false0000035527Fifth Third BancorpDepositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock00000355272024-01-222024-01-220000035527us-gaap:CommonStockMember2024-01-222024-01-220000035527fitb:DepositarySharesRepresentingA11000thOwnershipInterestInAShareOf6.625FixedToFloatingRateNotCumulativePerpetualPreferredStockSeriesI2Member2024-01-222024-01-220000035527fitb:DepositarySharesRepresentingA140thOwnershipInterestInAShareOf6.00NotCumulativePerpetualClassBPreferredStockSeriesAMember2024-01-222024-01-220000035527fitb:DepositarySharesRepresentingA11000thOwnershipInterestInAShareOf4.95NotCumulativePerpetualPreferredStockSeriesKMember2024-01-222024-01-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 22, 2024

(Exact name of registrant as specified in its charter)

Ohio

001-33653

31-0854434

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

Fifth Third Center

38 Fountain Square Plaza

,

Cincinnati

,

Ohio

45263

(Address of Principal Executive Offices)

(Zip Code)

(800) 972-3030

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

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

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

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

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

    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Without Par Value

FITB

The

NASDAQ

Stock Market LLC

Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I

FITBI

The

NASDAQ

Stock Market LLC

Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A

FITBP

The

NASDAQ

Stock Market LLC

Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K

FITBO

The

NASDAQ

Stock Market LLC

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

Emerging growth company    ☐            

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

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Item 8.01    Other Events

Fifth Third Bancorp is filing the information in Exhibit 99.1 to this Current Report on Form 8-K to incorporate into its securities filing certain information from its January 19, 2024 earnings release for the fourth quarter of 2023.

Item 9.01    Financial Statements and Exhibits

Exhibit 99.1 – Certain financial information contained in press release dated January 19, 2024

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

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						FIFTH THIRD BANCORP
						(Registrant)
Date: January 22, 2024						/s/ Bryan D. Preston
						Bryan D. Preston
						Executive Vice President and Chief Financial Officer

Exhibit 99.1

			Key Financial Data
			$ in millions for all balance sheet and income statement items
						4Q23						3Q23						4Q22
			Income Statement Data
			Net income available to common shareholders			$492						$623						$699
			Net interest income (U.S. GAAP)			1,416						1,438						1,577
			Net interest income (FTE)(a)			1,423						1,445						1,582
			Noninterest income			744						715						735
			Noninterest expense			1,455						1,188						1,218
			Per Share Data
			Earnings per share, basic			$0.72						$0.91						$1.01
			Earnings per share, diluted			0.72						0.91						1.01
			Book value per share			25.04						21.19						22.26
			Tangible book value per share(a)			17.64						13.76						14.83
			Balance Sheet & Credit Quality
			Average portfolio loans and leases			$118,858						$121,630						$121,371
			Average deposits			169,447						165,644						161,061
			Accumulated other comprehensive loss			(4,487)						(6,839)						(5,110)
			Net charge-off ratio(b)			0.32			%			0.41			%			0.22			%
			Nonperforming asset ratio(c)			0.59						0.51						0.44
			Financial Ratios
			Return on average assets			0.98			%			1.26			%			1.42			%
			Return on average common equity			12.9						16.3						18.8
			Return on average tangible common equity(a)			19.8						24.7						29.2
			CET1 capital(d)(e)			10.29						9.80						9.28
			Net interest margin(a)			2.85						2.98						3.35
			Efficiency(a)			67.2						55.0						52.6
			Other than the Quarterly Financial Review tables, 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.

			Income Statement Highlights
			($ in millions, except per share data)			For the Three Months Ended																											% Change
						December									September									December
						2023									2023									2022									Seq						Yr/Yr
			Condensed Statements of Income
			Net interest income (NII)(a)			$1,423									$1,445									$1,582									(2)%						(10)%
			Provision for credit losses			55									119									180									(54)%						(69)%
			Noninterest income			744									715									735									4%						1%
			Noninterest expense			1,455									1,188									1,218									22%						19%
			Income before income taxes(a)			$657									$853									$919									(23)%						(29)%
			Taxable equivalent adjustment			$7									$7									$5									—						40%
			Applicable income tax expense			120									186									177									(35)%						(32)%
			Net income			$530									$660									$737									(20)%						(28)%
			Dividends on preferred stock			38									37									38									3%						—
			Net income available to common shareholders			$492									$623									$699									(21)%						(30)%
			Earnings per share, diluted			$0.72									$0.91									$1.01									(21)%						(29)%

Fifth Third Bancorp (NASDAQ®: FITB) today reported fourth quarter 2023 net income of $530 million compared to net income of $660 million in the prior quarter and $737 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $492 million, or $0.72 per diluted share, compared to $623 million, or $0.91 per diluted share, in the prior quarter and $699 million, or $1.01 per diluted share, in the year-ago quarter.

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						Diluted earnings per share impact of certain item(s) - 4Q23
						(after-tax impact; $ in millions, except per share data)
						FDIC special assessment (noninterest expense)(f)			$(172)
						Valuation of Visa total return swap (noninterest income)(f)			(17)
						Fifth Third Foundation contribution (noninterest expense)(f)			(12)
						Restructuring severance expense (noninterest expense)(f)			(4)
						Income tax benefit associated with resolution of certain acquisition related tax matters			17
						After-tax impact of certain item(s)			$(188)
						Diluted earnings per share impact of certain item(s)1			$(0.27)
						1Diluted earnings per share impact reflects 687.729 million average diluted shares outstanding

Reported full year 2023 net income was $2.3 billion compared to full year 2022 net income of $2.4 billion. Full year 2023 net income available to common shareholders was $2.2 billion, or $3.22 per diluted share, compared to 2022 full year net income available to common shareholders of $2.3 billion, or $3.35 per diluted share.

