10,532		10,727
Commercial construction loans	5,329		5,728		6,043		6,039		5,820
Commercial leases	3,057		3,158		3,174		3,114		2,932
Total commercial loans and leases	68,199		66,969		68,449		69,314		69,864
Residential mortgage loans	16,188		16,223		15,883		15,803		16,016
Home equity	4,179		4,409		4,674		5,009		5,315
Indirect secured consumer loans	16,345		15,590		14,702		13,955		13,272
Credit card	1,739		1,748		1,770		1,879		2,042
Other consumer loans	2,837		3,031		3,056		2,996		2,851
Total consumer loans	41,288		41,001		40,085		39,642		39,496
Total average portfolio loans and leases	$109,487		$107,970		$108,534		$108,956		$109,360

Losses charged-off:
Commercial and industrial loans	($25)		($10)		($36)		($32)		($44)
Commercial mortgage loans	(1)		—		(8)		(3)		(31)
Commercial leases	(2)		—		(1)		—		—
Total commercial loans and leases	(28)		(10)		(45)		(35)		(75)
Residential mortgage loans	—		(1)		(1)		(1)		(4)
Home equity	(2)		(2)		(2)		(3)		(3)
Indirect secured consumer loans	(13)		(9)		(11)		(18)		(19)
Credit card	(17)		(17)		(26)		(31)		(31)
Other consumer loans	(17)		(17)		(18)		(21)		(22)
Total consumer loans	(49)		(46)		(58)		(74)		(79)
Total losses charged-off	($77)		($56)		($103)		($109)		($154)

Recoveries of losses previously charged-off:
Commercial and industrial loans	$11		$5		$23		$5		$3
Commercial mortgage loans	—		1		2		1		1
Commercial leases	—		—		3		1		1
Total commercial loans and leases	11		6		28		7		5
Residential mortgage loans	3		2		1		1		2
Home equity	4		3		3		3		3
Indirect secured consumer loans	7		10		11		9		10
Credit card	4		5		6		6		6
Other consumer loans	10		9		10		12		10
Total consumer loans	28		29		31		31		31
Total recoveries of losses previously charged-off	$39		$35		$59		$38		$36

Net losses charged-off:
Commercial and industrial loans	($14)		($5)		($13)		($27)		($41)
Commercial mortgage loans	(1)		1		(6)		(2)		(30)
Commercial leases	(2)		—		2		1		1
Total commercial loans and leases	(17)		(4)		(17)		(28)		(70)
Residential mortgage loans	3		1		—		—		(2)
Home equity	2		1		1		—		—
Indirect secured consumer loans	(6)		1		—		(9)		(9)
Credit card	(13)		(12)		(20)		(25)		(25)
Other consumer loans	(7)		(8)		(8)		(9)		(12)
Total consumer loans	(21)		(17)		(27)		(43)		(48)
Total net losses charged-off	($38)		($21)		($44)		($71)		($118)

Net losses charged-off as a percent of average portfolio loans and leases (annualized):
Commercial and industrial loans	0.11	%	0.04	%	0.11	%	0.22	%	0.33	%
Commercial mortgage loans	0.03	%	(0.03	%)	0.22	%	0.09	%	1.13	%
Commercial leases	0.24	%	—		(0.21	%)	(0.09	%)	(0.15	%)
Total commercial loans and leases	0.10	%	0.03	%	0.10	%	0.17	%	0.40	%
Residential mortgage loans	(0.06	%)	(0.02	%)	(0.01	%)	(0.01	%)	0.04	%
Home equity	(0.18	%)	(0.13	%)	(0.09	%)	0.01	%	—
Indirect secured consumer loans	0.14	%	(0.02	%)	0.01	%	0.25	%	0.28	%
Credit card	2.90	%	2.70	%	4.52	%	5.50	%	4.95	%
Other consumer loans	1.12	%	1.05	%	0.91	%	1.17	%	1.50	%
Total consumer loans	0.21	%	0.16	%	0.26	%	0.43	%	0.47	%
Total net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.14	%	0.08	%	0.16	%	0.27	%	0.43	%


Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millions	For the Three Months Ended
(unaudited)	December		September		June		March		December
	2021		2021		2021		2021		2020
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$1,954		$2,033		$2,208		$2,453		$2,574
Total net losses charged-off	(38)		(21)		(44)		(71)		(118)
Benefit from loan and lease losses	(24)		(58)		(131)		(174)		(3)
Allowance for loan and lease losses, ending	$1,892		$1,954		$2,033		$2,208		$2,453

Reserve for unfunded commitments, beginning	$205		$189		$173		$172		$182
(Benefit from) provision for the reserve for unfunded commitments	(23)		16		16		1		(10)
Reserve for unfunded commitments, ending	$182		$205		$189		$173		$172

Components of allowance for credit losses:
Allowance for loan and lease losses	$1,892		$1,954		$2,033		$2,208		$2,453
Reserve for unfunded commitments	182		205		189		173		172
Total allowance for credit losses	$2,074		$2,159		$2,222		$2,381		$2,625

	As of
	December		September		June		March		December
	2021		2021		2021		2021		2020
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$116		$172		$193		$197		$230
Commercial mortgage loans	42		43		43		50		82
Commercial construction loans	6		—		—		1		—
Commercial leases	4		6		9		6		7
Residential mortgage loans	10		13		17		22		25
Home equity	47		48		53		55		52
Indirect secured consumer loans	5		5		6		6		9
Other consumer loans	1		1		1		2		2
Total nonaccrual portfolio loans and leases (excludes restructured loans)	231		288		322		339		407
Nonaccrual restructured portfolio commercial loans and leases	169		128		164		255		319
Nonaccrual restructured portfolio consumer loans and leases(c)	98		112		135		147		108
Total nonaccrual portfolio loans and leases	498		528		621		741		834
Repossessed property	5		4		5		7		9
OREO	24		27		31		35		21
Total nonperforming portfolio loans and leases and OREO	527		559		657		783		864
Nonaccrual loans held for sale	15		—		13		2		5
Nonaccrual restructured loans held for sale	—		1		27		20		1
Total nonperforming assets	$542		$560		$697		$805		$870

Restructured portfolio consumer loans and leases (accrual)	$675		$684		$699		$763		$796
Restructured portfolio commercial loans and leases (accrual)	$157		$74		$80		$81		$92

Loans and leases 90 days past due (accrual):
Commercial and industrial loans	$17		$4		$2		$8		$39
Commercial mortgage loans	1		2		4		7		8
Commercial construction loans	1		—		—		1		—
Commercial leases	—		1		—		—		1
Total commercial loans and leases	19		7		6		16		48
Residential mortgage loans(c)	72		61		57		73		70
Home equity	1		1		1		1		2
Indirect secured consumer loans	9		8		4		8		10
Credit card	15		14		14		25		31
Other consumer loans	1		1		1		1		2
Total consumer loans	98		85		77		108		115
Total loans and leases 90 days past due (accrual)(b)	$117		$92		$83		$124		$163
Ratios
Net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.14	%	0.08	%	0.16	%	0.27	%	0.43	%
Allowance for credit losses:
As a percent of portfolio loans and leases	1.85	%	2.00	%	2.06	%	2.19	%	2.41	%
As a percent of nonperforming portfolio loans and leases(a)	416	%	409	%	358	%	321	%	315	%
As a percent of nonperforming portfolio assets(a)	394	%	386	%	338	%	304	%	304	%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases(a)	0.44	%	0.49	%	0.58	%	0.68	%	0.77	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)	0.47	%	0.52	%	0.61	%	0.72	%	0.79	%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property	0.47	%	0.49	%	0.61	%	0.70	%	0.77	%
(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,” “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,” “underlying net interest margin,” “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
		2021		2021		2021		2021		2020
Net interest income		$1,197		$1,189		$1,208		$1,176		$1,182
Add: Taxable equivalent adjustment		3		3		3		3		3
Net interest income (FTE) (a)		1,200		1,192		1,211		1,179		1,185

Net interest income (annualized) (b)		4,749		4,717		4,845		4,769		4,702
Net interest income (FTE) (annualized) (c)		4,761		4,729		4,857		4,782		4,714






Interest income		1,294		1,292		1,323		1,302		1,315
Add: Taxable equivalent adjustment		3		3		3		3		3
Interest income (FTE)		1,297		1,295		1,326		1,305		1,318
Interest income (FTE) (annualized) (d)		5,146		5,138		5,319		5,293		5,243

