8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 20, 2021

(Exact name of registrant as specified in its charter)

Ohio	001-33653	31-0854434
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Fifth Third Center
38 Fountain Square Plaza	,	Cincinnati	,	Ohio	45263
(Address of Principal Executive Offices)					(Zip Code)

(800) 972-3030

(Registrant's telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

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

Emerging growth company    ☐            

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

Item 2.02    Results of Operations and Financial Condition.

On April 20, 2021, Fifth Third Bancorp issued a press release announcing its earnings release for the first quarter of 2021. A copy of this press release is attached as Exhibit 99.1. This information is furnished under both Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.

The information in this Item 2.02 of Form 8-K and Exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 7.01    Regulation FD Disclosure.

On April 20, 2021, Fifth Third Bancorp issued a press release announcing its earnings release for the first quarter of 2021. A copy of this press release is attached as Exhibit 99.1. This information is furnished under both Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.

For the benefit of its investors, Fifth Third Bancorp is also furnishing a presentation regarding its earnings conference call. A copy of this item is attached as Exhibit 99.2.

The information in this Item 7.01 of Form 8-K and Exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01    Financial Statements and Exhibits

Exhibit 99.1 – Press release dated April 20, 2021

Exhibit 99.2 – First Quarter 2021 Earnings Presentation

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

SIGNATURES

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

	FIFTH THIRD BANCORP
	(Registrant)
Date: April 20, 2021	/s/ James C. Leonard
	James C. Leonard
	Executive Vice President and Chief Financial Officer

EX-99.1

Fifth Third Announces First Quarter 2021 Results

Reported diluted earnings per share of $0.93

Key Financial Data							Key Highlights
$ millions for all balance sheet and income statement items
	1Q21		4Q20		1Q20		•Returned $180 million to shareholders through repurchases; capacity to repurchase up to $347 million in 2Q21 •ROTCE(a) of 16.8%; adjusted ROTCE(a) of 19.8% excl. AOCI improved 150 bps sequentially •Produced record commercial banking revenue •Generated consumer household growth of 3% compared to 1Q20 •Historically low NCO ratio reflecting improvements in commercial and consumer •Benefit to credit losses and resulting reserve coverage reflects improved macroeconomic environment and strong credit results; NPA ratio improved 7 bps sequentially •NII(a) down 1%; reported NIM(a) increased 4 bps, with ~4 bps decline in underlying NIM excl. excess cash and all PPP impacts(f) •Named one of the "World's Most Ethical Companies" by Ethisphere •Exceeded five-year commitment to low-and-moderate income communities by more than $9 billion
Income Statement Data
Net income available to common shareholders	$674		$569		$29
Net interest income (U.S. GAAP)	1,176		1,182		1,229
Net interest income (FTE)(a)	1,179		1,185		1,233
Noninterest income	749		787		671
Noninterest expense	1,215		1,236		1,200
Per Share Data
Earnings per share, basic	$0.94		$0.79		$0.04
Earnings per share, diluted	0.93		0.78		0.04
Book value per share	28.78		29.46		28.26
Tangible book value per share(a)	22.60		23.28		22.02
Balance Sheet & Credit Quality
Average portfolio loans and leases	$108,956		$109,360		$110,779
Average deposits	158,888		158,626		126,789
Net charge-off ratio(b)	0.27	%	0.43	%	0.44	%
Nonperforming asset ratio(c)	0.72		0.79		0.60
Financial Ratios
Return on average assets	1.38	%	1.18	%	0.11	%
Return on average common equity	13.1		10.8		0.6
Return on average tangible common equity(a)	16.8		13.9		1.0
CET1 capital(d)(e)	10.46		10.34		9.37
Net interest margin(a)	2.62		2.58		3.28
Efficiency(a)	63.0		62.7		63.0
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 Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.

CEO Commentary

"Fifth Third’s quarterly financial performance was once again strong, reflecting record commercial banking revenue, continued momentum generating household growth, a strong underlying net interest margin, and historically low net charge-offs with improvements in both commercial and consumer portfolios.

Our credit results continue to demonstrate the strength of our balance sheet, as we have maintained our disciplined client selection, adhered to our conservative underwriting, and continued to manage our balance sheet exposures with a focus on a long-term performance horizon. I am optimistic that we will continue to benefit from an improving economic environment, including higher interest rates, as well as a more vibrant economy over the next year within most of our commercial franchise and throughout our retail footprint.

Despite the overall economic recovery over the past several quarters, I recognize that not everyone in our society has benefited from it. This is why I am very proud that, in addition to producing strong financial results, we have also continued to take deliberate actions to improve the lives of our customers and the well-being of our communities. I am particularly pleased that we exceeded our five-year community commitment to invest in low-and-moderate income communities by more than $9 billion.

We were honored to be named one of the world’s most ethical companies by Ethisphere, reflecting our strong corporate culture, compliance program, and ESG actions. We are guided by our core values to work as one bank, be respectful, take accountability, and always act with integrity. We remain committed to generating sustainable long-term value for shareholders and anticipate that we will continue improving our relative performance as a top performing regional bank."

         -Greg D. Carmichael, Chairman and CEO

Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397April 20, 2021

Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,179	$1,185	$1,233	(1)%	(4)%
(Benefit from) provision for credit losses	(173)	(13)	640	NM	NM
Noninterest income	749	787	671	(5)%	12%
Noninterest expense	1,215	1,236	1,200	(2)%	1%
Income before income taxes(a)	$886	$749	$64	18%	NM
Taxable equivalent adjustment	$3	$3	$4	—	(25)%
Applicable income tax expense	189	142	14	33%	NM
Net income	$694	$604	$46	15%	NM
Dividends on preferred stock	20	35	17	(43)%	18%
Net income available to common shareholders	$674	$569	$29	18%	NM
Earnings per share, diluted	$0.93	$0.78	$0.04	19%	NM

Fifth Third Bancorp (NASDAQ®: FITB) today reported first quarter 2021 net income of $694 million compared to net income of $604 million in the prior quarter and $46 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $674 million, or $0.93 per diluted share, compared to $569 million, or $0.78 per diluted share, in the prior quarter and $29 million, or $0.04 per diluted share, in the year-ago quarter.

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Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	March		December		March
	2021		2020		2020		Seq	Yr/Yr
Interest Income
Interest income	$1,305		$1,318		$1,529		(1)%	(15)%
Interest expense	126		133		296		(5)%	(57)%
Net interest income (NII)	$1,179		$1,185		$1,233		(1)%	(4)%
Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	2.90	%	2.87	%	4.07	%	3	(117)
Rate paid on interest-bearing liabilities	0.44	%	0.45	%	1.09	%	(1)	(65)
Ratios
Net interest rate spread	2.46	%	2.42	%	2.98	%	4	(52)
Net interest margin (NIM)	2.62	%	2.58	%	3.28	%	4	(66)

Compared to the prior quarter, NII decreased $6 million, or 1%, primarily due to lower day count and a reduction in prepayment penalties received in the investment portfolio, partially offset by the impact of loan purchases of government guaranteed GNMA loan buyouts associated with CARES Act forbearance plans from a third party ($2.1 billion in December 2020 and $0.6 billion in March 2021), as well as approximately $12 million in incremental PPP fees reflecting loan forgiveness. Compared to the prior quarter, NIM increased 4 bps reflecting a decline in excess liquidity, an increase in PPP fees, and the impact of day count, partially offset by the reduction in investment portfolio prepayment penalties received relative to the prior quarter. First quarter 2021 NIM was negatively impacted by approximately 48 bps due to the impacts of PPP and excess liquidity relative to historical balances, compared to 56 bps in the prior quarter.

Compared to the year-ago quarter, NII decreased $54 million, or 4%, primarily reflecting lower market rates and lower commercial loan balances, partially offset by lower deposit costs, the favorable impact of previously executed cash flow hedges, and interest income from PPP loans. Compared to the year-ago quarter, NIM decreased 66 bps, primarily reflecting the impact of excess liquidity, lower market rates, and lower commercial loan balances, partially offset by lower deposit costs.

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Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$144	$146	$148	(1)%	(3)%
Commercial banking revenue	153	141	124	9%	23%
Mortgage banking net revenue	85	25	120	240%	(29)%
Wealth and asset management revenue	143	133	134	8%	7%
Card and processing revenue	94	92	86	2%	9%
Leasing business revenue	87	69	73	26%	19%
Other noninterest income	42	168	7	(75)%	500%
Securities gains (losses), net	3	14	(24)	(79)%	NM
Securities (losses) gains, net - non-qualifying hedges
on mortgage servicing rights	(2)	(1)	3	100%	NM
Total noninterest income	$749	$787	$671	(5)%	12%

Reported noninterest income decreased $38 million, or 5%, from the prior quarter, and increased $78 million, or 12%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below, including securities gains and losses, which included approximately $4 million attributable to mark-to-market impacts related to non-qualified deferred compensation assets in the current quarter.

Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	March	December	March
	2021	2020	2020
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$749	$787	$671
Valuation of Visa total return swap	13	30	22
Net business dispositions charge	—	11	—
Net impairment of private equity investments	—	—	15
Securities (gains) losses, net	(3)	(14)	24
Noninterest income excluding certain items(a)	$759	$814	$732

Compared to the prior quarter, noninterest income excluding certain items decreased $55 million, or 7%. Compared to the year-ago quarter, noninterest income excluding certain items increased $27 million, or 4%.

Compared to the prior quarter, service charges on deposits decreased $2 million, or 1%, as a decrease in consumer deposit fees was partially offset by an increase in commercial deposit fees. Commercial banking revenue increased $12 million, or 9%, primarily driven by strong debt capital markets revenue combined with increased equity capital markets revenue, partially offset by lower M&A advisory revenue. Mortgage banking net revenue increased $60 million, or 240%, reflecting a $42 million increase in origination fees and gains on loan sales reflecting increased origination volumes and a $31 million improvement from MSR net valuation adjustments. This was partially offset by lower servicing revenue and elevated MSR asset decay. Current quarter mortgage originations of $4.7 billion increased 19% compared to the prior quarter. Wealth and asset management revenue increased $10 million, or 8%, driven by seasonally strong tax-related private client service revenue and higher personal asset management revenue reflecting market improvements. Card and processing revenue increased $2 million, or 2%, primarily driven by higher debit interchange and lower rewards, partially offset by a decrease in credit spend volume. Leasing business revenue increased $18 million, or 26%, primarily driven by strong lease syndication revenue, partially offset by lower income related to operating leases. Other noninterest income results were impacted by both the recognition of tax receivable agreement revenue of $74 million as well as private equity income in the prior quarter.

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Compared to the year-ago quarter, service charges on deposits decreased $4 million, or 3%, as a decline in consumer deposit fees was partially offset by an increase in commercial deposit fees. Commercial banking revenue increased $29 million, or 23%, reflecting an increase in debt capital markets revenue, loan syndication revenue, and M&A advisory revenue, partially offset by lower financial risk management revenue. Mortgage banking net revenue decreased $35 million, or 29%, primarily driven by elevated MSR asset decay and lower servicing revenue, partially offset by an increase in mortgage origination fees and gain on loan sales. Wealth and asset management revenue increased $9 million, or 7%, primarily driven by higher personal asset management revenue and brokerage fees. Card and processing revenue increased by $8 million, or 9%, primarily reflecting higher consumer card spend and transaction volumes combined with lower rewards. Leasing business revenue increased $14 million, or 19%, primarily reflecting strong lease syndication revenue, partially offset by lower income related to operating leases.

Noninterest Expense
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Noninterest Expense
Compensation and benefits	$706	$679	$647	4%	9%
Net occupancy expense	79	98	82	(19)%	(4)%
Technology and communications	93	90	93	3%	—
Equipment expense	34	34	32	—	6%
Card and processing expense	30	31	31	(3)%	(3)%
Leasing business expense	35	37	35	(5)%	—
Marketing expense	23	30	31	(23)%	(26)%
Other noninterest expense	215	237	249	(9)%	(14)%
Total noninterest expense	$1,215	$1,236	$1,200	(2)%	1%

Reported noninterest expense decreased $21 million, or 2%, from the prior quarter, and increased $15 million, or 1%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below.

Noninterest Expense excluding certain items
($ in millions)	For the Three Months Ended
	March	December	March
	2021	2020	2020
Noninterest Expense excluding certain items
Noninterest expense (U.S. GAAP)	$1,215	$1,236	$1,200
Fifth Third Foundation contribution	—	(25)	—
Branch and non-branch real estate charges	—	(21)	—
Business acquisition and merger-related charges	—	(16)	(7)
Noninterest expense excluding certain items(a)	$1,215	$1,174	$1,193

Compared to the prior quarter, noninterest expense excluding certain items increased $41 million, or 3%, primarily due to a seasonal increase in compensation and benefits expense as well as expenses linked to strong business performance, partially offset by lower other noninterest expense, net occupancy expense, and the mark-to-market impacts of approximately $7 million in non-qualified deferred compensation expense in the current quarter compared to a $19 million expense in the prior quarter. Compared to the year-ago quarter, noninterest expense excluding certain items increased $22 million, or 2%, primarily reflecting an increase in compensation and benefits expense, the unfavorable impact of $33 million from non-qualified deferred expenses compared to the year-ago quarter and servicing expense associated with recently-purchased consumer loans, partially offset by lower other noninterest expense (reflecting a $36 million unfavorable credit valuation adjustment in the year-ago quarter) and lower marketing expense.