2

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			Net Interest Income
			(FTE; $ in millions)(a)			For the Three Months Ended																											% Change
						December									September									December
						2023									2023									2022									Seq						Yr/Yr
			Interest Income
			Interest income			$2,655									$2,536									$2,080									5%						28%
			Interest expense			1,232									1,091									498									13%						147%
			Net interest income (NII)			$1,423									$1,445									$1,582									(2)%						(10)%
			Average Yield/Rate Analysis																														bps Change
			Yield on interest-earning assets			5.31		%							5.23		%							4.40		%							8						91
			Rate paid on interest-bearing liabilities			3.34		%							3.10		%							1.56		%							24						178
			Ratios
			Net interest rate spread			1.97		%							2.13		%							2.84		%							(16)						(87)
			Net interest margin (NIM)			2.85		%							2.98		%							3.35		%							(13)						(50)

NII decreased $22 million, or 2%, compared to the prior quarter. During the quarter, the risk-weighted asset reduction initiative was completed, and strong core deposit growth continued. Balance sheet positioning and deposit performance continue to provide flexibility in managing through a range of uncertain economic and regulatory environments. The impacts of increasing deposit costs due to higher average market rates and continued competition were partially offset by improved loan yields and the funding benefits from the core deposit balance growth. Compared to the prior quarter, NIM decreased 13 bps, reflecting the impact of higher cash balances due to the combined impact of the decrease in average loans and the growth in core deposits. NIM will continue to be impacted by the decision to carry additional liquidity, with the combination of cash and due from banks and other short-term investments exceeding $25 billion at quarter-end.

Compared to the year-ago quarter, NII decreased $159 million, or 10%, reflecting the impact of the deposit mix shift from demand to interest-bearing accounts and continued deposit repricing dynamics, partially offset by higher loan yields. Compared to the year-ago quarter, NIM decreased 50 bps, reflecting the impact of higher market rates and their effects on deposit pricing and the decision to carry additional liquidity, partially offset by higher loan yields.

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			Noninterest Income
			($ in millions)			For the Three Months Ended																		% Change
						December						September						December
						2023						2023						2022						Seq						Yr/Yr
			Noninterest Income
			Service charges on deposits			$146						$149						$140						(2)%						4%
			Commercial banking revenue			163						154						158						6%						3%
			Mortgage banking net revenue			66						57						63						16%						5%
			Wealth and asset management revenue			147						145						139						1%						6%
			Card and processing revenue			106						104						103						2%						3%
			Leasing business revenue			46						58						58						(21)%						(21)%
			Other noninterest income			54						55						72						(2)%						(25)%
			Securities gains (losses), net			15						(7)						2						NM						650%
			Securities gains, net - non-qualifying hedges
			on mortgage servicing rights			1						—						—						NM						NM
			Total noninterest income			$744						$715						$735						4%						1%

Reported noninterest income increased $29 million, or 4%, from the prior quarter, and increased $9 million, or 1%, 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 that are primarily offset in compensation and benefits expense.

			Noninterest Income excluding certain items
			($ in millions)			For the Three Months Ended
						December									September									December									% Change
						2023									2023									2022									Seq						Yr/Yr
			Noninterest Income excluding certain items
			Noninterest income (U.S. GAAP)			$744									$715									$735
			Valuation of Visa total return swap			22									10									38
			Branch impairment charges			—									—									6
			Securities (gains) losses, net			(15)									7									(2)
			Noninterest income excluding certain items(a)			$751									$732									$777									3%						(3)%

Noninterest income excluding certain items increased $19 million, or 3%, from the prior quarter, and decreased $26 million, or 3%, from the year-ago quarter.

Compared to the prior quarter, service charges on deposits decreased $3 million, or 2%, primarily reflecting a decrease in consumer deposit fees due to the elimination of extended overdraft fees. Commercial banking revenue increased $9 million, or 6%, primarily reflecting higher institutional brokerage revenue, business lending fees, and corporate bond fees, partially offset by a decrease in loan syndication revenue. Mortgage banking net revenue increased $9 million, or 16%, primarily reflecting a decrease in MSR asset decay and an increase in MSR net valuation adjustments, which had a $2 million gain in the fourth quarter compared to a $2 million loss in the prior quarter. Wealth and asset management revenue increased $2 million, or 1%, primarily driven by higher brokerage fees, partially offset by lower personal asset management revenue. Card and processing revenue increased $2 million, or 2%, primarily driven by higher interchange revenue. Leasing business revenue decreased $12 million, or 21%, primarily reflecting lower lease remarketing revenue. Other noninterest income results were driven by the recognition of tax receivable agreement revenue of $22 million in the current quarter.

Compared to the year-ago quarter, service charges on deposits increased $6 million, or 4%, reflecting an increase in commercial treasury management fees, partially offset by a decrease in consumer deposit fees. Commercial banking

4

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revenue increased $5 million, or 3%, primarily driven by higher institutional brokerage revenue, corporate bond fees and business lending fees, partially offset by lower M&A advisory revenue and client financial risk management revenue. Mortgage banking net revenue increased $3 million, or 5%, primarily reflecting a decrease in MSR asset decay and an increase in origination fees and gains on loans sales. Wealth and asset management revenue increased $8 million, or 6%, driven by higher brokerage fees and personal asset management revenue. Card and processing revenue increased $3 million, or 3%, primarily reflecting higher interchange revenue. Leasing business revenue decreased $12 million, or 21%, primarily reflecting lower operating lease revenue and lease remarketing revenue. The decrease in other noninterest income was primarily attributable to lower tax receivable agreement revenue and private equity income.

			Noninterest Expense
			($ in millions)			For the Three Months Ended																											% Change
						December									September									December
						2023									2023									2022									Seq						Yr/Yr
			Noninterest Expense
			Compensation and benefits			$659									$629									$655									5%						1%
			Net occupancy expense			83									84									82									(1)%						1%
			Technology and communications			117									115									111									2%						5%
			Equipment expense			37									37									37									—						—
			Card and processing expense			21									21									21									—						—
			Leasing business expense			27									29									36									(7)%						(25)%
			Marketing expense			30									35									31									(14)%						(3)%
			Other noninterest expense			481									238									245									102%						96%
			Total noninterest expense			$1,455									$1,188									$1,218									22%						19%

Reported noninterest expense increased $267 million, or 22%, from the prior quarter, and increased $237 million, or 19%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.

			Noninterest Expense excluding certain item(s)
			($ in millions)			For the Three Months Ended																											% Change
						December									September									December
						2023									2023									2022									Seq						Yr/Yr
			Noninterest Expense excluding certain item(s)
			Noninterest expense (U.S. GAAP)			$1,455									$1,188									$1,218
			FDIC special assessment			(224)									—									—
			Fifth Third Foundation contribution			(15)									—									—
			Restructuring severance expense			(5)									—									—
			Noninterest expense excluding certain item(s)(a)			$1,211									$1,188									$1,218									2%						(1)%

Compared to the prior quarter, noninterest expense excluding certain items increased $23 million, or 2%, primarily driven by the impact of non-qualified deferred compensation mark-to-market, which was a $17 million expense in the fourth quarter compared to a $5 million benefit in the prior quarter, both of which were largely offset in net securities gains/losses through noninterest income.

