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 22, 2020

(Exact name of registrant as specified in its charter)

Ohio	001-33653	31-0854434
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
Fifth Third Center 38 Fountain Square Plaza , Cincinnati, Ohio		45263
(Address of Principal Executive Offices)		(Zip Code)

(800) 972-3030

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

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

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

Emerging growth company  ☐

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

Item 2.02 Results of Operations and Financial Condition.

On January 22, 2020, Fifth Third Bancorp issued a press release announcing its earnings release for the fourth quarter of 2019. 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 22, 2020, Fifth Third Bancorp issued a press release announcing its earnings release for the fourth quarter of 2019. A copy of this press release is attached as Exhibit 99.1. This information is furnished under both Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.

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

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

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 - Press release dated January 22, 2020

Exhibit 99.2 - Fourth Quarter 2019 Earnings Presentation

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

SIGNATURES

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

	FIFTH THIRD BANCORP
	(Registrant)
Date: January 22, 2020	/s/ TAYFUN TUZUN
	Tayfun Tuzun
	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Fifth Third Announces Fourth Quarter 2019 Results

Diluted earnings per share of $0.96, including a positive $0.28 impact from certain items on page 2

Key Financial Data							Key Highlights
$ millions for all balance sheet and income statement items	4Q19		3Q19		4Q18		●   Record full year net income of $2.5 billion ●   Generated $345 million pre-tax gain in 4Q19 from Worldpay tax receivable agreement (TRA) transaction with FIS ●   4Q19 net interest income, NIM, noninterest income, and expense performance in-line with or better than prior guidance ●   Effectively managed interest-bearing core deposit costs better than prior guidance (down 19 bps vs. 3Q19), while continuing to grow core deposits (up 1% vs. 3Q19) ●   Generated record capital markets revenue in 4Q19; full year revenue up 12% ●   Several credit metrics impacted by conversion to national charter; excluding conversion, total NCO ratio up 1 bp from 3Q19 with consumer NCO ratio flat from 3Q19 ●   Remain on-track to achieve MB expense savings by the end of 1Q20 ($255 million pre-tax) ●   Continue to realize desired MB employee and client outcomes
Income Statement Data
Net income available to common shareholders	$701		$530		$432
Net interest income (U.S. GAAP)	1,228		1,242		1,081
Net interest income (FTE)(a)	1,232		1,246		1,085
Noninterest income	1,035		740		575
Noninterest expense	1,160		1,159		975
Per Share Data
Earnings per share, basic	$0.97		$0.72		$0.65
Earnings per share, diluted	0.96		0.71		0.64
Book value per share	27.41		27.32		23.07
Tangible book value per share(a)	21.13		21.06		19.17
Balance Sheet & Credit Quality
Average portfolio loans and leases	$109,787		$109,541		$94,757
Average deposits	126,116		125,206		107,495
Net charge-off ratio(b)	0.41	%	0.36	%	0.35	%
Nonperforming asset ratio(c)	0.62		0.47		0.41
Financial Ratios
Return on average assets	1.72	%	1.28	%	1.25	%
Return on average common equity	14.2		10.7		11.8
Return on average tangible common equity(a)	18.7		14.2		14.3
CET1 capital(d)(e)	9.75		9.56		10.24
Net interest margin(a)	3.27		3.32		3.29
Efficiency(a)	51.2		58.4		58.7
Other than the Quarterly Financial Review tables beginning on page 14, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.

CEO Commentary

“Our fourth quarter and full year results were strong, reflecting the strength of our diversified revenue streams, our continued expense discipline, and our ability to achieve our targeted financial outcomes from the MB Financial acquisition. Net interest income, noninterest income, and noninterest expense were in-line with or better than our previous guidance. We generated very strong fee revenue, including a new record in capital markets. Additionally, our net interest income results continue to reflect our ability to successfully manage the balance sheet despite the lower rate environment, which led to better than expected NIM performance for the quarter. Also, we continued to diligently manage our expenses, reflecting our ongoing focus on generating efficiencies throughout the Bank while still investing in high priority areas to support revenue growth.”

“We also successfully completed a transaction with FIS that has addressed the future payments related to our TRA. Similar to all the strategic decisions over the past ten years related to this relationship, this agreement has created significant value for our shareholders. We have successfully recognized over $7 billion on a pre-tax basis for shareholders from all sources since the spin-off of our legacy processing business, with another $195 million in TRA cash flows beyond this quarter’s transaction yet to be monetized.”

“From a balance sheet perspective, our loan growth was consistent with our prior guidance, reflective of the generally subdued macroeconomic environment. Also, we again generated strong core deposit growth while also proactively reducing deposit costs more than our previous guidance.”

“We remain on-track to achieve the previously-stated expense and revenue synergy targets related to the MB Financial acquisition. We continue to be pleased with the low client and employee attrition levels.”