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Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$49,629	$50,385	$51,586	(2)%	(4)%
Commercial mortgage loans	10,532	10,727	11,019	(2)%	(4)%
Commercial construction loans	6,039	5,820	5,132	4%	18%
Commercial leases	3,114	2,932	3,201	6%	(3)%
Total commercial loans and leases	$69,314	$69,864	$70,938	(1)%	(2)%
Consumer loans:
Residential mortgage loans	$15,803	$16,016	$16,732	(1)%	(6)%
Home equity	5,009	5,315	6,006	(6)%	(17)%
Indirect secured consumer loans	13,955	13,272	11,809	5%	18%
Credit card	1,879	2,042	2,498	(8)%	(25)%
Other consumer loans	2,996	2,851	2,796	5%	7%
Total consumer loans	$39,642	$39,496	$39,841	—	—
Total average portfolio loans and leases	$108,956	$109,360	$110,779	—	(2)%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$104	$56	$108	86%	(4)%
Consumer loans held for sale	4,641	2,048	1,293	127%	259%
Total average loans and leases held for sale	$4,745	$2,104	$1,401	126%	239%
Securities (taxable and tax-exempt)	$36,297	$35,965	$36,135	1%	—
Other short-term investments	32,717	34,989	2,898	(6)%	NM
Total average interest-earning assets	$182,715	$182,418	$151,213	—	21%

Compared to the prior quarter, total average portfolio loans and leases were flat, as an increase in indirect secured consumer loans was offset by a decrease in C&I balances. Average commercial portfolio loans and leases decreased 1%, reflecting lower C&I revolving line of credit utilization and term loan balances, partially offset by growth in commercial construction balances reflecting drawdowns on previous commitments. Average consumer portfolio loans were flat, as higher indirect secured consumer loans were offset by lower home equity and residential mortgage balances.

Compared to the year-ago quarter, total average portfolio loans and leases decreased 2% reflecting lower C&I revolving line of credit utilization and term loan balances, as well as declines in home equity and residential mortgage loans, partially offset by increases from PPP loans, indirect secured consumer loans, and commercial construction loans. Average commercial portfolio loans and leases decreased 2% due to a decline in C&I loan balances reflecting lower revolving line of credit utilization and lower commercial mortgage loans, partially offset by growth from PPP loans and commercial construction loans. Average consumer portfolio loans were flat, as higher indirect secured consumer loans were offset by lower residential mortgage, home equity, and credit card balances.

Average other short-term investments (including interest-bearing cash) of $33 billion in the current quarter decreased $2 billion compared to the prior quarter and increased $30 billion compared to the year-ago quarter. The increase relative to the year-ago quarter reflected average core deposit growth of 27% compared to average total loan growth of 1%.

Total period-end commercial portfolio loans and leases of $69 billion were flat from the prior quarter as higher PPP, commercial construction, and commercial lease balances were offset by lower C&I revolving line of credit utilization and term loan balances reflecting elevated paydowns. Compared to the year-ago quarter, total period-end commercial portfolio loans decreased $9 billion, or 11%, reflecting lower C&I revolving line of credit utilization. Period-end commercial revolving line utilization was 31%, compared to 32% in the prior quarter and 47% in the year-ago quarter. Period-end consumer

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portfolio loans were stable compared to the prior quarter, as continued growth in indirect secured consumer loans was partially offset by declines in home equity and credit card balances. Period-end consumer loans held for sale increased $0.9 billion sequentially, primarily attributable to the purchase of approximately $0.6 billion in government guaranteed loans related to GNMA early buyouts associated with CARES Act forbearance plans.

Average Deposits
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2021	2020	2020	Seq	Yr/Yr
	Average Deposits
	Demand	$58,586	$56,365	$35,765	4%	64%
	Interest checking	45,568	47,664	40,298	(4)%	13%
	Savings	18,951	17,658	14,715	7%	29%
	Money market	30,601	31,205	27,109	(2)%	13%
	Foreign office(g)	128	161	209	(20)%	(39)%
	Total transaction deposits	$153,834	$153,053	$118,096	1%	30%
	Other time	3,045	3,273	5,081	(7)%	(40)%
	Total core deposits	$156,879	$156,326	$123,177	—	27%
	Certificates - $100,000 and over	2,009	2,300	3,355	(13)%	(40)%
	Other deposits	—	—	257	NM	(100)%
	Total average deposits	$158,888	$158,626	$126,789	—	25%

Compared to the prior quarter, average core deposits were flat, as increases in demand and savings deposits were offset by decreases in interest checking, money market, and other time deposits. Average demand deposits represented 37% of total core deposits in the current quarter compared to 36% in the prior quarter. Average commercial transaction deposits decreased 4% primarily reflecting seasonality, and average consumer transaction deposits increased 5% partially impacted by fiscal stimulus.

Compared to the year-ago quarter, average core deposits increased 27%, reflecting double-digit growth in all deposit captions except other time and foreign office deposits. Average commercial transaction deposits increased 42% and average consumer transaction deposits increased 20%.

The period end portfolio loan-to-core deposit ratio was 68% in the current quarter, compared to 69% in the prior quarter and 89% in the year-ago quarter. Excluding the impact of PPP loans, the period end portfolio loan-to-core deposit ratio was 64% in the current quarter, compared to 66% in the prior quarter.

Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2021	2020	2020	Seq	Yr/Yr
	Average Wholesale Funding
	Certificates - $100,000 and over	$2,009	$2,300	$3,355	(13)%	(40)%
	Other deposits	—	—	257	NM	(100)%
	Federal funds purchased	324	307	654	6%	(50)%
	Other short-term borrowings	1,209	1,091	1,750	11%	(31)%
	Long-term debt	14,849	15,018	15,816	(1)%	(6)%
	Total average wholesale funding	$18,391	$18,716	$21,832	(2)%	(16)%

Compared to the prior quarter, average wholesale funding decreased 2%, driven by lower jumbo CD balances and long-term debt outstanding, partially offset by an increase in other short-term borrowings (reflecting commercial client sweep accounts). Compared to the year-ago quarter, average wholesale funding decreased 16%, reflecting decreases in jumbo CD balances, long-term debt, and other short-term borrowings.

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Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	March		December		September		June		March
	2021		2020		2020		2020		2020
Total nonaccrual portfolio loans and leases (NPLs)	$741		$834		$891		$700		$647
Repossessed property	7		9		7		4		10
OREO	35		21		33		43		52
Total nonperforming portfolio loans and leases and OREO (NPAs)	$783		$864		$931		$747		$709
NPL ratio(h)	0.68	%	0.77	%	0.80	%	0.61	%	0.55	%
NPA ratio(c)	0.72	%	0.79	%	0.84	%	0.65	%	0.60	%
Total loans and leases 30-89 days past due (accrual)	$305		$357		$323		$381		$409
Total loans and leases 90 days past due (accrual)	124		163		139		136		151
Allowance for loan and lease losses (ALLL), beginning	$2,453		$2,574		$2,696		$2,348		$1,202
Impact of CECL adoption	—		—		—		—		643
Total net losses charged-off	(71)		(118)		(101)		(130)		(122)
(Benefit from) provision for loan and lease losses	(174)		(3)		(21)		478		625
ALLL, ending	$2,208		$2,453		$2,574		$2,696		$2,348
Reserve for unfunded commitments, beginning	$172		$182		$176		$169		$144
Impact of CECL adoption	—		—		—		—		10
Provision for (benefit from) the reserve for unfunded commitments	1		(10)		6		7		15
Reserve for unfunded commitments, ending	$173		$172		$182		$176		$169
Total allowance for credit losses (ACL)	$2,381		$2,625		$2,756		$2,872		$2,517
ACL ratios:
As a % of portfolio loans and leases	2.19	%	2.41	%	2.49	%	2.50	%	2.13	%
As a % of nonperforming portfolio loans and leases	321	%	315	%	309	%	410	%	389	%
As a % of nonperforming portfolio assets	304	%	304	%	296	%	385	%	355	%
ALLL as a % of portfolio loans and leases	2.03	%	2.25	%	2.32	%	2.34	%	1.99	%
Total losses charged-off	$(109)		$(154)		$(135)		$(163)		$(159)
Total recoveries of losses previously charged-off	38		36		34		33		37
Total net losses charged-off	$(71)		$(118)		$(101)		$(130)		$(122)
Net charge-off ratio (NCO ratio)(b)	0.27	%	0.43	%	0.35	%	0.44	%	0.44	%
Commercial NCO ratio	0.17	%	0.40	%	0.33	%	0.40	%	0.32	%
Consumer NCO ratio	0.43	%	0.47	%	0.40	%	0.52	%	0.66	%

Nonperforming portfolio loans and leases were $741 million in the current quarter, with the resulting NPL ratio of 0.68%. Compared to the prior quarter, NPLs decreased $93 million with the NPL ratio decreasing 9 bps. Compared to the year-ago quarter, NPLs increased $94 million with the NPL ratio increasing 13 bps.

Nonperforming portfolio assets were $783 million in the current quarter, with the resulting NPA ratio of 0.72%. Compared to the prior quarter, NPAs decreased $81 million with the NPA ratio decreasing 7 bps. Compared to the year-ago quarter, NPAs increased $74 million with the NPA ratio increasing 12 bps.

8

The benefit from credit losses totaled $173 million in the current quarter. The allowance for credit loss ratio represented 2.19% of total portfolio loans and leases in the current quarter, compared with 2.41% in the prior quarter and 2.13% in the year-ago quarter. In the current quarter, the allowance for credit losses represented 321% of nonperforming portfolio loans and leases and 304% of nonperforming portfolio assets. The allowance for loan and lease losses ratio represented 2.03% of total portfolio loans and leases in the current quarter.

Net charge-offs were $71 million in the current quarter, with the resulting NCO ratio of 0.27%. Compared to the prior quarter, net charge-offs decreased $47 million and the NCO ratio decreased 16 bps. Compared to the year-ago quarter, net charge-offs decreased $51 million and the NCO ratio decreased 17 bps.

Capital Position
	As of and For the Three Months Ended
	March		December		September	June	March
	2021		2020		2020	2020	2020
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	11.26	%	11.34	%	11.33%	11.30%	12.63	%
Tangible equity(a)	8.20	%	8.18	%	8.09%	7.68%	8.41	%
Tangible common equity (excluding AOCI)(a)	7.14	%	7.11	%	6.99%	6.77%	7.41	%
Tangible common equity (including AOCI)(a)	7.95	%	8.29	%	8.31%	8.13%	8.65	%
Regulatory Capital Ratios(e)
CET1 capital(d)	10.46	%	10.34	%	10.14%	9.72%	9.37	%
Tier I risk-based capital(d)	11.94	%	11.83	%	11.64%	10.96%	10.56	%
Total risk-based capital(d)	14.80	%	15.08	%	14.93%	14.24%	13.59	%
Tier I leverage	8.62	%	8.49	%	8.37%	8.16%	9.37	%

Capital ratios remained strong this quarter. The CET1 capital ratio was 10.46%, the tangible common equity to tangible assets ratio was 7.14% excluding AOCI, and 7.95% including AOCI. The Tier I risk-based capital ratio was 11.94%, the Total risk-based capital ratio was 14.80%, and the Tier I leverage ratio was 8.62%. Certain capital ratios, including the Tier I leverage ratio, continued to be impacted by the increase in assets since the onset of the pandemic, predominantly from growth in 0% risk-weighted assets resulting from an increase in interest-bearing cash as well as PPP loans.

On January 26, 2021, Fifth Third initially settled an accelerated share repurchase agreement whereby Fifth Third would purchase $180 million of its outstanding stock. The initial settlement reduced first quarter common shares outstanding by 4.9 million shares. On March 31, 2021, the final settlement occurred in connection with the completion of this agreement, which resulted in an additional 0.4 million shares being repurchased by Fifth Third.

On March 25, 2021, the Federal Reserve announced that the temporary restrictions on capital distributions, which limited common dividends and share repurchases to the average net income over the prior four quarters, will end after June 30, 2021 for banks not participating in the 2021 annual supervisory stress tests, including Fifth Third.

9

Tax Rate

The effective tax rate was 21.4% compared with 19.1% in the prior quarter and 22.6% in the year-ago quarter. The tax rate in the current quarter reflected a $14 million tax benefit primarily related to share-based compensation. The tax rate in the prior quarter reflected favorable state tax adjustments of $13 million.

Conference Call

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

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2021, the Company had $207 billion in assets and operates 1,098 full-service Banking Centers, and 2,383 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2021, had $464 billion in assets under care, of which it managed $58 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

Earnings Release End Notes

(a)Non-GAAP measure; see discussion of non-GAAP reconciliation beginning on page 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 are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.

(e)Current period regulatory capital ratios are estimated.

(f)First quarter 2021 underlying NIM calculated by reducing average interest-earning assets approximately $30.2 billion resulting from excess cash compared to normalized levels (average other short term investments less a $2.5 billion normalized level) and approximately $5.2 billion from average PPP balances (with a corresponding reduction to net interest income of approximately $53 million), resulting in an underlying NIM of approximately 3.10%; Fourth quarter 2020 underlying NIM calculated by reducing average interest-earning assets approximately $32.5 billion resulting from excess cash compared to normalized levels (average other short term investments less a $2.5 billion normalized level) and approximately $5.1 billion from average PPP balances (with a corresponding reduction to net interest income of approximately $41 million), resulting in an underlying NIM of approximately 3.14%.

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

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

10

FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document.

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

You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or “SEC,” for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements.