Compared to the year-ago quarter, noninterest expense excluding certain items decreased $7 million, or 1%, primarily driven by lower leasing business expense and other noninterest expense, partially offset by higher technology and communications expense primarily related to continued modernization investments. The year-ago quarter included $6 million of noninterest expense related to the impact of non-qualified deferred compensation mark-to-market, which was largely offset in net securities gains/losses through noninterest income.

5

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			Average Interest-Earning Assets
			($ in millions)			For the Three Months Ended																											% Change
						December									September									December
						2023									2023									2022									Seq						Yr/Yr
			Average Portfolio Loans and Leases
			Commercial loans and leases:
			Commercial and industrial loans			$54,633									$57,001									$57,646									(4)%						(5)%
			Commercial mortgage loans			11,338									11,216									10,898									1%						4%
			Commercial construction loans			5,727									5,539									5,544									3%						3%
			Commercial leases			2,535									2,616									2,736									(3)%						(7)%
			Total commercial loans and leases			$74,233									$76,372									$76,824									(3)%						(3)%
			Consumer loans:
			Residential mortgage loans			$17,129									$17,400									$17,577									(2)%						(3)%
			Home equity			3,905									3,897									4,024									—						(3)%
			Indirect secured consumer loans			15,129									15,787									16,536									(4)%						(9)%
			Credit card			1,829									1,808									1,795									1%						2%
			Other consumer loans			6,633									6,366									4,615									4%						44%
			Total consumer loans			$44,625									$45,258									$44,547									(1)%						—
			Total average portfolio loans and leases			$118,858									$121,630									$121,371									(2)%						(2)%
			Average Loans and Leases Held for Sale
			Commercial loans and leases held for sale			$72									$17									$84									324%						(14)%
			Consumer loans held for sale			379									619									1,411									(39)%						(73)%
			Total average loans and leases held for sale			$451									$636									$1,495									(29)%						(70)%
			Total average loans and leases			$119,309									$122,266									$122,866									(2)%						(3)%
			Securities (taxable and tax-exempt)			$57,351									$56,994									$58,489									1%						(2)%
			Other short-term investments			21,506									12,956									6,285									66%						242%
			Total average interest-earning assets			$198,166									$192,216									$187,640									3%						6%

Compared to the prior quarter, total average portfolio loans and leases decreased 2%, reflecting the aforementioned reduction in risk-weighted assets initiative which impacted both commercial and consumer portfolios. Average commercial portfolio loans and leases decreased 3%, reflecting a decrease in commercial and industrial (C&I) loan balances. Average consumer portfolio loans decreased 1%, primarily reflecting decreases in indirect secured consumer loan balances and residential mortgage loan balances, partially offset by an increase in other consumer loan balances driven by Dividend Finance.

Compared to the year-ago quarter, total average portfolio loans and leases decreased 2%, reflecting a decrease in the commercial portfolio. Average commercial portfolio loans and leases decreased 3%, primarily reflecting a decrease in C&I loan balances, partially offset by an increase in commercial mortgage loan balances. Average consumer portfolio loans were flat, primarily reflecting an increase in other consumer loan balances driven by Dividend Finance, offset by a decrease in indirect secured consumer loan balances and residential mortgage loan balances.

Average loans and leases held for sale were $0.5 billion in the current quarter compared to $0.6 billion in the prior quarter and $1.5 billion in the year-ago quarter.

Average securities (taxable and tax-exempt; amortized cost) of $57 billion in the current quarter increased $0.4 billion, or 1%, compared to the prior quarter and decreased $1 billion, or 2%, compared to the year-ago quarter. Average other short-term investments (including interest-bearing cash) of $22 billion in the current quarter increased $9 billion, or 66%, compared to the prior quarter and increased $15 billion, or 242%, compared to the year-ago quarter.

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Total period-end commercial portfolio loans and leases of $73 billion decreased 3% compared to the prior quarter, primarily reflecting a decrease in C&I loan balances. Compared to the year-ago quarter, total period-end commercial portfolio loans and leases decreased 5%, primarily reflecting a decrease in C&I loan balances. Period-end commercial revolving line utilization was 35%, compared to 36% in the prior quarter and 37% in the year-ago quarter.

Total period-end consumer portfolio loans of $44 billion decreased 1% compared to the prior quarter, primarily reflecting decreases in indirect secured consumer loan balances and residential mortgage loan balances, partially offset by an increase in other consumer loan balances driven by Dividend Finance. Compared to the year-ago quarter, total period-end consumer portfolio loans decreased 1%, primarily driven by decreases in indirect secured consumer loan balances and residential mortgage loan balances, partially offset by an increase in other consumer loan balances driven by Dividend Finance.

Total period-end securities (taxable and tax-exempt; amortized cost) of $57 billion in the current quarter were stable compared to the prior quarter and decreased $1 billion, or 2%, compared to the year-ago quarter. Period-end other short-term investments of approximately $22 billion increased $3 billion, or 17%, compared to the prior quarter, and increased $14 billion, or 164%, compared to the year-ago quarter.

On January 3, 2024, Fifth Third transferred $12.6 billion (amortized cost) of securities, with an unrealized loss of $994 million, from available-for-sale to held-to-maturity. This transfer is in response to Fifth Third's decision to hold these securities to maturity in order to reduce potential capital volatility associated with investment security market price fluctuations.

Average Deposits
			($ in millions)			For the Three Months Ended																											% Change
						December									September									December
						2023									2023									2022									Seq						Yr/Yr
			Average Deposits
			Demand			$43,396									$44,228									$54,550									(2)%						(20)%
			Interest checking			57,114									53,109									47,801									8%						19%
			Savings			18,252									20,511									23,474									(11)%						(22)%
			Money market			34,292									32,072									28,713									7%						19%
			Foreign office(g)			178									168									209									6%						(15)%
			Total transaction deposits			$153,232									$150,088									$154,747									2%						(1)%
			CDs $250,000 or less			10,556									9,630									2,748									10%						284%
			Total core deposits			$163,788									$159,718									$157,495									3%						4%
			CDs over $250,000			5,659									5,926									3,566									(5)%						59%
			Total average deposits			$169,447									$165,644									$161,061									2%						5%
			CDs over $250,000 includes $4.8BN, $5.2BN, and $3.4BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 12/31/23, 9/30/23, and 12/31/22, respectively.