Interest expense (annualized) (e)		385		409		461		511		529
Average interest-earning assets (f)		187,045		182,801		184,918		182,715		182,418
Average interest-bearing liabilities (g)		115,725		113,548		115,951		116,684		118,677

Net interest margin (b) / (f)		2.54	%	2.58	%	2.62	%	2.61	%	2.58	%
Net interest margin (FTE) (c) / (f)		2.55	%	2.59	%	2.63	%	2.62	%	2.58	%

Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.42	%	2.45	%	2.48	%	2.46	%	2.42	%

Income before income taxes		$829		$895		$911		$883		$746
Add: Taxable equivalent adjustment		3		3		3		3		3
Income before income taxes (FTE)		$832		$898		$914		$886		$749

Net income available to common shareholders		$627		$684		$674		$674		$569
Add: Intangible amortization, net of tax		9		9		8		9		9
Tangible net income available to common shareholders (h)		636		693		682		683		578
Tangible net income available to common shareholders (annualized) (i)		2,523		2,749		2,735		2,770		2,299

Average Bancorp shareholders' equity		22,449		22,927		22,927		22,952		23,126
Less:	Average preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Average goodwill	(4,514)		(4,430)		(4,259)		(4,259)		(4,261)
	Average intangible assets	(162)		(149)		(122)		(133)		(151)
Average tangible common equity, including AOCI (j)		15,657		16,232		16,430		16,444		16,598
Less:	Average AOCI	(1,382)		(1,980)		(1,968)		(2,231)		(2,623)
Average tangible common equity, excluding AOCI (k)		14,275		14,252		14,462		14,213		13,975

Total Bancorp shareholders' equity		22,210		22,524		22,926		22,595		23,111
Less:	Preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Goodwill	(4,514)		(4,514)		(4,259)		(4,259)		(4,258)
	Intangible assets	(156)		(169)		(117)		(127)		(139)
Tangible common equity, including AOCI (l)		15,424		15,725		16,434		16,093		16,598
Less:	AOCI	(1,207)		(1,637)		(1,974)		(1,792)		(2,601)
Tangible common equity, excluding AOCI (m)		14,217		14,088		14,460		14,301		13,997
Add:	Preferred stock	2,116		2,116		2,116		2,116		2,116
Tangible equity (n)		16,333		16,204		16,576		16,417		16,113

Total assets		211,116		207,731		205,390		206,899		204,680
Less:	Goodwill	(4,514)		(4,514)		(4,259)		(4,259)		(4,258)
	Intangible assets	(156)		(169)		(117)		(127)		(139)
Tangible assets, including AOCI (o)		206,446		203,048		201,014		202,513		200,283
Less:	AOCI, before tax	(1,528)		(2,072)		(2,499)		(2,268)		(3,292)
Tangible assets, excluding AOCI (p)		$204,918		$200,976		$198,515		$200,245		$196,991

Common shares outstanding (q)		683		690		704		712		713

Tangible equity (n) / (p)		7.97	%	8.06	%	8.35	%	8.20	%	8.18	%
Tangible common equity (excluding AOCI) (m) / (p)		6.94	%	7.01	%	7.28	%	7.14	%	7.11	%
Tangible common equity (including AOCI) (l) / (o)		7.47	%	7.74	%	8.18	%	7.95	%	8.29	%
Tangible book value per share (l) / (q)		$22.58		$22.79		$23.34		$22.60		$23.28


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millions		For the Three Months Ended
(unaudited)		December		September		December
		2021		2021		2020
Net income (r)		$662		$704		$604
Net income (annualized) (s)		2,626		2,793		2,403

Adjustments (pre-tax items)
	Valuation of Visa total return swap	19		17		30
	Special COVID staffing bonus to front-line employees	10		-		-
	Fifth Third Foundation contribution	-		15		25
	Net business acquisition and disposition charges/(gain)	-		(60)		27
	Branch and non-branch real estate charges	-		-		21
Adjustments, after-tax (t)(a)		22		(21)		79

Adjustments (tax related items)
	State tax adjustments	-		-		(13)
Adjustments (tax related items) (u)		-		-		(13)

Noninterest income (v)		791		836		787
	Valuation of Visa total return swap	19		17		30
	Net disposition charges/(gain)	-		(60)		11
Adjusted noninterest income (w)		810		793		828

Noninterest expense (x)		1,206		1,172		1,236
	Special COVID staffing bonus to front-line employees	(10)		-		-
	Fifth Third Foundation contribution	-		(15)		(25)
	Branch and non-branch real estate charges	-		-		(21)
	Business acquisition charges	-		-		(16)
Adjusted noninterest expense (y)		1,196		1,157		1,174



Adjusted net income (r) + (t) + (u)		684		683		670
Adjusted net income (annualized) (z)		2,714		2,710		2,665

Adjusted tangible net income available to common shareholders (h) + (t) + (u)		658		672		644
Adjusted tangible net income available to common shareholders (annualized) (aa)		2,611		2,666		2,562

Average assets (bb)		$209,604		$205,449		$203,930

Return on average tangible common equity (i) / (j)		16.1	%	16.9	%	13.9	%
Return on average tangible common equity excluding AOCI (i) / (k)		17.7	%	19.3	%	16.5	%
Adjusted return on average tangible common equity, including AOCI (aa) / (j)		16.7	%	16.4	%	15.4	%
Adjusted return on average tangible common equity, excluding AOCI (aa) / (k)		18.3	%	18.7	%	18.3	%

Return on average assets (s) / (bb)		1.25	%	1.36	%	1.18	%
Adjusted return on average assets (z) / (bb)		1.29	%	1.32	%	1.31	%
Efficiency ratio (FTE) (x) / [(a) + (v)]		60.6	%	57.8	%	62.7	%
Adjusted efficiency ratio (y) / [(a) + (w)]		59.5	%	58.3	%	58.3	%
Total revenue (FTE) (a) + (v)		$1,991		$2,028		$1,972
Pre-provision net revenue (PPNR) (a) + (v) - (x)		$785		$856		$736
Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y)		$814		$828		$839
Totals may not foot due to rounding; (a) Assumes a 23% tax rate


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

For the three months ended December 31, 2021	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$390	$316	$147	$24	$323	$1,200
Benefit from (provision for) credit losses	114	(18)	(3)	—	(46)	47
Net interest income after benefit from (provision for) credit losses	504	298	144	24	277	1,247
Noninterest income	372	235	35	145	4	791
Noninterest expense	(431)	(471)	(157)	(139)	(8)	(1,206)
Income before income taxes	445	62	22	30	273	832
Applicable income tax expense(a)	(86)	(12)	(5)	(7)	(60)	(170)
Net income	$359	$50	$17	$23	$213	$662

For the three months ended September 30, 2021	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$371	$309	$145	$22	$345	$1,192
Benefit from (provision for) credit losses	242	(13)	2	—	(189)	42
Net interest income after benefit from (provision for) credit losses	613	296	147	22	156	1,234
Noninterest income	362	229	84	143	18	836
Noninterest expense	(406)	(463)	(158)	(134)	(11)	(1,172)
Income before income taxes	569	62	73	31	163	898
Applicable income tax expense(a)	(112)	(14)	(15)	(7)	(46)	(194)
Net income	$457	$48	$58	$24	$117	$704

For the three months ended June 30, 2021	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$378	$301	$142	$21	$369	$1,211
Benefit from (provision for) credit losses	151	(25)	—	—	(11)	115
Net interest income after benefit from (provision for) credit losses	529	276	142	21	358	1,326
Noninterest income	355	224	63	143	(44)	741
Noninterest expense	(399)	(450)	(163)	(131)	(10)	(1,153)
Income before income taxes	485	50	42	33	304	914
Applicable income tax expense(a)	(92)	(10)	(9)	(7)	(87)	(205)
Net income	$393	$40	$33	$26	$217	$709

For the three months ended March 31, 2021	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$367	$295	$128	$21	$368	$1,179
Benefit from (provision for) credit losses	76	(41)	(8)	1	145	173
Net interest income after benefit from (provision for) credit losses	443	254	120	22	513	1,352
Noninterest income	361	204	82	138	(36)	749
Noninterest expense	(420)	(489)	(161)	(135)	(10)	(1,215)
Income (loss) before income taxes	384	(31)	41	25	467	886
Applicable income tax (expense) benefit(a)	(72)	7	(9)	(5)	(113)	(192)
Net income (loss)	$312	$(24)	$32	$20	$354	$694

For the three months ended December 31, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$397	$293	$102	$23	$370	$1,185
Benefit from (provision for) credit losses	(212)	(49)	(9)	(2)	285	13
Net interest income after benefit from (provision for) credit losses	185	244	93	21	655	1,198
Noninterest income	404	196	22	136	29	787
Noninterest expense	(427)	(471)	(135)	(131)	(72)	(1,236)
Income (loss) before income taxes	162	(31)	(20)	26	612	749
Applicable income tax (expense) benefit(a)	(24)	6	4	(5)	(126)	(145)
Net income (loss)	$138	$(25)	$(16)	$21	$486	$604
(a) Includes taxable equivalent adjustments of $3 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020.
(b) Branch Banking provides a full range of deposit and loan and lease products to individuals and small businesses through full-service banking centers.
(c) Consumer Lending includes the Bancorp's residential mortgage, home equity, automobile and other indirect lending activities.