# # #

11

Quarterly Financial Review for March 31, 2021

Table of Contents

Financial Highlights	13-14
Consolidated Statements of Income	15-16
Consolidated Balance Sheets	17-18
Consolidated Statements of Changes in Equity	19
Average Balance Sheet and Yield Analysis	20
Summary of Loans and Leases	21
Regulatory Capital	22
Summary of Credit Loss Experience	23
Asset Quality	24
Non-GAAP Reconciliation	25-27
Segment Presentation	28

12

Fifth Third Bancorp and Subsidiaries
Financial Highlights								% / bps
$ in millions, except per share data		For the Three Months Ended						Change
(unaudited)		March		December		March
		2021		2020		2020		Seq		Yr/Yr
Income Statement Data
Net interest income		$1,176		$1,182		$1,229		(1%)		(4%)
Net interest income (FTE)(a)		1,179		1,185		1,233		(1%)		(4%)
Noninterest income		749		787		671		(5%)		12%
	Total revenue (FTE)(a)	1,928		1,972		1,904		(2%)		1%
(Benefit from) provision for credit losses		(173)		(13)		640		NM		NM
Noninterest expense		1,215		1,236		1,200		(2%)		1%
Net income		694		604		46		15%		NM
Net income available to common shareholders		674		569		29		18%		NM
Earnings Per Share Data
Net income allocated to common shareholders		$672		$567		$28		19%		NM
Average common shares outstanding (in thousands):
	Basic	714,433		715,482		713,556		—		—
	Diluted	723,425		722,096		720,363		—		—
Earnings per share, basic		$0.94		$0.79		$0.04		19%		NM
Earnings per share, diluted		0.93		0.78		0.04		19%		NM
Common Share Data
Cash dividends per common share		$0.27		$0.27		$0.27		—		—
Book value per share		28.78		29.46		28.26		(2%)		2%
Market value per share		37.45		27.57		14.85		36%		152%
Common shares outstanding (in thousands)		711,596		712,760		711,306		—		—
Market capitalization		$26,649		$19,651		$10,563		36%		152%
Financial Ratios
Return on average assets		1.38	%	1.18	%	0.11	%	20		127
Return on average common equity		13.1	%	10.8	%	0.6	%	230		1,250
Return on average tangible common equity(a)		16.8	%	13.9	%	1.0	%	290		1,580
Noninterest income as a percent of total revenue(a)		39	%	40	%	35	%	(100)		400
Dividend payout		28.7	%	34.2	%	675.0	%	(550)		NM
Average total Bancorp shareholders' equity as a percent of average assets		11.26	%	11.34	%	12.63	%	(8)		(137)
Tangible common equity(a)		7.14	%	7.11	%	7.41	%	3		(27)
Net interest margin (FTE)(a)		2.62	%	2.58	%	3.28	%	4		(66)
Efficiency (FTE)(a)		63.0	%	62.7	%	63.0	%	30		—
Effective tax rate		21.4	%	19.1	%	22.6	%	230		(120)
Credit Quality
Net losses charged-off		$71		$118		$122		(40	%)	(42	%)
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.27	%	0.43	%	0.44	%	(16)		(17)
ALLL as a percent of portfolio loans and leases		2.03	%	2.25	%	1.99	%	(22)		4
ACL as a percent of portfolio loans and leases(g)		2.19	%	2.41	%	2.13	%	(22)		6
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.72	%	0.79	%	0.60	%	(7)		12
Average Balances
Loans and leases, including held for sale		$113,701		$111,464		$112,180		2%		1%
Securities and other short-term investments		69,014		70,954		39,033		(3%)		77%
Assets		203,836		203,930		171,871		—		19%
Transaction deposits(b)		153,834		153,053		118,096		1%		30%
Core deposits(c)		156,879		156,326		123,177		—		27%
Wholesale funding(d)		18,391		18,716		21,832		(2%)		(16%)
Bancorp shareholders' equity		22,952		23,126		21,713		(1%)		6%
Regulatory Capital Ratios(e)
CET1 capital(f)		10.46	%	10.34	%	9.37	%	12		109
Tier I risk-based capital(f)		11.94	%	11.83	%	10.56	%	11		138
Total risk-based capital(f)		14.80	%	15.08	%	13.59	%	(28)		121
Tier I leverage		8.62	%	8.49	%	9.37	%	13		(75)
Operations
Banking centers		1,098		1,134		1,123		(3%)		(2%)
ATMs		2,383		2,397		2,464		(1%)		(3%)
Full-time equivalent employees		19,819		19,872		20,182		—		(2%)

(a)Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 25.

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

(c)Includes transaction deposits plus other time deposits.

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

(e)Current period regulatory capital ratios are estimates.

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

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

13

Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data		For the Three Months Ended
(unaudited)		March		December		September		June		March
		2021		2020		2020		2020		2020
Income Statement Data
Net interest income		$1,176		$1,182		$1,170		$1,200		$1,229
Net interest income (FTE)(a)		1,179		1,185		1,173		1,203		1,233
Noninterest income		749		787		722		650		671
	Total revenue (FTE)(a)	1,928		1,972		1,895		1,853		1,904
(Benefit from) provision for credit losses		(173)		(13)		(15)		485		640
Noninterest expense		1,215		1,236		1,161		1,121		1,200
Net income		694		604		581		195		46
Net income available to common shareholders		674		569		562		163		29
Earnings Per Share Data
Net income allocated to common shareholders		$672		$567		$560		$162		$28
Average common shares outstanding (in thousands):
	Basic	714,433		715,482		715,102		714,767		713,556
	Diluted	723,425		722,096		718,894		717,572		720,363
Earnings per share, basic		$0.94		$0.79		$0.78		$0.23		$0.04
Earnings per share, diluted		0.93		0.78		0.78		0.23		0.04
Common Share Data
Cash dividends per common share		$0.27		$0.27		$0.27		$0.27		$0.27
Book value per share		28.78		29.46		29.25		28.88		28.26
Market value per share		37.45		27.57		21.32		19.28		14.85
Common shares outstanding (in thousands)		711,596		712,760		712,328		712,202		711,306
Market capitalization		$26,649		$19,651		$15,187		$13,731		$10,563
Financial Ratios
Return on average assets		1.38	%	1.18	%	1.14	%	0.40	%	0.11	%
Return on average common equity		13.1	%	10.8	%	10.7	%	3.2	%	0.6	%
Return on average tangible common equity(a)		16.8	%	13.9	%	13.8	%	4.3	%	1.0	%
Noninterest income as a percent of total revenue(a)		39	%	40	%	38	%	35	%	35	%
Dividend payout		28.7	%	34.2	%	34.6	%	117.4	%	675.0	%
Average total Bancorp shareholders' equity as a percent of average assets		11.26	%	11.34	%	11.33	%	11.30	%	12.63	%
Tangible common equity(a)		7.14	%	7.11	%	6.99	%	6.77	%	7.41	%
Net interest margin (FTE)(a)		2.62	%	2.58	%	2.58	%	2.75	%	3.28	%
Efficiency (FTE)(a)		63.0	%	62.7	%	61.3	%	60.5	%	63.0	%
Effective tax rate		21.4	%	19.1	%	22.1	%	19.9	%	22.6	%
Credit Quality
Net losses charged-off		$71		$118		$101		$130		$122
Net losses charged-off as a percent of average portfolio loans and leases (annualized)		0.27	%	0.43	%	0.35	%	0.44	%	0.44	%
ALLL as a percent of portfolio loans and leases		2.03	%	2.25	%	2.32	%	2.34	%	1.99	%
ACL as a percent of portfolio loans and leases(g)		2.19	%	2.41	%	2.49	%	2.50	%	2.13	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.72	%	0.79	%	0.84	%	0.65	%	0.60	%
Average Balances
Loans and leases, including held for sale		$113,701		$111,464		$114,613		$119,418		$112,180
Securities and other short-term investments		69,014		70,954		66,091		56,806		39,033
Assets		203,836		203,930		202,533		198,387		171,871
Transaction deposits(b)		153,834		153,053		148,567		142,079		118,096
Core deposits(c)		156,879		156,326		152,278		146,500		123,177
Wholesale funding(d)		18,391		18,716		21,762		23,739		21,832
Bancorp shareholders' equity		22,952		23,126		22,952		22,421		21,713
Regulatory Capital Ratios(e)
CET1 capital(f)		10.46	%	10.34	%	10.14	%	9.72	%	9.37	%
Tier I risk-based capital(f)		11.94	%	11.83	%	11.64	%	10.96	%	10.56	%
Total risk-based capital(f)		14.80	%	15.08	%	14.93	%	14.24	%	13.59	%
Tier I leverage		8.62	%	8.49	%	8.37	%	8.16	%	9.37	%
Operations
Banking centers		1,098		1,134		1,122		1,122		1,123
ATMs		2,383		2,397		2,414		2,456		2,464
Full-time equivalent employees		19,819		19,872		20,283		20,340		20,182

(a)Non-GAAP measure; see discussion and reconciliation of non-GAAP measures beginning on page 25.

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

(c)Includes transaction deposits plus other time deposits.

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

(e)Current period regulatory capital ratios are estimates.

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

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

14

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change
(unaudited)	March	December	March
	2021	2020	2020	Seq	Yr/Yr
Interest Income
Interest and fees on loans and leases	$1,030	$1,028	$1,235	—	(17%)
Interest on securities	264	278	283	(5%)	(7%)
Interest on other short-term investments	8	9	7	(11%)	14%
Total interest income	1,302	1,315	1,525	(1%)	(15%)
Interest Expense
Interest on deposits	21	27	166	(22%)	(87%)
Interest on federal funds purchased	—	—	2	NM	(100%)
Interest on other short-term borrowings	1	1	6	—	(83%)
Interest on long-term debt	104	105	122	(1%)	(15%)
Total interest expense	126	133	296	(5%)	(57%)
Net Interest Income	1,176	1,182	1,229	(1%)	(4%)
(Benefit from) provision for credit losses	(173)	(13)	640	NM	NM
Net Interest Income After Provision for Credit Losses	1,349	1,195	589	13%	129%
Noninterest Income
Service charges on deposits	144	146	148	(1%)	(3%)
Commercial banking revenue	153	141	124	9%	23%
Mortgage banking net revenue	85	25	120	240%	(29%)
Wealth and asset management revenue	143	133	134	8%	7%
Card and processing revenue	94	92	86	2%	9%
Leasing business revenue	87	69	73	26%	19%
Other noninterest income	42	168	7	(75%)	500%
Securities gains (losses), net	3	14	(24)	(79%)	NM
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	(2)	(1)	3	100%	NM
Total noninterest income	749	787	671	(5%)	12%
Noninterest Expense
Compensation and benefits	706	679	647	4%	9%
Net occupancy expense	79	98	82	(19%)	(4%)
Technology and communications	93	90	93	3%	—
Equipment expense	34	34	32	—	6%
Card and processing expense	30	31	31	(3%)	(3%)
Leasing business expense	35	37	35	(5%)	—
Marketing expense	23	30	31	(23%)	(26%)
Other noninterest expense	215	237	249	(9%)	(14%)
Total noninterest expense	1,215	1,236	1,200	(2%)	1%
Income Before Income Taxes	883	746	60	18%	NM
Applicable income tax expense	189	142	14	33%	NM
Net Income	694	604	46	15%	NM
Dividends on preferred stock	20	35	17	(43%)	18%
Net Income Available to Common Shareholders	$674	$569	$29	18%	NM

15

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended
(unaudited)	March	December	September	June	March
	2021	2020	2020	2020	2020
Interest Income
Interest and fees on loans and leases	$1,030	$1,028	$1,047	$1,115	$1,235
Interest on securities	264	278	274	283	283
Interest on other short-term investments	8	9	8	5	7
Total interest income	1,302	1,315	1,329	1,403	1,525
Interest Expense
Interest on deposits	21	27	46	83	166
Interest on federal funds purchased	—	—	—	—	2
Interest on other short-term borrowings	1	1	5	2	6
Interest on long-term debt	104	105	108	118	122
Total interest expense	126	133	159	203	296
Net Interest Income	1,176	1,182	1,170	1,200	1,229
(Benefit from) provision for credit losses	(173)	(13)	(15)	485	640
Net Interest Income After Provision for Credit Losses	1,349	1,195	1,185	715	589
Noninterest Income
Service charges on deposits	144	146	144	122	148
Commercial banking revenue	153	141	125	137	124
Mortgage banking net revenue	85	25	76	99	120
Wealth and asset management revenue	143	133	132	120	134
Card and processing revenue	94	92	92	82	86
Leasing business revenue	87	69	77	57	73
Other noninterest income	42	168	26	12	7
Securities gains (losses), net	3	14	51	21	(24)
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	(2)	(1)	(1)	—	3
Total noninterest income	749	787	722	650	671
Noninterest Expense
Compensation and benefits	706	679	637	627	647
Net occupancy expense	79	98	90	82	82
Technology and communications	93	90	89	90	93
Equipment expense	34	34	33	32	32
Card and processing expense	30	31	29	29	31
Leasing business expense	35	37	35	33	35
Marketing expense	23	30	23	20	31
Other noninterest expense	215	237	225	208	249
Total noninterest expense	1,215	1,236	1,161	1,121	1,200
Income Before Income Taxes	883	746	746	244	60
Applicable income tax expense	189	142	165	49	14
Net Income	694	604	581	195	46
Dividends on preferred stock	20	35	19	32	17
Net Income Available to Common Shareholders	$674	$569	$562	$163	$29

16

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of			% Change
(unaudited)	March	December	March
	2021	2020	2020	Seq		Yr/Yr
Assets
Cash and due from banks	$3,122	$3,147	$3,282	(1%)		(5%)
Other short-term investments	34,187	33,399	6,319	2%		441%
Available-for-sale debt and other securities(a)	37,595	37,513	38,645	—		(3%)
Held-to-maturity securities(b)	10	11	17	(9%)		(41%)
Trading debt securities	728	560	433	30%		68%
Equity securities	315	313	459	1%		(31%)
Loans and leases held for sale	5,477	4,741	1,630	16%		236%
Portfolio loans and leases:
Commercial and industrial loans	49,094	49,665	58,250	(1%)		(16%)
Commercial mortgage loans	10,481	10,602	11,160	(1%)		(6%)
Commercial construction loans	6,198	5,815	5,462	7%		13%
Commercial leases	3,255	2,915	3,123	12%		4%
Total commercial loans and leases	69,028	68,997	77,995	—		(11%)
Residential mortgage loans	15,776	15,928	16,701	(1%)		(6%)
Home equity	4,815	5,183	5,963	(7%)		(19%)
Indirect secured consumer loans	14,336	13,653	12,050	5%		19%
Credit card	1,810	2,007	2,417	(10%)		(25%)
Other consumer loans	3,090	3,014	2,911	3%		6%
Total consumer loans	39,827	39,785	40,042	—		(1%)
Portfolio loans and leases	108,855	108,782	118,037	—		(8%)
Allowance for loan and lease losses	(2,208)	(2,453)	(2,348)	(10%)		(6%)
Portfolio loans and leases, net	106,647	106,329	115,689	—		(8%)
Bank premises and equipment	2,072	2,088	2,009	(1%)		3%
Operating lease equipment	718	777	819	(8%)		(12%)
Goodwill	4,259	4,258	4,261	—		—
Intangible assets	127	139	184	(9%)		(31%)
Servicing rights	784	656	685	20%		14%
Other assets	10,858	10,749	10,959	1%		(1%)
Total Assets	$206,899	$204,680	$185,391	1%		12%
Liabilities
Deposits:
Demand	$61,363	$57,711	$39,533	6%		55%
Interest checking	45,582	47,270	44,520	(4%)		2%
Savings	20,162	18,258	15,557	10%		30%
Money market	30,630	30,650	27,775	—		10%
Foreign office	113	143	177	(21%)		(36%)
Other time	2,759	3,023	4,683	(9%)		(41%)
Certificates $100,000 and over	1,784	2,026	2,816	(12%)		(37%)
Total deposits	162,393	159,081	135,061	2%		20%
Federal funds purchased	302	300	1,625	1%		(81%)
Other short-term borrowings	1,106	1,192	4,542	(7%)		(76%)
Accrued taxes, interest and expenses	1,879	2,614	2,432	(28%)		(23%)
Other liabilities	3,881	3,409	3,576	14%		9%
Long-term debt	14,743	14,973	16,282	(2%)		(9%)
Total Liabilities	184,304	181,569	163,518	2%		13%
Equity
Common stock(c)	2,051	2,051	2,051	—		—
Preferred stock	2,116	2,116	1,770	—		20%
Capital surplus	3,592	3,635	3,597	(1%)		—
Retained earnings	18,863	18,384	17,677	3%		7%
Accumulated other comprehensive income	1,792	2,601	2,477	(31%)		(28%)
Treasury stock	(5,819)	(5,676)	(5,699)	3%		2%
Total Equity	22,595	23,111	21,873	(2%)		3%
Total Liabilities and Equity	$206,899	$204,680	$185,391	1%		12%
(a) Amortized cost	$35,963	$34,982	$36,428	3%		(1%)
(b) Market values	10	11	17	(9%)		(41%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	—		—
Outstanding, excluding treasury	711,596	712,760	711,306	—		—
Treasury	212,297	211,132	212,586	1	%	—