Compared to the prior quarter, total average deposits increased 2%, primarily due to seasonality. Average demand deposits represented 26% of total core deposits in the current quarter, compared to 28% in the prior quarter. Compared to the prior quarter, average consumer segment deposits increased 1%, average commercial segment deposits increased 5%, and average wealth & asset management segment deposits increased 1%. Period-end total deposits increased 1% compared to the prior quarter.

Compared to the year-ago quarter, total average deposits increased 5%, primarily reflecting an increase in interest checking and time deposit balances, partially offset by a decrease in demand account balances. Period-end total deposits increased 3% compared to the year-ago quarter.

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The period-end portfolio loan-to-core deposit ratio was 72% in the current quarter, compared to 74% in the prior quarter and 76% in the year-ago quarter. Estimated uninsured deposits were approximately $71 billion, or 42% of total deposits, as of quarter end.

Average Wholesale Funding
			($ in millions)			For the Three Months Ended																											% Change
						December									September									December
						2023									2023									2022									Seq						Yr/Yr
			Average Wholesale Funding
			CDs over $250,000			$5,659									$5,926									$3,566									(5)%						59%
			Federal funds purchased			191									181									264									6%						(28)%
			Securities sold under repurchase agreements			350									352									476									(1)%						(26)%
			FHLB advances			3,293									3,726									5,489									(12)%						(40)%
			Derivative collateral and other secured borrowings			34									48									225									(29)%						(85)%
			Long-term debt			16,588									14,056									13,425									18%						24%
			Total average wholesale funding			$26,115									$24,289									$23,445									8%						11%
			CDs over $250,000 includes $4.8BN, $5.2BN, and $3.4BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 12/31/23, 9/30/23, and 12/31/22, respectively.

Compared to the prior quarter, average wholesale funding increased 8%, primarily reflecting an increase in long-term debt (reflecting the full quarter impact of issuing long-term debt and automobile loan portfolio securitization in the prior quarter), partially offset by a decrease in FHLB advances. Compared to the year-ago quarter, average wholesale funding increased 11%, primarily reflecting an increase in long-term debt and CDs over $250,000, partially offset by a decrease in FHLB advances.

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Credit Quality Summary
($ in millions)			As of and For the Three Months Ended
			December									September									June									March									December
			2023									2023									2023									2023									2022
Total nonaccrual portfolio loans and leases (NPLs)			$649									$570									$629									$593									$515
Repossessed property			10									11									8									8									6
OREO			29									31									24									22									18
Total nonperforming portfolio loans and leases and OREO (NPAs)			$688									$612									$661									$623									$539
NPL ratio(h)			0.55		%							0.47		%							0.52		%							0.48		%							0.42		%
NPA ratio(c)			0.59		%							0.51		%							0.54		%							0.51		%							0.44		%
Portfolio loans and leases 30-89 days past due (accrual)			$359									$316									$339									$317									$364
Portfolio loans and leases 90 days past due (accrual)			36									29									51									46									40
30-89 days past due as a % of portfolio loans and leases			0.31		%							0.26		%							0.28		%							0.26		%							0.30		%
90 days past due as a % of portfolio loans and leases			0.03		%							0.02		%							0.04		%							0.04		%							0.03		%
Allowance for loan and lease losses (ALLL), beginning			$2,340									$2,327									$2,215									$2,194									$2,099
Impact of adoption of ASU 2022-02			—									—									—									(49)									—
Total net losses charged-off			(96)									(124)									(90)									(78)									(68)
Provision for loan and lease losses			78									137									202									148									163
ALLL, ending			$2,322									$2,340									$2,327									$2,215									$2,194
Reserve for unfunded commitments, beginning			$189									$207									$232									$216									$199
(Benefit from) provision for the reserve for unfunded commitments			(23)									(18)									(25)									16									17
Reserve for unfunded commitments, ending			$166									$189									$207									$232									$216
Total allowance for credit losses (ACL)			$2,488									$2,529									$2,534									$2,447									$2,410
ACL ratios:
As a % of portfolio loans and leases			2.12		%							2.11		%							2.08		%							1.99		%							1.98		%
As a % of nonperforming portfolio loans and leases			383		%							443		%							403		%							413		%							468		%
As a % of nonperforming portfolio assets			362		%							413		%							383		%							393		%							447		%
ALLL as a % of portfolio loans and leases			1.98		%							1.95		%							1.91		%							1.80		%							1.81		%
Total losses charged-off			$(133)									$(158)									$(121)									$(110)									$(103)
Total recoveries of losses previously charged-off			37									34									31									32									35
Total net losses charged-off			$(96)									$(124)									$(90)									$(78)									$(68)
Net charge-off ratio (NCO ratio)(b)			0.32		%							0.41		%							0.29		%							0.26		%							0.22		%
Commercial NCO ratio			0.13		%							0.34		%							0.16		%							0.17		%							0.13		%
Consumer NCO ratio			0.64		%							0.53		%							0.50		%							0.42		%							0.38		%

Nonperforming portfolio loans and leases were $649 million in the current quarter, with the resulting NPL ratio of 0.55%. Compared to the prior quarter, NPLs increased $79 million with the NPL ratio increasing 8 bps. Compared to the year-ago quarter, NPLs increased $134 million with the NPL ratio increasing 13 bps.

Nonperforming portfolio assets were $688 million in the current quarter, with the resulting NPA ratio of 0.59%. Compared to the prior quarter, NPAs increased $76 million with the NPA ratio increasing 8 bps. Compared to the year-ago quarter, NPAs increased $149 million with the NPA ratio increasing 15 bps.

The provision for credit losses totaled $55 million in the current quarter. The allowance for credit loss ratio represented 2.12% of total portfolio loans and leases at quarter end, compared with 2.11% for the prior quarter end and 1.98% for the

9

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year-ago quarter end. In the current quarter, the allowance for credit losses represented 383% of nonperforming portfolio loans and leases and 362% of nonperforming portfolio assets.

Net charge-offs were $96 million in the current quarter, resulting in an NCO ratio of 0.32%. Compared to the prior quarter, net charge-offs decreased $28 million and the NCO ratio decreased 9 bps. Commercial net charge-offs were $25 million, resulting in a commercial NCO ratio of 0.13%, which decreased 21 bps compared to the prior quarter. Consumer net charge-offs were $71 million, resulting in a consumer NCO ratio of 0.64%, which increased 11 bps compared to the prior quarter.

