EX-99.1 2 q12025earningsrelease.htm EX-99.1 Document


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Fifth Third Bancorp Reports First Quarter 2025 Diluted Earnings Per Share of $0.71
Loan growth, net interest margin expansion, and expense discipline leads to positive operating leverage
Reported results included a negative $0.02 impact from certain items on page 2
Key Financial DataKey Highlights
$ in millions for all balance sheet and income statement items
1Q25
4Q24
1Q24
         Stability:
•Resilient balance sheet delivered stable NII sequentially and 4% growth compared to 1Q24, attributed to loan growth, deposit rate management, and fixed-rate asset repricing
•Net charge-off ratio remained stable sequentially
    Profitability:
•Continued expense discipline:
◦Expenses down 3% compared to 1Q24, and stable on an adjusted basis.
◦Efficiency ratio(a) of 61.0%. Adjusted efficiency ratio(a) of 60.5% improved 110 bps compared to 1Q24
•Net interest margin expanded for the 5th consecutive quarter. Interest-bearing liabilities costs down 20 bps from 4Q24
    Growth:
•Average loans up 3% sequentially and year-over-year due to growth in both commercial and consumer lending
•Generated 20% more commercial new quality relationships compared to 1Q24
•Wealth & asset management revenue up 7% and commercial payments revenue up 6% year-over-year
Income Statement Data
Net income available to common shareholders$478$582$480
Net interest income (U.S. GAAP)1,4371,4371,384
Net interest income (FTE)(a)
1,4421,4431,390
Noninterest income694732710
Noninterest expense1,3041,2261,342
Per Share Data
Earnings per share, basic$0.71$0.86$0.70
Earnings per share, diluted0.710.850.70
Book value per share27.4126.1724.72
Tangible book value per share(a)
19.9218.6917.35
Balance Sheet & Credit Quality
Average portfolio loans and leases$121,272$117,860$117,334
Average deposits164,157167,237168,122
Accumulated other comprehensive loss(3,895)(4,636)(4,888)
Net charge-off ratio(b)
0.46%0.46%0.38%
Nonperforming asset ratio(c)
0.810.710.64
Financial Ratios
Return on average assets0.99%1.17%0.98%
Return on average common equity10.813.011.6
Return on average tangible common equity(a)
15.218.417.0
CET1 capital(d)(e)
10.4510.5710.47
Net interest margin(a)
3.032.972.86
Efficiency(a)
61.056.463.9
Other than the Quarterly Financial Review tables beginning on page 13, 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.
From Tim Spence, Fifth Third Chairman, CEO and President:
Fifth Third delivered another quarter of strong financial results reflecting our resilient balance sheet, diversified business mix, and disciplined expense management. We again generated positive operating leverage, delivered loan growth, and expanded net interest margin.

This environment of increased economic uncertainty has reinforced the importance of building a bank that produces strong through-the-cycle returns across a range of potential outcomes. Our balance sheet remains well-diversified and neutrally positioned. We remain proactive in managing our credit risk and stress testing our portfolio under many scenarios.

Our strategic investments continue to drive growth in consumer households and commercial relationships as well as year-over-year growth in commercial payments and wealth & asset management revenue. Our strong returns on capital enabled $225 million of share repurchases during the quarter and a 5% increase in tangible book value per share, excluding AOCI, over the past year.

As we navigate this environment, we will continue to follow our operating principles of stability, profitability, and growth - in that order.
Investor contact: Matt Curoe (513) 534-2345 | Media contact: Jennifer Hendricks Sullivan (614) 744-7693 April 17, 2025

Income Statement Highlights
($ in millions, except per share data)For the Three Months Ended% Change
MarchDecemberMarch
202520242024SeqYr/Yr
Condensed Statements of Income
Net interest income (NII)(a)
$1,442$1,443$1,390—4%
Provision for credit losses17417994(3)%85%
Noninterest income694732710(5)%(2)%
Noninterest expense1,3041,2261,3426%(3)%
Income before income taxes(a)
$658$770$664(15)%(1)%
Taxable equivalent adjustment$5$6$6(17)%(17)%
Applicable income tax expense138144138(4)%—
Net income$515$620$520(17)%(1)%
Dividends on preferred stock373840(3)%(8)%
Net income available to common shareholders$478$582$480(18)%—
Earnings per share, diluted$0.71$0.85$0.70(16)%1%
Fifth Third Bancorp (NASDAQ®: FITB) today reported first quarter 2025 net income available to common shareholders of $478 million, or $0.71 per diluted share, compared to $582 million, or $0.85 per diluted share, in the prior quarter and $480 million, or $0.70 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain item(s) - 1Q25
(after-tax impact; $ in millions, except per share data)
Valuation of Visa total return swap (noninterest income)(f)
$(14)
After-tax impact(f) of certain item(s)
$(14)
Diluted earnings per share impact of certain item(s)1
$(0.02)
Totals may not foot due to rounding; 1Diluted earnings per share impact reflects 676.040 million average diluted shares outstanding


2

Net Interest Income
(FTE; $ in millions)(a)
For the Three Months Ended% Change
MarchDecemberMarch
202520242024SeqYr/Yr
Interest Income
Interest income$2,437 $2,534 $2,614 (4)%(7)%
Interest expense9951,0911,224(9)%(19)%
Net interest income (NII)$1,442 $1,443 $1,390 —4%
Average Yield/Rate Analysisbps Change
Yield on interest-earning assets5.13 %5.21 %5.38 %(8)(25)
Rate paid on interest-bearing liabilities2.80 %3.00 %3.36 %(20)(56)
Ratios
Net interest rate spread2.33 %2.21 %2.02 %1231
Net interest margin (NIM)3.03 %2.97 %2.86 %617
Compared to the prior quarter, NII was stable, primarily reflecting higher average commercial loan balances, fixed-rate asset repricing and a combination of seasonal fluctuations and strategic deposit management actions decreasing the cost of interest-bearing deposits, offset by the impact of market rates on floating rate loans and lower day count. These same factors, coupled with the normalization of cash and other short-term investment balances contributed to the 6 bps increase in NIM.
Compared to the year-ago quarter, NII increased $52 million, or 4%, and NIM increased 17 bps. This year-over-year improvement was due to the benefits from proactive deposit and wholesale funding management decreasing interest-bearing liabilities costs by 56 bps and the benefit of fixed-rate asset repricing, which more than offset the impact of lower market rates on floating rate assets.

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Noninterest Income
($ in millions)For the Three Months Ended% Change
MarchDecemberMarch
202520242024SeqYr/Yr
Noninterest Income
Wealth and asset management revenue$172$163$1616%7%
Commercial payments revenue153155145(1)%6%
Consumer banking revenue137137135—1%
Capital markets fees9012397(27)%(7)%
Commercial banking revenue8010985(27)%(6)%
Mortgage banking net revenue575754—6%
Other noninterest income (loss)14(4)23NM(39)%
Securities (losses) gains, net(9)(8)1013%NM
Total noninterest income$694$732$710(5)%(2)%
Reported noninterest income decreased $38 million, or 5%, from the prior quarter, and decreased $16 million, or 2%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including the mark-to-market on the valuation of the Visa total return swap and securities gains/losses which incorporate mark-to-market impacts from securities associated with non-qualified deferred compensation plans that are more than offset in noninterest expense.
Noninterest Income excluding certain items
($ in millions)For the Three Months Ended
MarchDecemberMarch% Change
202520242024SeqYr/Yr
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)$694 $732 $710 
Valuation of Visa total return swap185117
Securities (gains) losses, net98(10)
Noninterest income excluding certain items(a)
$721 $791 $717(9)%1% 
Noninterest income excluding certain items decreased $70 million, or 9%, compared to the prior quarter, but increased $4 million, or 1%, from the year-ago quarter.
Compared to the prior quarter, wealth and asset management revenue increased $9 million, or 6%, primarily due to seasonal tax-related revenue and increased customer transaction activity. Commercial payments revenue decreased $2 million, or 1%, primarily driven by seasonality. Capital markets fees decreased $33 million, or 27%, reflecting decreases in syndication and M&A advisory fees due to seasonality and market uncertainty. Commercial banking revenue decreased $29 million, or 27%, primarily reflecting decreases in lease syndication and remarketing.
Compared to the year-ago quarter, wealth and asset management revenue increased $11 million, or 7%, primarily reflecting an increase in personal asset management revenue due to AUM growth. Commercial payments revenue increased $8 million, or 6%, primarily driven by deposit fees. Consumer banking revenue increased $2 million, or 1%, primarily driven by deposit fees. Capital markets fees decreased $7 million, or 7%, reflecting a decrease in syndication fees and M&A advisory fees, partially offset by an increase in client financial risk management revenue. Commercial banking revenue decreased $5 million, or 6%, primarily reflecting the continued decrease in operating lease revenue, partially offset by an increase in lease syndication and remarketing. Mortgage banking net revenue increased $3 million, or 6%, due to the prior year loss on MSR net valuation adjustments not recurring in the current quarter.

