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): January 23, 2018

(Exact Name of Registrant as Specified in Its Charter)

Ohio

(State or other jurisdiction of incorporation)

001-33653	31-0854434
(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))

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 January 23, 2018, Fifth Third Bancorp issued a press release announcing its earnings release for the fourth quarter of 2017. 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 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 January 23, 2018, Fifth Third Bancorp issued a press release announcing its earnings release for the fourth quarter of 2017. 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 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 Act of 1933, except as shall be expressly set forth by specific reference.

For the benefit of its investors, Fifth Third Bancorp is furnishing information regarding its earnings conference call. A copy of this item is attached as Exhibit 99.2. The information in this Form 8-K and Exhibit 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 January 23, 2018

Exhibit 99.2 – Fourth Quarter Earnings Conference Presentation

SIGNATURES

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

	FIFTH THIRD BANCORP
	(Registrant)
Date: January 23, 2018	/s/ TAYFUN TUZUN
	Tayfun Tuzun
	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

CONTACTS:	Sameer Gokhale (Investors)	News Release
	(513) 534-2219
	Katrina Booker (Media)	FOR IMMEDIATE RELEASE
	(513) 534-6858	January 23, 2018

FIFTH THIRD ANNOUNCES FOURTH QUARTER 2017 NET INCOME TO COMMON SHAREHOLDERS OF $486 MILLION, OR $0.67 PER DILUTED SHARE

2017 EARNINGS PER DILUTED SHARE OF $2.83

• 4Q17 net income available to common shareholders of $486 million, or $0.67 per diluted common share

• Results included a net positive $0.15 impact on reported 4Q17 EPS:

• Items primarily resulting from the Tax Cuts and Jobs Act^(a):

• $220 million income tax reduction from a remeasurement of the deferred tax liability

• $68 million pre-tax (~$44 million after-tax)^(b) impairment related to affordable housing investments within noninterest expense

• $27 million pre-tax (~$18 million after-tax)^(b) remeasurement related to the tax treatment of leveraged leases reducing interest income

• $15 million pre-tax (~$10 million after-tax)^(b) expense related to one-time employee bonuses

• $15 million pre-tax (~$10 million after-tax)^(b) contribution to the Fifth Third Foundation

• $20 million tax expense related to a gain on the sale of Vantiv^(c) shares sold in 3Q17

• $11 million pre-tax (~$7 million after-tax)^(b) charge related to the valuation of the Visa total return swap

• Net interest income (NII) of $956 million; taxable equivalent NII of $963 million^(d), down 1% from 3Q17 and up 6% from 4Q16

• Reported results were negatively impacted by the $27 million leveraged lease remeasurement in 4Q17 and $16 million estimated card refund charge in 4Q16

• Adjusted taxable equivalent NII^(d) of $990 million, up 1% from 3Q17 and up 7% from 4Q16, driven by higher interest earning asset yields and higher yielding consumer loans

• Taxable equivalent net interest margin (NIM) of 3.02%^(d), down 5 bps from 3Q17 and up 16 bps from 4Q16

• Reported results were negatively impacted by 8 bps from the leveraged lease remeasurement in 4Q17 and 5 bps from the estimated card refund charge in 4Q16

• Adjusted taxable equivalent NIM^(d) of 3.10%, up 3 bps from 3Q17 and up 19 bps from 4Q16, impacted by higher securities portfolio and consumer loan yields

• Noninterest income of $577 million, compared with $1.561 billion in 3Q17 and $620 million in 4Q16

• Sequential decrease primarily reflected a gain on the sale of Vantiv shares in 3Q17

• Excluding the Vantiv gain, Visa total return swap charges and securities gains, noninterest income increased 3% from 3Q17 reflecting a $44 million Vantiv TRA payment and higher wealth and asset management revenue

1

• Noninterest expense of $1.073 billion, up 10% from 3Q17 and up 12 percent from 4Q16

• Sequential increase was driven primarily by the affordable housing impairment, one-time employee bonuses, and contribution to the Fifth Third Foundation in 4Q17

• Excluding these items, noninterest expense of $975 million was flat from 3Q17 reflecting lower other noninterest expense offset by higher employee benefits

• Average portfolio loans and leases of $92.3 billion, flat from 3Q17 and down 1% from 4Q16

• Portfolio nonperforming asset (NPA) ratio of 0.53%, down 7 bps from 3Q17 and down 27 bps from 4Q16

• Net charge-offs (NCOs) of $76 million, up $8 million from 3Q17 and up $3 million from 4Q16; NCO ratio of 0.33% compared to 0.29% in 3Q17 and 0.31% in 4Q16

• 4Q17 provision expense of $67 million flat from 3Q17 and up $13 million from 4Q16

• Common equity Tier 1 (CET1)^(e) ratio of 10.61%

• Tangible common equity ratio of 8.99%^(d); 8.94% excluding unrealized gains/losses^(d)

• Book value per share of $21.67, up 2% from 3Q17 and up 9% 4Q16; tangible book value per share^(d) of $18.10 up 1% from 3Q17 and up 9% from 4Q16

Fifth Third Bancorp (Nasdaq: FITB) today reported full year 2017 net income of $2.2 billion, up 41 percent from net income of $1.6 billion in 2016. After preferred dividends, 2017 net income available to common shareholders was $2.1 billion, or $2.83 per diluted share, compared with 2016 net income available to common shareholders of $1.5 billion, or $1.93 per diluted share. Results were significantly impacted by Vantiv-related transactions throughout 2016 and 2017 and items resulting from the Tax Cuts and Jobs Act in 2017.

Fourth quarter 2017 net income was $509 million, a decrease of 50 percent from net income of $1.014 billion in the third quarter of 2017 and an increase of 29 percent from net income of $395 million in the fourth quarter of 2016. After preferred dividends, net income available to common shareholders was $486 million, or $0.67 per diluted share, in the fourth quarter 2017, compared with $999 million, or $1.35 per diluted share, in the third quarter of 2017, and $372 million, or $0.49 per diluted share, in the fourth quarter of 2016. Results were significantly impacted by a Vantiv-related transaction in the third quarter of 2017 and items resulting from the Tax Cuts and Jobs Act in the fourth quarter of 2017.

“Our strong fourth quarter and full year 2017 results reflect continued progress toward achieving our long term financial goals. Our business strategies are well aligned with the interests of our shareholders, our customers, our employees, and the communities we serve. Our balance sheet remains strong and positions us well for growth in 2018,” said Greg D. Carmichael, President and CEO of Fifth Third Bancorp.

“The investments that we have made following the passage of the new tax law demonstrate our commitment to improving the lives of our employees and our communities. In addition to the immediate positive impact of lower corporate taxes on our company’s results, we are optimistic that the new tax law will help to reinvigorate the economy and support further growth in our businesses.”

“Underlying quarterly performance showed continued NIM expansion, disciplined expense management, and another quarter of strong credit metrics. As we discussed at our recent Investor Day, we have continued to generate positive momentum over the past year. We remain focused on driving improved shareholder returns in 2018 and beyond as we execute on our strategic initiatives under Project North Star.”

2

Earnings Highlights    

	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Income Statement Data ($ in millions)
Net income attributable to Bancorp	$	509	$	1,014	$	367	$	305	$	395		(50%)		29%
Net income available to common shareholders	$	486	$	999	$	344	$	290	$	372		(51%)		31%
Earnings Per Share Data
Average common shares outstanding (in thousands):
Basic		703,372		721,280		741,401		747,668		746,367		(2%)		(6%)
Diluted		716,908		733,285		752,328		760,809		757,704		(2%)		(5%)
Earnings per share, basic	$	0.68	$	1.37	$	0.46	$	0.38	$	0.49		(50%)		39%
Earnings per share, diluted		0.67		1.35		0.45		0.38		0.49		(50%)		37%
Common Share Data
Cash dividends per common share	$	0.16	$	0.16	$	0.14	$	0.14	$	0.14		—		14%
Book value per share		21.67		21.30		20.42		20.13		19.82		2%		9%
Tangible book value per share(d)		18.10		17.86		17.11		16.89		16.60		1%		9%
Common shares outstanding (in thousands)		693,805		705,474		738,873		750,145		750,479		(2%)		(8%)
Financial Ratios												bps Change
Return on average assets		1.43%		2.85%		1.05%		0.88%		1.11%		(142)		32
Return on average common equity		12.7		25.6		9.0		7.8		9.7		(1290)		300
Return on average tangible common equity(d)		15.2		30.4		10.7		9.3		11.6		(1520)		360
CET1 capital(e)		10.61		10.59		10.63		10.76		10.39		2		22
Tier I risk-based capital(e)		11.74		11.72		11.76		11.90		11.50		2		24
Net interest margin (taxable equivalent)(d)		3.02		3.07		3.01		3.02		2.86		(5)		16
Efficiency (taxable equivalent)(d)		69.7		38.4		63.4		67.4		62.8		3130		690

Income Statement Highlights    

($ in millions, except per-share data)	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Condensed Statements of Income
Net interest income (taxable equivalent)(d)	$	963	$	977	$	945	$	939	$	909		(1%)		6%
Provision for loan and lease losses		67		67		52		74		54		—		24%
Total noninterest income		577		1,561		564		523		620		(63%)		(7%)
Total noninterest expense		1,073		975		957		986		960		10%		12%
Income before income taxes (taxable equivalent)(d)	$	400	$	1,496	$	500	$	402	$	515		(73%)		(22%)
Taxable equivalent adjustment		7		7		6		6		6		—		17%
Applicable income tax (benefit) expense		(116)		475		127		91		114		NM		NM
Net income	$	509	$	1,014	$	367	$	305	$	395		(50%)		29%
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		NM		NM
Net income attributable to Bancorp	$	509	$	1,014	$	367	$	305	$	395		(50%)		29%
Dividends on preferred stock		23		15		23		15		23		53%		—
Net income available to common shareholders	$	486	$	999	$	344	$	290	$	372		(51%)		31%
Earnings per share, diluted	$	0.67	$	1.35	$	0.45	$	0.38	$	0.49		(50%)		37%

3

Net Interest Income

(Taxable equivalent basis; $ in millions)(d)	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Interest Income
Total interest income	$	1,151	$	1,159	$	1,112	$	1,092	$	1,058		(1%)		9%
Total interest expense		188		182		167		153		149		3%		26%
Net interest income	$	963	$	977	$	945	$	939	$	909		(1%)		6%
Average Yield											bps Change
Yield on interest-earning assets		3.61%		3.64%		3.54%		3.51%		3.33%		(3)		28
Adjusted yield on interest-earning assets		3.69%		3.64%		3.54%		3.51%		3.33%		5		36
Rate paid on interest-bearing liabilities		0.88%		0.85%		0.79%		0.73%		0.70%		3		18
Ratios
Net interest rate spread		2.73%		2.79%		2.75%		2.78%		2.63%		(6)		10
Net interest margin		3.02%		3.07%		3.01%		3.02%		2.86%		(5)		16
Adjusted net interest margin		3.10%		3.07%		3.01%		2.98%		2.91%		3		19
Average Balances											% Change
Loans and leases, including held for sale	$	92,865	$	92,617	$	92,653	$	92,791	$	93,981		—		(1%)
Total securities and other short-term investments		33,756		33,826		33,481		33,177		32,567		—		4%
Total interest-earning assets		126,621		126,443		126,134		125,968		126,548		—		—
Total interest-bearing liabilities		84,820		85,328		85,320		84,890		84,552		(1%)		—
Bancorp shareholders’ equity		16,493		16,820		16,615		16,429		16,545		(2%)		—

Taxable equivalent net interest income of $963 million in the fourth quarter of 2017 was down $14 million, or 1 percent from the prior quarter, primarily due to the $27 million impact from the leveraged lease remeasurement described on page 1. Excluding the remeasurement, taxable equivalent net interest income of $990 million in the fourth quarter of 2017 was up $13 million, or 1 percent from the prior quarter, reflecting higher interest earning asset yields as well as the continued shift into higher yielding consumer loans. The taxable equivalent net interest margin of 3.02 percent was negatively impacted 8 bps from the aforementioned remeasurement. The adjusted taxable equivalent net interest margin was 3.10 percent, up 3 bps sequentially, primarily driven by higher securities portfolio and consumer loan yields, partially offset by an increase in funding costs associated with deposit rate changes and the full quarter impact of an auto securitization executed in third quarter of 2017.

Compared to the fourth quarter of 2016, taxable equivalent net interest income was up $54 million, or 6 percent, primarily driven by higher short-term market rates and the $16 million estimated card refund charge during the fourth quarter of 2016, partially offset by the aforementioned leveraged lease remeasurement. Excluding the leveraged lease remeasurement and the estimated card refund charge, adjusted taxable equivalent net interest income was up 7 percent. The year-over-year increase was primarily driven by higher short-term market rates. The taxable equivalent net interest margin increased 16 bps from the fourth quarter of 2016, primarily driven by higher short-term market rates and a 5 bps positive impact from the estimated card refund charge, partially offset by a negative 8 bps impact from the leveraged lease remeasurement. Excluding the remeasurement and card refunds impact, adjusted taxable equivalent net interest margin was up 19 bps from the fourth quarter of 2016. The year-over-year increase was primarily driven by higher-short-term market rates.

4

Securities

Average securities and other short-term investments were $33.8 billion in the fourth quarter of 2017 compared to $33.8 billion in the previous quarter and $32.6 billion in the fourth quarter of 2016. Available-for-sale securities were $31.8 billion in the fourth quarter of 2017 up $340 million, or 1 percent, sequentially and up $637 million, or 2 percent, from the fourth quarter of 2016.

Loans

($ in millions)	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	41,438	$	41,302	$	41,601	$	41,854	$	42,548		—		(3%)
Commercial mortgage loans		6,751		6,807		6,845		6,941		6,957		(1%)		(3%)
Commercial construction loans		4,660		4,533		4,306		3,987		3,890		3%		20%
Commercial leases		4,016		4,072		4,036		3,901		3,921		(1%)		2%
Total commercial loans and leases	$	56,865	$	56,714	$	56,788	$	56,683	$	57,316		—		(1%)
Consumer loans and leases:
Residential mortgage loans	$	15,590	$	15,523	$	15,417	$	15,200	$	14,854		—		5%
Home equity		7,066		7,207		7,385		7,581		7,779		(2%)		(9%)
Automobile loans		9,175		9,267		9,410		9,786		10,162		(1%)		(10%)
Credit card		2,202		2,140		2,080		2,141		2,180		3%		1%
Other consumer loans and leases		1,352		1,055		892		755		673		28%		NM
Total consumer loans and leases	$	35,385	$	35,192	$	35,184	$	35,463	$	35,648		1%		(1%)
Total average portfolio loans and leases	$	92,250	$	91,906	$	91,972	$	92,146	$	92,964		—		(1%)
Average loans held for sale	$	615	$	711	$	681	$	645	$	1,017		(14%)		(40%)

Average portfolio loan and lease balances were flat sequentially and decreased 1 percent from the fourth quarter of 2016. Sequential performance was primarily driven by increases in commercial real estate and other consumer loans and leases, offset by decreases in home equity and automobile loans. The year-over-year decrease was primarily driven by declines in commercial and industrial (C&I) and automobile loans, partially offset by increases in commercial real estate and other consumer loans and leases. Period end portfolio loans and leases of $92.0 billion were flat sequentially and year-over-year.