Compared to the year-ago quarter, net charge-offs increased $28 million and the NCO ratio increased 10 bps, reflecting a normalizing from near-historically low net charge-offs in the year-ago quarter. The commercial NCO ratio was flat compared to the prior year, and the consumer NCO ratio increased 26 bps compared to the prior year.

			Capital Position
												As of and For the Three Months Ended
												December									September									June									March						December
												2023									2023									2023									2023						2022
			Capital Position
			Average total Bancorp shareholders' equity as a % of average assets									8.04		%							8.30%									8.90%									8.77%						8.18		%
			Tangible equity(a)									8.65		%							8.46%									8.58%									8.39%						8.31		%
			Tangible common equity (excluding AOCI)(a)									7.67		%							7.49%									7.57%									7.38%						7.30		%
			Tangible common equity (including AOCI)(a)									5.73		%							4.51%									5.26%									5.49%						5.00		%
			Regulatory Capital Ratios(d)(e)
			CET1 capital									10.29		%							9.80%									9.49%									9.28%						9.28		%
			Tier 1 risk-based capital									11.59		%							11.06%									10.73%									10.53%						10.53		%
			Total risk-based capital									13.72		%							13.13%									12.83%									12.64%						12.79		%
			Leverage									8.73		%							8.85%									8.81%									8.67%						8.56		%

The CET1 capital ratio was 10.29%, the Tangible common equity to tangible assets ratio was 7.67% excluding AOCI, and 5.73% including AOCI. The Tier 1 risk-based capital ratio was 11.59%, the Total risk-based capital ratio was 13.72%, and the Leverage ratio was 8.73%. Fifth Third did not execute share repurchases in the fourth quarter of 2023.

10

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Tax Rate

The effective tax rate for the quarter was 18.4% compared with 22.0% in the prior quarter and 19.4% in the year-ago quarter. The tax rate in the fourth quarter reflects a favorable adjustment of $17 million associated with resolution of certain acquisition related tax matters.

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.

(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.

11

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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) deteriorating credit quality; (2) loan concentration by location or industry of borrowers or collateral; (3) problems encountered by other financial institutions; (4) inadequate sources of funding or liquidity; (5) unfavorable actions of rating agencies; (6) inability to maintain or grow deposits; (7) limitations on the ability to receive dividends from subsidiaries; (8) effects of the global COVID-19 pandemic; (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.

# # #

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Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions			For the Three Months Ended									% Change						Year to Date						% Change
(unaudited)			December			September			December									December			December
			2023			2023			2022			Seq			Yr/Yr			2023			2022			Yr/Yr
Interest Income
Interest and fees on loans and leases			$1,889			$1,899			$1,577			(1%)			20%			$7,334			$4,954			48%
Interest on securities			451			444			440			2%			3%			1,770			1,517			17%
Interest on other short-term investments			308			186			58			66%			431%			656			116			466%
Total interest income			2,648			2,529			2,075			5%			28%			9,760			6,587			48%
Interest Expense
Interest on deposits			952			844			300			13%			217%			2,929			447			555%
Interest on federal funds purchased			3			2			2			50%			50%			15			6			150%
Interest on other short-term borrowings			49			52			53			(6%)			(8%)			247			108			129%
Interest on long-term debt			228			193			143			18%			59%			742			417			78%
Total interest expense			1,232			1,091			498			13%			147%			3,933			978			302%
Net Interest Income			1,416			1,438			1,577			(2%)			(10%)			5,827			5,609			4%
Provision for credit losses			55			119			180			(54%)			(69%)			515			563			(9%)
Net Interest Income After Provision for Credit Losses			1,361			1,319			1,397			3%			(3%)			5,312			5,046			5%
Noninterest Income
Service charges on deposits			146			149			140			(2%)			4%			577			589			(2%)
Commercial banking revenue			163			154			158			6%			3%			624			565			10%
Mortgage banking net revenue			66			57			63			16%			5%			250			215			16%
Wealth and asset management revenue			147			145			139			1%			6%			581			570			2%
Card and processing revenue			106			104			103			2%			3%			416			409			2%
Leasing business revenue			46			58			58			(21%)			(21%)			208			237			(12%)
Other noninterest income			54			55			72			(2%)			(25%)			207			265			(22%)
Securities gains (losses), net			15			(7)			2			NM			650%			18			(82)			NM
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights			1			—			—			NM			NM			—			(2)			(100%)
Total noninterest income			744			715			735			4%			1%			2,881			2,766			4%
Noninterest Expense
Compensation and benefits			659			629			655			5%			1%			2,694			2,554			5%
Net occupancy expense			83			84			82			(1%)			1%			331			307			8%
Technology and communications			117			115			111			2%			5%			464			416			12%
Equipment expense			37			37			37			—			—			148			145			2%
Card and processing expense			21			21			21			—			—			84			80			5%
Leasing business expense			27			29			36			(7%)			(25%)			121			131			(8%)
Marketing expense			30			35			31			(14%)			(3%)			126			118			7%
Other noninterest expense			481			238			245			102%			96%			1,237			968			28%
Total noninterest expense			1,455			1,188			1,218			22%			19%			5,205			4,719			10%
Income Before Income Taxes			650			846			914			(23%)			(29%)			2,988			3,093			(3%)
Applicable income tax expense			120			186			177			(35%)			(32%)			639			647			(1%)
Net Income			530			660			737			(20%)			(28%)			2,349			2,446			(4%)
Dividends on preferred stock			38			37			38			3%			—			137			116			18%
Net Income Available to Common Shareholders			$492			$623			$699			(21%)			(30%)			$2,212			$2,330			(5%)