1 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Fifth Third Bancorp 4Q21 Earnings Presentation January 20, 2022 Refer to earnings release dated January 20, 2022 for further information.

2 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Cautionary statement This presentation contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. 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; (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 sustainability targets, goals and commitments. You should refer to our periodic and current reports filed with the 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 Web site at www.sec.gov or on our Web site 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 4Q21 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.

3 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved • Strong financial results, reflecting solid operating results • Average C&I loan growth ex. PPP of 7% compared to 3Q21 (end of period growth ex. PPP of 11%) • Generated record commercial loan production of $8.2 billion (up nearly 50% compared to 3Q21) reflecting strength in corporate and middle market banking • Historically low full-year NCO ratio of 0.16% • Announced strategic acquisition of Dividend Finance, a point-of-sale consumer lender focused on renewable energy solutions • Repurchased shares totaling $316 million as part of capital plan; now targeting a 9.0% CET1 4Q21 highlights Reported1 Adjusted1 ROA Efficiency ratio ROTCE 1.29% 18.3% NIM 2.55%2.55% 1.25% 16.1% 59.5%60.6% ROE 12.7%12.2% excl. AOCI PPNR $814MM$785MM EPS $0.93$0.90 CET12 9.53% For end note descriptions, see end note summary starting on page 41

4 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Net interest income1 T o ta l n e t in te re s t in c o m e ; $ m ill io n s NII NII $ in millions; NIM change in bps $1,1923Q21 2.59% 3Q21 to 4Q21 Reported NII & NIM Walk NIM $1,200 2.55%4Q21 Wholesale funding actions Higher investment portfolio prepayment penalties Seasonal investment portfolio mutual fund dividends 5 1 6 1 10 2 T o ta l n e t in te re s t in c o m e ; $ m ill io n s NII NIM $1,185 $1,192 $1,200 2.58% 2.59% 2.55% 4Q20 3Q21 4Q21 Commercial loans (balance growth / lower yields) 3 (3) Other impacts (incl. PAA/PCD and other balance sheet composition changes) 1 - Consumer loan (balance growth / lower yields) (6) (1) Lower PPP-related income (11) - Higher cash balances - (4) For end note descriptions, see end note summary starting on page 41

5 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Adjusted noninterest income (excl. securities (gains)/losses)1 Noninterest income • Adjusted noninterest income1 up $35 million, or 4% • Primary drivers: ‒ Other noninterest income (up 81%) ‒ Commercial banking revenue (up 13%) ‒ Service charges on deposits (up 3%) ‒ Partially offset by mortgage banking net revenue (down 59%) T o ta l n o n in te re s t in c o m e ; $ m ill io n s Noninterest income • Adjusted noninterest income1 up $15 million, or 2% • Primary drivers: ‒ Commercial banking revenue (up 21%) ‒ Wealth and asset management revenue (up 13%) ‒ Card and processing revenue (up 13%) ‒ Partially offset by other noninterest income (down 33%) 4Q21 vs. 4Q20 4Q21 vs. 3Q21 $787 $836 $791 $814 $794 $829 4Q20 3Q21 4Q21 For end note descriptions, see end note summary starting on page 41

6 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Adjusted noninterest expense1 Noninterest expense • Adjusted noninterest expense1 up $39 million, or 3% • Primary drivers: ‒ Compensation and benefits (up 3%), including $10MM from NQDC plans ‒ Other noninterest expense (up 3%) ‒ Marketing expense (up 21%) ‒ Partially offset by a decrease in net occupancy expense (down 3%) T o ta l n o n in te re s t e x p e n s e ; $ m ill io n s • Adjusted noninterest expense1 up $22 million, or 2% • Primary drivers: ‒ Other noninterest expense (up 16%) ‒ Technology and communications (up 14%) ‒ Partially offset by a decrease in compensation and benefits (down 3%) and card and processing expense (down 39%) Noninterest expense 4Q21 vs. 4Q20 4Q21 vs. 3Q21 $1,236 $1,172 $1,206 $1,174 $1,157 $1,196 4Q20 3Q21 4Q21 For end note descriptions, see end note summary starting on page 41

7 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $64.2 $64.4 $69.0 $4.8 $2.3 $1.3 $39.8 $41.2 $41.8 $108.8 $107.9 $112.1 0 20 40 60 80 100 120 4Q20 3Q21 4Q21 $64.8 $63.9 $66.4 $5.1 $3.1 $1.8 $39.5 $41.0 $41.3 $109.4 $108.0 $109.5 3.68% 3.55% 3.46% 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0 20 40 60 80 100 120 4Q20 3Q21 4Q21 Commercial ex. PPP Securities1Commercial ex. PPP Interest earning assets Average securities1 and short-term investmentsAverage loan & lease balances Consumer Total loan yield $ in billions; loan & lease balances excluding HFS Short-term investments Taxable securities yield Consumer Period-end loan & lease balances $0.3 $0.0 $0.0 $4.5 $5.2 $4.4 $4.7 $5.2 $4.4 4Q20 3Q21 4Q21 Period-end HFS loan & lease balances Commercial Consumer $36.0 $37.2 $37.6 $35.0 $32.1 $34.6 $71.0 $69.3 $72.3 3.10% 2.86% 3.00% $0 $10 $20 $30 $40 $50 $60 $70 4Q20 3Q21 4Q21 $ in billions Note: For end note descriptions, see end note summary starting on page 41; totals shown above may not foot due to rounding +1% +5% QoQ YoY % change (16%) (2%) NM NM QoQ YoY % change +8% (1%) +1% +5% QoQ YoY % change +1% +5% QoQ YoY % change +4% +3% ex. PPP ex. PPP +7% +7% ex. PPP ex. PPP PPP PPP $ in billions; loan & lease balances excluding HFS $ in billions

8 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Core deposits and wholesale funding Average wholesale funding balancesAverage core deposit balances Commercial Consumer Total IB core deposit rate $ in billions $ in billions Period-end core deposit balances Period-end wholesale funding balances $17.7 $13.8 $13.3 2.47% 2.64% 2.61% 4Q20 3Q21 4Q21 $17.8 $13.0 $13.4 4Q20 3Q21 4Q21 Total wholesale funding Wholesale funding cost Total wholesale fundingCommercial Consumer $ in billions $ in billions Note: totals shown above may not foot due to rounding +1% +10% +5% +3% QoQ YoY % change +5% +10% flat +4% QoQ YoY % change +3% (25%) QoQ YoY % change (4%) (25%) QoQ YoY % change $79.8 $83.0 $82.9 $78.0 $81.9 $86.1 $157.8 $164.8 $169.1 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 4Q20 3Q21 4Q21 $82.1 $80.5 $84.6 $75.2 $81.8 $82.7 $157.3 $162.3 $167.3 0.09% 0.04% 0.04% -0.65% 0.35% 1.35% 2.35% 3.35% 4.35% 5.35% 6.35% 7.35% 8.35% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 4Q20 3Q21 4Q21

9 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 1.87% 2.53% 2.41% 2.19% 2.06% 2.00% 1.85% 4Q20 1Q21 2Q21 3Q21 4Q21 2.14% Credit quality overview Early stage delinquencies and NPAs Net charge-offs (NCOs) ACL as % of portfolio loans and leases Ex. PPP • ACL ratio of 1.85% decreased 15 bps (ACL declined $85MM) sequentially • NCO ratio of 0.14% up 6 bps from the prior quarter and down 29 bps from the year-ago quarter • NPA ratio of 0.47% down 5 bps from the prior quarter • ACL represents 416% of NPLs and 394% of NPAs 2.30% For end note descriptions, see end note summary starting on page 41 2.05% 0.41% 0.62% 0.79% 0.47% 0.31% 0.29% 0.35%0.37% 0.33% 0.35%0.33% 0.29% 0.33% 0.28% 0.26% 0.25% 0.23% 4Q18 4Q19 4Q20 4Q21 NPA ratio(c) 30-89 days past due as a % of loans Ratio1 3Q21 0.52% 1