Average commercial portfolio loan and lease balances were flat sequentially, and decreased 1 percent from the fourth quarter of 2016. Sequential performance was primarily driven by an increase in commercial real estate loans, offset by a decrease in commercial leases. Average C&I loans were flat sequentially and decreased 3 percent from the fourth quarter of 2016. The year-over-year decline in C&I loans was primarily due to deliberate exits from certain C&I loans that did not meet our targeted risk or return profile. Average commercial real estate loans increased $71 million, or 1 percent, from the prior quarter and increased $564 million, or 5 percent, from the fourth quarter of 2016. Period end commercial line utilization of 34 percent was flat from both the third quarter of 2017 and the fourth quarter of 2016.

5

Average consumer portfolio loan and lease balances were up 1 percent sequentially and decreased 1 percent from the fourth quarter of 2016. The sequential increase was primarily driven by the increase in other consumer loans and leases, partially offset by a decline in average home equity loans. The year-over-year decrease was primarily driven by the decline in average automobile loans which continues to reflect a decision to reduce lower-return originations to improve returns on capital.

Deposits

($ in millions)	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Average Deposits
Demand	$	35,519	$	34,850	$	34,915	$	35,084	$	36,412		2%		(2%)
Interest checking		26,992		25,765		26,014		26,760		25,644		5%		5%
Savings		13,593		13,889		14,238		14,117		13,979		(2%)		(3%)
Money market		20,023		20,028		20,278		20,603		20,476		—		(2%)
Foreign office(f)		323		395		380		454		497		(18%)		(35%)
Total transaction deposits	$	96,450	$	94,927	$	95,825	$	97,018	$	97,008		2%		(1%)
Other time		3,792		3,722		3,745		3,827		3,941		2%		(4%)
Total core deposits	$	100,242	$	98,649	$	99,570	$	100,845	$	100,949		2%		(1%)
Certificates - $100,000 and over		2,429		2,625		2,623		2,579		2,539		(7%)		(4%)
Other		119		560		264		162		115		(79%)		3%
Total average deposits	$	102,790	$	101,834	$	102,457	$	103,586	$	103,603		1%		(1%)

Average core deposits increased 2 percent sequentially and decreased 1 percent from the fourth quarter of 2016. Average transaction deposits increased 2 percent sequentially and decreased 1 percent from the fourth quarter of 2016. The sequential increase was primarily driven by increases in commercial interest checking deposit and commercial demand deposit account balances, partially offset by lower consumer savings and commercial money market account balances. Year-over-year performance was primarily driven by lower commercial money market and commercial demand deposit account balances, largely offset by higher consumer money market and commercial interest checking deposit account balances. Other time deposits increased by 2 percent sequentially and decreased 4 percent year-over-year.

Average total commercial transaction deposits of $43 billion increased 4 percent sequentially and decreased 4 percent from the fourth quarter of 2016. Average total consumer transaction deposits of $53 billion were flat sequentially and increased 3 percent from the fourth quarter of 2016.

6

Wholesale Funding

($ in millions)	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Average Wholesale Funding
Certificates - $100,000 and over	$	2,429	$	2,625	$	2,623	$	2,579	$	2,539		(7%)		(4%)
Other deposits		119		560		264		162		115		(79%)		3%
Federal funds purchased		602		675		311		639		280		(11%)		NM
Other short-term borrowings		2,316		4,212		4,194		1,893		1,908		(45%)		21%
Long-term debt		14,631		13,457		13,273		13,856		15,173		9%		(4%)
Total average wholesale funding	$	20,097	$	21,529	$	20,665	$	19,129	$	20,015		(7%)		—

Average wholesale funding of $20.1 billion decreased $1.4 billion, or 7 percent, sequentially and was flat compared with the fourth quarter of 2016. The sequential decline was primarily due to a decrease in other short-term borrowings reflecting higher core deposit balances, partially offset by an increase in long-term debt from 3-year bank debt issued in October of 2017. The year-over-year results reflect an increase in other short-term borrowings, largely offset by a decrease in long-term debt.

Noninterest Income

($ in millions)	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Noninterest Income
Service charges on deposits	$	138	$	138	$	139	$	138	$	141		—		(2%)
Corporate banking revenue		77		101		101		74		101		(24%)		(24%)
Mortgage banking net revenue		54		63		55		52		65		(14%)		(17%)
Wealth and asset management revenue		106		102		103		108		100		4%		6%
Card and processing revenue		80		79		79		74		79		1%		1%
Other noninterest income		123		1,076		85		77		137		(89%)		(10%)
Securities gains (losses), net		1		—		—		—		(3)		NM		NM
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights		(2)		2		2		—		—		NM		NM
Total noninterest income	$	577	$	1,561	$	564	$	523	$	620		(63%)		(7%)

Noninterest income of $577 million decreased $984 million sequentially and decreased $43 million compared with prior year results. The sequential and year-over-year comparisons reflect the impact of the following items.

7

Noninterest Income excluding certain items

($ in millions)	For the Three Months Ended						% Change
	December 2017		September 2017		December 2016		Seq		Yr/Yr
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$	577	$	1,561	$	620
Valuation of Visa total return swap		11		47		(6)
Gain on sale of Vantiv shares		—		(1,037)		—
Vantiv warrant valuation		—		—		(9)
Securities (gains) / losses		(1)		—		3
Noninterest income excluding certain items(d)	$	587	$	571	$	608		3%		(3%)

Excluding the items in the table above, noninterest income of $587 million was up 3 percent from the previous quarter and decreased 3 percent from the fourth quarter of 2016. The sequential increase was primarily due to $44 million in revenue recognized from Vantiv related to the tax receivable agreement in the fourth quarter of 2017, and an increase in wealth and asset management revenue. This was partially offset by declines in corporate banking and mortgage banking revenue. Corporate banking revenue was negatively impacted by a $25 million lease remarketing impairment in the fourth quarter of 2017. The year-over-year decrease was driven by lower corporate banking and mortgage banking revenue.

Corporate banking revenue of $77 million was down 24 percent both sequentially and year-over-year. The sequential and year-over-year decreases were primarily driven by the aforementioned lease remarketing impairment. Excluding the impact of the lease impairment, corporate banking revenue was flat sequentially and year-over-year.

Mortgage Banking Net Revenue

($ in millions)	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Mortgage Banking Net Revenue
Origination fees and gains on loan sales	$	32	$	40	$	37	$	29	$	30		(20%)		7%
Net mortgage servicing revenue:
Gross mortgage servicing fees		54		56		49		47		48		(4%)		13%
MSR amortization		—		—		—		—		(35)		NM		NM
Net valuation adjustments on MSRs and free-standing derivatives purchased to economically hedge MSRs		(32)		(33)		(31)		(24)		22		(3%)		NM
Net mortgage servicing revenue		22		23		18		23		35		(4%)		(37%)
Total mortgage banking net revenue	$	54	$	63	$	55	$	52	$	65		(14%)		(17%)

Mortgage banking net revenue was $54 million in the fourth quarter of 2017, down $9 million from the third quarter of 2017 and down $11 million from the fourth quarter of 2016. The sequential decrease was driven by lower origination fees and gains on loan sales. The year-over-year decrease was driven by a reduction in net valuation adjustments (including MSR amortization) of $19 million. Originations of $1.9 billion in the current quarter decreased 10 percent sequentially and decreased 30 percent from the fourth quarter of 2016.

8

Wealth and asset management revenue of $106 million increased 4 percent from the third quarter of 2017 and increased 6 percent from the fourth quarter of 2016. The sequential and year-over-year increase was primarily driven by higher personal asset management revenue.

Card and processing revenue of $80 million in the fourth quarter of 2017 was up 1 percent both sequentially and year-over-year. The sequential and year-over-year performance reflected increased credit card spend volume, largely offset by higher rewards.

Other noninterest income totaled $123 million in the fourth quarter of 2017, compared with $1.076 billion in the previous quarter and $137 million in the fourth quarter of 2016. The reported results included Vantiv-related transactions and adjustments and the valuation of the Visa total return swap in the table on page 8. For the fourth quarter of 2017, excluding these items, other noninterest income of $134 million increased approximately $48 million, or 56 percent, from the third quarter of 2017 and increased $12 million, or 10 percent, from the fourth quarter of 2016. The sequential increase was primarily due to the $44 million in revenue recognized from Vantiv related to the tax receivable agreement in the fourth quarter of 2017. The year-over-year increase was due to an $11 million increase in the aforementioned tax receivable agreement.

Net gains on investment securities were $1 million in the fourth quarter of 2017, compared with no gains or losses in the third quarter of 2017 and a $3 million net loss in the fourth quarter of 2016. Net gains/losses on securities held as non-qualifying hedges for the MSR portfolio were net losses of $2 million in the fourth quarter of 2017 and net gains of $2 million in the third quarter of 2017.

Noninterest Expense

($ in millions)	For the Three Months Ended										% Change
	December 2017		September 2017		June 2017		March 2017		December 2016		Seq		Yr/Yr
Noninterest Expense
Salaries, wages and incentives	$	418	$	407	$	397	$	411	$	403		3%		4%
Employee benefits		82		77		86		111		76		6%		8%
Net occupancy expense		74		74		70		78		73		—		1%
Technology and communications		68		62		57		58		56		10%		21%
Equipment expense		29		30		29		28		29		(3%)		—
Card and processing expense		34		32		33		30		31		6%		10%
Other noninterest expense		368		293		285		270		292		26%		26%
Total noninterest expense	$	1,073	$	975	$	957	$	986	$	960		10%		12%

Noninterest expense of $1.073 billion increased $98 million, or 10 percent, compared with the third quarter of 2017, and increased $113 million, or 12 percent, compared with the fourth quarter of 2016. Results reflected the affordable housing impairment, one-time employee bonuses, and the Fifth Third Foundation contribution referenced on page 2. Excluding these items, noninterest expense of $975 million was flat compared with the third quarter of 2017, impacted by lower other noninterest expense and salaries, wages and incentives, offset by higher employee benefits and technology and communications expense. Excluding the aforementioned items, noninterest expense increased 2 percent compared to the fourth quarter of 2016, impacted by higher employee benefits and technology and communications expense, offset by lower other noninterest expense.

9

Summary of Credit Loss Experience

($ in millions)	For the Three Months Ended
	December 2017		September 2017		June 2017		March 2017		December 2016
Net losses charged-off
Commercial and industrial loans	($	32)	($	27)	($	18)	($	36)	($	25)
Commercial mortgage loans		1		(3)		(5)		(5)		(2)
Commercial construction loans		—		—		—		—		—
Commercial leases		(1)		—		(1)		(1)		(1)
Residential mortgage loans		(1)		1		(2)		(5)		(2)
Home equity		(4)		(3)		(5)		(6)		(6)
Automobile loans		(10)		(8)		(6)		(11)		(11)
Credit card		(20)		(20)		(22)		(22)		(19)
Other consumer loans and leases		(9)		(8)		(5)		(3)		(7)
Total net losses charged-off	($	76)	($	68)	($	64)	($	89)	($	73)
Total losses charged-off	($	94)	($	85)	($	95)	($	107)	($	97)
Total recoveries of losses previously charged-off		18		17		31		18		24
Total net losses charged-off	($	76)	($	68)	($	64)	($	89)	($	73)
Ratios (annualized)
Net losses charged-off as a percent of average portfolio loans and leases (excluding held for sale)		0.33%		0.29%		0.28%		0.40%		0.31%
Commercial		0.22%		0.21%		0.17%		0.29%		0.20%
Consumer		0.51%		0.43%		0.46%		0.56%		0.49%

Net charge-offs were $76 million, or 33 bps of average portfolio loans and leases on an annualized basis, in the fourth quarter of 2017 compared with net charge-offs of $68 million, or 29 bps, in the third quarter of 2017 and $73 million, or 31 bps, in the fourth quarter of 2016.

Commercial net charge-offs of $32 million, or 22 bps, increased $2 million sequentially. This primarily reflected a $5 million increase in net charge-offs of C&I loans, partially offset by a $4 million reduction in net charge-offs of commercial mortgage loans.

Consumer net charge-offs of $44 million, or 51 bps, increased $6 million sequentially. This primarily reflected a $2 million increase in net charge-offs on residential mortgage loans and the automobile loans.

10

($ in millions)	For the Three Months Ended
	December 2017		September 2017		June 2017		March 2017		December 2016
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$	1,205	$	1,226	$	1,238	$	1,253	$	1,272
Total net losses charged-off		(76)		(68)		(64)		(89)		(73)
Provision for loan and lease losses		67		67		52		74		54
Deconsolidation of a variable interest entity		—		(20)		—		—		—
Allowance for loan and lease losses, ending	$	1,196	$	1,205	$	1,226	$	1,238	$	1,253
Reserve for unfunded commitments, beginning	$	157	$	162	$	159	$	161	$	162
Provision for unfunded commitments		4		(5)		3		(2)		(1)
Reserve for unfunded commitments, ending	$	161	$	157	$	162	$	159	$	161
Components of allowance for credit losses:
Allowance for loan and lease losses	$	1,196	$	1,205	$	1,226	$	1,238	$	1,253
Reserve for unfunded commitments		161		157		162		159		161
Total allowance for credit losses	$	1,357	$	1,362	$	1,388	$	1,397	$	1,414
Allowance for loan and lease losses ratio
As a percent of portfolio loans and leases		1.30%		1.31%		1.34%		1.35%		1.36%
As a percent of nonperforming portfolio loans and leases(g)		274%		238%		200%		188%		190%
As a percent of nonperforming portfolio assets(g)		245%		217%		185%		172%		170%

The provision for loan and lease losses totaled $67 million in the fourth quarter of 2017, flat sequentially, reflecting improvement in criticized assets and nonperforming loans, offset by an increase in net charge-offs and higher period-end portfolio loan balances. Provision expense increased $13 million from the fourth quarter of 2016.

As of quarter end, the allowance for loan and lease loss ratio represented 1.30 percent of total portfolio loans and leases outstanding, compared with 1.31 percent last quarter, and represented 274 percent of nonperforming loans and leases, and 245 percent of nonperforming assets.