17

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	March	December	September	June	March
	2021	2020	2020	2020	2020
Assets
Cash and due from banks	$3,122	$3,147	$2,996	$3,221	$3,282
Other short-term investments	34,187	33,399	31,285	28,243	6,319
Available-for-sale debt and other securities(a)	37,595	37,513	37,425	38,599	38,645
Held-to-maturity securities(b)	10	11	15	16	17
Trading debt securities	728	560	704	526	433
Equity securities	315	313	277	273	459
Loans and leases held for sale	5,477	4,741	2,323	912	1,630
Portfolio loans and leases:
Commercial and industrial loans	49,094	49,665	51,695	55,661	58,250
Commercial mortgage loans	10,481	10,602	10,878	11,233	11,160
Commercial construction loans	6,198	5,815	5,656	5,479	5,462
Commercial leases	3,255	2,915	3,021	3,061	3,123
Total commercial loans and leases	69,028	68,997	71,250	75,434	77,995
Residential mortgage loans	15,776	15,928	16,158	16,457	16,701
Home equity	4,815	5,183	5,455	5,681	5,963
Indirect secured consumer loans	14,336	13,653	12,925	12,395	12,050
Credit card	1,810	2,007	2,087	2,211	2,417
Other consumer loans	3,090	3,014	2,856	2,875	2,911
Total consumer loans	39,827	39,785	39,481	39,619	40,042
Portfolio loans and leases	108,855	108,782	110,731	115,053	118,037
Allowance for loan and lease losses	(2,208)	(2,453)	(2,574)	(2,696)	(2,348)
Portfolio loans and leases, net	106,647	106,329	108,157	112,357	115,689
Bank premises and equipment	2,072	2,088	2,090	2,053	2,009
Operating lease equipment	718	777	818	809	819
Goodwill	4,259	4,258	4,261	4,261	4,261
Intangible assets	127	139	157	171	184
Servicing rights	784	656	660	676	685
Other assets	10,858	10,749	10,828	10,789	10,959
Total Assets	$206,899	$204,680	$201,996	$202,906	$185,391
Liabilities
Deposits:
Demand	$61,363	$57,711	$51,896	$49,359	$39,533
Interest checking	45,582	47,270	49,566	51,586	44,520
Savings	20,162	18,258	17,221	16,896	15,557
Money market	30,630	30,650	31,192	30,881	27,775
Foreign office	113	143	160	191	177
Other time	2,759	3,023	3,337	3,913	4,683
Certificates $100,000 and over	1,784	2,026	3,311	4,120	2,816
Total deposits	162,393	159,081	156,683	156,946	135,061
Federal funds purchased	302	300	251	262	1,625
Other short-term borrowings	1,106	1,192	1,196	1,285	4,542
Accrued taxes, interest and expenses	1,879	2,614	2,500	2,582	2,432
Other liabilities	3,881	3,409	3,292	3,169	3,576
Long-term debt	14,743	14,973	15,123	16,327	16,282
Total Liabilities	184,304	181,569	179,045	180,571	163,518
Equity
Common stock(c)	2,051	2,051	2,051	2,051	2,051
Preferred stock	2,116	2,116	2,116	1,770	1,770
Capital surplus	3,592	3,635	3,624	3,603	3,597
Retained earnings	18,863	18,384	18,010	17,643	17,677
Accumulated other comprehensive income	1,792	2,601	2,831	2,951	2,477
Treasury stock	(5,819)	(5,676)	(5,681)	(5,683)	(5,699)
Total Equity	22,595	23,111	22,951	22,335	21,873
Total Liabilities and Equity	$206,899	$204,680	$201,996	$202,906	$185,391
(a) Amortized cost	$35,963	$34,982	$34,693	$35,780	$36,428
(b) Market values	10	11	15	16	17
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
Outstanding, excluding treasury	711,596	712,760	712,328	712,202	711,306
Treasury	212,297	211,132	211,565	211,690	212,586

18

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
			For the Three Months Ended
			March	March
			2021	2020
Total Equity, Beginning			$23,111	$21,203
Net income			694	46
Other comprehensive (loss) income, net of tax:
Change in unrealized (losses) gains:
		Available-for-sale debt securities	(689)	882
		Qualifying cash flow hedges	(121)	402
Change in accumulated other comprehensive income related to employee benefit plans			1	1
Comprehensive (loss) income			(115)	1,331
Cash dividends declared:
	Common stock		(195)	(195)
	Preferred stock		(20)	(17)
Impact of stock transactions under stock compensation plans, net			(6)	23
Shares acquired for treasury			(180)	—
Impact of cumulative effect of change in accounting principles			—	(472)
Total Equity, Ending			$22,595	$21,873

19

Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis	For the Three Months Ended
$ in millions	March			December			March
(unaudited)	2021			2020			2020
	Average	Average		Average	Average		Average	Average
	Balance	Yield/Rate		Balance	Yield/Rate		Balance	Yield/Rate
Assets
Interest-earning assets:
Loans and leases:
Commercial and industrial loans(a)	$49,715	3.60	%	$50,437	3.50	%	$51,693	4.25	%
Commercial mortgage loans(a)	10,534	3.06	%	10,731	3.17	%	11,020	4.44	%
Commercial construction loans(a)	6,039	3.20	%	5,820	3.19	%	5,132	4.82	%
Commercial leases(a)	3,130	3.17	%	2,932	3.33	%	3,201	3.46	%
Total commercial loans and leases	69,418	3.46	%	69,920	3.42	%	71,046	4.28	%
Residential mortgage loans	20,444	3.36	%	18,065	3.33	%	18,024	3.63	%
Home equity	5,009	3.58	%	5,315	3.64	%	6,006	4.71	%
Indirect secured consumer loans	13,955	3.58	%	13,272	3.70	%	11,809	4.09	%
Credit card	1,879	12.36	%	2,042	11.75	%	2,498	12.13	%
Other consumer loans	2,996	6.12	%	2,850	6.38	%	2,797	7.71	%
Total consumer loans	44,283	4.02	%	41,544	4.11	%	41,134	4.71	%
Total loans and leases	113,701	3.68	%	111,464	3.68	%	112,180	4.44	%
Securities:
Taxable securities	35,764	2.97	%	35,506	3.10	%	35,973	3.15	%
Tax exempt securities(a)	533	2.26	%	459	2.21	%	162	3.04	%
Other short-term investments	32,717	0.10	%	34,989	0.10	%	2,898	0.97	%
Total interest-earning assets	182,715	2.90	%	182,418	2.87	%	151,213	4.07	%
Cash and due from banks	2,991			2,969			2,880
Other assets	20,580			21,116			19,623
Allowance for loan and lease losses	(2,450)			(2,573)			(1,845)
Total Assets	$203,836			$203,930			$171,871
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$45,568	0.07	%	$47,664	0.08	%	$40,298	0.75	%
Savings deposits	18,951	0.03	%	17,658	0.03	%	14,715	0.13	%
Money market deposits	30,601	0.05	%	31,205	0.06	%	27,109	0.72	%
Foreign office deposits	128	0.05	%	161	0.07	%	209	0.57	%
Other time deposits	3,045	0.44	%	3,273	0.58	%	5,081	1.56	%
Total interest-bearing core deposits	98,293	0.06	%	99,961	0.08	%	87,412	0.68	%
Certificates $100,000 and over	2,009	1.08	%	2,300	1.17	%	3,355	2.09	%
Other deposits	—	—		—	—		257	0.85	%
Federal funds purchased	324	0.13	%	307	0.18	%	654	1.13	%
Other short-term borrowings	1,209	0.24	%	1,091	0.35	%	1,750	1.32	%
Long-term debt	14,849	2.83	%	15,018	2.76	%	15,816	3.12	%
Total interest-bearing liabilities	116,684	0.44	%	118,677	0.45	%	109,244	1.09	%
Demand deposits	58,586			56,365			35,765
Other liabilities	5,614			5,762			5,149
Total Liabilities	180,884			180,804			150,158
Total Equity	22,952			23,126			21,713
Total Liabilities and Equity	$203,836			$203,930			$171,871
Ratios:
Net interest margin (FTE)(b)		2.62	%		2.58	%		3.28	%
Net interest rate spread (FTE)(b)		2.46	%		2.42	%		2.98	%
Interest-bearing liabilities to interest-earning assets		63.86	%		65.06	%		72.24	%
(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.

20

Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millions	For the Three Months Ended
(unaudited)	March	December	September	June	March
	2021	2020	2020	2020	2020
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$49,629	$50,385	$54,004	$59,040	$51,586
Commercial mortgage loans	10,532	10,727	11,069	11,222	11,019
Commercial construction loans	6,039	5,820	5,534	5,548	5,132
Commercial leases	3,114	2,932	2,966	3,056	3,201
Total commercial loans and leases	69,314	69,864	73,573	78,866	70,938
Consumer loans:
Residential mortgage loans	15,803	16,016	16,618	16,561	16,732
Home equity	5,009	5,315	5,581	5,820	6,006
Indirect secured consumer loans	13,955	13,272	12,599	12,124	11,809
Credit card	1,879	2,042	2,134	2,248	2,498
Other consumer loans	2,996	2,851	2,857	2,887	2,796
Total consumer loans	39,642	39,496	39,789	39,640	39,841
Total average portfolio loans and leases	$108,956	$109,360	$113,362	$118,506	$110,779
Average Loans and Leases Held for Sale
Average commercial loans and leases held for sale	$104	$56	$55	$68	$108
Average consumer loans held for sale	4,641	2,048	1,196	844	1,293
Average loans and leases held for sale	$4,745	$2,104	$1,251	$912	$1,401
End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$49,094	$49,665	$51,695	$55,661	$58,250
Commercial mortgage loans	10,481	10,602	10,878	11,233	11,160
Commercial construction loans	6,198	5,815	5,656	5,479	5,462
Commercial leases	3,255	2,915	3,021	3,061	3,123
Total commercial loans and leases	69,028	68,997	71,250	75,434	77,995
Consumer loans:
Residential mortgage loans	15,776	15,928	16,158	16,457	16,701
Home equity	4,815	5,183	5,455	5,681	5,963
Indirect secured consumer loans	14,336	13,653	12,925	12,395	12,050
Credit card	1,810	2,007	2,087	2,211	2,417
Other consumer loans	3,090	3,014	2,856	2,875	2,911
Total consumer loans	39,827	39,785	39,481	39,619	40,042
Total portfolio loans and leases	$108,855	$108,782	$110,731	$115,053	$118,037
End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale	$80	$276	$59	$72	$65
Consumer loans held for sale	5,397	4,465	2,264	840	1,565
Loans and leases held for sale	$5,477	$4,741	$2,323	$912	$1,630
Operating lease equipment	$718	$777	$818	$809	$819
Loans and Leases Serviced for Others(a)
Commercial and industrial loans	$1,011	$979	$903	$967	$947
Commercial mortgage loans	639	653	585	592	545
Commercial construction loans	592	601	623	536	462
Commercial leases	547	569	584	582	302
Residential mortgage loans	65,922	68,800	73,521	78,804	81,901
Other consumer loans	50	50	50	50	50
Total loans and leases serviced for others	68,761	71,652	76,266	81,531	84,207
Total loans and leases serviced	$183,811	$185,952	$190,138	$198,305	$204,693
(a) Fifth Third sells certain loans and leases and obtains servicing responsibilities.

21

Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millions		As of
(unaudited)		March		December		September		June		March
		2021(a)		2020		2020		2020		2020
Regulatory Capital
CET1 capital		$14,930		$14,682		$14,307		$13,935		$13,840
Additional tier I capital		2,116		2,115		2,115		1,769		1,769
Tier I capital		17,046		16,797		16,422		15,704		15,609
Tier II capital		4,077		4,615		4,645		4,703		4,472
Total regulatory capital		$21,123		$21,412		$21,067		$20,407		$20,081
Risk-weighted assets(b)		$142,758		$141,974		$141,083		$143,322		$147,756
Ratios
Average total Bancorp shareholders' equity as a percent of average assets		11.26	%	11.34	%	11.33	%	11.30	%	12.63	%
Regulatory Capital Ratios
Fifth Third Bancorp
	CET1 capital(b)	10.46	%	10.34	%	10.14	%	9.72	%	9.37	%
	Tier I risk-based capital(b)	11.94	%	11.83	%	11.64	%	10.96	%	10.56	%
	Total risk-based capital(b)	14.80	%	15.08	%	14.93	%	14.24	%	13.59	%
	Tier I leverage	8.62	%	8.49	%	8.37	%	8.16	%	9.37	%
Fifth Third Bank
	Tier I risk-based capital(b)	12.70	%	12.28	%	12.25	%	11.76	%	11.36	%
	Total risk-based capital(b)	14.41	%	14.17	%	14.14	%	13.65	%	13.17	%
	Tier I leverage	9.19	%	8.85	%	8.85	%	8.80	%	10.16	%

(a)Current period regulatory capital data and ratios are estimated.

