fitb-20210722

Fifth Third Announces Second Quarter 2021 Results

Reported diluted earnings per share of $0.94



Key Financial Data							Key Highlights

$ millions for all balance sheet and income statement items
	2Q21		1Q21		2Q20		Select Business Highlights: •Launched Fifth Third Momentum Banking across footprint - a fintech banking solution with Early Pay, Extra Time, smart savings, and other features with no monthly fee •Announced acquisition of Provide, a leading fintech company serving healthcare practices (expect to close early August 2021) •Generated consumer household growth of 4% vs. 2Q20 •Published second annual ESG report on June 30th Select Financial Highlights: (2Q21 versus 1Q21 where applicable) •ROTCE(a) of 16.6%; adjusted ROTCE(a) of 19.7% excl. AOCI •PPNR(a) increased 12%; adjusted PPNR(a) increased 15% •Historically low NCO ratio of 0.16% reflecting improvements in both commercial and consumer •Benefit to credit losses and resulting reserve coverage reflects improved macroeconomic environment and strong credit results; NPA ratio improved 11 bps •Repurchased shares totaling $347 million; capital plans support repurchase of shares totaling approximately $850 million in 2H21; continue to target 9.5% CET1 by June 2022

Income Statement Data
Net income available to common shareholders	$674		$674		$163
Net interest income (U.S. GAAP)	1,208		1,176		1,200
Net interest income (FTE)(a)	1,211		1,179		1,203
Noninterest income	741		749		650
Noninterest expense	1,153		1,215		1,121

Per Share Data
Earnings per share, basic	$0.95		$0.94		$0.23
Earnings per share, diluted	0.94		0.93		0.23
Book value per share	29.57		28.78		28.88
Tangible book value per share(a)	23.34		22.60		22.66

Balance Sheet & Credit Quality
Average portfolio loans and leases	$108,534		$108,956		$118,506
Average deposits	162,619		158,888		150,598
Net charge-off ratio(b)	0.16	%	0.27	%	0.44	%
Nonperforming asset ratio(c)	0.61		0.72		0.65

Financial Ratios
Return on average assets	1.38	%	1.38	%	0.40	%
Return on average common equity	13.0		13.1		3.2
Return on average tangible common equity(a)	16.6		16.8		4.3
CET1 capital(d)(e)	10.37		10.46		9.72
Net interest margin(a)	2.63		2.62		2.75
Efficiency(a)	59.1		63.0		60.5
Other than the Quarterly Financial Review tables beginning on page 14, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.

CEO Commentary

"We delivered outstanding financial results once again this quarter supported by strong business performance across our franchise and reflecting improved and diversified revenues. This was combined with well-managed expenses and yet another quarter of historically low net charge-offs reflecting our disciplined client selection, conservative underwriting, and improvement in the broader economy supported by government stimulus programs.

Commercial lending production trends and pipelines continue to indicate improved loan growth once supply and labor constraints normalize. To further accelerate profitable relationship growth over the long-term, we recently announced the acquisition of Provide, a leading fintech company serving healthcare practices.

Furthermore, we recently launched Fifth Third Momentum Banking, a consumer banking value proposition unparalleled in the industry, which combines the best of a traditional bank offering with several leading fintech features. We believe this will further accelerate our already-strong household growth and continue to provide a differentiated customer experience.

We remain focused on disciplined client selection, generating strong relationships and managing the balance sheet through varying cycles over a long-term performance horizon. We are well-positioned to benefit when interest rates rise and well-hedged if rates remain at low levels for several more years. As a result, we expect to generate and return a significant amount of excess capital to shareholders over the next year.”

-Greg D. Carmichael, Chairman and CEO

Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397 July 22, 2021


Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	June	March	June
	2021	2021	2020	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,211	$1,179	$1,203	3%	1%
(Benefit from) provision for credit losses	(115)	(173)	485	(34)%	NM
Noninterest income	741	749	650	(1)%	14%
Noninterest expense	1,153	1,215	1,121	(5)%	3%
Income before income taxes(a)	$914	$886	$247	3%	270%

Taxable equivalent adjustment	$3	$3	$3	—	—
Applicable income tax expense	202	189	49	7%	312%
Net income	$709	$694	$195	2%	264%
Dividends on preferred stock	35	20	32	75%	9%
Net income available to common shareholders	$674	$674	$163	—	313%
Earnings per share, diluted	$0.94	$0.93	$0.23	1%	309%

Fifth Third Bancorp (NASDAQ®: FITB) today reported second quarter 2021 net income of $709 million compared to net income of $694 million in the prior quarter and $195 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $674 million, or $0.94 per diluted share, compared to $674 million, or $0.93 per diluted share, in the prior quarter and $163 million, or $0.23 per diluted share, in the year-ago quarter.


Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	June		March		June
	2021		2021		2020		Seq	Yr/Yr
Interest Income
Interest income	$1,326		$1,305		$1,406		2%	(6)%
Interest expense	115		126		203		(9)%	(43)%
Net interest income (NII)	$1,211		$1,179		$1,203		3%	1%


Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	2.88	%	2.90	%	3.21	%	(2)	(33)
Rate paid on interest-bearing liabilities	0.40	%	0.44	%	0.66	%	(4)	(26)

Ratios
Net interest rate spread	2.48	%	2.46	%	2.55	%	2	(7)
Net interest margin (NIM)	2.63	%	2.62	%	2.75	%	1	(12)

Compared to the prior quarter, NII increased $32 million, or 3%. Results reflected the impact of purchases of GNMA loan buyouts associated with CARES Act forbearance plans from a third party ($3.7 billion purchased since December 2020, including $1.0 billion in April 2021), elevated investment portfolio prepayment penalties, higher day count, and the early redemption of long-term debt, partially offset by the impact of lower commercial loan balances and lower yields on loan balances. PPP-related interest income was $53 million, unchanged relative to the prior quarter. Compared to the prior quarter, NIM increased 1 bp reflecting elevated investment portfolio prepayment penalties, early redemption of long-term debt, and the impact of the aforementioned GNMA loan buyout purchases, partially offset by lower C&I loan balances and lower yields on loan balances. PPP and excess liquidity had a negative impact on NIM of approximately 49 bps in the second quarter of 2021, compared to 48 bps in the prior quarter. As a result, underlying NIM(f) expanded 2 bps sequentially.

Compared to the year-ago quarter, NII increased $8 million, or 1%, primarily reflecting lower deposit costs, the impact of the aforementioned GNMA loan buyout purchases, interest income from PPP loans, and a reduction in long-term debt, partially offset by lower C&I loan balances. Compared to the year-ago quarter, NIM decreased 12 bps, primarily reflecting the impact of excess liquidity, lower market rates, and lower commercial loan balances, partially offset by lower deposit costs.


Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	June	March	June
	2021	2021	2020	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$149	$144	$122	3%	22%
Commercial banking revenue	160	153	137	5%	17%
Mortgage banking net revenue	64	85	99	(25)%	(35)%
Wealth and asset management revenue	145	143	120	1%	21%
Card and processing revenue	102	94	82	9%	24%
Leasing business revenue	61	87	57	(30)%	7%
Other noninterest income	49	42	12	17%	308%
Securities gains, net	10	3	21	233%	(52)%
Securities gains (losses), net - non-qualifying hedges
on mortgage servicing rights	1	(2)	—	NM	NM
Total noninterest income	$741	$749	$650	(1)%	14%

Reported noninterest income decreased $8 million, or 1%, from the prior quarter, and increased $91 million, or 14%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including securities gains and losses, which included approximately $10 million attributable to mark-to-market impacts related to non-qualified deferred compensation assets in the current quarter.


Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	June	March	June
	2021	2021	2020
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$741	$749	$650
Valuation of Visa total return swap	37	13	29
Branch and non-branch real estate charges	—	—	12
Securities (gains), net	(10)	(3)	(21)
Noninterest income excluding certain items(a)	$768	$759	$670

Compared to the prior quarter, noninterest income excluding certain items increased $9 million, or 1%. Compared to the year-ago quarter, noninterest income excluding certain items increased $98 million, or 15%.

Compared to the prior quarter, service charges on deposits increased $5 million, or 3%, reflecting an increase in both commercial and consumer deposit fees. Commercial banking revenue increased $7 million, or 5%, primarily driven by increases in loan syndication revenue and financial risk management revenue, partially offset by lower corporate bond fees. Mortgage banking net revenue decreased $21 million, or 25%, reflecting an incremental $21 million unfavorable impact from MSR net valuation adjustments and an $8 million decrease in origination fees and gains on loan sales due to market pressures including margin compression. This was partially offset by an $8 million decrease in MSR asset decay reflecting slower prepayment speeds. Current quarter mortgage originations of $5.0 billion increased 7% compared to the prior quarter. Wealth and asset management revenue increased $2 million, or 1%, driven primarily by higher personal asset management revenue and brokerage fees, partially offset by seasonally strong tax preparation fees from the prior quarter. Card and processing revenue increased $8 million, or 9%, primarily driven by higher credit and debit interchange, partially offset by higher rewards. Leasing business revenue decreased $26 million, or 30%, primarily driven by strong lease syndication revenue from the prior quarter.

Compared to the year-ago quarter, service charges on deposits increased $27 million, or 22%, reflecting an increase in both commercial and consumer deposit fees. Commercial banking revenue increased $23 million, or 17%, primarily driven

by increases in loan syndication revenue and M&A advisory revenue, partially offset by lower corporate bond fees. Mortgage banking net revenue decreased $35 million, or 35%, primarily driven by an increase in MSR asset decay and a decrease in origination fees and gains on loan sales due to market pressures including margin compression. Wealth and asset management revenue increased $25 million, or 21%, primarily driven by higher personal asset management revenue and brokerage fees. Card and processing revenue increased by $20 million, or 24%, primarily driven by higher credit and debit interchange, partially offset by higher rewards. Leasing business revenue increased $4 million, or 7%, primarily reflecting increases in lease remarketing revenue and business solutions revenue.


Noninterest Expense
($ in millions)	For the Three Months Ended			% Change
	June	March	June
	2021	2021	2020	Seq	Yr/Yr
Noninterest Expense
Compensation and benefits	$638	$706	$627	(10)%	2%
Net occupancy expense	77	79	82	(3)%	(6)%
Technology and communications	94	93	90	1%	4%
Equipment expense	34	34	32	—	6%
Card and processing expense	20	30	29	(33)%	(31)%
Leasing business expense	33	35	33	(6)%	—
Marketing expense	20	23	20	(13)%	—
Other noninterest expense	237	215	208	10%	14%
Total noninterest expense	$1,153	$1,215	$1,121	(5)%	3%

Reported noninterest expense decreased $62 million, or 5%, from the prior quarter, and increased $32 million, or 3%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.


Noninterest Expense excluding certain items
($ in millions)	For the Three Months Ended
	June	March	June
	2021	2021	2020
Noninterest Expense excluding certain items
Noninterest expense (U.S. GAAP)	$1,153	$1,215	$1,121
Merger-related expenses	—	—	(9)
FHLB debt extinguishment charge	—	—	(6)
Noninterest expense excluding certain items(a)	$1,153	$1,215	$1,106

Compared to the prior quarter, noninterest expense decreased $62 million, or 5%, reflecting the prior quarter seasonal compensation and benefits expense impacts, lower card and processing expense due to contract renegotiations, and diligent expense management throughout the company. These expense decreases were partially offset by increased performance-based compensation expense reflecting strong business results, higher other noninterest expense including the expenses associated with the aforementioned GNMA loan buyout purchases, and the impact of non-qualified deferred compensation mark-to-market expense ($12 million in the current quarter compared to $7 million in the prior quarter). Full-time equivalent employees declined 2% compared to the prior quarter.

Compared to the year-ago quarter, noninterest expense excluding certain items increased $47 million, or 4%, primarily due to an increase in performance-based compensation expense reflecting strong business results and higher other noninterest expense including the expenses associated with the aforementioned GNMA loan buyout purchases, partially offset by lower card and processing expense and lower net occupancy expense. Full-time equivalent employees declined 5% compared to the year-ago quarter.


Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	June	March	June
	2021	2021	2020	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$48,773	$49,629	$59,040	(2)%	(17)%
Commercial mortgage loans	10,459	10,532	11,222	(1)%	(7)%
Commercial construction loans	6,043	6,039	5,548	—	9%
Commercial leases	3,174	3,114	3,056	2%	4%
Total commercial loans and leases	$68,449	$69,314	$78,866	(1)%	(13)%
Consumer loans:
Residential mortgage loans	$15,883	$15,803	$16,561	1%	(4)%
Home equity	4,674	5,009	5,820	(7)%	(20)%
Indirect secured consumer loans	14,702	13,955	12,124	5%	21%
Credit card	1,770	1,879	2,248	(6)%	(21)%
Other consumer loans	3,056	2,996	2,887	2%	6%
Total consumer loans	$40,085	$39,642	$39,640	1%	1%
Total average portfolio loans and leases	$108,534	$108,956	$118,506	—	(8)%

Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$52	$104	$68	(50)%	(24)%
Consumer loans held for sale	5,857	4,641	844	26%	594%
Total average loans and leases held for sale	$5,909	$4,745	$912	25%	548%

Securities (taxable and tax-exempt)	$36,917	$36,297	$36,973	2%	—
Other short-term investments	33,558	32,717	19,833	3%	69%
Total average interest-earning assets	$184,918	$182,715	$176,224	1%	5%

Compared to the prior quarter, total average portfolio loans and leases were flat, as an increase in consumer loans was offset by a decrease in commercial loan and lease balances. Average commercial portfolio loans and leases decreased 1%, reflecting lower C&I term loan balances (nearly half of the sequential decline was due to PPP forgiveness), as well as lower commercial mortgage loans. Average consumer portfolio loans increased 1%, as higher indirect secured consumer loans were partially offset by lower home equity and credit card balances.

Compared to the year-ago quarter, total average portfolio loans and leases decreased 8% reflecting lower C&I revolving line of credit utilization and term loan balances, as well as declines in home equity and commercial mortgage loans, partially offset by increases in indirect secured consumer loans and commercial construction loans. Average commercial portfolio loans and leases decreased 13% due to declines in C&I revolving line of credit utilization and term loan balances and lower commercial mortgage loans, partially offset by growth in commercial construction loans. Average consumer portfolio loans increased 1%, as higher indirect secured consumer loans were partially offset by lower home equity, residential mortgage, and credit card balances.