10 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Allowance for credit losses 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 commitments1 Allowance for credit losses 72 15 1,102 235 123 119 209 104 790 1,892 182 $2,074 304 711 1.37% 0.49% 1.57% 1.43% 3.01% 0.71% 11.83% 3.78% 1.89% 1.69% 1.85% 1.38% 2.95% Allocation of allowance by product $s in millions 4Q21 • Allowance for credit losses decreased $85 million • Furthermore, excluding the impact of PPP, the ACL ratio would have been 1.87% Amount % of portfolio loans & leases For end note descriptions, see end note summary starting on page 41; Note, totals shown above may not foot due to rounding Change in Rate 0.47% (0.39%) 0.32% (0.18%) (0.36%) (0.22%) 0.50% (0.10%) (0.57%) - (0.15%) 1.38% 0.16% 0.05% (0.18%) (0.18%) (0.02%) (0.22%) (0.02%) 0.99% 0.19% (0.12%) (0.16%) (0.30%) Compared to: 3Q21 CECL Day 1 0.03% (0.02%)

11 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 3Q21 Net Income (ex reserve release) ACL Impact Common Dividends RWA Share repurchases 4Q21 ~35 bps 9.53% 9.86% • Unprecedented levels of short-term liquidity currently ~22x higher than 2019 average • Loan-to-core deposit ratio of 66% • ~$112 billion of available liquidity sources • $5.7 billion in Holding Company cash, sufficient to satisfy all fixed obligations in a stressed environment for ~24 months Strong capital and liquidity position Regulatory capital position Fed Reserves Unpledged Investment Securities Available FHLB Borrowing Capacity Current Fed Discount Window Availability Total ~$33 ~$29 ~$14 ~$36 ~$112 Liquidity Sources Liquidity position $ in billions; as of 12/31/2021 • Repurchased shares totaling $316 million in 4Q21 as part of capital plan • Acquisition of Dividend Finance expected to utilize ~30 bps of capital2 • Targeting 9.0% CET12 • CECL transition impact expected to be ~(8 bps) in 1Q222 Common equity tier 1 ratio1 ~(40 bps) ~(13 bps) For end note descriptions, see end note summary starting on page 41 ~5 bps ~(20 bps)

12 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Current expectations FY 2022 compared to FY 2021 Includes expected impacts from Dividend Finance (including HFS) Avg. loans & leases commercial: up 7 – 8% (up 12 – 13% excl. PPP) consumer: up 3 – 4% (up 6 – 7% excl. GNMA purchases) total: up 5 – 6% (up 10 – 11% excl. PPP and GNMA purchases) Net interest income1 Noninterest income1 up 3 – 5% Noninterest expense1 up 2 – 3% (or up ~1% on a standalone basis) up 4 – 5% (with 1/3/22 forward curve; May / July / December hikes) up 5.5 – 6.5% with March / June / September / December hikes(FY21 baseline: $4.78BN) As of January 20, 2022; please see cautionary statements on page 2 (FY21 baseline: $3.15BN) (FY21 baseline: $4.72BN) Net charge-off ratio 20 – 25 bps Effective tax rate 22 – 23% For end note descriptions, see end note summary starting on page 41; totals shown above may not foot due to rounding

13 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Current expectations First quarter 2022 compared to Fourth quarter 2021 As of January 20, 2022; please see cautionary statements on page 2 For end note descriptions, see end note summary starting on page 41 (including HFS) Avg. loans & leases commercial: up 3 – 4% (up 4 – 5% excl. PPP) consumer: down 1 – 2% (up ~1% excl. GNMA purchases) total: up 1 – 2% (up 3 – 4% excl. PPP and GNMA purchases) Net interest income1 Noninterest income1 down 8 – 9% (or down ~3% excl. TRA impact) Noninterest expense1 up 5 – 6% (or down ~2% excl. ~$90MM in seasonal 1Q22 expenses) down ~1% (with 1/3/22 forward curve) stable with a March hike(4Q21 baseline: $1.2BN) (4Q21 baseline: $829MM) (4Q21 baseline: $1.196BN) Net charge-off ratio 15 – 20 bps Effective tax rate 22 – 23%

14 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Fifth Third value proposition Generating strong relationship growth in all our markets with a focus on our Southeast expansion and on continually improving the digital experience Diversified and growing fee revenues to support profitability and generate strong returns Investing for long-term outperformance (people, processes, technology) while still delivering strong financial results Focused on deploying capital into organic growth opportunities, paying a strong dividend, non-bank opportunities and then share repurchases; Bank acquisitions remain a lower priority Maintaining a disciplined approach to rate and credit risk management Significantly different bank compared to the Fifth Third from a decade ago (credit, capital, management, culture) 1 2 3 4 5

16 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Dividend Finance overview • Founded in 2013 and headquartered in San Francisco, Dividend Finance is a national tech-enabled point-of-sale finance provider assisting homeowners with the renewable energy transition (solar and home improvement loans) • Dividend pioneered a financing model to improve the outcome for all parties and help accelerate the growth of solar across the U.S. • Leading consumer solar project loan originator with a focus on prime and super-prime borrowers (750 FICO; ~$115K avg. HH income) • Originated $1B loans in 2021 • Robust contractor network; sales and project management solutions • Management team with deep experience in consumer credit, energy, and technology at leading regulated financial services institutions Company overview Origination and market share overview Core market opportunities: Solar Projected market growth: 13% CAGR2 Battery Projected market growth: 70% CAGR2 Energy-efficient home improvement Projected market growth: 6% CAGR2 HVAC Projected market growth: 6% CAGR2 Other home improvement Projected market growth: 5% CAGR2 LOGO HERE • Originations in 44 states and D.C. • Nearly $3BN in cumulative funded origination volume (~80% solar and ~20% home improvement) Residential solar Home improvement Total market Lending market Dividend share1 ~8% Lending market Total market Dividend share1 ~1% Lending market Illustrative; For end note descriptions, see end note summary starting on page 41

17 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Dividend Finance acquisition is compelling on several dimensions ✓ Best-in-class lending experience to meet customers’ evolving preferences ✓ Furthers Fifth Third’s existing indirect consumer POS capabilities with a leading, proprietary tech- forward platform (full-service portal - easy application; project suitability checks; sales tools, etc.) ✓ Improves Fifth Third’s loan portfolio granularity, geographic diversification, and balance between consumer and commercial ✓ Investing capital into a market expected to grow exponentially ✓ Expect synergies (not modeled) from Fifth Third commercial renewables, consumer mortgage and home equity customers, as well as offering directly to Fifth Third existing customers Strategic rationale Financial rationale1 Sustainability ✓ Expect loan originations of $1.7B in 2022 (incl. $1B in 2H22) with a 10%+ CAGR through 2026 ✓ Expected loan yield of ~8% (WAL ~5 years) ✓ Life-of-loan: 3%+ ROA, 30%+ ROTCE, sub 20% efficiency ✓ 20%+ IRR significantly exceeding other capital deployment options (anticipate resuming share repurchases in 2H22) ✓ Transaction expected to deploy ~30 bps of CET1 capital ✓ Fifth Third: revenue $55-60MM in 2022; expenses $75-80MM in 2022 (incl. ~$50MM operating) ✓ Furthers ESG leadership among all regional banks ✓ Aligns with overall climate strategy supporting customers’ transition to a more sustainable future ✓ Accelerates achieving $8B sustainable finance goal (actively assessing an expanded goal) Transaction is subject to customary closing conditions including regulatory approvals; currently expect to close in 2Q22 For end note descriptions, see end note summary starting on page 41

18 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Living our purpose guided by our vision and values 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 Our purpose, vision, and core values support our commitment to generating sustainable value for stakeholders