11

($ in millions)	As of
	December 2017		September 2017		June 2017		March 2017		December 2016
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	144	$	144	$	225	$	251	$	302
Commercial mortgage loans		12		14		15		21		27
Commercial leases		—		1		1		—		2
Residential mortgage loans		17		19		19		21		17
Home equity		56		56		52		53		55
Total nonaccrual portfolio loans and leases (excludes restructured loans)	$	229	$	234	$	312	$	346	$	403
Nonaccrual restructured portfolio commercial loans and leases(h)		150		214		244		251		192
Nonaccrual restructured portfolio consumer loans and leases		58		58		58		60		65
Total nonaccrual portfolio loans and leases	$	437	$	506	$	614	$	657	$	660
Repossessed property		9		10		11		14		15
OREO		43		39		37		50		63
Total nonperforming portfolio assets(g)	$	489	$	555	$	662	$	721	$	738
Nonaccrual loans held for sale		5		18		7		7		4
Nonaccrual restructured loans held for sale		1		2		1		2		9
Total nonperforming assets	$	495	$	575	$	670	$	730	$	751
Restructured portfolio consumer loans and leases (accrual)	$	927	$	929	$	933	$	950	$	959
Restructured portfolio commercial loans and leases (accrual)(h)	$	249	$	232	$	224	$	277	$	321
Total loans and leases 30-89 days past due (accrual)	$	280	$	252	$	190	$	180	$	231
Total loans and leases 90 days past due (accrual)	$	97	$	77	$	75	$	75	$	84
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO(g)		0.48%		0.55%		0.67%		0.72%		0.72%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(g)		0.53%		0.60%		0.72%		0.79%		0.80%

Total nonperforming portfolio assets decreased $66 million, or 12 percent, from the previous quarter to $489 million. Portfolio nonperforming loans and leases (NPLs) at quarter-end decreased $69 million from the previous quarter to $437 million. NPLs as a percent of total loans, leases and OREO at quarter end decreased 7 bps from the previous quarter to 0.48 percent.

Commercial portfolio NPLs decreased $67 million from last quarter to $306 million, or 0.54 percent of commercial portfolio loans, leases and OREO. Consumer portfolio NPLs decreased $2 million from last quarter to $131 million, or 0.37 percent of consumer portfolio loans, leases and OREO.

OREO balances increased $4 million from the prior quarter to $43 million, and included $18 million in commercial OREO and $25 million in consumer OREO. Repossessed personal property decreased $1 million from the prior quarter to $9 million.

Loans over 90 days past due and still accruing increased $20 million from the third quarter of 2017 at $97 million. Loans 30-89 days past due of $280 million increased $28 million from the previous quarter.

12

Capital and Liquidity Position    

	For the Three Months Ended
	December 2017		September 2017		June 2017		March 2017		December 2016
Capital Position
Average total Bancorp shareholders’ equity to average assets		11.69%		11.93%		11.84%		11.72%		11.66%
Tangible equity(d)		9.90%		9.84%		9.98%		10.12%		9.82%
Tangible common equity (excluding unrealized gains/losses)(d)		8.94%		8.89%		9.02%		9.15%		8.87%
Tangible common equity (including unrealized gains/losses)(d)		8.99%		9.00%		9.12%		9.20%		8.91%
Regulatory Capital and Liquidity Ratios
CET1 capital(e)		10.61%		10.59%		10.63%		10.76%		10.39%
Tier I risk-based capital(e)		11.74%		11.72%		11.76%		11.90%		11.50%
Total risk-based capital(e)		15.16%		15.16%		15.22%		15.45%		15.02%
Tier I leverage		10.01%		9.97%		10.07%		10.15%		9.90%
Modified liquidity coverage ratio (LCR)(i)		129%		124%		115%		119%		128%

Capital ratios remained strong during the quarter. The CET1 ratio was 10.61 percent, the tangible common equity to tangible assets ratio^(d) was 8.94 percent (excluding unrealized gains/losses), and 8.99 percent (including unrealized gains/losses). The Tier I risk-based capital ratio was 11.74 percent, the Total risk-based capital ratio was 15.16 percent, and the Tier I leverage ratio was 10.01 percent.

Fifth Third entered into or completed multiple share repurchases during the quarter. Below is a summary of those share repurchases.

• On December 18, 2017, Fifth Third settled the forward contract related to the August 15, 2017 $990 million share repurchase agreement. An additional 4.3 million shares were repurchased in connection with the completion of this agreement.

• On December 19, 2017, Fifth Third initially settled a share repurchase agreement whereby Fifth Third would purchase $273 million of its outstanding stock. This reduced fourth quarter common shares outstanding by 7.7 million shares. Settlement of the forward contract related to this agreement is expected to occur on or before March 19, 2018.

In total, common shares outstanding decreased by approximately 11.7 million shares in the fourth quarter of 2017 from the third quarter of 2017.

Tax Rate

An income tax benefit was recognized in the fourth quarter of 2017. This was a result of the new tax legislation and was primarily due to the remeasurement of deferred tax liabilities at the lower statutory rate. The benefit was partially offset by a tax expense related to a gain on the sale of Vantiv shares sold in the prior quarter. The prior quarter’s tax rate was also impacted by the aforementioned gain on the sale of Vantiv shares. On a full year basis, the 2017 effective rate was 20.8 percent compared with 24.4 percent for the full year of 2016.

13

Other

As of December 31, 2017, Fifth Third Bank owned approximately 15 million units representing an 8.6 percent interest in Vantiv Holding, LLC, convertible into shares of Vantiv, Inc., a publicly traded firm. Based upon Vantiv’s closing price of $73.55 on December 31, 2017, our interest in Vantiv was valued at approximately $1.1 billion. The difference between the market value and the book value of Fifth Third’s interest in Vantiv’s shares is not recognized in Fifth Third’s equity or capital.

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. Additionally, a telephone replay of the conference call will be available after the conference call until approximately February 6, 2018 by dialing 800-585-8367 for domestic access or 404-537-3406 for international access (passcode 8195768#).

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2017, the Company had $142 billion in assets and operates 1,154 full-service Banking Centers, and 2,469 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. As of December 31, 2017, Fifth Third also had an 8.6% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2017, had $362 billion in assets under care, of which it managed $37 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) Certain tax legislation amounts are considered reasonable estimates as of December 31, 2017. As a result, the amounts could be adjusted during the measurement period, which will end in December 2018.

(b) Assumes a 35% tax rate.

(c) On January 16, 2018, Vantiv, Inc. changed its name to Worldpay, Inc. and completed the previously announced acquisition of Worldpay Group Limited, formerly Worldpay Group plc.

(d) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 30.

(e) Under the banking agencies’ Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting weighted values are added together resulting in the total risk-weighted assets. Under the banking agencies’ Final Rule published in November 2017 pertaining to certain regulatory capital items for banks subject to the standardized approach, the Bancorp is no longer subject to certain transition provisions and phase-outs beyond 2017. Current period regulatory capital ratios are estimated.

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

(g) Excludes nonaccrual loans held for sale.

(h) As of June 30, 2017, March 31, 2017 and December 31, 2016, excludes $7 million of restructured accruing loans and $19 million of restructured nonaccrual loans associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party.

(i) The Bancorp became subject to the Modified LCR regulations effective January 1, 2016. Current period LCR is estimated.

14

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 or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “anticipates,” “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 from time to time by our Quarterly Reports on Form 10-Q. 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. There is a risk that additional information may become known during the company’s quarterly closing process or as a result of subsequent events that could affect the accuracy of the statements and financial information contained herein.

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) general economic or real estate market conditions, either nationally or in the states in which Fifth Third, one or more acquired entities and/or the combined company do business, weaken or are less favorable than expected; (2) deteriorating credit quality; (3) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (4) changes in the interest rate environment reduce interest margins; (5) prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions; (6) Fifth Third’s ability to maintain required capital levels and adequate sources of funding and liquidity; (7) maintaining capital requirements and adequate sources of funding and liquidity may limit Fifth Third’s operations and potential growth; (8) changes and trends in capital markets; (9) problems encountered by larger or similar financial institutions may adversely affect the banking industry and/or Fifth Third; (10) competitive pressures among depository institutions increase significantly; (11) changes in customer preferences or information technology systems; (12) effects of critical accounting policies and judgments; (13) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board (FASB) or other regulatory agencies; (14) legislative or regulatory changes or actions, or significant litigation, adversely affect Fifth Third, one or more acquired entities and/or the combined company or the businesses in which Fifth Third, one or more acquired entities and/or the combined company are engaged, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; (15) ability to maintain favorable ratings from rating agencies; (16) failure of models or risk management systems or controls; (17) fluctuation of Fifth Third’s stock price; (18) ability to attract and retain key personnel; (19) ability to receive dividends from its subsidiaries; (20) potentially dilutive effect of future acquisitions on current shareholders’ ownership of Fifth Third; (21) declines in the value of Fifth Third’s goodwill or other intangible assets; (22) effects of accounting or financial results of one or more acquired entities; (23) loss of income from any sale or potential sale of businesses (24) difficulties in separating the operations of any branches or other assets divested; (25) losses or adverse impacts on the carrying values of branches and long-lived assets in connection with their sales or anticipated sales; (26) inability to achieve expected benefits from branch consolidations and planned sales within desired timeframes, if at all; (27) ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (28) the acquisition of Worldpay Group Limited, formerly Worldpay Group plc. by Worldpay, Inc., formerly Vantiv, Inc.; and(29)difficulties from Fifth Third’s investment in, relationship with, and nature of operations of Worldpay, Inc. and (30) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity. 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.

In this release, 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 these non-GAAP measures and reconciliation to the most directly comparable GAAP measures beginning on page 31.

# # #

15

Quarterly Financial Review for December 31, 2017

Table of Contents

Financial Highlights	17-18
Consolidated Statements of Income	19
Consolidated Balance Sheets	20-21
Consolidated Statements of Changes in Equity	22
Average Balance Sheet and Yield Analysis	23-25
Summary of Loans and Leases	26
Regulatory Capital	27
Summary of Credit Loss Experience	28
Asset Quality	29
Regulation G Non-GAAP Reconciliation	30-31
Segment Presentation	32

16

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

	For the Three Months Ended						% / bps Change				Year to Date				% / bps Change
	December 2017		September 2017		December 2016		Seq		Yr/Yr		December 2017		December 2016		Yr/Yr
Income Statement Data
Taxable equivalent net interest income(c)	$	963	$	977	$	909		(1%)		6%	$	3,824	$	3,640		5%
Noninterest income		577		1,561		620		(63%)		(7%)		3,224		2,696		20%
Taxable equivalent total revenue		1,540		2,538		1,529		(39%)		1%		7,048		6,336		11%
Provision for loan and lease losses		67		67		54		—		24%		261		343		(24%)
Noninterest expense		1,073		975		960		10%		12%		3,990		3,903		2%
Net income attributable to Bancorp		509		1,014		395		(50%)		29%		2,194		1,564		40%
Net income available to common shareholders		486		999		372		(51%)		31%		2,119		1,489		42%
Earnings Per Share Data
Net income allocated to common shareholders	$	482	$	989	$	368		(51%)		31%	$	2,097	$	1,474		42%
Average common shares outstanding (in thousands):
Basic		703,372		721,280		746,367		(2%)		(6%)		728,289		757,432		(4%)
Diluted		716,908		733,285		757,704		(2%)		(5%)		740,691		764,495		(3%)
Earnings per share, basic	$	0.68	$	1.37	$	0.49		(50%)		39%	$	2.88	$	1.95		48%
Earnings per share, diluted		0.67		1.35		0.49		(50%)		37%		2.83		1.93		47%
Common Share Data
Cash dividends per common share	$	0.16	$	0.16	$	0.14		—		14%	$	0.60	$	0.53		13%
Book value per share		21.67		21.30		19.82		2%		9%		21.67		19.82		9%
Market price per share		30.34		27.98		26.97		8%		12%		30.34		26.97		12%
Common shares outstanding (in thousands)		693,805		705,474		750,479		(2%)		(8%)		693,805		750,479		(8%)
Market capitalization	$	21,050	$	19,739	$	20,240		7%		4%	$	21,050	$	20,240		4%
Financial Ratios
Return on average assets		1.43%		2.85%		1.11%		(142)		32		1.56%		1.10%		46
Return on average common equity		12.7%		25.6%		9.7%		(1,290)		300		13.9%		9.8%		413
Return on average tangible common equity(a)(c)		15.2%		30.4%		11.6%		(1,520)		360		16.5%		11.6%		490
Noninterest income as a percent of total revenue		37%		62%		41%		(2,500)		(400)		46%		43%		300
Dividend payout ratio		23.5%		11.7%		28.6%		1,180		(510)		20.8%		27.2%		(640)
Average total Bancorp shareholders’ equity as a percent of average assets		11.69%		11.93%		11.66%		(24)		3		11.80%		11.67%		13
Tangible common equity(b)(c)		8.94%		8.89%		8.87%		5		7		8.94%		8.87%		7
Taxable equivalent net interest margin(c)		3.02%		3.07%		2.86%		(5)		16		3.03%		2.88%		15
Taxable equivalent efficiency(c)		69.7%		38.4%		62.8%		3,130		690		56.6%		61.6%		(500)
Effective tax rate		(29.8%)		31.9%		22.6%		(6,170)		(5,240)		20.8%		24.4%		(360)
Credit Quality
Net losses charged-off	$	76	$	68	$	73		12%		4%	$	298	$	362		(18%)
Net losses charged-off as a percent of average portfolio loans and leases		0.33%		0.29%		0.31%		4		2		0.32%		0.39%		(7)
ALLL as a percent of portfolio loans and leases		1.30%		1.31%		1.36%		(1)		(6)		1.30%		1.36%		(6)
Allowance for credit losses as a percent of portfolio loans and leases(j)		1.48%		1.48%		1.54%		—		(6)		1.48%		1.54%		(6)
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(d)		0.53%		0.60%		0.80%		(7)		(27)		0.53%		0.80%		(27)
Average Balances
Loans and leases, including held for sale	$	92,865	$	92,617	$	93,981		—		(1%)	$	92,731	$	94,320		(2%)
Total securities and other short-term investments		33,756		33,826		32,567		—		4%		33,562		31,965		5%
Total assets		141,055		140,992		141,837		—		(1%)		140,636		142,266		(1%)
Transaction deposits(e)		96,450		94,927		97,008		2%		(1%)		96,052		95,371		1%
Core deposits(f)		100,242		98,649		100,949		2%		(1%)		99,823		99,381		—
Wholesale funding(g)		20,097		21,529		20,015		(7%)		—		20,360		21,813		(7%)
Bancorp shareholders’ equity		16,493		16,820		16,545		(2%)		—		16,590		16,597		—
Regulatory Capital and Liquidity Ratios(h)
CET1 capital(i)		10.61%		10.59%		10.39%		2		22		10.61%		10.39%		22
Tier I risk-based capital(i)		11.74%		11.72%		11.50%		2		24		11.74%		11.50%		24
Total risk-based capital(i)		15.16%		15.16%		15.02%		—		14		15.16%		15.02%		14
Tier I leverage		10.01%		9.97%		9.90%		4		11		10.01%		9.90%		11
Modified liquidity coverage ratio (LCR)		129%		124%		128%		4%		1%		129%		128%		1%
Operations
Banking centers		1,154		1,155		1,191		—		(3%)		1,154		1,191		(3%)
ATMs		2,469		2,465		2,495		—		(1%)		2,469		2,495		(1%)
Full-time equivalent employees		18,125		17,797		17,844		2%		2%		18,125		17,844		2%

(a) The return on average tangible common equity is calculated as tangible net income available to common shareholders (excluding tax effected amortization of intangibles) divided by average tangible common equity (average common equity less goodwill and intangible assets).