4

Noninterest Expense
($ in millions)For the Three Months Ended% Change
MarchDecemberMarch
202520242024SeqYr/Yr
Noninterest Expense
Compensation and benefits$750$665$75313%—
Technology and communications123123117—5%
Net occupancy expense878887(1)%—
Equipment expense4239378%14%
Loan and lease expense303629(17)%3%
Marketing expense28233222%(13)%
Card and processing expense212120—5%
Other noninterest expense223231267(3)%(16)%
Total noninterest expense$1,304$1,226$1,3426%(3)%
Reported noninterest expense increased $78 million, or 6%, from the prior quarter, and decreased $38 million, or 3%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.
Noninterest Expense excluding certain item(s)
($ in millions)For the Three Months Ended% Change
MarchDecemberMarch
202520242024SeqYr/Yr
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP)$1,304 $1,226 $1,342 
Fifth Third Foundation contribution—(15)—
Interchange litigation matters—(4)(5)
FDIC special assessment—11(33)
Noninterest expense excluding certain item(s)(a)
$1,304 $1,218 $1,3047%—

Compared to the prior quarter, noninterest expense excluding certain items increased $86 million, or 7%, primarily reflecting a seasonal increase in compensation and benefits expense. Noninterest expense in the current quarter included a $4 million benefit related to the mark-to-market impact of non-qualified deferred compensation compared to a $7 million benefit in the prior quarter, both of which were largely offset in net securities losses through noninterest income.
Compared to the year-ago quarter, noninterest expense excluding certain items was stable. The year-ago quarter included an $11 million expense related to the mark-to-market impact of non-qualified deferred compensation, which was largely offset in net securities gains through noninterest income.
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Average Interest-Earning Assets
($ in millions)For the Three Months Ended% Change
MarchDecemberMarch
202520242024SeqYr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans$53,401 $51,567 $53,183 4%—
Commercial mortgage loans12,36811,79211,3395%9%
Commercial construction loans5,7975,7025,7322%1%
Commercial leases3,1102,9022,5427%22%
Total commercial loans and leases$74,676$71,963$72,7964%3%
Consumer loans:
Residential mortgage loans$17,552$17,322$16,9771%3%
Home equity4,2224,1253,9332%7%
Indirect secured consumer loans16,47616,10015,1722%9%
Credit card1,6271,6681,773(2)%(8)%
Solar energy installation loans4,2214,1373,7942%11%
Other consumer loans2,4982,5452,889(2)%(14)%
Total consumer loans$46,596$45,897$44,5382%5%
Total average portfolio loans and leases$121,272 $117,860 $117,334 3%3%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale$64$48$7433%(14)%
Consumer loans held for sale428584291(27)%47%
Total average loans and leases held for sale$492$632$365(22)%35%
Total average loans and leases$121,764$118,492$117,6993%3%
Securities (taxable and tax-exempt)$56,598$56,702$56,456——
Other short-term investments14,44618,31921,194(21)%(32)%
Total average interest-earning assets$192,808$193,513$195,349—(1)%
Compared to the prior quarter, total average portfolio loans and leases increased 3%. Average commercial portfolio loans and leases increased 4%, primarily reflecting increases in C&I loans, commercial mortgage loans, and commercial leases. Average consumer portfolio loans increased 2%, primarily reflecting increases in indirect secured consumer and residential mortgage loans.
Compared to the year-ago quarter, total average portfolio loans and leases increased 3%. Average commercial portfolio loans and leases increased 3%, primarily reflecting increases in commercial mortgage loans and commercial leases. Average consumer portfolio loans increased 5%, primarily reflecting increases in indirect secured consumer loans, residential mortgage loans, and solar energy installation loans.
Average securities (taxable and tax-exempt; amortized cost) of $57 billion in the current quarter were stable compared to the prior and year-ago quarter. Average other short-term investments (including interest-bearing cash) of $14 billion in the current quarter decreased 21% compared to the prior quarter and decreased 32% compared to the year-ago quarter due to proactive liability management.
Period-end commercial portfolio loans and leases of $75 billion increased 3% compared to the prior quarter, primarily reflecting increases in C&I loans and commercial construction loans. Compared to the year-ago quarter, period-end commercial portfolio loans and leases increased 4%, primarily due to increases in C&I loans, commercial mortgage loans and commercial leases.
6

Period-end consumer portfolio loans of $47 billion increased 1% compared to the prior quarter, primarily reflecting an increase in indirect secured consumer loans. Compared to the year-ago quarter, period-end consumer portfolio loans increased 6%, primarily driven by increases in indirect secured consumer loans, residential mortgage, 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 $56 billion in the current quarter decreased 1% compared to the prior quarter and were stable compared to the year-ago quarter. Period-end other short-term investments of approximately $15 billion decreased 13% compared to the prior quarter, and decreased 34% compared to the year-ago quarter.
Average Deposits
($ in millions)For the Three Months Ended% Change
MarchDecemberMarch
202520242024SeqYr/Yr
Average Deposits
Demand$39,788 $40,137 $40,839 (1)%(3)%
Interest checking57,96459,44158,822(2)%(1)%
Savings17,22617,25718,107—(5)%
Money market36,45337,27934,589(2)%5%
Total transaction deposits$151,431$154,114$152,357(2)%(1)%
CDs $250,000 or less10,38010,59210,244(2)%1%
Total core deposits$161,811$164,706$162,601(2)%—
CDs over $250,0001
2,3462,5315,521(7)%(58)%
Total average deposits$164,157 $167,237 $168,122 (2)%(2)%
1CDs over $250,000 includes $1.3BN, $1.5BN, and $4.7BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 3/31/25, 12/31/24, and 3/31/24, respectively.
Compared to the prior quarter, total average deposits were down 2%, primarily reflecting seasonal decreases in interest checking and money market deposits. Average demand deposits represented 25% of total core deposits in the current quarter compared to 24% in the prior quarter and 25% in the year-ago quarter. Period-end total deposits decreased 1%.
Compared to the year-ago quarter, total average deposits decreased 2%, primarily due to decreases in retail brokered deposits and demand deposits, partially offset by an increase in money market deposits. Period-end total deposits decreased 2%.
The period-end portfolio loan-to-core deposit ratio was 75% in the current quarter, compared to 73% in the prior quarter and 71% in the year-ago quarter.

