Strong revenue growth and expense discipline drives 4th consecutive quarter of positive operating leverage

Reported results included a negative $0.02 impact from certain items on page 2

Fifth Third Bancorp (NASDAQ: FITB):

Fifth Third's financial results once again underscore our strong balance sheet, diverse revenue streams, and disciplined expense management. We've continued to expand our net interest margin, improve our pre-provision net revenue, and strengthen our efficiency ratio.

Our ongoing investments in strategic growth priorities continue to drive robust results. In the third quarter, adjusted PPNR increased 6% sequentially and 11% year-over-year, marking the highest annual growth rate in over two years. Our balance sheet remains well-diversified and neutrally positioned. Our strong returns on capital enabled $300 million of share repurchases in the quarter and a 7% increase in tangible book value per share over the past year.

By focusing on high-quality deposits, diversified loan originations, recurring fee revenue and consistent improvements in operating scalability, we expect to continue to generate strong, stable through-the-cycle returns for our long-term shareholders.

As we move forward, we will continue to adhere to our operating principles of stability, profitability, and growth – in that order.

Fifth Third Bancorp (NASDAQ^®: FITB) today reported third quarter 2025 net income available to common shareholders of $608 million, or $0.91 per diluted share, compared to $591 million, or $0.88 per diluted share, in the prior quarter and $532 million, or $0.78 per diluted share, in the year-ago quarter. On September 30, 2025, Fifth Third redeemed all of its outstanding Series L Preferred Stock, which resulted in a reduction to net income to common shareholders of $3.5 million, recorded as an incremental preferred dividend.

Fully-taxable equivalent (FTE) NII of $1.525 billion increased $25 million, or 2% compared to the prior quarter. This improvement primarily reflects improved earning asset mix, fixed-rate asset repricing and strategic management actions decreasing the cost of interest-bearing liabilities. These same factors contributed to the 1 bp increase in NIM. NII in the prior quarter benefited $14 million from the payoff of a partially charged-off commercial loan, excluding this benefit, NII increased $39 million, or 3%, and NIM increased 4 bps.

Compared to the year-ago quarter, NII increased $98 million, or 7%, and NIM increased 23 bps. This improvement was due to the benefits from proactive deposit and wholesale funding management decreasing interest-bearing liabilities costs by 61 bps, improved earning asset mix, and the benefit of fixed-rate asset repricing.

Noninterest income of $781 million increased $31 million, or 4%, from the prior quarter, and increased $70 million, or 10%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including interchange litigation matters and the 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 of $789 million increased $54 million, or 7%, compared to the prior quarter, and increased $41 million, or 5%, from the year-ago quarter.

Wealth and asset management revenue increased $15 million, or 9% sequentially, due to increases in personal asset management revenue and brokerage fees. Commercial payments revenue increased $5 million, or 3%, driven by deposit fees and Newline revenue, partially offset by higher earnings credits. Capital markets fees were up $25 million, or 28%, reflecting a strong rebound in loan syndications and M&A advisory revenue.

Compared to the year-ago quarter, wealth and asset management revenue increased $18 million, or 11%, with 12% year-over-year AUM growth driving increases in personal asset management revenue and brokerage fees. Commercial payments revenue increased $3 million, or 2%, primarily due to higher deposit fees. Capital markets fees increased $4 million, or 4%, driven by higher loan syndications and M&A advisory revenue, partially offset by lower corporate bond fees. Commercial banking revenue decreased $6 million, or 6%, primarily reflecting lower operating lease and lease syndication revenue. Mortgage banking net revenue increased $8 million, or 16%, due to the prior year loss on MSR net valuation adjustments not recurring in the current quarter.

Noninterest expense of $1.267 billion remained stable from the prior quarter, and increased 2% from the year-ago quarter. The reported results reflect the impact of certain items in the table below.

Noninterest expense excluding certain items and non-qualified deferred compensation of $1.253 billion increased $20 million or 2% compared to the prior quarter with increases in equipment and occupancy, partially offset by lower marketing expense.

Compared to the year-ago quarter, noninterest expense excluding certain items and non-qualified deferred compensation increased $38 million, or 3% due primarily to increases in equipment and occupancy, marketing, and technology expense.

Expenses related to the mark-to-market impact of non-qualified deferred compensation were largely offset in net securities gains/losses through noninterest income in the current and prior periods.

Total average portfolio loans and leases of $123 billion remained stable compared to the prior quarter. Average commercial portfolio loans and leases of $75 billion decreased 1%, due to declines in commercial mortgage and commercial construction loans, partially offset by increases in C&I middle market loans. Average consumer portfolio loans of $48 billion increased 2%, driven by continued strong growth in indirect secured consumer and home equity loans.

Compared to the year-ago quarter, total average portfolio loans and leases increased 6%. Average commercial portfolio loans and leases increased 4%, reflecting increases in C&I middle market, commercial mortgage loans, and commercial leases. Average consumer portfolio loans increased 7%, primarily due to increases in indirect secured consumer, residential mortgage, and home equity loans.