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Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions			For the Three Months Ended
(unaudited)			December			September			June			March			December
			2023			2023			2023			2023			2022
Interest Income
Interest and fees on loans and leases			$1,889			$1,899			$1,831			$1,714			$1,577
Interest on securities			451			444			437			439			440
Interest on other short-term investments			308			186			102			60			58
Total interest income			2,648			2,529			2,370			2,213			2,075
Interest Expense
Interest on deposits			952			844			655			478			300
Interest on federal funds purchased			3			2			5			5			2
Interest on other short-term borrowings			49			52			90			57			53
Interest on long-term debt			228			193			163			156			143
Total interest expense			1,232			1,091			913			696			498
Net Interest Income			1,416			1,438			1,457			1,517			1,577
Provision for credit losses			55			119			177			164			180
Net Interest Income After Provision for Credit Losses			1,361			1,319			1,280			1,353			1,397
Noninterest Income
Service charges on deposits			146			149			144			137			140
Commercial banking revenue			163			154			146			161			158
Mortgage banking net revenue			66			57			59			69			63
Wealth and asset management revenue			147			145			143			146			139
Card and processing revenue			106			104			106			100			103
Leasing business revenue			46			58			47			57			58
Other noninterest income			54			55			74			22			72
Securities gains (losses), net			15			(7)			7			4			2
Securities gains, net - non-qualifying hedges on mortgage servicing rights			1			—			—			—			—
Total noninterest income			744			715			726			696			735
Noninterest Expense
Compensation and benefits			659			629			650			757			655
Net occupancy expense			83			84			83			81			82
Technology and communications			117			115			114			118			111
Equipment expense			37			37			36			37			37
Card and processing expense			21			21			20			22			21
Leasing business expense			27			29			31			34			36
Marketing expense			30			35			31			29			31
Other noninterest expense			481			238			266			253			245
Total noninterest expense			1,455			1,188			1,231			1,331			1,218
Income Before Income Taxes			650			846			775			718			914
Applicable income tax expense			120			186			174			160			177
Net Income			530			660			601			558			737
Dividends on preferred stock			38			37			39			23			38
Net Income Available to Common Shareholders			$492			$623			$562			$535			$699

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Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data			As of									% Change
(unaudited)			December			September			December
			2023			2023			2022			Seq			Yr/Yr
Assets
Cash and due from banks			$3,142			$2,837			$3,466			11%			(9%)
Other short-term investments			22,082			18,923			8,351			17%			164%
Available-for-sale debt and other securities(a)			50,419			47,893			51,503			5%			(2%)
Held-to-maturity securities(b)			2			2			5			—			(60%)
Trading debt securities			899			1,222			414			(26%)			117%
Equity securities			613			250			317			145%			93%
Loans and leases held for sale			378			614			1,007			(38%)			(62%)
Portfolio loans and leases:
Commercial and industrial loans			53,270			55,790			57,232			(5%)			(7%)
Commercial mortgage loans			11,276			11,122			11,020			1%			2%
Commercial construction loans			5,621			5,582			5,433			1%			3%
Commercial leases			2,579			2,624			2,704			(2%)			(5%)
Total commercial loans and leases			72,746			75,118			76,389			(3%)			(5%)
Residential mortgage loans			17,026			17,293			17,628			(2%)			(3%)
Home equity			3,916			3,898			4,039			—			(3%)
Indirect secured consumer loans			14,965			15,434			16,552			(3%)			(10%)
Credit card			1,865			1,817			1,874			3%			—
Other consumer loans			6,716			6,528			4,998			3%			34%
Total consumer loans			44,488			44,970			45,091			(1%)			(1%)
Portfolio loans and leases			117,234			120,088			121,480			(2%)			(3%)
Allowance for loan and lease losses			(2,322)			(2,340)			(2,194)			(1%)			6%
Portfolio loans and leases, net			114,912			117,748			119,286			(2%)			(4%)
Bank premises and equipment			2,349			2,303			2,187			2%			7%
Operating lease equipment			459			480			627			(4%)			(27%)
Goodwill			4,919			4,919			4,915			—			—
Intangible assets			125			136			169			(8%)			(26%)
Servicing rights			1,737			1,822			1,746			(5%)			(1%)
Other assets			12,538			13,818			13,459			(9%)			(7%)
Total Assets			$214,574			$212,967			$207,452			1%			3%
Liabilities
Deposits:
Demand			$43,146			$43,844			$53,125			(2%)			(19%)
Interest checking			57,257			53,421			51,653			7%			11%
Savings			18,215			20,195			23,469			(10%)			(22%)
Money market			34,374			33,492			28,220			3%			22%
Foreign office			162			168			182			(4%)			(11%)
CDs $250,000 or less			10,552			10,306			3,809			2%			177%
CDs over $250,000			5,206			6,246			3,232			(17%)			61%
Total deposits			168,912			167,672			163,690			1%			3%
Federal funds purchased			193			205			180			(6%)			7%
Other short-term borrowings			2,861			4,594			4,838			(38%)			(41%)
Accrued taxes, interest and expenses			2,195			1,834			1,822			20%			20%
Other liabilities			4,861			5,808			5,881			(16%)			(17%)
Long-term debt			16,380			16,310			13,714			—			19%
Total Liabilities			195,402			196,423			190,125			(1%)			3%
Equity
Common stock(c)			2,051			2,051			2,051			—			—
Preferred stock			2,116			2,116			2,116			—			—
Capital surplus			3,757			3,733			3,684			1%			2%
Retained earnings			22,997			22,747			21,689			1%			6%
Accumulated other comprehensive loss			(4,487)			(6,839)			(5,110)			(34%)			(12%)
Treasury stock			(7,262)			(7,264)			(7,103)			—			2%
Total Equity			19,172			16,544			17,327			16%			11%
Total Liabilities and Equity			$214,574			$212,967			$207,452			1%			3%
(a) Amortized cost			$55,789			$55,557			$57,530			—			(3%)
(b) Market values			2			2			5			—			(60%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized			2,000,000			2,000,000			2,000,000			—			—
Outstanding, excluding treasury			681,125			680,990			683,386			—			—
Treasury			242,768			242,903			240,507			—			—