19 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved ESG priorities and actions 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 $41.6BN delivered against 2016 $32BN community commitment4 2.6MM people educated through our L.I.F.E programs5 ~95K hours of community service in 2021 $18 minimum wage per hour since 2019 Up to $2,250 in special bonuses to front-line employees during pandemic Up to 7% 401(k) employer contribution with 84% participation MyDay customer recommendation engine ~755K hours of training (36.6 per employee) 99% of banking centers remained open and 3MM+ customer calls since start of the pandemic Momentum Banking, with Extra Time ®, Early Pay and MyAdvanceTM Low reliance on punitive consumer fees 50,000+ fee-free ATMs Expert AP/AR innovative TM offerings $2.8BN accelerating racial equality, equity and inclusion initiative 40% board diversity3 59% women; 26% persons of color in workforce >99% pay equity for women and minorities $75.4MM diverse supplier spend ~$7.3BN in lending and financing to renewable energy projects towards our $8BN goal by 20251 Acquiring Dividend Financial, focused on consumer renewable energy solutions $500MM inaugural Green Bond issued in October 2021 Continued carbon neutrality in our operations since 20202 Fifth Third is committed to maintaining ESG leadership position For end note descriptions, see end note summary starting on page 41

20 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved ESG ratings and recognitions ESG data providers Third-party recognitions Best Private Bank Recognized by Global Finance in 2022 for the third consecutive year Most Responsible Companies Recognized by Newsweek in 2020 and 2021 Ranked #1 in COVID Response 2021 Financial Health and Advice from a leading study America’s Best Employer for Diversity Recognized by Forbes in 2021 America’s Best Employer for New Grads Recognized by Forbes in 2021 Excellence in Business Banking Treasury Management Recognized by Greenwich Associates in 2020 Customer Experience Leader Recognized by Greenwich Associates in 2020 for Middle Market Banking 100% Score Human Rights Campaign Corporate Equality Index for sixth consecutive year 100% Score Disability Equality Index in 2021 One of the Most Innovative Banks Recognized by Bank Director in their annual RankingBanking issue Responsible CEO of the Year Recognized by 3BL Media for community impact in 2021 National Certification For Express Banking account as safe and affordable World’s Most Ethical Company Recognized by Ethisphere in 2019 and 2021 SSGA R-Factor Score August 2021 Outperformer Top 10-30% among Commercial Banks S&P Global ESG Score Corporate Sustainability Assessment 73rd Percentile Top among peers MSCI ESG Rating November 2021 A Upgraded 3 notches in latest review CSRHub ESG Ranking January 2022 87th Percentile Top quartile among peers CDP Climate Change 2019, 2020, 2021 A- Only peer to earn leadership score 3 years in a row Sustainalytics ESG Risk Rating January 2022 Low Risk Top quartile among peers For end note descriptions, see end note summary starting on page 41

21 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved For end note descriptions, see end note summary starting on page 41 $5.1 $5.2 $4.8 $3.1 $1.8 4Q20 1Q21 2Q21 3Q21 4Q21 Average PPP loan balances Period-end PPP loan balances $4.8 $5.4 $3.7 $2.3 $1.3 4Q20 1Q21 2Q21 3Q21 4Q21 $31 $29 $25 $16 $11 $10 $24 $28 $31 $25 $41 $53 $53 $47 $36 4Q20 1Q21 2Q21 3Q21 4Q21 Other Accelerated fees from forgiveness PPP interest income • Originated $7.3BN in PPP loans across all 3 waves • Expect ~97% of remaining PPP loans to be forgiven1 • FY22 Average Balance: $0.3BN • 4Q22 Average Balance: $0.07BN • Expect FY22 interest income of ~$40MM1 $ in millions $ in billions $ in billions Paycheck Protection Program update

22 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved For end note descriptions, see end note summary starting on page 41 Average loan balances • Third-party serviced GNMA forbearance loan purchases: • 4Q20: $2.1BN • 1Q21: $0.6BN • 2Q21: $1.0BN • 3Q21: $0.3BN • 4Q21: $0.7BN • Expect the decline in these loan balances to accelerate in 2022, given the strong underlying credit quality of the portfolio • Expect FY22 NII of ~$45MM compared to ~$115MM in FY21 • Expect FY22 servicing expenses of ~$20MM compared to ~$50MM in FY21 • Relatively minor noninterest income in both FY21 and FY22 • GNMA forbearance projections are incorporated into outlook $ in billions GNMA forbearance loan purchase update1 Net interest income $ in millions Servicing expenses $ in millions $32.9 $20.8 $12.2 $7.6 $5.0 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 4Q21 1Q22 2Q22 3Q22 4Q22 $13.8 $8.6 $5.2 $3.4 $2.3 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 4Q21 1Q22 2Q22 3Q22 4Q22 $3.6 $2.6 $1.8 $1.3 $0.8 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4Q21 1Q22 2Q22 3Q22 4Q22 actual actual actual

23 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 0% 100% Fix | 0% Variable 77% Fix | 23% Variable Balance sheet positioning Investment portfolio14 $25.9BN fixed 3 | $43.1BN variable 1,2 Commercial loans1,2,3 Consumer loans1 Long-term debt4 $34.7BN fixed | $7.1BN variable 1 $9.2BN fixed | $2.6BN variable4 • 1M based: 44%7, 12 • 3M based: 7%7, 12 • Prime & O/N based: 11%7,12 • Other based: 1%7,10, 12 • Weighted avg. life: 1.9 years1,3 • 1M based: 1%8,12 • 12M based: 2%8,12 • Prime: 13%8 • Other based: 1%8,12,13 • Weighted avg. life: 2.7 years1 • 1ML based: 11%9 • 3ML based: 11%9 • Weighted avg. life: 4.2 years C&I 33% Fix | 67% Variable Coml. mortgage 45% Fix | 55% Variable Coml. lease 100% Fix | 0% Variable Resi mtg.& construction 93% Fix | 7% Variable Home equity 8% Fix | 92% Variable Senior debt 80% Fix | 20% Variable Sub debt 69% Fix | 31% Variable Auto securiz. proceeds 100% Fix | 0% VariableComl. construction 28% Fix | 72% Variable Credit card 33% Fix | 67% Variable Other 64% Fix | 36% Variable Other 86% Fix | 14% Variable • 59% allocation to bullet/ locked-out cash flow securities • AFS yield: 2.92%5 • Effective duration of 4.86 • Net unrealized pre-tax gain: $1.2BN • 99% AFS11 Level 1 92% Fix | 8% Variable Level 2A Non-HQLA/ Other • The information above incorporates the impact of $15BN in cash flow hedges ($8BN in C&I receive-fixed swaps, $4BN in CRE receive-fixed swaps, $3BN in floors with a 2.25% strike against 1ML), ~$2.0BN fair value hedges associated with long term debt (receive-fixed swaps) and ~$500MM fair value hedges associated with securities (pay-fixed swaps) • The impacts of PPP loans (given the expected temporary nature) are excluded Includes $4.4BN non-agency CMBS (All super-senior, AAA-rated securities; 61.8% WA LTV, ~40.3% credit enhancement) For end note descriptions, see end note summary starting on page 41; totals shown above may not foot due to rounding 73% 15% 8% 4% 16% 56% 28% Auto/Indirect 100% Fix | 0% Variable 40% 39% 10% 7% 4%

24 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Well positioned to benefit from higher rates Estimated NII sensitivity profile and ALCO policy limits Estimated NII sensitivity with deposit beta changes Estimated NII benefit from increased securities balances4,5 NII is asset sensitive in year 1 and year 2 to rising rates. • As of December 31, 2021, 45% of HFI loans were variable rate net of existing hedges (63% of total commercial; 17% of total consumer)1 • Investment portfolio effective duration of 4.82 • Short-term borrowings represent approximately 9% of total wholesale funding, or 1% of total funding • Approximately $9.5 billion in non-core funding matures beyond one year Interest rate sensitivity tables leverage the following deposit assumptions: • FITB implemented a dynamic beta model in 4Q21, these models are trained on multiple hike and cut cycles: • Weighted-average dynamic up beta on interest- bearing deposit balances are approximately a blended 30% in the up 100 scenario, and 36% in the up 2003 • No modeled re-pricing lag on deposits • Utilizes forecasted balance sheet with $5BN DDA runoff (per 100 bps rate movement) assumed in up rate scenarios • Weighted interest-bearing deposit floor of 3 bps For end note descriptions, see end note summary starting on page 41 ALCO policy l imit Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 10.7% 20.6% (4.0%) (6.0%) +100 Ramp over 12 months 6.1% 12.7% NA NA % Change in NII (FTE) Betas 25% higher Betas 25% lower Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 8.8% 16.8% 12.6% 24.4% +100 Ramp over 12 months 5.3% 11.1% 6.9% 14.2% % Change in NII (FTE) +$5BN balances +$10BN balances Change in Interest Rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 11.4% 21.6% 12.1% 22.6% +100 Ramp over 12 months 7.0% 14.1% 7.9% 15.6%

