fitb-20230420

Fifth Third Reports First Quarter 2023 Diluted Earnings Per Share of $0.78

Average and period-end total deposits were flat compared to the prior quarter

Credit quality remains strong with net charge-off ratio of 0.26% and early stage delinquencies of 0.26%

Reported results included a negative $0.05 impact from certain items on page 2



Key Financial Data							Key Highlights

$ millions for all balance sheet and income statement items
	1Q23		4Q22		1Q22		Stability: •Period-end and average total deposits were flat compared to 4Q22; average core deposits decreased 1% as expected •Strong credit quality; net charge-off ratio of 0.26%, 30-89 day early stage delinquencies of 0.26%, and NPA ratio of 0.51% •ACL of 1.99%, an increase of 1 bp from 4Q22, including the (4) bps impact of ASU 2022-02 Profitability: Compared to 1Q22 •Revenue increased 18%, PPNR(a) increased 34% (adjusted PPNR(a) increased 39%), and net income increased 13% •Efficiency ratio(a) improved approximately 5 points, adjusted efficiency(a) of 58.6% improved approximately 6 points •Tangible book value per share ex. AOCI(a) increased 7% Growth: •Generated consumer household growth of 3% compared to 1Q22 •Continued to add new quality commercial relationships •Announced the acquisition of Big Data Healthcare, furthering peer-leading digital payments and managed services offerings

Income Statement Data
Net income available to common shareholders	$535		$699		$474
Net interest income (U.S. GAAP)	1,517		1,577		1,195
Net interest income (FTE)(a)	1,522		1,582		1,198
Noninterest income	696		735		684
Noninterest expense	1,331		1,218		1,222

Per Share Data
Earnings per share, basic	$0.78		$1.01		$0.69
Earnings per share, diluted	0.78		1.01		0.68
Book value per share	23.87		22.26		26.33
Tangible book value per share(a)	16.41		14.83		19.54

Balance Sheet & Credit Quality
Average portfolio loans and leases	$122,812		$121,371		$113,467
Average deposits	160,645		161,061		168,662
Accumulated other comprehensive loss	(4,245)		(5,110)		(1,096)
Net charge-off ratio(b)	0.26	%	0.22	%	0.12	%
Nonperforming asset ratio(c)	0.51		0.44		0.49

Financial Ratios
Return on average assets	1.10	%	1.42	%	0.96	%
Return on average common equity	13.7		18.8		10.0
Return on average tangible common equity(a)	20.5		29.2		13.4
CET1 capital(d)(e)	9.25		9.28		9.31
Net interest margin(a)	3.29		3.35		2.59
Efficiency(a)	60.0		52.6		64.9
Other than the Quarterly Financial Review tables beginning on page 14, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Regulation S-K that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.

CEO Commentary

Fifth Third delivered strong financial results in the first quarter of 2023. We have continued to navigate the uncertain economic environment well, including delivering solid deposit outcomes throughout the first quarter. Our results reflect the strength and resiliency of our balance sheet, disciplined credit risk management, and strong and diversified revenue streams.

We generated approximately nine points of year-over-year positive operating leverage in the quarter. We also extended our track record of strong organic growth, adding net new households in consumer and new quality relationships in commercial. Furthermore, we announced the acquisition of Big Data Healthcare, which will continue to accelerate our peer-leading digital payments and managed services offerings.

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

Lastly, we were honored to be named one of the World’s Most Ethical Companies by Ethisphere for the fourth time. We were one of only two banks in the U.S. to receive this award, reflecting our focus on positively impacting customers, communities, and employees, while also delivering strong and sustainable financial results for our shareholders.

Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397 April 20, 2023

-Tim Spence, President and CEO


Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	March	December	March
	2023	2022	2022	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,522	$1,582	$1,198	(4)%	27%
Provision for credit losses	164	180	45	(9)%	264%
Noninterest income	696	735	684	(5)%	2%
Noninterest expense	1,331	1,218	1,222	9%	9%
Income before income taxes(a)	$723	$919	$615	(21)%	18%

Taxable equivalent adjustment	$5	$5	$3	—	67%
Applicable income tax expense	160	177	118	(10)%	36%
Net income	$558	$737	$494	(24)%	13%
Dividends on preferred stock	23	38	20	(39)%	15%
Net income available to common shareholders	$535	$699	$474	(23)%	13%
Earnings per share, diluted	$0.78	$1.01	$0.68	(23)%	15%

Fifth Third Bancorp (NASDAQ®: FITB) today reported first quarter 2023 net income of $558 million compared to net income of $737 million in the prior quarter and $494 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $535 million, or $0.78 per diluted share, compared to $699 million, or $1.01 per diluted share, in the prior quarter and $474 million, or $0.68 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain item(s) - 1Q23

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

Valuation of Visa total return swap (noninterest income)

$(24)

Restructuring severance expense

(9)

After-tax impact(f) of certain items

$(33)

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

$(0.05)

Totals may not foot due to rounding; 1Diluted earnings per share impact reflects 689.566 million average diluted shares outstanding


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	March		December		March
	2023		2022		2022		Seq	Yr/Yr
Interest Income
Interest income	$2,218		$2,080		$1,292		7%	72%
Interest expense	696		498		94		40%	640%
Net interest income (NII)	$1,522		$1,582		$1,198		(4)%	27%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	4.80	%	4.40	%	2.79	%	40	201
Rate paid on interest-bearing liabilities	2.18	%	1.56	%	0.33	%	62	185

Ratios
Net interest rate spread	2.62	%	2.84	%	2.46	%	(22)	16
Net interest margin (NIM)	3.29	%	3.35	%	2.59	%	(6)	70

Compared to the prior quarter, NII decreased $60 million, or 4%, primarily reflecting a shift to a more defensive balance sheet position in light of the environment, the impact of lower day count, and seasonally strong investment portfolio income in the prior quarter, partially offset by improved loan yields from higher market rates and the repricing benefits on fixed-rate consumer loans, as well as commercial and consumer loan growth. Defensive actions undertaken during the quarter include carrying higher levels of cash and other short-term investments, not reinvesting securities portfolio cash flows, extending terms on FHLB advances and jumbo CDs, and raising deposit rates, which resulted in minimizing the use of overnight borrowings in the short-term wholesale funding portfolio and increasing the deposit mix shift from demand to interest-bearing accounts.

Compared to the prior quarter, NIM decreased 6 bps, primarily reflecting the aforementioned deposit dynamics, partially offset by higher loan yields and the impact of lower day count. NIM results were also impacted by the decision to carry elevated liquidity given the environment, with the combination of cash and due from banks and other short term investments reaching $13 billion by quarter-end, which was an increase of 6% compared to the prior quarter and an increase of 30% compared to the third quarter of 2022.

Compared to the year-ago quarter, NII increased $324 million, or 27%, reflecting the net benefit of higher market rates, as well as growth in C&I loan balances and investment portfolio balances, partially offset by the deposit mix shift from demand to interest-bearing accounts and continued deposit repricing dynamics. Compared to the year-ago quarter, NIM increased 70 bps, reflecting the net benefit of higher market rates, growth in C&I loan balances and investment portfolio balances, and a decline in excess cash, partially offset by the aforementioned deposit dynamics and an increase in wholesale funding.


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2023	2022	2022	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$137	$140	$152	(2)%	(10)%
Commercial banking revenue	161	158	135	2%	19%
Mortgage banking net revenue	69	63	52	10%	33%
Wealth and asset management revenue	146	139	149	5%	(2)%
Card and processing revenue	100	103	97	(3)%	3%
Leasing business revenue	57	58	62	(2)%	(8)%
Other noninterest income	22	72	52	(69)%	(58)%
Securities gains (losses), net	4	2	(14)	100%	NM
Securities losses, net - non-qualifying hedges
on mortgage servicing rights	—	—	(1)	NM	(100)%
Total noninterest income	$696	$735	$684	(5)%	2%

Reported noninterest income decreased $39 million, or 5%, from the prior quarter, and increased $12 million, or 2%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including securities gains/losses which incorporate mark-to-market impacts from securities associated with non-qualified deferred compensation plans.


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	March	December	March	% Change
	2023	2022	2022	Seq		Yr/Yr
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$696	$735	$684
Valuation of Visa total return swap	31	38	11
Branch impairment charges	—	6	—
Securities (gains)/losses, net	(4)	(2)	14
Noninterest income excluding certain items(a)	$723	$777	$709	(7)	%	2	%

Compared to the prior quarter, noninterest income excluding certain items decreased $54 million, or 7%. Compared to the year-ago quarter, noninterest income excluding certain items increased $14 million, or 2%.

Compared to the prior quarter, service charges on deposits decreased $3 million, or 2%, primarily reflecting the market interest rate related impact of higher earnings credits. Commercial banking revenue increased $3 million, or 2%, primarily reflecting higher loan syndication revenue and corporate bond fees, partially offset by lower M&A advisory revenue and client financial risk management revenue. Mortgage banking net revenue increased $6 million, or 10%, primarily reflecting an increase in mortgage servicing revenue and a decrease in MSR asset decay. Wealth and asset management revenue increased $7 million, or 5%, primarily driven by seasonally strong tax-related private client service revenue combined with continued asset inflows. Card and processing revenue decreased $3 million, or 3%, driven by seasonally lower interchange revenue. The decline in other noninterest income was primarily driven by the recognition of tax receivable agreement revenue of $46 million in the prior quarter.

Compared to the year-ago quarter, service charges on deposits decreased $15 million, or 10%, primarily reflecting the market related impact of higher earnings credits and the elimination of consumer non-sufficient funds fees in July 2022. Commercial banking revenue increased $26 million, or 19%, primarily driven by increased loan syndication revenue, fixed income sales and trading revenue, and M&A advisory revenue, partially offset by a decrease in corporate bond fees. Mortgage banking net revenue increased $17 million, or 33%, reflecting a decrease in MSR asset decay and an increase

in mortgage servicing revenue, partially offset by a decrease from MSR net valuation adjustments and lower gains on loan sales. Wealth and asset management revenue decreased $3 million, or 2%, primarily reflecting lower personal asset management revenue impacted by market valuations. Card and processing revenue increased $3 million, or 3%, driven by higher interchange revenue partially offset by higher rewards. Leasing business revenue decreased $5 million, or 8%, reflecting the disposition of LaSalle Solutions in April 2022.


Noninterest Expense
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2023	2022	2022	Seq	Yr/Yr
Noninterest Expense
Compensation and benefits	$757	$655	$711	16%	6%
Net occupancy expense	81	82	77	(1)%	5%
Technology and communications	118	111	101	6%	17%
Equipment expense	37	37	36	—	3%
Card and processing expense	22	21	19	5%	16%
Leasing business expense	34	36	32	(6)%	6%
Marketing expense	29	31	24	(6)%	21%
Other noninterest expense	253	245	222	3%	14%
Total noninterest expense	$1,331	$1,218	$1,222	9%	9%

Reported noninterest expense increased $113 million, or 9%, from the prior quarter, and increased $109, or 9%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including restructuring severance expense reflecting proactive actions taken to reduce ongoing expenses given the operating environment.


Noninterest Expense excluding certain item(s)
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2023	2022	2022	Seq	Yr/Yr
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP)	$1,331	$1,218	$1,222
Restructuring severance expense	(12)	—	—
Noninterest expense excluding certain item(s)(a)	$1,319	$1,218	$1,222	8%	8%

Compared to the prior quarter, noninterest expense excluding certain items increased $101 million, or 8%, primarily reflecting a seasonal increase in compensation and benefits expense, the impact of the FDIC assessment to increase the deposit insurance fund, and technology and communications expenses related to continued modernization investments. Noninterest expense in the current quarter included a $12 million expense related to the impact of non-qualified deferred compensation mark-to-market compared to a $6 million expense in the prior quarter (which were largely offset in net securities gains through noninterest income).

Compared to the year-ago quarter, noninterest expense excluding certain items increased $97 million, or 8%, primarily reflecting higher technology and communications expense related to continued modernization investments, the aforementioned impact of the FDIC assessment, and expenses associated with Dividend Finance and Provide. The year-ago quarter included a $12 million benefit to noninterest expense related to non-qualified deferred compensation mark-to-market (which was largely offset in net securities losses through noninterest income).


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2023	2022	2022	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$58,149	$57,646	$52,554	1%	11%
Commercial mortgage loans	11,121	10,898	10,521	2%	6%
Commercial construction loans	5,507	5,544	5,371	(1)%	3%
Commercial leases	2,662	2,736	2,942	(3)%	(10)%
Total commercial loans and leases	$77,439	$76,824	$71,388	1%	8%
Consumer loans:
Residential mortgage loans	$17,581	$17,577	$16,501	—	7%
Home equity	4,005	4,024	4,009	—	—
Indirect secured consumer loans	16,598	16,536	17,136	—	(3)%
Credit card	1,780	1,795	1,691	(1)%	5%
Other consumer loans	5,409	4,615	2,742	17%	97%
Total consumer loans	$45,373	$44,547	$42,079	2%	8%
Total average portfolio loans and leases	$122,812	$121,371	$113,467	1%	8%

Memo:
Average PPP loans	$66	$158	$1,012	(58)%	(93)%
Average portfolio commercial and industrial loans - excl. PPP loans	$58,083	$57,488	$51,542	1%	13%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$56	$84	$18	(33)%	211%
Consumer loans held for sale	747	1,411	3,677	(47)%	(80)%
Total average loans and leases held for sale	$803	$1,495	$3,695	(46)%	(78)%

Total average loans and leases	$123,615	$122,866	$117,162	1%	6%

Securities (taxable and tax-exempt)	$58,514	$58,489	$42,422	—	38%
Other short-term investments	5,278	6,285	28,310	(16)%	(81)%
Total average interest-earning assets	$187,407	$187,640	$187,894	—	—

Compared to the prior quarter, total average portfolio loans and leases increased 1%, reflecting an increase in both commercial and consumer portfolios. Average commercial portfolio loans and leases increased 1%, reflecting an increase in commercial and industrial (C&I) loan and commercial mortgage loan balances. Average consumer portfolio loans increased 2%, reflecting an increase in other consumer loan balances (primarily Dividend Finance).

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

Average loans and leases held for sale were $0.8 billion in the current quarter compared to $1.5 billion in the prior quarter and $3.7 billion in the year-ago quarter. Current quarter average loans and leases held for sale were impacted by a decline in residential mortgage balances.

Average securities (taxable and tax-exempt; amortized cost) of $59 billion in the current quarter were flat compared to the prior quarter and increased $16 billion, or 38%, compared to the year-ago quarter. Average other short-term investments

(including interest-bearing cash) of $5 billion in the current quarter decreased $1 billion, or 16%, compared to the prior quarter and decreased $23 billion, or 81%, compared to the year-ago quarter.