Average loans and leases held for sale of $6 billion in the current quarter increased $1 billion compared to the prior quarter and increased $5 billion compared to the year-ago quarter, impacted by the aforementioned GNMA loan buyout purchases within consumer loans held for sale ($3.7 billion purchased since December 2020, including $1.0 billion in April 2021).

Average other short-term investments (including interest-bearing cash) of $34 billion in the current quarter increased $1 billion compared to the prior quarter and increased $14 billion compared to the year-ago quarter. The increase relative to the year-ago quarter reflected average core deposit growth of 10% compared to average total loan decline of 4%.

Total period-end commercial portfolio loans and leases of $67 billion decreased 3% from the prior quarter driven by lower C&I term loan balances almost entirely due to PPP forgiveness, as well as declines in commercial construction and commercial mortgage loan balances. Compared to the year-ago quarter, total period-end commercial portfolio loans decreased $8 billion, or 11%, reflecting lower C&I revolving line of credit utilization and term loan balances partially due to PPP forgiveness, as well as lower commercial mortgage loans, partially offset by growth in commercial construction loans. Period-end commercial revolving line utilization was flat compared to the prior quarter at 31%, compared to 38% in the year-ago quarter. Period-end consumer portfolio loans of $41 billion increased 2% compared to the prior quarter, as continued growth in indirect secured consumer loans and residential mortgage loans were partially offset by a decline in home equity balances. Compared to the year-ago quarter, total period-end consumer portfolio loans increased $1 billion, or 3%, reflecting higher indirect secured consumer loan balances, partially offset by lower home equity balances.


Average Deposits
	($ in millions)	For the Three Months Ended			% Change
		June	March	June
		2021	2021	2020	Seq	Yr/Yr
	Average Deposits
	Demand	$61,994	$58,586	$45,761	6%	35%
	Interest checking	45,307	45,568	49,760	(1)%	(9)%
	Savings	20,494	18,951	16,354	8%	25%
	Money market	30,844	30,601	30,022	1%	3%
	Foreign office(g)	140	128	182	9%	(23)%
	Total transaction deposits	$158,779	$153,834	$142,079	3%	12%
	Other time	2,696	3,045	4,421	(11)%	(39)%
	Total core deposits	$161,475	$156,879	$146,500	3%	10%
	Certificates - $100,000 and over	1,144	2,009	4,067	(43)%	(72)%
	Other deposits	—	—	31	NM	(100)%
	Total average deposits	$162,619	$158,888	$150,598	2%	8%

Compared to the prior quarter, average core deposits increased 3%, as increases in consumer and commercial deposit balances across most product types benefited from continued fiscal and monetary stimulus and were partially offset by a decrease in other time balances. Average demand deposits represented 38% of total core deposits in the current quarter compared to 37% in the prior quarter. Average commercial transaction deposits increased 1% and average consumer transaction deposits increased 5%.

Compared to the year-ago quarter, average core deposits increased 10%, driven by the impacts of fiscal and monetary stimulus combined with success generating consumer household growth. Average commercial transaction deposits increased 7% and average consumer transaction deposits increased 17%.

The period end portfolio loan-to-core deposit ratio was 67% in the current quarter, compared to 68% in the prior quarter and 75% in the year-ago quarter. Excluding the impact of PPP loans, the period end portfolio loan-to-core deposit ratio was 64% in the current quarter, compared to 64% in the prior quarter and 72% in the year-ago quarter.


Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		June	March	June
		2021	2021	2020	Seq	Yr/Yr
	Average Wholesale Funding
	Certificates - $100,000 and over	$1,144	$2,009	$4,067	(43)%	(72)%
	Other deposits	—	—	31	NM	(100)%
	Federal funds purchased	346	324	309	7%	12%
	Other short-term borrowings	1,097	1,209	2,377	(9)%	(54)%
	Long-term debt	13,883	14,849	16,955	(7)%	(18)%
	Total average wholesale funding	$16,470	$18,391	$23,739	(10)%	(31)%

Compared to the prior quarter, average wholesale funding decreased 10%, driven by the retirement of approximately $2.3 billion in long-term debt in the current quarter, as well as continued runoff in jumbo CD balances. Compared to the year-ago quarter, average wholesale funding decreased 31%, reflecting decreases in long-term debt, jumbo CD balances, and other short-term borrowings.


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

Total nonaccrual portfolio loans and leases (NPLs)	$621		$741		$834		$891		$700
Repossessed property	5		7		9		7		4
OREO	31		35		21		33		43
Total nonperforming portfolio loans and leases and OREO (NPAs)	$657		$783		$864		$931		$747

NPL ratio(h)	0.58	%	0.68	%	0.77	%	0.80	%	0.61	%
NPA ratio(c)	0.61	%	0.72	%	0.79	%	0.84	%	0.65	%

Total loans and leases 30-89 days past due (accrual)	$281		$305		$357		$323		$381
Total loans and leases 90 days past due (accrual)	83		124		163		139		136

Allowance for loan and lease losses (ALLL), beginning	$2,208		$2,453		$2,574		$2,696		$2,348
Total net losses charged-off	(44)		(71)		(118)		(101)		(130)
(Benefit from) provision for loan and lease losses	(131)		(174)		(3)		(21)		478
ALLL, ending	$2,033		$2,208		$2,453		$2,574		$2,696

Reserve for unfunded commitments, beginning	$173		$172		$182		$176		$169
Provision for (benefit from) the reserve for unfunded commitments	16		1		(10)		6		7
Reserve for unfunded commitments, ending	$189		$173		$172		$182		$176

Total allowance for credit losses (ACL)	$2,222		$2,381		$2,625		$2,756		$2,872

ACL ratios:
As a % of portfolio loans and leases	2.06	%	2.19	%	2.41	%	2.49	%	2.50	%
As a % of nonperforming portfolio loans and leases	358	%	321	%	315	%	309	%	410	%
As a % of nonperforming portfolio assets	338	%	304	%	304	%	296	%	385	%

ALLL as a % of portfolio loans and leases	1.89	%	2.03	%	2.25	%	2.32	%	2.34	%

Total losses charged-off	$(103)		$(109)		$(154)		$(135)		$(163)
Total recoveries of losses previously charged-off	59		38		36		34		33
Total net losses charged-off	$(44)		$(71)		$(118)		$(101)		$(130)

Net charge-off ratio (NCO ratio)(b)	0.16	%	0.27	%	0.43	%	0.35	%	0.44	%
Commercial NCO ratio	0.10	%	0.17	%	0.40	%	0.33	%	0.40	%
Consumer NCO ratio	0.26	%	0.43	%	0.47	%	0.40	%	0.52	%

Nonperforming portfolio loans and leases were $621 million in the current quarter, with the resulting NPL ratio of 0.58%. Compared to the prior quarter, NPLs decreased $120 million with the NPL ratio decreasing 10 bps. Compared to the year-ago quarter, NPLs decreased $79 million with the NPL ratio decreasing 3 bps.

Nonperforming portfolio assets were $657 million in the current quarter, with the resulting NPA ratio of 0.61%. Compared to the prior quarter, NPAs decreased $126 million with the NPA ratio decreasing 11 bps. Compared to the year-ago quarter, NPAs decreased $90 million with the NPA ratio decreasing 4 bps.

The benefit from credit losses totaled $115 million in the current quarter. The allowance for credit loss ratio represented 2.06% of total portfolio loans and leases in the current quarter, compared with 2.19% in the prior quarter and 2.50% in the year-ago quarter. In the current quarter, the allowance for credit losses represented 358% of nonperforming portfolio loans

and leases and 338% of nonperforming portfolio assets. The allowance for loan and lease losses ratio represented 1.89% of total portfolio loans and leases in the current quarter.

Net charge-offs were $44 million in the current quarter, with the resulting NCO ratio of 0.16%. Compared to the prior quarter, net charge-offs decreased $27 million and the NCO ratio decreased 11 bps, reflecting improvement in both commercial and consumer portfolios. Compared to the year-ago quarter, net charge-offs decreased $86 million and the NCO ratio decreased 28 bps.


Capital Position
	As of and For the Three Months Ended
	June		March		December	September	June
	2021		2021		2020	2020	2020
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	11.11	%	11.26	%	11.34%	11.33%	11.30	%
Tangible equity(a)	8.35	%	8.20	%	8.18%	8.09%	7.68	%
Tangible common equity (excluding AOCI)(a)	7.28	%	7.14	%	7.11%	6.99%	6.77	%
Tangible common equity (including AOCI)(a)	8.18	%	7.95	%	8.29%	8.31%	8.13	%

Regulatory Capital Ratios(d)(e)
CET1 capital	10.37	%	10.46	%	10.34%	10.14%	9.72	%
Tier I risk-based capital	11.83	%	11.94	%	11.83%	11.64%	10.96	%
Total risk-based capital	14.60	%	14.80	%	15.08%	14.93%	14.24	%
Tier I leverage	8.55	%	8.61	%	8.49%	8.37%	8.16	%

Capital ratios remained strong this quarter. The CET1 capital ratio was 10.37%, the tangible common equity to tangible assets ratio was 7.28% excluding AOCI, and 8.18% including AOCI. The Tier I risk-based capital ratio was 11.83%, the Total risk-based capital ratio was 14.60%, and the Tier I leverage ratio was 8.55%. Certain capital ratios, including the Tier I leverage ratio, continued to be impacted by the increase in assets since the onset of the pandemic, predominantly from 0% risk-weighted assets resulting from interest-bearing cash as well as PPP loans.

During the second quarter of 2021, Fifth Third repurchased approximately $347 million of its outstanding stock, which reduced common shares by approximately 8.6 million at quarter end.

On June 24, 2021, the Federal Reserve Board (FRB) notified Fifth Third that its required stress capital buffer (SCB) beginning July 1, 2021 will be 2.5%, which is the floor under the regulatory capital rules. Without the floor, Fifth Third's buffer would have been approximately 2.1%.

Fifth Third's capital position and earnings capacity support an increase in the quarterly common dividend starting in the third quarter of 2021, subject to economic conditions and approval by the Fifth Third Board of Directors.

Tax Rate

The effective tax rate was 22.1% compared with 21.4% in the prior quarter and 19.9% in the year-ago quarter.

Conference Call

Fifth Third will host a conference call to discuss these financial results at 9:00 a.m. (Eastern Time) today. This conference call will be webcast live and may be accessed through the Fifth Third Investor Relations website at www.53.com (click on “About Us” then “Investor Relations”). Those unable to listen to the live webcast may access a webcast replay through the Fifth Third Investor Relations website at the same web address, which will be available for 30 days.

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2021, the Company had $205 billion in assets and operates 1,096 full-service Banking Centers, and 2,369 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2021, had $483 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

Earnings Release End Notes

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

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

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

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

(e)Current period regulatory capital ratios are estimated.

(f)Second quarter 2021 underlying NIM calculated by reducing average interest-earning assets approximately $31.1 billion resulting from excess cash compared to normalized levels (average other short term investments less a $2.5 billion normalized level) and approximately $4.8 billion from average PPP balances (with a corresponding reduction to net interest income of approximately $53 million), resulting in an underlying NIM of approximately 3.12%; First quarter 2021 underlying NIM calculated by reducing average interest-earning assets approximately $30.2 billion resulting from excess cash compared to normalized levels (average other short term investments less a $2.5 billion normalized level) and approximately $5.2 billion from average PPP balances (with a corresponding reduction to net interest income of approximately $53 million), resulting in an underlying NIM of approximately 3.10%.

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

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

FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance, 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”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document.

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

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.

# # #

Quarterly Financial Review for June 30, 2021

Table of Contents




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


Fifth Third Bancorp and Subsidiaries
Financial Highlights								% / bps								% / bps
$ in millions, except per share data		For the Three Months Ended						Change				Year to Date				Change
(unaudited)		June		March		June						June		June
		2021		2021		2020		Seq		Yr/Yr		2021		2020		Yr/Yr
Income Statement Data
Net interest income		$1,208		$1,176		$1,200		3%		1%		$2,385		$2,429		(2%)
Net interest income (FTE)(a)		1,211		1,179		1,203		3%		1%		2,391		2,436		(2%)
Noninterest income		741		749		650		(1%)		14%		1,490		1,321		13%
	Total revenue (FTE)(a)	1,952		1,928		1,853		1%		5%		3,881		3,757		3%
(Benefit from) provision for credit losses		(115)		(173)		485		(34%)		NM		(288)		1,125		NM
Noninterest expense		1,153		1,215		1,121		(5%)		3%		2,369		2,321		2%
Net income		709		694		195		2%		264%		1,403		243		477%
Net income available to common shareholders		674		674		163		—		313%		1,348		193		598%

Earnings Per Share Data
Net income allocated to common shareholders		$673		$672		$162		—		315%		$1,344		$191		604%
Average common shares outstanding (in thousands):
	Basic	708,833		714,433		714,767		(1%)		(1%)		711,617		714,161		—
	Diluted	718,085		723,425		717,572		(1%)		—		720,740		718,967		—
Earnings per share, basic		$0.95		$0.94		$0.23		1%		313%		$1.89		$0.27		600%
Earnings per share, diluted		0.94		0.93		0.23		1%		309%		1.87		0.27		593%

Common Share Data
Cash dividends per common share		$0.27		$0.27		$0.27		—		—		$0.54		$0.54		—
Book value per share		29.57		28.78		28.88		3%		2%		29.57		28.88		2%
Market value per share		38.23		37.45		19.28		2%		98%		38.23		19.28		98%
Common shares outstanding (in thousands)		703,740		711,596		712,202		(1%)		(1%)		703,740		712,202		(1%)
Market capitalization		$26,904		$26,649		$13,731		1%		96%		$26,904		$13,731		96%

Financial Ratios
Return on average assets		1.38	%	1.38	%	0.40	%	—		98		1.38	%	0.26	%	112
Return on average common equity		13.0	%	13.1	%	3.2	%	(10)		980		13.1	%	1.9	%	NM
Return on average tangible common equity(a)		16.6	%	16.8	%	4.3	%	(20)		NM		16.7	%	2.7	%	NM
Noninterest income as a percent of total revenue(a)		38	%	39	%	35	%	(100)		300		38	%	35	%	300
Dividend payout		28.4	%	28.7	%	117.4	%	(30)		NM		28.6	%	200.0	%	NM
Average total Bancorp shareholders' equity as a percent of average assets		11.11	%	11.26	%	11.30	%	(15)		(19)		11.18	%	11.92	%	(74)
Tangible common equity(a)		7.28	%	7.14	%	6.77	%	14		51		7.28	%	6.76	%	52
Net interest margin (FTE)(a)		2.63	%	2.62	%	2.75	%	1		(12)		2.62	%	2.99	%	(37)
Efficiency (FTE)(a)		59.1	%	63.0	%	60.5	%	(390)		(140)		61.0	%	61.8	%	(80)
Effective tax rate		22.1	%	21.4	%	19.9	%	70		220		21.8	%	20.4	%	140