(b) The tangible common equity ratio is calculated as tangible common equity [shareholders’ equity less preferred stock, goodwill, intangible assets and accumulated other comprehensive income divided by tangible assets (total assets less goodwill, intangible assets and AOCI)].

(c) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 30.

(d) Excludes nonaccrual loans held for sale.

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

(f) Includes transaction deposits plus other time deposits.

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

(h) Current period regulatory capital and liquidity ratios are estimates.

(i) Under the banking agencies’ Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated based upon the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.

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

17

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

	For the Three Months Ended
	December 2017		September 2017		June 2017		March 2017		December 2016
Income Statement Data
Taxable equivalent net interest income(c)	$	963	$	977	$	945	$	939	$	909
Noninterest income		577		1,561		564		523		620
Taxable equivalent total revenue		1,540		2,538		1,509		1,462		1,529
Provision for loan and lease losses		67		67		52		74		54
Noninterest expense		1,073		975		957		986		960
Net income attributable to Bancorp		509		1,014		367		305		395
Net income available to common shareholders		486		999		344		290		372
Earnings Per Share Data
Net income allocated to common shareholders	$	482	$	989	$	340	$	286	$	368
Average common shares outstanding (in thousands):
Basic		703,372		721,280		741,401		747,668		746,367
Diluted		716,908		733,285		752,328		760,809		757,704
Earnings per share, basic	$	0.68	$	1.37	$	0.46	$	0.38		0.49
Earnings per share, diluted		0.67		1.35		0.45		0.38		0.49
Common Share Data
Cash dividends per common share	$	0.16	$	0.16	$	0.14	$	0.14	$	0.14
Book value per share		21.67		21.30		20.42		20.13		19.82
Market price per share		30.34		27.98		25.96		25.40		26.97
Common shares outstanding (in thousands)		693,805		705,474		738,873		750,145		750,479
Market capitalization	$	21,050	$	19,739	$	19,181	$	19,054	$	20,240
Financial Ratios
Return on average assets		1.43%		2.85%		1.05%		0.88%		1.11%
Return on average common equity		12.7%		25.6%		9.0%		7.8%		9.7%
Return on average tangible common equity(a)(c)		15.2%		30.4%		10.7%		9.3%		11.6%
Noninterest income as a percent of total revenue		37%		62%		37%		36%		41%
Dividend payout ratio		23.5%		11.7%		30.4%		36.8%		28.6%
Average total Bancorp shareholders’ equity as a percent of average assets		11.69%		11.93%		11.84%		11.72%		11.66%
Tangible common equity(b)(c)		8.94%		8.89%		9.02%		9.15%		8.87%
Taxable equivalent net interest margin(c)		3.02%		3.07%		3.01%		3.02%		2.86%
Taxable equivalent efficiency ratio(c)		69.7%		38.4%		63.4%		67.4%		62.8%
Effective tax rate		(29.8%)		31.9%		25.9%		22.9%		22.6%
Credit Quality
Net losses charged-off	$	76	$	68	$	64	$	89	$	73
Net losses charged-off as a percent of average portfolio loans and leases		0.33%		0.29%		0.28%		0.40%		0.31%
ALLL as a percent of portfolio loans and leases		1.30%		1.31%		1.34%		1.35%		1.36%
Allowance for credit losses as a percent of portfolio loans and leases(j)		1.48%		1.48%		1.52%		1.52%		1.54%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(d)		0.53%		0.60%		0.72%		0.79%		0.80%
Average Balances
Loans and leases, including held for sale	$	92,865	$	92,617	$	92,653	$	92,791	$	93,981
Total securities and other short-term investments		33,756		33,826		33,481		33,177		32,567
Total assets		141,055		140,992		140,344		140,140		141,837
Transaction deposits(e)		96,450		94,927		95,825		97,018		97,008
Core deposits(f)		100,242		98,649		99,570		100,845		100,949
Wholesale funding(g)		20,097		21,529		20,665		19,129		20,015
Bancorp shareholders’ equity		16,493		16,820		16,615		16,429		16,545
Regulatory Capital and Liquidity Ratios(h)
CET1 capital(i)		10.61%		10.59%		10.63%		10.76%		10.39%
Tier I risk-based capital(i)		11.74%		11.72%		11.76%		11.90%		11.50%
Total risk-based capital(i)		15.16%		15.16%		15.22%		15.45%		15.02%
Tier I leverage		10.01%		9.97%		10.07%		10.15%		9.90%
Modified liquidity coverage ratio (LCR)		129%		124%		115%		119%		128%
Operations
Banking centers		1,154		1,155		1,157		1,155		1,191
ATMs		2,469		2,465		2,461		2,471		2,495
Full-time equivalent employees		18,125		17,797		17,744		17,763		17,844

(a) The return on average tangible common equity is calculated as tangible net income available to common shareholders (excluding tax effected amortization of intangibles) divided by average tangible common equity (average common equity less goodwill and intangible assets).

(b) The tangible common equity ratio is calculated as tangible common equity [shareholders’ equity less preferred stock, goodwill, intangible assets and accumulated other comprehensive income divided by tangible assets (total assets less goodwill, intangible assets and AOCI)].

(c) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 30.

(d) Excludes nonaccrual loans held for sale.

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

(f) Includes transaction deposits plus other time deposits.

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

(h) Current period regulatory capital and liquidity ratios are estimates.

(i) Under the banking agencies’ Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated based upon the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets.

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

18

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income

$ in millions

(unaudited)

	For the Three Months Ended						% Change				Year to Date				% Change
	December 2017		September 2017		December 2016		Seq		Yr/Yr		December 2017		December 2016		Yr/Yr
Interest Income
Interest and fees on loans and leases	$	883	$	899	$	805		(2%)		10%	$	3,478	$	3,233		8%
Interest on securities		256		249		245		3%		4%		996		952		5%
Interest on other short-term investments		5		4		2		25%		NM		15		8		88%
Total interest income		1,144		1,152		1,052		(1%)		9%		4,489		4,193		7%
Interest Expense
Interest on deposits		80		73		54		10%		48%		277		205		35%
Interest on federal funds purchased		2		2		—		—		NM		6		2		NM
Interest on other short-term borrowings		6		12		2		(50%)		NM		30		10		NM
Interest on long-term debt		100		95		93		5%		8%		378		361		5%
Total interest expense		188		182		149		3%		26%		691		578		20%
Net Interest Income		956		970		903		(1%)		6%		3,798		3,615		5%
Provision for loan and lease losses		67		67		54		—		24%		261		343		(24%)
Net Interest Income After Provision for Loan and Lease Losses		889		903		849		(2%)		5%		3,537		3,272		8%
Noninterest Income
Service charges on deposits		138		138		141		—		(2%)		554		558		(1%)
Corporate banking revenue		77		101		101		(24%)		(24%)		353		432		(18%)
Mortgage banking net revenue		54		63		65		(14%)		(17%)		224		285		(21%)
Wealth and asset management revenue		106		102		100		4%		6%		419		404		4%
Card and processing revenue		80		79		79		1%		1%		313		319		(2%)
Other noninterest income		123		1,076		137		(89%)		(10%)		1,357		688		97%
Securities gains, net		1		—		(3)		NM		NM		2		10		(80%)
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights		(2)		2		—		NM		NM		2		—		NM
Total noninterest income		577		1,561		620		(63%)		(7%)		3,224		2,696		20%
Noninterest Expense
Salaries, wages and incentives		418		407		403		3%		4%		1,633		1,612		1%
Employee benefits		82		77		76		6%		8%		356		339		5%
Net occupancy expense		74		74		73		—		1%		295		299		(1%)
Technology and communications		68		62		56		10%		21%		245		234		5%
Equipment expense		29		30		29		(3%)		—		117		118		(1%)
Card and processing expense		34		32		31		6%		10%		129		132		(2%)
Other noninterest expense		368		293		292		26%		26%		1,215		1,169		4%
Total noninterest expense		1,073		975		960		10%		12%		3,990		3,903		2%
Income Before Income Taxes		393		1,489		509		(74%)		(23%)		2,771		2,065		34%
Applicable income tax expense (benefit)		(116)		475		114		NM		NM		577		505		14%
Net Income		509		1,014		395		(50%)		29%		2,194		1,560		41%
Less: Net income attributable to noncontrolling interests		—		—		—		NM		NM		—		(4)		(100%)
Net Income Attributable to Bancorp		509		1,014		395		(50%)		29%		2,194		1,564		40%
Dividends on preferred stock		23		15		23		53%		—		75		75		—
Net Income Available to Common Shareholders	$	486	$	999	$	372		(51%)		31%	$	2,119	$	1,489		42%

19

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of						% Change
	December 2017		September 2017		December 2016		Seq		Yr/Yr
Assets
Cash and due from banks	$	2,514	$	2,205	$	2,392		14%		5%
Available-for-sale and other securities(a)		31,820		31,480		31,183		1%		2%
Held-to-maturity securities(b)		24		25		26		(4%)		(8%)
Trading securities		862		850		410		1%		NM
Other short-term investments		2,753		3,298		2,754		(17%)		—
Loans held for sale		492		711		751		(31%)		(34%)
Portfolio loans and leases:
Commercial and industrial loans		41,170		41,011		41,676		—		(1%)
Commercial mortgage loans		6,604		6,863		6,899		(4%)		(4%)
Commercial construction loans		4,553		4,652		3,903		(2%)		17%
Commercial leases		4,068		4,043		3,974		1%		2%
Residential mortgage loans		15,591		15,588		15,051		—		4%
Home equity		7,014		7,143		7,695		(2%)		(9%)
Automobile loans		9,112		9,236		9,983		(1%)		(9%)
Credit card		2,299		2,168		2,237		6%		3%
Other consumer loans and leases		1,559		1,179		680		32%		NM
Portfolio loans and leases		91,970		91,883		92,098		—		—
Allowance for loan and lease losses		(1,196)		(1,205)		(1,253)		(1%)		(5%)
Portfolio loans and leases, net		90,774		90,678		90,845		—		—
Bank premises and equipment		2,003		2,018		2,065		(1%)		(3%)
Operating lease equipment		646		663		738		(3%)		(12%)
Goodwill		2,445		2,423		2,416		1%		1%
Intangible assets		27		18		9		50%		NM
Servicing rights		858		848		744		1%		15%
Other assets		6,975		7,047		7,844		(1%)		(11%)
Total Assets	$	142,193	$	142,264	$	142,177		—		—
Liabilities
Deposits:
Demand	$	35,276	$	35,246	$	35,782		—		(1%)
Interest checking		27,703		26,091		26,679		6%		4%
Savings		13,425		13,693		13,941		(2%)		(4%)
Money market		20,097		19,646		20,749		2%		(3%)
Foreign office		484		609		426		(21%)		14%
Other time		3,775		3,756		3,866		1%		(2%)
Certificates $100,000 and over		2,402		2,411		2,378		—		1%
Other		—		—		—		NM		NM
Total deposits		103,162		101,452		103,821		2%		(1%)
Federal funds purchased		174		118		132		47%		32%
Other short-term borrowings		4,012		5,688		3,535		(29%)		13%
Accrued taxes, interest and expenses		1,412		2,071		1,800		(32%)		(22%)
Other liabilities		2,144		2,516		2,269		(15%)		(6%)
Long-term debt		14,904		14,039		14,388		6%		4%
Total Liabilities		125,808		125,884		125,945		—		—
Equity
Common stock(c)		2,051		2,051		2,051		—		—
Preferred stock		1,331		1,331		1,331		—		—
Capital surplus		2,790		2,682		2,756		4%		1%
Retained earnings		15,122		14,748		13,441		3%		13%
Accumulated other comprehensive income		73		185		59		(61%)		24%
Treasury stock		(5,002)		(4,637)		(3,433)		8%		46%
Total Bancorp shareholders’ equity		16,365		16,360		16,205		—		1%
Noncontrolling interests		20		20		27		—		(26%)
Total Equity		16,385		16,380		16,232		—		1%
Total Liabilities and Equity	$	142,193	$	142,264	$	142,177		—		—
(a) Amortized cost	$	31,644	$	31,114	$	31,024		2%		2%
(b) Market values		24		25		26		(4%)		(8%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000		2,000,000		2,000,000		—		—
Outstanding, excluding treasury		693,805		705,474		750,479		(2%)		(8%)
Treasury		230,088		218,419		173,413		5%		33%