Total period-end commercial portfolio loans and leases of $77 billion increased 1% compared to the prior quarter, primarily reflecting increases in C&I loan and commercial mortgage loan balances. Compared to the year-ago quarter, total period-end commercial portfolio loans increased 6%, primarily reflecting increases in C&I loan and commercial mortgage loan balances, partially offset by a decrease in commercial lease balances. Period-end commercial revolving line utilization was 37%, compared to 37% in the prior quarter and 36% in the year-ago quarter.

Period-end consumer portfolio loans of $46 billion increased 1% compared to the prior quarter, reflecting an increase in other consumer loan balances (primarily Dividend Finance), partially offset by a decrease in credit card balances. Compared to the year-ago quarter, total period-end consumer portfolio loans increased 6%, reflecting increases in other consumer loan balances (primarily Dividend Finance) and residential mortgage loan balances, partially offset by a decrease in indirect secured consumer loans.

Total period-end securities (taxable and tax-exempt; amortized cost) of $58 billion in the current quarter were stable compared to the prior quarter and increased $7 billion, or 14%, compared to the year-ago quarter. Period-end other short-term investments of $10 billion increased $1 billion, or 17%, compared to the prior quarter and decreased $11 billion, or 52%, compared to the year-ago quarter.


Average Deposits
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2023	2022	2022	Seq	Yr/Yr
	Average Deposits
	Demand	$50,737	$54,550	$64,212	(7)%	(21)%
	Interest checking	48,717	47,801	48,659	2%	—
	Savings	23,107	23,474	22,772	(2)%	1%
	Money market	28,420	28,713	30,263	(1)%	(6)%
	Foreign office(g)	143	209	126	(32)%	13%
	Total transaction deposits	$151,124	$154,747	$166,032	(2)%	(9)%
	CDs $250,000 or less	5,173	2,748	2,376	88%	118%
	Total core deposits	$156,297	$157,495	$168,408	(1)%	(7)%
	CDs over $250,000	4,348	3,566	254	22%	NM

	Total average deposits	$160,645	$161,061	$168,662	—	(5)%

Compared to the prior quarter, total average deposits were flat, as increases in certificates of deposit and interest checking balances were offset by a decline in demand deposit account balances. Average demand deposits represented 32% of total core deposits in the current quarter, compared to 35% in the prior quarter. Average consumer segment deposits were flat compared to the prior quarter, average commercial segment deposits decreased 2% due primarily to seasonality, and average wealth & asset management segment deposits increased 4% compared to the prior quarter. Period-end total deposits were flat compared to the prior quarter.

Compared to the year-ago quarter, total average deposits decreased 5%, reflecting the deliberate commercial deposit runoff in mid-2022. Period-end total deposits decreased 4% compared to the year-ago quarter.

The period end portfolio loan-to-core deposit ratio was 78% in the current quarter, compared to 76% in the prior quarter and 68% in the year-ago quarter. Estimated uninsured deposits were approximately $64.6 billion, or 40% of total deposits, as of quarter end.


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2023	2022	2022	Seq	Yr/Yr
	Average Wholesale Funding
	CDs over $250,000	$4,348	$3,566	$254	22%	NM

	Federal funds purchased	487	264	259	84%	88%
	Securities sold under repurchase agreements	327	476	491	(31)%	(33)%
	FHLB advances	4,803	5,489	—	(12)%	NM
	Derivative collateral and other secured borrowings	245	225	399	9%	(39)%
	Long-term debt	13,510	13,425	11,165	1%	21%
	Total average wholesale funding	$23,720	$23,445	$12,568	1%	89%

Compared to the prior quarter, average wholesale funding increased 1%, primarily reflecting an increase in jumbo CD balances, partially offset by lower FHLB advances.

Compared to the year-ago quarter, average wholesale funding increased 89%, as earning assets were stable and core deposits declined (predominantly due to the deliberate commercial deposit runoff in mid-2022). The growth in wholesale funding was primarily attributed to increases in FHLB advances and jumbo CD balances, as well as long-term debt issuances throughout 2022.


Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	March		December		September		June		March
	2023		2022		2022		2022		2022

Total nonaccrual portfolio loans and leases (NPLs)	$593		$515		$522		$539		$534
Repossessed property	8		6		6		6		5
OREO	22		18		18		14		27
Total nonperforming portfolio loans and leases and OREO (NPAs)	$623		$539		$546		$559		$566

NPL ratio(h)	0.48	%	0.42	%	0.44	%	0.45	%	0.46	%
NPA ratio(c)	0.51	%	0.44	%	0.46	%	0.47	%	0.49	%

Portfolio loans and leases 30-89 days past due (accrual)	$317		$364		$335		$294		$288
Portfolio loans and leases 90 days past due (accrual)	46		40		59		39		50

30-89 days past due as a % of portfolio loans and leases	0.26	%	0.30	%	0.28	%	0.25	%	0.25	%
90 days past due as a % of portfolio loans and leases	0.04	%	0.03	%	0.05	%	0.03	%	0.04	%

Allowance for loan and lease losses (ALLL), beginning	$2,194		$2,099		$2,014		$1,908		$1,892
Impact of adoption of ASU 2022-02	(49)		—		—		—		—
Total net losses charged-off	(78)		(68)		(62)		(62)		(34)
Provision for loan and lease losses	148		163		147		168		50
ALLL, ending	$2,215		$2,194		$2,099		$2,014		$1,908

Reserve for unfunded commitments, beginning	$216		$199		$188		$177		$182
Provision for (benefit from) the reserve for unfunded commitments	16		17		11		11		(5)
Reserve for unfunded commitments, ending	$232		$216		$199		$188		$177

Total allowance for credit losses (ACL)	$2,447		$2,410		$2,298		$2,202		$2,085

ACL ratios:
As a % of portfolio loans and leases	1.99	%	1.98	%	1.91	%	1.85	%	1.80	%
As a % of nonperforming portfolio loans and leases	413	%	468	%	440	%	408	%	391	%
As a % of nonperforming portfolio assets	393	%	447	%	420	%	394	%	369	%

ALLL as a % of portfolio loans and leases	1.80	%	1.81	%	1.75	%	1.70	%	1.65	%

Total losses charged-off	$(110)		$(103)		$(104)		$(90)		$(64)
Total recoveries of losses previously charged-off	32		35		42		28		30
Total net losses charged-off	$(78)		$(68)		$(62)		$(62)		$(34)

Net charge-off ratio (NCO ratio)(b)	0.26	%	0.22	%	0.21	%	0.21	%	0.12	%
Commercial NCO ratio	0.17	%	0.13	%	0.17	%	0.19	%	0.05	%
Consumer NCO ratio	0.42	%	0.38	%	0.28	%	0.24	%	0.25	%

Nonperforming portfolio loans and leases were $593 million in the current quarter, with the resulting NPL ratio of 0.48%. Compared to the prior quarter, NPLs increased $78 million with the NPL ratio increasing 6 bps. Compared to the year-ago quarter, NPLs increased $59 million with the NPL ratio increasing 2 bps.

Nonperforming portfolio assets were $623 million in the current quarter, with the resulting NPA ratio of 0.51%. Compared to the prior quarter, NPAs increased $84 million with the NPA ratio increasing 7 bps. Compared to the year-ago quarter, NPAs increased $57 million with the NPA ratio increasing 2 bps.

The provision for credit losses totaled $164 million in the current quarter. The allowance for credit loss ratio represented 1.99% of total portfolio loans and leases at quarter end, compared with 1.98% for the prior quarter end and 1.80% for the

year-ago quarter end. In the current quarter, the allowance for credit losses represented 413% of nonperforming portfolio loans and leases and 393% of nonperforming portfolio assets. The allowance for credit losses decreased by $49 million as a result of the adoption of ASU 2022-02, which changed the guidance for measuring expected credit losses on restructured loans. This adjustment to the ACL was applied through a cumulative effect adjustment to retained earnings.

Net charge-offs were $78 million in the current quarter, resulting in an NCO ratio of 0.26%. Compared to the prior quarter, net charge-offs increased $10 million and the NCO ratio increased 4 bps. Compared to the year-ago quarter, net charge-offs increased $44 million and the NCO ratio increased 14 bps, reflecting a normalization from near-historically low net charge-offs in the year-ago quarter.


Capital Position
	As of and For the Three Months Ended
	March		December	September	June	March
	2023		2022	2022	2022	2022
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	8.77	%	8.18%	9.13%	9.35%	10.23	%
Tangible equity(a)	8.39	%	8.31%	8.18%	8.05%	7.98	%
Tangible common equity (excluding AOCI)(a)	7.38	%	7.30%	7.16%	7.01%	6.96	%
Tangible common equity (including AOCI)(a)	5.49	%	5.00%	4.75%	5.82%	6.48	%

Regulatory Capital Ratios(d)(e)
CET1 capital	9.25	%	9.28%	9.14%	8.95%	9.31	%
Tier 1 risk-based capital	10.49	%	10.53%	10.40%	10.23%	10.63	%
Total risk-based capital	12.60	%	12.79%	12.64%	12.47%	12.93	%
Leverage	8.67	%	8.56%	8.44%	8.30%	8.32	%

The CET1 capital ratio was 9.25%, the Tangible common equity to tangible assets ratio was 7.38% excluding AOCI, and 5.49% including AOCI. The Tier 1 risk-based capital ratio was 10.49%, the Total risk-based capital ratio was 12.60%, and the Leverage ratio was 8.67%.

During the first quarter of 2023, Fifth Third repurchased approximately $200 million of its outstanding stock, which reduced common shares by approximately 5.6 million at quarter end.

Tax Rate

The effective tax rate for the quarter was 22.3% compared with 19.4% in the prior quarter and 19.2% 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 is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people, and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

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

Earnings Release End Notes

(a)Non-GAAP measure; see discussion of non-GAAP reconciliation beginning on page 26.

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

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

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

(e)Current period regulatory capital ratios are estimated.

(f)Assumes a 23% tax rate.

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

(h)Nonperforming portfolio loans and leases as a percent of portfolio loans and leases.

FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”).

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft, misappropriation or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates and the effects of inflation; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (45) Fifth Third's ability to meet its environmental and/or social targets, goals and commitments.

You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.

# # #

Quarterly Financial Review for March 31, 2023

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/Rate Analysis			21
			Summary of Loans and Leases			22
			Regulatory Capital			23
			Summary of Credit Loss Experience			24
			Asset Quality			25
			Non-GAAP Reconciliation			26-28
			Segment Presentation			29


Fifth Third Bancorp and Subsidiaries
Financial Highlights		As of and For the Three Months Ended						% / bps
$ in millions, except per share data								Change
(unaudited)		March		December		March
		2023		2022		2022		Seq		Yr/Yr
Income Statement Data
Net interest income		$1,517		$1,577		$1,195		(4%)		27%
Net interest income (FTE)(a)		1,522		1,582		1,198		(4%)		27%
Noninterest income		696		735		684		(5%)		2%
	Total revenue (FTE)(a)	2,218		2,317		1,882		(4%)		18%
Provision for credit losses		164		180		45		(9%)		264%
Noninterest expense		1,331		1,218		1,222		9%		9%
Net income		558		737		494		(24%)		13%
Net income available to common shareholders		535		699		474		(23%)		13%

Earnings Per Share Data
Net income allocated to common shareholders		$535		$698		$473		(23%)		13%
Average common shares outstanding (in thousands):
	Basic	684,017		688,680		687,538		(1%)		(1%)
	Diluted	689,566		694,195		696,242		(1%)		(1%)
Earnings per share, basic		$0.78		$1.01		$0.69		(23%)		13%
Earnings per share, diluted		0.78		1.01		0.68		(23%)		15%

Common Share Data
Cash dividends per common share		$0.33		$0.33		$0.30		—		10%
Book value per share		23.87		22.26		26.33		7%		(9%)
Market value per share		26.64		32.81		43.04		(19%)		(38%)
Common shares outstanding (in thousands)		680,537		683,386		685,905		—		(1%)
Market capitalization		$18,129		$22,422		$29,521		(19%)		(39%)

Financial Ratios
Return on average assets		1.10	%	1.42	%	0.96	%	(32)		14
Return on average common equity		13.7	%	18.8	%	10.0	%	(510)		370
Return on average tangible common equity(a)		20.5	%	29.2	%	13.4	%	(870)		710
Noninterest income as a percent of total revenue(a)		31	%	32	%	36	%	(100)		(500)
Dividend payout		42.3	%	32.7	%	43.5	%	960		(120)
Average total Bancorp shareholders’ equity as a percent of average assets		8.77	%	8.18	%	10.23	%	59		(146)
Tangible common equity(a)		7.38	%	7.30	%	6.96	%	8		42
Net interest margin (FTE)(a)		3.29	%	3.35	%	2.59	%	(6)		70
Efficiency (FTE)(a)		60.0	%	52.6	%	64.9	%	740		(490)
Effective tax rate		22.3	%	19.4	%	19.2	%	290		310

Credit Quality
Net losses charged-off		$78		$68		$34		15	%	129	%
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.26	%	0.22	%	0.12	%	4		14
ALLL as a percent of portfolio loans and leases		1.80	%	1.81	%	1.65	%	(1)		15
ACL as a percent of portfolio loans and leases(g)		1.99	%	1.98	%	1.80	%	1		19
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.51	%	0.44	%	0.49	%	7		2

Average Balances
Loans and leases, including held for sale		$123,615		$122,866		$117,162		1%		6%
Securities and other short-term investments		63,792		64,774		70,732		(2%)		(10%)
Assets		205,084		206,017		209,150		—		(2%)
Transaction deposits(b)		151,124		154,747		166,032		(2%)		(9%)
Core deposits(c)		156,297		157,495		168,408		(1%)		(7%)
Wholesale funding(d)		23,720		23,445		12,568		1%		89%
Bancorp shareholders' equity		17,977		16,857		21,402		7%		(16%)

Regulatory Capital Ratios(e)(f)
CET1 capital		9.25	%	9.28	%	9.31	%	(3)		(6)
Tier 1 risk-based capital		10.49	%	10.53	%	10.63	%	(4)		(14)
Total risk-based capital		12.60	%	12.79	%	12.93	%	(19)		(33)
Leverage		8.67	%	8.56	%	8.32	%	11		35

Additional Metrics
Banking centers		1,069		1,087		1,079		(2%)		(1%)
ATMs		2,118		2,132		2,201		(1%)		(4%)
Full-time equivalent employees		19,474		19,319		19,247		1%		1%
Assets under care ($ in billions)(h)		$542		$510		$549		6%		(1%)
Assets under management ($ in billions)(h)		57		55		61		4%		(7%)

(a)Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 26.

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

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

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

(e)Current period regulatory capital ratios are estimates.