25 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $9 $9 $9 $9 $9 $8 $8 $8 $4 $4 $3 $2 $2 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $12 $15 $15 $15 $15 $14 $14 $14 $10 $10 $9 $8 $5 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Floors Forward starting swaps Existing swaps ($3BN @ 2.25% 1-month LIBOR strike) Cash flow hedges continue to protect NIM for next 3+ years1 EOP notional value of cash flow hedges ($ in billions) Cash flow hedges Actual Blended rate of swaps: • 4Q21: 2.79% • 1Q22-4Q22: 2.35% • 1Q23-3Q23: 2.32% • 4Q23-1Q24: 1.89% • 2Q24: 1.71% • 3Q24-4Q24: 1.44% 2 For end note descriptions, see end note summary starting on page 41

26 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Strong liquidity profile $ millions – excl. Retail Brokered & Institutional CDs Unsecured debt maturities Heavily core funded Demand 31% Interest checking 23% Savings/ MMDA 25% CDs 250K and less 1% Foreign Office <1% Non-core deposits <1% Short term borrowings <1% Other liabilities 3% Equity 11% Long- term debt 6% Holding company: • Holding Company cash as of December 31, 2021: $5.7BN • 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 a $500MM 6NC5 fixed-to-floating rate Green Bond in 4Q21 • The Holding Company did not have long-term debt maturities in 4Q21 Bank entity: • The Bank did not issue or have long-term debt maturities in 4Q21 • Available and contingent borrowing capacity (4Q21): • FHLB ~$13.5B available, ~$13.7B total • Federal Reserve ~$36.0B As of 12/31/2021 2022 2023 2024 2025 2026 2027 on Fifth Third Bancorp Fifth Third Bank Fifth Third Financial Corp $2,250 $3,737 $750 $1,500 $1,150 $1,500

27 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Gross servicing fees Mortgage banking results $ millions Mortgage banking net revenue Mortgage originations and margins • Mortgage banking revenue decreased $51 million from the prior quarter, which included a $12 million unfavorable impact from retention of $350 million in retail production during the quarter • $4.3 billion in originations, down 14% from the prior quarter and up 9% compared to the year-ago quarter; ~31% purchase volume Origination fees and gains on loan sale MSR decayNet MSR Valuation Note: totals shown above may not foot due to rounding $ billions Originations HFS Originations HFI 2.13% 1.42% 1.99% 2.36% 1.70% 1.65% 1.57% 1.68%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. 0.95% 1.10% $2.9 $3.6 $3.7 $3.8 $2.7 $1.0 $1.1 $1.3 $1.2 $1.6 $3.9 $4.7 $5.0 $5.0 $4.3 4Q20 1Q21 2Q21 3Q21 4Q21 $47 $89 $81 $78 $37 $66 $59 $59 $63 $67 ($13) $18 ($3) $9 ($5) ($75) ($81) ($73) ($64) ($64) $25 $85 $64 $86 $35 -75 -25 25 75 125 175 4Q20 1Q21 2Q21 3Q21 4Q21

28 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $46 $45 $22 $11 4Q21 4Q22 4Q23 4Q24 Estimated potential GAAP noninterest income recognition1,2 Future TRA payment schedule $ millions; pre-tax For end note descriptions, see end note summary starting on page 41 actual

29 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Commercial & industrial overview Portfolio loans Key statistics 4Q20 3Q21 4Q21 NCO ratio1 0.33% 0.04% 0.11% 30-89 Delinquencies 0.18% 0.15% 0.14% 90+ Delinquencies 0.08% 0.01% 0.03% Nonperforming Loans2 0.95% 0.61% 0.54% $ in billions Revolving Line Utilization Trend3 (3.5%) (2.5%) 0.4% 3.7% 10.7% Period-end QoQ change excluding PPP Average QoQ change excluding PPP 36.2% 47.1% 37.6% 33.4% 31.8% 31.2% 31.3% 31.1% 33.4% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 (7.2%) (1.9%) (1.0%) 1.7% 7.0% Average – C&I ex. PPP Average – PPP Period-end – C&I ex. PPP Period-end – PPP $50.4 $49.6 $48.8 $47.8 $49.6$49.7 $49.1 $47.6 $47.8 $51.7 $5.1 $5.2 $4.8 $3.1 $1.8 $4.8 $5.4 $3.7 $2.3 $1.3 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $45.3 $44.8 $44.4 $43.7 $44.0 $43.9 $44.7 $45.5 $47.8 $50.4 For end note descriptions, see end note summary starting on page 41 ; totals shown above may not foot due to rounding

30 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Non-Owner Occupied 54% Owner Occupied 46% Multifamily 28% Home Builder 18% Hospitality 10% Office 11% Retail 5% Industrial 9% Other 19% Commercial real estate overview Portfolio loans Key statistics 4Q20 3Q21 4Q21 NCO ratio1 (0.72%) 0.02% (0.03%) 30-89 Delinquencies 0.21% 0.23% 0.03% 90+ Delinquencies 0.05% 0.01% 0.01% Nonperforming Loans2 0.96% 0.32% 0.35% $ in billions (0.3%) 0.1% (0.4%) (2.8%) (2.9%) Average QoQ change CRE Mortgage CRE Construction Property type (0.7%) 1.6% (2.8%) (2.8%) (1.3%) Period-end QoQ change $16.5 $16.6 $16.5 $16.0 $15.6 $16.4 $16.7 $16.2 $15.8 $15.6 $5.8 $6.0 $6.0 $5.7 $5.3 $5.8 $6.2 $5.9 $5.5 $5.2 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 4Q20 1Q21 2Q21 3Q21 4Q21 $10.7 $10.6 $10.5 $10.5 $10.5 $10.3 $10.3 $10.3 $10.2 $10.3 Average – Commercial Mortgage Average – Commercial Construction Period-end – Commercial Mortgage Period-end – Commercial Construction For end note descriptions, see end note summary starting on page 41; totals shown above may not foot due to rounding

31 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 4Q20 3Q21 4Q21 NCO ratio1 0.04% (0.02%) (0.06%) 30-89 Delinquencies 0.13% 0.12% 0.12% 90+ Delinquencies 0.44% 0.38% 0.44% Nonperforming Loans2 0.38% 0.24% 0.20% Weighted average FICO at origination 758 764 765 Weighted average LTV at origination 74% 72% 71% Residential mortgage overview Portfolio loans $ in billions (3.6%) (1.3%) 0.5% 2.1% (0.2%) Average QoQ change 4% 13% 15% 68% Key statistics Portfolio FICO score at origination 750+720-749<660 660-719 $16.0 $15.8 $15.9 $16.2 $16.2 $15.9 $15.8 $16.1 $16.2 $16.4 4Q20 1Q21 2Q21 3Q21 4Q21 (1.4%) (1.0%) 2.3% 0.2% 1.5% Period-end QoQ change Average Period-end For end note descriptions, see end note summary starting on page 41

32 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 3% 18% 16% 63% Home equity overview Portfolio loans Key statistics 4Q20 3Q21 4Q21 NCO ratio1 0.00% (0.13%) (0.18%) 30-89 Delinquencies 0.69% 0.54% 0.61% 90+ Delinquencies 0.04% 0.02% 0.02% Nonperforming Loans2 1.66% 1.82% 1.89% Weighted average FICO at origination 762 762 763 Weighted average LTV at origination 70% 69% 68% $ in billions Portfolio FICO score at origination (4.8%) (5.8%) (6.7%) (5.7%) (5.2%) Average QoQ change $5.3 $5.0 $4.7 $4.4 $4.2 $5.2 $4.8 $4.5 $4.3 $4.1 4Q20 1Q21 2Q21 3Q21 4Q21 (5.0%) (7.1%) (5.6%) (5.9%) (4.5%) Period-end QoQ change Average Period-end 750+720-749<660 660-719 For end note descriptions, see end note summary starting on page 41

