false0000035527Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock00000355272025-01-232025-01-230000035527us-gaap:CommonStockMember2025-01-232025-01-230000035527fitb:DepositarySharesRepresentingA11000thOwnershipInterestInAShareOf6.625FixedToFloatingRateNotCumulativePerpetualPreferredStockSeriesI2Member2025-01-232025-01-230000035527fitb:DepositarySharesRepresentingA140thOwnershipInterestInAShareOf6.00NotCumulativePerpetualClassBPreferredStockSeriesAMember2025-01-232025-01-230000035527fitb:DepositarySharesRepresentingA11000thOwnershipInterestInAShareOf4.95NotCumulativePerpetualPreferredStockSeriesKMember2025-01-232025-01-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 23, 2025
53_Logo_horizontal_FullColor.jpg
Fifth Third Bancorp
(Exact name of registrant as specified in its charter)
Ohio 001-33653 31-0854434
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
Fifth Third Center
38 Fountain Square Plaza,Cincinnati,Ohio45263
(Address of Principal Executive Offices)(Zip Code)
(800) 972-3030
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

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

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

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

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

    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		 Name of each exchange
on which registered
Common Stock, Without Par Value FITB The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I FITBI The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A FITBP The NASDAQ Stock Market LLC
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K FITBO The NASDAQ Stock Market LLC

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

Emerging growth company    ☐            

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


Item 8.01    Other Events

Fifth Third Bancorp is filing the information in Exhibit 99.1 to this Current Report on Form 8-K to incorporate into its securities filing certain information from its January 21, 2025 earnings release for the fourth quarter of 2024.

Item 9.01    Financial Statements and Exhibits

Exhibit 99.1 – Certain financial information contained in press release dated January 21, 2025

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


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 FIFTH THIRD BANCORP
 (Registrant)
   
Date: January 23, 2025 /s/ Bryan D. Preston
   
 Bryan D. Preston
 Executive Vice President and
Chief Financial Officer



Exhibit 99.1
Key Financial Data
$ in millions for all balance sheet and income statement items
4Q24
3Q24
4Q23
Income Statement Data
Net income available to common shareholders$582$532$492
Net interest income (U.S. GAAP)1,4371,4211,416
Net interest income (FTE)(a)
1,4431,4271,423
Noninterest income732711744
Noninterest expense1,2261,2441,455
Per Share Data
Earnings per share, basic$0.86$0.78$0.72
Earnings per share, diluted0.850.780.72
Book value per share26.1727.6025.04
Tangible book value per share(a)
18.6920.2017.64
Balance Sheet & Credit Quality
Average portfolio loans and leases$117,860$116,826$118,858
Average deposits167,237167,196169,447
Accumulated other comprehensive loss(4,636)(3,446)(4,487)
Net charge-off ratio(b)
0.46%0.48%0.32%
Nonperforming asset ratio(c)
0.710.620.59
Financial Ratios
Return on average assets1.17%1.06%0.98%
Return on average common equity13.011.712.9
Return on average tangible common equity(a)
18.416.319.8
CET1 capital(d)(e)
10.5110.7510.29
Net interest margin(a)
2.972.902.85
Efficiency(a)
56.458.267.2
Other than the Quarterly Financial Review tables, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Regulation S-K that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.
Income Statement Highlights
($ in millions, except per share data)For the Three Months Ended% Change
DecemberSeptemberDecember
202420242023SeqYr/Yr
Condensed Statements of Income
Net interest income (NII)(a)
$1,443$1,427$1,4231%1%
Provision for credit losses1791605512%225%
Noninterest income7327117443%(2)%
Noninterest expense1,2261,2441,455(1)%(16)%
Income before income taxes(a)
$770$734$6575%17%
Taxable equivalent adjustment$6$6$7—(14)%
Applicable income tax expense144155120(7)%20%
Net income$620$573$5308%17%
Dividends on preferred stock384138(7)%—
Net income available to common shareholders$582$532$4929%18%
Earnings per share, diluted$0.85$0.78$0.729%18%
Fifth Third Bancorp (NASDAQ®: FITB) today reported fourth quarter 2024 net income available to common shareholders of $582 million, or $0.85 per diluted share, compared to $532 million, or $0.78 per diluted share, in the prior quarter and $492 million, or $0.72 per diluted share, in the year-ago quarter.

1

Diluted earnings per share impact of certain item(s) - 4Q24
(after-tax impact; $ in millions, except per share data)
Interchange litigation matters(f)2
$(42)
Fifth Third Foundation contribution (noninterest expense)(f)
(12)
Update to the FDIC special assessment (noninterest expense)(f)
8
Benefit related to the resolution of certain state income tax matters15
After-tax impact(f) of certain items
$(31)
Diluted earnings per share impact of certain item(s)1
$(0.05)
Totals may not foot due to rounding; 1Diluted earnings per share impact reflects 681.456 million average diluted shares outstanding
2Interchange litigation matters decreased noninterest income by $51 million and increased noninterest expense by $4 million


Full year 2024 net income available to common shareholders was $2.2 billion, or $3.14 per diluted share, compared to 2023 full year net income available to common shareholders of $2.2 billion, or $3.22 per diluted share.