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

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

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


Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data		As of and For the Three Months Ended
(unaudited)		March		December		September		June		March
		2023		2022		2022		2022		2022
Income Statement Data
Net interest income		$1,517		$1,577		$1,498		$1,339		$1,195
Net interest income (FTE)(a)		1,522		1,582		1,502		1,342		1,198
Noninterest income		696		735		672		676		684
	Total revenue (FTE)(a)	2,218		2,317		2,174		2,018		1,882
Provision for credit losses		164		180		158		179		45
Noninterest expense		1,331		1,218		1,167		1,112		1,222
Net income		558		737		653		562		494
Net income available to common shareholders		535		699		631		526		474

Earnings Per Share Data
Net income allocated to common shareholders		$535		$698		$631		$525		$473
Average common shares outstanding (in thousands):
	Basic	684,017		688,680		689,278		689,019		687,538
	Diluted	689,566		694,195		694,593		694,805		696,242
Earnings per share, basic		$0.78		$1.01		$0.91		$0.76		$0.69
Earnings per share, diluted		0.78		1.01		0.91		0.76		0.68

Common Share Data
Cash dividends per common share		$0.33		$0.33		$0.33		$0.30		$0.30
Book value per share		23.87		22.26		21.30		24.56		26.33
Market value per share		26.64		32.81		31.96		33.60		43.04
Common shares outstanding (in thousands)		680,537		683,386		686,343		686,152		685,905
Market capitalization		$18,129		$22,422		$21,936		$23,055		$29,521

Financial Ratios
Return on average assets		1.10	%	1.42	%	1.25	%	1.09	%	0.96	%
Return on average common equity		13.7	%	18.8	%	14.9	%	12.3	%	10.0	%
Return on average tangible common equity(a)		20.5	%	29.2	%	21.9	%	17.5	%	13.4	%
Noninterest income as a percent of total revenue(a)		31	%	32	%	31	%	33	%	36	%
Dividend payout		42.3	%	32.7	%	36.3	%	39.5	%	43.5	%
Average total Bancorp shareholders’ equity as a percent of average assets		8.77	%	8.18	%	9.13	%	9.35	%	10.23	%
Tangible common equity(a)		7.38	%	7.30	%	7.16	%	7.01	%	6.96	%
Net interest margin (FTE)(a)		3.29	%	3.35	%	3.22	%	2.92	%	2.59	%
Efficiency (FTE)(a)		60.0	%	52.6	%	53.7	%	55.1	%	64.9	%
Effective tax rate		22.3	%	19.4	%	22.7	%	22.4	%	19.2	%

Credit Quality
Net losses charged-off		$78		$68		$62		$62		$34
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.26	%	0.22	%	0.21	%	0.21	%	0.12	%
ALLL as a percent of portfolio loans and leases		1.80	%	1.81	%	1.75	%	1.70	%	1.65	%
ACL as a percent of portfolio loans and leases(g)		1.99	%	1.98	%	1.91	%	1.85	%	1.80	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.51	%	0.44	%	0.46	%	0.47	%	0.49	%

Average Balances
Loans and leases, including held for sale		$123,615		$122,866		$121,900		$120,236		$117,162
Securities and other short-term investments		63,792		64,774		63,478		64,170		70,732
Assets		205,084		206,017		206,688		205,897		209,150
Transaction deposits(b)		151,124		154,747		155,195		160,035		166,032
Core deposits(c)		156,297		157,495		157,243		162,228		168,408
Wholesale funding(d)		23,720		23,445		22,065		15,789		12,568
Bancorp shareholders’ equity		17,977		16,857		18,864		19,248		21,402

Regulatory Capital Ratios(e)(f)
CET1 capital		9.25	%	9.28	%	9.14	%	8.95	%	9.31	%
Tier 1 risk-based capital		10.49	%	10.53	%	10.40	%	10.23	%	10.63	%
Total risk-based capital		12.60	%	12.79	%	12.64	%	12.47	%	12.93	%
Leverage		8.67	%	8.56	%	8.44	%	8.30	%	8.32	%

Additional Metrics
Banking centers		1,069		1,087		1,080		1,080		1,079
ATMs		2,118		2,132		2,146		2,153		2,201
Full-time equivalent employees		19,474		19,319		19,187		19,119		19,247
Assets under care ($ in billions)(h)		$542		$510		$494		$512		$549
Assets under management ($ in billions)(h)		57		55		52		54		61

(a)Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 26.

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

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

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

(e)Current period regulatory capital ratios are estimates.

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

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

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


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change
(unaudited)	March	December	March
	2023	2022	2022	Seq	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,714	$1,577	$983	9%	74%
Interest on securities	439	440	294	—	49%
Interest on other short-term investments	60	58	12	3%	400%
Total interest income	2,213	2,075	1,289	7%	72%

Interest Expense
Interest on deposits	478	300	11	59%	NM
Interest on federal funds purchased	5	2	—	150%	NM
Interest on other short-term borrowings	57	53	—	8%	NM
Interest on long-term debt	156	143	83	9%	88%
Total interest expense	696	498	94	40%	640%

Net Interest Income	1,517	1,577	1,195	(4%)	27%

Provision for credit losses	164	180	45	(9%)	264%
Net Interest Income After Provision for Credit Losses	1,353	1,397	1,150	(3%)	18%

Noninterest Income
Service charges on deposits	137	140	152	(2%)	(10%)
Commercial banking revenue	161	158	135	2%	19%
Mortgage banking net revenue	69	63	52	10%	33%
Wealth and asset management revenue	146	139	149	5%	(2%)
Card and processing revenue	100	103	97	(3%)	3%
Leasing business revenue	57	58	62	(2%)	(8%)
Other noninterest income	22	72	52	(69%)	(58%)
Securities gains (losses), net	4	2	(14)	100%	NM
Securities losses, net - non-qualifying hedges on mortgage servicing rights	—	—	(1)	NM	(100%)
Total noninterest income	696	735	684	(5%)	2%

Noninterest Expense
Compensation and benefits	757	655	711	16%	6%
Net occupancy expense	81	82	77	(1%)	5%
Technology and communications	118	111	101	6%	17%
Equipment expense	37	37	36	—	3%
Card and processing expense	22	21	19	5%	16%
Leasing business expense	34	36	32	(6%)	6%
Marketing expense	29	31	24	(6%)	21%
Other noninterest expense	253	245	222	3%	14%
Total noninterest expense	1,331	1,218	1,222	9%	9%
Income Before Income Taxes	718	914	612	(21%)	17%
Applicable income tax expense	160	177	118	(10%)	36%
Net Income	558	737	494	(24%)	13%
Dividends on preferred stock	23	38	20	(39%)	15%
Net Income Available to Common Shareholders	$535	$699	$474	(23%)	13%


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended
(unaudited)	March	December	September	June	March
	2023	2022	2022	2022	2022
Interest Income
Interest and fees on loans and leases	$1,714	$1,577	$1,315	$1,081	$983
Interest on securities	439	440	414	369	294
Interest on other short-term investments	60	58	31	14	12
Total interest income	2,213	2,075	1,760	1,464	1,289

Interest Expense
Interest on deposits	478	300	112	25	11
Interest on federal funds purchased	5	2	3	1	—
Interest on other short-term borrowings	57	53	43	12	—
Interest on long-term debt	156	143	104	87	83
Total interest expense	696	498	262	125	94

Net Interest Income	1,517	1,577	1,498	1,339	1,195

Provision for credit losses	164	180	158	179	45
Net Interest Income After Provision for Credit Losses	1,353	1,397	1,340	1,160	1,150

Noninterest Income
Service charges on deposits	137	140	143	154	152
Commercial banking revenue	161	158	134	137	135
Mortgage banking net revenue	69	63	69	31	52
Wealth and asset management revenue	146	139	141	140	149
Card and processing revenue	100	103	105	105	97
Leasing business revenue	57	58	60	56	62
Other noninterest income	22	72	59	85	52
Securities gains (losses), net	4	2	(38)	(32)	(14)
Securities losses, net - non-qualifying hedges on mortgage servicing rights	—	—	(1)	—	(1)
Total noninterest income	696	735	672	676	684

Noninterest Expense
Compensation and benefits	757	655	605	584	711
Net occupancy expense	81	82	74	75	77
Technology and communications	118	111	106	98	101
Equipment expense	37	37	36	36	36
Card and processing expense	22	21	21	20	19
Leasing business expense	34	36	33	31	32
Marketing expense	29	31	35	28	24
Other noninterest expense	253	245	257	240	222
Total noninterest expense	1,331	1,218	1,167	1,112	1,222
Income Before Income Taxes	718	914	845	724	612
Applicable income tax expense	160	177	192	162	118
Net Income	558	737	653	562	494
Dividends on preferred stock	23	38	22	36	20
Net Income Available to Common Shareholders	$535	$699	$631	$526	$474


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of			% Change
(unaudited)	March	December	March
	2023	2022	2022	Seq	Yr/Yr
Assets
Cash and due from banks	$2,780	$3,466	$3,049	(20%)	(9%)
Other short-term investments	9,794	8,351	20,529	17%	(52%)
Available-for-sale debt and other securities(a)	50,719	51,503	48,832	(2%)	4%
Held-to-maturity securities(b)	2	5	6	(60%)	(67%)
Trading debt securities	1,174	414	324	184%	262%
Equity securities	323	317	358	2%	(10%)
Loans and leases held for sale	749	1,007	2,616	(26%)	(71%)
Portfolio loans and leases:
Commercial and industrial loans	57,720	57,232	53,909	1%	7%
Commercial mortgage loans	11,228	11,020	10,694	2%	5%
Commercial construction loans	5,548	5,433	5,420	2%	2%
Commercial leases	2,743	2,704	2,915	1%	(6%)
Total commercial loans and leases	77,239	76,389	72,938	1%	6%
Residential mortgage loans	17,608	17,628	17,144	—	3%
Home equity	3,958	4,039	3,916	(2%)	1%
Indirect secured consumer loans	16,484	16,552	17,424	—	(5%)
Credit card	1,761	1,874	1,690	(6%)	4%
Other consumer loans	5,807	4,998	2,753	16%	111%
Total consumer loans	45,618	45,091	42,927	1%	6%
Portfolio loans and leases	122,857	121,480	115,865	1%	6%
Allowance for loan and lease losses	(2,215)	(2,194)	(1,908)	1%	16%
Portfolio loans and leases, net	120,642	119,286	113,957	1%	6%
Bank premises and equipment	2,219	2,187	2,102	1%	6%
Operating lease equipment	578	627	622	(8%)	(7%)
Goodwill	4,915	4,915	4,514	—	9%
Intangible assets	157	169	145	(7%)	8%
Servicing rights	1,725	1,746	1,444	(1%)	19%
Other assets	12,880	13,459	12,961	(4%)	(1%)
Total Assets	$208,657	$207,452	$211,459	1%	(1%)

Liabilities
Deposits:
Demand	$49,649	$53,125	$65,590	(7%)	(24%)
Interest checking	49,924	51,653	48,836	(3%)	2%
Savings	22,563	23,469	23,622	(4%)	(4%)
Money market	28,482	28,220	29,947	1%	(5%)
Foreign office	134	182	115	(26%)	17%
CDs $250,000 or less	6,624	3,809	2,267	74%	192%
CDs over $250,000	5,599	3,232	234	73%	NM
Total deposits	162,975	163,690	170,611	—	(4%)
Federal funds purchased	177	180	250	(2%)	(29%)
Other short-term borrowings	7,364	4,838	872	52%	744%
Accrued taxes, interest and expenses	1,577	1,822	1,471	(13%)	7%
Other liabilities	5,307	5,881	7,263	(10%)	(27%)
Long-term debt	12,893	13,714	10,815	(6%)	19%
Total Liabilities	190,293	190,125	191,282	—	(1%)
Equity
Common stock(c)	2,051	2,051	2,051	—	—
Preferred stock	2,116	2,116	2,116	—	—
Capital surplus	3,682	3,684	3,615	—	2%
Retained earnings	22,032	21,689	20,501	2%	7%
Accumulated other comprehensive loss	(4,245)	(5,110)	(1,096)	(17%)	287%
Treasury stock	(7,272)	(7,103)	(7,010)	2%	4%
Total Equity	18,364	17,327	20,177	6%	(9%)
Total Liabilities and Equity	$208,657	$207,452	$211,459	1%	(1%)
(a) Amortized cost	$55,958	$57,530	$50,171	(3%)	12%
(b) Market values	2	5	6	(60%)	(67%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	—	—
Outstanding, excluding treasury	680,537	683,386	685,905	—	—
Treasury	243,356	240,507	237,987	—	—


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	March	December	September	June	March
	2023	2022	2022	2022	2022
Assets
Cash and due from banks	$2,780	$3,466	$3,068	$3,437	$3,049
Other short-term investments	9,794	8,351	6,594	7,419	20,529
Available-for-sale debt and other securities(a)	50,719	51,503	51,289	52,837	48,832
Held-to-maturity securities(b)	2	5	5	5	6
Trading debt securities	1,174	414	414	293	324
Equity securities	323	317	315	326	358
Loans and leases held for sale	749	1,007	1,940	2,542	2,616
Portfolio loans and leases:
Commercial and industrial loans	57,720	57,232	56,437	56,095	53,909
Commercial mortgage loans	11,228	11,020	10,947	10,748	10,694
Commercial construction loans	5,548	5,433	5,573	5,357	5,420
Commercial leases	2,743	2,704	2,821	2,850	2,915
Total commercial loans and leases	77,239	76,389	75,778	75,050	72,938
Residential mortgage loans	17,608	17,628	17,600	17,566	17,144
Home equity	3,958	4,039	4,000	3,906	3,916
Indirect secured consumer loans	16,484	16,552	16,646	17,017	17,424
Credit card	1,761	1,874	1,770	1,763	1,690
Other consumer loans	5,807	4,998	4,205	3,521	2,753
Total consumer loans	45,618	45,091	44,221	43,773	42,927
Portfolio loans and leases	122,857	121,480	119,999	118,823	115,865
Allowance for loan and lease losses	(2,215)	(2,194)	(2,099)	(2,014)	(1,908)
Portfolio loans and leases, net	120,642	119,286	117,900	116,809	113,957
Bank premises and equipment	2,219	2,187	2,155	2,118	2,102
Operating lease equipment	578	627	612	600	622
Goodwill	4,915	4,915	4,925	4,926	4,514
Intangible assets	157	169	181	194	145
Servicing rights	1,725	1,746	1,732	1,582	1,444
Other assets	12,880	13,459	14,333	13,694	12,961
Total Assets	$208,657	$207,452	$205,463	$206,782	$211,459