Average Wholesale Funding
($ in millions)For the Three Months Ended% Change
MarchDecemberMarch
202520242024SeqYr/Yr
Average Wholesale Funding
CDs over $250,0001
$2,346 $2,531 $5,521 (7)%(58)%
Federal funds purchased194223201(13)%(3)%
Securities sold under repurchase agreements286313366(9)%(22)%
FHLB advances4,7671,5673,111204%53%
Derivative collateral and other secured borrowings84765711%47%
Long-term debt14,58515,49215,515(6)%(6)%
Total average wholesale funding$22,262$20,202$24,77110%(10)%
1CDs over $250,000 includes $1.3BN, $1.5BN, and $4.7BN of retail brokered certificates of deposit which are fully covered by FDIC insurance for the three months ended 3/31/25, 12/31/24, and 3/31/24, respectively.
Compared to the prior quarter, average wholesale funding increased 10%, primarily driven by an increase in short-term FHLB advances, partially offset by a decrease in retail brokered deposits. The 10% decrease in average wholesale funding compared to the year-ago quarter was driven by decreases in retail brokered deposits and long-term debt, partially offset by an increase in short-term FHLB advances.
Credit Quality Summary
($ in millions)As of and For the Three Months Ended
MarchDecemberSeptemberJuneMarch
20252024202420242024
Total nonaccrual portfolio loans and leases (NPLs)$966$823$686$606$708
Repossessed property991198
OREO2121282827
Total nonperforming portfolio loans and leases and OREO (NPAs)$996$853$725$643$743
NPL ratio(g)
0.79 %0.69 %0.59 %0.52 %0.61 %
NPA ratio(c)
0.81 %0.71 %0.62 %0.55 %0.64 %
Portfolio loans and leases 30-89 days past due (accrual)$385$303$283$302$342
Portfolio loans and leases 90 days past due (accrual)3332403335
30-89 days past due as a % of portfolio loans and leases0.31 %0.25 %0.24 %0.26 %0.29 %
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$2,352 $2,305 $2,288 $2,318 $2,322 
Total net losses charged-off(136)(136)(142)(144)(110)
Provision for loan and lease losses168183159114106
ALLL, ending$2,384$2,352$2,305$2,288$2,318
Reserve for unfunded commitments, beginning$134$138$137$154$166
Provision for (benefit from) the reserve for unfunded commitments6(4)1(17)(12)
Reserve for unfunded commitments, ending$140$134$138$137$154
Total allowance for credit losses (ACL)$2,524 $2,486 $2,443 $2,425 $2,472 
ACL ratios:
As a % of portfolio loans and leases2.07 % 2.08 % 2.09 % 2.08 % 2.12 % 
As a % of nonperforming portfolio loans and leases261 % 302 % 356 % 400 % 349 % 
As a % of nonperforming portfolio assets253 % 291 % 337 % 377 % 333 % 
ALLL as a % of portfolio loans and leases1.95 %1.96 %1.98 %1.96 %1.99 %
Total losses charged-off$(173)$(175)$(183)$(182)$(146)
Total recoveries of losses previously charged-off3739413836
Total net losses charged-off$(136)$(136)$(142)$(144)$(110)
Net charge-off ratio (NCO ratio)(b)
0.46 %0.46 %0.48 %0.49 %0.38 %
Commercial NCO ratio0.35 %0.32 %0.40 %0.45 %0.19 %
Consumer NCO ratio0.63 %0.68 %0.62 %0.57 %0.67 %
The provision for credit losses totaled $174 million in the current quarter. The ACL ratio was 2.07% of total portfolio loans and leases at quarter end, compared with 2.08% for the prior quarter end and 2.12% for the year-ago quarter end. In the current quarter, the ACL was 261% of nonperforming portfolio loans and leases and 253% of nonperforming portfolio assets.
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Net charge-offs were $136 million in the current quarter, resulting in an NCO ratio of 0.46%, which was flat compared to the prior quarter. Commercial net charge-offs were $64 million, resulting in a commercial NCO ratio of 0.35%, which increased 3 bps compared to the prior quarter. Consumer net charge-offs were $72 million, resulting in a consumer NCO ratio of 0.63%, which decreased 5 bps compared to the prior quarter.
Compared to the year-ago quarter, net charge-offs increased $26 million and the NCO ratio increased 8 bps. The commercial NCO ratio increased 16 bps compared to the prior year, and the consumer NCO ratio decreased 4 bps compared to the prior year.
Nonperforming portfolio loans and leases were $966 million in the current quarter, with the resulting NPL ratio of 0.79%. Compared to the prior quarter, NPLs increased $143 million with the NPL ratio increasing 10 bps. Compared to the year-ago quarter, NPLs increased $258 million with the NPL ratio increasing 18 bps.
Nonperforming portfolio assets were $996 million in the current quarter, with the resulting NPA ratio of 0.81%. Compared to the prior quarter, NPAs increased $143 million with the NPA ratio increasing 10 bps. Compared to the year-ago quarter, NPAs increased $253 million with the NPA ratio increasing 17 bps.

Capital Position
As of and For the Three Months Ended
MarchDecemberSeptemberJuneMarch
20252024202420242024
Capital Position
Average total Bancorp shareholders' equity as a % of average assets
9.50 %9.40 %9.47 %8.80 %8.78 %
Tangible equity(a)
9.07 %9.02 %8.99 %8.91 %8.75 %
Tangible common equity (excluding AOCI)(a)
8.07 %8.03 %8.00 %7.92 %7.77 %
Tangible common equity (including AOCI)(a)
6.40 %6.02 %6.52 %5.80 %5.67 %
Regulatory Capital Ratios(d)(e)
CET1 capital
10.45 %10.57 %10.75 %10.62 %10.47 %
Tier 1 risk-based capital
11.73 %11.86 %12.07 %11.93 %11.77 %
Total risk-based capital
13.66 %13.86 %14.13 %13.95 %13.81 %
Leverage9.19 %9.22 %9.11 %9.07 %8.94 %
CET1 capital ratio of 10.45% decreased 12 bps sequentially due to loan growth during the quarter driving an increase in risk-weighted assets. During the first quarter of 2025, Fifth Third repurchased $225 million of its common stock, which reduced shares outstanding by approximately 5.2 million at quarter end.

8

Tax Rate
The effective tax rate for the quarter was 21.2% compared with 18.8% in the prior quarter and 21.1% in the year-ago quarter.
Conference Call
Fifth Third will host a conference call to discuss these financial results at 9:00 a.m. (Eastern Time) today. This conference call will be webcast live and may be accessed through the Fifth Third Investor Relations website at www.53.com (click on “About Us” then “Investor Relations”). Those unable to listen to the live webcast may access a webcast replay through the Fifth Third Investor Relations website at the same web address, which will be available for 30 days.
Corporate Profile
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people, and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

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

Earnings Release End Notes
(a)Non-GAAP measure; see discussion of non-GAAP reconciliation beginning on page 25.
(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 as of December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024 were calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital.
(e)Current period regulatory capital ratios are estimated.
(f)Assumes a 24% tax rate.
(g)Nonperforming portfolio loans and leases as a percent of portfolio loans and leases.



9


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, including the use of artificial intelligence; (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 in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; (27) changes and trends in capital markets; (28) fluctuation of Fifth Third’s stock price; (29) volatility in mortgage banking revenue; (30) litigation, investigations, and enforcement proceedings; (31) breaches of contractual covenants, representations and warranties; (32) competition and changes in the financial services industry; (33) potential impacts of the adoption of real-time payment networks; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (45) Fifth Third's ability to meet its environmental and/or social targets, goals and commitments.

You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.
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10

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Quarterly Financial Review for March 31, 2025

Table of Contents


Financial Highlights13-14
Consolidated Statements of Income15-16
Consolidated Balance Sheets17-18
Consolidated Statements of Changes in Equity19
Average Balance Sheets and Yield/Rate Analysis20
Summary of Loans and Leases21
Regulatory Capital22
Summary of Credit Loss Experience23
Asset Quality24
Non-GAAP Reconciliation25-27
Segment Presentation28