20

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of
	December		September		June		March		December
	2017		2017		2017		2017		2016
Assets
Cash and due from banks	$	2,514	$	2,205	$	2,203	$	2,205	$	2,392
Available-for-sale and other securities(a)		31,820		31,480		31,823		31,531		31,183
Held-to-maturity securities(b)		24		25		26		26		26
Trading securities		862		850		842		689		410
Other short-term investments		2,753		3,298		2,163		1,644		2,754
Loans held for sale		492		711		766		616		751
Portfolio loans and leases:
Commercial and industrial loans		41,170		41,011		40,914		41,074		41,676
Commercial mortgage loans		6,604		6,863		6,868		6,924		6,899
Commercial construction loans		4,553		4,652		4,366		4,283		3,903
Commercial leases		4,068		4,043		4,157		4,092		3,974
Residential mortgage loans		15,591		15,588		15,460		15,336		15,051
Home equity		7,014		7,143		7,301		7,469		7,695
Automobile loans		9,112		9,236		9,318		9,572		9,983
Credit card		2,299		2,168		2,117		2,070		2,237
Other consumer loans and leases		1,559		1,179		945		808		680
Portfolio loans and leases		91,970		91,883		91,446		91,628		92,098
Allowance for loan and lease losses		(1,196)		(1,205)		(1,226)		(1,238)		(1,253)
Portfolio loans and leases, net		90,774		90,678		90,220		90,390		90,845
Bank premises and equipment		2,003		2,018		2,041		2,052		2,065
Operating lease equipment		646		663		719		702		738
Goodwill		2,445		2,423		2,423		2,419		2,416
Intangible assets		27		18		18		11		9
Servicing rights		858		848		849		776		744
Other assets		6,975		7,047		6,974		7,139		7,844
Total Assets	$	142,193	$	142,264	$	141,067	$	140,200	$	142,177
Liabilities
Deposits:
Demand	$	35,276	$	35,246	$	34,965	$	35,362	$	35,782
Interest checking		27,703		26,091		25,436		27,230		26,679
Savings		13,425		13,693		14,068		14,360		13,941
Money market		20,097		19,646		20,191		20,585		20,749
Foreign office		484		609		395		521		426
Other time		3,775		3,756		3,692		3,750		3,866
Certificates $100,000 and over		2,402		2,411		2,633		2,348		2,378
Other		—		—		500		—		—
Total deposits		103,162		101,452		101,880		104,156		103,821
Federal funds purchased		174		118		117		155		132
Other short-term borrowings		4,012		5,688		5,389		2,015		3,535
Accrued taxes, interest and expenses		1,412		2,071		1,617		1,655		1,800
Other liabilities		2,144		2,516		2,162		2,104		2,269
Long-term debt		14,904		14,039		13,456		13,658		14,388
Total Liabilities		125,808		125,884		124,621		123,743		125,945
Equity
Common stock(c)		2,051		2,051		2,051		2,051		2,051
Preferred stock		1,331		1,331		1,331		1,331		1,331
Capital surplus		2,790		2,682		2,751		2,803		2,756
Retained earnings		15,122		14,748		13,862		13,625		13,441
Accumulated other comprehensive income		73		185		163		68		59
Treasury stock		(5,002)		(4,637)		(3,739)		(3,448)		(3,433)
Total Bancorp shareholders’ equity		16,365		16,360		16,419		16,430		16,205
Noncontrolling interests		20		20		27		27		27
Total Equity		16,385		16,380		16,446		16,457		16,232
Total Liabilities and Equity	$	142,193	$	142,264	$	141,067	$	140,200	$	142,177
(a) Amortized cost	$	31,644	$	31,114	$	31,492	$	31,348	$	31,024
(b) Market values		24		25		26		26		26
(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		693,805		705,474		738,873		750,145		750,479
Treasury		230,088		218,419		185,020		173,748		173,413

21

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Changes in Equity

$ in millions

(unaudited)

	For the Three Months Ended				Year to Date
	December		December		December		December
	2017		2016		2017		2016
Total Equity, Beginning	$	16,380	$	16,804	$	16,232	$	15,870
Net income attributable to Bancorp		509		395		2,194		1,564
Other comprehensive income, net of tax:
Change in unrealized gains (losses):
Available-for-sale securities		(107)		(664)		25		(137)
Qualifying cash flow hedges		(10)		(38)		(19)		(12)
Change in accumulated other comprehensive income related to employee benefit plans		5		6		8		11
Comprehensive income		397		(301)		2,208		1,426
Cash dividends declared:
Common stock		(112)		(106)		(436)		(405)
Preferred stock		(23)		(23)		(75)		(75)
Impact of stock transactions under stock compensation plans, net		16		13		67		80
Shares acquired for treasury		(273)		(155)		(1,605)		(661)
Noncontrolling interest		—		(1)		(7)		(4)
Other		—		1		1		1
Total Equity, Ending	$	16,385	$	16,232	$	16,385	$	16,232

22

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	For the Three Months Ended						% Change
	December		September		December
	2017		2017		2016		Seq		Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	41,455	$	41,314	$	42,612		—		(3%)
Commercial mortgage loans		6,757		6,814		6,961		(1%)		(3%)
Commercial construction loans		4,660		4,533		3,890		3%		20%
Commercial leases		4,018		4,079		3,921		(1%)		2%
Residential mortgage loans		16,178		16,206		15,802		—		2%
Home equity		7,066		7,207		7,779		(2%)		(9%)
Automobile loans		9,175		9,267		10,162		(1%)		(10%)
Credit card		2,202		2,140		2,180		3%		1%
Other consumer loans and leases		1,354		1,057		674		28%		NM
Taxable securities		32,222		32,289		30,677		—		5%
Tax exempt securities		75		65		81		15%		(7%)
Other short-term investments		1,459		1,472		1,809		(1%)		(19%)
Total interest-earning assets		126,621		126,443		126,548		—		—
Cash and due from banks		2,288		2,227		2,358		3%		(3%)
Other assets		13,351		13,532		14,203		(1%)		(6%)
Allowance for loan and lease losses		(1,205)		(1,210)		(1,272)		—		(5%)
Total Assets	$	141,055	$	140,992	$	141,837		—		(1%)
Liabilities
Interest bearing- liabilities:
Interest checking deposits	$	26,992	$	25,765	$	25,644		5%		5%
Savings deposits		13,593		13,889		13,979		(2%)		(3%)
Money market deposits		20,023		20,028		20,476		—		(2%)
Foreign office deposits		323		395		497		(18%)		(35%)
Other time deposits		3,792		3,722		3,941		2%		(4%)
Total interest-bearing core deposits		64,723		63,799		64,537		1%		—
Certificates $100,000 and over		2,429		2,625		2,539		(7%)		(4%)
Other deposits		119		560		115		(79%)		3%
Federal funds purchased		602		675		280		(11%)		NM
Other short-term borrowings		2,316		4,212		1,908		(45%)		21%
Long-term debt		14,631		13,457		15,173		9%		(4%)
Total interest-bearing liabilities		84,820		85,328		84,552		(1%)		—
Demand deposits		35,519		34,850		36,412		2%		(2%)
Other liabilities		4,203		3,973		4,300		6%		(2%)
Total Liabilities		124,542		124,151		125,264		—		(1%)
Total Equity		16,513		16,841		16,573		(2%)		—
Total Liabilities and Equity	$	141,055	$	140,992	$	141,837		—		(1%)
	For the Three Months Ended						bps Change
	December		September		December
	2017		2017		2016		Seq		Yr/Yr
Yield Analysis
Interest-earning assets:
Commercial and industrial loans(a)		3.75%		3.75%		3.33%		—		42
Commercial mortgage loans(a)		3.92%		3.85%		3.42%		7		50
Commercial construction loans(a)		4.28%		4.23%		3.50%		5		78
Commercial leases(a)		0.06%		2.70%		2.64%		(264)		(258)
Residential mortgage loans		3.52%		3.48%		3.48%		4		4
Home equity		4.38%		4.39%		3.73%		(1)		65
Automobile loans		3.06%		2.96%		2.80%		10		26
Credit card		11.83%		11.63%		7.30%		20		453
Other consumer loans and leases		6.64%		6.89%		6.73%		(25)		(9)
Total loans and leases		3.80%		3.88%		3.43%		(8)		37
Taxable securities		3.15%		3.06%		3.17%		9		(2)
Tax exempt securities(a)		5.62%		5.33%		4.76%		29		86
Other short-term investments		1.24%		1.16%		0.47%		8		77
Total interest-earning assets		3.61%		3.64%		3.33%		(3)		28
Interest-bearing liabilities:
Interest checking deposits		0.51%		0.44%		0.25%		7		26
Savings deposits		0.06%		0.06%		0.04%		—		2
Money market deposits		0.42%		0.39%		0.30%		3		12
Foreign office deposits		0.30%		0.21%		0.15%		9		15
Other time deposits		1.23%		1.23%		1.24%		—		(1)
Total interest-bearing core deposits		0.43%		0.39%		0.28%		4		15
Certificates $100,000 and over		1.45%		1.38%		1.35%		7		10
Other deposits		1.17%		1.16%		0.41%		1		76
Federal funds purchased		1.21%		1.16%		0.41%		5		80
Other short-term borrowings		1.10%		1.09%		0.36%		1		74
Long-term debt		2.72%		2.82%		2.42%		(10)		30
Total interest-bearing liabilities		0.88%		0.85%		0.70%		3		18
Ratios:
Taxable equivalent net interest margin(b)		3.02%		3.07%		2.86%		(5)		16
Taxable equivalent net interest rate spread		2.73%		2.79%		2.63%		(6)		10
Interest-bearing liabilities to interest-earning assets		66.99%		67.48%		66.81%		(49)		18

(a) Presented on a fully taxable equivalent basis.

(b) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 30.

23

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	Year to Date				% Change
	December 2017		December 2016		Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	41,577	$	43,184		(4%)
Commercial mortgage loans		6,844		6,899		(1%)
Commercial construction loans		4,374		3,648		20%
Commercial leases		4,011		3,916		2%
Residential mortgage loans		16,053		15,101		6%
Home equity		7,308		7,998		(9%)
Automobile loans		9,407		10,708		(12%)
Credit card		2,141		2,205		(3%)
Other consumer loans and leases		1,016		661		54%
Taxable securities		32,106		30,019		7%
Tax exempt securities		66		80		(18%)
Other short-term investments		1,390		1,866		(26%)
Total interest-earning assets		126,293		126,285		—
Cash and due from banks		2,224		2,303		(3%)
Other assets		13,345		14,963		(11%)
Allowance for loan and lease losses		(1,226)		(1,285)		(5%)
Total Assets	$	140,636	$	142,266		(1%)
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	26,382	$	25,143		5%
Savings deposits		13,958		14,346		(3%)
Money market deposits		20,231		19,523		4%
Foreign office deposits		388		497		(22%)
Other time deposits		3,771		4,010		(6%)
Total interest-bearing core deposits		64,730		63,519		—
Certificates $100,000 and over		2,564		2,735		(6%)
Other deposits		277		333		(17%)
Federal funds purchased		557		506		10%
Other short-term borrowings		3,158		2,845		11%
Long-term debt		13,804		15,394		(10%)
Total interest-bearing liabilities		85,090		85,332		—
Demand deposits		35,093		35,862		(2%)
Other liabilities		3,839		4,445		(14%)
Total Liabilities		124,022		125,639		(1%)
Total Equity		16,614		16,627		—
Total Liabilities and Equity	$	140,636	$	142,266		(1%)
	Year to Date				bps Change
	December 2017		December 2016		Yr/Yr
Yield Analysis
Interest-earning assets:
Commercial and industrial loans(a)		3.64%		3.27%		37
Commercial mortgage loans(a)		3.74%		3.32%		42
Commercial construction loans(a)		4.09%		3.42%		67
Commercial leases(a)		2.04%		2.69%		(65)
Residential mortgage loans		3.53%		3.54%		(1)
Home equity		4.24%		3.78%		46
Automobile loans		2.92%		2.71%		21
Credit card		11.84%		9.69%		215
Other consumer loans and leases		6.68%		6.56%		12
Total loans and leases		3.78%		3.45%		33
Taxable securities		3.09%		3.16%		(7)
Tax exempt securities(a)		5.45%		4.51%		94
Other short-term investments		1.04%		0.44%		60
Total interest-earning assets		3.57%		3.34%		23
Interest-bearing liabilities:
Interest checking deposits		0.41%		0.23%		18
Savings deposits		0.06%		0.05%		1
Money market deposits		0.37%		0.27%		10
Foreign office deposits		0.20%		0.16%		4
Other time deposits		1.23%		1.24%		(1)
Total interest-bearing core deposits		0.37%		0.26%		11
Certificates $100,000 and over		1.38%		1.30%		8
Other deposits		1.05%		0.41%		64
Federal funds purchased		1.01%		0.39%		62
Other short-term borrowings		0.96%		0.36%		60
Long-term debt		2.74%		2.35%		39
Total interest-bearing liabilities		0.81%		0.68%		13
Ratios:
Taxable equivalent net interest margin (b)		3.03%		2.88%		15
Taxable equivalent net interest rate spread		2.76%		2.66%		10
Interest-bearing liabilities to interest-earning assets		67.37%		67.57%		(20)

(a) Presented on a fully taxable equivalent basis.

(b) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 30.

24

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	For the Three Months Ended
	December 2017		September 2017		June 2017		March 2017		December 2016
Assets
Interest-earning assets:
Commercial and industrial loans	$	41,455	$	41,314	$	41,656	$	41,892	$	42,612
Commercial mortgage loans		6,757		6,814		6,861		6,946		6,961
Commercial construction loans		4,660		4,533		4,306		3,987		3,890
Commercial leases		4,018		4,079		4,039		3,904		3,921
Residential mortgage loans		16,178		16,206		16,024		15,800		15,802
Home equity		7,066		7,207		7,385		7,581		7,779
Automobile loans		9,175		9,267		9,410		9,786		10,162
Credit card		2,202		2,140		2,080		2,141		2,180
Other consumer loans and leases		1,354		1,057		892		754		674
Taxable securities		32,222		32,289		32,092		31,815		30,677
Tax exempt securities		75		65		68		55		81
Other short-term investments		1,459		1,472		1,321		1,307		1,809
Total interest-earning assets		126,621		126,443		126,134		125,968		126,548
Cash and due from banks		2,288		2,227		2,175		2,205		2,358
Other assets		13,351		13,532		13,272		13,220		14,203
Allowance for loan and lease losses		(1,205)		(1,210)		(1,237)		(1,253)		(1,272)
Total Assets	$	141,055	$	140,992	$	140,344	$	140,140	$	141,837
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	26,992	$	25,765	$	26,014	$	26,760	$	25,644
Savings deposits		13,593		13,889		14,238		14,117		13,979
Money market deposits		20,023		20,028		20,278		20,603		20,476
Foreign office deposits		323		395		380		454		497
Other time deposits		3,792		3,722		3,745		3,827		3,941
Total interest-bearing core deposits		64,723		63,799		64,655		65,761		64,537
Certificates $100,000 and over		2,429		2,625		2,623		2,579		2,539
Other deposits		119		560		264		162		115
Federal funds purchased		602		675		311		639		280
Other short-term borrowings		2,316		4,212		4,194		1,893		1,908
Long-term debt		14,631		13,457		13,273		13,856		15,173
Total interest-bearing liabilities		84,820		85,328		85,320		84,890		84,552
Demand deposits		35,519		34,850		34,915		35,084		36,412
Other liabilities		4,203		3,973		3,467		3,710		4,300
Total Liabilities		124,542		124,151		123,702		123,684		125,264
Total Equity		16,513		16,841		16,642		16,456		16,573
Total Liabilities and Equity	$	141,055	$	140,992	$	140,344	$	140,140	$	141,837
Yield Analysis
Interest-earning assets:
Commercial and industrial loans(a)		3.75%		3.75%		3.60%		3.47%		3.33%
Commercial mortgage loans(a)		3.92%		3.85%		3.65%		3.54%		3.42%
Commercial construction loans(a)		4.28%		4.23%		4.01%		3.77%		3.50%
Commercial leases(a)		0.06%		2.70%		2.73%		2.70%		2.64%
Residential mortgage loans		3.52%		3.48%		3.54%		3.57%		3.48%
Home equity		4.38%		4.39%		4.20%		3.98%		3.73%
Automobile loans		3.06%		2.96%		2.87%		2.81%		2.80%
Credit card		11.83%		11.63%		10.95%		12.92%		7.30%
Other consumer loans and leases		6.64%		6.89%		6.63%		6.49%		6.73%
Total loans and leases		3.80%		3.88%		3.74%		3.69%		3.43%
Taxable securities		3.15%		3.06%		3.05%		3.11%		3.17%
Tax exempt securities(a)		5.62%		5.33%		5.10%		5.79%		4.76%
Other short-term investments		1.24%		1.16%		0.99%		0.73%		0.47%
Total interest-earning assets		3.61%		3.64%		3.54%		3.51%		3.33%
Interest-bearing liabilities:
Interest checking deposits		0.51%		0.44%		0.38%		0.31%		0.25%
Savings deposits		0.06%		0.06%		0.06%		0.05%		0.04%
Money market deposits		0.42%		0.39%		0.34%		0.32%		0.30%
Foreign office deposits		0.30%		0.21%		0.18%		0.13%		0.15%
Other time deposits		1.23%		1.23%		1.23%		1.23%		1.24%
Total interest-bearing core deposits		0.43%		0.39%		0.34%		0.31%		0.28%
Certificates $100,000 and over		1.45%		1.38%		1.36%		1.35%		1.35%
Other deposits		1.17%		1.16%		0.98%		0.64%		0.41%
Federal funds purchased		1.21%		1.16%		0.94%		0.70%		0.41%
Other short-term borrowings		1.10%		1.09%		0.93%		0.55%		0.36%
Long-term debt		2.72%		2.82%		2.76%		2.65%		2.42%
Total interest-bearing liabilities		0.88%		0.85%		0.79%		0.73%		0.70%
Ratios:
Taxable equivalent net interest margin(b)		3.02%		3.07%		3.01%		3.02%		2.86%
Taxable equivalent net interest rate spread		2.73%		2.79%		2.75%		2.78%		2.63%
Interest-bearing liabilities to interest-earning assets		66.99%		67.48%		67.64%		67.39%		66.81%

(a) Presented on a fully taxable equivalent basis.