Liabilities
Deposits:
Demand	$49,649	$53,125	$57,601	$60,859	$65,590
Interest checking	49,924	51,653	46,985	43,338	48,836
Savings	22,563	23,469	23,771	23,748	23,622
Money market	28,482	28,220	28,707	28,792	29,947
Foreign office	134	182	185	177	115
CDs $250,000 or less	6,624	3,809	2,007	2,125	2,267
CDs over $250,000	5,599	3,232	2,396	2,135	234
Total deposits	162,975	163,690	161,652	161,174	170,611
Federal funds purchased	177	180	212	711	250
Other short-term borrowings	7,364	4,838	6,378	7,057	872
Accrued taxes, interest and expenses	1,577	1,822	1,589	1,683	1,471
Other liabilities	5,307	5,881	7,184	6,197	7,263
Long-term debt	12,893	13,714	11,712	10,990	10,815
Total Liabilities	190,293	190,125	188,727	187,812	191,282
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	3,682	3,684	3,660	3,636	3,615
Retained earnings	22,032	21,689	21,219	20,818	20,501
Accumulated other comprehensive loss	(4,245)	(5,110)	(5,306)	(2,644)	(1,096)
Treasury stock	(7,272)	(7,103)	(7,004)	(7,007)	(7,010)
Total Equity	18,364	17,327	16,736	18,970	20,177
Total Liabilities and Equity	$208,657	$207,452	$205,463	$206,782	$211,459
(a) Amortized cost	$55,958	$57,530	$57,372	$56,140	$50,171
(b) Market values	2	5	5	5	6
(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	680,537	683,386	686,343	686,152	685,905
Treasury	243,356	240,507	237,549	237,741	237,987


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
			For the Three Months Ended
			March	March
			2023	2022
Total Equity, Beginning			$17,327	$22,210
Impact of cumulative effect of change in accounting principle			37	—
Net income			558	494
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses):
		Available-for-sale debt securities	600	(1,931)
		Qualifying cash flow hedges	265	(373)
Change in accumulated other comprehensive income related to employee benefit plans			—	1

Comprehensive income (loss)			1,423	(1,809)
Cash dividends declared:
	Common stock		(229)	(209)
	Preferred stock		(23)	(20)
Impact of stock transactions under stock compensation plans, net			30	5
Shares acquired for treasury			(201)	—

Total Equity, Ending			$18,364	$20,177


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	March			December			March
(unaudited)	2023			2022			2022
	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)	$58,204	6.41	%	$57,729	5.71	%	$52,562	3.29	%
Commercial mortgage loans(a)	11,121	5.54	%	10,898	4.98	%	10,529	3.00	%
Commercial construction loans(a)	5,507	6.50	%	5,544	5.73	%	5,371	3.29	%
Commercial leases(a)	2,663	3.48	%	2,737	3.23	%	2,943	2.85	%
Total commercial loans and leases	77,495	6.19	%	76,908	5.52	%	71,405	3.23	%
Residential mortgage loans	18,329	3.39	%	18,987	3.48	%	20,179	3.17	%
Home equity	4,006	6.47	%	4,024	5.63	%	4,010	3.52	%
Indirect secured consumer loans	16,598	3.95	%	16,536	3.67	%	17,136	3.08	%
Credit card	1,780	14.16	%	1,795	13.39	%	1,691	12.31	%
Other consumer loans	5,407	6.95	%	4,616	6.27	%	2,741	6.08	%
Total consumer loans	46,120	4.69	%	45,958	4.40	%	45,757	3.68	%
Total loans and leases	123,615	5.63	%	122,866	5.10	%	117,162	3.41	%
Securities:
Taxable securities	57,110	3.06	%	57,230	3.00	%	41,412	2.84	%
Tax exempt securities(a)	1,404	3.11	%	1,259	3.02	%	1,010	2.40	%
Other short-term investments	5,278	4.65	%	6,285	3.68	%	28,310	0.18	%
Total interest-earning assets	187,407	4.80	%	187,640	4.40	%	187,894	2.79	%
Cash and due from banks	3,136			3,127			2,962
Other assets	16,687			17,351			20,186
Allowance for loan and lease losses	(2,146)			(2,101)			(1,892)
Total Assets	$205,084			$206,017			$209,150

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$48,717	2.34	%	$47,801	1.63	%	$48,659	0.05	%
Savings deposits	23,107	0.59	%	23,474	0.37	%	22,772	0.02	%
Money market deposits	28,420	1.20	%	28,713	0.61	%	30,263	0.03	%
Foreign office deposits	143	1.91	%	209	1.51	%	126	0.04	%
CDs $250,000 or less	5,173	2.67	%	2,748	1.12	%	2,376	0.12	%
Total interest-bearing core deposits	105,560	1.67	%	102,945	1.05	%	104,196	0.04	%
CDs over $250,000	4,348	4.15	%	3,566	3.15	%	254	0.85	%

Total interest-bearing deposits	109,908	1.76	%	106,511	1.12	%	104,450	0.04	%
Federal funds purchased	487	4.55	%	264	3.52	%	259	0.15	%
Securities sold under repurchase agreements	327	0.73	%	476	0.36	%	491	0.01	%
FHLB advances	4,803	4.44	%	5,489	3.61	%	—	0.15	%
Derivative collateral and other secured borrowings	245	5.90	%	225	4.10	%	399	0.31	%
Long-term debt	13,510	4.68	%	13,425	4.23	%	11,165	3.02	%
Total interest-bearing liabilities	129,280	2.18	%	126,390	1.56	%	116,764	0.33	%
Demand deposits	50,737			54,550			64,212
Other liabilities	7,090			8,220			6,772
Total Liabilities	187,107			189,160			187,748
Total Equity	17,977			16,857			21,402
Total Liabilities and Equity	$205,084			$206,017			$209,150
Ratios:
Net interest margin (FTE)(b)		3.29	%		3.35	%		2.59	%
Net interest rate spread (FTE)(b)		2.62	%		2.84	%		2.46	%
Interest-bearing liabilities to interest-earning assets		68.98	%		67.36	%		62.14	%
(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 26.


Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millions	For the Three Months Ended
(unaudited)	March	December	September	June	March
	2023	2022	2022	2022	2022
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$58,149	$57,646	$56,646	$55,460	$52,554
Commercial mortgage loans	11,121	10,898	10,751	10,710	10,521
Commercial construction loans	5,507	5,544	5,557	5,356	5,371
Commercial leases	2,662	2,736	2,792	2,839	2,942
Total commercial loans and leases	77,439	76,824	75,746	74,365	71,388
Consumer loans:
Residential mortgage loans	17,581	17,577	17,617	17,363	16,501
Home equity	4,005	4,024	3,956	3,895	4,009
Indirect secured consumer loans	16,598	16,536	16,750	17,241	17,136
Credit card	1,780	1,795	1,756	1,704	1,691
Other consumer loans	5,409	4,615	3,819	3,125	2,742
Total consumer loans	45,373	44,547	43,898	43,328	42,079
Total average portfolio loans and leases	$122,812	$121,371	$119,644	$117,693	$113,467

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$56	$84	$3	$7	$18
Consumer loans held for sale	747	1,411	2,253	2,536	3,677
Average loans and leases held for sale	$803	$1,495	$2,256	$2,543	$3,695

Average PPP loans(a)	$66	$158	$283	$549	$1,012
Average portfolio commercial and industrial loans - excluding PPP loans	58,083	57,488	56,363	54,911	51,542
Total average portfolio commercial and industrial loans	$58,149	$57,646	$56,646	$55,460	$52,554

End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$57,720	$57,232	$56,437	$56,095	$53,909
Commercial mortgage loans	11,228	11,020	10,947	10,748	10,694
Commercial construction loans	5,548	5,433	5,573	5,357	5,420
Commercial leases	2,743	2,704	2,821	2,850	2,915
Total commercial loans and leases	77,239	76,389	75,778	75,050	72,938
Consumer loans:
Residential mortgage loans	17,608	17,628	17,600	17,566	17,144
Home equity	3,958	4,039	4,000	3,906	3,916
Indirect secured consumer loans	16,484	16,552	16,646	17,017	17,424
Credit card	1,761	1,874	1,770	1,763	1,690
Other consumer loans	5,807	4,998	4,205	3,521	2,753
Total consumer loans	45,618	45,091	44,221	43,773	42,927
Total portfolio loans and leases	$122,857	$121,480	$119,999	$118,823	$115,865

End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale	$24	$73	$69	$4	$23
Consumer loans held for sale	725	934	1,871	2,538	2,593
Loans and leases held for sale	$749	$1,007	$1,940	$2,542	$2,616

Operating lease equipment	$578	$627	$612	$600	$622

Loans and Leases Serviced for Others(b)
Commercial and industrial loans	$1,090	$1,109	$1,067	$994	$993
Commercial mortgage loans	696	614	630	601	592
Commercial construction loans	386	406	421	418	502
Commercial leases	588	581	567	566	571
Residential mortgage loans	103,399	103,154	102,696	100,519	97,736
Other consumer loans	881	912	941	974	—
Total loans and leases serviced for others	107,040	106,776	106,322	104,072	100,394
Total loans and leases owned or serviced	$231,224	$229,890	$228,873	$226,037	$219,497

End of period PPP loans(a)	$48	$94	$210	$371	$737
End of period portfolio commercial and industrial loans - excluding PPP loans	57,672	57,138	56,227	55,724	53,172
Total end of period portfolio commercial and industrial loans	$57,720	$57,232	$56,437	$56,095	$53,909

(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)		March		December		September		June		March
		2023(a)		2022		2022		2022		2022
Regulatory Capital(b)
CET1 capital		$15,727		$15,670		$15,264		$14,827		$14,937
Additional tier 1 capital		2,116		2,116		2,116		2,116		2,116
Tier 1 capital		17,843		17,786		17,380		16,943		17,053
Tier 2 capital		3,595		3,820		3,743		3,713		3,676
Total regulatory capital		$21,438		$21,606		$21,123		$20,656		$20,729
Risk-weighted assets		$170,094		$168,909		$167,060		$165,659		$160,352

Ratios
Average total Bancorp shareholders' equity as a percent of average assets		8.77	%	8.18	%	9.13	%	9.35	%	10.23	%

Regulatory Capital Ratios(b)
Fifth Third Bancorp
	CET1 capital	9.25	%	9.28	%	9.14	%	8.95	%	9.31	%
	Tier 1 risk-based capital	10.49	%	10.53	%	10.40	%	10.23	%	10.63	%
	Total risk-based capital	12.60	%	12.79	%	12.64	%	12.47	%	12.93	%
	Leverage	8.67	%	8.56	%	8.44	%	8.30	%	8.32	%

Fifth Third Bank, National Association
	Tier 1 risk-based capital	11.60	%	11.31	%	10.94	%	10.58	%	10.85	%
	Total risk-based capital	13.02	%	12.81	%	12.41	%	12.01	%	12.24	%
	Leverage	9.63	%	9.23	%	8.91	%	8.61	%	8.51	%

(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)	March		December		September		June		March
	2023		2022		2022		2022		2022
Average portfolio loans and leases:
Commercial and industrial loans	$58,149		$57,646		$56,646		$55,460		$52,554
Commercial mortgage loans	11,121		10,898		10,751		10,710		10,521
Commercial construction loans	5,507		5,544		5,557		5,356		5,371
Commercial leases	2,662		2,736		2,792		2,839		2,942
Total commercial loans and leases	77,439		76,824		75,746		74,365		71,388
Residential mortgage loans	17,581		17,577		17,617		17,363		16,501
Home equity	4,005		4,024		3,956		3,895		4,009
Indirect secured consumer loans	16,598		16,536		16,750		17,241		17,136
Credit card	1,780		1,795		1,756		1,704		1,691
Other consumer loans	5,409		4,615		3,819		3,125		2,742
Total consumer loans	45,373		44,547		43,898		43,328		42,079
Total average portfolio loans and leases	$122,812		$121,371		$119,644		$117,693		$113,467

Losses charged-off:
Commercial and industrial loans	($32)		($30)		($46)		($34)		($11)
Commercial mortgage loans	—		—		—		—		—
Commercial construction loans	(1)		—		—		(3)		—
Commercial leases	—		(6)		(1)		—		—
Total commercial loans and leases	(33)		(36)		(47)		(37)		(11)
Residential mortgage loans	(1)		(1)		(1)		—		(1)
Home equity	(1)		(2)		(2)		(3)		(2)
Indirect secured consumer loans	(23)		(21)		(18)		(14)		(16)
Credit card	(20)		(17)		(15)		(18)		(17)
Other consumer loans	(32)		(26)		(21)		(18)		(17)
Total consumer loans	(77)		(67)		(57)		(53)		(53)
Total losses charged-off	($110)		($103)		($104)		($90)		($64)

Recoveries of losses previously charged-off:
Commercial and industrial loans	$2		$10		$12		$1		$2
Commercial mortgage loans	—		—		—		—		1
Commercial construction loans	—		—		1		—		—
Commercial leases	—		1		2		—		—
Total commercial loans and leases	2		11		15		1		3
Residential mortgage loans	1		—		2		1		2
Home equity	1		2		3		3		3
Indirect secured consumer loans	9		7		8		9		9
Credit card	5		4		3		4		4
Other consumer loans	14		11		11		10		9
Total consumer loans	30		24		27		27		27
Total recoveries of losses previously charged-off	$32		$35		$42		$28		$30

Net losses charged-off:
Commercial and industrial loans	($30)		($20)		($34)		($33)		($9)
Commercial mortgage loans	—		—		—		—		1
Commercial construction loans	(1)		—		1		(3)		—
Commercial leases	—		(5)		1		—		—
Total commercial loans and leases	(31)		(25)		(32)		(36)		(8)
Residential mortgage loans	—		(1)		1		1		1
Home equity	—		—		1		—		1
Indirect secured consumer loans	(14)		(14)		(10)		(5)		(7)
Credit card	(15)		(13)		(12)		(14)		(13)
Other consumer loans	(18)		(15)		(10)		(8)		(8)
Total consumer loans	(47)		(43)		(30)		(26)		(26)
Total net losses charged-off	($78)		($68)		($62)		($62)		($34)

Net losses charged-off as a percent of average portfolio loans and leases (annualized):
Commercial and industrial loans	0.21	%	0.14	%	0.24	%	0.24	%	0.07	%
Commercial mortgage loans	0.01	%	—		(0.01	%)	—		(0.03	%)
Commercial construction loans	0.10	%	—		(0.08	%)	0.23	%	—
Commercial leases	(0.04	%)	0.70	%	(0.12	%)	(0.03	%)	(0.02	%)
Total commercial loans and leases	0.17	%	0.13	%	0.17	%	0.19	%	0.05	%
Residential mortgage loans	—		0.01	%	(0.02	%)	(0.02	%)	(0.02	%)
Home equity	(0.04	%)	0.02	%	(0.08	%)	(0.06	%)	(0.07	%)
Indirect secured consumer loans	0.34	%	0.32	%	0.24	%	0.13	%	0.17	%
Credit card	3.43	%	2.85	%	2.69	%	3.26	%	3.13	%
Other consumer loans	1.41	%	1.33	%	1.10	%	1.04	%	1.07	%
Total consumer loans	0.42	%	0.38	%	0.28	%	0.24	%	0.25	%
Total net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.26	%	0.22	%	0.21	%	0.21	%	0.12	%


Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millions	For the Three Months Ended
(unaudited)	March		December		September		June		March
	2023		2022		2022		2022		2022
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$2,194		$2,099		$2,014		$1,908		$1,892
Impact of adoption of ASU 2022-02	(49)		—		—		—		—
Total net losses charged-off	(78)		(68)		(62)		(62)		(34)
Provision for loan and lease losses	148		163		147		168		50
Allowance for loan and lease losses, ending	$2,215		$2,194		$2,099		$2,014		$1,908

Reserve for unfunded commitments, beginning	$216		$199		$188		$177		$182
Provision for (benefit from) the reserve for unfunded commitments	16		17		11		11		(5)
Reserve for unfunded commitments, ending	$232		$216		$199		$188		$177

Components of allowance for credit losses:
Allowance for loan and lease losses	$2,215		$2,194		$2,099		$2,014		$1,908
Reserve for unfunded commitments	232		216		199		188		177
Total allowance for credit losses	$2,447		$2,410		$2,298		$2,202		$2,085

	As of
	March		December		September		June		March
	2023		2022		2022		2022		2022
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$280		$215		$254		$268		$272
Commercial mortgage loans	44		40		40		45		42
Commercial construction loans	5		8		2		4		6
Commercial leases	5		—		2		2		3
Residential mortgage loans	129		124		115		105		88
Home equity	68		67		68		72		77
Indirect secured consumer loans	27		29		15		18		22
Credit card	29		27		23		23		23
Other consumer loans	6		5		3		2		1
Total nonaccrual portfolio loans and leases	593		515		522		539		534
Repossessed property	8		6		6		6		5
OREO	22		18		18		14		27
Total nonperforming portfolio loans and leases and OREO	623		539		546		559		566
Nonaccrual loans held for sale	—		—		—		—		4
Total nonperforming assets	$623		$539		$546		$559		$570

Loans and leases 90 days past due (accrual):
Commercial and industrial loans	$17		$11		$16		$6		$9
Commercial mortgage loans	—		—		—		—		2

Commercial leases	—		2		10		1		—
Total commercial loans and leases	17		13		26		7		11
Residential mortgage loans(c)	9		7		7		8		14
Home equity	1		1		1		2		1
Indirect secured consumer loans	—		—		10		8		9
Credit card	18		18		14		13		14
Other consumer loans	1		1		1		1		1
Total consumer loans	29		27		33		32		39
Total loans and leases 90 days past due (accrual)(b)	$46		$40		$59		$39		$50
Ratios
Net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.26	%	0.22	%	0.21	%	0.21	%	0.12	%
Allowance for credit losses:
As a percent of portfolio loans and leases	1.99	%	1.98	%	1.91	%	1.85	%	1.80	%
As a percent of nonperforming portfolio loans and leases(a)	413	%	468	%	440	%	408	%	391	%
As a percent of nonperforming portfolio assets(a)	393	%	447	%	420	%	394	%	369	%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases(a)	0.48	%	0.42	%	0.44	%	0.45	%	0.46	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)	0.51	%	0.44	%	0.46	%	0.47	%	0.49	%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property	0.50	%	0.44	%	0.45	%	0.46	%	0.48	%
(a) Excludes nonaccrual loans held for sale.
(b) Excludes loans held for sale.
(c) Excludes government guaranteed residential mortgage loans.

Use of Non-GAAP Financial Measures

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

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

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

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

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

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

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

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


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millions		As of and For the Three Months Ended
(unaudited)		March		December		September		June		March
		2023		2022		2022		2022		2022
Net interest income		$1,517		$1,577		$1,498		$1,339		$1,195
Add: Taxable equivalent adjustment		5		5		4		3		3
Net interest income (FTE) (a)		1,522		1,582		1,502		1,342		1,198

Net interest income (annualized) (b)		6,152		6,257		5,943		5,371		4,846
Net interest income (FTE) (annualized) (c)		6,173		6,276		5,959		5,383		4,859

Interest income		2,213		2,075		1,760		1,464		1,289
Add: Taxable equivalent adjustment		5		5		4		3		3
Interest income (FTE)		2,218		2,080		1,764		1,467		1,292
Interest income (FTE) (annualized) (d)		8,995		8,252		6,998		5,884		5,240

Interest expense (annualized) (e)		2,823		1,976		1,039		501		381
Average interest-earning assets (f)		187,407		187,640		185,378		184,406		187,894
Average interest-bearing liabilities (g)		129,280		126,390		119,773		115,462		116,764

Net interest margin (b) / (f)		3.28	%	3.33	%	3.21	%	2.91	%	2.58	%
Net interest margin (FTE) (c) / (f)		3.29	%	3.35	%	3.22	%	2.92	%	2.59	%
Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.62	%	2.84	%	2.91	%	2.76	%	2.46	%

Income before income taxes		$718		$914		$845		$724		$612
Add: Taxable equivalent adjustment		5		5		4		3		3
Income before income taxes (FTE)		723		919		849		727		615

Net income available to common shareholders		535		699		631		526		474
Add: Intangible amortization, net of tax		9		10		10		9		9
Tangible net income available to common shareholders (h)		544		709		641		535		483
Tangible net income available to common shareholders (annualized) (i)		2,206		2,813		2,543		2,146		1,959

Average Bancorp shareholders’ equity		17,977		16,857		18,864		19,248		21,402
Less:	Average preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Average goodwill	(4,915)		(4,925)		(4,926)		(4,744)		(4,514)
	Average intangible assets	(163)		(176)		(188)		(158)		(150)
Average tangible common equity, including AOCI (j)		10,783		9,640		11,634		12,230		14,622
Less:	Average AOCI	4,442		5,386		3,037		2,397		(129)
Average tangible common equity, excluding AOCI (k)		15,225		15,026		14,671		14,627		14,493

Total Bancorp shareholders’ equity		18,364		17,327		16,736		18,970		20,177
Less:	Preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Goodwill	(4,915)		(4,915)		(4,925)		(4,926)		(4,514)
	Intangible assets	(157)		(169)		(181)		(194)		(145)
Tangible common equity, including AOCI (l)		11,176		10,127		9,514		11,734		13,402
Less:	AOCI	4,245		5,110		5,306		2,644		1,096
Tangible common equity, excluding AOCI (m)		15,421		15,237		14,820		14,378		14,498
Add:	Preferred stock	2,116		2,116		2,116		2,116		2,116
Tangible equity (n)		17,537		17,353		16,936		16,494		16,614

Total assets		208,657		207,452		205,463		206,782		211,459
Less:	Goodwill	(4,915)		(4,915)		(4,925)		(4,926)		(4,514)
	Intangible assets	(157)		(169)		(181)		(194)		(145)
Tangible assets, including AOCI (o)		203,585		202,368		200,357		201,662		206,800
Less:	AOCI, before tax	5,373		6,468		6,716		3,347		1,387
Tangible assets, excluding AOCI (p)		$208,958		$208,836		$207,073		$205,009		$208,187

Common shares outstanding (q)		681		683		686		686		686

Tangible equity (n) / (p)		8.39	%	8.31	%	8.18	%	8.05	%	7.98	%
Tangible common equity (excluding AOCI) (m) / (p)		7.38	%	7.30	%	7.16	%	7.01	%	6.96	%
Tangible common equity (including AOCI) (l) / (o)		5.49	%	5.00	%	4.75	%	5.82	%	6.48	%
Tangible book value per share (including AOCI) (l) / (q)		$16.41		$14.83		$13.87		$17.10		$19.54
Tangible book value per share (excluding AOCI) (m) / (q)		$22.64		$22.31		$21.60		$20.96		$21.13


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millions		For the Three Months Ended
(unaudited)		March		December		March
		2023		2022		2022
Net income (r)		$558		$737		$494
Net income (annualized) (s)		2,263		2,924		2,003

Adjustments (pre-tax items)
	Valuation of Visa total return swap	31		38		11
	Restructuring severance expense	12		—		—
	Branch impairment charges	—		6		—

Adjustments, after-tax (t)(a)		33		34		8

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

Noninterest income (v)		696		735		684
	Valuation of Visa total return swap	31		38		11
	Branch impairment charges	—		6		—
Adjusted noninterest income (w)		727		779		695

Noninterest expense (x)		1,331		1,218		1,222
	Restructuring severance expense	(12)		—		—
Adjusted noninterest expense (y)		1,319		1,218		1,222



Adjusted net income (r) + (t) + (u)		591		756		502
Adjusted net income (annualized) (z)		2,397		2,999		2,036

Adjusted tangible net income available to common shareholders (h) + (t) + (u)		577		728		491
Adjusted tangible net income available to common shareholders (annualized) (aa)		2,340		2,888		1,991

Average assets (ab)		$205,084		$206,017		$209,150

Return on average tangible common equity (i) / (j)		20.5	%	29.2	%	13.4	%
Return on average tangible common equity excluding AOCI (i) / (k)		14.5	%	18.7	%	13.5	%
Adjusted return on average tangible common equity, including AOCI (aa) / (j)		21.7	%	30.0	%	13.6	%
Adjusted return on average tangible common equity, excluding AOCI (aa) / (k)		15.4	%	19.2	%	13.7	%

Return on average assets (s) / (ab)		1.10	%	1.42	%	0.96	%
Adjusted return on average assets (z) / (ab)		1.17	%	1.46	%	0.97	%
Efficiency ratio (FTE) (x) / [(a) + (v)]		60.0	%	52.6	%	64.9	%
Adjusted efficiency ratio (y) / [(a) + (w)]		58.6	%	51.6	%	64.6	%
Total revenue (FTE) (a) + (v)		$2,218		$2,317		$1,882
Adjusted total revenue (FTE) (a) + (w)		$2,249		$2,361		$1,893
Pre-provision net revenue (PPNR) (a) + (v) - (x)		$887		$1,099		$660
Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y)		$930		$1,143		$671
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 March 31, 2023	Commercial Banking	Consumer and Small Business Banking	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$980	$1,257	$101	$(816)	$1,522
Provision for credit losses	(46)	(51)	—	(67)	(164)
Net interest income after provision for credit losses	934	1,206	101	(883)	1,358
Noninterest income	336	273	138	(51)	696
Noninterest expense	(551)	(645)	(146)	11	(1,331)
Income (loss) before income taxes	719	834	93	(923)	723
Applicable income tax (expense) benefit(a)	(139)	(175)	(19)	168	(165)
Net income (loss)	$580	$659	$74	$(755)	$558

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

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

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

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

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

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

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

Net interest income (FTE)(a)	$525	$517	$35	$121	$1,198
(Provision for) benefit from credit losses	34	(29)	—	(50)	(45)
Net interest income after (provision for) benefit from credit losses	559	488	35	71	1,153
Noninterest income	339	256	144	(55)	684
Noninterest expense	(479)	(601)	(142)	—	(1,222)
Income before income taxes	419	143	37	16	615
Applicable income tax expense(a)	(78)	(31)	(8)	(4)	(121)
Net income	$341	$112	$29	$12	$494
(a) Includes taxable equivalent adjustments of $5 million for the three months ended March 31, 2023 and December 31, 2022, $4 million for the three months ended September 30, 2022 and $3 million for the three months ended June 30, 2022 and March 31, 2022.

© Fifth Third Bancorp | All Rights Reserved Ó Fifth Third Bancorp | All Rights Reserved Fifth Third Bancorp 1Q23 Earnings Presentation April 20, 2023 Refer to earnings release dated April 20, 2023 for further information.

© Fifth Third Bancorp | All Rights Reserved This presentation contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”). There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft, misappropriation or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates and the effects of inflation; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (45) Fifth Third's ability to meet its environmental and/or social targets, goals and commitments. You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein. Copies of those filings are available at no cost on the SEC’s website at www.sec.gov or on our website at www.53.com. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. In this presentation, we may sometimes provide non-GAAP financial information. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. We provide a discussion of non-GAAP measures and reconciliations to the most directly comparable GAAP measures in later slides in this presentation, as well as on pages 26 through 28 of our 1Q23 earnings release. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Bancorp's control or cannot be reasonably predicted. For the same reasons, Bancorp's management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Cautionary statement 2

© Fifth Third Bancorp | All Rights Reserved Reported 1 Adjusted 1 EPS $0.78 $0.83 ROA 1.10% 1.17% ROE 13.7% 14.5% ROTCE 20.5% 15.4% NIM 3.29% 3.29% Efficiency ratio 60.0% 58.6% PPNR $887MM $930MM CET1 2 9.25% • Period-end and average total deposits were flat compared to 4Q22 • Net charge-off ratio of 0.26%, 30-89 day early stage delinquencies of 0.26%, and NPA ratio of 0.51% • Revenue increased 18%, PPNR 1 increased 34% (adjusted PPNR 1 increased 39%), and net income increased 13% compared to 1Q22 • Efficiency ratio 1 improved approximately 5 points, adjusted efficiency 1 of 58.6% improved approximately 6 points compared to 1Q22 • Tangible book value per share ex. AOCI (a) increased 7% compared to 1Q22 • Generated consumer household growth of 3% compared to 1Q22 excl. AOCI For end note descriptions, see end note summary starting on page 42 1Q23 highlights 3

© Fifth Third Bancorp | All Rights Reserved NII $ in millions; NIM change in bps 4Q22 to 1Q23 Reported NII & NIM Walk T o t a l n e t in t e r e s t i n c o m e ; $ m il li o n s NII NIM For end note descriptions, see end note summary starting on page 42 NII $1,5824Q22 3.35% NIM $1,522 3.29%1Q23 Securities portfolio Loan balances / mix (5) 1 (3) (2) 12 3Net market rate benefit Deposit balances / mix (47) (10) Net interest income 1 Day Count -7 4 3.29% 3.35% 2.59% Other, net 2(24)

© Fifth Third Bancorp | All Rights Reserved Noninterest income • Adjusted noninterest income 1 down $54 million, or 7% • Primary drivers: ‒ Other noninterest income (down 52%) driven by recognition of tax receivable agreement revenue of $46 million in the prior quarter ‒ Card and processing revenue (down 3%) reflecting seasonally lower interchange revenue ‒ Partially offset by mortgage banking net revenue (up 10%) reflecting an increase in mortgage servicing revenue and a decrease in MSR asset decay • Adjusted noninterest income 1 up $14 million, or 2% • Primary drivers: ‒ Commercial banking revenue (up 19%) reflecting increased loan syndication revenue, fixed income sales and trading revenue, and M&A advisory revenue ‒ Mortgage banking net revenue (up 33%) reflecting a decrease in MSR asset decay and an increase in mortgage servicing revenue ‒ Partially offset by service charges on deposits (down 10%) reflecting the market related impact of higher earnings credits and the elimination of consumer non-sufficient funds fees in July 2022 1Q23 vs. 1Q22 1Q23 vs. 4Q22 For end note descriptions, see end note summary starting on page 42 T o t a l n o n in t e r e s t i n c o m e ; $ m il li o n s Securities losses/(gains), net ($ in millions) 1Q22 4Q22 1Q23 Net loss attributable to legacy venture equity investments $12 $1 $7 Net losses/(gains) attributable to non-qualified deferred compensation plans (NQDC), primarily offset in expenses 14 (2) (10) Other losses/(gains), net (12) (1) (1) Securities losses/(gains), net $14 ($2) ($4) 5