2

Net Interest Income
(FTE; $ in millions)(a)
For the Three Months Ended% Change
DecemberSeptemberDecember
202420242023SeqYr/Yr
Interest Income
Interest income$2,534 $2,675 $2,655 (5)%(5)%
Interest expense1,0911,2481,232(13)%(11)%
Net interest income (NII)$1,443 $1,427 $1,423 1%1%
Average Yield/Rate Analysisbps Change
Yield on interest-earning assets5.21 %5.43 %5.31 %(22)(10)
Rate paid on interest-bearing liabilities3.00 %3.38 %3.34 %(38)(34)
Ratios
Net interest rate spread2.21 %2.05 %1.97 %1624
Net interest margin (NIM)2.97 %2.90 %2.85 %712
Compared to the prior quarter, NII increased $16 million, or 1%, primarily reflecting higher loan balances and decreased cost of interest bearing deposits, partially offset by lower loan yields due to the impact of market rates on floating rate loans. These same factors drove the 7 bps increase in NIM. NIM continues to be impacted by the decision to carry elevated liquidity given the environment, with average other short-term investments (including interest-bearing cash) of $18 billion in the current quarter.
Compared to the year-ago quarter, NII increased $20 million, or 1%, and NIM increased 12 bps. This year-over-year improvement was due to the benefits from proactive deposit and wholesale funding management decreasing interest-bearing liabilities costs by 34 bps, which more than offset the combined impact of the 10 bps decrease in interest-earning assets yield and the $4.7 billion reduction in interest-earning assets.

3

Noninterest Income
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202420242023SeqYr/Yr
Noninterest Income
Wealth and asset management revenue$163$163$147—11%
Commercial payments revenue1551541451%7%
Consumer banking revenue137143135(4)%1%
Capital markets fees12311110611%16%
Commercial banking revenue1099310117%8%
Mortgage banking net revenue57506614%(14)%
Other noninterest (loss) income(4)(13)28NMNM
Securities (losses) gains, net(8)1016NMNM
Total noninterest income$732$711$7443%(2)%
During the fourth quarter of 2024, certain noninterest income line items were reclassified to better align disclosures to business activities. These reclassifications resulted in three new line items to describe noninterest income, including commercial payments revenue, consumer banking revenue and capital markets fees. Commercial banking revenue and other noninterest income were also affected by the reclassifications. These reclassifications did not affect total noninterest income and were retrospectively applied to all prior periods presented.
Reported noninterest income increased $21 million, or 3%, from the prior quarter, and decreased $12 million, or 2%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including the mark-to-market on the valuation of Visa total return swap and securities gains/losses which incorporate mark-to-market impacts from securities associated with non-qualified deferred compensation plans that are more than offset in noninterest expense.
Noninterest Income excluding certain items
($ in millions)For the Three Months Ended
DecemberSeptemberDecember% Change
202420242023SeqYr/Yr
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)$732 $711 $744 
Valuation of Visa total return swap514722
Securities (gains) losses, net8(10)(16)
Noninterest income excluding certain items(a)
$791 $748 $7506%5% 
Noninterest income excluding certain items increased $43 million, or 6%, compared to the prior quarter, and increased $41 million, or 5%, from the year-ago quarter.
Compared to the prior quarter, wealth and asset management revenue was flat, due to a decrease in brokerage fee revenue, offset by an increase in personal asset management revenue. Commercial payments revenue increased $1 million, or 1%, primarily driven by an increase in commercial deposit fees. Capital markets fees increased $12 million, or 11%, reflecting increases in syndication fees and M&A advisory fees. Commercial banking revenue increased $16 million, or 17%, primarily reflecting increases in lease syndication and remarketing. Mortgage banking net revenue increased $7 million, or 14%, primarily due to the negative MSR net valuation adjustments in the prior quarter not repeating in the fourth quarter. Other noninterest income results were driven by the recognition of tax receivable agreement revenue of $11 million in the current quarter.
Compared to the year-ago quarter, wealth and asset management revenue increased $16 million, or 11%, primarily reflecting an increase in personal asset management revenue. Commercial payments revenue increased $10 million, or 7%, primarily driven by new customer acquisition, partially offset by a decrease in commercial card revenue. Consumer banking revenue increased $2 million, or 1%, primarily driven by an increase in card and processing revenue. Capital markets fees increased $17 million, or 16%, reflecting an increase in syndication fees, partially offset by a decrease in
4

institutional brokerage revenue. Commercial banking revenue increased $8 million, or 8%, primarily reflecting an increase in lease syndication and remarketing, partially offset by the continued decrease in operating lease revenue. Mortgage banking net revenue decreased $9 million, or 14%, primarily reflecting decreases in servicing fees and origination fees and gains on loan sales. The decrease in other noninterest income was primarily attributable to lower tax receivable agreement revenue.

Noninterest Expense
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202420242023SeqYr/Yr
Noninterest Expense
Compensation and benefits$665$690$659(4)%1%
Technology and communications1231211172%5%
Net occupancy expense8881839%6%
Equipment expense3938373%5%
Loan and lease expense3634346%6%
Marketing expense232630(12)%(23)
Card and processing expense212221(5)%—
Other noninterest expense231232474—(51)%
Total noninterest expense$1,226$1,244$1,455(1)%(16)%
During the fourth quarter of 2024, certain noninterest expense line items were reclassified to better align disclosures to business activities. These reclassifications resulted in the separate disclosure of loan and lease expense, which was previously a component of other noninterest expense. These reclassifications did not affect total noninterest expense and were retrospectively applied to all prior periods presented.
Reported noninterest expense decreased $18 million, or 1%, from the prior quarter, and decreased $229 million, or 16%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.
Noninterest Expense excluding certain item(s)
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202420242023SeqYr/Yr
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP)$1,226 $1,244 $1,455 
Fifth Third Foundation contribution(15)—(15)
Interchange litigation matters(4)(10)—
FDIC special assessment11—(224)
Restructuring severance expense—(9)(5)
Noninterest expense excluding certain item(s)(a)
$1,218 $1,225 $1,211(1)%1%

Compared to the prior quarter, noninterest expense excluding certain items decreased $7 million, or 1%, primarily reflecting a decrease in compensation and benefits expense, offset by an increase in net occupancy expense. Noninterest expense in the current quarter included a $7 million benefit related to the mark-to-market impact of non-qualified deferred compensation compared to a $10 million expense in the prior quarter, both of which were largely offset in net securities gains/losses through noninterest income.
Compared to the year-ago quarter, noninterest expense excluding certain items increased $7 million, or 1%, primarily reflecting increases in compensation and benefits expense as well as technology and communications expense, partially offset by a decrease in marketing expense. The year-ago quarter included a $13 million expense related to the mark-to-market impact of non-qualified deferred compensation, which was largely offset in net securities gains through noninterest income.
5