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

22

Fifth Third Bancorp and Subsidiaries
Summary of Credit Loss Experience
$ in millions	For the Three Months Ended
(unaudited)	March		December		September		June		March
	2021		2020		2020		2020		2020
Average portfolio loans and leases:
Commercial and industrial loans	$49,629		$50,385		$54,004		$59,040		$51,586
Commercial mortgage loans	10,532		10,727		11,069		11,222		11,019
Commercial construction loans	6,039		5,820		5,534		5,548		5,132
Commercial leases	3,114		2,932		2,966		3,056		3,201
Total commercial loans and leases	69,314		69,864		73,573		78,866		70,938
Residential mortgage loans	15,803		16,016		16,618		16,561		16,732
Home equity	5,009		5,315		5,581		5,820		6,006
Indirect secured consumer loans	13,955		13,272		12,599		12,124		11,809
Credit card	1,879		2,042		2,134		2,248		2,498
Other consumer loans	2,996		2,851		2,857		2,887		2,796
Total consumer loans	39,642		39,496		39,789		39,640		39,841
Total average portfolio loans and leases	$108,956		$109,360		$113,362		$118,506		$110,779
Losses charged-off:
Commercial and industrial loans	($32)		($44)		($45)		($68)		($54)
Commercial mortgage loans	(3)		(31)		(11)		(2)		(2)
Commercial leases	—		—		(10)		(11)		(5)
Total commercial loans and leases	(35)		(75)		(66)		(81)		(61)
Residential mortgage loans	(1)		(4)		(1)		(2)		(2)
Home equity	(3)		(3)		(4)		(3)		(5)
Indirect secured consumer loans	(18)		(19)		(11)		(15)		(21)
Credit card	(31)		(31)		(34)		(40)		(42)
Other consumer loans	(21)		(22)		(19)		(22)		(28)
Total consumer loans	(74)		(79)		(69)		(82)		(98)
Total losses charged-off	($109)		($154)		($135)		($163)		($159)
Recoveries of losses previously charged-off:
Commercial and industrial loans	$5		$3		$3		$3		$4
Commercial mortgage loans	1		1		—		—		—
Commercial leases	1		1		2		—		—
Total commercial loans and leases	7		5		5		3		4
Residential mortgage loans	1		2		2		1		1
Home equity	3		3		3		2		2
Indirect secured consumer loans	9		10		8		8		9
Credit card	6		6		5		6		6
Other consumer loans	12		10		11		13		15
Total consumer loans	31		31		29		30		33
Total recoveries of losses previously charged-off	$38		$36		$34		$33		$37
Net losses charged-off:
Commercial and industrial loans	($27)		($41)		($42)		($65)		($50)
Commercial mortgage loans	(2)		(30)		(11)		(2)		(2)
Commercial leases	1		1		(8)		(11)		(5)
Total commercial loans and leases	(28)		(70)		(61)		(78)		(57)
Residential mortgage loans	—		(2)		1		(1)		(1)
Home equity	—		—		(1)		(1)		(3)
Indirect secured consumer loans	(9)		(9)		(3)		(7)		(12)
Credit card	(25)		(25)		(29)		(34)		(36)
Other consumer loans	(9)		(12)		(8)		(9)		(13)
Total consumer loans	(43)		(48)		(40)		(52)		(65)
Total net losses charged-off	($71)		($118)		($101)		($130)		($122)
Net losses charged-off as a percent of average portfolio loans and leases (annualized):
Commercial and industrial loans	0.22	%	0.33	%	0.31	%	0.45	%	0.39	%
Commercial mortgage loans	0.09	%	1.13	%	0.39	%	0.07	%	0.06	%
Commercial leases	(0.09	%)	(0.15	%)	1.09	%	1.47	%	0.60	%
Total commercial loans and leases	0.17	%	0.40	%	0.33	%	0.40	%	0.32	%
Residential mortgage loans	(0.01	%)	0.04	%	(0.02	%)	0.02	%	0.02	%
Home equity	0.01	%	—		0.07	%	0.07	%	0.17	%
Indirect secured consumer loans	0.25	%	0.28	%	0.11	%	0.24	%	0.43	%
Credit card	5.50	%	4.95	%	5.44	%	6.17	%	5.87	%
Other consumer loans	1.17	%	1.50	%	1.05	%	1.17	%	1.87	%
Total consumer loans	0.43	%	0.47	%	0.40	%	0.52	%	0.66	%
Total net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.27	%	0.43	%	0.35	%	0.44	%	0.44	%

23

Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millions	For the Three Months Ended
(unaudited)	March		December		September		June		March
	2021		2020		2020		2020		2020
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$2,453		$2,574		$2,696		$2,348		$1,202
Impact of CECL adoption	—		—		—		—		643
Total net losses charged-off	(71)		(118)		(101)		(130)		(122)
(Benefit from) provision for loan and lease losses	(174)		(3)		(21)		478		625
Allowance for loan and lease losses, ending	$2,208		$2,453		$2,574		$2,696		$2,348
Reserve for unfunded commitments, beginning	$172		$182		$176		$169		$144
Impact of CECL adoption	—		—		—		—		10
Provision for (benefit from) the reserve for unfunded commitments	1		(10)		6		7		15
Reserve for unfunded commitments, ending	$173		$172		$182		$176		$169
Components of allowance for credit losses:
Allowance for loan and lease losses	$2,208		$2,453		$2,574		$2,696		$2,348
Reserve for unfunded commitments	173		172		182		176		169
Total allowance for credit losses	$2,381		$2,625		$2,756		$2,872		$2,517
	As of
	March		December		September		June		March
	2021		2020		2020		2020		2020
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$197		$230		$266		$94		$100
Commercial mortgage loans	50		82		99		89		83
Commercial construction loans	1		—		—		—		1
Commercial leases	6		7		16		22		18
Residential mortgage loans	22		25		30		14		12
Home equity	55		52		50		52		54
Indirect secured consumer loans	6		9		8		5		1
Other consumer loans	2		2		3		2		2
Total nonaccrual portfolio loans and leases (excludes restructured loans)	339		407		472		278		271
Nonaccrual restructured portfolio commercial loans and leases	255		319		307		282		243
Nonaccrual restructured portfolio consumer loans and leases(c)	147		108		112		140		133
Total nonaccrual portfolio loans and leases	741		834		891		700		647
Repossessed property	7		9		7		4		10
OREO	35		21		33		43		52
Total nonperforming portfolio loans and leases and OREO	783		864		931		747		709
Nonaccrual loans held for sale	2		5		10		1		—
Nonaccrual restructured loans held for sale	20		1		1		1		1
Total nonperforming assets	$805		$870		$942		$749		$710
Restructured portfolio consumer loans and leases (accrual)	$768		$796		$818		$963		$976
Restructured portfolio commercial loans and leases (accrual)	$81		$92		$123		$119		$63
Loans and leases 90 days past due (accrual):
Commercial and industrial loans	$8		$39		$4		$10		$13
Commercial mortgage loans	7		8		26		23		20
Commercial construction loans	1		—		—		—		—
Commercial leases	—		1		2		—		10
Total commercial loans and leases	16		48		32		33		43
Residential mortgage loans(c)	73		70		67		54		54
Home equity	1		2		2		—		—
Indirect secured consumer loans	8		10		10		12		11
Credit card	25		31		27		36		42
Other consumer loans	1		2		1		1		1
Total consumer loans	108		115		107		103		108
Total loans and leases 90 days past due (accrual)(b)	$124		$163		$139		$136		$151
Ratios
Net losses charged-off as a percent of average portfolio loans and leases (annualized)	0.27	%	0.43	%	0.35	%	0.44	%	0.44	%
Allowance for credit losses:
As a percent of portfolio loans and leases	2.19	%	2.41	%	2.49	%	2.50	%	2.13	%
As a percent of nonperforming portfolio loans and leases(a)	321	%	315	%	309	%	410	%	389	%
As a percent of nonperforming portfolio assets(a)	304	%	304	%	296	%	385	%	355	%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO(a)	0.68	%	0.77	%	0.80	%	0.61	%	0.55	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)	0.72	%	0.79	%	0.84	%	0.65	%	0.60	%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property	0.70	%	0.77	%	0.83	%	0.65	%	0.59	%
(a) Excludes nonaccrual loans held for sale.
(b) Excludes loans held for sale.
(c) Excludes government guaranteed residential mortgage loans.

24

Use of Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

25

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millions		As of and For the Three Months Ended
(unaudited)		March		December		September		June		March
		2021		2020		2020		2020		2020
Net interest income		$1,176		$1,182		$1,170		$1,200		$1,229
Add: Taxable equivalent adjustment		3		3		3		3		4
Net interest income (FTE) (a)		1,179		1,185		1,173		1,203		1,233
Net interest income (annualized) (b)		4,769		4,702		4,655		4,826		4,943
Net interest income (FTE) (annualized) (c)		4,782		4,714		4,667		4,838		4,959
Interest income		1,302		1,315		1,329		1,403		1,525
Add: Taxable equivalent adjustment		3		3		3		3		4
Interest income (FTE)		1,305		1,318		1,332		1,406		1,529
Interest income (FTE) (annualized) (d)		5,293		5,243		5,299		5,655		6,150
Interest expense (annualized) (e)		511		529		633		816		1,191
Average interest-earning assets (f)		182,715		182,418		180,704		176,224		151,213
Average interest-bearing liabilities (g)		116,684		118,677		123,626		124,478		109,244
Net interest margin (b) / (f)		2.61	%	2.58	%	2.58	%	2.74	%	3.27	%
Net interest margin (FTE) (c) / (f)		2.62	%	2.58	%	2.58	%	2.75	%	3.28	%
Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.46	%	2.42	%	2.42	%	2.55	%	2.98	%
Income before income taxes		$883		$746		$746		$244		$60
Add: Taxable equivalent adjustment		3		3		3		3		4
Income before income taxes (FTE)		$886		$749		$749		$247		$64
Net income available to common shareholders		$674		$569		$562		$163		$29
Add: Intangible amortization, net of tax		9		9		9		9		10
Tangible net income available to common shareholders (h)		683		578		571		172		39
Tangible net income available to common shareholders (annualized) (i)		2,770		2,299		2,272		692		157
Average Bancorp shareholders' equity		22,952		23,126		22,952		22,421		21,713
Less:	Average preferred stock	(2,116)		(2,116)		(2,007)		(1,770)		(1,770)
	Average goodwill	(4,259)		(4,261)		(4,261)		(4,261)		(4,251)
	Average intangible assets	(133)		(151)		(164)		(178)		(193)
Average tangible common equity, including AOCI (j)		16,444		16,598		16,520		16,212		15,499
Less:	Average AOCI	(2,231)		(2,623)		(2,919)		(2,702)		(1,825)
Average tangible common equity, excluding AOCI (k)		14,213		13,975		13,601		13,510		13,674
Total Bancorp shareholders' equity		22,595		23,111		22,951		22,335		21,873
Less:	Preferred stock	(2,116)		(2,116)		(2,116)		(1,770)		(1,770)
	Goodwill	(4,259)		(4,258)		(4,261)		(4,261)		(4,261)
	Intangible assets	(127)		(139)		(157)		(171)		(184)
Tangible common equity, including AOCI (l)		16,093		16,598		16,417		16,133		15,658
Less:	AOCI	(1,792)		(2,601)		(2,831)		(2,951)		(2,477)
Tangible common equity, excluding AOCI (m)		14,301		13,997		13,586		13,182		13,181
Add:	Preferred stock	2,116		2,116		2,116		1,770		1,770
Tangible equity (n)		16,417		16,113		15,702		14,952		14,951
Total assets		206,899		204,680		201,996		202,906		185,391
Less:	Goodwill	(4,259)		(4,258)		(4,261)		(4,261)		(4,261)
	Intangible assets	(127)		(139)		(157)		(171)		(184)
Tangible assets, including AOCI (o)		202,513		200,283		197,578		198,474		180,946
Less:	AOCI, before tax	(2,268)		(3,292)		(3,584)		(3,735)		(3,135)
Tangible assets, excluding AOCI (p)		$200,245		$196,991		$193,994		$194,739		$177,811
Common shares outstanding (q)		712		713		712		712		711
Tangible equity (n) / (p)		8.20	%	8.18	%	8.09	%	7.68	%	8.41	%
Tangible common equity (excluding AOCI) (m) / (p)		7.14	%	7.11	%	6.99	%	6.77	%	7.41	%
Tangible common equity (including AOCI) (l) / (o)		7.95	%	8.29	%	8.31	%	8.13	%	8.65	%
Tangible book value per share (l) / (q)		$22.60		$23.28		$23.06		$22.66		$22.02