© Fifth Third Bancorp | All Rights Reserved • Adjusted noninterest expense 1 up $101 million, or 8% • Primary drivers: ‒ Compensation and benefits (up 16%), reflecting a seasonal increase, including $12 million from NQDC plans ‒ Technology and communications (up 6%) reflecting continued modernization investments ‒ Card and processing (up 5%) ‒ Impact of FDIC assessment T o t a l n o n in t e r e s t e x p e n s e ; $ m il li o n s • Adjusted noninterest expense 1 up $97 million, or 8% • Primary drivers: ‒ Compensation and benefits (up 5%) ‒ Marketing expense (up 21%) ‒ Technology and communications (up 17%) ‒ Card and processing expense (up 16%) ‒ Impact of FDIC assessment 1Q23 vs. 1Q22 1Q23 vs. 4Q22 For end note descriptions, see end note summary starting on page 42 Noninterest expense 6 ($ in millions) 1Q22 4Q22 1Q23 Non-qualified deferred compensation expense/(benefit), primarily offset in securities gains/losses $(12) $6 $12

© Fifth Third Bancorp | All Rights Reserved QoQ YoY (22%) (72%) (67%) +4% QoQ YoY +1% +6% +1% +6% 5.63% Interest earning assets Commercial Securities 1 Average securities 1 and short-term investmentsAverage loan & lease balances Total loan yield $ in billions; loan & lease balances excluding HFS Short-term investments Taxable securities yield Consumer Period-end loan & lease balances Period-end HFS loan & lease balances Commercial Consumer $ in billions For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding % change % change % change % change $ in billions; loan & lease balances excluding HFS $ in billions 7 5.10% 3.41% 2.84% 3.00% 3.06% $0.0 $0.0$0.1 QoQ YoY +2% +8% +1% +8% QoQ YoY (16%) (81%) — +38% Commercial Consumer

© Fifth Third Bancorp | All Rights Reserved Deposits and wholesale funding Average wholesale funding balancesAverage deposit balances Core depositsCDs > $250K Total interest bearing deposit costs $ in billions Total wholesale funding Wholesale funding cost Period-end deposit balances Period-end wholesale funding balances $ in billions Note: totals shown above may not foot due to rounding % change % change % change % change $ in billions $ in billions 8 Total wholesale funding 1.76% 1.12% 0.04% 2.71% 3.83% QoQ YoY +1% +89% QoQ YoY +19% +114% 4.49% $4.3$3.6 $0.3 $5.6$3.2 $0.2 Core depositsCDs > $250K QoQ YoY +73% NM (2%) (8%) QoQ YoY +22% NM (1%) (7%)

© Fifth Third Bancorp | All Rights Reserved 9 We have a high-quality deposit franchise High concentration of operating deposit balances which has proven to be stickier in this environment Remaining 13 sectors all <5% • 26% FDIC insured 1 • 88% of balances represented by relationships that utilize Treasury Management services (including 73% of uninsured) • Balanced-weighted relationship age of 24 years • Median relationship deposit balance of $375K • Added as many new commercial relationships over the weekend of SIVB failure as a normal month Commercial 38% Consumer 55% • 88% FDIC insured 1 • 71% of retail are stable per LCR reporting • 92% of consumers have more than one product • 69% of consumers are digitally active • >80% of balances from clients with 5+ year tenure • Average age of household: 13 years • 1.2 million Momentum Households (~50% of total) • YoY consumer checking household growth of 3.1%, with growth accelerating after the SIVB failure Consumer franchise highlights Limited sector concentration risk Commercial deposit franchise highlights W&AM 7% Deposit mix by segment as of 3/31/23 Household growth exceeds the U.S. population 60% of Total Bancorp Deposits are FDIC Insured YoY growth; FITB as of March 2023 Professional services Other services Healthcare Manufacturing Public administration Insurance Mortgage finance & other banking Real estate For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding Excludes insured sweep deposits

© Fifth Third Bancorp | All Rights Reserved 10 Our deposit franchise stands out among peers One of the highest % of insured deposits among peers 1 As of 4Q22; % of deposits insured Strong balance sheet in uncertain times #2 of 34 in Coin and currency revenue #2 of 29 in Retail lockbox remittances #4 of 38 in Total check clearing #5 of 40 in Total ACH originations #5 of 35 in Account reconciliations #7 of 36 in Wholesale lockbox remittances #8 of 34 in Controlled disbursements #8 of 30 in Purchasing cards #9 of 31 in Demand deposit accounts Top 10 Ranking in EY Cash Management Survey As of 4Q22; cash + AFS securities (FV) / uninsured deposits High percentage of operating deposit relationships 2022 ACH data from NACHA; deposit balances as of 4Q22 For end note descriptions, see end note summary starting on page 42

© Fifth Third Bancorp | All Rights Reserved 11 Expect deposit betas to perform in-line or better than the industry Cumulative interest-bearing deposit beta expectations through 4Q23 36% ~49% beta ~43% beta FITB Industry 1 Higher Assumed Beta Lower Assumed Beta FY23 NII Outlook Based On These Terminal Beta Assumptions For end note descriptions, see end note summary starting on page 42 Interest bearing deposit beta calculation includes CDs and excludes demand deposits + 7% + 10%

© Fifth Third Bancorp | All Rights Reserved (4) bps impact from adoption of ASU 2022-02 Early stage delinquencies and NPAs Net charge-offs (NCOs) ACL as % of portfolio loans and leases • Drivers of $37MM increase in ACL: ‒ $86MM reserve build excluding the one-time $49M impact of adopting ASU 2022-02 • $88MM net increase related to Dividend Finance For end note descriptions, see end note summary starting on page 42 Credit quality overview 12 NPA ratio 1 30-89 days past due as a % of portfolio loans 1 Consumer NCO ratioCommercial NCO ratio Total NCO ratio 1Q211Q20 1Q22 4Q22 1Q23 0.66% 0.44% 0.32% 0.43% 0.27% 0.17% 0.25% 0.12% 0.05% 0.38% 0.22% 0.13% 0.42% 0.26% 0.17% 1Q20 1Q21 1Q22 4Q22 1Q23 0.60% 0.35% 0.28% 0.72% 0.25% 0.49% 0.30% 0.44% 0.51% 0.26%

© Fifth Third Bancorp | All Rights Reserved 13 Office represents 1.3% of total loans Office CRE portfolio stats $ billions $ balance % of total loans Multifamily $3.0 2.4% Office 1.6 1.3 Hospitality 1.5 1.2 Retail 1.2 1.0 Industrial 0.9 0.7 Other 2.2 1.8 Total non-owner occupied CRE $10.4 8.4% As of 3/31/23; CRE is non-owner occupied Limited office CRE exposure with strong credit quality Office 1.3% Other CRE 7.1% Average loan commitment $9.5 million NCOs / average loans (LTM) (0.01)% Delinquencies / loans 0.01% NPL / loans 0.2% Criticized loans / loans 8.2% As of 1Q23; Non-owner occupied For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding Total Bancorp loans $124BN • Central business district represents <0.1% of total loans • Class A properties represent 70% of portfolio • $4M in total NCOs over past 5 years; 0.06% annualized NCO ratio Additional non-owner occupied office CRE metrics Class A properties

© Fifth Third Bancorp | All Rights Reserved Allowance for loan & lease losses Commercial and industrial loans Commercial mortgage loans Commercial construction loans Commercial leases Total commercial loans and leases Residential mortgage loans Home equity Indirect secured consumer loans Credit card Other consumer loans Total consumer loans Allowance for loan & lease losses Reserve for unfunded commitments 1 Allowance for credit losses Allocation of allowance by product $ in millions 1Q23 Amount % of portfolio loans & leases For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding Change in rate Compared to: 4Q22 CECL Day 1 Allowance for credit losses 14 • 1 bp increase in ACL compared to prior quarter • 5 bps increase due to Dividend Finance change • 4 bps decrease due to accounting policy change related to TDRs 2,215 232 2,447 1.80% 1.99% (0.01%) 0.01% 0.11% 0.17% 811 245 69 18 185 124 315 212 236 1,072 1,143 1.41% 2.18% 1.24% 0.66% 1.05% 3.13% 5.42% 1.29% 13.40% 2.35% 1.48% 0.05% (0.05%) (0.42%) 0.11% (0.34%) (0.16%) 0.46% 0.16% (0.15%) (0.02%) — 0.19% 0.61% 0.34% (0.22%) (0.56%) (0.24%) 1.54% 0.36% 2.05% (0.11%) 0.23% impact of accounting policy change impact of accounting policy change (36) (0.22%) 3 1 0 0 4 (6) (1) (9) (1) (53) (49) (49) 0.00% 0.00% 0.00% 0.00% 0.00% (0.17%) (0.01%) (0.42%) 0.00% (0.12%) (0.04%) (0.04%)

© Fifth Third Bancorp | All Rights Reserved 15 Strong liquidity and capital position • Loan-to-core deposit ratio of 78% • $4.7 billion in Holding Company cash, sufficient to satisfy all fixed obligations in a stressed environment for ~21 months • For several years, we have performed: ◦ Daily LCR calculations ◦ Monthly liquidity stress tests, including two FITB-specific scenarios over and above regulatory requirements ◦ Monthly 2052a complex liquidity monitoring reporting Liquidity position $ in billions Fed Reserves Unpledged Investment Securities Available FHLB Borrowing Capacity Current Fed Discount Window Availability Total ~$9 ~$31 ~$8 ~$44 ~$100 12/31/22 Available BTFP Capacity ~$7 Capital position • Plan to pause 2Q23 share repurchases Common equity tier 1 ratio 1 Projected AOCI accretion 2 ~45% capital accretion $ in billions; AOCI of current 3/31 securities and swap portfolios, after-tax 3 ~$7 ~$41 ~$8 ~$43 ~$100 - Liquidity Sources 3/31/23 Next 7 quarters of accretion For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding Includes impact of TDR accounting change

Classification: Internal Use © Fifth Third Bancorp | All Rights Reserved 16 Consistently investing for growth through the cycle Consistent strong financial results and top tier profitability Consistent NIM and credit discipline Consistent customer acquisition growth Consistent peer-leading efficiency ratio De novo investments in the Southeast Sales force additions & marketing investments Scaling fintech platforms Platform modernization and digital enablement Consistent outcomesConsistent investments in our businesses • Over 70 Southeast branches added since 2019 • Product innovation led by Momentum Banking in Consumer and Expert AP and Expert AR in Commercial • Added 45 Commercial and Wealth sales FTE in 2022; expect additional sales force expansion in 2023 • Marketing spend increased 10% in 2022 • Expect Dividend Finance loan production in 2023 of ~$4.5BN (with period-end balances of ~$5BN at YE23) 1 • Expanding Provide product offering; expect loan production in 2023 of ~$0.9BN (with period-end balances of ~$2.7BN at YE23) 1 For end note descriptions, see end note summary starting on page 42

© Fifth Third Bancorp | All Rights Reserved Noninterest expense 1 up 4 – 5% (FY22 baseline: $4.719BN) Net charge-off ratio 25 – 35 bps Effective tax rate ~23% For end note descriptions, see end note summary starting on page 42 As of April 20, 2023; please see cautionary statements on page 2 Total revenue 1 up 6 – 8% (FY22 baseline: $8.487BN; Includes securities g/l) (including HFS) Avg. loans & leases up 2 – 3% Current expectations FY 2023 compared to FY 2022 17 assumes a 25 basis point hike in May 2023 and no 2023 cuts Allowance for credit losses expect ~$100MM build per quarter due to loan growth (primarily Dividend Finance) and assumes no change to macroeconomic outlook and risk profile as of 1Q23 Net interest income 1 Noninterest income 1 stable to up 1% up 7 – 10% (FY22 baseline: $5.625BN) (FY22 baseline: $2.944BN)

© Fifth Third Bancorp | All Rights Reserved Net interest income 1 Noninterest income 1 up 2 – 3% Noninterest expense 1 down 8 – 9% down ~1% (1Q23 baseline: $1.522BN) (1Q23 baseline: $723MM) (1Q23 baseline: $1.319BN) Net charge-off ratio 25 – 35 bps Effective tax rate ~23% For end note descriptions, see end note summary starting on page 42 As of April 20, 2023; please see cautionary statements on page 2 Total revenue 1 stable (1Q23 baseline: $2.249BN; Includes securities g/l) (including HFS) Avg. loans & leases stable to up 1% Current expectations 2Q23 compared to 1Q23 18 assumes a 25 basis point rate hike in May 2023 Allowance for credit losses expect ~$100MM build due to loan growth (primarily Dividend Finance) and assumes no change to macroeconomic outlook and risk profile as of 1Q23

© Fifth Third Bancorp | All Rights Reserved 20 Our purpose, vision, and core values support our commitment to generating sustainable value for stakeholders Our Vision Be the One Bank people most value and trust Our Core Values Our Purpose To improve the lives of our customers and the well-being of our communities Work as One Bank Take Accountability Be Respectful Act with Integrity Living our purpose guided by our vision and values

© Fifth Third Bancorp | All Rights Reserved 21 Addressing climate change Promoting inclusion and diversity Demonstrating our commitment to employees Strengthening our communities Keeping the customer at the center $180MM Neighborhood Investment Program in nine majority-Black communities $1.2BN provided in community development lending and investment in 2021 $39.2MM in charitable donations to support communities 6 ~3MM people educated through our LIFE programs 8 ~118K hours of community service and $6MM in employee giving $20/hour minimum wage with over 40% of workforce receiving mid-year compensation increase Up to 7% 401(k) employer contribution with 80% participation ~776K hours of training (40 hours average / FTE) Decrease in overall turnover from 21.2% in 2021, to 21.0% in 2022 New flexible PTO policy including volunteer paid time away for full-time (8 hours) and part-time (4 hours) employees 12MM customer outreach calls, continuing our heightened connection to the customer 3.1% YoY consumer household growth Low reliance on punitive consumer fees, with $13MM in NSF fees eliminated and $39MM in overdraft fees avoided with Extra Time ® $27BN deposited up to 2 days early with Early Pay® $26MM in consumer cash back rewards with 5/3 Cash/Back cards 22% reduction in monthly complaint volume since 2019 $2.8BN accelerating racial equality, equity and inclusion initiative 36% board diversity 2 58% women; 28% persons of color in workforce >99% pay equity for women and minorities 7 $190MM Tier 1 diverse supplier spend, 11% of net addressable spend 3 Launched employee Sustainability Business Resource Group in June 2022 ~$24BN in sustainable financing towards $100BN goal 208 due diligence reviews for sensitive sectors in compliance with E&S Risk Management Framework 1 52% reduction in Scope 1 and 2 GHG emissions since 2014 3 100% renewable energy purchased since 2019 Achieved carbon neutrality in our operations since 2020 4 $500MM inaugural Green Bond issued in October 2021 5 Fifth Third is committed to supporting customers, communities and employees For end note descriptions, see end note summary starting on page 42 Sustainability priorities and metrics