Credit Quality
Net losses charged-off		$44		$71		$130		(38	%)	(66	%)	$115		$252		(54	%)
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.16	%	0.27	%	0.44	%	(11)		(28)		0.21	%	0.44	%	(23)
ALLL as a percent of portfolio loans and leases		1.89	%	2.03	%	2.34	%	(14)		(45)		1.89	%	2.34	%	(45)
ACL as a percent of portfolio loans and leases(g)		2.06	%	2.19	%	2.50	%	(13)		(44)		2.06	%	2.50	%	(44)
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.61	%	0.72	%	0.65	%	(11)		(4)		0.61	%	0.65	%	(4)

Average Balances
Loans and leases, including held for sale		$114,443		$113,701		$119,418		1%		(4%)		$114,074		$115,799		(1%)
Securities and other short-term investments		70,475		69,014		56,806		2%		24%		69,749		47,920		46%
Assets		206,353		203,836		198,387		1%		4%		205,102		185,129		11%
Transaction deposits(b)		158,779		153,834		142,079		3%		12%		156,321		130,087		20%
Core deposits(c)		161,475		156,879		146,500		3%		10%		159,191		134,838		18%
Wholesale funding(d)		16,470		18,391		23,739		(10%)		(31%)		17,424		22,786		(24%)
Bancorp shareholders' equity		22,927		22,952		22,420		—		2%		22,939		22,066		4%

Regulatory Capital Ratios(e)(f)
CET1 capital		10.37	%	10.46	%	9.72	%	(9)		65		10.37	%	9.72	%	65
Tier I risk-based capital		11.83	%	11.94	%	10.96	%	(11)		87		11.83	%	10.96	%	87
Total risk-based capital		14.60	%	14.80	%	14.24	%	(20)		36		14.60	%	14.24	%	36
Tier I leverage		8.55	%	8.61	%	8.16	%	(6)		39		8.55	%	8.16	%	39

Operations
Banking centers		1,096		1,098		1,122		—		(2%)		1,096		1,122		(2%)
ATMs		2,369		2,383		2,456		(1%)		(4%)		2,369		2,456		(4%)
Full-time equivalent employees		19,402		19,819		20,340		(2%)		(5%)		19,402		20,340		(5%)

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

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

(c)Includes transaction deposits plus other time deposits.

(d)Includes certificates $100,000 and over, other deposits, federal funds purchased, other short-term borrowings and long-term debt.

(e)Current period regulatory capital ratios are estimates.

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

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


Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data		For the Three Months Ended
(unaudited)		June		March		December		September		June
		2021		2021		2020		2020		2020
Income Statement Data
Net interest income		$1,208		$1,176		$1,182		$1,170		$1,200
Net interest income (FTE)(a)		1,211		1,179		1,185		1,173		1,203
Noninterest income		741		749		787		722		650
	Total revenue (FTE)(a)	1,952		1,928		1,972		1,895		1,853
(Benefit from) provision for credit losses		(115)		(173)		(13)		(15)		485
Noninterest expense		1,153		1,215		1,236		1,161		1,121
Net income		709		694		604		581		195
Net income available to common shareholders		674		674		569		562		163

Earnings Per Share Data
Net income allocated to common shareholders		$673		$672		$567		$560		$162
Average common shares outstanding (in thousands):
	Basic	708,833		714,433		715,482		715,102		714,767
	Diluted	718,085		723,425		722,096		718,894		717,572
Earnings per share, basic		$0.95		$0.94		$0.79		$0.78		$0.23
Earnings per share, diluted		0.94		0.93		0.78		0.78		0.23

Common Share Data
Cash dividends per common share		$0.27		$0.27		$0.27		$0.27		$0.27
Book value per share		29.57		28.78		29.46		29.25		28.88
Market value per share		38.23		37.45		27.57		21.32		19.28
Common shares outstanding (in thousands)		703,740		711,596		712,760		712,328		712,202
Market capitalization		$26,904		$26,649		$19,651		$15,187		$13,731

Financial Ratios
Return on average assets		1.38	%	1.38	%	1.18	%	1.14	%	0.40	%
Return on average common equity		13.0	%	13.1	%	10.8	%	10.7	%	3.2	%
Return on average tangible common equity(a)		16.6	%	16.8	%	13.9	%	13.8	%	4.3	%
Noninterest income as a percent of total revenue(a)		38	%	39	%	40	%	38	%	35	%
Dividend payout		28.4	%	28.7	%	34.2	%	34.6	%	117.4	%
Average total Bancorp shareholders' equity as a percent of average assets		11.11	%	11.26	%	11.34	%	11.33	%	11.30	%
Tangible common equity(a)		7.28	%	7.14	%	7.11	%	6.99	%	6.77	%
Net interest margin (FTE)(a)		2.63	%	2.62	%	2.58	%	2.58	%	2.75	%
Efficiency (FTE)(a)		59.1	%	63.0	%	62.7	%	61.3	%	60.5	%
Effective tax rate		22.1	%	21.4	%	19.1	%	22.1	%	19.9	%

Credit Quality
Net losses charged-off		$44		$71		$118		$101		$130
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.16	%	0.27	%	0.43	%	0.35	%	0.44	%
ALLL as a percent of portfolio loans and leases		1.89	%	2.03	%	2.25	%	2.32	%	2.34	%
ACL as a percent of portfolio loans and leases(g)		2.06	%	2.19	%	2.41	%	2.49	%	2.50	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.61	%	0.72	%	0.79	%	0.84	%	0.65	%

Average Balances
Loans and leases, including held for sale		$114,443		$113,701		$111,464		$114,613		$119,418
Securities and other short-term investments		70,475		69,014		70,954		66,091		56,806
Assets		206,353		203,836		203,930		202,533		198,387
Transaction deposits(b)		158,779		153,834		153,053		148,567		142,079
Core deposits(c)		161,475		156,879		156,326		152,278		146,500
Wholesale funding(d)		16,470		18,391		18,716		21,762		23,739
Bancorp shareholders' equity		22,927		22,952		23,126		22,952		22,420

Regulatory Capital Ratios(e)(f)
CET1 capital		10.37	%	10.46	%	10.34	%	10.14	%	9.72	%
Tier I risk-based capital		11.83	%	11.94	%	11.83	%	11.64	%	10.96	%
Total risk-based capital		14.60	%	14.80	%	15.08	%	14.93	%	14.24	%
Tier I leverage		8.55	%	8.61	%	8.49	%	8.37	%	8.16	%

Operations
Banking centers		1,096		1,098		1,134		1,122		1,122
ATMs		2,369		2,383		2,397		2,414		2,456
Full-time equivalent employees		19,402		19,819		19,872		20,283		20,340

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

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

(c)Includes transaction deposits plus other time deposits.

(d)Includes certificates $100,000 and over, other deposits, federal funds purchased, other short-term borrowings and long-term debt.

(e)Current period regulatory capital ratios are estimates.

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

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


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change		Year to Date		% Change
(unaudited)	June	March	June			June	June
	2021	2021	2020	Seq	Yr/Yr	2021	2020	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,035	$1,030	$1,115	—	(7%)	$2,064	$2,350	(12%)
Interest on securities	279	264	283	6%	(1%)	543	566	(4%)
Interest on other short-term investments	9	8	5	13%	80%	17	12	42%
Total interest income	1,323	1,302	1,403	2%	(6%)	2,624	2,928	(10%)

Interest Expense
Interest on deposits	15	21	83	(29%)	(82%)	36	248	(85%)
Interest on federal funds purchased	—	—	—	NM	NM	—	2	(100%)
Interest on other short-term borrowings	—	1	2	(100%)	(100%)	1	8	(88%)
Interest on long-term debt	100	104	118	(4%)	(15%)	202	241	(16%)
Total interest expense	115	126	203	(9%)	(43%)	239	499	(52%)

Net Interest Income	1,208	1,176	1,200	3%	1%	2,385	2,429	(2%)

(Benefit from) provision for credit losses	(115)	(173)	485	(34%)	NM	(288)	1,125	NM
Net Interest Income After Provision for Credit Losses	1,323	1,349	715	(2%)	85%	2,673	1,304	105%

Noninterest Income
Service charges on deposits	149	144	122	3%	22%	292	270	8%
Commercial banking revenue	160	153	137	5%	17%	313	261	20%
Mortgage banking net revenue	64	85	99	(25%)	(35%)	149	219	(32%)
Wealth and asset management revenue	145	143	120	1%	21%	288	255	13%
Card and processing revenue	102	94	82	9%	24%	196	167	17%
Leasing business revenue	61	87	57	(30%)	7%	148	131	13%
Other noninterest income	49	42	12	17%	308%	92	18	411%
Securities gains (losses), net	10	3	21	233%	(52%)	13	(3)	NM
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	1	(2)	—	NM	NM	(1)	3	NM
Total noninterest income	741	749	650	(1%)	14%	1,490	1,321	13%

Noninterest Expense
Compensation and benefits	638	706	627	(10%)	2%	1,343	1,274	5%
Net occupancy expense	77	79	82	(3%)	(6%)	156	164	(5%)
Technology and communications	94	93	90	1%	4%	187	183	2%
Equipment expense	34	34	32	—	6%	68	64	6%
Card and processing expense	20	30	29	(33%)	(31%)	50	60	(17%)
Leasing business expense	33	35	33	(6%)	—	68	68	—
Marketing expense	20	23	20	(13%)	—	43	51	(16%)
Other noninterest expense	237	215	208	10%	14%	454	457	(1%)
Total noninterest expense	1,153	1,215	1,121	(5%)	3%	2,369	2,321	2%
Income Before Income Taxes	911	883	244	3%	273%	1,794	304	490%
Applicable income tax expense	202	189	49	7%	312%	391	61	541%
Net Income	709	694	195	2%	264%	1,403	243	477%
Dividends on preferred stock	35	20	32	75%	9%	55	50	10%
Net Income Available to Common Shareholders	$674	$674	$163	—	313%	$1,348	$193	598%


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended
(unaudited)	June	March	December	September	June
	2021	2021	2020	2020	2020
Interest Income
Interest and fees on loans and leases	$1,035	$1,030	$1,028	$1,047	$1,115
Interest on securities	279	264	278	274	283
Interest on other short-term investments	9	8	9	8	5
Total interest income	1,323	1,302	1,315	1,329	1,403

Interest Expense
Interest on deposits	15	21	27	46	83
Interest on other short-term borrowings	—	1	1	5	2
Interest on long-term debt	100	104	105	108	118
Total interest expense	115	126	133	159	203

Net Interest Income	1,208	1,176	1,182	1,170	1,200

(Benefit from) provision for credit losses	(115)	(173)	(13)	(15)	485
Net Interest Income After Provision for Credit Losses	1,323	1,349	1,195	1,185	715

Noninterest Income
Service charges on deposits	149	144	146	144	122
Commercial banking revenue	160	153	141	125	137
Mortgage banking net revenue	64	85	25	76	99
Wealth and asset management revenue	145	143	133	132	120
Card and processing revenue	102	94	92	92	82
Leasing business revenue	61	87	69	77	57
Other noninterest income	49	42	168	26	12
Securities gains, net	10	3	14	51	21
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights	1	(2)	(1)	(1)	—
Total noninterest income	741	749	787	722	650

Noninterest Expense
Compensation and benefits	638	706	679	637	627
Net occupancy expense	77	79	98	90	82
Technology and communications	94	93	90	89	90
Equipment expense	34	34	34	33	32
Card and processing expense	20	30	31	29	29
Leasing business expense	33	35	37	35	33
Marketing expense	20	23	30	23	20
Other noninterest expense	237	215	237	225	208
Total noninterest expense	1,153	1,215	1,236	1,161	1,121
Income Before Income Taxes	911	883	746	746	244
Applicable income tax expense	202	189	142	165	49
Net Income	709	694	604	581	195
Dividends on preferred stock	35	20	35	19	32
Net Income Available to Common Shareholders	$674	$674	$569	$562	$163


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of			% Change
(unaudited)	June	March	June
	2021	2021	2020	Seq		Yr/Yr
Assets
Cash and due from banks	$3,285	$3,122	$3,221	5%		2%
Other short-term investments	32,409	34,187	28,243	(5%)		15%
Available-for-sale debt and other securities(a)	38,012	37,595	38,599	1%		(2%)
Held-to-maturity securities(b)	10	10	16	—		(38%)
Trading debt securities	711	728	526	(2%)		35%
Equity securities	341	315	273	8%		25%
Loans and leases held for sale	5,730	5,477	912	5%		528%
Portfolio loans and leases:
Commercial and industrial loans	47,564	49,094	55,661	(3%)		(15%)
Commercial mortgage loans	10,347	10,481	11,233	(1%)		(8%)
Commercial construction loans	5,871	6,198	5,479	(5%)		7%
Commercial leases	3,238	3,255	3,061	(1%)		6%
Total commercial loans and leases	67,020	69,028	75,434	(3%)		(11%)
Residential mortgage loans	16,131	15,776	16,457	2%		(2%)
Home equity	4,545	4,815	5,681	(6%)		(20%)
Indirect secured consumer loans	15,192	14,336	12,395	6%		23%
Credit card	1,793	1,810	2,211	(1%)		(19%)
Other consumer loans	3,052	3,090	2,875	(1%)		6%
Total consumer loans	40,713	39,827	39,619	2%		3%
Portfolio loans and leases	107,733	108,855	115,053	(1%)		(6%)
Allowance for loan and lease losses	(2,033)	(2,208)	(2,696)	(8%)		(25%)
Portfolio loans and leases, net	105,700	106,647	112,357	(1%)		(6%)
Bank premises and equipment	2,073	2,072	2,053	—		1%
Operating lease equipment	715	718	809	—		(12%)
Goodwill	4,259	4,259	4,261	—		—
Intangible assets	117	127	171	(8%)		(32%)
Servicing rights	818	784	676	4%		21%
Other assets	11,210	10,858	10,789	3%		4%
Total Assets	$205,390	$206,899	$202,906	(1%)		1%