26

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millions		For the Three Months Ended
(unaudited)		March		December		March
		2021		2020		2020
Net income (r)		$694		$604		$46
Net income (annualized) (s)		2,815		2,403		185
Adjustments (pre-tax items)(a)
	Valuation of Visa total return swap	13		30		22
	Net business acquisition, disposition, and merger-related charges	-		27		7
	Fifth Third Foundation contribution	-		25		-
	Branch and non-branch real estate charges	-		21		-
	Net impairment of private equity investments	-		-		15
Adjustments, after-tax (t)(a)		10		79		34
Adjustments (tax related items)
	State tax adjustments	-		(13)		-
Adjustments (tax related items) (u)		-		(13)		-
Noninterest income (v)		749		787		671
	Valuation of Visa total return swap	13		30		22
	Net business disposition charges	-		11		-
	Net impairment of private equity investments	-		-		15
Adjusted noninterest income (w)		762		828		708
Noninterest expense (x)		1,215		1,236		1,200
	Fifth Third Foundation contribution	-		(25)		-
	Branch and non-branch real estate charges	-		(21)		-
	Business acquisition and merger-related charges	-		(16)		(7)
Adjusted noninterest expense (y)		1,215		1,174		1,193
Adjusted net income (r) + (t) + (u)		704		670		80
Adjusted net income (annualized) (z)		2,855		2,665		322
Adjusted tangible net income available to common shareholders (h) + (t) + (u)		693		644		73
Adjusted tangible net income available to common shareholders (annualized) (aa)		2,811		2,562		294
Average assets (ab)		$203,836		$203,930		$171,871
Return on average tangible common equity (i) / (j)		16.8	%	13.9	%	1.0	%
Return on average tangible common equity excluding AOCI (i) / (k)		19.5	%	16.5	%	1.1	%
Adjusted return on average tangible common equity, including AOCI (aa) / (j)		17.1	%	15.4	%	1.9	%
Adjusted return on average tangible common equity, excluding AOCI (aa) / (k)		19.8	%	18.3	%	2.2	%
Return on average assets (s) / (ab)		1.38	%	1.18	%	0.11	%
Adjusted return on average assets (z) / (ab)		1.40	%	1.31	%	0.19	%
Efficiency ratio (x) / [(a) + (v)]		63.0	%	62.7	%	63.0	%
Adjusted efficiency ratio (y) / [(a) + (w)]		62.6	%	58.3	%	61.5	%
Total revenue (FTE) (a) + (v)		$1,928		$1,972		$1,904
Pre-provision net revenue (PPNR) (a) + (v) - (x)		$713		$736		$704
Adjusted pre-provision net revenue (PPNR) (a) + (w) - (y)		$726		$839		$748
(a) Assumes a 23% tax rate

27

Fifth Third Bancorp and Subsidiaries
Segment Presentation
$ in millions
(unaudited)
For the three months ended March 31, 2021	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total
Net interest income (FTE)(a)	$367	$295	$128	$21	$368	$1,179
Benefit from (provision for) credit losses	76	(41)	(8)	1	145	173
Net interest income after benefit from (provision for) credit losses	443	254	120	22	513	1,352
Noninterest income	361	204	82	138	(36)	749
Noninterest expense	(420)	(489)	(161)	(135)	(10)	(1,215)
Income (loss) before income taxes	384	(31)	41	25	467	886
Applicable income tax (expense) benefit(a)	(72)	7	(9)	(5)	(113)	(192)
Net income (loss)	$312	$(24)	$32	$20	$354	$694
For the three months ended December 31, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total
Net interest income (FTE)(a)	$397	$293	$102	$23	$370	$1,185
Benefit from (provision for) credit losses	(212)	(49)	(9)	(2)	285	13
Net interest income after benefit from (provision for) credit losses	185	244	93	21	655	1,198
Noninterest income	404	196	22	136	29	787
Noninterest expense	(427)	(471)	(135)	(131)	(72)	(1,236)
Income (loss) before income taxes	162	(31)	(20)	26	612	749
Applicable income tax (expense) benefit(a)	(24)	6	4	(5)	(126)	(145)
Net income (loss)	$138	$(25)	$(16)	$21	$486	$604
For the three months ended September 30, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total
Net interest income (FTE)(a)	$435	$355	$98	$28	$257	$1,173
Benefit from (provision for) credit losses	(337)	(68)	(2)	—	422	15
Net interest income after benefit from (provision for) credit losses	98	287	96	28	679	1,188
Noninterest income	318	192	73	132	7	722
Noninterest expense	(411)	(460)	(137)	(133)	(20)	(1,161)
Income before income taxes	5	19	32	27	666	749
Applicable income tax (expense) benefit(a)	7	(4)	(7)	(6)	(158)	(168)
Net income	$12	$15	$25	$21	$508	$581
For the three months ended June 30, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total
Net interest income (FTE)(a)	$573	$513	$92	$51	$(26)	$1,203
(Provision for) benefit from credit losses	(457)	(52)	(10)	1	33	(485)
Net interest income after (provision for) benefit from credit losses	116	461	82	52	7	718
Noninterest income	294	167	98	121	(30)	650
Noninterest expense	(405)	(454)	(120)	(122)	(20)	(1,121)
Income (loss) before income taxes	5	174	60	51	(43)	247
Applicable income tax (expense) benefit(a)	7	(36)	(12)	(11)	—	(52)
Net income (loss)	$12	$138	$48	$40	$(43)	$195
For the three months ended March 31, 2020	Commercial Banking	Branch Banking(b)	Consumer Lending(c)	Wealth and Asset Management	Other/ Eliminations	Total
Net interest income (FTE)(a)	$511	$505	$89	$37	$91	$1,233
Provision for credit losses	(45)	(62)	(13)	(1)	(519)	(640)
Net interest income after provision for credit losses	466	443	76	36	(428)	593
Noninterest income	287	198	124	135	(73)	671
Noninterest expense	(480)	(488)	(122)	(143)	33	(1,200)
Income (loss) before income taxes	273	153	78	28	(468)	64
Applicable income tax (expense) benefit(a)	(49)	(32)	(17)	(6)	86	(18)
Net income (loss)	$224	$121	$61	$22	$(382)	$46
(a) Includes taxable equivalent adjustments of $3 million, $3 million, $3 million, $3 million and $4 million for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.
(b) Branch Banking provides a full range of deposit and loan and lease products to individuals and small businesses through full-service banking centers.
(c) Consumer Lending includes the Bancorp's residential mortgage, home equity, automobile and other indirect lending activities.

28

EX-99.2

1 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Fifth Third Bancorp 1Q21 Earnings Presentation April 20, 2021 Refer to earnings release dated April 20, 2021 for further information.

2 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Cautionary statement This presentation contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft, misappropriation or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; and (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases. You should refer to our periodic and current reports filed with the SEC for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. Copies of those filings are available at no cost on the SEC’s Web site at www.sec.gov or on our Web site at www.53.com. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. In this presentation, we may sometimes provide non-GAAP financial information. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. We provide a discussion of non-GAAP measures and reconciliations to the most directly comparable GAAP measures in later slides in this presentation, as well as on pages 25 through 27 of our 1Q21 earnings release. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Bancorp's control or cannot be reasonably predicted. For the same reasons, Bancorp's management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

3 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved • Returned $180 million to shareholders through repurchases; capacity to repurchase up to $347 million in 2Q21 • Strong reported and adjusted return metrics, reflecting solid operating results • Historically low NCO ratio reflecting improvements in consumer and commercial portfolios • Allowance for credit losses ratio2 of 2.19% down 22 bps sequentially; benefit to credit losses driven by improved macroeconomic environment and strong credit results • Period end loan-to-core deposit ratio of 68% (64% ex. PPP) • Exceeded five-year, $32 billion commitment to invest in low-and-moderate income communities by over $9 billion 1Q21 highlights Reported1 Adjusted1 ROA Efficiency ratio ROTCE 1.40% 19.8% NIM 2.62%2.62% 1.38% 16.8% 62.6%63.0% ROE 13.3%13.1% excl. AOCI PPNR $726MM$713MM EPS $0.93$0.93 CET13 10.46% For end note descriptions, see end note summary starting on page 30

4 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Net interest income1 T o ta l n e t in te re s t in c o m e ; $ m il li o n s NII NII $ in millions; NIM change in bps $1,1854Q20 2.58% 4Q20 to 1Q21 Reported NII & NIM Walk NIM $1,179 2.62%1Q21 Cumulative quarterly impact of hedge portfolio; 1Q21 $72 +16 bps For end note descriptions, see end note summary starting on page 30 Decline in excess liquidity Incremental PPP fees Government-guaranteed loans purchased from third party Reduction in investment portfolio prepayment penalty proceeds Day count Lower PAA/PCD income - 3 12 3 21 1 (10) (2) (20) 1 (9) (2) T o ta l n e t in te re s t in c o m e ; $ m il li o n s NII NIM $1,233 $1,185 $1,179 3.28% 2.58% 2.62% 1Q20 4Q20 1Q21

5 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Well positioned to benefit from higher rates Estimated NII sensitivity profile and ALCO policy limits Estimated NII sensitivity with deposit beta changes Estimated NII benefit from increased securities balances4,5 NII is asset sensitive in year 1 and year 2 to rising rates. • As of March 31, 2021, 48% of HFI loans were variable rate net of existing hedges (66% of total commercial; 20% of total consumer)1 • ~87% of $47BN commercial portfolio indexed to 1ML have floors at or above 0% • Investment portfolio effective duration of 4.62 • Short-term borrowings represent approximately 8% of total wholesale funding, or 1% of total funding • Approximately $10 billion in non-core funding matures beyond one year Interest rate sensitivity tables leverage the following deposit assumptions: • 38% weighted-average up rate beta on interest-bearing deposit balances3 • Betas were revised in 1Q21 to incorporate the experience of the most recent rising rate cycle • No modeled re-pricing lag on deposits • Utilizes forecasted balance sheet with $5BN DDA runoff (per 100 bps rate movement) assumed in up rate scenarios • Weighted interest-bearing deposit floor of 5 bps For end note descriptions, see end note summary starting on page 30 ALCO policy limit Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 10.4% 21.3% (4.0%) (6.0%) +100 Ramp over 12 months 5.4% 11.6% NA NA % Change in NII (FTE) Betas 25% higher Betas 25% lower Change in interest rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 8.4% 17.8% 12.4% 24.9% +100 Ramp over 12 months 4.4% 9.9% 6.4% 13.3% % Change in NII (FTE) +$5BN balances +$10BN balances Change in Interest Rates (bps) 12 months 13 to 24 months 12 months 13 to 24 months +200 Ramp over 12 months 11.1% 22.4% 11.9% 23.4% +100 Ramp over 12 months 6.3% 13.1% 7.2% 14.7%

6 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Adjusted noninterest income (excl. securities (gains)/losses)1 Noninterest income • Adjusted noninterest income1 down $55 million, or 7% • Primary drivers: ‒ Record commercial banking revenue (up 9%) ‒ Mortgage banking revenue (up 240%) ‒ Leasing business revenue (up 26%) ‒ Offset by other noninterest income (down 74%), which was impacted by the recognition of tax receivable agreement revenue of $74 million as well as private equity income in the prior quarter T o ta l n o n in te re s t in c o m e ; $ m il li o n s Noninterest income • Adjusted noninterest income1 up $27 million, or 4% • Primary drivers: ‒ Commercial banking revenue (up 23%) ‒ Leasing business revenue (up 19%) ‒ Other noninterest income (up 25%) ‒ Partially offset by mortgage banking revenue (down 29%) 1Q21 vs. 1Q20 1Q21 vs. 4Q20 $671 $787 $749 $732 $814 $759 1Q20 4Q20 1Q21 For end note descriptions, see end note summary starting on page 30

7 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Adjusted noninterest expense1 Noninterest expense • Adjusted noninterest expense1 up $41 million, or 3% • Primary drivers: ‒ Compensation and benefits (up 6%) ‒ Technology and communications (up 3%) ‒ Partially offset by marketing expense (down 23%) T o ta l n o n in te re s t e x p e n s e ; $ m il li o n s • Adjusted noninterest expense1 up $22 million, or 2% • Primary drivers: ‒ Compensation and benefits (up 9%) ‒ Partially offset by other noninterest expense (down 13%) and marketing expense (down 26%) Noninterest expense 1Q21 vs. 1Q20 1Q21 vs. 4Q20 $1,200 $1,236 $1,215 $1,193 $1,174 $1,215 1Q20 4Q20 1Q21 For end note descriptions, see end note summary starting on page 30

8 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Securities1Commercial Interest earning assets Average securities1 and short-term investmentsAverage loan & lease balances Consumer Total loan yield $ in billions; loan & lease balances exclude HFS Short-term investments Taxable securities yield $78.0 $69.0 $69.0 $40.0 $39.8 $39.8 $118.0 $108.8 $108.9 1Q20 4Q20 1Q21 Commercial Consumer Period-end HFI loan & lease balances $0.1 $0.3 $0.1 $1.6 $4.5 $5.4 $1.6 $4.7 $5.5 1Q20 4Q20 1Q21 Period-end HFS loan & lease balances Commercial Consumer $70.9 $69.9 $69.3 $39.8 $39.5 $39.6 $110.8 $109.4 $109.0 4.44% 3.68% 3.68% 1Q20 4Q20 1Q21 $36.1 $36.0 $36.3 $2.9 $35.0 $32.7 $39.0 $71.0 $69.0 3.15% 3.10% 2.97% 1Q20 4Q20 1Q21 $ in billions $ in billions $ in billions ~$5.1BN in PPP loans ~$4.8BN in PPP loans Increase since 4Q20 driven by purchases of government guaranteed residential mortgages from a third party ($2.1BN in December 2020 and $0.6BN in March 2021) Totals shown above may not foot due to rounding ~$5.4BN in PPP loans ~$5.2BN in PPP loans For end note descriptions, see end note summary starting on page 30

9 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Core deposits and wholesale funding Average wholesale funding balancesAverage core deposit balances $63.6 $79.8 $79.9 $68.6 $77.3 $80.7 $132.2 $157.1 $160.6 1Q20 4Q20 1Q21 $55.8 $82.1 $79.2 $67.4 $74.3 $77.7 $123.2 $156.3 $156.9 0.68% 0.08% 0.06% 1Q20 4Q20 1Q21 Commercial Consumer Total IB core deposit rate $ in billions $ in billions Period-end core deposit balances Period-end wholesale funding balances $21.8 $18.7 $18.4 2.73% 2.38% 2.42% 1Q20 4Q20 1Q21 $25.3 $18.5 $17.9 1Q20 4Q20 1Q21 Total wholesale funding Wholesale funding cost Total wholesale fundingCommercial Consumer $ in billions $ in billions Totals shown above may not foot due to rounding