Average Interest-Earning Assets
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202420242023SeqYr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans$51,567 $51,615 $54,633 —(6)%
Commercial mortgage loans11,79211,48811,3383%4%
Commercial construction loans5,7025,9815,727(5)%—
Commercial leases2,9022,6852,5358%14%
Total commercial loans and leases$71,963$71,769$74,233—(3)%
Consumer loans:
Residential mortgage loans$17,322$17,031$17,1292%1%
Home equity4,1254,0183,9053%6%
Indirect secured consumer loans16,10015,68015,1293%6%
Credit card1,6681,7081,829(2)%(9)%
Solar energy installation loans4,1373,9903,6304%14%
Other consumer loans2,5452,6303,003(3)%(15)%
Total consumer loans$45,897$45,057$44,6252%3%
Total average portfolio loans and leases$117,860 $116,826 $118,858 1%(1)%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale$48$16$72200%(33)%
Consumer loans held for sale5845733792%54%
Total average loans and leases held for sale$632$589$4517%40%
Total average loans and leases$118,492$117,415$119,3091%(1)%
Securities (taxable and tax-exempt)$56,702$56,707$57,351—(1)%
Other short-term investments18,31921,71421,506(16)%(15)%
Total average interest-earning assets$193,513$195,836$198,166(1)%(2)%
Compared to the prior quarter, total average portfolio loans and leases increased 1%. Average commercial portfolio loans and leases were stable, primarily reflecting increases in commercial mortgage loans and commercial leases, offset by a decrease in commercial construction loans. Average consumer portfolio loans increased 2%, primarily reflecting increases in indirect secured consumer loans, residential mortgage loans, and solar energy installation loans, partially offset by a decrease in other consumer loans.
Compared to the year-ago quarter, total average portfolio loans and leases decreased 1%. Average commercial portfolio loans and leases decreased 3%, primarily reflecting a decrease in C&I loans. Average consumer portfolio loans increased 3%, primarily reflecting increases in indirect secured consumer loans, solar energy installation loans, and home equity balances, partially offset by decreases in other consumer loans and credit card balances.
Average securities (taxable and tax-exempt; amortized cost) of $57 billion in the current quarter were stable compared to the prior quarter and decreased 1% compared to the year-ago quarter. Average other short-term investments (including interest-bearing cash) of $18 billion in the current quarter decreased 16% compared to the prior quarter and decreased 15% compared to the year-ago quarter.
Period-end commercial portfolio loans and leases of $73 billion increased 3% compared to the prior quarter, primarily reflecting increases in C&I loans and commercial mortgage loans, partially offset by a decrease in commercial construction loans. Compared to the year-ago quarter, period-end commercial portfolio loans and leases increased 1%, primarily due to increases in commercial mortgage loans and commercial leases, partially offset by a decrease in C&I loans.
6

Period-end consumer portfolio loans of $46 billion increased 2% compared to the prior quarter, primarily reflecting increases in residential mortgage loans and indirect secured consumer loans. Compared to the year-ago quarter, period-end consumer portfolio loans increased 5%, primarily driven by increases in indirect secured consumer loans, residential mortgage loans, and solar energy installation loans, partially offset by a decrease in other consumer loans.
Total period-end securities (taxable and tax-exempt; amortized cost) of $57 billion in the current quarter were stable compared to the prior quarter and decreased 1% compared to the year-ago quarter. Period-end other short-term investments of approximately $17 billion decreased 21% compared to the prior quarter, and decreased 22% compared to the year-ago quarter.

7

Average Deposits
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202420242023SeqYr/Yr
Average Deposits
Demand$40,137 $40,020 $43,396 —(8)%
Interest checking59,27758,44157,1141%4%
Savings17,25717,27218,252—(5)%
Money market37,27937,25734,292—9%
Foreign office(g)
164164178—(8)%
Total transaction deposits$154,114$153,154$153,2321%1%
CDs $250,000 or less10,59210,54310,556——
Total core deposits$164,706$163,697$163,7881%1%
CDs over $250,000 2,5313,4995,659(28)%(55)%
Total average deposits$167,237 $167,196 $169,447 —(1)%
CDs over $250,000 includes $1.5BN, $2.6BN, and $4.8BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 12/31/24, 9/30/24, and 12/31/23, respectively.
Compared to the prior quarter, total average deposits were stable, primarily reflecting increases in interest checking balances and demand deposits, offset by a decline in CDs over $250,000 which consists primarily of retail brokered deposits. Average demand deposits represented 24% of total core deposits in the current quarter. Period-end total deposits decreased 1%.
Compared to the year-ago quarter, total average deposits decreased 1%, primarily due to decreases in demand deposits, the aforementioned decrease in retail brokered deposits, and savings balances, partially offset by increases in money market deposits and interest checking balances. Period-end total deposits decreased 1%.
The period-end portfolio loan-to-core deposit ratio was 73% in the current quarter, compared to 71% in the prior quarter and 72% in the year-ago quarter.
Average Wholesale Funding
($ in millions)For the Three Months Ended% Change
DecemberSeptemberDecember
202420242023SeqYr/Yr
Average Wholesale Funding
CDs over $250,000$2,531 $3,499 $5,659 (28)%(55)%
Federal funds purchased22317619127%17%
Securities sold under repurchase agreements313396350(21)%(11)%
FHLB advances1,5672,5763,293(39)%(52)%
Derivative collateral and other secured borrowings76523446%124%
Long-term debt15,49216,71616,588(7)%(7)%
Total average wholesale funding$20,202$23,415$26,115(14)%(23)%
CDs over $250,000 includes $1.5BN, $2.6BN, and $4.8BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 12/31/24, 9/30/24, and 12/31/23, respectively.
Compared to the prior quarter, average wholesale funding decreased 14%, primarily driven by decreases in long-term debt, FHLB advances, and CDs over $250,000. The decrease in CDs over $250,000 was primarily driven by a decrease in retail brokered deposits. The same items drove the 23% decrease from the year-ago quarter.
8