Liabilities
Deposits:
Demand	$62,760	$61,363	$49,359	2%		27%
Interest checking	44,872	45,582	51,586	(2%)		(13%)
Savings	20,667	20,162	16,896	3%		22%
Money market	30,564	30,630	30,881	—		(1%)
Foreign office	152	113	191	35%		(20%)
Other time	2,408	2,759	3,913	(13%)		(38%)
Certificates $100,000 and over	860	1,784	4,120	(52%)		(79%)
Total deposits	162,283	162,393	156,946	—		3%
Federal funds purchased	338	302	262	12%		29%
Other short-term borrowings	1,130	1,106	1,285	2%		(12%)
Accrued taxes, interest and expenses	2,045	1,879	2,582	9%		(21%)
Other liabilities	4,304	3,881	3,169	11%		36%
Long-term debt	12,364	14,743	16,327	(16%)		(24%)
Total Liabilities	182,464	184,304	180,571	(1%)		1%
Equity
Common stock(c)	2,051	2,051	2,051	—		—
Preferred stock	2,116	2,116	1,770	—		20%
Capital surplus	3,602	3,592	3,603	—		—
Retained earnings	19,343	18,863	17,643	3%		10%
Accumulated other comprehensive income	1,974	1,792	2,951	10%		(33%)
Treasury stock	(6,160)	(5,819)	(5,683)	6%		8%
Total Equity	22,926	22,595	22,335	1%		3%
Total Liabilities and Equity	$205,390	$206,899	$202,906	(1%)		1%
(a) Amortized cost	$36,081	$35,963	$35,780	—		1%
(b) Market values	10	10	16	—		(38%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	—		—
Outstanding, excluding treasury	703,740	711,596	712,202	(1	%)	(1	%)
Treasury	220,153	212,297	211,690	4	%	4	%


Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	June	March	December	September	June
	2021	2021	2020	2020	2020
Assets
Cash and due from banks	$3,285	$3,122	$3,147	$2,996	$3,221
Other short-term investments	32,409	34,187	33,399	31,285	28,243
Available-for-sale debt and other securities(a)	38,012	37,595	37,513	37,425	38,599
Held-to-maturity securities(b)	10	10	11	15	16
Trading debt securities	711	728	560	704	526
Equity securities	341	315	313	277	273
Loans and leases held for sale	5,730	5,477	4,741	2,323	912
Portfolio loans and leases:
Commercial and industrial loans	47,564	49,094	49,665	51,695	55,661
Commercial mortgage loans	10,347	10,481	10,602	10,878	11,233
Commercial construction loans	5,871	6,198	5,815	5,656	5,479
Commercial leases	3,238	3,255	2,915	3,021	3,061
Total commercial loans and leases	67,020	69,028	68,997	71,250	75,434
Residential mortgage loans	16,131	15,776	15,928	16,158	16,457
Home equity	4,545	4,815	5,183	5,455	5,681
Indirect secured consumer loans	15,192	14,336	13,653	12,925	12,395
Credit card	1,793	1,810	2,007	2,087	2,211
Other consumer loans	3,052	3,090	3,014	2,856	2,875
Total consumer loans	40,713	39,827	39,785	39,481	39,619
Portfolio loans and leases	107,733	108,855	108,782	110,731	115,053
Allowance for loan and lease losses	(2,033)	(2,208)	(2,453)	(2,574)	(2,696)
Portfolio loans and leases, net	105,700	106,647	106,329	108,157	112,357
Bank premises and equipment	2,073	2,072	2,088	2,090	2,053
Operating lease equipment	715	718	777	818	809
Goodwill	4,259	4,259	4,258	4,261	4,261
Intangible assets	117	127	139	157	171
Servicing rights	818	784	656	660	676
Other assets	11,210	10,858	10,749	10,828	10,789
Total Assets	$205,390	$206,899	$204,680	$201,996	$202,906

Liabilities
Deposits:
Demand	$62,760	$61,363	$57,711	$51,896	$49,359
Interest checking	44,872	45,582	47,270	49,566	51,586
Savings	20,667	20,162	18,258	17,221	16,896
Money market	30,564	30,630	30,650	31,192	30,881
Foreign office	152	113	143	160	191
Other time	2,408	2,759	3,023	3,337	3,913
Certificates $100,000 and over	860	1,784	2,026	3,311	4,120
Total deposits	162,283	162,393	159,081	156,683	156,946
Federal funds purchased	338	302	300	251	262
Other short-term borrowings	1,130	1,106	1,192	1,196	1,285
Accrued taxes, interest and expenses	2,045	1,879	2,614	2,500	2,582
Other liabilities	4,304	3,881	3,409	3,292	3,169
Long-term debt	12,364	14,743	14,973	15,123	16,327
Total Liabilities	182,464	184,304	181,569	179,045	180,571
Equity
Common stock(c)	2,051	2,051	2,051	2,051	2,051
Preferred stock	2,116	2,116	2,116	2,116	1,770
Capital surplus	3,602	3,592	3,635	3,624	3,603
Retained earnings	19,343	18,863	18,384	18,010	17,643
Accumulated other comprehensive income	1,974	1,792	2,601	2,831	2,951
Treasury stock	(6,160)	(5,819)	(5,676)	(5,681)	(5,683)
Total Equity	22,926	22,595	23,111	22,951	22,335
Total Liabilities and Equity	$205,390	$206,899	$204,680	$201,996	$202,906
(a) Amortized cost	$36,081	$35,963	$34,982	$34,693	$35,780
(b) Market values	10	10	11	15	16
(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	703,740	711,596	712,760	712,328	712,202
Treasury	220,153	212,297	211,132	211,565	211,690


Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
			For the Three Months Ended		Year to Date
			June	June	June	June
			2021	2020	2021	2020
Total Equity, Beginning			$22,595	$21,873	$23,111	$21,203
Net income			709	195	1,403	243
Other comprehensive (loss) income, net of tax:
Change in unrealized (losses) gains:
		Available-for-sale debt securities	230	456	(459)	1,338
		Qualifying cash flow hedges	(49)	17	(170)	419
Change in accumulated other comprehensive income related to employee benefit plans			1	1	2	2
Comprehensive income			891	669	776	2,002
Cash dividends declared:
	Common stock		(192)	(195)	(387)	(390)
	Preferred stock		(35)	(32)	(55)	(50)
Impact of stock transactions under stock compensation plans, net			15	20	9	43
Shares acquired for treasury			(347)	—	(527)	—
Other			(1)	—	(1)	(1)
Impact of cumulative effect of change in accounting principles			—	—	—	(472)
Total Equity, Ending			$22,926	$22,335	$22,926	$22,335


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	June			March			June
(unaudited)	2021			2021			2020
	Average	Average		Average	Average		Average	Average
	Balance	Yield/Rate		Balance	Yield/Rate		Balance	Yield/Rate
Assets
Interest-earning assets:
Loans and leases:
Commercial and industrial loans(a)	$48,817	3.62	%	$49,715	3.60	%	$59,106	3.47	%
Commercial mortgage loans(a)	10,467	3.11	%	10,534	3.06	%	11,224	3.44	%
Commercial construction loans(a)	6,043	3.09	%	6,039	3.20	%	5,548	3.53	%
Commercial leases(a)	3,174	2.94	%	3,130	3.17	%	3,056	3.47	%
Total commercial loans and leases	68,501	3.47	%	69,418	3.46	%	78,934	3.47	%
Residential mortgage loans	21,740	3.29	%	20,444	3.36	%	17,405	3.53	%
Home equity	4,674	3.60	%	5,009	3.58	%	5,820	3.60	%
Indirect secured consumer loans	14,702	3.41	%	13,955	3.58	%	12,124	4.04	%
Credit card	1,770	12.13	%	1,879	12.36	%	2,248	11.28	%
Other consumer loans	3,056	5.96	%	2,996	6.12	%	2,887	6.50	%
Total consumer loans	45,942	3.88	%	44,283	4.02	%	40,484	4.34	%
Total loans and leases	114,443	3.63	%	113,701	3.68	%	119,418	3.76	%
Securities:
Taxable securities	36,097	3.06	%	35,764	2.97	%	36,817	3.08	%
Tax exempt securities(a)	820	2.47	%	533	2.26	%	156	2.96	%
Other short-term investments	33,558	0.11	%	32,717	0.10	%	19,833	0.11	%
Total interest-earning assets	184,918	2.88	%	182,715	2.90	%	176,224	3.21	%
Cash and due from banks	3,033			2,991			3,121
Other assets	20,608			20,580			21,394
Allowance for loan and lease losses	(2,206)			(2,450)			(2,352)
Total Assets	$206,353			$203,836			$198,387

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$45,307	0.06	%	$45,568	0.07	%	$49,760	0.24	%
Savings deposits	20,494	0.02	%	18,951	0.03	%	16,354	0.06	%
Money market deposits	30,844	0.05	%	30,601	0.05	%	30,022	0.32	%
Foreign office deposits	140	0.03	%	128	0.05	%	182	0.09	%
Other time deposits	2,696	0.27	%	3,045	0.44	%	4,421	1.21	%
Total interest-bearing core deposits	99,481	0.05	%	98,293	0.06	%	100,739	0.27	%
Certificates $100,000 and over	1,144	0.80	%	2,009	1.08	%	4,067	1.40	%
Other deposits	—	—		—	—		31	0.04	%
Federal funds purchased	346	0.10	%	324	0.13	%	309	0.16	%
Other short-term borrowings	1,097	0.12	%	1,209	0.24	%	2,377	0.32	%
Long-term debt	13,883	2.85	%	14,849	2.83	%	16,955	2.80	%
Total interest-bearing liabilities	115,951	0.40	%	116,684	0.44	%	124,478	0.66	%
Demand deposits	61,994			58,586			45,761
Other liabilities	5,481			5,614			5,727
Total Liabilities	183,426			180,884			175,966
Total Equity	22,927			22,952			22,421
Total Liabilities and Equity	$206,353			$203,836			$198,387
Ratios:
Net interest margin (FTE)(b)		2.63	%		2.62	%		2.75	%
Net interest rate spread (FTE)(b)		2.48	%		2.46	%		2.55	%
Interest-bearing liabilities to interest-earning assets		62.70	%		63.86	%		70.64	%
(a) Average Yield/Rate of these assets are presented on an FTE basis.
(b) Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 27.


Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	Year to Date
$ in millions	June			June
(unaudited)	2021			2020
	Average	Average		Average	Average
	Balance	Yield/Rate		Balance	Yield/Rate
Assets
Interest-earning assets:
Loans and leases:
Commercial and industrial loans(a)	$49,263	3.61	%	$55,399	3.83	%
Commercial mortgage loans(a)	10,500	3.09	%	11,122	3.94	%
Commercial construction loans(a)	6,041	3.15	%	5,340	4.15	%
Commercial leases(a)	3,152	3.05	%	3,128	3.47	%
Total commercial loans and leases	68,956	3.46	%	74,989	3.86	%
Residential mortgage loans	21,095	3.32	%	17,715	3.58	%
Home equity	4,841	3.59	%	5,913	4.16	%
Indirect secured consumer loans	14,331	3.49	%	11,967	4.07	%
Credit card	1,824	12.25	%	2,373	11.72	%
Other consumer loans	3,027	6.04	%	2,842	7.09	%
Total consumer loans	45,118	3.95	%	40,810	4.53	%
Total loans and leases	114,074	3.66	%	115,799	4.09	%
Securities:
Taxable securities	35,932	3.01	%	36,395	3.12	%
Tax exempt securities(a)	677	2.39	%	159	3.00	%
Other short-term investments	33,140	0.10	%	11,366	0.22	%
Total interest-earning assets	183,823	2.89	%	163,719	3.61	%
Cash and due from banks	3,012			3,000
Other assets	20,595			20,509
Allowance for loan and lease losses	(2,328)			(2,099)
Total Assets	$205,102			$185,129

Liabilities
Interest-bearing liabilities:
Interest checking deposits	$45,437	0.06	%	$45,029	0.46	%
Savings deposits	19,727	0.02	%	15,534	0.09	%
Money market deposits	30,723	0.05	%	28,565	0.51	%
Foreign office deposits	134	0.04	%	196	0.35	%
Other time deposits	2,870	0.36	%	4,751	1.40	%
Total interest-bearing core deposits	98,891	0.06	%	94,075	0.46	%
Certificates $100,000 and over	1,574	0.98	%	3,711	1.71	%
Other deposits	—	—		144	0.76	%
Federal funds purchased	335	0.11	%	481	0.82	%
Other short-term borrowings	1,153	0.18	%	2,063	0.74	%
Long-term debt	14,362	2.84	%	16,387	2.95	%
Total interest-bearing liabilities	116,315	0.42	%	116,861	0.86	%
Demand deposits	60,300			40,763
Other liabilities	5,548			5,438
Total Liabilities	182,163			163,062
Total Equity	22,939			22,067
Total Liabilities and Equity	$205,102			$185,129
Ratios:
Net interest margin (FTE)(b)		2.62	%		2.99	%
Net interest rate spread (FTE)(b)		2.47	%		2.75	%
Interest-bearing liabilities to interest-earning assets		63.28	%		71.38	%
(a) Average Yield/Rate of these assets are presented on an FTE basis.
(b) Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 27.


Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millions	For the Three Months Ended
(unaudited)	June	March	December	September	June
	2021	2021	2020	2020	2020
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$48,773	$49,629	$50,385	$54,004	$59,040
Commercial mortgage loans	10,459	10,532	10,727	11,069	11,222
Commercial construction loans	6,043	6,039	5,820	5,534	5,548
Commercial leases	3,174	3,114	2,932	2,966	3,056
Total commercial loans and leases	68,449	69,314	69,864	73,573	78,866
Consumer loans:
Residential mortgage loans	15,883	15,803	16,016	16,618	16,561
Home equity	4,674	5,009	5,315	5,581	5,820
Indirect secured consumer loans	14,702	13,955	13,272	12,599	12,124
Credit card	1,770	1,879	2,042	2,134	2,248
Other consumer loans	3,056	2,996	2,851	2,857	2,887
Total consumer loans	40,085	39,642	39,496	39,789	39,640
Total average portfolio loans and leases	$108,534	$108,956	$109,360	$113,362	$118,506

Average Loans and Leases Held for Sale
Average commercial loans and leases held for sale	$52	$104	$56	$55	$68
Average consumer loans held for sale	5,857	4,641	2,048	1,196	844
Average loans and leases held for sale	$5,909	$4,745	$2,104	$1,251	$912

End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$47,564	$49,094	$49,665	$51,695	$55,661
Commercial mortgage loans	10,347	10,481	10,602	10,878	11,233
Commercial construction loans	5,871	6,198	5,815	5,656	5,479
Commercial leases	3,238	3,255	2,915	3,021	3,061
Total commercial loans and leases	67,020	69,028	68,997	71,250	75,434
Consumer loans:
Residential mortgage loans	16,131	15,776	15,928	16,158	16,457
Home equity	4,545	4,815	5,183	5,455	5,681
Indirect secured consumer loans	15,192	14,336	13,653	12,925	12,395
Credit card	1,793	1,810	2,007	2,087	2,211
Other consumer loans	3,052	3,090	3,014	2,856	2,875
Total consumer loans	40,713	39,827	39,785	39,481	39,619
Total portfolio loans and leases	$107,733	$108,855	$108,782	$110,731	$115,053

End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale	$46	$80	$276	$59	$72
Consumer loans held for sale	5,684	5,397	4,465	2,264	840
Loans and leases held for sale	$5,730	$5,477	$4,741	$2,323	$912

Operating lease equipment	$715	$718	$777	$818	$809

Loans and Leases Serviced for Others(a)
Commercial and industrial loans	$919	$1,011	$979	$903	$967
Commercial mortgage loans	623	639	653	585	592
Commercial construction loans	528	592	601	623	536
Commercial leases	536	547	569	584	582
Residential mortgage loans	71,496	65,922	68,800	73,521	78,804
Other consumer loans	50	50	50	50	50
Total loans and leases serviced for others	74,152	68,761	71,652	76,266	81,531
Total loans and leases serviced	$188,330	$183,811	$185,952	$190,138	$198,305
(a) Fifth Third sells certain loans and leases and obtains servicing responsibilities.


Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millions		As of
(unaudited)		June		March		December		September		June
		2021(a)		2021		2020		2020		2020
Regulatory Capital(b)
CET1 capital		$15,050		$14,931		$14,682		$14,307		$13,935
Additional tier I capital		2,116		2,117		2,115		2,115		1,769
Tier I capital		17,166		17,048		16,797		16,422		15,704
Tier II capital		4,018		4,083		4,615		4,645		4,703
Total regulatory capital		$21,184		$21,131		$21,412		$21,067		$20,407
Risk-weighted assets		$145,079		$142,799		$141,974		$141,083		$143,322

Ratios
Average total Bancorp shareholders' equity as a percent of average assets		11.11	%	11.26	%	11.34	%	11.33	%	11.30	%

Regulatory Capital Ratios(b)
Fifth Third Bancorp
	CET1 capital	10.37	%	10.46	%	10.34	%	10.14	%	9.72	%
	Tier I risk-based capital	11.83	%	11.94	%	11.83	%	11.64	%	10.96	%
	Total risk-based capital	14.60	%	14.80	%	15.08	%	14.93	%	14.24	%
	Tier I leverage	8.55	%	8.61	%	8.49	%	8.37	%	8.16	%

Fifth Third Bank
	Tier I risk-based capital	11.67	%	12.70	%	12.28	%	12.25	%	11.76	%
	Total risk-based capital	13.27	%	14.41	%	14.17	%	14.14	%	13.65	%
	Tier I leverage	8.46	%	9.19	%	8.85	%	8.85	%	8.80	%

(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)	June		March		December		September		June
	2021		2021		2020		2020		2020
Average portfolio loans and leases:
Commercial and industrial loans	$48,773		$49,629		$50,385		$54,004		$59,040
Commercial mortgage loans	10,459		10,532		10,727		11,069		11,222
Commercial construction loans	6,043		6,039		5,820		5,534		5,548
Commercial leases	3,174		3,114		2,932		2,966		3,056
Total commercial loans and leases	68,449		69,314		69,864		73,573		78,866
Residential mortgage loans	15,883		15,803		16,016		16,618		16,561
Home equity	4,674		5,009		5,315		5,581		5,820
Indirect secured consumer loans	14,702		13,955		13,272		12,599		12,124
Credit card	1,770		1,879		2,042		2,134		2,248
Other consumer loans	3,056		2,996		2,851		2,857		2,887
Total consumer loans	40,085		39,642		39,496		39,789		39,640
Total average portfolio loans and leases	$108,534		$108,956		$109,360		$113,362		$118,506

Losses charged-off:
Commercial and industrial loans	($36)		($32)		($44)		($45)		($68)
Commercial mortgage loans	(8)		(3)		(31)		(11)		(2)
Commercial leases	(1)		—		—		(10)		(11)
Total commercial loans and leases	(45)		(35)		(75)		(66)		(81)
Residential mortgage loans	(1)		(1)		(4)		(1)		(2)
Home equity	(2)		(3)		(3)		(4)		(3)
Indirect secured consumer loans	(11)		(18)		(19)		(11)		(15)
Credit card	(26)		(31)		(31)		(34)		(40)
Other consumer loans	(18)		(21)		(22)		(19)		(22)
Total consumer loans	(58)		(74)		(79)		(69)		(82)
Total losses charged-off	($103)		($109)		($154)		($135)		($163)

Recoveries of losses previously charged-off:
Commercial and industrial loans	$23		$5		$3		$3		$3
Commercial mortgage loans	2		1		1		—		—
Commercial leases	3		1		1		2		—
Total commercial loans and leases	28		7		5		5		3
Residential mortgage loans	1		1		2		2		1
Home equity	3		3		3		3		2
Indirect secured consumer loans	11		9		10		8		8
Credit card	6		6		6		5		6
Other consumer loans	10		12		10		11		13
Total consumer loans	31		31		31		29		30
Total recoveries of losses previously charged-off	$59		$38		$36		$34		$33

Net losses charged-off:
Commercial and industrial loans	($13)		($27)		($41)		($42)		($65)
Commercial mortgage loans	(6)		(2)		(30)		(11)		(2)
Commercial leases	2		1		1		(8)		(11)
Total commercial loans and leases	(17)		(28)		(70)		(61)		(78)
Residential mortgage loans	—		—		(2)		1		(1)
Home equity	1		—		—		(1)		(1)
Indirect secured consumer loans	—		(9)		(9)		(3)		(7)
Credit card	(20)		(25)		(25)		(29)		(34)
Other consumer loans	(8)		(9)		(12)		(8)		(9)
Total consumer loans	(27)		(43)		(48)		(40)		(52)
Total net losses charged-off	($44)		($71)		($118)		($101)		($130)

Net losses charged-off as a percent of average portfolio loans and leases (annualized):
Commercial and industrial loans	0.11	%	0.22	%	0.33	%	0.31	%	0.45	%
Commercial mortgage loans	0.22	%	0.09	%	1.13	%	0.39	%	0.07	%
Commercial leases	(0.21	%)	(0.09	%)	(0.15	%)	1.09	%	1.47	%
Total commercial loans and leases	0.10	%	0.17	%	0.40	%	0.33	%	0.40	%
Residential mortgage loans	(0.01	%)	(0.01	%)	0.04	%	(0.02	%)	0.02	%
Home equity	(0.09	%)	0.01	%	—		0.07	%	0.07	%
Indirect secured consumer loans	0.01	%	0.25	%	0.28	%	0.11	%	0.24	%
Credit card	4.52	%	5.50	%	4.95	%	5.44	%	6.17	%
Other consumer loans	0.91	%	1.17	%	1.50	%	1.05	%	1.17	%
Total consumer loans	0.26	%	0.43	%	0.47	%	0.40	%	0.52	%
Total net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.16	%	0.27	%	0.43	%	0.35	%	0.44	%


Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millions	For the Three Months Ended
(unaudited)	June		March		December		September		June
	2021		2021		2020		2020		2020
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$2,208		$2,453		$2,574		$2,696		$2,348
Total net losses charged-off	(44)		(71)		(118)		(101)		(130)
(Benefit from) provision for loan and lease losses	(131)		(174)		(3)		(21)		478
Allowance for loan and lease losses, ending	$2,033		$2,208		$2,453		$2,574		$2,696

Reserve for unfunded commitments, beginning	$173		$172		$182		$176		$169
Provision for (benefit from) the reserve for unfunded commitments	16		1		(10)		6		7
Reserve for unfunded commitments, ending	$189		$173		$172		$182		$176

Components of allowance for credit losses:
Allowance for loan and lease losses	$2,033		$2,208		$2,453		$2,574		$2,696
Reserve for unfunded commitments	189		173		172		182		176
Total allowance for credit losses	$2,222		$2,381		$2,625		$2,756		$2,872

	As of
	June		March		December		September		June
	2021		2021		2020		2020		2020
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$193		$197		$230		$266		$94
Commercial mortgage loans	43		50		82		99		89
Commercial construction loans	—		1		—		—		—
Commercial leases	9		6		7		16		22
Residential mortgage loans	17		22		25		30		14
Home equity	53		55		52		50		52
Indirect secured consumer loans	6		6		9		8		5
Other consumer loans	1		2		2		3		2
Total nonaccrual portfolio loans and leases (excludes restructured loans)	322		339		407		472		278
Nonaccrual restructured portfolio commercial loans and leases	164		255		319		307		282
Nonaccrual restructured portfolio consumer loans and leases(c)	135		147		108		112		140
Total nonaccrual portfolio loans and leases	621		741		834		891		700
Repossessed property	5		7		9		7		4
OREO	31		35		21		33		43
Total nonperforming portfolio loans and leases and OREO	657		783		864		931		747
Nonaccrual loans held for sale	13		2		5		10		1
Nonaccrual restructured loans held for sale	27		20		1		1		1
Total nonperforming assets	$697		$805		$870		$942		$749

Restructured portfolio consumer loans and leases (accrual)	$699		$763		$796		$818		$963
Restructured portfolio commercial loans and leases (accrual)	$80		$81		$92		$123		$119

Loans and leases 90 days past due (accrual):
Commercial and industrial loans	$2		$8		$39		$4		$10
Commercial mortgage loans	4		7		8		26		23
Commercial construction loans	—		1		—		—		—
Commercial leases	—		—		1		2		—
Total commercial loans and leases	6		16		48		32		33
Residential mortgage loans(c)	57		73		70		67		54
Home equity	1		1		2		2		—
Indirect secured consumer loans	4		8		10		10		12
Credit card	14		25		31		27		36
Other consumer loans	1		1		2		1		1
Total consumer loans	77		108		115		107		103
Total loans and leases 90 days past due (accrual)(b)	$83		$124		$163		$139		$136
Ratios
Net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.16	%	0.27	%	0.43	%	0.35	%	0.44	%
Allowance for credit losses:
As a percent of portfolio loans and leases	2.06	%	2.19	%	2.41	%	2.49	%	2.50	%
As a percent of nonperforming portfolio loans and leases(a)	358	%	321	%	315	%	309	%	410	%
As a percent of nonperforming portfolio assets(a)	338	%	304	%	304	%	296	%	385	%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO(a)	0.58	%	0.68	%	0.77	%	0.80	%	0.61	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)	0.61	%	0.72	%	0.79	%	0.84	%	0.65	%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property	0.61	%	0.70	%	0.77	%	0.83	%	0.65	%
(a) Excludes nonaccrual loans held for sale.
(b) Excludes loans held for sale.
(c) Excludes government guaranteed residential mortgage loans.

Use of Non-GAAP Financial Measures

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

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

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

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

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

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

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

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


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millions		As of and For the Three Months Ended
(unaudited)		June		March		December		September		June
		2021		2021		2020		2020		2020
Net interest income		$1,208		$1,176		$1,182		$1,170		$1,200
Add: Taxable equivalent adjustment		3		3		3		3		3
Net interest income (FTE) (a)		1,211		1,179		1,185		1,173		1,203

Net interest income (annualized) (b)		4,845		4,769		4,702		4,655		4,826
Net interest income (FTE) (annualized) (c)		4,857		4,782		4,714		4,667		4,838






Interest income		1,323		1,302		1,315		1,329		1,403
Add: Taxable equivalent adjustment		3		3		3		3		3
Interest income (FTE)		1,326		1,305		1,318		1,332		1,406
Interest income (FTE) (annualized) (d)		5,319		5,293		5,243		5,299		5,655

Interest expense (annualized) (e)		461		511		529		633		816
Average interest-earning assets (f)		184,918		182,715		182,418		180,704		176,224
Average interest-bearing liabilities (g)		115,951		116,684		118,677		123,626		124,478

Net interest margin (b) / (f)		2.62	%	2.61	%	2.58	%	2.58	%	2.74	%
Net interest margin (FTE) (c) / (f)		2.63	%	2.62	%	2.58	%	2.58	%	2.75	%

Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.48	%	2.46	%	2.42	%	2.42	%	2.55	%

Income before income taxes		$911		$883		$746		$746		$244
Add: Taxable equivalent adjustment		3		3		3		3		3
Income before income taxes (FTE)		$914		$886		$749		$749		$247

Net income available to common shareholders		$674		$674		$569		$562		$163
Add: Intangible amortization, net of tax		8		9		9		9		9
Tangible net income available to common shareholders (h)		682		683		578		571		172
Tangible net income available to common shareholders (annualized) (i)		2,735		2,770		2,299		2,272		692

Average Bancorp shareholders' equity		22,927		22,952		23,126		22,952		22,420
Less:	Average preferred stock	(2,116)		(2,116)		(2,116)		(2,007)		(1,770)
	Average goodwill	(4,259)		(4,259)		(4,261)		(4,261)		(4,261)
	Average intangible assets	(122)		(133)		(151)		(164)		(178)
Average tangible common equity, including AOCI (j)		16,430		16,444		16,598		16,520		16,211
Less:	Average AOCI	(1,968)		(2,231)		(2,623)		(2,919)		(2,702)
Average tangible common equity, excluding AOCI (k)		14,462		14,213		13,975		13,601		13,509

Total Bancorp shareholders' equity		22,926		22,595		23,111		22,951		22,335
Less:	Preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(1,770)
	Goodwill	(4,259)		(4,259)		(4,258)		(4,261)		(4,261)
	Intangible assets	(117)		(127)		(139)		(157)		(171)
Tangible common equity, including AOCI (l)		16,434		16,093		16,598		16,417		16,133
Less:	AOCI	(1,974)		(1,792)		(2,601)		(2,831)		(2,951)
Tangible common equity, excluding AOCI (m)		14,460		14,301		13,997		13,586		13,182
Add:	Preferred stock	2,116		2,116		2,116		2,116		1,770
Tangible equity (n)		16,576		16,417		16,113		15,702		14,952