© Fifth Third Bancorp | All Rights Reserved 22 Actions Demonstrating Leadership Third-party recognitions $500,000 donated for hurricane relief in Florida Through Fifth Third Foundation in addition to other assistance programs Published 3 rd ESG report Available on ir.53.com Announced 10-year $100BN Environmental & Social Finance Target Expansion of the original $8BN renewable energy goal achieved in June 2022 Aligned executive compensation to ESG priorities ESG Funding Modifier added to 2022 Variable Compensation Plan Established sustainability office Leading comprehensive environmental, social and governance strategy, which includes the Bank’s climate strategy and sustainable finance initiatives Acquisition of Dividend Finance A leading fintech point-of-sale (POS) lender, providing financing solutions for residential renewable energy and sustainability-focused home improvement $ 20 minimum wage per hour Effective July 2022, increase from $18 per hour since 2019 Expanded operational sustainability goals Announced six new operational sustainability targets to be achieved by 2030, including Scope 1 and 2 GHG emissions reduction of 75% SSGA R-Factor Score January 2023 Outperformer Top 10-30% among Commercial Banks S&P Global ESG Score 88 rd percentile Top among peers 1 MSCI ESG Rating January 2023 A Upgraded 3 notches CSRHub ESG Ranking January 2023 89 st percentile Top among peers 1 ESG Risk Rating 2 January 2023 Low Risk Top quartile among peers 1 Refinitiv ESG Combined Score January 2023 A- (80/100) Top among peers 1 A recognized leader in sustainability among peers For end note descriptions, see end note summary starting on page 42 Top Workplace in Financial Services Recognized by Energage in 2022 Perfect 100% Score Human Rights Campaign Corporate Equity index for seventh consecutive yearFor Express Banking account Corporate Sustainability Assessment "OUTSTANDING" Received highest overall rating possible on most recent Community Reinvestment Act performance examination from the Office of the Comptroller of Currency, including each of the three tests: Lending, Investment, Service.

© Fifth Third Bancorp | All Rights Reserved 23 Unsecured debt maturities Composition of deposits by segment Holding company: • Holding Company cash as of March 31, 2023: $4.7BN • Cash currently sufficient to satisfy all fixed obligations in a stressed environment for ~21 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 did not issue or have long-term debt maturities in 1Q23 Bank entity: • The Bank did not issue long-term debt in 1Q23 • ~$0.8BN of Bank debt was redeemed in 1Q23 including $0.2BN of sub debt acquired with MBFI • Available and contingent borrowing capacity (1Q23): ◦ FHLB ~$7.9BN available, ~$16.1BN total ◦ Federal Reserve Discount Window ~$44.4BN ◦ Federal Reserve BTFP ~$7.2BN Period-end as of 1Q23 Strong liquidity profile $ millions – excl. Retail Brokered & Institutional CDs

© Fifth Third Bancorp | All Rights Reserved • 65% allocation to bullet/ locked- out cash flow securities • AFS yield: 3.04% 5 • Effective duration of 5.3 6 • Net unrealized pre-tax loss: $5.2BN • 98% AFS 11 $25.0BN fixed 3 | $52.2BN variable 1,2 Commercial loans 1,2,3 Balance sheet positioning 100% Fix | 0% Variable 84% Fix | 16% Variable Investment portfolioConsumer loans 1 Long-term debt 4 $38.3BN fixed | $7.3BN variable 1 $7.1BN fixed | $5.8BN variable 4 • 1M based: 44% 7,12 • 3M based: 7% 7,12 • Prime & O/N based: 15% 7,12 • Other based: 2% 7,10,12 • Weighted avg. life: 1.9 years 1,3 • 1M based: 1% 8,12 • 12M based: 1% 8,12 • Prime: 12% 8 • Other based: 2% 8,12,13 • Weighted avg. life: 3.8 years 1 • 1M based: 0% 9 • 3M based: 0% 9 • SOFR based: 45% • Weighted avg. life: 4.6 years C&I 28% Fix | 72% Variable Coml. mortgage 43% Fix | 57% Variable Coml. lease 100% Fix | 0% Variable Resi mtg.& construction 91% Fix | 9% Variable Home equity 8% Fix | 92% Variable Senior debt 50% Fix | 50% Variable Sub debt 71% Fix | 29% Variable Auto securiz. proceeds 100% Fix | 0% Variable Coml. construction 28% Fix | 72% Variable Credit card 41% Fix | 59% Variable Other 81% Fix | 19% Variable Other 85% Fix | 15% Variable Level 1 97% Fix | 3% Variable Level 2A Non-HQLA/ Other • The information above incorporates the impact of $12BN in active cash flow hedges ($8BN in C&I receive-fixed swaps and $4BN in CRE receive-fixed swaps) and ~$6.0BN fair value hedges associated with long-term debt (receive-fixed swaps). • The impacts of PPP loans (given the expected temporary nature) are excluded Includes $5.1BN non-agency CMBS (All super-senior, AAA-rated securities; 59.9% WA LTV, ~38.0% WA credit enhancement) Auto/Indirect 100% Fix | 0% Variable For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 24

© Fifth Third Bancorp | All Rights Reserved 25 Investment portfolio composition Total securities portfolio CMBS portfolio is AAA-rated Total securities portfolio $56B ~30% of interest earning assets Agency CMBS • $29BN portfolio • ~85% in Fannie/Freddie deals risk weighted at 20% and remaining ~15% are GNMA and risk weighted at 0% • Same financial backing as a GSE plain MBS deal that us and peers are invested in; unconditional government guarantee for GNMA and conditional government guarantee for Fannie and Freddie Non-agency CMBS • $5BN portfolio • All positions are super-senior AAA rated with 38% WA credit enhancements • Securities are 20% risk-weighted and are pledgeable to the FHLB • Underlying loans in our structures have a WA LTV of ~60% • Our credit risk team analyzes transactions at the underlying property- level, similar to what we do for all our CRE loan commitments • Leverage analytical tools with over 40+ years of historical data to stress the securities at an individual property level on a recurring basis, including significant market distress in real estate valuations. Non- agency CMBS 9% Agency CMBS 52% AFS portfolio; amortized cost basis; as of 3/31/23 For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding

© Fifth Third Bancorp | All Rights Reserved Managing rate risk against conservative outcomes Estimated NII sensitivity profile and ALCO policy limits Estimated NII sensitivity at specific betas Rate Risk models assume approximately 70-75% effective up betas and 60-65% down betas in our baseline NII sensitivity used in IRR simulations 1,2 •Models are calibrated to performance in prior rate cycles •Cycle to date, we have outperformed modeled betas •Additionally, rate risk measures assume no deposit re-pricing lags and $800MM of DDA runoff per 100 bps of rate hikes As of March 31, 2023: •48% of HFI loans were variable rate net of existing hedges (68% of total commercial; 16% of total consumer) 3 •Short-term borrowings represent approximately 29% of total wholesale funding, or 4% of total funding •Approximately $9.8 billion in non-core funding matures beyond one year 26 % Change NII (FTE) ALCO policy limit Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months (3.1%) (5.2%) (4.0%) (6.0%) +100 Ramp over 12 months (1.5%) (2.3%) NA NA -100 Ramp over 12 months 0.4% 0.2% NA NA -200 Ramp over 12 months 0.5% (0.6%) (8.0%) (12.0%) Beta of 50% Beta of 60% Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 1.1% 3.0% (0.7%) (0.3%) +100 Ramp over 12 months 0.6% 1.6% (0.3%) —% Estimated NII sensitivity with demand deposit balance changes % Change in NII (FTE) $1BN balance decline $1BN balance increase Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months (4.1%) (6.2%) (2.1%) (4.1%) +100 Ramp over 12 months (2.3%) (3.2%) (0.6%) (1.4%) -100 Ramp over 12 months (0.3%) (0.4%) 1.1% 0.8% -200 Ramp over 12 months (0.1%) (1.0%) 1.1% (0.1%) For end note descriptions, see end note summary starting on page 42

© Fifth Third Bancorp | All Rights Reserved ($3BN @ 2.25% 1- month LIBOR strike) Cash flow hedges continue to protect NIM 1 EOP notional value of cash flow hedges ($ in billions) Actual Cash flow hedges For end note descriptions, see end note summary starting on page 42 Swap protection extends through 2031 ~125MM uplift starting in 2025 regardless of rate environment 27 Floors Forward starting swaps Existing swaps weighted average receive fix rate (swaps only) 2.37% 2.37% 2.37% 3.32%2.34% 2.34%2.34% 2.35% 2.50% 3.17% 3.19% 3.27% 3.29% 3.44% 2

© Fifth Third Bancorp | All Rights Reserved Mortgage banking results $ in millions Mortgage banking net revenue Mortgage originations and margins • Mortgage banking net revenue increased $6 million from the prior quarter, primary reflecting a $4 million increase in gross servicing fees. • $1.4 billion in originations, down 37% from the prior quarter and down 59% compared to the year-ago quarter; ~83% purchase volume Note: totals shown above may not foot due to rounding $ in billions 1.10% 1.18% 0.84% 0.85% 0.95% 0.80% 0.74% 0.86%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. 1.05% 1.21% 28 $52 $31 $69 $63 Mortgage banking net revenue $69

© Fifth Third Bancorp | All Rights Reserved Preferred dividend schedule 2Q23 3Q23 4Q23 1Q24 Series H 2 ~$15 ~$12 ~$12 ~$12 Series I ~$8 ~$8 ~$8 ~$10 Series J ~$6 ~$6 ~$6 ~$6 Series K ~$3 ~$3 ~$3 ~$3 Series L ~$4 ~$4 ~$4 ~$4 Class B Series A ~$3 ~$3 ~$3 ~$3 Total ~$39 ~$36 ~$36 ~$38 Upcoming preferred dividend schedule 1 $ in millions Floating (3ML + 3.129%) 2 For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 29

© Fifth Third Bancorp | All Rights Reserved 1Q22 4Q22 1Q23 NCO ratio 1 0.05% 0.13% 0.17% 30-89 Delinquencies 0.15% 0.14% 0.15% 90+ Delinquencies 0.02% 0.02% 0.02% Nonperforming Loans 2 0.44% 0.34% 0.43% 30 Portfolio loans $ in billions Period-end QoQ change Average QoQ change Key statistics Total commercial portfolio overview For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 4.7% 4.2% 1.9% 1.4% 0.8% 3.8% 2.9% 1.0% 0.8% 1.1% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 1Q22 4Q22 1Q23 NCO ratio 1 0.07% 0.14% 0.21% 30-89 Delinquencies 0.16% 0.14% 0.17% 90+ Delinquencies 0.02% 0.02% 0.03% Nonperforming Loans 2 0.50% 0.38% 0.49% 31 Portfolio loans $ in billions Period-end QoQ change Average QoQ change Key statistics Revolving Line Utilization Trend 3 Commercial & industrial overview For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 6.0% 5.5% 2.1% 1.8% 0.9% 4.5% 4.1% 0.6% 1.4% 0.9% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 1Q22 4Q22 1Q23 NCO ratio 1 (0.03%) 0.00% 0.04% 30-89 Delinquencies 0.12% 0.16% 0.04% 90+ Delinquencies 0.01% 0.00% 0.00% Nonperforming Loans 2 0.30% 0.29% 0.29% Commercial real estate overview 32 CRE Mortgage Balance by occupancy CRE Construction Balance by property type Average – Commercial Mortgage Average – Commercial Construction Period-end – Commercial Mortgage Period-end – Commercial Construction Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding $ in billions 3.6% (0.1%) 2.6% (0.4%) 2.0% 2.0% 1.1% 1.5% 0.8% 1.1% Multifamily Other Retail Hospitality Office Industrial Home Builder Non-Owner Occupied Owner Occupied 1Q22 2Q22 3Q22 4Q22 1Q23 Hospitality 20% Multifamily 19% Office 19% Retail 18% Industrial 6% Other 17% Non-owner occupied property type mix

© Fifth Third Bancorp | All Rights Reserved 1Q22 4Q22 1Q23 NCO ratio 1 0.25% 0.38% 0.42% 30-89 Delinquencies 0.41% 0.57% 0.44% 90+ Delinquencies 0.09% 0.06% 0.06% Nonperforming Loans 2 0.49% 0.56% 0.57% Weighted average FICO at origination 3 765 765 765 Weighted average LTV at origination 77% 78% 78% Total consumer portfolio overview 33 Portfolio FICO score at origination 3 $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 1.9% 3.0% 1.3% 1.5% 1.9% 2.7% 2.0% 1.0% 2.0% 1.2% 750+720-749<660 660-719 3% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 1Q22 4Q22 1Q23 NCO ratio 1 (0.02%) 0.01% 0.00% 30-89 Delinquencies 0.09% 0.17% 0.10% 90+ Delinquencies 0.08% 0.04% 0.05% Nonperforming Loans 2 0.51% 0.70% 0.73% Weighted average FICO at origination 3 767 765 764 Weighted average LTV at origination 70% 71% 71% Residential Mortgage overview 34 Portfolio FICO score at origination 3 $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 1.9% 5.2% 1.5% (0.2%) — 4.6% 2.5% 0.2% 0.2% (0.1%) 750+720-749<660 660-719 4% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 1Q22 4Q22 1Q23 NCO ratio 1 (0.07%) 0.02% (0.04%) 30-89 Delinquencies 0.64% 0.74% 0.58% 90+ Delinquencies 0.03% 0.02% 0.03% Nonperforming Loans 2 1.97% 1.66% 1.72% Weighted average FICO at origination 3 764 767 767 Weighted average LTV at origination 68% 67% 67% Home equity overview 35 Portfolio FICO score at origination 3 $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding (4.1%) (2.8%) 1.6% 1.7% (0.5%) (4.1%) (0.3%) 2.4% 1.0% (2.0%) 750+720-749<660 660-719 2% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 1Q22 4Q22 1Q23 NCO ratio 1 0.17% 0.32% 0.34% 30-89 Delinquencies 0.62% 0.86% 0.67% 90+ Delinquencies 0.05% 0.00% 0.00% Nonperforming Loans 2 0.13% 0.18% 0.16% Indirect secured consumer overview 36 Portfolio FICO score at origination Includes primarily RV & Marine $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 1% 4.8% 0.6% (2.8%) (1.3%) 0.4% 3.8% (2.3%) (2.2%) (0.6%) (0.4%) 750+720-749<660 660-719 Weighted average FICO at origination 3 768 768 767 Weighted average LTV at origination 88% 88% 88% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 1Q22 4Q22 1Q23 NCO ratio 1 3.13% 2.85% 3.43% 30-89 Delinquencies 1.01% 1.12% 1.02% 90+ Delinquencies 0.83% 0.96% 1.02% Nonperforming Loans 2 1.36% 1.44% 1.65% Credit card overview 37 Portfolio FICO score at origination 3 750+720-749<660 660-719 $ in billions Portfolio loans Key statistics Period-end QoQ change Average QoQ change For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding (2.8%) 0.8% 3.1% 2.2% (0.8%) (4.3%) 4.3% 0.4% 5.9% (6.0%) Weighted average FICO at origination 3 741 743 743 4% Period-endAverage