Credit Quality Summary
($ in millions)As of and For the Three Months Ended
DecemberSeptemberJuneMarchDecember
20242024202420242023
Total nonaccrual portfolio loans and leases (NPLs)$823$686$606$708$649
Repossessed property9119810
OREO2128282729
Total nonperforming portfolio loans and leases and OREO (NPAs)$853$725$643$743$688
NPL ratio(h)
0.69 %0.59 %0.52 %0.61 %0.55 %
NPA ratio(c)
0.71 %0.62 %0.55 %0.64 %0.59 %
Portfolio loans and leases 30-89 days past due (accrual)$303$283$302$342$359
Portfolio loans and leases 90 days past due (accrual)3240333536
30-89 days past due as a % of portfolio loans and leases0.25 %0.24 %0.26 %0.29 %0.31 %
90 days past due as a % of portfolio loans and leases0.03 %0.03 %0.03 %0.03 %0.03 %
Allowance for loan and lease losses (ALLL), beginning$2,305 $2,288 $2,318 $2,322 $2,340 
Total net losses charged-off(136)(142)(144)(110)(96)
Provision for loan and lease losses18315911410678
ALLL, ending$2,352$2,305$2,288$2,318$2,322
Reserve for unfunded commitments, beginning$138$137$154$166$189
(Benefit from) provision for the reserve for unfunded commitments(4)1(17)(12)(23)
Reserve for unfunded commitments, ending$134$138$137$154$166
Total allowance for credit losses (ACL)$2,486 $2,443 $2,425 $2,472 $2,488 
ACL ratios:
As a % of portfolio loans and leases2.08 % 2.09 % 2.08 % 2.12 % 2.12 % 
As a % of nonperforming portfolio loans and leases302 % 356 % 400 % 349 % 383 % 
As a % of nonperforming portfolio assets291 % 337 % 377 % 333 % 362 % 
ALLL as a % of portfolio loans and leases1.96 %1.98 %1.96 %1.99 %1.98 %
Total losses charged-off$(175)$(183)$(182)$(146)$(133)
Total recoveries of losses previously charged-off3941383637
Total net losses charged-off$(136)$(142)$(144)$(110)$(96)
Net charge-off ratio (NCO ratio)(b)
0.46 %0.48 %0.49 %0.38 %0.32 %
Commercial NCO ratio0.32 %0.40 %0.45 %0.19 %0.13 %
Consumer NCO ratio0.68 %0.62 %0.57 %0.67 %0.64 %
The provision for credit losses totaled $179 million in the current quarter. The ACL ratio was 2.08% of total portfolio loans and leases at quarter end, compared with 2.09% for the prior quarter end and 2.12% for the year-ago quarter end. In the current quarter, the ACL was 302% of nonperforming portfolio loans and leases and 291% of nonperforming portfolio assets.
Net charge-offs were $136 million in the current quarter, resulting in an NCO ratio of 0.46%. Compared to the prior quarter, net charge-offs decreased $6 million and the NCO ratio decreased 2 bps. Commercial net charge-offs were $57 million, resulting in a commercial NCO ratio of 0.32%, which decreased 8 bps compared to the prior quarter. Consumer net charge-offs were $79 million, resulting in a consumer NCO ratio of 0.68%, which increased 6 bps compared to the prior quarter.
9

Compared to the year-ago quarter, net charge-offs increased $40 million and the NCO ratio increased 14 bps. The commercial NCO ratio increased 19 bps compared to the prior year, and the consumer NCO ratio increased 4 bps compared to the prior year.
Nonperforming portfolio loans and leases were $823 million in the current quarter, with the resulting NPL ratio of 0.69%. Compared to the prior quarter, NPLs increased $137 million with the NPL ratio increasing 10 bps. Compared to the year-ago quarter, NPLs increased $174 million with the NPL ratio increasing 14 bps.
Nonperforming portfolio assets were $853 million in the current quarter, with the resulting NPA ratio of 0.71%. Compared to the prior quarter, NPAs increased $128 million with the NPA ratio increasing 9 bps. Compared to the year-ago quarter, NPAs increased $165 million with the NPA ratio increasing 12 bps.

Capital Position
As of and For the Three Months Ended
DecemberSeptemberJuneMarchDecember
20242024202420242023
Capital Position
Average total Bancorp shareholders' equity as a % of average assets
9.40 %9.47 %8.80 %8.78 %8.04 %
Tangible equity(a)
9.02 %8.99 %8.91 %8.75 %8.65 %
Tangible common equity (excluding AOCI)(a)
8.03 %8.00 %7.92 %7.77 %7.67 %
Tangible common equity (including AOCI)(a)
6.02 %6.52 %5.80 %5.67 %5.73 %
Regulatory Capital Ratios(d)(e)
CET1 capital
10.51 %10.75 %10.62 %10.47 %10.29 %
Tier 1 risk-based capital
11.80 %12.07 %11.93 %11.77 %11.59 %
Total risk-based capital
13.80 %14.13 %13.95 %13.81 %13.72 %
Leverage9.22 %9.11 %9.07 %8.94 %8.73 %
CET1 capital ratio of 10.51% decreased 24 bps sequentially due to loan growth during the quarter driving an increase in risk-weighted assets. During the fourth quarter of 2024, Fifth Third repurchased $300 million of its common stock, which reduced shares outstanding by approximately 6.7 million at quarter end.

10

Tax Rate
The effective tax rate for the quarter was 18.8% compared with 21.3% in the prior quarter and 18.4% in the year-ago quarter. The tax rate in the fourth quarter reflects a favorable adjustment of $15 million associated with statutes of limitations expiration.