Total assets		205,390		206,899		204,680		201,996		202,906
Less:	Goodwill	(4,259)		(4,259)		(4,258)		(4,261)		(4,261)
	Intangible assets	(117)		(127)		(139)		(157)		(171)
Tangible assets, including AOCI (o)		201,014		202,513		200,283		197,578		198,474
Less:	AOCI, before tax	(2,499)		(2,268)		(3,292)		(3,584)		(3,735)
Tangible assets, excluding AOCI (p)		$198,515		$200,245		$196,991		$193,994		$194,739

Common shares outstanding (q)		704		712		713		712		712

Tangible equity (n) / (p)		8.35	%	8.20	%	8.18	%	8.09	%	7.68	%
Tangible common equity (excluding AOCI) (m) / (p)		7.28	%	7.14	%	7.11	%	6.99	%	6.77	%
Tangible common equity (including AOCI) (l) / (o)		8.18	%	7.95	%	8.29	%	8.31	%	8.13	%
Tangible book value per share (l) / (q)		$23.34		$22.60		$23.28		$23.06		$22.66


Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millions		For the Three Months Ended
(unaudited)		June		March		June
		2021		2021		2020
Net income (r)		$709		$694		$195
Net income (annualized) (s)		2,844		2,815		784

Adjustments (pre-tax items)
	Valuation of Visa total return swap	37		13		29
	Branch and non-branch real estate charges	-		-		12
	Merger-related expenses	-		-		9
	FHLB debt extinguishment charge	-		-		6
Adjustments, after-tax (t)(a)		28		10		43





Noninterest income (u)		741		749		650
	Valuation of Visa total return swap	37		13		29
	Branch and non-branch real estate charges	-		-		12
Adjusted noninterest income (v)		778		762		691

Noninterest expense (w)		1,153		1,215		1,121
	Merger-related expenses	-		-		(9)
	FHLB debt extinguishment charge	-		-		(6)
Adjusted noninterest expense (x)		1,153		1,215		1,106



Adjusted net income (r) + (t)		737		704		238
Adjusted net income (annualized) (y)		2,956		2,855		957

Adjusted tangible net income available to common shareholders (h) + (t)		710		693		215
Adjusted tangible net income available to common shareholders (annualized) (z)		2,848		2,811		865

Average assets (aa)		$206,353		$203,836		$198,387

Return on average tangible common equity (i) / (j)		16.6	%	16.8	%	4.3	%
Return on average tangible common equity excluding AOCI (i) / (k)		18.9	%	19.5	%	5.1	%
Adjusted return on average tangible common equity, including AOCI (z) / (j)		17.3	%	17.1	%	5.3	%
Adjusted return on average tangible common equity, excluding AOCI (z) / (k)		19.7	%	19.8	%	6.4	%

Return on average assets (s) / (aa)		1.38	%	1.38	%	0.40	%
Adjusted return on average assets (y) / (aa)		1.43	%	1.40	%	0.48	%
Efficiency ratio (FTE) (w) / [(a) + (u)]		59.1	%	63.0	%	60.5	%
Adjusted efficiency ratio (x) / [(a) + (v)]		58.0	%	62.6	%	58.4	%
Total revenue (FTE) (a) + (u)		$1,952		$1,928		$1,853
Pre-provision net revenue (PPNR) (a) + (u) - (w)		$799		$713		$732
Adjusted pre-provision net revenue (PPNR) (a) + (v) - (x)		$836		$726		$788
(a) Assumes a 23% tax rate


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

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

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

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

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

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

Net interest income (FTE)(a)	$397	$293	$102	$23	$370	$1,185
Benefit from (provision for) credit losses	(212)	(49)	(9)	(2)	285	13
Net interest income after benefit from (provision for) credit losses	185	244	93	21	655	1,198
Noninterest income	404	196	22	136	29	787
Noninterest expense	(427)	(471)	(135)	(131)	(72)	(1,236)
Income (loss) before income taxes	162	(31)	(20)	26	612	749
Applicable income tax (expense) benefit(a)	(24)	6	4	(5)	(126)	(145)
Net income (loss)	$138	$(25)	$(16)	$21	$486	$604

For the three months ended September 30, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$435	$355	$98	$28	$257	$1,173
Benefit from (provision for) credit losses	(337)	(68)	(2)	—	422	15
Net interest income after benefit from (provision for) credit losses	98	287	96	28	679	1,188
Noninterest income	318	192	73	132	7	722
Noninterest expense	(411)	(460)	(137)	(133)	(20)	(1,161)
Income before income taxes	5	19	32	27	666	749
Applicable income tax (expense) benefit(a)	7	(4)	(7)	(6)	(158)	(168)
Net income	$12	$15	$25	$21	$508	$581

For the three months ended June 30, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total

Net interest income (FTE)(a)	$573	$513	$92	$51	$(26)	$1,203
(Provision for) benefit from credit losses	(457)	(52)	(10)	1	33	(485)
Net interest income after (provision for) benefit from credit losses	116	461	82	52	7	718
Noninterest income	294	167	98	121	(30)	650
Noninterest expense	(405)	(454)	(120)	(122)	(20)	(1,121)
Income (loss) before income taxes	5	174	60	51	(43)	247
Applicable income tax (expense) benefit(a)	7	(36)	(12)	(11)	—	(52)
Net income (loss)	$12	$138	$48	$40	$(43)	$195
(a) Includes taxable equivalent adjustments of $3 million, $3 million, $3 million, $3 million and $3 million for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.
(b) Branch Banking provides a full range of deposit and loan and lease products to individuals and small businesses through full-service banking centers.
(c) Consumer Lending includes the Bancorp's residential mortgage, home equity, automobile and other indirect lending activities.

1 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Fifth Third Bancorp 2Q21 Earnings Presentation July 22, 2021 Refer to earnings release dated July 22, 2021 for further information.

2 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Cautionary statement This presentation contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. 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”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft, 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 Fif th Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisit ions; (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; and (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases. You should refer to our periodic and current reports filed with the SEC for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Copies of those filings are available at no cost on the SEC’s Web site at www.sec.gov or on our Web site at www.53.com. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. In this presentation, we may sometimes provide non-GAAP financial information. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. We provide a discussion of non-GAAP measures and reconciliations to the most directly comparable GAAP measures in later slides in this presentation, as well as on pages 27 through 29 of our 2Q21 earnings release. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Bancorp's control or cannot be reasonably predicted. For the same reasons, Bancorp's management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

3 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved • Strong reported and adjusted return metrics, reflecting solid operating results • Adjusted PPNR1 growth of 6% compared to the year-ago quarter • Historically low NCO ratio reflecting improvements in consumer and commercial portfolios • Allowance for credit losses ratio2 of 2.06% down 13 bps sequentially; benefit to credit losses driven by improved macroeconomic environment and strong credit results • Period end loan-to-core deposit ratio of 67% (64% ex. PPP) • Repurchased shares totaling $347 million; capital plans support repurchase of shares totaling approximately $850MM in 2H21 and a quarterly common dividend increase of $0.03 starting in September4 2Q21 highlights Reported1 Adjusted1 ROA Efficiency ratio ROTCE 1.43% 19.7% NIM 2.63%2.63% 1.38% 16.6% 58.0%59.1% ROE 13.5%13.0% excl. AOCI PPNR $836MM$799MM EPS $0.98$0.94 CET13 10.37% For end note descriptions, see end note summary starting on page 32

4 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Net interest income1 T o ta l n e t in te re s t in c o m e ; $ m ill io n s NII NII $ in millions; NIM change in bps $1,1791Q21 2.62% 1Q21 to 2Q21 Reported NII & NIM Walk NIM $1,211 2.63%2Q21 For end note descriptions, see end note summary starting on page 32 Incremental investment portfolio prepayment penalties Wholesale funding actions Government-guaranteed loans purchased from third party Lower yields on loan portfolio 11 3 7 2 12 1 (10) (3) T o ta l n e t in te re s t in c o m e ; $ m ill io n s NII NIM $1,203 $1,179 $1,211 2.75% 2.62% 2.63% 2Q20 1Q21 2Q21 Day count 9 (1) Other market rate & repricing impacts (net of deposit actions) 4 - Other balance sheet composition changes (including loan runoff) (1) (1)

5 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Adjusted noninterest income (excl. securities (gains)/losses)1 Noninterest income • Adjusted noninterest income1 up $9 million, or 1% • Primary drivers: ‒ Other noninterest income (up 56%) ‒ Card and processing revenue (up 9%) ‒ Commercial banking revenue (up 5%) ‒ Partially offset by leasing business revenue (down 30%) and mortgage banking revenue (down 25%) T o ta l n o n in te re s t in c o m e ; $ m ill io n s Noninterest income • Adjusted noninterest income1 up $98 million, or 15% • Primary drivers: ‒ Other noninterest income (up 62%) ‒ Service charges on deposits (up 22%) ‒ Wealth & asset management revenue (up 21%) ‒ Partially offset by mortgage banking revenue (down 35%) 2Q21 vs. 2Q20 2Q21 vs. 1Q21 $650 $749 $741 $670 $759 $768 2Q20 1Q21 2Q21 For end note descriptions, see end note summary starting on page 32

6 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Adjusted noninterest expense1 Noninterest expense • Adjusted noninterest expense1 down $62 million, or 5% • Primary drivers: ‒ Compensation and benefits (down 10%) ‒ Card and processing expense (down 33%) ‒ Marketing expense (down 13%) ‒ Partially offset by an increase in other noninterest expense (10%) T o ta l n o n in te re s t e x p e n s e ; $ m ill io n s • Adjusted noninterest expense1 up $47 million, or 4% • Primary drivers: ‒ Other noninterest expense (up 25%) ‒ Compensation and benefits (up 2%) ‒ Partially offset by card and processing expense (down 31%) and net occupancy expense (down 4%) Noninterest expense 2Q21 vs. 2Q20 2Q21 vs. 1Q21 $1,121 $1,215 $1,153 $1,106 $1,215 $1,153 2Q20 1Q21 2Q21 For end note descriptions, see end note summary starting on page 32

7 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved ~$5.4BN in PPP loans ~$3.7BN in PPP loans Securities1 Commercial Interest earning assets Average securities1 and short-term investmentsAverage loan & lease balances Consumer Total loan yield $ in billions; loan & lease balances excluding HFS Short-term investments Taxable securities yield $75.4 $69.0 $67.0 $39.6 $39.8 $40.7 $115.1 $108.9 $107.7 2Q20 1Q21 2Q21 Commercial Consumer Period-end HFI loan & lease balances $0.1 $0.1 $0.0 $0.8 $5.4 $5.7 $0.9 $5.5 $5.7 2Q20 1Q21 2Q21 Period-end HFS loan & lease balances Commercial Consumer $78.9 $69.3 $68.4 $39.6 $39.6 $40.1 $118.5 $109.0 $108.5 3.76% 3.68% 3.63% 2Q20 1Q21 2Q21 $37.0 $36.3 $36.9 $19.8 $32.7 $33.6 $56.8 $69.0 $70.5 3.08% 2.97% 3.06% 2Q20 1Q21 2Q21 $ in billions $ in billions $ in billions ~$5.2BN in PPP loans Totals shown above may not foot due to rounding ~$4.8BN in PPP loans For end note descriptions, see end note summary starting on page 32 ~$3.8BN in PPP loans ~$5.2BN in PPP loans +1% +1% (1%) (13%) QoQ YoY % change +5% NM NM NM QoQ YoY % change +3% +69% +2% Flat QoQ YoY % change +2% +3% (3%) (11%) QoQ YoY % change

8 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Core deposits and wholesale funding Average wholesale funding balancesAverage core deposit balances $79.7 $79.9 $80.7 $73.2 $80.7 $80.7 $152.8 $160.6 $161.4 2Q20 1Q21 2Q21 $74.9 $79.2 $80.3 $71.6 $77.7 $81.2 $146.5 $156.9 $161.5 0.27% 0.06% 0.05% 2Q20 1Q21 2Q21 Commercial Consumer Total IB core deposit rate $ in billions $ in billions Period-end core deposit balances Period-end wholesale funding balances $23.7 $18.4 $16.5 2.27% 2.42% 2.47% 2Q20 1Q21 2Q21 $22.0 $17.9 $14.7 2Q20 1Q21 2Q21 Total wholesale funding Wholesale funding cost Total wholesale fundingCommercial Consumer $ in billions $ in billions Totals shown above may not foot due to rounding +5% +13% +1% +7% QoQ YoY % change Flat +10% +1% +1% QoQ YoY % change (18%) (33%) QoQ YoY % change (10%) (31%) QoQ YoY % change

9 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Well diversified commercial portfolio with several potential risk mitigants to recent stresses COVID-19 high impact portfolios of interest Restaurants ($1.6BN) Hotels ($1.4BN) Retail non- Essential ($1.7BN) Casinos ($1.1BN) Healthcare Facilities ($2.7BN) Leisure Travel ($0.4BN) • Well diversified commercial portfolio favoring large borrowers with a track record of resilience • Proactive portfolio monitoring • COVID-19 high impact portfolio payment deferral rate less than 1% • Excluding PPP, ~60% of C&I COVID-19 high impact portfolio is in shared national credits • High impact portfolio balances shown include approximately $3.0BN in non-owner occupied CRE (see the following page for more information) • No changes to composition or definition of COVID-19 High Impact industries • ~75% of portfolio in QSR, mostly to top-tier brands and national chains • Areas of focus: ~25% dine-in focused; supported by concentration in large scale operators and top performing brands with strong sponsorship, and/or access to capital markets • C&I borrowers with strong performance given e-commerce disruption; composition almost exclusively either investment grade and well-positioned to weather downturn, or market- conforming ABL structures • Areas of focus: Retail driven Non-owner occupied CRE (~$1.0BN) supported by anchor tenant strength, collection rates and liquidity to support re-stabilization • Well diversified with long-term clients across broad sectors including Skilled Nursing, Physician Offices, Behavioral Health, Assisted Living and Surgery/Outpatient Centers, etc. • Areas of focus: Skilled Nursing occupancy supported by top tier national and large regional operators • Well contained to a few large operators; all have been able to access capital markets to bolster liquidity • Areas of focus: Seasonal operations impact the speed of full recovery supported by strong liquidity and access to capital • Clients have strong liquidity positions with continued access to capital markets; experienced management teams have executed significant cost reduction plans; ~67% to regional casino operators (incl. Native American-operated) • Includes casino hotels of approximately $0.7BN • Areas of focus: ~23% global operators (including Las Vegas) supported by scale, liquidity and experienced management teams • 58% to drivable leisure hotels, where RevPAR has generally rebounded • Areas of focus: 42% business-oriented hotels which likely face a multi year re- stabilization but are owned by strong, large scale operators with deep experience and broad resources Key takeaways: Total COVID High Impact Balances: $10.3 billion, or ~9% of total loans & leases down 5% from 1Q21 Total Commercial balances ex. PPP Other ($1.4BN) • Other portfolios impacted by COVID-19, including sports ($0.7), fitness ($0.3), and other leisure & recreation industries not listed above