33 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Indirect secured consumer overview Portfolio loans $ in billions 5.3% 5.1% 5.4% 6.0% 4.8% Average QoQ change 6% 22% 16% 56% 4Q20 3Q21 4Q21 NCO ratio1 0.28% (0.02%) 0.14% 30-89 Delinquencies 0.92% 0.52% 0.61% 90+ Delinquencies 0.07% 0.05% 0.05% Nonperforming Loans2 0.12% 0.22% 0.16% Weighted average FICO at origination 760 765 766 Weighted average LTV at origination 91% 88% 88% Portfolio FICO score at origination 750+720-749<660 660-719 92% 8% Auto Specialty Lending Includes primarily RV & Marine Portfolio mix Key statistics $13.3 $14.0 $14.7 $15.6 $16.3 $13.7 $14.3 $15.2 $16.0 $16.8 4Q20 1Q21 2Q21 3Q21 4Q21 5.6% 5.0% 6.0% 5.3% 4.9% Period-end QoQ change Average Period-end For end note descriptions, see end note summary starting on page 41

34 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Credit card overview Portfolio loans $ in billions (4.3%) (8.0%) (5.8%) (1.2%) (0.5%) Average QoQ change 5% 29% 20% 46% Key statistics 4Q20 3Q21 4Q21 NCO ratio1 4.95% 2.70% 2.90% 30-89 Delinquencies 1.49% 0.97% 1.02% 90+ Delinquencies 1.54% 0.80% 0.85% Nonperforming Loans2 1.59% 1.38% 1.30% Weighted average FICO at origination 736 740 741 FICO score at origination 750+720-749<660 660-719 $2.0 $1.9 $1.8 $1.7 $1.7 $2.0 $1.8 $1.8 $1.7 $1.8 4Q20 1Q21 2Q21 3Q21 4Q21 (3.8%) (9.8%) (0.9%) (2.7%) 1.3% Period-end QoQ change Average Period-End For end note descriptions, see end note summary starting on page 41

35 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Well diversified commercial portfolio with several potential risk mitigants to recent stresses COVID-19 high impact portfolios of interest Restaurants ($1.8BN) Hotels ($1.5BN) Retail non- Essential ($1.7BN) Casinos ($1.1BN) Healthcare Facilities ($2.9BN) Leisure Travel ($0.4BN) • Well diversified commercial portfolio favoring large borrowers with a track record of resilience • Proactive portfolio monitoring • Excluding PPP, ~60% of C&I COVID-19 high impact portfolio is in shared national credits • High impact portfolio balances shown include approximately $2.7BN in non- owner occupied CRE (see the following page for more information) • No changes to composition or definition of COVID-19 High Impact industries • ~75% of portfolio in QSR, mostly to top-tier brands and national chains • Areas of focus: ~25% dine-in focused; supported by concentration in large scale operators and top performing brands with strong sponsorship, and/or access to capital markets • C&I borrowers with strong performance given e-commerce disruption; composition almost exclusively either investment grade and well-positioned to weather downturn, or market- conforming ABL structures • Areas of focus: Retail driven Non-owner occupied CRE (~$0.8BN) supported by anchor tenant strength, collection rates and liquidity to support re-stabilization • Well diversified with long-term clients across broad sectors including Skilled Nursing, Physician Offices, Behavioral Health, Assisted Living and Surgery/Outpatient Centers, etc. • Areas of focus: Skilled Nursing occupancy supported by top tier national and large regional operators • Well contained to a few large operators; all have been able to access capital markets to bolster liquidity • Areas of focus: Seasonal operations impact the speed of full recovery supported by strong liquidity and access to capital • Clients have strong liquidity positions with continued access to capital markets; experienced management teams have executed significant cost reduction plans; ~67% to regional casino operators (incl. Native American-operated) • Includes casino hotels of approximately $0.8BN • Areas of focus: ~23% global operators (including Las Vegas) supported by scale, liquidity and experienced management teams • 58% to drivable leisure hotels, where RevPAR has generally rebounded • Areas of focus: 42% business-oriented hotels which likely face a multi year re- stabilization but are owned by strong, large-scale operators with deep experience and broad resources Key takeaways: Total COVID High Impact Balances: $10.6 billion, or ~9% of total loans & leases Total Commercial balances ex. PPP Other ($1.2BN) • Other portfolios impacted by COVID-19, including sports ($0.5), fitness ($0.3), and other leisure & recreation industries not listed above

36 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 86% 5% 7% CRE portfolio is smaller, centrally managed, and well diversified Casinos CRE as a % of total loans and leases Well diversified by property type Non-owner CRE - COVID high impact industries COVID high impact Exposures by property typeTotal loans and leases ex. PPP • Significantly less exposure to CRE (and high volatility CRE) compared to peers • Manage exposures and risk limits centrally • Immaterial exposure to raw land or developed land • Well-diversified by property type with lower exposures to hospitality and retail • Geographic diversification with no significant exposure to any specific MSA Balance Crit Rate $1.4BN Δ in Crit Rate QoQ Other Owner Occupied CRE Non-owner Occupied CRE Hotels Non-essential retail Healthcare Other Total NOO CRE – COVID High Impact $0.8BN $0.1BN $0.2BN $0.2BN $2.7BN (3%) 1% - (2%) 49% 44% 42% 0% 20% 42% Total COVID High Impact (all Commercial) $10.6BN Loan balances ex. PPP 23% (2%) Non-COVID portfolio 2% Note: totals shown above may not foot due to rounding (11%) (6%) 27% 14% 11% 11% 9% 7% 2% 2% 1% 16% Apartment Office Home Builder Hospitality Retail Industrial Student Housing Self Storage For Sale Other

37 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 4Q20 1Q21 2Q21 3Q21 4Q21 688$ 638$ 509$ 409$ 349$ Transfers to nonaccrual status 147 29 100 47 62 Transfers to accrual status - (1) - - (26) Transfers to held for sale (35) (42) (45) (1) (2) Loan paydowns/payoffs (93) (99) (116) (97) (21) Transfers to OREO (1) (1) - - - Charge-offs (75) (35) (45) (10) (28) Draws/other extensions of credit 7 20 6 1 3 638$ 509$ 409$ 349$ 337$ Balance, beginning of period Balance, end of period NPL rollforward1 Commercial Consumer Total NPL $ millions $ millions $ millions For end note descriptions, see end note summary starting on page 41 4Q20 1Q21 2Q21 3Q21 4Q21 203$ 196$ 232$ 212$ 179$ Transfers to nonaccrual status 85 103 40 33 30 Transfers to accrual status (61) (44) (37) (45) (30) Transfers to held for sale - - - - - Loan paydowns/payoffs (18) (13) (15) (14) (13) Transfers to OREO - (1) (1) - - Charge-offs (14) (11) (7) (7) (5) Draws/other extensions of credit 1 2 - - - 196$ 232$ 212$ 179$ 161$ Balance, beginning of period Balance, end of period Total NPL 834$ 741$ 621$ 528$ 498$ Total new nonaccrual loans - HFI 232$ 132$ 140$ 80$ 92$

38 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 4Q21 adjustments and notable items Adjusted EPS of $0.931 4Q21 reported EPS of $0.90 included a negative $0.03 impact from the following notable items: • $19 million pre-tax (~$14 million after-tax2) charge related to the valuation of the Visa total return swap • $10 million pre-tax (~$8 million after-tax2) charge related to special COVID staffing bonus to front-line employees For end note descriptions, see end note summary starting on page 41