Corporate Profile
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com.
Earnings Release End Notes
(a)Non-GAAP measure; see discussion of non-GAAP reconciliation.
(b)Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis.
(c)Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO.
(d)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.
(e)Current period regulatory capital ratios are estimated.
(f)Assumes a 23% tax rate.
(g)Includes commercial customer Eurodollar sweep balances for which the Bank pays rates comparable to other commercial deposit accounts.
(h)Nonperforming portfolio loans and leases as a percent of portfolio loans and leases.
(i)During the fourth quarter of 2024, certain noninterest income line items were reclassified to better align disclosures to business activities. These reclassifications resulted in three new line items to describe noninterest income, including commercial payments revenue, consumer banking revenue and capital markets fees. Commercial banking revenue and other noninterest income were also affected by the reclassifications. These reclassifications did not affect total noninterest income and were retrospectively applied to all prior periods presented.



11


FORWARD-LOOKING STATEMENTS

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

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

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


12

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended% ChangeYear to Date% Change
(unaudited)DecemberSeptemberDecemberDecemberDecember
202420242023SeqYr/Yr20242023Yr/Yr
Interest Income
Interest and fees on loans and leases$1,836$1,910$1,889(4%)(3%)$7,477$7,3342%
Interest on securities4644614511%3%1,8391,7704%
Interest on other short-term investments228298308(23%)(26%)1,11065669%
Total interest income2,5282,6692,648(5%)(5%)10,4269,7607%
Interest Expense
Interest on deposits856968952(12%)(10%)3,7362,92928%
Interest on federal funds purchased32350%—1115(27%)
Interest on other short-term borrowings224049(45%)(55%)157247(36%)
Interest on long-term debt210238228(12%)(8%)89274220%
Total interest expense1,0911,2481,232(13%)(11%)4,7963,93322%
Net Interest Income1,4371,4211,4161%1%5,6305,827(3%)
Provision for credit losses1791605512%225%5305153%
Net Interest Income After Provision for Credit Losses1,2581,2611,361—(8%)5,1005,312(4%)
Noninterest Income(a)
Wealth and asset management revenue163163147—11%64758111%
Commercial payments revenue1551541451%7%6085648%
Consumer banking revenue137143135(4%)1%5555462%
Capital markets fees12311110611%16%424422—
Commercial banking revenue1099310117%8%377409(8%)
Mortgage banking net revenue57506614%(14%)211250(16%)
Other noninterest income (loss)(4)(13)28NMNM1291(87%)
Securities gains (losses), net(8)1016NMNM1518(17%)
Total noninterest income7327117443%(2%)2,8492,881(1%)
Noninterest Expense(b)
Compensation and benefits665690659(4%)1%2,7632,6943%
Technology and communications1231211172%5%4744642%
Net occupancy expense8881839%6%3393312%
Equipment expense3938373%5%1531483%
Loan and lease expense3634346%6%132133(1%)
Marketing expense232630(12%)(23%)115126(9%)
Card and processing expense212221(5%)—8484—
Other noninterest expense231232474—(51%)9731,225(21%)
Total noninterest expense1,2261,2441,455(1%)(16%)5,0335,205(3%)
Income Before Income Taxes7647286505%18%2,9162,988(2%)
Applicable income tax expense144155120(7%)20%602639(6%)
Net Income6205735308%17%2,3142,349(1%)
Dividends on preferred stock384138(7%)—15913716%
Net Income Available to Common Shareholders$582$532$4929%18%$2,155$2,212(3%)
(a)During the fourth quarter of 2024, certain noninterest income line items were reclassified to better align disclosures to business activities. These reclassifications resulted in three new line items to describe noninterest income, including commercial payments revenue, consumer banking revenue and capital markets fees. Commercial banking revenue and other noninterest income were also affected by the reclassifications. These reclassifications did not affect total noninterest income and were retrospectively applied to all prior periods presented.
(b)During the fourth quarter of 2024, certain noninterest expense line items were reclassified to better align disclosures to business activities. These reclassifications resulted in the separate disclosure of loan and lease expense, which was previously a component of other noninterest expense. These reclassifications did not affect total noninterest expense and were retrospectively applied to all prior periods presented.
13

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended
(unaudited)DecemberSeptemberJuneMarchDecember
20242024202420242023
Interest Income
Interest and fees on loans and leases$1,836$1,910$1,871$1,859$1,889
Interest on securities464461458455451
Interest on other short-term investments228298291294308
Total interest income2,5282,6692,6202,6082,648
Interest Expense
Interest on deposits856968958954952
Interest on federal funds purchased32333
Interest on other short-term borrowings2240484749
Interest on long-term debt210238224220228
Total interest expense1,0911,2481,2331,2241,232
Net Interest Income1,4371,4211,3871,3841,416
Provision for credit losses179160979455
Net Interest Income After Provision for Credit Losses1,2581,2611,2901,2901,361
Noninterest Income(a)
Wealth and asset management revenue163163159161147
Commercial payments revenue155154154145145
Consumer banking revenue137143139135135
Capital markets fees1231119397106
Commercial banking revenue109939085101
Mortgage banking net revenue5750505466
Other noninterest (loss) income(4)(13)72328
Securities (losses) gains, net(8)1031016
Total noninterest income732711695710744
Noninterest Expense(b)
Compensation and benefits665690656753659
Technology and communications123121114117117
Net occupancy expense8881838783
Equipment expense3938383737
Loan and lease expense3634332934
Marketing expense2326343230
Card and processing expense2122212021
Other noninterest expense231232242267474
Total noninterest expense1,2261,2441,2211,3421,455
Income Before Income Taxes764728764658650
Applicable income tax expense144155163138120
Net Income620573601520530
Dividends on preferred stock3841404038
Net Income Available to Common Shareholders$582$532$561$480$492
(a)During the fourth quarter of 2024, certain noninterest income line items were reclassified to better align disclosures to business activities. These reclassifications resulted in three new line items to describe noninterest income, including commercial payments revenue, consumer banking revenue and capital markets fees. Commercial banking revenue and other noninterest income were also affected by the reclassifications. These reclassifications did not affect total noninterest income and were retrospectively applied to all prior periods presented.
(b)During the fourth quarter of 2024, certain noninterest expense line items were reclassified to better align disclosures to business activities. These reclassifications resulted in the separate disclosure of loan and lease expense, which was previously a component of other noninterest expense. These reclassifications did not affect total noninterest expense and were retrospectively applied to all prior periods presented.
14