© Fifth Third Bancorp | All Rights Reserved 1Q22 2Q22 3Q22 4Q22 1Q23 Balance, beginning of period $337 $323 $319 $298 $263 Transfers to nonaccrual status 54 49 91 68 121 Transfers to accrual status (2) — — (5) (1) Transfers to held for sale (4) — (19) — — Loan paydowns/payoffs (52) (17) (48) (63) (22) Transfer to OREO — — — — — Charge-offs (11) (37) (47) (36) (33) Draws/other extensions of credit 1 1 2 1 6 Balance, end of period $323 $319 $298 $263 $334 1Q22 2Q22 3Q22 4Q22 1Q23 Balance, beginning of period $161 $211 $220 $224 $252 Transfers to nonaccrual status 97 64 56 83 99 Transfers to accrual status (23) (29) (22) (19) (33) Transfers to held for sale — — — — — Loan paydowns/payoffs (16) (20) (20) (19) (22) Transfer to OREO (1) (1) (1) (3) (5) Charge-offs (7) (6) (10) (15) (33) Draws/other extensions of credit — 1 1 1 1 Balance, end of period $211 $220 $224 $252 $259 NPL 1 Rollforward Commercial Consumer $ in millions $ in millions $ in millions For end note descriptions, see end note summary starting on page 42 38 Total NPL $534 $539 $522 $515 $593 Total new nonaccrual loans - HFI $151 $113 $147 $151 $220 Total NPL

© Fifth Third Bancorp | All Rights Reserved 1Q23 adjustments and notable items Adjusted EPS of $0.83 1 1Q23 reported EPS of $0.78 included a negative $0.05 impact from the following notable items: • $31 million pre-tax (~$24 million after-tax 2 ) charge related to the valuation of the Visa total return swap • $12 million pre-tax (~9 million after-tax 2 ) charge related to restructuring severance expense For end note descriptions, see end note summary starting on page 42 39

© Fifth Third Bancorp | All Rights Reserved For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 40 Fifth Third Bancorp and Subsidaries For the Three Months Ended $ and shares in millions March December September June March (unaudited) 2023 2022 2022 2022 2022 Net income (U.S. GAAP) (a) $558 $737 $653 $562 $494 Net income (U.S. GAAP) (annualized) (b) $2,263 $2,924 $2,591 $2,254 $2,003 Net income available to common shareholders (U.S. GAAP) (c) $535 $699 $631 $526 $474 Add: Intangible amortization, net of tax 9 10 10 9 9 Tangible net income available to common shareholders (d) $544 $709 $641 $535 $483 Tangible net income available to common shareholders (annualized) (e) $2,206 $2,813 $2,543 $2,146 $1,959 Net income available to common shareholders (annualized) (f) $2,170 $2,773 $2,503 $2,110 $1,922 Average Bancorp shareholders' equity (U.S. GAAP) (g) $17,977 $16,857 $18,864 $19,248 $21,402 Less: Average preferred stock (h) (2,116) (2,116) (2,116) (2,116) (2,116) Average goodwill (4,915) (4,925) (4,926) (4,744) (4,514) Average intangible assets and other servicing rights (163) (176) (188) (158) (150) Average tangible common equity (i) $10,783 $9,640 $11,634 $12,230 $14,622 Less: Average accumulated other comprehensive income ("AOCI") 4,442 5,386 3,037 2,397 (129) Average tangible common equity, excluding AOCI (j) $15,225 $15,026 $14,671 $14,627 $14,493 Adjustments (pre-tax items) Valuation of Visa total return swap 31 38 17 18 11 Restructuring severance expense 12 — — — — Branch impairment charges — 6 — — — Net disposition charges/(gain) — — — 6 — Adjustments - after-tax 1 (k) $33 $34 $13 $19 $8 Adjustments (tax related items) Tax benefit associated with resolution of certain acquisition related tax matters — (15) — — — Adjustments (tax related items) (l) — (15) — — — Adjusted net income [(a) + (k)+ (l)] $591 $756 $666 $581 $502 Adjusted net income (annualized) (m) $2,397 $2,999 $2,642 $2,330 $2,036 Adjusted net income available to common shareholders [(c) + (k) + (l)] $568 $718 $644 $545 $482 Adjusted net income available to common shareholders (annualized) (n) $2,306 $2,849 $2,555 $2,186 $1,955 Adjusted tangible net income available to common shareholders [(d) + (k) + (l)] 577 $728 $654 $554 $491 Adjusted tangible net income available to common shareholders (annualized) (o) $2,340 $2,888 $2,595 $2,222 $1,991 Average assets (p) $205,084 $206,017 $206,688 $205,897 $209,150 Metrics: Return on assets (b) / (p) 1.10% 1.42% 1.25% 1.09% 0.96% Adjusted return on assets (m) / (p) 1.17% 1.46% 1.28% 1.13% 0.97% Return on average common equity (f) / [(g) + (h)] 13.7% 18.8% 14.9% 12.3% 10.0% Adjusted return on average common equity (n) / [(g) + (h)] 14.5% 19.3% 15.3% 12.8% 10.1% Return on average tangible common equity (e) / (i) 20.5% 29.2% 21.9% 17.5% 13.4% Adjusted return on average tangible common equity (o) / (i) 21.7% 30.0% 22.3% 18.2% 13.6% Adjusted return on average tangible common equity, excluding AOCI (o) / (j) 15.4% 19.2% 17.7% 15.2% 13.7% Non-GAAP reconciliation

© Fifth Third Bancorp | All Rights Reserved Non-GAAP reconciliation For end note descriptions, see end note summary starting on page 42; totals shown above may not foot due to rounding 41 Fifth Third Bancorp and Subsidiaries For Three Months Ended $ and shares in millions March December September June March (unaudited) 2023 2022 2022 2022 2022 Average interest-earning assets (a) $187,407 $187,640 $185,378 $184,406 $187,894 Net interest income (U.S. GAAP) (b) $1,517 $1,577 $1,498 $1,339 $1,195 Add: Taxable equivalent adjustment 5 5 4 3 3 Net interest income (FTE) (c) $1,522 $1,582 $1,502 $1,342 $1,198 Net interest income (FTE) (annualized) (d) $6,173 $6,276 $5,959 $5,383 $4,859 Noninterest income (U.S. GAAP) (e) $696 $735 $672 $676 $684 Valuation of Visa total return swap 31 38 17 18 11 Branch impairment charges — 6 — — — Net disposition charges/(gain) — — — 6 — Adjusted noninterest income (f) $727 $779 $689 $700 $695 Add: Securities (gains)/losses (4) (2) 38 32 14 Adjusted noninterest income, (excl. securities (gains)/losses) $723 $777 $727 $732 $709 Noninterest expense (U.S. GAAP) (g) $1,331 $1,218 $1,167 $1,112 $1,222 Restructuring severance expense (12) — — — — Adjusted noninterest expense (h) $1,319 $1,218 $1,167 $1,112 $1,222 Metrics: Revenue (FTE) (c) + (e) 2,218 2,317 2,174 2,018 1,882 Adjusted revenue (c) + (f) 2,249 2,361 2,191 2,042 1,893 Pre-provision net revenue [(c) + (e) - (g)] 887 1,099 1,007 906 660 Adjusted pre-provision net revenue [(c) + (f) - (h)] 930 1,143 1,024 930 671 Net interest margin (FTE) (d) / (a) 3.29% 3.35% 3.22% 2.92% 2.59% Efficiency ratio (FTE) (g) / [(c) + (e)] 60.0% 52.6% 53.7% 55.1% 64.9% Adjusted efficiency ratio (h) / [(c) + (f)] 58.6% 51.6% 53.3% 54.5% 64.6%

© Fifth Third Bancorp | All Rights Reserved Slide 3 end notes 1. Reported ROTCE, NIM, pre-provision net revenue, and efficiency ratio are non-GAAP measures: all adjusted figures are non-GAAP measures; see reconciliation on pages 40 and 41 of this presentation and the use of non-GAAP measures on pages 26-28 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 40 and 41 of this presentation and use of non-GAAP measures on pages 26-28 of the earnings release. Slide 5 end notes 1. Non-GAAP measure: see reconciliation on pages 40 and 41 of this presentation and use of non-GAAP measures on pages 26-28 of the earnings release. Slide 6 end notes 1. Non-GAAP measure: see reconciliation on pages 40 and 41 of this presentation and use of non-GAAP measures on pages 26-28 of the earnings release. Slide 7 end notes 1. Includes taxable and tax-exempt securities. Slide 9 end notes 1. Insured by FDIC product type Slide 10 end notes 1. Includes select large-cap banks. Slide 11 end notes 1. Data sourced from S&P Global Market Intelligence, industry data consists of U.S. Commercial Banks exceeding $100B in assets Slide 12 end notes 1. Excludes HFS loans. Slide 14 end notes 1. 1Q23 commercial and consumer portfolio make up $129M and $103M, respectively, of the total reserve for unfunded commitment. Slide 15 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 26-28 of the earnings release. 3. Analysis based on 3/31/2023 portfolio utilizing the implied forward curve as of 4/3/2023 Slide 16 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 26-28 of the earnings release. 42 Earnings presentation end notes

© Fifth Third Bancorp | All Rights Reserved Earnings presentation end notes Slide 17 & 18 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 26-28 of the earnings release. Slide 21 end notes Data is for fiscal year 2022, unless otherwise noted. 1. 9/23/2020 - 12/31/2022. The Environmental and Social Risk Management Framework (previously Environmental and Social Policy) can be found at ir.53.com/esg/environment 2. In terms of ethnicity or gender. 3. Preliminary 4. Data is through 9/30/2022 5. Refer to the 2021 ESG report for additional details on methodology. 6. For Scope 1, Scope 2 and business travel under Scope 3 emissions. Projected full year 2022 CO2e emissions are based on 2022 year-to-date data as well as historical company data from 2014-2021. Final CO2e emissions will be made available in 2023 following independent verification. 7. Since 2004 8. Sustainable Bond Report can be found at https://ir.53.com/esg/Sustainable-Bonds/. Slide 22 end notes 1. Peer Group comprises of Fifth Third's board approved peers. 2. From leading third party ESG data provider. Slide 24 end notes Note: Data as of 3/31/23. 1. Excludes HFS Loans & Leases. 2. Fifth Third had $12B of commercial variable loans classified as fixed given the impacts of $8BN in C&I receive-fix swaps and $4BN in CRE receive-fix swaps; Excludes forward starting swaps & floors; Excludes$3BN in out-of-the-money floors with a 2.25% 1ML strike currently on the balance sheet. 3. Excludes ~$0.05BN in Small Business Administration Paycheck Protection Program (PPP) loans. 4. Fifth Third had $5.95BN SOFR receive-fix swaps outstanding against long-term debt, which are being included in floating long-term debt. 5. Yield of the 1Q23 weighted average taxable and non-taxable (tax equivalent) available for sale portfolio. 6. Effective duration taxable and non-taxable available for sale portfolio. 7. As a percent of total commercial, excluding PPP loans. 8. As a percent of total consumer. 9. As a percent of par. 10. Includes 12M term, 6M term, and Fed Funds based loans. 11. Excludes equity securities. 12. Term points include LIBOR, SOFR, BSBY, AMERIBOR, Treasuries & FX curves. 13. Includes overnight term, 3M term, 6M term, 12M term and Fed Funds. Slide 26 end notes Note: Data as of 3/31/23; actual results may vary from these simulated results due to differences between forecasted and actual balance sheet composition, timing, magnitude, and frequency of interest rate changes, as well as other changes in market conditions and management strategies. 1. Re-pricing percentage or “beta” is the estimated change in yield after the 12-month ramp scenarios are fully realized and therefore reflects year-2. 2. Betas are asymmetrical as down betas assume floors 3. Excludes ~$0.05BN in Small Business Administration Paycheck Protection Program (PPP) loans. Slide 27 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

© Fifth Third Bancorp | All Rights Reserved Slide 29 end notes 1. Represents forward looking statement, please refer to page 2 of this presentation regarding forward-looking non-GAAP measures. 2. Projected dividends for Series J, Series H (converts to floating in 3Q23), and Series I (converts to floating in 1Q24) reflect 3m LIBOR plus applicable spread. Given the ongoing LIBOR transition, these will transition to SOFR-based calculations (pursuant to the Federal LIBOR legislation) on 6/30/2023. Slide 30 end notes Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 1. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. Slide 31 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. Total commercial portfolio line utilization. Slide 32 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. Slide 33 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. FICO distributions at origination exclude certain acquired mortgage & home equity loans, and ~$80 million of credit loans on book primarily ~15+ years. Slide 34 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. FICO distributions at origination exclude certain acquired mortgage loans. Slide 35 end notes 1. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. FICO distributions at origination exclude certain acquired home equity loans. Slide 36 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. Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. 2. Nonperforming portfolio loans and leases as a percent of portfolio loans and leases. 3. FICO distributions at origination exclude ~$80 million from credit loans on book primarily ~15+ years. 44 Earnings presentation end notes

© Fifth Third Bancorp | All Rights Reserved Slide 38 end notes 1. Loan balances exclude nonaccrual loans HFS. Slide 39 end notes 1. Average diluted common shares outstanding (thousands); 689,566; all adjusted figures are non-GAAP measures; see reconciliation on pages 40 and 41 of this presentation and the use of non-GAAP measures on pages 26-28 of the earnings release. 2. Assumes a 23% tax rate. Slide 40 end notes Note: See pages 26-28 of the earnings release for a discussion on the use of non-GAAP financial measures. 1. Assumes a 23% tax rate. Slide 41 end notes Note: See pages 26-28 of the earnings release for a discussion on the use of non-GAAP financial measures. 45 Earnings presentation end notes


						FIFTH THIRD BANCORP
						(Registrant)

Date: April 20, 2023						/s/ James C. Leonard

						James C. Leonard
						Executive Vice President and Chief Financial Officer