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Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data			As of
(unaudited)			December			September			June			March			December
			2023			2023			2023			2023			2022
Assets
Cash and due from banks			$3,142			$2,837			$2,594			$2,780			$3,466
Other short-term investments			22,082			18,923			10,943			9,794			8,351
Available-for-sale debt and other securities(a)			50,419			47,893			49,329			50,719			51,503
Held-to-maturity securities(b)			2			2			2			2			5
Trading debt securities			899			1,222			1,139			1,174			414
Equity securities			613			250			331			323			317
Loans and leases held for sale			378			614			760			749			1,007
Portfolio loans and leases:
Commercial and industrial loans			53,270			55,790			56,897			57,720			57,232
Commercial mortgage loans			11,276			11,122			11,310			11,228			11,020
Commercial construction loans			5,621			5,582			5,475			5,548			5,433
Commercial leases			2,579			2,624			2,670			2,743			2,704
Total commercial loans and leases			72,746			75,118			76,352			77,239			76,389
Residential mortgage loans			17,026			17,293			17,503			17,608			17,628
Home equity			3,916			3,898			3,911			3,958			4,039
Indirect secured consumer loans			14,965			15,434			16,097			16,484			16,552
Credit card			1,865			1,817			1,818			1,761			1,874
Other consumer loans			6,716			6,528			6,210			5,807			4,998
Total consumer loans			44,488			44,970			45,539			45,618			45,091
Portfolio loans and leases			117,234			120,088			121,891			122,857			121,480
Allowance for loan and lease losses			(2,322)			(2,340)			(2,327)			(2,215)			(2,194)
Portfolio loans and leases, net			114,912			117,748			119,564			120,642			119,286
Bank premises and equipment			2,349			2,303			2,275			2,219			2,187
Operating lease equipment			459			480			537			578			627
Goodwill			4,919			4,919			4,919			4,915			4,915
Intangible assets			125			136			146			157			169
Servicing rights			1,737			1,822			1,764			1,725			1,746
Other assets			12,538			13,818			12,973			12,880			13,459
Total Assets			$214,574			$212,967			$207,276			$208,657			$207,452
Liabilities
Deposits:
Demand			$43,146			$43,844			$45,264			$49,649			$53,125
Interest checking			57,257			53,421			52,743			49,924			51,653
Savings			18,215			20,195			21,342			22,563			23,469
Money market			34,374			33,492			30,012			28,482			28,220
Foreign office			162			168			182			134			182
CDs $250,000 or less			10,552			10,306			8,833			6,624			3,809
CDs over $250,000			5,206			6,246			5,752			5,599			3,232
Total deposits			168,912			167,672			164,128			162,975			163,690
Federal funds purchased			193			205			163			177			180
Other short-term borrowings			2,861			4,594			5,817			7,364			4,838
Accrued taxes, interest and expenses			2,195			1,834			1,765			1,577			1,822
Other liabilities			4,861			5,808			5,316			5,307			5,881
Long-term debt			16,380			16,310			12,278			12,893			13,714
Total Liabilities			195,402			196,423			189,467			190,293			190,125
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			3,757			3,733			3,708			3,682			3,684
Retained earnings			22,997			22,747			22,366			22,032			21,689
Accumulated other comprehensive loss			(4,487)			(6,839)			(5,166)			(4,245)			(5,110)
Treasury stock			(7,262)			(7,264)			(7,266)			(7,272)			(7,103)
Total Equity			19,172			16,544			17,809			18,364			17,327
Total Liabilities and Equity			$214,574			$212,967			$207,276			$208,657			$207,452
(a) Amortized cost			$55,789			$55,557			$55,399			$55,958			$57,530
(b) Market values			2			2			2			2			5
(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			681,125			680,990			680,850			680,537			683,386
Treasury			242,768			242,903			243,042			243,356			240,507

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Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
									For the Three Months Ended						Year to Date
									December			December			December			December
									2023			2022			2023			2022
Total Equity, Beginning									$16,544			$16,736			$17,327			$22,210
Impact of cumulative effect of change in accounting principle									—			—			37			—
Net income									530			737			2,349			2,446
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses):
						Available-for-sale debt securities			1,746			86			495			(5,480)
						Qualifying cash flow hedges			605			98			126			(851)
Change in accumulated other comprehensive income related to employee benefit plans									1			12			2			14
Comprehensive income (loss)									2,882			933			2,972			(3,871)
Cash dividends declared:
			Common stock						(242)			(229)			(941)			(877)
			Preferred stock						(38)			(38)			(137)			(116)
Impact of stock transactions under stock compensation plans, net									26			25			115			81
Shares acquired for treasury									—			(100)			(201)			(100)
Total Equity, Ending									$19,172			$17,327			$19,172			$17,327

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Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millions									As of
(unaudited)									December			September			June			March			December
									2023(a)			2023			2023			2023			2022
Regulatory Capital(b)
CET1 capital									$16,800			$16,510			$16,100			$15,727			$15,670
Additional tier 1 capital									2,116			2,116			2,116			2,116			2,116
Tier 1 capital									18,916			18,626			18,216			17,843			17,786
Tier 2 capital									3,484			3,485			3,565			3,588			3,820
Total regulatory capital									$22,400			$22,111			$21,781			$21,431			$21,606
Risk-weighted assets									$163,278			$168,433			$169,720			$169,510			$168,909
Ratios
Average total Bancorp shareholders' equity as a percent of average assets									8.04		%	8.30		%	8.90		%	8.77		%	8.18		%
Regulatory Capital Ratios(b)
Fifth Third Bancorp
			CET1 capital						10.29		%	9.80		%	9.49		%	9.28		%	9.28		%
			Tier 1 risk-based capital						11.59		%	11.06		%	10.73		%	10.53		%	10.53		%
			Total risk-based capital						13.72		%	13.13		%	12.83		%	12.64		%	12.79		%
			Leverage						8.73		%	8.85		%	8.81		%	8.67		%	8.56		%
Fifth Third Bank, National Association
			Tier 1 risk-based capital						12.42		%	11.96		%	11.25		%	11.63		%	11.31		%
			Total risk-based capital						13.85		%	13.38		%	12.67		%	13.05		%	12.81		%
			Leverage						9.37		%	9.59		%	9.26		%	9.62		%	9.23		%

(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.

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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.