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of% Change
(unaudited)DecemberSeptemberDecember
202420242023SeqYr/Yr
Assets
Cash and due from banks$3,014$3,215$3,142(6%)(4%)
Other short-term investments17,12021,72922,082(21%)(22%)
Available-for-sale debt and other securities(a)
39,54740,39650,419(2%)(22%)
Held-to-maturity securities(b)
11,27811,3582(1%)NM
Trading debt securities1,1851,1768991%32%
Equity securities341428613(20%)(44%)
Loans and leases held for sale6406123785%69%
Portfolio loans and leases:
  Commercial and industrial loans52,27150,91653,2703%(2%)
  Commercial mortgage loans12,24611,39411,2767%9%
  Commercial construction loans5,5885,9475,621(6%)(1%)
  Commercial leases3,1882,8732,57911%24%
Total commercial loans and leases73,29371,13072,7463%1%
  Residential mortgage loans17,54317,16617,0262%3%
  Home equity4,1884,0743,9163%7%
  Indirect secured consumer loans16,31315,94214,9652%9%
  Credit card1,7341,7031,8652%(7%)
  Solar energy installation loans4,2024,0783,7283%13%
  Other consumer loans2,5182,5752,988(2%)(16%)
Total consumer loans46,49845,53844,4882%5%
Portfolio loans and leases119,791116,668117,2343%2%
Allowance for loan and lease losses(2,352)(2,305)(2,322)2%1%
Portfolio loans and leases, net117,439114,363114,9123%2%
Bank premises and equipment2,4752,4252,3492%5%
Operating lease equipment319357459(11%)(31%)
Goodwill4,9184,9184,919——
Intangible assets9098125(8%)(28%)
Servicing rights1,7041,6561,7373%(2%)
Other assets12,85711,58712,53811%3%
Total Assets$212,927$214,318$214,574(1%)(1%)
Liabilities
Deposits:
  Demand $41,038$41,393$43,146(1%)(5%)
  Interest checking 59,15958,57257,2571%3%
  Savings 17,14716,99018,2151%(6%)
  Money market 36,60537,48234,374(2%)6%
  Foreign office 147155162(5%)(9%)
  CDs $250,000 or less10,79810,48010,5523%2%
  CDs over $250,0002,3583,2685,206(28%)(55%)
Total deposits167,252168,340168,912(1%)(1%)
Federal funds purchased20416919321%6%
Other short-term borrowings4,4501,4242,861213%56%
Accrued taxes, interest and expenses2,1372,0342,1955%(3%)
Other liabilities4,9024,4714,86110%1%
Long-term debt14,33717,09616,380(16%)(12%)
Total Liabilities193,282193,534195,402—(1%)
Equity
Common stock(c)
2,0512,0512,051——
Preferred stock2,1162,1162,116——
Capital surplus3,8043,7843,7571%1%
Retained earnings24,15023,82022,9971%5%
Accumulated other comprehensive loss(4,636)(3,446)(4,487)35%3%
Treasury stock(7,840)(7,541)(7,262)4%8%
Total Equity19,64520,78419,172(5%)2%
Total Liabilities and Equity$212,927$214,318$214,574(1%)(1%)
(a) Amortized cost$43,878$43,754$55,789—(21%)
(b) Market values10,965 11,554 2 (5 %)NM
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,000——
Outstanding, excluding treasury669,854676,269681,125——
Treasury254,039247,624242,7683 %—


15

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of
(unaudited)DecemberSeptemberJuneMarchDecember
20242024202420242023
Assets
Cash and due from banks$3,014$3,215$2,837$2,796$3,142
Other short-term investments17,12021,72921,08522,84022,082
Available-for-sale debt and other securities(a)
39,54740,39638,98638,79150,419
Held-to-maturity securities(b)
11,27811,35811,44311,5202
Trading debt securities1,1851,1761,1321,151899
Equity securities341428476380613
Loans and leases held for sale640612537339378
Portfolio loans and leases:
  Commercial and industrial loans52,27150,91651,84052,20953,270
  Commercial mortgage loans12,24611,39411,42911,34611,276
  Commercial construction loans5,5885,9475,8065,7895,621
  Commercial leases3,1882,8732,7082,5722,579
Total commercial loans and leases73,29371,13071,78371,91672,746
  Residential mortgage loans17,54317,16617,04016,99517,026
  Home equity4,1884,0743,9693,8833,916
  Indirect secured consumer loans16,31315,94215,44215,30614,965
  Credit card1,7341,7031,7331,7371,865
  Solar energy installation loans4,2024,0783,9513,8713,728
  Other consumer loans2,5182,5752,6612,7772,988
Total consumer loans46,49845,53844,79644,56944,488
Portfolio loans and leases119,791116,668116,579116,485117,234
Allowance for loan and lease losses(2,352)(2,305)(2,288)(2,318)(2,322)
Portfolio loans and leases, net117,439114,363114,291114,167114,912
Bank premises and equipment2,4752,4252,3892,3762,349
Operating lease equipment319357392427459
Goodwill4,9184,9184,9184,9184,919
Intangible assets9098107115125
Servicing rights1,7041,6561,7311,7561,737
Other assets12,85711,58712,93812,93012,538
Total Assets$212,927$214,318$213,262$214,506$214,574
Liabilities
Deposits:
  Demand $41,038$41,393$40,617$41,849$43,146
  Interest checking59,15958,57257,39058,80957,257
  Savings 17,14716,99017,41918,22918,215
  Money market 36,60537,48236,25935,02534,374
  Foreign office 147155119129162
CDs $250,000 or less10,79810,48010,88210,33710,552
CDs over $250,0002,3583,2684,0825,2095,206
Total deposits167,252168,340166,768169,587168,912
Federal funds purchased204169194247193
Other short-term borrowings4,4501,4243,3702,8662,861
Accrued taxes, interest and expenses2,1372,0342,0401,9652,195
Other liabilities4,9024,4715,3715,3794,861
Long-term debt14,33717,09616,29315,44416,380
Total Liabilities193,282193,534194,036195,488195,402
Equity
Common stock(c)
2,0512,0512,0512,0512,051
Preferred stock2,1162,1162,1162,1162,116
Capital surplus3,8043,7843,7643,7423,757
Retained earnings24,15023,82023,54223,22422,997
Accumulated other comprehensive loss(4,636)(3,446)(4,901)(4,888)(4,487)
Treasury stock(7,840)(7,541)(7,346)(7,227)(7,262)
Total Equity19,64520,78419,22619,01819,172
Total Liabilities and Equity$212,927$214,318$213,262$214,506$214,574
(a) Amortized cost$43,878$43,754$43,596$43,400$55,789
(b) Market values10,96511,55411,18711,3412
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,0002,000,0002,000,000
Outstanding, excluding treasury669,854676,269680,789683,812681,125
Treasury254,039247,624243,103240,080242,768
16