(b) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 30.

25

Fifth Third Bancorp and Subsidiaries

Summary of Loans and Leases

$ in millions

(unaudited)

	For the Three Months Ended
	December 2017		September 2017		June 2017		March 2017		December 2016
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	41,438	$	41,302	$	41,601	$	41,854	$	42,548
Commercial mortgage loans		6,751		6,807		6,845		6,941		6,957
Commercial construction loans		4,660		4,533		4,306		3,987		3,890
Commercial leases		4,016		4,072		4,036		3,901		3,921
Total commercial loans and leases		56,865		56,714		56,788		56,683		57,316
Consumer loans and leases:
Residential mortgage loans		15,590		15,523		15,417		15,200		14,854
Home equity		7,066		7,207		7,385		7,581		7,779
Automobile loans		9,175		9,267		9,410		9,786		10,162
Credit card		2,202		2,140		2,080		2,141		2,180
Other consumer loans and leases		1,352		1,055		892		755		673
Total consumer loans and leases		35,385		35,192		35,184		35,463		35,648
Total average portfolio loans and leases	$	92,250	$	91,906	$	91,972	$	92,146	$	92,964
Average loans held for sale	$	615	$	711	$	681	$	645	$	1,017
End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	41,170	$	41,011	$	40,914	$	41,074	$	41,676
Commercial mortgage loans		6,604		6,863		6,868		6,924		6,899
Commercial construction loans		4,553		4,652		4,366		4,283		3,903
Commercial leases		4,068		4,043		4,157		4,092		3,974
Total commercial loans and leases		56,395		56,569		56,305		56,373		56,452
Consumer loans and leases:
Residential mortgage loans		15,591		15,588		15,460		15,336		15,051
Home equity		7,014		7,143		7,301		7,469		7,695
Automobile loans		9,112		9,236		9,318		9,572		9,983
Credit card		2,299		2,168		2,117		2,070		2,237
Other consumer loans and leases		1,559		1,179		945		808		680
Total consumer loans and leases		35,575		35,314		35,141		35,255		35,646
Total portfolio loans and leases	$	91,970	$	91,883	$	91,446	$	91,628	$	92,098
Total loans held for sale	$	492	$	711	$	766	$	616	$	751
Operating lease equipment	$	646	$	663	$	719	$	702	$	738
Loans and leases serviced for others:(a)
Commercial and industrial loans	$	415	$	449	$	495	$	515	$	519
Commercial mortgage loans		240		228		242		223		226
Commercial construction loans		76		72		62		54		41
Commercial leases		254		257		261		270		280
Residential mortgage loans		60,021		60,783		61,803		55,413		53,554
Automobile loans		—		—		—		—		51
Total loans and leases serviced for others		61,006		61,789		62,863		56,475		54,671
Total loans and leases serviced	$	154,114	$	155,046	$	155,794	$	149,421	$	148,258

(a) Fifth Third sells certain loans and leases and obtains servicing responsibilities.

26

Fifth Third Bancorp and Subsidiaries

Regulatory Capital

$ in millions

(unaudited)

	As of
	December 2017(a)		September 2017		June 2017		March 2017		December 2016
Regulatory capital:
Common stock and related surplus (net of treasury stock)	($	160)	$	96	$	1,063	$	1,407	$	1,374
Retained earnings		15,122		14,748		13,862		13,625		13,441
Common equity tier I capital adjustments and deductions		(2,445)		(2,401)		(2,403)		(2,396)		(2,389)
CET1 capital		12,517		12,443		12,522		12,636		12,426
Additional tier I capital		1,331		1,330		1,331		1,331		1,330
Tier I capital		13,848		13,773		13,853		13,967		13,756
Tier II capital		4,039		4,043		4,074		4,172		4,216
Total regulatory capital	$	17,887	$	17,816	$	17,927	$	18,139	$	17,972
Risk-weighted assets(b)	$	117,997	$	117,527	$	117,761	$	117,407	$	119,632
Ratios:
Average shareholders’ equity to average assets		11.69%		11.93%		11.84%		11.72%		11.66%
Regulatory Capital Ratios:
Fifth Third Bancorp
CET1 capital(b)		10.61%		10.59%		10.63%		10.76%		10.39%
Tier I risk-based capital(b)		11.74%		11.72%		11.76%		11.90%		11.50%
Total risk-based capital(b)		15.16%		15.16%		15.22%		15.45%		15.02%
Tier I leverage		10.01%		9.97%		10.07%		10.15%		9.90%
Fifth Third Bank
Tier I risk-based capital(b)		12.06%		12.30%		12.24%		12.17%		11.92%
Total risk-based capital(b)		13.88%		14.14%		14.08%		14.03%		13.76%
Tier I leverage		10.32%		10.50%		10.50%		10.41%		10.30%

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

(b) Under the banking agencies’ Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting weighted values are added together resulting in the total risk-weighted assets.

27

Fifth Third Bancorp and Subsidiaries

Summary of Credit Loss Experience

$ in millions

(unaudited)

	For the Three Months Ended
	December 2017		September 2017		June 2017		March 2017		December 2016
Average portfolio loans and leases:
Commercial and industrial loans	$	41,438	$	41,302	$	41,601	$	41,854	$	42,548
Commercial mortgage loans		6,751		6,807		6,845		6,941		6,957
Commercial construction loans		4,660		4,533		4,306		3,987		3,890
Commercial leases		4,016		4,072		4,036		3,901		3,921
Residential mortgage loans		15,590		15,523		15,417		15,200		14,854
Home equity		7,066		7,207		7,385		7,581		7,779
Automobile loans		9,175		9,267		9,410		9,786		10,162
Credit card		2,202		2,140		2,080		2,141		2,180
Other consumer loans and leases		1,352		1,055		892		755		673
Total average portfolio loans and leases	$	92,250	$	91,906	$	91,972	$	92,146	$	92,964
Losses charged-off:
Commercial and industrial loans	($	34)	($	30)	($	34)	($	39)	($	35)
Commercial mortgage loans		(1)		(3)		(6)		(6)		(4)
Commercial leases		(1)		—		(1)		(1)		(1)
Residential mortgage loans		(3)		(2)		(4)		(6)		(4)
Home equity		(8)		(6)		(9)		(9)		(10)
Automobile loans		(15)		(13)		(12)		(17)		(15)
Credit card		(23)		(23)		(24)		(24)		(21)
Other consumer loans and leases		(9)		(8)		(5)		(5)		(7)
Total losses charged-off	($	94)	($	85)	($	95)	($	107)	($	97)
Recoveries of losses previously charged-off:
Commercial and industrial loans	$	2	$	3	$	16	$	3	$	10
Commercial mortgage loans		2		—		1		1		2
Commercial leases		—		—		—		—		—
Residential mortgage loans		2		3		2		1		2
Home equity		4		3		4		3		4
Automobile loans		5		5		6		6		4
Credit card		3		3		2		2		2
Other consumer loans and leases		—		—		—		2		—
Total recoveries of losses previously charged-off	$	18	$	17	$	31	$	18	$	24
Net losses charged-off:
Commercial and industrial loans	($	32)	($	27)	($	18)	($	36)	($	25)
Commercial mortgage loans		1		(3)		(5)		(5)		(2)
Commercial leases		(1)		—		(1)		(1)		(1)
Residential mortgage loans		(1)		1		(2)		(5)		(2)
Home equity		(4)		(3)		(5)		(6)		(6)
Automobile loans		(10)		(8)		(6)		(11)		(11)
Credit card		(20)		(20)		(22)		(22)		(19)
Other consumer loans and leases		(9)		(8)		(5)		(3)		(7)
Total net losses charged-off	($	76)	($	68)	($	64)	($	89)	($	73)
Net losses charged-off as a percent of average portfolio loans and leases:
Commercial and industrial loans		0.31%		0.26%		0.17%		0.34%		0.24%
Commercial mortgage loans		(0.09%)		0.16%		0.33%		0.29%		0.11%
Commercial leases		0.08%		0.01%		0.06%		0.08%		0.12%
Residential mortgage loans		0.03%		(0.02%)		0.04%		0.13%		0.06%
Home equity		0.25%		0.18%		0.27%		0.33%		0.35%
Automobile loans		0.45%		0.35%		0.27%		0.48%		0.40%
Credit card		3.74%		3.75%		4.22%		4.03%		3.52%
Other consumer loans and leases		2.38%		2.80%		2.31%		2.89%		3.30%
Total net losses charged-off as a percent of average portfolio loans and leases		0.33%		0.29%		0.28%		0.40%		0.31%

28

Fifth Third Bancorp and Subsidiaries

Asset Quality

$ in millions

(unaudited)

	For the Three Months Ended
	December 2017		September 2017		June 2017		March 2017		December 2016
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$	1,205	$	1,226	$	1,238	$	1,253	$	1,272
Total net losses charged-off		(76)		(68)		(64)		(89)		(73)
Provision for loan and lease losses		67		67		52		74		54
Deconsolidation of a variable interest entity		—		(20)		—		—		—
Allowance for loan and lease losses, ending	$	1,196	$	1,205	$	1,226	$	1,238	$	1,253
Reserve for unfunded commitments, beginning	$	157	$	162	$	159	$	161	$	162
Provision for unfunded commitments		4		(5)		3		(2)		(1)
Reserve for unfunded commitments, ending	$	161	$	157	$	162	$	159	$	161
Components of allowance for credit losses:
Allowance for loan and lease losses	$	1,196	$	1,205	$	1,226	$	1,238	$	1,253
Reserve for unfunded commitments		161		157		162		159		161
Total allowance for credit losses	$	1,357	$	1,362	$	1,388	$	1,397	$	1,414
	As of
	December 2017		September 2017		June 2017		March 2017		December 2016
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	144	$	144	$	225	$	251	$	302
Commercial mortgage loans		12		14		15		21		27
Commercial leases		—		1		1		—		2
Residential mortgage loans		17		19		19		21		17
Home equity		56		56		52		53		55
Total nonaccrual portfolio loans and leases (excludes restructured loans)		229		234		312		346		403
Nonaccrual restructured portfolio commercial loans and leases		150		214		244		251		192
Nonaccrual restructured portfolio consumer loans and leases		58		58		58		60		65
Total nonaccrual portfolio loans and leases		437		506		614		657		660
Repossessed property		9		10		11		14		15
OREO		43		39		37		50		63
Total nonperforming portfolio assets		489		555		662		721		738
Nonaccrual loans held for sale		5		18		7		7		4
Nonaccrual restructured loans held for sale		1		2		1		2		9
Total nonperforming assets	$	495	$	575	$	670	$	730	$	751
Restructured portfolio consumer loans and leases (accrual)	$	927	$	929	$	933	$	950	$	959
Restructured portfolio commercial loans and leases (accrual)	$	249	$	232	$	224	$	277	$	321
Loans and leases 90 days past due (accrual):
Commercial and industrial loans	$	3	$	3	$	3	$	3	$	4
Commercial mortgage loans		—		—		—		—		—
Commercial construction loans		—		—		—		—		—
Commercial leases		—		—		—		—		—
Total commercial loans and leases		3		3		3		3		4
Residential mortgage loans		57		43		45		45		49
Home equity		—		—		—		—		—
Automobile loans		10		10		7		6		9
Credit card		27		21		20		21		22
Other consumer loans and leases		—		—		—		—		—
Total consumer loans and leases		94		74		72		72		80
Total loans and leases 90 days past due (accrual)(b)	$	97	$	77	$	75	$	75	$	84
Ratios
Net losses charged-off as a percent of average portfolio loans and leases		0.33%		0.29%		0.28%		0.40%		0.31%
Allowance for loan and lease losses:
As a percent of portfolio loans and leases		1.30%		1.31%		1.34%		1.35%		1.36%
As a percent of nonperforming portfolio loans and leases(a)		274%		238%		200%		188%		190%
As a percent of nonperforming portfolio assets(a)		245%		217%		185%		172%		170%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO(a)		0.48%		0.55%		0.67%		0.72%		0.72%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)		0.53%		0.60%		0.72%		0.79%		0.80%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property		0.53%		0.62%		0.73%		0.79%		0.81%
Allowance for credit losses as a percent of nonperforming assets		278%		245%		210%		194%		192%

(a) Excludes nonaccrual loans held for sale.

(b) Excludes loans held for sale.

29

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: “taxable equivalent net interest income,” “adjusted taxable equivalent net interest income,” “taxable equivalent net interest margin,” “adjusted taxable equivalent net interest margin,” “adjusted yield on interest-earning assets,” “efficiency ratio,” “taxable equivalent income before income taxes,” “noninterest income excluding certain items,” “tangible net income available to common shareholders,” “average tangible common equity,” “tangible common equity ratio,” “tangible common equity ratio (excluding unrealized gains/ losses)” “tangible common equity ratio (including unrealized gains/ losses)” “tangible equity,” “tangible book value per share,” and certain ratios derived from these measures.

The taxable equivalent 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 as it provides a relevant comparison between taxable and non-taxable amounts.