10 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Well diversified commercial portfolio with several potential risk mitigants to recent stresses COVID-19 high impact portfolios of interest Restaurants ($1.6BN) Hotels ($1.4BN) Retail non- Essential ($1.9BN) Casinos ($1.4BN) Healthcare Facilities ($2.6BN) Leisure Travel ($0.4BN) • Well diversified commercial portfolio favoring large borrowers with a track record of resilience • Proactive portfolio monitoring • COVID-19 high impact portfolio payment deferral rate less than 1% • Excluding PPP, ~65% of C&I high impact portfolio is in shared national credits • High impact portfolio balances shown include approximately $3.2BN in non-owner occupied CRE (see the following page for more information) • No changes to composition or definition of COVID-19 High Impact industries • ~75% of portfolio in QSR, mostly to top-tier brands and national chains • Areas of focus: ~25% dine-in focused; supported by concentration in large scale operators and top performing brands with strong sponsorship, and/or access to capital markets • C&I borrowers with strong performance given e-commerce disruption; composition almost exclusively either investment grade and well-positioned to weather downturn, or market- conforming ABL structures • Areas of focus: Retail driven Non-owner occupied CRE (~$1.1BN) supported by anchor tenant strength, collection rates and liquidity to support re-stabilization • Well diversified with long-term clients across broad sectors including Skilled Nursing, Physician Offices, Behavioral Health, Assisted Living and Surgery/Outpatient Centers, etc. • Areas of focus: Skilled Nursing occupancy supported by top tier national and large regional operators • Well contained to a few large operators; all have been able to access capital markets to bolster liquidity • Areas of focus: Seasonal operations impact the speed of full recovery supported by strong liquidity and access to capital • Clients have strong liquidity positions with continued access to capital markets; experienced management teams have executed significant cost reduction plans; ~67% to regional casino operators (incl. Native American-operated) • Includes casino hotels of approximately $0.8BN • Areas of focus: ~23% global operators (including Las Vegas) supported by scale, liquidity and experienced management teams • 58% to drivable leisure hotels, where RevPAR has generally rebounded • Areas of focus: 42% business-oriented hotels which likely face a multi year re- stabilization but are owned by strong, large scale operators with deep experience and broad resources Key takeaways: Total COVID High Impact Balances: $10.8 billion, or ~9% of total loans & leases down 1% from 4Q20 Total Commercial balances ex. PPP Other ($1.5BN) • Other portfolios impacted by COVID-19, including sports ($0.7), fitness ($0.4), and other leisure & recreation industries not listed above

11 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 27% 13% 12% 11% 10% 7% 3% 2% 1% 14% Apartment Office Home Builder Hospitality Retail Industrial Student Housing Self Storage For Sale Other 85% 5% 7% CRE portfolio is smaller, centrally managed, and well diversified Casinos CRE as a % of total loans and leases Well diversified by property type Non-owner CRE - COVID high impact industries COVID high impact Exposures by property typeTotal loans and leases ex. PPP • Significantly less exposure to CRE (and high volatility CRE) compared to peers • Manage exposures and risk limits centrally • Immaterial exposure to raw land or developed land • Well diversified by property type with lower exposures to hospitality and retail • Geographic diversification with no significant exposure to any specific MSA • COVID-19 CRE criticized assets comprise ~80% of all CRE criticized assets Balance Crit Rate $1.4BN Δ in Crit Rate QoQ Other Owner Occupied CRE Non-owner Occupied CRE Hotels Non-essential retail Healthcare Other Total NOO CRE – COVID High Impact $1.1BN $0.1BN $0.2BN $0.4BN $3.2BN 16% 13% (3%) - 2% 12% 83% 67% 15% 0% 10% 60% Total COVID High Impact (all Commercial) $10.8BN Loan balances ex. PPP 31% (2%) Non-COVID portfolio 3% Note totals shown above may not foot due to rounding

12 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 2.13% 2.50% 2.49% 2.41% 2.19% 1Q20 2Q20 3Q20 4Q20 1Q21 2.65% Credit quality overview Early stage delinquencies and NPAs1 Net charge-offs (NCOs) ACL as % of portfolio loans and leases 0.60% 0.68% 0.66% 0.47% 0.43% 0.21% 0.11% 0.32% 0.40% 0.17% 0.36% 0.32% 0.44% 0.43% 0.27% 1Q18 1Q19 1Q20 1Q21 Consumer NCO Ratio Commercial NCO Ratio Total NCO Ratio Including MB unamortized loan discount Ex. PPP • ACL ratio of 2.19% declined 22 bps (or $244MM) sequentially, driven primarily by improved macroeconomic environment and strong credit results • NCO ratio of 0.27% down 16 bps from the prior quarter and down 17 bps from the year-ago quarter • NPA ratio of 0.72% down 7 bps from the prior quarter • ACL represents 321% of NPLs and 304% of NPAs 2.75% 2.64% 0.55% 0.45% 0.60% 0.79% 0.72% 0.33% 0.29% 0.35% 0.33% 0.28% 1Q18 1Q19 1Q20 1Q21 NPA Ratio 30-89 days past due as a % of Porfolio Loans 2.30% 2.76% 2.62% 2.53% For end note descriptions, see end note summary starting on page 30 2.40% 2.29%

13 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Allowance for credit losses Allowance for loan & lease losses Commercial and industrial loans Commercial mortgage loans Commercial construction loans Commercial leases Total commercial loans and leases Residential mortgage loans Home equity Indirect secured consumer loans Credit card Other consumer loans Total consumer loans Allowance for loan & lease losses 124 29 1,456 294 201 131 252 119 997 2,453 172 $2,625 Reserve for unfunded commitments1 Allowance for credit losses 402 901 2.13% 0.99% 2.11% 1.85% 3.88% 0.96% 12.56% 3.95% 2.51% 2.25% 2.41% 1.81% 3.79% Amount % of portfolio loans & leases 110 24 1,328 247 165 112 226 130 880 2,208 173 $2,381 389 805 1.77% 0.74% 1.92% 1.57% 3.43% 0.78% 12.49% 4.21% 2.21% 2.03% 2.19% 1.64% 3.71% Allocation of allowance by product $s in millions 4Q20 1Q21 • Allowance for credit losses decreased $244 million • Including the impact of the unamortized discount from the MB loan portfolio, the ACL ratio was 2.29% • Furthermore, excluding the impact of PPP, the ACL ratio would have been 2.40% Amount % of portfolio loans & leases For end note descriptions, see end note summary starting on page 30; Note, totals shown above may not foot due to rounding

14 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 4Q20 Net Income (ex reserve release) RWA Common Dividends Reserve release Under CECL Share repurchases 1Q21 ~34 bps 10.46% 10.34% • Unprecedented levels of short-term liquidity currently ~22x higher than 2019 average • Loan-to-core deposit ratio of 68% (64% ex. PPP) • ~$108 billion of available liquidity sources • $4.1 billion in Holding Company cash, sufficient to satisfy all fixed obligations in a stressed environment for ~25 months Strong capital and liquidity position Regulatory capital position Fed Reserves Unpledged Investment Securities Available FHLB Borrowing Capacity Current Fed Discount Window Availability Total ~$34 ~$27 ~$17 ~$30 ~$108 Liquidity Sources Liquidity position $s in billions; as of 3/31/2021 • Risk-based capital ratios have meaningfully improved (CET1 up ~70 bps since end of 2019) • Capacity to repurchase up to ~$347 million in 2Q21 • Potential to increase dividend, and repurchase over $800 million in 2H21, subject to Board approval and economic conditions • Expect to achieve 9.5% CET1 by mid-2022 Common equity tier 1 ratio1 ~(5 bps) ~(14 bps) For end note descriptions, see end note summary starting on page 30 ~9 bps ~(12 bps)

15 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Current expectations FY 2021 compared to FY 2020 (including HFS) Loans & leases Average: stable to up slightly Net interest income1 Noninterest income1 up 4 – 5% (or up 5 – 6% excluding the TRA impacts) Noninterest expense1 up ~1% (including $50MM – $55MM expected in 2021 servicing expenses from recent consumer loan purchases) down ~1% (FY20 baseline: $4.79BN) As of April 20, 2021; please see cautionary statements on page 2 (FY20 baseline: $2.92BN) (FY20 baseline: $4.55BN) Net charge-off ratio 30 – 40 bps Effective tax rate 22 – 23% For end note descriptions, see end note summary starting on page 30; totals shown above may not foot due to rounding • Includes impact of PPP forecast provided • Reflects impact of recent consumer loan purchases (~$3.7BN in GNMA forbearance pools added since December 2020, incl. ~$1BN in April 2021) • Assumes commercial line utilization improves from 31% to 33% by YE21 • NII guidance assumes relatively stable securities balances

16 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Current expectations Second quarter 2021 compared to first quarter 2021 Net interest income1 Noninterest income1 Noninterest expense1 down 5 – 7% (1Q21 baseline: $759MM) (1Q21 baseline: $1.215BN) (including HFS) Loans & leases Average: up 1 – 2% stable to up 1% (1Q21 baseline: $1.179BN) down 3 – 5% As of April 20, 2021; please see cautionary statements on page 2 For end note descriptions, see end note summary starting on page 30 • Includes impact of PPP forecast provided • Reflects impact of recent consumer loan purchases • NII guidance assumes relatively stable securities balances Net charge-off ratio 25 – 35 bps

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

18 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Appendix

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

20 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Committed to generating sustainable value Environmental, Social, and Governance (ESG) actions and impact Actions Impact $41.6BN Delivered against 2016 $32BN community commitment1 $18 Minimum wage per hour (since 2019) $2.8BN commitment To accelerate racial equity, equality and inclusion 6 goals by 2025 To support inclusion and diversity within workforce and for its diverse suppliers 2.6M+ People educated through our L.I.F.E. programs2 200,000 Hours community service3 59% Women in workforce; 33% Board gender diversity Carbon neutral In 2020 for our operations, including scopes 1, 2 and 3 (business travel) First regional U.S. bank to achieve neutrality $5.4BN In lending and financing to renewable energy projects towards our $8BN sustainable financing goal by 20254 ESG Committee Established in 2020, reports to Nominating & Corporate Governance Committee World’s Most Ethical Companies Recognized by Ethisphere in 2021 Most Responsible Companies Recognized by Newsweek in 2020 America’s Best Large Employers Recognized by Forbes in 2021 Diversity Best Practices Inclusion Index Company in 2020 Outstanding Rating on our most recent CRA exam 100% Score Human Rights Campaign Corporate Equality Index for sixth consecutive year A- Leadership Band 2019 & 2020 CDP surveys Green Power Leadership 2020 award from Environmental Protection Agency Winning “W” Company Recognized by 2020 Women on Boards (2020WOB) For end note descriptions, see end note summary starting on page 30

21 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Paycheck Protection Program update PPP loan balance assumptions ($ billions; Average Balance) 1Q21 2Q21 3Q21 4Q21 Wave 1 & 2 Wave 3 Total 3Q20 4Q20 $5.2 $5.1 $4.4 $3.1 $1.2 $0.4 - - $0.8 $1.9 $2.0 $1.9 $5.2 $5.1 $5.2 $5.0 $3.2 $2.3 Actual Current expectations1 2021 Expected yield1 2.2% previously $3.2 previously $1.3 unchanged previously $1.6 previously $1.7 previously $1.6 previously $4.8 previously $3.0 previously $2.0 ~$130MM in remaining unamortized fees (~$55MM from waves 1 & 2, ~$75MM from wave 3) 27% of balances from waves 1 & 2 have been forgiven as of 3/31/21 Ex. accelerated forgiveness 2.3% 2.0% Higher than 1.9% previously communicated given smaller loan sizes unchanged unchanged For end note descriptions, see end note summary starting on page 30

22 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $8 $8 $8 $8 $8 $8 $8 $8 $7 $7 $7 $3 $3 $2 $1 $1 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $3 $11 $11 $11 $11 $11 $11 $11 $11 $10 $10 $10 $6 $6 $5 $4 $1 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Floors Swaps ($3BN @ 2.25% 1-month LIBOR strike) ($8BN receive fixed / pay 1-month LIBOR) Cash flow hedges continue to protect NIM for next 4 years Notional value of cash flow hedges ($ Billions) Cash flow hedges Hedges expected to generated an annual NII benefit of ~$300MM through 4Q22 relative to an unhedged position1 Assuming no change to 1ML beyond 4/20/2021 Actual For end note descriptions, see end note summary starting on page 30 Blended rate of swaps will continue to improve throughout time: • 1Q21-4Q22: 3.02% • 1Q23-3Q23: 3.08% • 4Q23-1Q24: 3.09% • 2Q24: 3.14% • 3Q24-4Q24: 3.20%

23 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved 69% 16% 10% 5% 25% 55% 20% 75% 19% 4% 2% 100% Fix | 0% Variable 64% Fix | 36% Variable Balance sheet positioning Investment portfolio $21.5BN fixed 3 | $42.2BN variable 1,2 Commercial loans1,2,3 Consumer loans1 Long-term debt4 $32.0BN fixed | $7.8BN variable 1 $11.5BN fixed | $2.9BN variable 4 • 1ML based: 54%6 • 3ML based: 7%6 • Prime based: 5%6 • Other based: 1%6,9 • Weighted avg. life: 1.7 years1,3 • 1ML based: 2%7 • 12ML based: 2%7 • Prime based: 16%7 • Weighted avg. life: 3.1 years1 • 1ML based: 9%8 • 3ML based: 11%8 • Weighted avg. life: 3.8 years C&I 36% Fix | 64% Variable Coml. mortgage 21% Fix | 79% Variable Coml. lease 100% Fix | 0% Variable Resi mtg.& construction 95% Fix | 5% Variable Auto/Indirect 100% Fix | 0% Variable Home equity 10% Fix | 90% Variable Senior debt 81% Fix | 19% Variable Sub debt 74% Fix | 26% Variable Auto securiz. proceeds 100% Fix | 0% VariableComl. construction 1% Fix | 99% Variable Credit card 13% Fix | 87% Variable Other 65% Fix | 35% Variable Other 85% Fix | 15% Variable • 57% allocation to bullet/ locked-out cash flow securities • Yield: 3.01%5 • Effective duration of 4.65 • Net unrealized pre-tax gain: $1.6BN • 98% AFS Level 1 100% Fix | 0% Variable Level 2A Non-HQLA/ Other • The information above incorporates the impact of $11BN in cash flow hedges ($8BN in C&I receive-fixed swaps, $3BN in floors with a 2.25% strike against 1ML) as well as ~$2BN fair value hedges associated with long term debt (receive-fixed swaps) • The impacts of PPP loans (given the expected temporary nature) are excluded Includes $3.2BN non-agency CMBS (All super-senior, AAA-rated securities; 64% WA LTV, ~40% credit enhancement) 12% 36% 8% 5% 39% For end note descriptions, see end note summary starting on page 30; totals shown above may not foot due to rounding