10 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 86% 5% 6% CRE portfolio is smaller, centrally managed, and well diversified Casinos CRE as a % of total loans and leases Well diversified by property type Non-owner CRE - COVID high impact industries COVID high impact Exposures by property typeTotal loans and leases ex. PPP • Significantly less exposure to CRE (and high volatility CRE) compared to peers • Manage exposures and risk limits centrally • Immaterial exposure to raw land or developed land • Well-diversified by property type with lower exposures to hospitality and retail • Geographic diversification with no significant exposure to any specific MSA Balance Crit Rate $1.4BN Δ in Crit Rate QoQ Other Owner Occupied CRE Non-owner Occupied CRE Hotels Non-essential retail Healthcare Other Total NOO CRE – COVID High Impact $1.0BN $0.1BN $0.2BN $0.4BN $3.0BN - (4%) (3%) - (1%) - 83% 63% 12% 0% 9% 60% Total COVID High Impact (all Commercial) $10.3BN Loan balances ex. PPP 29% (2%) Non-COVID portfolio 3% Note totals shown above may not foot due to rounding 27% 13% 12% 11% 10% 6% 3% 2% 1% 15% Apartment Office Home Builder Hospitality Retail Industrial Student Housing Self Storage For Sale Other

11 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 2.22% 2.50% 2.49% 2.41% 2.19% 2.06% 2Q20 3Q20 4Q20 1Q21 2Q21 2.15% 2.65% Credit quality overview Early stage delinquencies and NPAs1 Net charge-offs (NCOs) ACL as % of portfolio loans and leases 0.52% 0.59% 0.52% 0.43% 0.26% 0.34% 0.13% 0.40% 0.17% 0.10% 0.41% 0.29% 0.44% 0.27% 0.16% 2Q18 2Q19 2Q20 2Q21 Consumer NCO Ratio Commercial NCO Ratio Total NCO Ratio Including MB unamortized loan discount Ex. PPP • ACL ratio of 2.06% decreased 13 bps (ACL declined $159MM) sequentially, driven primarily by improved macroeconomic environment and strong credit results • NCO ratio of 0.16% down 11 bps from the prior quarter and down 28 bps from the year-ago quarter • NPA ratio of 0.61% down 11 bps from the prior quarter • ACL represents 358% of NPLs and 338% of NPAs 2.75% 2.62% 0.52% 0.51% 0.65% 0.72% 0.61% 0.24% 0.35% 0.33% 0.28% 0.26% 2Q18 2Q19 2Q20 2Q21 NPA Ratio 30-89 days past due as a % of Porfolio Loans 2.64% 2.76% 2.53% 2.29% For end note descriptions, see end note summary starting on page 32 2.40% 1Q21 1Q21

12 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Allowance for credit losses Allowance for loan & lease losses Commercial and industrial loans Commercial mortgage loans Commercial construction loans Commercial leases Total commercial loans and leases Residential mortgage loans Home equity Indirect secured consumer loans Credit card Other consumer loans Total consumer loans Allowance for loan & lease losses Reserve for unfunded commitments1 Allowance for credit losses 85 24 1,224 235 152 109 198 115 809 2,033 189 $2,222 371 744 1.45% 0.74% 1.83% 1.46% 3.34% 0.72% 11.04% 3.77% 1.99% 1.89% 2.06% 1.56% 3.59% Allocation of allowance by product $s in millions 2Q21 • Allowance for credit losses decreased $159 million • Including the impact of the unamortized discount from the MB loan portfolio, the ACL ratio was 2.15% • Furthermore, excluding the impact of PPP, the ACL ratio would have been 2.22% Amount % of portfolio loans & leases For end note descriptions, see end note summary starting on page 32; Note, totals shown above may not foot due to rounding Change in Rate 0.55% (0.14%) 0.58% (0.15%) (0.03%) (0.21%) (0.29%) (0.11%) (0.47%) 0.20% (0.13%) 2.02% 0.34% (0.32%) 0.00% (0.09%) (0.11%) (0.09%) (0.06%) (1.45%) (0.44%) (0.22%) (0.14%) (0.08%) (0.12%) Compared to: 1Q21 CECL Day 1 0.24%

13 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 1Q21 Net Income (ex reserve release) RWA Common Dividends ACL Impact Share repurchases 2Q21 ~+38 bps 10.37% 10.46% • Unprecedented levels of short-term liquidity currently ~20x higher than 2019 average • Loan-to-core deposit ratio of 67% (64% ex. PPP) • ~$106 billion of available liquidity sources • $5.4 billion in Holding Company cash, sufficient to satisfy all fixed obligations in a stressed environment for ~30 months Strong capital and liquidity position Regulatory capital position Fed Reserves Unpledged Investment Securities Available FHLB Borrowing Capacity Current Fed Discount Window Availability Total ~$31 ~$28 ~$16 ~$31 ~$106 Liquidity Sources Liquidity position $s in billions; as of 6/30/2021 • Repurchased shares totaling $347 million in 2Q21 • Capital plans support repurchase of shares totaling approximately $850 million in 2H21 • Expect to request a $0.03 increase to quarterly common dividend at the September 2021 Board meeting2 • Expect to achieve 9.5% CET1 by June 20223 • Acquisition of Provide expected to utilize ~(20 bps) of capital • CECL transition impact expected to be ~(8 bps) in 1Q22 Common equity tier 1 ratio1 ~(16 bps) ~(13 bps) For end note descriptions, see end note summary starting on page 32 ~+6 bps ~(24 bps)

14 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Current expectations FY 2021 compared to FY 2020 (including HFS) Loans & leases Average: stable Net interest income1 Noninterest income1 up 7 – 8% (or up 8 – 9% excluding the TRA impacts) Noninterest expense1 up 2 – 3% (including ~$50MM expected in 2021 servicing expenses from recent consumer loan purchases, as well as expenses related to the Provide acquisition) down ~1% (FY20 baseline: $4.79BN) As of July 22, 2021; please see cautionary statements on page 2 (FY20 baseline: $2.92BN) (FY20 baseline: $4.55BN) Net charge-off ratio 20 – 25 bps Effective tax rate 22 – 23% For end note descriptions, see end note summary starting on page 32; totals shown above may not foot due to rounding • Includes expected PPP impacts • Reflects impact of previous consumer loan purchases (~$3.7BN in GNMA forbearance pools added since December 2020, incl. ~$1BN in April 2021) • Assumes commercial line utilization improves from 31% to 32% by YE21 • NII guidance assumes relatively stable securities balances

15 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Current expectations Third quarter 2021 compared to Second quarter 2021 Net interest income1 Noninterest income1 Noninterest expense1 down ~1% excluding potential Fifth Third Foundation donation and Momentum marketing program (2Q21 baseline: $768MM) (2Q21 baseline: $1.153BN) (including HFS) Loans & leases Average: down ~1% (up ~1% excl. PPP impacts) down ~2% (down ~1% excl. PPP impacts) (2Q21 baseline: $1.211BN) relatively stable As of July 22, 2021; please see cautionary statements on page 2 For end note descriptions, see end note summary starting on page 32 • Reflects impact of previous consumer loan purchases • NII guidance assumes relatively stable securities balances Net charge-off ratio 15 - 20 bps

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

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

19 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Committed to generating sustainable value Environmental, Social, and Governance (ESG) actions and impact Actions Impact 2020 ESG Report Available on investor relations website World’s Most Ethical Companies Recognized by Ethisphere in 2021 Most Responsible Companies Recognized by Newsweek in 2020 America’s Best Large Employers Recognized by Forbes in 2021 100% Score Disability Equality Index in 2021 Outstanding Rating on our most recent CRA exam 100% Score Human Rights Campaign Corporate Equality Index for sixth consecutive year A- Leadership Band 2019 & 2020 CDP surveys Green Power Leadership 2020 award from Environmental Protection Agency Winning “W” Company Recognized by 2020 Women on Boards (2020WOB) For end note descriptions, see end note summary starting on page 32. $41.6BN Delivered against 2016 $32BN community commitment1 $18 Minimum wage per hour (since 2019) 2.6M+ People educated through our L.I.F.E. programs2 59% Women in workforce; 40% Board diversity3 Carbon neutral In 2020 for our operations, including scopes 1, 2 and 3 (business travel). First regional U.S. bank to achieve neutrality $5.4BN In lending and financing to renewable energy projects towards our $8BN sustainable financing goal by 20254 ESG Committee Established in 2020, reports to Nominating & Corporate Governance Committee

20 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved For end note descriptions, see end note summary starting on page 32 $3.8 $5.2 $5.1 $5.2 $4.8 2Q20 3Q20 4Q20 1Q21 2Q21 Average PPP loan balances Period-end PPP loan balances $5.2 $5.2 $4.8 $5.4 $3.7 2Q20 3Q20 4Q20 1Q21 2Q21 $23 $33 $31 $29 $25 $10 $24 $28 $41 $53 $53 2Q20 3Q20 4Q20 1Q21 2Q21 Other Accelerated fees from forgiveness PPP interest income • Originated $7.3BN in PPP loans across all 3 waves • Expect ~90% of PPP loans to be forgiven1 • 4Q21 Average Balance: $1.9BN • 4Q22 Average Balance: $0.6BN • Expect FY21 interest income of ~$165MM1 and FY22 interest income of ~$50MM1 $ in millions $ in billions $ in billions Paycheck Protection Program update

21 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 0% 69% 25% 3% 3% 100% Fix | 0% Variable 67% Fix | 33% Variable Balance sheet positioning Investment portfolio $21.3BN fixed 3 | $42.0BN variable 1,2 Commercial loans1,2,3 Consumer loans1 Long-term debt4 $33.1BN fixed | $7.6BN variable 1 $10.1BN fixed | $2.2BN variable4 • 1ML based: 54%7 • 3ML based: 7%7 • Prime based: 5%7 • Other based: 1%7,10 • Weighted avg. life: 1.7 years1,3 • 1ML based: 2%8 • 12ML based: 2%8 • Prime based: 14%8 • Weighted avg. life: 3.1 years1 • 1ML based: 6%9 • 3ML based: 9%9 • Weighted avg. life: 4.3 years C&I 37% Fix | 63% Variable Coml. mortgage 19% Fix | 81% Variable Coml. lease 100% Fix | 0% Variable Resi mtg.& construction 96% Fix | 4% Variable Auto/Indirect 100% Fix | 0% Variable Home equity 8% Fix | 92% Variable Senior debt 87% Fix | 13% Variable Sub debt 65% Fix | 35% Variable Auto securiz. proceeds 100% Fix | 0% VariableComl. construction 1% Fix | 99% Variable Credit card 10% Fix | 90% Variable Other 63% Fix | 37% Variable Other 87% Fix | 13% Variable • 58% allocation to bullet/ locked-out cash flow securities • Yield: 3.11%5 • Effective duration of 4.96 Net unrealized pre-tax gain: $1.9BN • 98% AFS11 Level 1 100% Fix | 0% Variable Level 2A Non-HQLA/ Other • The information above incorporates the impact of $11BN in cash flow hedges ($8BN in C&I receive-fixed swaps, $3BN in floors with a 2.25% strike against 1ML) as well as ~$1.5BN fair value hedges associated with long term debt (receive-fixed swaps) • The impacts of PPP loans (given the expected temporary nature) are excluded Includes $3.2BN non-agency CMBS (All super-senior, AAA-rated securities; 64.1% WA LTV, ~41% credit enhancement) 0% For end note descriptions, see end note summary starting on page 32; totals shown above may not foot due to rounding 70% 16% 9% 5% 11% 37% 8% 4% 40% 22% 57% 21%

22 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Well positioned to benefit from higher rates Estimated NII sensitivity profile and ALCO policy limits Estimated NII sensitivity with deposit beta changes Estimated NII benefit from increased securities balances4,5 NII is asset sensitive in year 1 and year 2 to rising rates. • As of June 30, 2021, 48% of HFI loans were variable rate net of existing hedges (66% of total commercial; 19% of total consumer)1 • ~87% of $45BN commercial portfolio indexed to 1ML have floors at or above 0% • Investment portfolio effective duration of 4.92 • Short-term borrowings represent approximately 10% of total wholesale funding, or 1% of total funding • Approximately $9 billion in non-core funding matures beyond one year Interest rate sensitivity tables leverage the following deposit assumptions: • 37% weighted-average up rate beta on interest-bearing deposit balances3 • No modeled re-pricing lag on deposits • Utilizes forecasted balance sheet with $5BN DDA runoff (per 100 bps rate movement) assumed in up rate scenarios • Weighted interest-bearing deposit floor of 5 bps For end note descriptions, see end note summary starting on page 32 ALCO policy l imit Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 10.8% 22.4% (4.0%) (6.0%) +100 Ramp over 12 months 5.6% 12.4% NA NA % Change in NII (FTE) Betas 25% higher Betas 25% lower Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 8.6% 18.5% 12.9% 26.3% +100 Ramp over 12 months 4.6% 10.5% 6.7% 14.3% % Change in NII (FTE) +$5BN balances +$10BN balances Change in Interest Rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 11.2% 22.8% 11.6% 23.3% +100 Ramp over 12 months 6.2% 13.3% 6.9% 14.3%