39 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Non-GAAP reconciliation For end note descriptions, see end note summary starting on page 41; totals shown above may not foot due to rounding Fifth Third Bancorp and Subsidiaries For the Year Ended $ and shares in millions December September June March December (unaudited) 2021 2021 2021 2021 2020 2021 Net income (U.S. GAAP) (a) $662 $704 $709 $694 $604 $2,770 Net income (U.S. GAAP) (annualized) (b) $2,626 $2,793 $2,844 $2,815 $2,403 $2,770 Net income available to common shareholders (U.S. GAAP) (c) $627 $684 $674 $674 $569 $2,659 Add: Intangible amortization, net of tax 9 9 8 9 9 34 Tangible net income available to common shareholders (d) $636 $693 $682 $683 $578 $2,693 Tangible net income available to common shareholders (annualized) (e) $2,523 $2,749 $2,735 $2,770 $2,299 $2,693 Net income available to common shareholders (annualized) (f) $2,488 $2,714 $2,703 $2,733 $2,264 $2,659 Average Bancorp shareholders' equity (U.S. GAAP) (g) $22,449 $22,927 $22,927 $22,952 $23,126 $22,812 Less: Average preferred stock (h) (2,116) (2,116) (2,116) (2,116) (2,116) (2,116) Average goodwill (4,514) (4,430) (4,259) (4,259) (4,261) (4,366) Average intangible assets and other servicing rights (162) (149) (122) (133) (151) (142) Average tangible common equity (i) $15,657 $16,232 $16,430 $16,444 $16,598 $16,188 Less: Average accumulated other comprehensive income ("AOCI") (1,382) (1,980) (1,968) (2,231) (2,623) (1,888) Average tangible common equity, excluding AOCI (j) $14,275 $14,252 $14,462 $14,213 $13,975 $14,300 Adjustments (pre-tax items) Valuation of Visa total return swap 19 17 37 13 30 86 Special COVID staffing bonus to front-line employees 10 - - - - 10 Fifth Third Foundation contribution - 15 - - 25 15 Net business acquisition and disposition charges/(gain) - (60) - - 27 (60) Branch and non-branch real estate charges - - - - 21 - Adjustments - after-tax 1 (k) 22 (21) 28 10 79 39 Adjustments - tax-related State tax adjustments - - - - (13) - Adjustments - tax-related (l) - - - - (13) - Adjusted net income [(a) + (k) + (l)] $684 $683 $737 $704 $670 $2,809 Adjusted net income (annualized) (m) $2,714 $2,710 $2,956 $2,855 $2,665 $2,809 Adjusted net income available to common shareholders [(c) + (k) + (l)] $649 $663 $702 $684 $635 $2,698 Adjusted net income available to common shareholders (annualized) (n) $2,575 $2,630 $2,816 $2,774 $2,526 $2,698 Adjusted tangible net income available to common shareholders [(d) + (k) + (l)] $658 $672 $710 $693 $644 $2,732 Adjusted tangible net income available to common shareholders (annualized) (o) $2,611 $2,666 $2,848 $2,811 $2,562 $2,732 Average assets (p) $209,604 $205,449 $206,353 $203,836 $203,930 $206,324 Metrics: Return on assets (b) / (p) 1.25% 1.36% 1.38% 1.38% 1.18% 1.34% Adjusted return on assets (m) / (p) 1.29% 1.32% 1.43% 1.40% 1.31% 1.36% Return on average common equity (f) / [(g) + (h)] 12.2% 13.0% 13.0% 13.1% 10.8% 12.8% Adjusted return on average common equity (n) / [(g) + (h)] 12.7% 12.6% 13.5% 13.3% 12.0% 13.0% Return on average tangible common equity (e) / (i) 16.1% 16.9% 16.6% 16.8% 13.9% 16.6% Adjusted return on average tangible common equity (o) / (i) 16.7% 16.4% 17.3% 17.1% 15.4% 16.9% Adjusted return on average tangible common equity, excluding AOCI (o) / (j) 18.3% 18.7% 19.7% 19.8% 18.3% 19.1% For the Three Months Ended

40 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Non-GAAP reconciliation For end note descriptions, see end note summary starting on page 41; totals shown above may not foot due to rounding Fifth Third Bancorp and Subsidiaries For the Three Months Ended For the Year Ended $ and shares in millions December September June March December (unaudited) 2021 2021 2021 2021 2020 2021 Average interest-earning assets (a) $187,045 $182,801 $184,918 $182,715 $182,418 $184,378 Net interest income (U.S. GAAP) (b) $1,197 $1,189 $1,208 $1,176 $1,182 $4,770 Add: Taxable equivalent adjustment 3 3 3 3 3 12 Net interest income (FTE) (c) $1,200 $1,192 $1,211 $1,179 $1,185 $4,782 Net interest income (FTE) (annualized) (d) $4,761 $4,729 $4,857 $4,782 $4,714 $4,782 Noninterest income (U.S. GAAP) (e) $791 $836 $741 $749 $787 $3,118 Valuation of Visa total return swap 19 17 37 13 30 86 Net disposition charges/(gain) - (60) - - 11 (60) Adjusted noninterest income (f) $810 $793 $778 $762 $828 $3,144 Add: Securities (gains)/losses 19 1 (10) (3) (14) 7 Adjusted noninterest income, (excl. securities (gains)/losses) $829 $794 $768 $759 $814 $3,151 Noninterest expense (U.S. GAAP) (g) $1,206 $1,172 $1,153 $1,215 $1,236 $4,748 Special COVID staffing bonus to front-line employees (10) - - - - (10) Fifth Third Foundation contribution - (15) - - (25) (15) Branch and non-branch real estate charges - - - - (21) - Business acquisition expenses - - - - (16) - Adjusted noninterest expense (h) $1,196 $1,157 $1,153 $1,215 $1,174 $4,723 Metrics: Pre-provision net revenue [(c) + (e) - (g)] 785 856 799 713 736 3,152 Adjusted pre-provision net revenue [(c) + (f) - (h)] 814 828 836 726 839 3,203 Net interest margin (FTE) (d) / (a) 2.55% 2.59% 2.63% 2.62% 2.58% 2.59% Efficiency ratio (FTE) (g) / [(c) + (e)] 60.6% 57.8% 59.1% 63.0% 62.7% 60.1% Adjusted efficiency ratio (h) / [(c) + (f)] 59.5% 58.3% 58.0% 62.6% 58.3% 59.6%

41 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Earnings presentation end notes 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 39 and 40 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 39 and 40 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 39 and 40 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 39 and 40 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. 4Q21 commercial and consumer portfolio make up $144 and $38M, 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 12 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 13 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 16 end notes 1. Dividend share shown as a percentage of lending market 2. See forward-looking statements on page 2 of this presentation; Support for Solar projected market: Wood Mackenzie – US Residential Solar Finance Market Size 2020-2023E; Support for HVAC projected market: Technavio HVAC Market Projection 2021-2025E; Support for energy-efficient home improvement projected market (includes windows, doors, insulation, weatherization, siding, roofing, and exterior trim): Total Contractor Residential Home Improvement Market – Home Improvement Research Institute Reference Guide 2021); Support for Other projected market: Total Contractor Residential Home Improvement Market – Home Improvement Research Institute Reference Guide 2021; Support for Battery: Bloomberg Customer Sited Battery Storage 2020-2024E. Slide 17 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.

42 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Earnings presentation end notes Slide 19 end notes Data is for fiscal year 2020, unless otherwise noted; 11/1/2012-12/31/2021. 1. Fifth Third is actively assessing an expanded goal. 2. For Scope 1, Scope 2 and business travel under Scope 3 emissions. Projected full year 2021 CO2e emissions are based on 2021 year-to-date data as well as historical company data from 2014-2020. Final CO2e emissions will be made available in 2022 following independent verification. 3. In terms of ethnicity or gender. 4. 2016-2020. 5. since 2004. Slide 20 end notes Note: Peer group comprises of Fifth Third’s board approved peers Slide 21 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 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 12/31/21. 1. Excludes HFS Loans & Leases. 2. Fifth Third had $15B of commercial variable loans classified as fixed given the impacts of $3BN in floors with a 2.25% 1ML strike, $8BN in C&I receive-fix swaps, and $4BN in CRE receive-fix swaps; $3BN CRE received-fixed swaps are forward starting in 1Q22. 3. Excludes ~$1.3BN in Small Business Administration Paycheck Protection Program (PPP) loans. 4. Fifth Third had $705MM 3ML receive-fix swaps and $1.25BN 1ML receive-fix swaps outstanding against long-term debt, which are being included in floating long-term debt. 5. Yield of the 4Q21 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 & FX curves 13. Includes overnight term, 3M term, 6M term, Fed Funds, and treasuries 14. Fifth Third had $455MM fair value hedges associated with securities (pay-fixed swaps), which are being included in floating rate securities which are forward starting in 3Q23. Slide 24 end notes Note: Data as of 12/31/21; 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. Excludes ~$1.3BN in Small Business Administration Paycheck Protection Program (PPP) loans. 2. Effective duration taxable and non-taxable available for sale portfolio. 3. 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 4. Assumes cash is deployed into bullet securities, which are added evenly over first 12 months of scenario (versus no additions in the base scenario). 5. Securities are priced at par at a 1.85% spread over IOER. 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

43 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Earnings presentation end notes Slide 28 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 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 - 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. Slide 37 end notes 1. Loan balances exclude nonaccrual loans HFS. Slide 38 end notes 1. Average diluted common shares outstanding (thousands); 697,532; all adjusted figures are non-GAAP measures; see reconciliation on pages 39 and 40 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 39 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 40 end notes Note: See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures.


						FIFTH THIRD BANCORP
						(Registrant)

Date: January 20, 2022						/s/ James C. Leonard

						James C. Leonard
						Executive Vice President and Chief Financial Officer