Noninterest income excluding certain items is provided by management to assist the reader in identifying significant, unusual, or large transactions that impacted noninterest income. Adjusted taxable equivalent net interest income and adjusted taxable equivalent net interest margin are provided by management to assist the reader in identifying significant, unusual, or large transactions that impacted net interest income.

Management considers various measures when evaluating capital utilization and adequacy, including the tangible equity and tangible common equity (including and excluding unrealized gains/losses), in addition to capital ratios defined by the U.S. banking agencies. These calculations are intended to complement the capital ratios defined by the 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 unrealized gains/losses on certain assets and liabilities enables investors and others to assess the Bancorp’s use of equity without the effects of gains or losses some of which are uncertain and providing the tangible common equity ratio including unrealized gains/losses enables investors and others to assess the Bancorp’s use of equity if all unrealized gains or losses were to be monetized.

Management believes tangible book value per share and return on average tangible common equity are important measures for evaluating the performance of a business as it calculates the return available to common shareholders and book value of common stock without the impact of intangible assets and their related amortization. This is useful for evaluating the performance of a business consistently, whether acquired or developed internally, compared to other companies in the industry who present similar measures.

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 page 31 for Reg. G reconciliations of all historical Non-GAAP measures used in this release to the most directly comparable GAAP measures.

30

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconciliation

$ and shares in millions

(unaudited)

		For the Three Months Ended
		December 2017		September 2017		June 2017		March 2017		December 2016
Net interest income (U.S. GAAP)		$	956	$	970	$	939	$	933	$	903
Add:	Taxable equivalent adjustment		7		7		6		6		6
Taxable equivalent net interest income (a)			963		977		945		939		909
Net interest income (U.S. GAAP) (annualized) (b)			3,793		3,848		3,766		3,784		3,592
Taxable equivalent net interest income (annualized) (c)			3,821		3,876		3,790		3,808		3,616
Taxable equivalent net interest income			963		977		945		939		909
Add: Leveraged lease remeasurement			27		—		—		—		—
Add (subtract): Bankcard refunds			—		—		—		(12)		16
Adjusted taxable equivalent net interest income (d)			990		977		945		927		925
Adjusted taxable equivalent net interest income (annualized) (e)			3,928		3,876		3,790		3,760		3,680
Interest income (U.S. GAAP)			1,144		1,152		1,106		1,086		1,052
Add:	Taxable equivalent adjustment		7		7		6		6		6
Taxable equivalent interest income (f)			1,151		1,159		1,112		1,092		1,058
Taxable equivalent interest income			1,151		1,159		1,112		1,092		1,058
Add: Leveraged lease remeasurement			27		—		—		—		—
Adjusted taxable equivalent interest income (g)			1,178		1,159		1,112		1,092		1,058
Adjusted taxable equivalent interest income (annualized) (h)			4,674		4,598		4,460		4,429		4,209
Noninterest income (i)			577		1,561		564		523		620
Noninterest expense (j)			1,073		975		957		986		960
Average interest-earning assets (k)			126,621		126,443		126,134		125,968		126,548
Net interest margin (U.S. GAAP) (b) / (k)			3.00%		3.04%		2.99%		3.00%		2.84%
Taxable equivalent net interest margin (c) / (k)			3.02%		3.07%		3.01%		3.02%		2.86%
Adjusted taxable equivalent net interest margin (e) / (k)			3.10%		3.07%		3.01%		2.98%		2.91%
Adjusted taxable equivalent yield on interest-earnings assets (h) / (k)			3.69%		3.64%		3.54%		3.51%		3.33%
Taxable equivalent efficiency ratio (j) / (a) + (i)			69.7%		38.4%		63.4%		67.4%		62.8%
Income before income taxes (U.S. GAAP)		$	393	$	1,489	$	494	$	396	$	509
Add:	Taxable equivalent adjustment		7		7		6		6		6
Taxable equivalent income before income taxes		$	400	$	1,496	$	500	$	402	$	515
Net income available to common shareholders (U.S. GAAP)			486		999		344		290		372
Add:	Intangible amortization, net of tax		—		—		—		—		—
Tangible net income available to common shareholders			486		999		344		290		372
Tangible net income available to common shareholders (annualized) (l)			1,928		3,963		1,380		1,176		1,480
Average Bancorp shareholders’ equity (U.S. GAAP)			16,493		16,820		16,615		16,429		16,545
Less:	Average preferred stock		(1,331)		(1,331)		(1,331)		(1,331)		(1,331)
	Average goodwill		(2,437)		(2,423)		(2,424)		(2,416)		(2,416)
	Average intangible assets and other servicing rights		(25)		(18)		(18)		(10)		(10)
Average tangible common equity (o)			12,700		13,048		12,842		12,672		12,788
Total Bancorp shareholders’ equity (U.S. GAAP)			16,365		16,360		16,419		16,430		16,205
Less:	Preferred stock		(1,331)		(1,331)		(1,331)		(1,331)		(1,331)
	Goodwill		(2,445)		(2,423)		(2,423)		(2,419)		(2,416)
	Intangible assets and other servicing rights		(27)		(18)		(18)		(11)		(10)
Tangible common equity, including unrealized gains / losses (m)			12,562		12,588		12,647		12,669		12,448
Less:	Accumulated other comprehensive income		(73)		(185)		(163)		(68)		(59)
Tangible common equity, excluding unrealized gains / losses (n)			12,489		12,403		12,484		12,601		12,389
Add:	Preferred stock		1,331		1,331		1,331		1,331		1,331
Tangible equity (r)			13,820		13,734		13,815		13,932		13,720
Total assets (U.S. GAAP)			142,193		142,264		141,067		140,200		142,177
Less:	Goodwill		(2,445)		(2,423)		(2,423)		(2,419)		(2,416)
	Intangible assets and other servicing rights		(27)		(18)		(18)		(11)		(10)
Tangible assets, including unrealized gains / losses (o)			139,721		139,823		138,626		137,770		139,751
Less:	Accumulated other comprehensive income / loss, before tax		(92)		(285)		(251)		(105)		(91)
Tangible assets, excluding unrealized gains / losses (p)		$	139,629	$	139,538	$	138,375	$	137,665	$	139,660
Common shares outstanding (q)			694		705		739		750		750
Ratios:
Return on average tangible common equity (l) / (o)			15.2%		30.4%		10.7%		9.3%		11.6%
Tangible equity (r) / (p)			9.90%		9.84%		9.98%		10.12%		9.82%
Tangible common equity (excluding unrealized gains/losses) (n) / (p)			8.94%		8.89%		9.02%		9.15%		8.87%
Tangible common equity (including unrealized gains/losses) (m) / (o)			8.99%		9.00%		9.12%		9.20%		8.91%
Tangible book value per share (m) / (q)		$	18.10	$	17.86	$	17.11	$	16.89	$	16.60

31

Fifth Third Bancorp and Subsidiaries

Segment Presentation

$ in millions

(unaudited)

For the three months ended December 31, 2017	Commercial Banking		Branch Banking(b)		Consumer Lending(c)		Wealth and Asset Management		Other/ Eliminations		Total
Taxable equivalent net interest income(a)	$	397	$	464	$	61	$	40	$	1	$	963
Provision for loan and lease losses		(13)		(37)		(10)		(4)		(3)		(67)
Net interest income after provision for loan and lease losses		384		427		51		36		(2)		896
Total noninterest income		192		194		54		107		30		577
Total noninterest expense		(425)		(416)		(115)		(120)		3		(1,073)
Income (loss) before income taxes		151		205		(10)		23		31		400
Applicable income tax (expense) benefit(a)		(18)		(71)		3		(8)		203		109
Net income (loss)		133		134		(7)		15		234		509
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income (loss) attributable to Bancorp		133		134		(7)		15		234		509
Dividends on preferred stock		—		—		—		—		23		23
Net income (loss) available to common shareholders	$	133	$	134	($	7)	$	15	$	211	$	486
For the three months ended September 30, 2017	Commercial Banking		Branch Banking(b)		Consumer Lending(c)		Wealth and Asset Management		Other/ Eliminations		Total
Taxable equivalent net interest income(a)	$	429	$	453	$	59	$	38	($	2)	$	977
(Provision for) benefit from loan and lease losses		3		(35)		(8)		1		(28)		(67)
Net interest income after provision for loan and lease losses		432		418		51		39		(30)		910
Total noninterest income		216		191		68		101		985		1,561
Total noninterest expense		(356)		(403)		(116)		(108)		8		(975)
Income before income taxes		292		206		3		32		963		1,496
Applicable income tax expense(a)		(58)		(72)		(1)		(11)		(340)		(482)
Net income		234		134		2		21		623		1,014
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income attributable to Bancorp		234		134		2		21		623		1,014
Dividends on preferred stock		—		—		—		—		15		15
Net income available to common shareholders	$	234	$	134	$	2	$	21	$	608	$	999
For the three months ended June 30, 2017	Commercial Banking		Branch Banking(b)		Consumer Lending(c)		Wealth and Asset Management		Other/ Eliminations		Total
Taxable equivalent net interest income(a)	$	421	$	437	$	59	$	37	($	9)	$	945
(Provision for) benefit from loan and lease losses		(22)		(39)		(7)		1		15		(52)
Net interest income after provision for loan and lease losses		399		398		52		38		6		893
Total noninterest income		228		189		62		101		(16)		564
Total noninterest expense		(345)		(399)		(123)		(110)		20		(957)
Income (loss) before income taxes		282		188		(9)		29		10		500
Applicable income tax (expense) benefit(a)		(55)		(66)		3		(10)		(5)		(133)
Net income (loss)		227		122		(6)		19		5		367
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income (loss) attributable to Bancorp		227		122		(6)		19		5		367
Dividends on preferred stock		—		—		—		—		23		23
Net income (loss) available to common shareholders	$	227	$	122	($	6)	$	19	($	18)	$	344
For the three months ended March 31, 2017	Commercial Banking		Branch Banking(b)		Consumer Lending(c)		Wealth and Asset Management		Other/ Eliminations		Total
Taxable equivalent net interest income(a)	$	431	$	430	$	61	$	38	($	21)	$	939
Provision for loan and lease losses		(6)		(42)		(15)		(4)		(7)		(74)
Net interest income after provision for loan and lease losses		425		388		46		34		(28)		865
Total noninterest income		202		184		55		106		(24)		523
Total noninterest expense		(370)		(402)		(120)		(113)		19		(986)
Income (loss) before income taxes		257		170		(19)		27		(33)		402
Applicable income tax (expense) benefit(a)		(46)		(60)		7		(10)		12		(97)
Net income (loss)		211		110		(12)		17		(21)		305
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income (loss) attributable to Bancorp		211		110		(12)		17		(21)		305
Dividends on preferred stock		—		—		—		—		15		15
Net income (loss) available to common shareholders	$	211	$	110	($	12)	$	17	($	36)	$	290
For the three months ended December 31, 2016	Commercial Banking		Branch Banking(b)		Consumer Lending(c)		Wealth and Asset Management		Other/ Eliminations		Total
Taxable equivalent net interest income(a)	$	453	$	397	$	63	$	41	($	45)	$	909
(Provision for) benefit from loan and lease losses		43		(34)		(12)		—		(51)		(54)
Net interest income after provision for loan and lease losses		496		363		51		41		(96)		855
Total noninterest income		221		188		69		99		43		620
Total noninterest expense		(359)		(400)		(117)		(103)		19		(960)
Income (loss) before income taxes		358		151		3		37		(34)		515
Applicable income tax (expense) benefit(a)		(78)		(53)		(1)		(13)		25		(120)
Net income (loss)		280		98		2		24		(9)		395
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income (loss) attributable to Bancorp		280		98		2		24		(9)		395
Dividends on preferred stock		—		—		—		—		23		23
Net income (loss) available to common shareholders	$	280	$	98	$	2	$	24	($	32)	$	372

(a) Includes taxable equivalent adjustments of $7 million for the three months ended December 31, 2017 and September 30, 2017 and $6 million for the three months ended June 30, 2017, March 31, 2017 and December 31, 2016.

(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.

32

EX-99.2

Fifth Third Bancorp 4Q17 Earnings Presentation January 23, 2018 Refer to earnings release dated January 23, 2018 for further information. Exhibit 99.2

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 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 Quarterly Reports on Form 10-Q. 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) general economic or real estate market conditions, either nationally or in the states in which Fifth Third, one or more acquired entities and/or the combined company do business, weaken or are less favorable than expected; (2) deteriorating credit quality; (3) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (4) changes in the interest rate environment reduce interest margins; (5) prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions; (6) Fifth Third’s ability to maintain required capital levels and adequate sources of funding and liquidity; (7) maintaining capital requirements and adequate sources of funding and liquidity may limit Fifth Third’s operations and potential growth; (8) changes and trends in capital markets; (9) problems encountered by larger or similar financial institutions may adversely affect the banking industry and/or Fifth Third; (10) competitive pressures among depository institutions increase significantly; (11) changes in customer preferences or information technology systems; (12) effects of critical accounting policies and judgments; (13) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board (FASB) or other regulatory agencies; (14) legislative or regulatory changes or actions, or significant litigation, adversely affect Fifth Third, one or more acquired entities and/or the combined company or the businesses in which Fifth Third, one or more acquired entities and/or the combined company are engaged, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; (15) ability to maintain favorable ratings from rating agencies; (16) failure of models or risk management systems or controls; (17) fluctuation of Fifth Third’s stock price; (18) ability to attract and retain key personnel; (19) ability to receive dividends from its subsidiaries; (20) potentially dilutive effect of future acquisitions on current shareholders’ ownership of Fifth Third; (21) declines in the value of Fifth Third’s goodwill or other intangible assets; (22) effects of accounting or financial results of one or more acquired entities; (23) loss of income from any sale or potential sale of businesses; (24) difficulties in separating the operations of any branches or other assets divested; (25) losses or adverse impacts on the carrying values of branches and long-lived assets in connection with their sales or anticipated sales; (26) inability to achieve expected benefits from branch consolidations and planned sales within desired timeframes, if at all; (27) ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (28) the acquisition of Worldpay Group Limited, formerly Worldpay Group plc. by Worldpay, Inc., formerly Vantiv, Inc.; and (29) difficulties from Fifth Third’s investment in, relationship with, and nature of operations of Worldpay, Inc.; and (30) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity. 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. 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. If applicable, we provide GAAP reconciliations for non-GAAP measures in a later slide in this presentation which is also available in the investor relations section of our website, www.53.com. Management has provided forward-looking guidance on certain Non-GAAP measures in connection with its earnings presentation in order to facilitate comparability with the Bancorp’s historical performance and financial condition as reflected in these Non-GAAP measures. Such forward-looking Non-GAAP measures include taxable equivalent net interest margin; taxable equivalent net interest income; and noninterest income, excluding certain transactions and adjustments related to the Bancorp’s investment in Vantiv. Bancorp’s management does not estimate on a forward-looking basis the impact of items similar to those that it has excluded to generate these Non-GAAP measures on a historical basis because the occurrence and amounts of items such as these are difficult to predict. As a result, the Bancorp has not provided reconciliations of its forward-looking Non-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 30 and 31 of our earnings release.