24 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Strong liquidity profile $ millions – excl. Retail Brokered & Institutional CDs Unsecured debt maturities Heavily core funded Demand 30% Interest checking 22% Savings/ MMDA 25%Consumer time 1% Foreign Office <1% Non-core deposits 1% Short term borrowings <1% Other liabilities 3% Equity 11% Long- term debt 7% Holding company: • Holding Company cash as of March 31, 2021: $4.1B • Cash currently sufficient to satisfy all fixed obligations in a stressed environment for ~25 months (debt maturities, common and preferred dividends, interest, and other expenses) without accessing capital markets, relying on dividends from subsidiaries or any other actions • The Holding Company did not issue or have long-term debt maturities in 1Q21 Bank entity: • The Bank did not issue or have long-term debt maturities in 1Q21 • Available and contingent borrowing capacity (1Q21): ‒ FHLB ~$16.9B available, ~$17.2B total ‒ Federal Reserve ~$29.7B Redemptions: • During 1Q21, Fifth Third announced the redemption of: ‒ $250MM of Holding Company senior notes on May 5, 2021 ‒ $1.25BN of Bank senior notes on May 15, 2021 As of 3/31/2021 2021 2022 2023 2024 2025 2026 on Fifth Third Bancorp Fifth Third Bank Fifth Third Financial Corp $1,150 $3,987 $1,500 $3,150 $1,500 $2,250 Note: totals shown above may not foot due to rounding

25 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $81 $95 $93 $47 $89 $67 $63 $66 $66 $59 $19 ($1) ($8) ($13) $18 ($47) ($58) ($75) ($75) ($81) $120 $99 $76 $25 $85 1Q20 2Q20 3Q20 4Q20 1Q21 Mortgage banking results $ millions Mortgage banking net revenue Mortgage originations and margins • Mortgage banking revenue increased $60 million from prior quarter and decreased $35 million from year-ago quarter • $4.7 billion in originations, up 17% compared to the year-ago quarter and up 19% from prior quarter; 21% purchase volume Origination fees and gains on loan sale Gross servicing fees MSR decayNet MSR Valuation Note: totals shown above may not foot due to rounding $ billions Originations HFS Originations HFI $3.19 $2.41 $3.42 $2.91 $3.62 $0.82 $1.01 $1.11 $1.03 $1.06 $4.01 $3.42 $4.53 $3.94 $4.68 1Q20 2Q20 3Q20 4Q20 1Q21 2.29% 2.23% 3.81% 3.76% 2.85% 2.50% 2.13% 1.42% 1.99% 2.36%Gain-on-sale margin Gain-on-sale margin represents gains on all loans originated for sale divided by salable originations. Rate lock margin Rate lock margin represents gains recorded associated with salable rate locks divided by salable rate locks.

26 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved $44 $45 $22 $11 4Q21 4Q22 4Q23 4Q24 Estimated potential GAAP noninterest income recognition1,2 Future TRA payment schedule $ Millions; pre-tax For end note descriptions, see end note summary starting on page 30

27 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved NPL rollforward1 Commercial Consumer Total NPL $ millions $ millions $ millions For end note descriptions, see end note summary starting on page 30

28 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Non-GAAP reconciliation For end note descriptions, see end note summary starting on page 30; totals shown above may not foot due to rounding Fifth Third Bancorp and Subsidiaries $ and shares in millions March December September June March (unaudited) 2021 2020 2020 2020 2020 Net income (U.S. GAAP) (a) $694 $604 $581 $195 $46 Net income (U.S. GAAP) (annualized) (b) $2,815 $2,403 $2,311 $784 $185 Net income available to common shareholders (U.S. GAAP) (c) $674 $569 $562 $163 $29 Add: Intangible amortization, net of tax 9 9 9 9 10 Tangible net income available to common shareholders (d) $683 $578 $571 $172 $39 Tangible net income available to common shareholders (annualized) (e) $2,770 $2,299 $2,272 $692 $157 Net income available to common shareholders (annualized) (f) $2,733 $2,264 $2,236 $656 $117 Average Bancorp shareholders' equity (U.S. GAAP) (g) $22,952 $23,126 $22,952 $22,420 $21,713 Less: Average preferred stock (h) (2,116) (2,116) (2,007) (1,770) (1,770) Average goodwill (4,259) (4,261) (4,261) (4,261) (4,251) Average intangible assets and other servicing rights (133) (151) (164) (178) (193) Average tangible common equity (i) $16,444 $16,598 $16,520 $16,211 $15,499 Less: Average accumulated other comprehensive income ("AOCI") (2,231) (2,623) (2,919) (2,702) (1,825) Average tangible common equity, excluding AOCI (j) $14,213 $13,975 $13,601 $13,509 $13,674 Adjustments (pre-tax items) Valuation of Visa total return swap 13 30 22 29 22 Net business acquisition, disposition, and merger-related charges - 27 - 9 7 Fifth Third Foundation contribution - 25 - - - Branch and non-branch real estate charges - 21 19 12 - Restructuring severance expense - - 19 - - FHLB debt extinguishment charge - - - 6 - Private equity write-down - - - - 15 Adjustments - after-tax 1 (k) 10 79 46 43 34 Adjustments - tax-related State tax adjustments - (13) - - - Adjustments - tax-related (l) - (13) - - - Adjusted net income [(a) + (k) + (l)] $704 $670 $627 $238 $80 Adjusted net income (annualized) (m) $2,855 $2,665 $2,494 $957 $322 Adjusted net income available to common shareholders [(c) + (k) + (l)] $684 $635 $608 $206 $63 Adjusted net income available to common shareholders (annualized) (n) $2,774 $2,526 $2,419 $829 $253 Adjusted tangible net income available to common shareholders [(d) + (k) + (l)] $693 $644 $617 $215 $73 Adjusted tangible net income available to common shareholders (annualized) (o) $2,811 $2,562 $2,455 $865 $294 Average assets (p) $203,836 $203,930 $202,533 $198,387 $171,871 Metrics: Return on assets (b) / (p) 1.38% 1.18% 1.14% 0.40% 0.11% Adjusted return on assets (m) / (p) 1.40% 1.31% 1.23% 0.48% 0.19% Return on average common equity (f) / [(g) + (h)] 13.1% 10.8% 10.7% 3.2% 0.6% Adjusted return on average common equity (n) / [(g) + (h)] 13.3% 12.0% 11.5% 4.0% 1.3% Return on average tangible common equity (e) / (i) 16.8% 13.9% 13.8% 4.3% 1.0% Adjusted return on average tangible common equity (o) / (i) 17.1% 15.4% 14.9% 5.3% 1.9% Adjusted return on average tangible common equity, excluding AOCI (o) / (j) 19.8% 18.3% 18.1% 6.4% 2.2% For the Three Months Ended

29 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Non-GAAP reconciliation For end note descriptions, see end note summary starting on page 30; totals shown above may not foot due to rounding Fifth Third Bancorp and Subsidiaries For the Three Months Ended $ and shares in millions March December September June March (unaudited) 2021 2020 2020 2020 2020 Average interest-earning assets (a) $182,715 $182,418 $180,704 $176,224 $151,213 Net interest income (U.S. GAAP) (b) $1,176 $1,182 $1,170 $1,200 $1,229 Add: Taxable equivalent adjustment 3 3 3 3 4 Net interest income (FTE) (c) $1,179 $1,185 $1,173 $1,203 $1,233 Net interest income (FTE) (annualized) (d) $4,782 $4,714 $4,667 $4,838 $4,959 Noninterest income (U.S. GAAP) (e) $749 $787 $722 $650 $671 Valuation of Visa total return swap 13 30 22 29 22 Net business disposition charges - 11 - - - Branch and non-branch real estate charges - - 10 12 - Private equity write-down - - - - 15 Adjusted noninterest income (f) $762 $828 $754 $691 $708 Add: Securities (gains)/losses (3) (14) (51) (21) 24 Adjusted noninterest income, (excl. securities (gains)/losses) $759 $814 $703 $670 $732 Noninterest expense (U.S. GAAP) (g) $1,215 $1,236 $1,161 $1,121 $1,200 Fifth Third Foundation contribution - (25) - - - Branch and non-branch real estate charges - (21) (9) - - Business acquisition and merger-related expenses - (16) - (9) (7) Restructuring severance expense - - (19) - - FHLB debt extinguishment charge - - - (6) - Adjusted noninterest expense (h) $1,215 $1,174 $1,133 $1,106 $1,193 Metrics: Pre-provision net revenue [(c) + (e) - (g)] 713 736 734 732 704 Adjusted pre-provision net revenue [(c) + (f) - (h)] 726 839 794 788 748 Net interest margin (FTE) (d) / (a) 2.62% 2.58% 2.58% 2.75% 3.28% Efficiency ratio (FTE) (g) / [(c) + (e)] 63.0% 62.7% 61.3% 60.5% 63.0% Adjusted efficiency ratio (h) / [(c) + (f)] 62.6% 58.3% 58.8% 58.4% 61.5%

30 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Earnings presentation end notes Slide 3 end notes 1. Reported ROTCE, NIM, pre-provision net revenue, and efficiency ratio are non-GAAP measures: all adjusted figures are non-GAAP measures; see reconciliation on pages 28 and 29 of this presentation and the use of non-GAAP measures on pages 25-27 of the earnings release. 2. Allowance for credit losses as a percentage of portfolio loans and leases. 3. Current period regulatory capital ratios are estimated. Slide 4 end notes 1. Results are on a fully-taxable equivalent basis; non-GAAP measure: see reconciliation on pages 28 and 29 of this presentation and use of non-GAAP measures on pages 25-27 of the earnings release. Slide 5 end notes Note: Data as of 3/31/21; actual results may vary from these simulated results due to differences between forecasted and actual balance sheet composition, timing, magnitude, and frequency of interest rate changes, as well as other changes in market conditions and management strategies. 1. Excludes ~$5.4BN in Small Business Administration Paycheck Protection Program (PPP) loans. 2. Effective duration of the taxable available for sale portfolio. 3. Re-pricing percentage or “beta” is the estimated change in yield over 12 months as a result of a shock or ramp 100 bps parallel shift in the yield curve. 4. Assumes cash is deployed into bullet securities, which are added evenly over first 12 months of scenario (versus no additions in the base scenario). 5. Securities are priced at par at a 1.9% spread over IOER Slide 6 end notes 1. Non-GAAP measure: see reconciliation on pages 28 and 29 of this presentation and use of non-GAAP measures on pages 25-27 of the earnings release. Slide 7 end notes 1. Non-GAAP measure: see reconciliation on pages 28 and 29 of this presentation and use of non-GAAP measures on pages 25-27 of the earnings release. Slide 8 end notes 1. Includes taxable and tax-exempt securities. Slide 12 end notes 1. Excludes HFS loans. Slide 13 end notes 1. 1Q21 commercial and consumer portfolio make up $129M and $44M, respectively, of the total reserve for unfunded commitments; Certain prior period data has been reclassified to conform to current period presentation Slide 14 end notes 1. Current period regulatory capital ratios are estimated. Slide 15 end notes 1. Non-GAAP measure: see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 25-27 of the earnings release. Slide 16 end notes 1. Non-GAAP measure: see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 25-27 of the earnings release. Slide 17 end notes 1. Non-GAAP measure: see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 25-27 of the earnings release

31 Classification: Internal Use© Fifth Third Banc rp | All Rights Reserved Earnings presentation end notes Slide 21 end notes 1. 2016-2020. 2. since 2004 3. 2019-2020. 4. Since 2012 Slide 22 end notes 1. Represents forward looking statement, please refer to page 2 of this presentation regarding forward-looking non-GAAP measures. Slide 23 end notes Note: Data as of 3/31/21. 1. Excludes HFS Loans & Leases. 2. Fifth Third had $11B of variable loans classified as fixed given the impacts of $3BN in floors with a 2.25% 1ML strike and $8BN in receive-fix swaps. 3. Excludes ~$5.4BN in Small Business Administration Paycheck Protection Program (PPP) loans. 4. Fifth Third had $705MM 3ML receive-fix swaps and $1.25B 1ML receive-fix swaps outstanding against long-term debt, which are being included in floating long-term debt. 5. Effective duration and yield of the taxable available for sale portfolio. 6. As a percent of total commercial, excluding PPP loans. 7. As a percent of total consumer. 8. As a percent of par. 9. Includes 12ML, 6ML, and Fed Funds based loans. Slide 26 end notes 1. Assumes FIS will have sufficient taxable income to utilize TRA related deductions and have a marginal tax rate of 25%. 2. See forward-looking statements on page 2. Slide 27 end notes 1. Loan balances exclude nonaccrual loans HFS. Slide 28 end notes Note: See pages 25-27 of the earnings release for a discussion on the use of non-GAAP financial measures. 1. Assumes a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items Slide 29 end notes Note: See pages 25-27 of the earnings release for a discussion on the use of non-GAAP financial measures. 1. Assumes a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items

XML

Cover Page	Apr. 20, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 20, 2021
Entity Registrant Name	Fifth Third Bancorp
Amendment Flag	false
Entity Central Index Key	0000035527
Entity Incorporation, State or Country Code	OH
Entity File Number	001-33653
Entity Tax Identification Number	31-0854434
Entity Address, Address Line One	Fifth Third Center
Entity Address, Address Line Two	38 Fountain Square Plaza
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45263
City Area Code	800
Local Phone Number	972-3030
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, Without Par Value
Trading Symbol	FITB
Security Exchange Name	NASDAQ
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	FITBI
Security Exchange Name	NASDAQ
Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A
Trading Symbol	FITBP
Security Exchange Name	NASDAQ
Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K
Trading Symbol	FITBO
Security Exchange Name	NASDAQ