11

Fifth Third Bancorp and Subsidiaries
Financial HighlightsAs of and For the Three Months Ended% / bps
$ in millions, except per share dataChange
(unaudited)MarchDecemberMarch
202520242024SeqYr/Yr
Income Statement Data
Net interest income$1,437$1,437$1,384—4%
Net interest income (FTE)(a)
1,4421,4431,390—4%
Noninterest income694732710(5%)(2%)
Total revenue (FTE)(a)
2,1362,1752,100(2%)2%
Provision for credit losses17417994(3%)85%
Noninterest expense1,3041,2261,3426%(3%)
Net income515620520(17%)(1%)
Net income available to common shareholders478582480(18%)—
Earnings Per Share Data
Net income allocated to common shareholders$478$582$480(18%)—
Average common shares outstanding (in thousands):
Basic671,052675,307685,750(1%)(2%)
Diluted676,040681,456690,634(1%)(2%)
Earnings per share, basic$0.71$0.86$0.70(17%)1%
Earnings per share, diluted0.710.850.70(16%)1%
Common Share Data
Cash dividends per common share$0.37$0.37$0.35—6%
Book value per share27.4126.1724.725%11%
Market value per share39.2042.2837.21(7%)5%
Common shares outstanding (in thousands)667,272669,854683,812—(2%)
Market capitalization$26,157$28,321$25,445(8%)3%
Financial Ratios
Return on average assets0.99 %1.17 %0.98 %(18)1
Return on average common equity10.8 %13.0 %11.6 %(220)(80)
Return on average tangible common equity(a)
15.2 %18.4 %17.0 %(320)(180)
Noninterest income as a percent of total revenue(a)
32 %34 %34 %(200)(200)
Dividend payout52.1 %43.0 %50.0 %910210
Average total Bancorp shareholders’ equity as a percent of average assets
9.50 %9.40 %8.78 %1072
Tangible common equity(a)
8.07 %8.03 %7.77 %430
Net interest margin (FTE)(a)
3.03 %2.97 %2.86 %617
Efficiency (FTE)(a)
61.0 %56.4 %63.9 %460(290)
Effective tax rate21.2 %18.8 %21.1 %24010
Credit Quality
Net losses charged-off$136$136$110— 24 %
Net losses charged-off as a percent of average portfolio loans and leases (annualized)0.46 %0.46 %0.38 %—8
ALLL as a percent of portfolio loans and leases1.95 %1.96 %1.99 %(1)(4)
ACL as a percent of portfolio loans and leases(g)
2.07 %2.08 %2.12 %(1)(5)
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO0.81 %0.71 %0.64 %1017
Average Balances
Loans and leases, including held for sale$121,764$118,492$117,6993%3%
Securities and other short-term investments71,04475,02177,650(5%)(9%)
Assets210,558211,709213,203(1%)(1%)
Transaction deposits(b)
151,431154,114152,357(2%)(1%)
Core deposits(c)
161,811164,706162,601(2%)—
Wholesale funding(d)
22,26220,20224,77110%(10%)
Bancorp shareholders' equity
20,00019,89318,7271%7%
Regulatory Capital Ratios(e)(f)
CET1 capital
10.45 %10.57 %10.47 %(12)(2)
Tier 1 risk-based capital
11.73 %11.86 %11.77 %(13)(4)
Total risk-based capital
13.66 %13.86 %13.81 %(20)(15)
Leverage9.19 %9.22 %8.94 %(3)25
Additional Metrics
Banking centers1,0841,0891,070—1%
ATMs2,0692,0802,082(1%)(1%)
Full-time equivalent employees18,78618,61618,6571%1%
Assets under care ($ in billions)(h)
$639$634$6341%1%
Assets under management ($ in billions)(h)
686962(1%)10%
(a)Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 25.
(b)Includes demand, interest checking, savings and money market deposits..
(c)Includes transaction deposits plus CDs $250,000 or less.
(d)Includes CDs over $250,000, other deposits, federal funds purchased, other short-term borrowings and long-term debt.
(e)Current period regulatory capital ratios are estimates.
(f)Regulatory capital ratios as of December 31, 2024 and March 31, 2024 were calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital.
(g)The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.
(h)Assets under management and assets under care include trust and brokerage assets.


12

Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share dataAs of and For the Three Months Ended
(unaudited)MarchDecemberSeptemberJuneMarch
20252024202420242024
Income Statement Data
Net interest income$1,437$1,437$1,421$1,387$1,384
Net interest income (FTE)(a)
1,4421,4431,4271,3931,390
Noninterest income694732711695710
Total revenue (FTE)(a)
2,1362,1752,1382,0882,100
Provision for credit losses1741791609794
Noninterest expense1,3041,2261,2441,2211,342
Net income515620573601520
Net income available to common shareholders478582532561480
Earnings Per Share Data
Net income allocated to common shareholders$478$582$532$561$480
Average common shares outstanding (in thousands):
Basic671,052675,307680,895686,781685,750
Diluted676,040681,456686,109691,083690,634
Earnings per share, basic$0.71$0.86$0.78$0.82$0.70
Earnings per share, diluted0.710.850.780.810.70
Common Share Data
Cash dividends per common share$0.37$0.37$0.37$0.35$0.35
Book value per share27.4126.1727.6025.1324.72
Market value per share39.2042.2842.8436.4937.21
Common shares outstanding (in thousands)667,272669,854676,269680,789683,812
Market capitalization$26,157$28,321$28,971$24,842$25,445
Financial Ratios
Return on average assets0.99 %1.17 %1.06 %1.14 %0.98 %
Return on average common equity10.8 %13.0 %11.7 %13.6 %11.6 %
Return on average tangible common equity(a)
15.2 %18.4 %16.3 %19.8 %17.0 %
Noninterest income as a percent of total revenue(a)
32 %34 %33 %33 %34 %
Dividend payout52.1 %43.0 %47.4 %42.7 %50.0 %
Average total Bancorp shareholders’ equity as a percent of average assets
9.50 %9.40 %9.47 %8.80 %8.78 %
Tangible common equity(a)
8.07 %8.03 %8.00 %7.92 %7.77 %
Net interest margin (FTE)(a)
3.03 %2.97 %2.90 %2.88 %2.86 %
Efficiency (FTE)(a)
61.0 %56.4 %58.2 %58.5 %63.9 %
Effective tax rate21.2 %18.8 %21.3 %21.3 %21.1 %
Credit Quality
Net losses charged-off$136$136$142$144$110
Net losses charged-off as a percent of average portfolio loans and leases (annualized)0.46 %0.46 %0.48 %0.49 %0.38 %
ALLL as a percent of portfolio loans and leases1.95 %1.96 %1.98 %1.96 %1.99 %
ACL as a percent of portfolio loans and leases(g)
2.07 %2.08 %2.09 %2.08 %2.12 %
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO0.81 %0.71 %0.62 %0.55 %0.64 %
Average Balances
Loans and leases, including held for sale$121,764$118,492$117,415$117,283$117,699
Securities and other short-term investments71,04475,02178,42177,21677,650
Assets210,558211,709213,838212,475213,203
Transaction deposits(b)
151,431154,114153,154151,680152,357
Core deposits(c)
161,811164,706163,697162,447162,601
Wholesale funding(d)
22,26220,20223,41524,18024,771
Bancorp shareholders’ equity
20,00019,89320,25118,70718,727
Regulatory Capital Ratios(e)(f)
CET1 capital
10.45 %10.57 %10.75 %10.62 %10.47 %
Tier 1 risk-based capital11.73 %11.86 %12.07 %11.93 %11.77 %
Total risk-based capital
13.66 %13.86 %14.13 %13.95 %13.81 %
Leverage9.19 %9.22 %9.11 %9.07 %8.94 %
Additional Metrics
Banking centers1,0841,0891,0721,0701,070
ATMs2,0692,0802,0602,0672,082
Full-time equivalent employees18,78618,61618,57918,60718,657
Assets under care ($ in billions)(h)
$639$634$635$631$634
Assets under management ($ in billions)(h)
6869696562
(a)Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 25.
(b)Includes demand, interest checking, savings and money market deposits.
(c)Includes transaction deposits plus CDs $250,000 or less.
(d)Includes CDs over $250,000, other deposits, federal funds purchased, other short-term borrowings and long-term debt.
(e)Current period regulatory capital ratios are estimates.
(f)Regulatory capital ratios as of December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024 were calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital.
(g)The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.
(h)Assets under management and assets under care include trust and brokerage assets.
13

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended% Change
(unaudited)MarchDecemberMarch
202520242024SeqYr/Yr
Interest Income
Interest and fees on loans and leases$1,816$1,836$1,859(1%)(2%)
Interest on securities451464455(3%)(1%)
Interest on other short-term investments165228294(28%)(44%)
Total interest income2,4322,5282,608(4%)(7%)
Interest Expense
Interest on deposits743856954(13%)(22%)
Interest on federal funds purchased233(33%)(33%)
Interest on other short-term borrowings562247155%19%
Interest on long-term debt194210220(8%)(12%)
Total interest expense9951,0911,224(9%)(19%)
Net Interest Income1,4371,4371,384—4%
Provision for credit losses17417994(3%)85%
Net Interest Income After Provision for Credit Losses1,2631,2581,290—(2%)
Noninterest Income
Wealth and asset management revenue1721631616%7%
Commercial payments revenue153155145(1%)6%
Consumer banking revenue137137135—1%
Capital markets fees9012397(27%)(7%)
Commercial banking revenue8010985(27%)(6%)
Mortgage banking net revenue575754—6%
Other noninterest income (loss)14(4)23NM(39%)
Securities (losses) gains, net(9)(8)1013%NM
Total noninterest income694732710(5%)(2%)
Noninterest Expense
Compensation and benefits75066575313%—
Technology and communications123123117—5%
Net occupancy expense878887(1%)—
Equipment expense4239378%14%
Loan and lease expense303629(17%)3%
Marketing expense28233222%(13%)
Card and processing expense212120—5%
Other noninterest expense223231267(3%)(16%)
Total noninterest expense1,3041,2261,3426%(3%)
Income Before Income Taxes653764658(15%)(1%)
Applicable income tax expense138144138(4%)—
Net Income515620520(17%)(1%)
Dividends on preferred stock373840(3%)(8%)
Net Income Available to Common Shareholders$478$582$480(18%)—