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
For the Three Months EndedYear to Date
DecemberDecemberDecemberDecember
2024202320242023
Total Equity, Beginning$20,784$16,544$19,172$17,327
Impact of cumulative effect of change in accounting principle——(10)37
Net income6205302,3142,349
Other comprehensive income (loss), net of tax:
Change in unrealized losses:
Available-for-sale debt securities(747)1,74629495
Qualifying cash flow hedges(468)605(282)126
Amortization of unrealized losses on securities transferred to held-to-maturity25—101—
Change in accumulated other comprehensive income related to employee benefit plans—112
Other——2—
Comprehensive income (loss)(570)2,8822,1652,972
Cash dividends declared:
Common stock(252)(242)(992)(941)
Preferred stock(38)(38)(159)(137)
Impact of stock transactions under stock compensation plans, net242699115
Shares acquired for treasury(303)—(630)(201)
Total Equity, Ending$19,645$19,172$19,645$19,172
17

Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millionsAs of
(unaudited)DecemberSeptemberJuneMarchDecember
2024(a)
2024202420242023
Regulatory Capital(b)
CET1 capital$17,328$17,272$17,160$16,931$16,800
Additional tier 1 capital2,1162,1162,1162,1162,116
Tier 1 capital19,44419,38819,27619,04718,916
Tier 2 capital3,2993,3033,2753,2883,484
Total regulatory capital$22,743$22,691$22,551$22,335$22,400
Risk-weighted assets
$164,824$160,604$161,636$161,769$163,223
Ratios
Average total Bancorp shareholders' equity as a percent of average assets
9.40 %9.47 %8.80 %8.78 %8.04 %
Regulatory Capital Ratios(b)
Fifth Third Bancorp
CET1 capital
10.51 %10.75 %10.62 %10.47 %10.29 %
Tier 1 risk-based capital
11.80 %12.07 %11.93 %11.77 %11.59 %
Total risk-based capital
13.80 %14.13 %13.95 %13.81 %13.72 %
Leverage9.22 %9.11 %9.07 %8.94 %8.73 %
Fifth Third Bank, National Association
Tier 1 risk-based capital
12.79 %12.99 %12.81 %12.65 %12.42 %
Total risk-based capital
14.12 %14.32 %14.14 %13.99 %13.85 %
Leverage10.01 %9.82 %9.76 %9.61 %9.38 %
(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.
18


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

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

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

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

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

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

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

Please see reconciliations of all historical non-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.
19