Average securities (taxable and tax-exempt; amortized cost) of $55 billion in the current quarter decreased 3% compared to the prior quarter and 4% compared to the year-ago quarter. Average other short-term investments (including interest-bearing cash) of $15 billion in the current quarter increased 17% compared to the prior quarter and decreased 31% compared to the year-ago quarter.

Period-end commercial portfolio loans and leases of $74 billion remained stable compared to the prior quarter. Compared to the year-ago quarter, period-end commercial portfolio loans and leases increased 5%, primarily due to growth in C&I loans.

Period-end consumer portfolio loans of $49 billion increased 1% compared to the prior quarter, primarily reflecting increases in indirect secured consumer and home equity loans. Compared to the year-ago quarter, period-end consumer portfolio loans increased 7%, driven by increases in indirect secured consumer, home equity, and residential mortgage loans.

Total period-end securities (taxable and tax-exempt; amortized cost) of $53 billion in the current quarter decreased 4% compared to the prior quarter and decreased 7% compared to the year-ago quarter. Period-end other short-term investments of approximately $17 billion increased 32% compared to the prior quarter and decreased 21% compared to the year-ago quarter.

Total average deposits of $165 billion increased 1% compared to the prior quarter, primarily driven by growth in money market and demand deposits, partially offset by declines in savings and interest checking balances. The growth in demand deposits reflects our strategic focus on enhancing the deposit mix, and represents the second consecutive quarter of demand deposit growth. Period-end total deposits of $167 billion increased 1%.

Compared to the year-ago quarter, total average deposits decreased 1%, mainly due to lower interest checking balances and a reduction in CDs over $250,000, which includes brokered deposits, partially offset by an increase in demand deposits and CDs $250,000 or less. Period-end total deposits decreased 1%.

The period-end portfolio loan-to-core deposit ratio was 75% in the current quarter, compared to 76% in the prior quarter and 71% in the year-ago quarter.

Average wholesale funding of $22 billion decreased 3% compared to the prior quarter, driven by a reduction in long-term debt and FHLB advances. The 7% decrease in average wholesale funding compared to the year-ago quarter was primarily attributable to a decrease in long-term debt and CDs over $250,000, inclusive of brokered deposits.

The provision for credit losses totaled $197 million in the current quarter and the ACL ratio represented 1.96% of total portfolio loans and leases at quarter end, down 13 bps from 2.09% in the prior and year-ago periods. The ACL coverage ratio increased to 314% of nonperforming portfolio loans and leases and 302% of nonperforming portfolio assets.

Net charge-offs totaled $339 million in the current quarter, up $200 million from the prior quarter and the NCO ratio increased 64 bps to 1.09%. The third quarter of 2025 net charge-offs included $178 million related to the impairment of an asset-backed finance commercial credit. Excluding this credit, net charge-offs were $161 million, or 0.52% in the third quarter of 2025, up 7 bps from the prior quarter. Commercial net charge-offs were $275 million, with a commercial NCO ratio of 1.46%, up 108 bps from the prior quarter. The increase in commercial net charge-offs from the prior quarter was primarily due to the asset-backed credit mentioned previously. Consumer net charge-offs were $64 million, with a consumer NCO ratio of 0.52%, down 4 bps sequentially.

Compared to the year-ago quarter, net charge-offs increased $197 million and the NCO ratio increased 61 bps. The commercial NCO ratio increased 106 bps, and the consumer NCO ratio decreased 10 bps compared to the prior year.

Nonperforming portfolio loans and leases totaled $768 million in the current quarter, representing an NPL ratio of 0.62%, compared to 0.70% in the prior quarter and 0.59% in the year-ago quarter.

Nonperforming portfolio assets totaled $801 million in the current quarter, resulting in an NPA ratio of 0.65%, compared to 0.72% in the prior quarter and 0.62% in the year-ago quarter.

CET1 capital ratio of 10.54% decreased 4 bps sequentially, primarily reflecting risk-weighted asset growth and capital returns to shareholders. During the third quarter of 2025, Fifth Third repurchased $300 million of its common stock, which reduced shares outstanding by approximately 6.9 million at quarter end. Fifth Third increased its quarterly cash common dividend on its common shares by $0.03, or 8%, to $0.40 per share for the third quarter of 2025, reflecting our resilient balance sheet and strong earnings profile. On September 30, 2025, Fifth Third redeemed all of its outstanding 4.50% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L.

Tax Rate

The effective tax rate for the quarter was 22.6% compared with 22.2% in the prior quarter and 21.3% 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

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; (45) Fifth Third's ability to meet its environmental and/or social targets, goals and commitments; and (46) risks relating to the pending merger with Comerica Incorporated, including Fifth Third’s inability to realize the anticipated benefits of the pending merger, the failure to satisfy the closing conditions of the pending merger or an unexpected delay in the closing of the pending merger, the failure to receive required regulatory, stockholder or other approvals and the disruption of Fifth Third’s business as a result of the pending merger.

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

Quarterly Financial Review for September 30, 2025

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