14

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millionsFor the Three Months Ended
(unaudited)MarchDecemberSeptemberJuneMarch
20252024202420242024
Interest Income
Interest and fees on loans and leases$1,816$1,836$1,910$1,871$1,859
Interest on securities451464461458455
Interest on other short-term investments165228298291294
Total interest income2,4322,5282,6692,6202,608
Interest Expense
Interest on deposits743856968958954
Interest on federal funds purchased23233
Interest on other short-term borrowings5622404847
Interest on long-term debt194210238224220
Total interest expense9951,0911,2481,2331,224
Net Interest Income1,4371,4371,4211,3871,384
Provision for credit losses1741791609794
Net Interest Income After Provision for Credit Losses1,2631,2581,2611,2901,290
Noninterest Income
Wealth and asset management revenue172163163159161
Commercial payments revenue153155154154145
Consumer banking revenue137137143139135
Capital markets fees901231119397
Commercial banking revenue80109939085
Mortgage banking net revenue5757505054
Other noninterest income (loss)14(4)(13)723
Securities (losses) gains, net(9)(8)10310
Total noninterest income694732711695710
Noninterest Expense
Compensation and benefits750665690656753
Technology and communications123123121114117
Net occupancy expense8788818387
Equipment expense4239383837
Loan and lease expense3036343329
Marketing expense2823263432
Card and processing expense2121222120
Other noninterest expense223231232242267
Total noninterest expense1,3041,2261,2441,2211,342
Income Before Income Taxes653764728764658
Applicable income tax expense138144155163138
Net Income515620573601520
Dividends on preferred stock3738414040
Net Income Available to Common Shareholders$478$582$532$561$480

15

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of% Change
(unaudited)MarchDecemberMarch
202520242024SeqYr/Yr
Assets
Cash and due from banks$3,009$3,014$2,796—8%
Other short-term investments14,96517,12022,840(13%)(34%)
Available-for-sale debt and other securities(a)
39,74739,54738,7911%2%
Held-to-maturity securities(b)
11,18511,27811,520(1%)(3%)
Trading debt securities1,1591,1851,151(2%)1%
Equity securities49434138045%30%
Loans and leases held for sale473640339(26%)40%
Portfolio loans and leases:
  Commercial and industrial loans53,70052,27152,2093%3%
  Commercial mortgage loans12,35712,24611,3461%9%
  Commercial construction loans5,9525,5885,7897%3%
  Commercial leases3,1283,1882,572(2%)22%
Total commercial loans and leases75,13773,29371,9163%4%
  Residential mortgage loans17,58117,54316,995—3%
  Home equity4,2654,1883,8832%10%
  Indirect secured consumer loans16,80416,31315,3063%10%
  Credit card1,6601,7341,737(4%)(4%)
  Solar energy installation loans4,2624,2023,8711%10%
  Other consumer loans2,4822,5182,777(1%)(11%)
Total consumer loans47,05446,49844,5691%6%
Portfolio loans and leases122,191119,791116,4852%5%
Allowance for loan and lease losses(2,384)(2,352)(2,318)1%3%
Portfolio loans and leases, net119,807117,439114,1672%5%
Bank premises and equipment2,5062,4752,3761%5%
Operating lease equipment314319427(2%)(26%)
Goodwill4,9184,9184,918——
Intangible assets8290115(9%)(29%)
Servicing rights1,6631,7041,756(2%)(5%)
Other assets12,34712,85712,930(4%)(5%)
Total Assets$212,669$212,927$214,506—(1%)
Liabilities
Deposits:
  Demand $40,855$41,038$41,849—(2%)
  Interest checking 58,42059,30658,938(1%)(1%)
  Savings 17,58317,14718,2293%(4%)
  Money market 36,50536,60535,025—4%
  CDs $250,000 or less10,24810,79810,337(5%)(1%)
  CDs over $250,0001,8942,3585,209(20%)(64%)
Total deposits165,505167,252169,587(1%)(2%)
Federal funds purchased22720424711%(8%)
Other short-term borrowings5,4574,4502,86623%90%
Accrued taxes, interest and expenses1,7222,1371,965(19%)(12%)
Other liabilities4,8164,9025,379(2%)(10%)
Long-term debt14,53914,33715,4441%(6%)
Total Liabilities192,266193,282195,488(1%)(2%)
Equity
Common stock(c)
2,0512,0512,051——
Preferred stock2,1162,1162,116——
Capital surplus3,7733,8043,742(1%)1%
Retained earnings24,37724,15023,2241%5%
Accumulated other comprehensive loss(3,895)(4,636)(4,888)(16%)(20%)
Treasury stock(8,019)(7,840)(7,227)2%11%
Total Equity20,40319,64519,0184%7%
Total Liabilities and Equity$212,669$212,927$214,506—(1%)
(a) Amortized cost$43,445$43,878$43,400(1%)—
(b) Market values11,072 10,965 11,341 1 %(2 %)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,000——
Outstanding, excluding treasury667,272669,854683,812——
Treasury256,621254,039240,0801 %—


16

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share dataAs of
(unaudited)MarchDecemberSeptemberJuneMarch
20252024202420242024
Assets
Cash and due from banks$3,009$3,014$3,215$2,837$2,796
Other short-term investments14,96517,12021,72921,08522,840
Available-for-sale debt and other securities(a)
39,74739,54740,39638,98638,791
Held-to-maturity securities(b)
11,18511,27811,35811,44311,520
Trading debt securities1,1591,1851,1761,1321,151
Equity securities494341428476380
Loans and leases held for sale473640612537339
Portfolio loans and leases:
  Commercial and industrial loans53,70052,27150,91651,84052,209
  Commercial mortgage loans12,35712,24611,39411,42911,346
  Commercial construction loans5,9525,5885,9475,8065,789
  Commercial leases3,1283,1882,8732,7082,572
Total commercial loans and leases75,13773,29371,13071,78371,916
  Residential mortgage loans17,58117,54317,16617,04016,995
  Home equity4,2654,1884,0743,9693,883
  Indirect secured consumer loans16,80416,31315,94215,44215,306
  Credit card1,6601,7341,7031,7331,737
  Solar energy installation loans4,2624,2024,0783,9513,871
  Other consumer loans2,4822,5182,5752,6612,777
Total consumer loans47,05446,49845,53844,79644,569
Portfolio loans and leases122,191119,791116,668116,579116,485
Allowance for loan and lease losses(2,384)(2,352)(2,305)(2,288)(2,318)
Portfolio loans and leases, net119,807117,439114,363114,291114,167
Bank premises and equipment2,5062,4752,4252,3892,376
Operating lease equipment314319357392427
Goodwill4,9184,9184,9184,9184,918
Intangible assets829098107115
Servicing rights1,6631,7041,6561,7311,756
Other assets12,34712,85711,58712,93812,930
Total Assets$212,669$212,927$214,318$213,262$214,506
Liabilities
Deposits:
  Demand $40,855$41,038$41,393$40,617$41,849
  Interest checking58,42059,30658,72757,50958,938
  Savings 17,58317,14716,99017,41918,229
  Money market 36,50536,60537,48236,25935,025
CDs $250,000 or less10,24810,79810,48010,88210,337
CDs over $250,0001,8942,3583,2684,0825,209
Total deposits165,505167,252168,340166,768169,587
Federal funds purchased227204169194247
Other short-term borrowings5,4574,4501,4243,3702,866
Accrued taxes, interest and expenses1,7222,1372,0342,0401,965
Other liabilities4,8164,9024,4715,3715,379
Long-term debt14,53914,33717,09616,29315,444
Total Liabilities192,266193,282193,534194,036195,488
Equity
Common stock(c)
2,0512,0512,0512,0512,051
Preferred stock2,1162,1162,1162,1162,116
Capital surplus3,7733,8043,7843,7643,742
Retained earnings24,37724,15023,82023,54223,224
Accumulated other comprehensive loss(3,895)(4,636)(3,446)(4,901)(4,888)
Treasury stock(8,019)(7,840)(7,541)(7,346)(7,227)
Total Equity20,40319,64520,78419,22619,018
Total Liabilities and Equity$212,669$212,927$214,318$213,262$214,506
(a) Amortized cost$43,445$43,878$43,754$43,596$43,400
(b) Market values11,07210,96511,55411,18711,341
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized2,000,0002,000,0002,000,0002,000,0002,000,000
Outstanding, excluding treasury667,272669,854676,269680,789683,812
Treasury256,621254,039247,624243,103240,080
17