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millionsAs of and For the Three Months Ended
(unaudited)DecemberSeptemberJuneMarchDecember
20242024202420242023
Net interest income$1,437$1,421$1,387$1,384$1,416
Add: Taxable equivalent adjustment66667
Net interest income (FTE) (a)1,4431,4271,3931,3901,423
Net interest income (annualized) (b)5,7175,6535,5785,5665,618
Net interest income (FTE) (annualized) (c)5,7415,6775,6035,5915,646
Interest income2,5282,6692,6202,6082,648
Add: Taxable equivalent adjustment66667
Interest income (FTE)2,5342,6752,6262,6142,655
Interest income (FTE) (annualized) (d)10,08110,64210,56210,51310,533
Interest expense (annualized) (e)4,3404,9654,9594,9234,888
Average interest-earning assets (f)193,513195,836194,499195,349198,166
Average interest-bearing liabilities (g)144,771147,092146,361146,533146,507
Net interest margin (b) / (f)2.95 %2.89 %2.87 %2.85 %2.83 %
Net interest margin (FTE) (c) / (f)2.97 %2.90 %2.88 %2.86 %2.85 %
Net interest rate spread (FTE) (d) / (f) - (e) / (g)2.21 %2.05 %2.04 %2.02 %1.97 %
Income before income taxes$764$728$764$658$650
Add: Taxable equivalent adjustment66667
Income before income taxes (FTE)770734770664657
Net income available to common shareholders582532561480492
Add: Intangible amortization, net of tax77788
Tangible net income available to common shareholders (h)589539568488500
Tangible net income available to common shareholders (annualized) (i)2,3432,1442,2841,9631,984
Average Bancorp shareholders’ equity
19,89320,25118,70718,72717,201
Less: Average preferred stock(2,116)(2,116)(2,116)(2,116)(2,116)
Average goodwill(4,918)(4,918)(4,918)(4,918)(4,919)
Average intangible assets(94)(103)(111)(121)(130)
Average tangible common equity, including AOCI (j)12,76513,11411,56211,57210,036
Less:Average AOCI4,2923,9145,2784,9386,244
Average tangible common equity, excluding AOCI (k)17,05717,02816,84016,51016,280
Total Bancorp shareholders’ equity
19,64520,78419,22619,01819,172
Less:Preferred stock(2,116)(2,116)(2,116)(2,116)(2,116)
Goodwill(4,918)(4,918)(4,918)(4,918)(4,919)
Intangible assets(90)(98)(107)(115)(125)
Tangible common equity, including AOCI (l)12,52113,65212,08511,86912,012
Less:AOCI4,6363,4464,9014,8884,487
Tangible common equity, excluding AOCI (m)17,15717,09816,98616,75716,499
Add:Preferred stock2,1162,1162,1162,1162,116
Tangible equity (n)19,27319,21419,10218,87318,615
Total assets212,927214,318213,262214,506214,574
Less:Goodwill(4,918)(4,918)(4,918)(4,918)(4,919)
Intangible assets(90)(98)(107)(115)(125)
Tangible assets, including AOCI (o)207,919209,302208,237209,473209,530
Less:AOCI, before tax5,8684,3626,2046,1875,680
Tangible assets, excluding AOCI (p)$213,787$213,664$214,441$215,660$215,210
Common shares outstanding (q)670676681684681
Tangible equity (n) / (p)9.02 %8.99 %8.91 %8.75 %8.65 %
Tangible common equity (excluding AOCI) (m) / (p)8.03 %8.00 %7.92 %7.77 %7.67 %
Tangible common equity (including AOCI) (l) / (o)6.02 %6.52 %5.80 %5.67 %5.73 %
Tangible book value per share (including AOCI) (l) / (q)$18.69$20.20$17.75$17.35$17.64
Tangible book value per share (excluding AOCI) (m) / (q)$25.61$25.29$24.94$24.50$24.23
20

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millionsFor the Three Months Ended
(unaudited)DecemberSeptemberDecember
202420242023
Net income (r)$620$573$530
Net income (annualized) (s)2,4672,2802,103
Adjustments (pre-tax items)
Valuation of Visa total return swap514722
Fifth Third Foundation contribution15—15
Mastercard litigation410—
FDIC special assessment(11)—224
Restructuring severance expense—95
Adjustments, after-tax (t)(a) (b)
4551205
Adjustments (tax related items)
Benefit related to the resolution of certain state income tax matters(15)—(17)
Adjustments (tax related items) (u)(15)—(17)
Noninterest income (v)732711744
Valuation of Visa total return swap514722
Adjusted noninterest income (w)783758766
Noninterest expense (x)1,2261,2441,455
Fifth Third Foundation contribution(15)—(15)
Mastercard litigation(4)(10)—
FDIC special assessment11—(224)
Restructuring severance expense—(9)(5)
Adjusted noninterest expense (y)1,2181,2251,211
Adjusted net income (r) + (t) + (u)650624718
Adjusted net income (annualized) (z)2,5862,4822,849
Adjusted tangible net income available to common shareholders (h) + (t) + (u)619590688
Adjusted tangible net income available to common shareholders (annualized) (aa)2,4632,3472,730
Average assets (ab)$211,709$213,838$214,057
Return on average tangible common equity (i) / (j)18.4 %16.3 %19.8 %
Return on average tangible common equity excluding AOCI (i) / (k)13.7 %12.6 %12.2 %
Adjusted return on average tangible common equity, including AOCI (aa) / (j)19.3 %17.9 %27.2 %
Adjusted return on average tangible common equity, excluding AOCI (aa) / (k)14.4 %13.8 %16.8 %
Return on average assets (s) / (ab)1.17 %1.06 %0.98 %
Adjusted return on average assets (z) / (ab)1.22 %1.16 %1.33 %
Efficiency ratio (FTE) (x) / [(a) + (v)]56.4 %58.2 %67.2 %
Adjusted efficiency ratio (y) / [(a) + (w)]54.7 %56.1 %55.3 %
Total revenue (FTE) (a) + (v)$2,175$2,138$2,167
Adjusted total revenue (FTE) (a) + (w)$2,226$2,185$2,189
Pre-provision net revenue (PPNR) (a) + (v) - (x)$949$894$712
Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y)$1,008$960$978
Totals may not foot due to rounding.
(a) Assumes a 23% tax rate.
(b) A portion of the adjustments related to legal settlements and remediations are not tax-deductible.
21
v3.24.4
Cover Page
Jan. 23, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 23, 2025
Entity Registrant Name Fifth Third Bancorp
Amendment Flag false
Entity Central Index Key 0000035527
Entity Incorporation, State or Country Code OH
Entity File Number 001-33653
Entity Tax Identification Number 31-0854434
Entity Address, Address Line One Fifth Third Center
Entity Address, Address Line Two 38 Fountain Square Plaza
Entity Address, City or Town Cincinnati
Entity Address, State or Province OH
Entity Address, Postal Zip Code 45263
City Area Code 800
Local Phone Number 972-3030
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, Without Par Value
Trading Symbol FITB
Security Exchange Name NASDAQ
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol FITBI
Security Exchange Name NASDAQ
Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A
Trading Symbol FITBP
Security Exchange Name NASDAQ
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K
Trading Symbol FITBO
Security Exchange Name NASDAQ
Grafico Azioni Fifth Third Bancorp (NASDAQ:FITBP)
Storico
Da Gen 2025 a Feb 2025 Clicca qui per i Grafici di Fifth Third Bancorp
Grafico Azioni Fifth Third Bancorp (NASDAQ:FITBP)
Storico
Da Feb 2024 a Feb 2025 Clicca qui per i Grafici di Fifth Third Bancorp