4Q17 highlights Adjusted NIM1 up 19 bps year-over-year, and up 3 bps sequentially Adjusted net interest income1 up 7% year-over-year, and up 1% sequentially Solid credit performance, with NPAs, NPLs, NCOs, and criticized assets at or near multi-year lows Achieved positive operating leverage year-over-year and sequentially Continued progress toward long-term financial goals Reported 1For adjusted EPS: see reconciliation on page 4 of this presentation; for Non-GAAP measure: see Reg G reconciliation on pages 20 and 21 of this presentation and use of non-GAAP measures on pages 30 and 31 of the earnings release; 2Fully taxable equivalent Adjusted1 EPS ROA Efficiency ratio2 ROTCE $0.67 $0.52 1.12% NPA ratio: 0.53% NCO ratio: 0.33% Modified LCR: 129% 11.7% NIM2 3.10% 3.02% 1.43% 15.2% 61.8% 69.7%

4Q17 in review Items included in 4Q17 results had a net positive $0.15 EPS impact: $220MM income tax reduction from a remeasurement of the deferred tax liability $68MM pre-tax (~$44MM after-tax2) impairment related to affordable housing investments within noninterest expense $27MM pre-tax (~$18MM after-tax2) remeasurement related to the tax treatment of leveraged leases reducing interest income $15MM pre-tax (~$10MM after-tax2) expense related to one-time employee bonuses $15MM pre-tax (~$10MM after-tax2) contribution to Fifth Third Foundation $20MM tax expense related to a gain on the sale of Vantiv shares sold in 3Q17 $11MM pre-tax (~$7MM after-tax2) charge related to the valuation of the Visa total return swap 1Non-GAAP measure: See Reg G reconciliation on pages 20 and 21 of this presentation and use of non-GAAP measures on pages 30 and 31 of the earnings release; 2Assumes a 35% tax rate

Balance sheet Securities and short-term investments Loan & lease balances Core deposit balances $ billions $ billions $ billions Current Outlook Average securities Short-term investments Transaction Other time Loan-to-core deposit ratio Commercial flat vs. 3Q17; down 1% YoY; excl. deliberate exits up 1% vs. 3Q17 and up 3% YoY Consumer up 1% vs. 3Q17; down 1% YoY; excl. auto up 1% vs. 3Q17 and up 3% YoY Average securities flat vs. 3Q17; up 4% YoY Securities portfolio / total assets of 22.9% flat vs. 3Q17; up 121 bps YoY Transaction deposits up 2% vs. 3Q17; down 1% YoY Commercial up 4% sequentially; Consumer flat Average loan-to-core deposit ratio of 92% Avg -1% YoY Avg 4% YoY Avg -1% YoY (end of period, incl. HFS) Commercial loans & leases: FY 2018 up ~3% Consumer loans & leases: FY 2018 up 2 - 3% (4 - 5% excluding Auto) Average portfolio loan & lease balances

Net interest income 4Q17 vs. 3Q17 Current outlook 4Q17 vs. 4Q16 Adjusted NII1 up $13 million, or 1% Adjusted NIM1 up 3 bps NII and NIM performance drivers: Higher securities yields ($5MM, +2 bps) Investment portfolio dividend ($2MM, +1 bp) Auto yield improvement ($2MM, +1 bp) Increased Consumer mix and yield improvement ($6MM, +1 bp) Partially offset by 3Q17 benefit from interest on non-accrual loans Adjusted NII1 up $65 million, or 7% Adjusted NIM1 up 19 bps NII and NIM performance drivers: Balanced interest rate risk profile benefiting from rising rates Higher short-term market rates Continued shift into higher yielding consumer loans 1Non-GAAP measure: See Reg G reconciliation on pages 20 and 21 of this presentation and use of non-GAAP measures on pages 30 and 31 of the earnings release $939 NII and NIM (FTE)1 $ millions $990 $925 (fully-taxable equivalent basis) Q1 2018: NII of $975 - 980MM NIM up 3 - 5 bps from adjusted 4Q17 FY 2018: NII of $4.0 - 4.07BN NIM of ~3.15% with two rate hikes (Mar & Sep) 1 1 reported adjusted

Noninterest income 4Q17 vs. 3Q17 Current outlook 4Q17 vs. 4Q16 Adjusted noninterest income1 up $16 million, or 3% Performance drivers: $44MM Vantiv TRA payment in 4Q17 Increased wealth and asset management revenue Partially offset by lower corporate banking revenue due to $25MM lease impairment and lower mortgage banking revenue Adjusted noninterest income1 down $21 million, or 3% Performance drivers: Lower corporate banking revenue Lower Vantiv ownership earnings Partially offset by higher wealth & asset management revenue 1Non-GAAP measure: See Reg G reconciliation on pages 20 and 21 of this presentation and use of non-GAAP measures on pages 30 and 31 of the earnings release Noninterest income $ millions $1,561 Q1 2018: $560 - 570MM, excluding Vantiv pre-tax step-up gain ~$415MM pre-tax step-up gain from Vantiv/Worldpay deal FY 2018: ~$2.4BN, excluding Vantiv pre-tax step-up gain 1

Noninterest expense 4Q17 vs. 3Q17 Current outlook 4Q17 vs. 4Q16 Adjusted noninterest expense1 flat Performance drivers: Lower marketing expense Lower equipment & occupancy expense Partially offset by higher employee compensation and technology & communication expense Adjusted noninterest expense1 up 2% Performance drivers: Higher employee compensation expense and technology & communication expense Diligent expense management throughout the bank 1Non-GAAP measure: See Reg G reconciliation on pages 20 and 21 of this presentation and use of non-GAAP measures on pages 30 and 31 of the earnings release Noninterest expense $ millions Q1 2018: $1.05 - 1.08BN, including seasonal compensation impacts FY 2018: $4.0 - 4.1BN, including the impact of the minimum wage increase and the impact of lower taxes on LIH amortization Expect positive operating leverage 1

Credit quality overview Non-performing assets1 Net charge-offs Reserve coverage $ millions $ millions $ millions 1Excludes HFS loans Current Outlook Provision reflective of loan growth Net charge-offs range-bound with the potential for quarterly variability Net charge-offs of 0.33%, up 2 bps from 4Q16; up 4 bps from 3Q17 Commercial net charge-offs up 1 bp sequentially Consumer net charge-offs up 8 bps sequentially NPA ratio of 0.53%, down 27 bps from 4Q16; down 7 bps from 3Q17 NPA ratio at the lowest level in over 11 years Allowance for loan and lease losses of 1.30%, down 1 bp sequentially Loss provision flat sequentially reflecting improved criticized assets and improved nonperforming loans, offset by higher loan balances

Strong capital and liquidity position 1Current period regulatory capital & liquidity ratios are estimated Common Equity Tier 1 ratio (Basel III)1 Modified LCR1 Returned over $2 billion to common shareholders in the form of dividends and repurchases in 2017 (~95% of earnings) CET1 ratio of 10.6%, up 2 bps sequentially and up 22 bps YoY Continue to expect migration towards 9.5% CET1 ratio by end of 2019 4Q17 capital action highlights: Initiated $273MM share repurchase Settled remaining portion of $990MM share repurchase initiated in 3Q17 Declared $0.16 dividend (up 14% YoY) Reduced common shares outstanding by 8% YoY CCAR non-objection for additional $0.02 dividend raise in 2Q18 (pending board approval)

Current outlook Loans & leases Noninterest expense Effective tax rate Noninterest income1 NII (FTE)1 NIM (FTE)1 Credit items 1Non-GAAP measure: See Reg G reconciliation on pages 20 and 21 of this presentation and use of non-GAAP measures on pages 30 and 31 of the earnings release Note: Previous and current outlook excludes potential, but currently unforecasted, items, such as any potential Vantiv gains or losses, future capital actions, or changes in regulatory accounting guidance (end of period, incl. HFS) Q1 2018: $975 - 980MM FY 2018: $4.0 - 4.07BN Q1 2018: up 3 - 5 bps from adjusted 4Q17 FY 2018: ~3.15% with two 2018 rate hikes (March and September) Q1 2018: $560 - 570MM, excluding Vantiv step-up gain FY 2018: ~$2.4BN, excluding Vantiv step-up gain FY 2018: 15.5 - 16% including impact from the Vantiv step-up gain Run-rate beyond 2018: 14 – 14.5% Provision reflective of loan growth Net charge-offs range-bound with a potential for quarterly variability Outlook as of January 23, 2018; please see cautionary statement on slide 2 regarding forward-looking statements FY 2018: Commercial up ~3%; Consumer up 2 - 3% (4 - 5% ex. Auto) Q1 2018: $1.05 - 1.08BN, including seasonal compensation impacts FY 2018: $4.0 - 4.1BN, including the impact of the minimum wage increase and the impact of lower taxes on LIH amortization

Appendix

PPNR and efficiency ratio trends1 1Non-GAAP measures: See Reg G reconciliation on pages 21 and 22 of this presentation and use of non-GAAP measures on page 30 of the earnings release; 2Prior quarters include similar adjustments PPNR reconciliation $ millions PPNR trend $ millions $1,563 Adjusted PPNR up 5% YoY driven by: NII growth primarily from higher short term rates Diligent expense management Partially offset by 4Q17 operating lease impairment Adjusted PPNR up 5% vs. 3Q17 driven by: NII growth from higher investment portfolio and consumer loan yields Other noninterest income growth from 4Q17 Vantiv TRA payment Partially offset by 4Q17 operating lease impairment Efficiency ratio

Strong liquidity profile $ millions – excl. Retail Brokered & Institutional CDs Unsecured debt maturities Heavily core funded Holding company: Modified LCR of 129% Holding Company cash as of December 31, 2017: $2.9B Cash currently sufficient to satisfy all fixed obligations in a stressed environment for ~30 months (debt maturities, common and preferred dividends, interest, and other expenses) without accessing capital markets, relying on dividends from subsidiaries or any other actions Bank entity: There were no debt maturities at the Bank in 4Q17 The Bank issued $1.05B of three-year senior debt in 4Q17. The debt was issued in two tranches – a $750MM fixed tranche and a $300MM floating tranche Available and contingent borrowing capacity (4Q17): FHLB ~$8.8B available, ~12.3B total Federal Reserve ~$32.0B 2018 funding plans Fifth Third expects to replace all remaining debt maturities in 2018 with long-term debt to maintain current ratings under Moody’s LGF methodology As of 12/31/2017

Balance sheet positioning Investment portfolio $13.9B fix | $42.5B float 1,2 Commercial loans1,2 Consumer loans1 Long-term debt3 $25.7B fix | $10.4B float 1 $10.3B fix | $4.6B float 3 55% allocation to bullet/ locked-out cash flow securities Yield: 3.15% Effective duration of 4.74 Net unrealized pre-tax gain: $175MM 97% AFS 1ML based: 63%5 3ML based: 7%5 Prime based: 4%5 Weighted avg. life: 1.47 years 1ML based: 2%6 12ML based: 2%6 Prime based: 24%6 Weighted avg. life: 3.34 years Auto: 1.48 years Data as of 12/31/17; 1Includes HFS Loans & Leases; 2Fifth Third had $4.48B 1ML receive-fix swaps outstanding against C&I loans, which are being included in fixed; 3Fifth Third had $3.71B 3ML receive-fix swaps outstanding against long-term debt, which are being included in floating, long-term debt with swaps outstanding reflected at fair value; 4Effective duration of the taxable available for sale portfolio; 5As a percent of total commercial; 6As a percent of total consumer; 7As a percent of total long-term debt 1ML based: 1%7 3ML based: 31%7 Weighted avg. life: 3.86 years Level 1 100% Fix | 0% Float Level 2A 100% Fix | 0% Float Non-HQLA/ Other 75% Fix | 25% Float C&I 20% Fix | 80% Float Coml. mortgage 20% Fix | 80% Float Coml. lease 100% Fix | 0% Float Resi mtg.& construction 92% Fix | 8% Float Auto 99% Fix | 1% Float Home equity 8% Fix | 92% Float Senior debt 68% Fix | 32% Float Sub debt 64% Fix | 36% Float Auto securiz. proceeds 93% Fix | 7% Float Coml. construction 2% Fix | 98% Float Credit card 24% Fix | 76% Float Other 46% Fix | 54% Float Other 72% Fix | 28% Float Total interest earning assets ~$128B; $70 fix | $58 float

Interest rate risk management Estimated NII sensitivity profile and ALCO policy limits Estimated NII sensitivity with deposit beta changes Estimated NII sensitivity with demand deposit balance changes NII benefits from asset rate reset in rising rate environment: 57% of total loans are floating rate considering impacts of interest rate swaps (75% of total commercial and 29% of total consumer) Investment portfolio effective duration of 4.7 Short-term borrowings represent approximately 20% of total wholesale funding, or 3% of total funding Approximately $12 billion in non-core funding matures beyond one year Interest rate sensitivity tables are based on conservative deposit assumptions: 70% beta on all interest-bearing deposit and sweep balances (~50% betas experience in 2004 – 2006 Fed tightening cycle)2 No modeled re-pricing lag on deposits Modeled non-interest bearing commercial DDA runoff of approximately $2.5 billion (about 10%) for each 100 bps increase in rates over 2 years DDA runoff rolls into an interest-bearing product with a 100% beta 1 Effective duration of the taxable available for sale portfolio; 2Re-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 Note: data as of 12/31/17; 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.

Mortgage banking results $ billions Mortgage banking net revenue1 $ billions Mortgage originations and gain-on-sale margin2 1Effective January 1, 2017 the Bancorp elected to measure its MSR portfolio at fair value rather than at amortized cost; 2Gain-on-sale margin represents gains on all loans originated for sale $1.9B in originations, down 10% sequentially and down 30% YoY; 57% purchase volume 4Q17 mortgage banking drivers: Origination fees and gain on sale revenue down 20% sequentially Gain on sale margin down 22 bps sequentially $54MM in gross servicing fees, down 4% sequentially YoY decline in mortgage banking revenue driven primarily by a reduction in net valuation adjustments

NPL rollforward1 1Loan balances exclude nonaccrual loans HFS Commercial $ millions Consumer $ millions Total NPL $ millions

Credit trends Commercial & industrial $ millions Residential mortgage $ millions Commercial mortgage $ millions Commercial construction $ millions $ millions Home equity $ millions Automobile * Excludes loans HFS

Regulation G non-GAAP reconciliation 1See pages 30 and 31 of the earnings release for a discussion on the use of non-GAAP financial measures

Regulation G non-GAAP reconciliation 1See pages 30 and 31 of the earnings release for a discussion on the use of non-GAAP financial measures