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
For the Three Months Ended
MarchMarch
20252024
Total Equity, Beginning$19,645$19,172
Net income515520
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses):
Available-for-sale debt securities481(179)
Qualifying cash flow hedges235(247)
Amortization of unrealized losses on securities transferred to held-to-maturity2525
Comprehensive income1,256119
Cash dividends declared:
Common stock(251)(243)
Preferred stock(37)(40)
Impact of stock transactions under stock compensation plans, net1620
Shares acquired for treasury(226)—
Impact of cumulative effect of change in accounting principle—(10)
Total Equity, Ending$20,403$19,018
18

Fifth Third Bancorp and Subsidiaries
Average Balance Sheets and Yield/Rate AnalysisFor the Three Months Ended
$ in millionsMarchDecemberMarch
(unaudited)202520242024
AverageAverageAverageAverageAverageAverage
BalanceYield/RateBalanceYield/RateBalanceYield/Rate
Assets
Interest-earning assets:
Loans and leases:
  Commercial and industrial loans(a)
$53,4306.22 %$51,5756.65 %$53,2567.08 %
  Commercial mortgage loans(a)
12,3885.97 %11,8225.76 %11,3396.28 %
  Commercial construction loans(a)
5,8136.92 %5,7116.58 %5,7327.20 %
  Commercial leases(a)
3,1104.80 %2,9024.62 %2,5434.24 %
Total commercial loans and leases74,7416.17 %72,0106.42 %72,8706.87 %
  Residential mortgage loans17,9803.96 %17,9063.80 %17,2683.55 %
  Home equity4,2227.57 %4,1257.95 %3,9338.29 %
  Indirect secured consumer loans16,4765.57 %16,1005.53 %15,1724.93 %
  Credit card1,62714.76 %1,66814.24 %1,77313.73 %
  Solar energy installation loans4,2218.03 %4,1377.91 %3,7947.77 %
  Other consumer loans2,4979.37 %2,5469.28 %2,8898.96 %
Total consumer loans47,0235.88 %46,4825.81 %44,8295.54 %
Total loans and leases121,7646.06 %118,4926.18 %117,6996.36 %
Securities:
Taxable securities55,2053.25 %55,3193.27 %55,0163.26 %
Tax exempt securities(a)
1,3933.18 %1,3833.18 %1,4403.27 %
Other short-term investments14,4464.64 %18,3194.94 %21,1945.58 %
Total interest-earning assets192,8085.13 %193,5135.21 %195,3495.38 %
Cash and due from banks2,3882,6642,743
Other assets17,71417,83817,432
Allowance for loan and lease losses(2,352)(2,306)(2,321)
Total Assets$210,558$211,709$213,203
Liabilities
Interest-bearing liabilities:
  Interest checking deposits$57,9642.69 %$59,4412.98 %$58,8223.38 %
  Savings deposits17,2260.53 %17,2570.64 %18,1070.69 %
  Money market deposits36,4532.43 %37,2792.65 %34,5892.91 %
  CDs $250,000 or less10,3803.61 %10,5923.95 %10,2444.15 %
Total interest-bearing core deposits122,0232.39 %124,5692.64 %121,7622.91 %
  CDs over $250,0002,3464.43 %2,5314.83 %5,5215.22 %
Total interest-bearing deposits124,3692.42 %127,1002.68 %127,2833.01 %
  Federal funds purchased1944.38 %2234.73 %2015.41 %
  Securities sold under repurchase agreements2860.92 %3131.15 %3661.82 %
  FHLB advances4,7674.62 %1,5674.87 %3,1115.72 %
  Derivative collateral and other secured borrowings846.46 %767.68 %577.21 %
  Long-term debt14,5855.38 %15,4925.40 %15,5155.71 %
Total interest-bearing liabilities144,2852.80 %144,7713.00 %146,5333.36 %
Demand deposits39,78840,13740,839
Other liabilities6,4856,9087,104
Total Liabilities190,558191,816194,476
Total Equity20,00019,89318,727
Total Liabilities and Equity$210,558$211,709$213,203
Ratios:
  Net interest margin (FTE)(b)
3.03 %2.97 %2.86 %
  Net interest rate spread (FTE)(b)
2.33 %2.21 %2.02 %
  Interest-bearing liabilities to interest-earning assets74.83 %74.81 %75.01 %
(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 25.









19

Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millionsFor the Three Months Ended
(unaudited)MarchDecemberSeptemberJuneMarch
20252024202420242024
Average Portfolio Loans and Leases
Commercial loans and leases:
  Commercial and industrial loans$53,401$51,567$51,615$52,357$53,183
  Commercial mortgage loans12,36811,79211,48811,35211,339
  Commercial construction loans5,7975,7025,9815,9175,732
  Commercial leases3,1102,9022,6852,5752,542
Total commercial loans and leases74,67671,96371,76972,20172,796
Consumer loans:
  Residential mortgage loans17,55217,32217,03117,00416,977
  Home equity4,2224,1254,0183,9293,933
  Indirect secured consumer loans16,47616,10015,68015,37315,172
  Credit card1,6271,6681,7081,7281,773
  Solar energy installation loans4,2214,1373,9903,9163,794
  Other consumer loans2,4982,5452,6302,7402,889
Total consumer loans46,59645,89745,05744,69044,538
Total average portfolio loans and leases$121,272$117,860$116,826$116,891$117,334
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale$64$48$16$33$74
Consumer loans held for sale428584573359291
Average loans and leases held for sale$492$632$589$392$365
End of Period Portfolio Loans and Leases
Commercial loans and leases:
  Commercial and industrial loans$53,700$52,271$50,916$51,840$52,209
  Commercial mortgage loans12,35712,24611,39411,42911,346
  Commercial construction loans5,9525,5885,9475,8065,789
  Commercial leases3,1283,1882,8732,7082,572
Total commercial loans and leases75,13773,29371,13071,78371,916
Consumer loans:
  Residential mortgage loans17,58117,54317,16617,04016,995
  Home equity4,2654,1884,0743,9693,883
  Indirect secured consumer loans16,80416,31315,94215,44215,306
  Credit card1,6601,7341,7031,7331,737
  Solar energy installation loans4,2624,2024,0783,9513,871
  Other consumer loans2,4822,5182,5752,6612,777
Total consumer loans47,05446,49845,53844,79644,569
Total portfolio loans and leases$122,191$119,791$116,668$116,579$116,485
End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale$28$66$100$25$32
Consumer loans held for sale445574512512307
Loans and leases held for sale$473$640$612$537$339
Operating lease equipment$314$319$357$392$427
Loans and Leases Serviced for Others(a)
Commercial and industrial loans$1,104$1,071$1,178$1,201$1,197
Commercial mortgage loans603579515616632
Commercial construction loans367348342309293
Commercial leases755725773730703
Residential mortgage loans92,76994,22595,80897,28099,596
Solar energy installation loans575593610625641
Other consumer loans112119126133139
Total loans and leases serviced for others96,28597,66099,352100,894103,201
Total loans and leases owned or serviced$219,263$218,410$216,989$218,402$220,452
(a)Fifth Third sells certain loans and leases and obtains servicing responsibilities.
20

Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millionsAs of
(unaudited)MarchDecemberSeptemberJuneMarch
2025(a)
2024202420242024
Regulatory Capital(b)
CET1 capital$17,239$17,339$17,272$17,160$16,931
Additional tier 1 capital2,1162,1162,1162,1162,116
Tier 1 capital19,35519,45519,38819,27619,047
Tier 2 capital3,1713,2913,3033,2753,288
Total regulatory capital$22,526$22,746$22,691$22,551$22,335
Risk-weighted assets
$164,956$164,102$160,604$161,636$161,769
Ratios
Average total Bancorp shareholders' equity as a percent of average assets
9.50 %9.40 %9.47 %8.80 %8.78 %
Regulatory Capital Ratios(b)
Fifth Third Bancorp
CET1 capital
10.45 %10.57 %10.75 %10.62 %10.47 %
Tier 1 risk-based capital
11.73 %11.86 %12.07 %11.93 %11.77 %
Total risk-based capital
13.66 %13.86 %14.13 %13.95 %13.81 %
Leverage9.19 %9.22 %9.11 %9.07 %8.94 %
Fifth Third Bank, National Association
Tier 1 risk-based capital
12.80 %12.86 %12.99 %12.81 %12.65 %
Total risk-based capital
14.05 %14.19 %14.32 %14.14 %13.99 %
Leverage10.10 %10.02 %9.82 %9.76 %9.61 %
(a)Current period regulatory capital data and ratios are estimated.
(b)Regulatory capital ratios as of December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024 were calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital.
21