23 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $8 $8 $8 $8 $8 $8 $8 $7 $7 $7 $3 $3 $2 $1 $1 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $11 $11 $11 $11 $11 $11 $11 $10 $10 $10 $6 $6 $5 $4 $1 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Floors Swaps ($3BN @ 2.25% 1-month LIBOR strike) ($8BN receive fixed / pay 1-month LIBOR) Cash flow hedges continue to protect NIM for next 3+ years Notional value of cash flow hedges ($ Billions) Cash flow hedges Hedges expected to generate an annual NII benefit of ~$300MM through 4Q22 relative to an unhedged position1 Assuming no change to 1ML beyond 7/21/2021 Actual For end note descriptions, see end note summary starting on page 32 Blended rate of swaps will continue to improve throughout time: • 2Q21-4Q22: 3.02% • 1Q23-3Q23: 3.08% • 4Q23-1Q24: 3.09% • 2Q24: 3.14% • 3Q24-4Q24: 3.20%

24 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Strong liquidity profile $ millions – excl. Retail Brokered & Institutional CDs Unsecured debt maturities Heavily core funded Demand 31% Interest checking 22% Savings/ MMDA 25% Consumer time 1% Foreign Office <1% Non-core deposits <1% Short term borrowings 1% Other liabilities 3% Equity 11% Long- term debt 6% Holding company: • Holding Company cash as of June 30, 2021: $5.4B • Cash currently sufficient to satisfy all fixed obligations in a stressed environment for ~30 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 long-term debt in 2Q21 • $250MM of Holding Company debt was redeemed in 2Q21 Bank entity: • The Bank did not issue long-term debt in 2Q21 • $2.05BN of Bank entity debt was redeemed in 2Q21 • Available and contingent borrowing capacity (2Q21): ‒ FHLB ~$15.9B available, ~$16.1B total ‒ Federal Reserve ~$31.4B Redemptions: • Fifth Third delivered notice on July 7th of its intent to exercise the 30-day par call option on $850MM of Bank entity debt maturing in 3Q21 As of 6/30/2021 2021 2022 2023 2024 2025 2026 on Fifth Third Bancorp Fifth Third Bank Fifth Third Financial Corp $1,150 $3,987 $1,500 $850 $1,500 $2,250

25 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $95 $93 $47 $89 $81 $63 $66 $66 $59 $59 ($1) ($8) ($13) $18 ($3) ($58) ($75) ($75) ($81) ($73) $99 $76 $25 $85 $64 2Q20 3Q20 4Q20 1Q21 2Q21 Mortgage banking results $ millions Mortgage banking net revenue Mortgage originations and margins • Mortgage banking revenue decreased $21 million from the prior quarter and decreased $35 million from year-ago quarter • $5.0 billion in originations, up 46% compared to the year-ago quarter and up 7% from the prior quarter; 33% purchase volume Origination fees and gains on loan sale Gross servicing fees MSR decayNet MSR Valuation Note: totals shown above may not foot due to rounding $ billions Originations HFS Originations HFI $2.41 $3.42 $2.91 $3.62 $3.69 $1.01 $1.11 $1.03 $1.06 $1.31 $3.42 $4.53 $3.94 $4.68 $5.00 2Q20 3Q20 4Q20 1Q21 2Q21 3.81% 3.76% 2.85% 2.50% 2.13% 1.42% 1.99% 2.36%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. 1.70% 1.65%

26 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $44 $45 $22 $11 4Q21 4Q22 4Q23 4Q24 Estimated potential GAAP noninterest income recognition1,2 Future TRA payment schedule $ Millions; pre-tax For end note descriptions, see end note summary starting on page 32

27 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Key Priorities • Invest in a differentiated and digitally-enabled TM experience • Scale success in managed services • Accelerate growth in embedded payments • Introduce vertical versions of managed services, e.g., Healthcare Treasury Management transformation has delivered strong results and is well-positioned for future success 3.5X fees for Fifth Third Managed Services client vs. average TM client 33% Portfolio revenue from clients using Fifth Third Managed Services 12% CAGR Managed Services Ecosystem Fee Revenue since 2017 2020: Healthcare Payments 2018: Expert AR 2017: Expert AP 2015: Cash Logistics solutions (Cash Vault Direct, CPS recyclers) Evolution of Managed Services 2.2% 2.3% 2.3% 2.4% 2.7% 2.9% 3.7% 4.6% 4.8% 5.5% 5.6% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 FITB Peer 10 • TM product relationships with 35 of Fortune 100 companies • ~9,500 clients Fifth Third Treasury Management At a Glance Top quartile fee generation Total deposit fees less consumer OD, maintenance, and ATM fees as a % of adjusted total revenue; last twelve months ended 1Q21 • Fifth Third has a #4-7 market share rank for most TM products 2017 2021E Managed Services Ecosystem Revenue

28 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved NPL rollforward1 Commercial Consumer Total NPL $ millions $ millions $ millions For end note descriptions, see end note summary starting on page 32

29 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 2Q21 adjustments and notable items Adjusted EPS of $0.981 2Q21 reported EPS of $0.94 included a negative $0.04 impact from the following notable item: • $37 million pre-tax (~$28 million after-tax2) charge related to the valuation of the Visa total return swap For end note descriptions, see end note summary starting on page 32

30 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Non-GAAP reconciliation For end note descriptions, see end note summary starting on page 32; totals shown above may not foot due to rounding Fifth Third Bancorp and Subsidiaries $ and shares in millions June March December September June (unaudited) 2021 2021 2020 2020 2020 Net income (U.S. GAAP) (a) $709 $694 $604 $581 $195 Net income (U.S. GAAP) (annualized) (b) $2,844 $2,815 $2,403 $2,311 $784 Net income available to common shareholders (U.S. GAAP) (c) $674 $674 $569 $562 $163 Add: Intangible amortization, net of tax 8 9 9 9 9 Tangible net income available to common shareholders (d) $682 $683 $578 $571 $172 Tangible net income available to common shareholders (annualized) (e) $2,735 $2,770 $2,299 $2,272 $692 Net income available to common shareholders (annualized) (f) $2,703 $2,733 $2,264 $2,236 $656 Average Bancorp shareholders' equity (U.S. GAAP) (g) $22,927 $22,952 $23,126 $22,952 $22,420 Less: Average preferred stock (h) (2,116) (2,116) (2,116) (2,007) (1,770) Average goodwill (4,259) 4,259 (4,261) (4,261) (4,261) Average intangible assets and other servicing rights (122) (133) (151) (164) (178) Average tangible common equity (i) $16,430 $16,444 $16,598 $16,520 $16,211 Less: Average accumulated other comprehensive income ("AOCI") (1,968) 2,231 (2,623) (2,919) (2,702) Average tangible common equity, excluding AOCI (j) $14,462 $14,213 $13,975 $13,601 $13,509 Adjustments (pre-tax items) Valuation of Visa total return swap 37 13 30 22 29 Net business acquisition, disposition, and merger-related charges - - 27 - 9 Fifth Third Foundation contribution - - 25 - - Branch and non-branch real estate charges - - 21 19 12 Restructuring severance expense - - - 19 - FHLB debt extinguishment charge - - - - 6 Private equity write-down - - - - - Adjustments - after-tax 1 (k) 28 10 79 46 43 Adjustments - tax-related State tax adjustments - - (13) - - Adjustments - tax-related (l) - - (13) - - Adjusted net income [(a) + (k) + (l)] $737 $704 $670 $627 $238 Adjusted net income (annualized) (m) $2,956 $2,855 $2,665 $2,494 $957 Adjusted net income available to common shareholders [(c) + (k) + (l)] $702 $684 $635 $608 $206 Adjusted net income available to common shareholders (annualized) (n) $2,816 $2,774 $2,526 $2,419 $829 Adjusted tangible net income available to common shareholders [(d) + (k) + (l)] $710 $693 $644 $617 $215 Adjusted tangible net income available to common shareholders (annualized) (o) $2,848 $2,811 $2,562 $2,455 $865 Average assets (p) $206,353 $203,836 $203,930 $202,533 $198,387 Metrics: Return on assets (b) / (p) 1.38% 1.38% 1.18% 1.14% 0.40% Adjusted return on assets (m) / (p) 1.43% 1.40% 1.31% 1.23% 0.48% Return on average common equity (f) / [(g) + (h)] 13.0% 13.1% 10.8% 10.7% 3.2% Adjusted return on average common equity (n) / [(g) + (h)] 13.5% 13.3% 12.0% 11.5% 4.0% Return on average tangible common equity (e) / (i) 16.6% 16.8% 13.9% 13.8% 4.3% Adjusted return on average tangible common equity (o) / (i) 17.3% 17.1% 15.4% 14.9% 5.3% Adjusted return on average tangible common equity, excluding AOCI (o) / (j) 19.7% 19.8% 18.3% 18.1% 6.4% For the Three Months Ended

31 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Non-GAAP reconciliation For end note descriptions, see end note summary starting on page 32; totals shown above may not foot due to rounding Fifth Third Bancorp and Subsidiaries For the Three Months Ended $ and shares in millions June March December September June (unaudited) 2021 2021 2020 2020 2020 Average interest-earning assets (a) $184,918 $182,715 $182,418 $180,704 $176,224 Net interest income (U.S. GAAP) (b) $1,208 $1,176 $1,182 $1,170 $1,200 Add: Taxable equivalent adjustment 3 3 3 3 3 Net interest income (FTE) (c) $1,211 $1,179 $1,185 $1,173 $1,203 Net interest income (FTE) (annualized) (d) $4,857 $4,782 $4,714 $4,667 $4,838 Noninterest income (U.S. GAAP) (e) $741 $749 $787 $722 $650 Valuation of Visa total return swap 37 13 30 22 29 Net business disposition charges - - 11 - - Branch and non-branch real estate charges - - - 10 12 Private equity write-down - - - - - Adjusted noninterest income (f) $778 $762 $828 $754 $691 Add: Securities (gains)/losses (10) (3) (14) (51) (21) Adjusted noninterest income, (excl. securities (gains)/losses) $768 $759 $814 $703 $670 Noninterest expense (U.S. GAAP) (g) $1,153 $1,215 $1,236 $1,161 $1,121 Fifth Third Foundation contribution - - (25) - - Branch and non-branch real estate charges - - (21) (9) - Business acquisition and merger-related expenses - - (16) - (9) Restructuring severance expense - - - (19) - FHLB debt extinguishment charge - - - - (6) Adjusted noninterest expense (h) $1,153 $1,215 $1,174 $1,133 $1,106 Metrics: Pre-provision net revenue [(c) + (e) - (g)] 799 713 736 734 732 Adjusted pre-provision net revenue [(c) + (f) - (h)] 836 726 839 794 788 Net interest margin (FTE) (d) / (a) 2.63% 2.62% 2.58% 2.58% 2.75% Efficiency ratio (FTE) (g) / [(c) + (e)] 59.1% 63.0% 62.7% 61.3% 60.5% Adjusted efficiency ratio (h) / [(c) + (f)] 58.0% 62.6% 58.3% 58.8% 58.4%

32 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Earnings presentation end notes Slide 3 end notes 1. Reported ROTCE, NIM, pre-provision net revenue, and efficiency ratio are non-GAAP measures: all adjusted figures are non-GAAP measures; see reconciliation on pages 30 and 31 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release. 2. Allowance for credit losses as a percentage of portfolio loans and leases. 3. Current period regulatory capital ratios are estimated. 4. Subject to economic conditions and approval by the Board of Directors Slide 4 end notes 1. Results are on a fully-taxable equivalent basis; non-GAAP measure: see reconciliation on pages 30 and 31 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 5 end notes 1. Non-GAAP measure: see reconciliation on pages 30 and 31 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 6 end notes 1. Non-GAAP measure: see reconciliation on pages 30 and 31 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 7 end notes 1. Includes taxable and tax-exempt securities. Slide 11 end notes 1. Excludes HFS loans. Slide 12 end notes 1. 2Q21 commercial and consumer portfolio make up $147M and $42M, respectively, of the total reserve for unfunded commitment Slide 13 end notes 1. Current period regulatory capital ratios are estimated. 2. Subject to economic conditions and approval by the Board of Directors; see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 27-29 of the earnings release. 3. See forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 14 end notes 1. Non-GAAP measure: see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 15 end notes 1. Non-GAAP measure: see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 27-29 of the earnings release. Slide 19 end notes 1. 2016-2020 2. since 2004 3. In terms of ethnicity or gender 4. Since 2012 Slide 20 end notes 1. Represents forward looking statement, please refer to page 2 of this presentation regarding forward-looking non-GAAP measures.

33 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Earnings presentation end notes Slide 21 end notes Note: Data as of 6/30/21. 1. Excludes HFS Loans & Leases. 2. Fifth Third had $11B of variable loans classified as fixed given the impacts of $3BN in floors with a 2.25% 1ML strike and $8BN in receive-fix swaps. 3. Excludes ~$3.7BN in Small Business Administration Paycheck Protection Program (PPP) loans. 4. Fifth Third had $705MM 3ML receive-fix swaps and $750MM 1ML receive-fix swaps outstanding against long-term debt, which are being included in floating long-term debt. 5. Yield of the 2Q21 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 12ML, 6ML, and Fed Funds based loans. 11. Excludes equity securities Slide 22 end notes Note: Data as of 6/30/21; actual results may vary from these simulated results due to differences between forecasted and actual balance sheet composition, timing, magnitude, and frequency of interest rate changes, as well as other changes in market conditions and management strategies. 1. Excludes ~$3.7BN in Small Business Administration Paycheck Protection Program (PPP) loans. 2. Effective duration taxable and non-taxable available for sale portfolio. 3. Re-pricing percentage or “beta” is the estimated change in yield over 12 months as a result of a shock or ramp 100 bps parallel shift in the yield curve. 4. Assumes cash is deployed into bullet securities, which are added evenly over first 12 months of scenario (versus no additions in the base scenario). 5. Securities are priced at par at a 1.35% spread over IORB Slide 23 end notes 1. Represents forward looking statement, please refer to page 2 of this presentation regarding forward-looking non-GAAP measures. Slide 26 end notes 1. Assumes FIS will have sufficient taxable income to utilize TRA related deductions and have a marginal tax rate of 25%. 2. See forward-looking statements on page 2. Slide 28 end notes 1. Loan balances exclude nonaccrual loans HFS. Slide 29 end notes 1. Average diluted common shares outstanding (thousands); 718,085; all adjusted figures are non-GAAP measures; see reconciliation on pages 30 and 31 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release. 2. Assumes a 23% tax rate. Slide 30 end notes Note: See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures. 1. Assumes a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items Slide 31 end notes Note: See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures. 1. Assumes a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items


						FIFTH THIRD BANCORP
						(Registrant)

Date: July 22, 2021						/s/ James C. Leonard

						James C. Leonard
						Executive Vice President and Chief Financial Officer