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			Fifth Third Bancorp and Subsidiaries
			Non-GAAP Reconciliation
			$ and shares in millions						As of and For the Three Months Ended
			(unaudited)						December			September			June			March			December
									2023			2023			2023			2023			2022
			Net interest income						$1,416			$1,438			$1,457			$1,517			$1,577
			Add: Taxable equivalent adjustment						7			7			6			5			5
			Net interest income (FTE) (a)						1,423			1,445			1,463			1,522			1,582
			Net interest income (annualized) (b)						5,618			5,705			5,844			6,152			6,257
			Net interest income (FTE) (annualized) (c)						5,646			5,733			5,868			6,173			6,276
			Interest income						2,648			2,529			2,370			2,213			2,075
			Add: Taxable equivalent adjustment						7			7			6			5			5
			Interest income (FTE)						2,655			2,536			2,376			2,218			2,080
			Interest income (FTE) (annualized) (d)						10,533			10,061			9,530			8,995			8,252
			Interest expense (annualized) (e)						4,888			4,328			3,662			2,823			1,976
			Average interest-earning assets (f)						198,166			192,216			189,060			187,407			187,640
			Average interest-bearing liabilities (g)						146,507			139,779			134,590			129,280			126,390
			Net interest margin (b) / (f)						2.83		%	2.97		%	3.09		%	3.28		%	3.33		%
			Net interest margin (FTE) (c) / (f)						2.85		%	2.98		%	3.10		%	3.29		%	3.35		%
			Net interest rate spread (FTE) (d) / (f) - (e) / (g)						1.97		%	2.13		%	2.32		%	2.62		%	2.84		%
			Income before income taxes						$650			$846			$775			$718			$914
			Add: Taxable equivalent adjustment						7			7			6			5			5
			Income before income taxes (FTE)						657			853			781			723			919
			Net income available to common shareholders						492			623			562			535			699
			Add: Intangible amortization, net of tax						8			8			8			9			10
			Tangible net income available to common shareholders (h)						500			631			570			544			709
			Tangible net income available to common shareholders (annualized) (i)						1,984			2,503			2,286			2,206			2,813
			Average Bancorp shareholders’ equity						17,201			17,305			18,344			17,977			16,857
			Less:			Average preferred stock			(2,116)			(2,116)			(2,116)			(2,116)			(2,116)
						Average goodwill			(4,919)			(4,919)			(4,919)			(4,915)			(4,925)
						Average intangible assets			(130)			(141)			(152)			(163)			(176)
			Average tangible common equity, including AOCI (j)						10,036			10,129			11,157			10,783			9,640
			Less:			Average AOCI			6,244			5,835			4,480			4,442			5,386
			Average tangible common equity, excluding AOCI (k)						16,280			15,964			15,637			15,225			15,026
			Total Bancorp shareholders’ equity						19,172			16,544			17,809			18,364			17,327
			Less:			Preferred stock			(2,116)			(2,116)			(2,116)			(2,116)			(2,116)
						Goodwill			(4,919)			(4,919)			(4,919)			(4,915)			(4,915)
						Intangible assets			(125)			(136)			(146)			(157)			(169)
			Tangible common equity, including AOCI (l)						12,012			9,373			10,628			11,176			10,127
			Less:			AOCI			4,487			6,839			5,166			4,245			5,110
			Tangible common equity, excluding AOCI (m)						16,499			16,212			15,794			15,421			15,237
			Add:			Preferred stock			2,116			2,116			2,116			2,116			2,116
			Tangible equity (n)						18,615			18,328			17,910			17,537			17,353
			Total assets						214,574			212,967			207,276			208,657			207,452
			Less:			Goodwill			(4,919)			(4,919)			(4,919)			(4,915)			(4,915)
						Intangible assets			(125)			(136)			(146)			(157)			(169)
			Tangible assets, including AOCI (o)						209,530			207,912			202,211			203,585			202,368
			Less:			AOCI, before tax			5,680			8,657			6,539			5,373			6,468
			Tangible assets, excluding AOCI (p)						$215,210			$216,569			$208,750			$208,958			$208,836
			Common shares outstanding (q)						681			681			681			681			683
			Tangible equity (n) / (p)						8.65		%	8.46		%	8.58		%	8.39		%	8.31		%
			Tangible common equity (excluding AOCI) (m) / (p)						7.67		%	7.49		%	7.57		%	7.38		%	7.30		%
			Tangible common equity (including AOCI) (l) / (o)						5.73		%	4.51		%	5.26		%	5.49		%	5.00		%
			Tangible book value per share (including AOCI) (l) / (q)						$17.64			$13.76			$15.61			$16.41			$14.83
			Tangible book value per share (excluding AOCI) (m) / (q)						$24.23			$23.81			$23.19			$22.64			$22.31

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			Fifth Third Bancorp and Subsidiaries
			Non-GAAP Reconciliation
			$ in millions						For the Three Months Ended
			(unaudited)						December						September						December
									2023						2023						2022
			Net income (r)						$530						$660						$737
			Net income (annualized) (s)						2,103						2,618						2,924
			Adjustments (pre-tax items)
						FDIC special assessment			224						—						—
						Valuation of Visa total return swap			22						10						38
						Fifth Third Foundation contribution			15						—						—
						Restructuring severance expense			5						—						—
						Branch impairment charges			—						—						6
			Adjustments, after-tax (t)(a)						205						8						34
			Adjustments (tax related items)
						Tax benefit associated with resolution of certain acquisition related tax matters			(17)						—						(15)
			Adjustments (tax related items) (u)						(17)						—						(15)
			Noninterest income (v)						744						715						735
						Valuation of Visa total return swap			22						10						38
						Branch impairment charges			—						—						6
			Adjusted noninterest income (w)						766						725						779
			Noninterest expense (x)						1,455						1,188						1,218
						FDIC special assessment			(224)						—						—
						Fifth Third Foundation contribution			(15)						—						—
						Restructuring severance expense			(5)						—						—
			Adjusted noninterest expense (y)						1,211						1,188						1,218
			Adjusted net income (r) + (t) + (u)						718						668						756
			Adjusted net income (annualized) (z)						2,849						2,650						2,999
			Adjusted tangible net income available to common shareholders (h) + (t) + (u)						688						639						728
			Adjusted tangible net income available to common shareholders (annualized) (aa)						2,730						2,535						2,888
			Average assets (ab)						$214,057						$208,385						$206,017
			Return on average tangible common equity (i) / (j)						19.8		%				24.7		%				29.2		%
			Return on average tangible common equity excluding AOCI (i) / (k)						12.2		%				15.7		%				18.7		%
			Adjusted return on average tangible common equity, including AOCI (aa) / (j)						27.2		%				25.0		%				30.0		%
			Adjusted return on average tangible common equity, excluding AOCI (aa) / (k)						16.8		%				15.9		%				19.2		%
			Return on average assets (s) / (ab)						0.98		%				1.26		%				1.42		%
			Adjusted return on average assets (z) / (ab)						1.33		%				1.27		%				1.46		%
			Efficiency ratio (FTE) (x) / [(a) + (v)]						67.2		%				55.0		%				52.6		%
			Adjusted efficiency ratio (y) / [(a) + (w)]						55.3		%				54.7		%				51.6		%
			Total revenue (FTE) (a) + (v)						$2,167						$2,160						$2,317
			Adjusted total revenue (FTE) (a) + (w)						$2,189						$2,170						$2,361
			Pre-provision net revenue (PPNR) (a) + (v) - (x)						$712						$972						$1,099
			Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y)						$978						$982						$1,143
			Totals may not foot due to rounding; (a) Assumes a 23% tax rate

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