Fifth Third Bancorp and Subsidiaries
Summary of Credit Loss Experience
$ in millionsFor the Three Months Ended
(unaudited)MarchDecemberSeptemberJuneMarch
20252024202420242024
Average portfolio loans and leases:
  Commercial and industrial loans$53,401$51,567$51,615$52,357$53,183
  Commercial mortgage loans12,36811,79211,48811,35211,339
  Commercial construction loans5,7975,7025,9815,9175,732
  Commercial leases3,1102,9022,6852,5752,542
Total commercial loans and leases74,67671,96371,76972,20172,796
  Residential mortgage loans17,55217,32217,03117,00416,977
  Home equity4,2224,1254,0183,9293,933
  Indirect secured consumer loans16,47616,10015,68015,37315,172
  Credit card1,6271,6681,7081,7281,773
  Solar energy installation loans4,2214,1373,9903,9163,794
  Other consumer loans2,4982,5452,6302,7402,889
Total consumer loans46,59645,89745,05744,69044,538
Total average portfolio loans and leases$121,272$117,860$116,826$116,891$117,334
Losses charged-off:
  Commercial and industrial loans($54)($61)($80)($83)($40)
  Commercial mortgage loans(11)————
  Commercial construction loans—————
  Commercial leases(2)(2)———
Total commercial loans and leases(67)(63)(80)(83)(40)
  Residential mortgage loans—(1)—(1)—
  Home equity(2)(2)(1)(1)(2)
  Indirect secured consumer loans(36)(39)(35)(31)(35)
  Credit card(22)(21)(21)(22)(23)
  Solar energy installation loans(21)(20)(16)(14)(14)
  Other consumer loans(25)(29)(30)(30)(32)
Total consumer loans(106)(112)(103)(99)(106)
Total losses charged-off($173)($175)($183)($182)($146)
Recoveries of losses previously charged-off:
  Commercial and industrial loans$2$6$8$3$5
  Commercial mortgage loans1————
  Commercial construction loans—————
  Commercial leases—————
Total commercial loans and leases36835
  Residential mortgage loans—111—
  Home equity22122
  Indirect secured consumer loans1512131411
  Credit card54555
  Solar energy installation loans33222
  Other consumer loans911111111
Total consumer loans3433333531
Total recoveries of losses previously charged-off$37$39$41$38$36
Net losses charged-off:
  Commercial and industrial loans($52)($55)($72)($80)($35)
  Commercial mortgage loans(10)————
  Commercial construction loans—————
  Commercial leases(2)(2)———
Total commercial loans and leases(64)(57)(72)(80)(35)
  Residential mortgage loans——1——
  Home equity———1—
  Indirect secured consumer loans(21)(27)(22)(17)(24)
  Credit card(17)(17)(16)(17)(18)
  Solar energy installation loans(18)(17)(14)(12)(12)
  Other consumer loans(16)(18)(19)(19)(21)
Total consumer loans(72)(79)(70)(64)(75)
Total net losses charged-off($136)($136)($142)($144)($110)
Net losses charged-off as a percent of average portfolio loans and leases (annualized):
  Commercial and industrial loans0.39 %0.42 %0.55 %0.61 %0.27 %
  Commercial mortgage loans0.34 %0.01 %— 0.01 %— 
  Commercial construction loans— — — — — 
  Commercial leases0.29 %0.32 %(0.01 %)(0.01 %)(0.04 %)
Total commercial loans and leases0.35 %0.32 %0.40 %0.45 %0.19 %
  Residential mortgage loans— (0.01 %)(0.02 %)(0.01 %)(0.01 %)
  Home equity0.04 %(0.01 %)(0.02 %)(0.05 %)0.03 %
  Indirect secured consumer loans0.53 %0.66 %0.54 %0.46 %0.64 %
  Credit card4.19 %4.00 %3.74 %3.98 %4.19 %
  Solar energy installation loans1.73 %1.64 %1.44 %1.25 %1.31 %
  Other consumer loans2.52 %2.84 %3.00 %2.61 %2.71 %
Total consumer loans0.63 %0.68 %0.62 %0.57 %0.67 %
Total net losses charged-off as a percent of average portfolio loans and leases (annualized)0.46 %0.46 %0.48 %0.49 %0.38 %
22

Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millionsFor the Three Months Ended
(unaudited)MarchDecemberSeptemberJuneMarch
20252024202420242024
Allowance for Credit Losses
Allowance for loan and lease losses, beginning$2,352$2,305$2,288$2,318$2,322
  Total net losses charged-off(136)(136)(142)(144)(110)
Provision for loan and lease losses168183159114106
Allowance for loan and lease losses, ending$2,384$2,352$2,305$2,288$2,318
Reserve for unfunded commitments, beginning$134$138$137$154$166
Provision for (benefit from) the reserve for unfunded commitments6(4)1(17)(12)
Reserve for unfunded commitments, ending$140$134$138$137$154
Components of allowance for credit losses:
  Allowance for loan and lease losses$2,384$2,352$2,305$2,288$2,318
  Reserve for unfunded commitments140134138137154
Total allowance for credit losses$2,524$2,486$2,443$2,425$2,472
As of
MarchDecemberSeptemberJuneMarch
20252024202420242024
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
  Commercial and industrial loans$537$374$255$234$332
  Commercial mortgage loans7079783839
  Commercial construction loans—1111
  Commercial leases162—1—
  Residential mortgage loans145137131129137
  Home equity6970676160
  Indirect secured consumer loans6055503632
  Credit card3132313132
  Solar energy installation loans3064646665
  Other consumer loans899910
Total nonaccrual portfolio loans and leases966823686606708
Repossessed property991198
OREO2121282827
Total nonperforming portfolio loans and leases and OREO996853725643743
Nonaccrual loans held for sale217845
Total nonperforming assets$1,017$860$733$647$748
Loans and leases 90 days past due (accrual):
  Commercial and industrial loans$2$5$10$3$9
  Commercial mortgage loans6—31—
  Commercial leases—1142
Total commercial loans and leases8614811
  Residential mortgage loans(c)
86885
  Credit card1720181719
Total consumer loans2526262524
Total loans and leases 90 days past due (accrual)(b)
$33$32$40$33$35
Ratios
Net losses charged-off as a percent of average portfolio loans and leases (annualized)0.46 %0.46 %0.48 %0.49 %0.38 %
Allowance for credit losses:
As a percent of portfolio loans and leases2.07 %2.08 %2.09 %2.08 %2.12 %
   As a percent of nonperforming portfolio loans and leases(a)
261 %302 %356 %400 %349 %
   As a percent of nonperforming portfolio assets(a)
253 %291 %337 %377 %333 %
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases(a)
0.79 %0.69 %0.59 %0.52 %0.61 %
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)
0.81 %0.71 %0.62 %0.55 %0.64 %
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property0.83 %0.71 %0.62 %0.55 %0.64 %
(a) Excludes nonaccrual loans held for sale.
(b) Excludes loans held for sale.
(c) Excludes government guaranteed residential mortgage loans.


23


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.
24

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millionsAs of and For the Three Months Ended
(unaudited)MarchDecemberSeptemberJuneMarch
20252024202420242024
Net interest income$1,437$1,437$1,421$1,387$1,384
Add: Taxable equivalent adjustment56666
Net interest income (FTE) (a)1,4421,4431,4271,3931,390
Net interest income (annualized) (b)5,8285,7175,6535,5785,566
Net interest income (FTE) (annualized) (c)5,8485,7415,6775,6035,591
Interest income2,4322,5282,6692,6202,608
Add: Taxable equivalent adjustment56666
Interest income (FTE)2,4372,5342,6752,6262,614
Interest income (FTE) (annualized) (d)9,88310,08110,64210,56210,513
Interest expense (annualized) (e)4,0354,3404,9654,9594,923
Average interest-earning assets (f)192,808193,513195,836194,499195,349
Average interest-bearing liabilities (g)144,285144,771147,092146,361146,533
Net interest margin (b) / (f)3.02 %2.95 %2.89 %2.87 %2.85 %
Net interest margin (FTE) (c) / (f)3.03 %2.97 %2.90 %2.88 %2.86 %
Net interest rate spread (FTE) (d) / (f) - (e) / (g)2.33 %2.21 %2.05 %2.04 %2.02 %
Income before income taxes$653$764$728$764$658
Add: Taxable equivalent adjustment56666
Income before income taxes (FTE)658770734770664
Net income available to common shareholders478582532561480
Add: Intangible amortization, net of tax67778
Tangible net income available to common shareholders (h)484589539568488
Tangible net income available to common shareholders (annualized) (i)1,9632,3432,1442,2841,963
Average Bancorp shareholders’ equity
20,00019,89320,25118,70718,727
Less: Average preferred stock(2,116)(2,116)(2,116)(2,116)(2,116)
Average goodwill(4,918)(4,918)(4,918)(4,918)(4,918)
Average intangible assets(86)(94)(103)(111)(121)
Average tangible common equity, including AOCI (j)12,88012,76513,11411,56211,572
Less:Average AOCI4,3624,2923,9145,2784,938
Average tangible common equity, excluding AOCI (k)17,24217,05717,02816,84016,510
Total Bancorp shareholders’ equity
20,40319,64520,78419,22619,018
Less:Preferred stock(2,116)(2,116)(2,116)(2,116)(2,116)
Goodwill(4,918)(4,918)(4,918)(4,918)(4,918)
Intangible assets(82)(90)(98)(107)(115)
Tangible common equity, including AOCI (l)13,28712,52113,65212,08511,869
Less:AOCI3,8954,6363,4464,9014,888
Tangible common equity, excluding AOCI (m)17,18217,15717,09816,98616,757
Add:Preferred stock2,1162,1162,1162,1162,116
Tangible equity (n)19,29819,27319,21419,10218,873
Total assets212,669212,927214,318213,262214,506
Less:Goodwill(4,918)(4,918)(4,918)(4,918)(4,918)
Intangible assets(82)(90)(98)(107)(115)
Tangible assets, including AOCI (o)207,669207,919209,302208,237209,473
Less:AOCI, before tax5,1255,8684,3626,2046,187
Tangible assets, excluding AOCI (p)$212,794$213,787$213,664$214,441$215,660
Common shares outstanding (q)667670676681684
Tangible equity (n) / (p)9.07 %9.02 %8.99 %8.91 %8.75 %
Tangible common equity (excluding AOCI) (m) / (p)8.07 %8.03 %8.00 %7.92 %7.77 %
Tangible common equity (including AOCI) (l) / (o)6.40 %6.02 %6.52 %5.80 %5.67 %
Tangible book value per share (including AOCI) (l) / (q)$19.92$18.69$20.20$17.75$17.35
Tangible book value per share (excluding AOCI) (m) / (q)$25.76$25.61$25.29$24.94$24.50
25

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millionsFor the Three Months Ended
(unaudited)MarchDecemberMarch
202520242024
Net income (r)$515$620$520
Net income (annualized) (s)2,0892,4672,091
Adjustments (pre-tax items)
Valuation of Visa total return swap185117
Fifth Third Foundation contribution—15—
Mastercard litigation—45
FDIC special assessment—(11)33
Adjustments, after-tax (t)(a) (b)
144542
Adjustments (tax related items)
Benefit related to the resolution of certain state income tax matters—(15)—
Adjustments (tax related items) (u)—(15)—
Noninterest income (v)694732710
Valuation of Visa total return swap185117
Adjusted noninterest income (w)712783727
Noninterest expense (x)1,3041,2261,342
Fifth Third Foundation contribution—(15)—
Mastercard litigation—(4)(5)
FDIC special assessment—11(33)
Adjusted noninterest expense (y)1,3041,2181,304
Adjusted net income (r) + (t) + (u)529650562
Adjusted net income (annualized) (z)2,1452,5862,260
Adjusted tangible net income available to common shareholders (h) + (t) + (u)498619530
Adjusted tangible net income available to common shareholders (annualized) (aa)2,0202,4632,132
Average assets (ab)$210,558$211,709$213,203
Return on average tangible common equity (i) / (j)15.2 %18.4 %17.0 %
Return on average tangible common equity excluding AOCI (i) / (k)11.4 %13.7 %11.9 %
Adjusted return on average tangible common equity, including AOCI (aa) / (j)15.7 %19.3 %18.4 %
Adjusted return on average tangible common equity, excluding AOCI (aa) / (k)11.7 %14.4 %12.9 %
Return on average assets (s) / (ab)0.99 %1.17 %0.98 %
Adjusted return on average assets (z) / (ab)1.02 %1.22 %1.06 %
Efficiency ratio (FTE) (x) / [(a) + (v)]61.0 %56.4 %63.9 %
Adjusted efficiency ratio (y) / [(a) + (w)]60.5 %54.7 %61.6 %
Total revenue (FTE) (a) + (v)$2,136$2,175$2,100
Adjusted total revenue (FTE) (a) + (w)$2,154$2,226$2,117
Pre-provision net revenue (PPNR) (a) + (v) - (x)$832$949$758
Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y)$850$1,008$813
Totals may not foot due to rounding.
(a) Assumes a 23% tax rate in 2024 and a 24% tax rate in 2025.
(b) A portion of the adjustments related to legal settlements and remediations are not tax-deductible.

26

Fifth Third Bancorp and Subsidiaries
Segment Presentation(b)
$ in millions
(unaudited)
For the three months ended March 31, 2025Commercial BankingConsumer and Small Business Banking
Wealth
and Asset Management
General Corporate
and Other
Total
Net interest income (FTE)(a)
$552$975$49$(134)$1,442
Provision for credit losses(80)(84)—(10)(174)
Net interest income after provision for credit losses47289149(144)1,268
Noninterest income3012811093694
Noninterest expense(511)(650)(106)(37)(1,304)
Income (loss) before income taxes (FTE)26252252(178)658
For the three months ended December 31, 2024Commercial BankingConsumer and Small Business Banking
Wealth
and Asset Management
General Corporate
and Other
Total
Net interest income (FTE)(a)
$598$984$48$(187)$1,443
Provision for credit losses(21)(89)—(69)(179)
Net interest income after provision for credit losses57789548(256)1,264
Noninterest income373278103(22)732
Noninterest expense(452)(617)(94)(63)(1,226)
Income (loss) before income taxes (FTE)49855657(341)770
For the three months ended September 30, 2024
Commercial BankingConsumer and Small Business Banking
Wealth
and Asset Management
General Corporate
and Other
Total
Net interest income (FTE)(a)
$648$1,056$50$(327)$1,427
Provision for credit losses(76)(78)—(6)(160)
Net interest income after provision for credit losses57297850(333)1,267
Noninterest income35428399(25)711
Noninterest expense(460)(614)(95)(75)(1,244)
Income (loss) before income taxes (FTE)46664754(433)734
For the three months ended June 30, 2024
Commercial BankingConsumer and Small Business Banking
Wealth
and Asset Management
General Corporate
and Other
Total
Net interest income (FTE)(a)
$634$1,081$54$(376)$1,393
(Provision for) benefit from credit losses(137)(70)—110(97)
Net interest income after (provision for) benefit from credit losses4971,01154(266)1,296
Noninterest income320275982695
Noninterest expense(445)(638)(93)(45)(1,221)
Income (loss) before income taxes (FTE)37264859(309)770
For the three months ended March 31, 2024
Commercial BankingConsumer and Small Business Banking
Wealth
and Asset Management
General Corporate
and Other
Total
Net interest income (FTE)(a)
$663$1,152$59$(484)$1,390
(Provision for) benefit from credit losses(71)(84)—61(94)
Net interest income after (provision for) benefit from credit losses5921,06859(423)1,296
Noninterest income32526710216710
Noninterest expense(490)(650)(103)(99)(1,342)
Income (loss) before income taxes (FTE)42768558(506)664
(a) Includes taxable equivalent adjustments of $5 million for the three months ended March 31, 2025 and $6 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024.
(b) During the first quarter of 2025, the Bancorp realigned its reporting structure and moved certain business banking customer relationships and relationship management personnel to the Consumer and Small Business Banking segment from the Commercial Banking segment. Prior period results have been adjusted to reflect current presentation.
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