“Our clearly defined strategic growth priorities, proactive balance sheet management, and ongoing discipline throughout the Bank position us well for the future. We expect to build on our strong fourth quarter NIM performance and maintain our expense discipline in order to generate positive operating leverage this year while continuing to invest for long-term outperformance.”

-Greg D. Carmichael, Chairman, President and CEO

Investor contact: Chris Doll (513) 534–2345 | Media contact: Gary Rhodes (513) 534–4225 January 22, 2020

Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	December	September	December
	2019	2019	2018	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,232	$1,246	$1,085	(1%)	14%
Provision for credit losses	162	134	97	21%	67%
Noninterest income	1,035	740	575	40%	80%
Noninterest expense	1,160	1,159	975	-	19%
Income before income taxes(a)	$945	$693	$588	36%	61%
Taxable equivalent adjustment	4	4	4	-	-
Applicable income tax expense	207	140	129	48%	60%
Net income	$734	$549	$455	34%	61%
Less: Net income attributable to noncontrolling interests	-	-	-	NM	NM
Net income attributable to Bancorp	$734	$549	$455	34%	61%
Dividends on preferred stock	33	19	23	74%	43%
Net income available to common shareholders	$701	$530	$432	32%	62%
Earnings per share, diluted	$0.96	$0.71	$0.64	35%	50%

Fifth Third Bancorp (Nasdaq: FITB) today reported fourth quarter 2019 net income of $734 million compared to net income of $455 million in the year-ago quarter. Net income available to common shareholders was $701 million, or $0.96 per diluted share, compared to $432 million, or $0.64 per diluted share in the year-ago quarter. Prior quarter net income was $549 million and net income available to common shareholders was $530 million, or $0.71 per diluted share.

Diluted earnings per share impact of certain items - 4Q19
(after-tax impacts(f); $ in millions, except per share data)
Valuation of Visa total return swap	($34	)
Fifth Third Foundation contribution	($15	)
Provision impact from conversion to a national charter	($7	)
Merger-related expenses	($7	)
Gain recognized from Worldpay TRA transaction	$265
After-tax impact(f) of certain items	$202
Average diluted common shares outstanding (thousands)	724,968
Diluted earnings per share impact	$0.28

Reported full year 2019 net income was $2.5 billion compared to full year 2018 net income of $2.2 billion. Full year 2019 net income available to common shareholders was $2.4 billion, or $3.33 per diluted share, compared to 2018 full year net income available to common shareholders of $2.1 billion, or $3.06 per diluted share.

2

Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	December		September		December
	2019		2019		2018		Seq		Yr/Yr
Interest Income
Interest income		$1,563		$1,629		$1,397		(4%)		12%
Interest expense		331		383		312		(14%)		6%
Net interest income (NII)		$1,232		$1,246		$1,085		(1%)		14%
Adjusted NII(a)		$1,214		$1,218		$1,085		-		12%
Average Yield/Rate Analysis								bps Change
Yield on interest-earning assets		4.15%		4.34%		4.23%		(19)		(8	)
Rate paid on interest-bearing liabilities		1.22%		1.41%		1.33%		(19)		(11	)
Ratios
Net interest rate spread		2.93%		2.93%		2.90%		-		3
Net interest margin (NIM)		3.27%		3.32%		3.29%		(5)		(2	)
Adjusted NIM(a)		3.22%		3.25%		3.29%		(3)		(7	)

Compared to the year-ago quarter, reported NII increased $147 million, or 14%. Excluding purchase accounting accretion of $18 million in the fourth quarter of 2019, adjusted NII increased $129 million, or 12%, reflecting an increase in interest-earning assets, including the impact from the MB Financial acquisition, partially offset by the declining rate environment. Compared to the year-ago quarter, reported NIM decreased 2 bps, or 7 bps excluding purchase accounting accretion.

Compared to the prior quarter, reported NII decreased $14 million, or 1%. Excluding purchase accounting accretion, adjusted NII decreased $4 million primarily reflecting lower short-term market rates, partially offset by growth in the indirect secured consumer portfolio (predominantly indirect automobile), as well as the favorable impact of previously executed cash flow hedges. Compared to the prior quarter, reported NIM decreased 5 bps. Excluding purchase accounting accretion, adjusted NIM decreased 3 bps, primarily reflecting lower short-term market rates, partially offset by the favorable impact of previously executed hedges, proactive management of deposit rates, and a decrease in other short-term investments.

Noninterest Income
($ in millions)		For the Three Months Ended								% Change
	December			September		December
	2019			2019		2018			Seq		Yr/Yr
Noninterest Income
Service charges on deposits		$149			$143		$135			4%		10%
Corporate banking revenue		153			168		130			(9%)		18%
Mortgage banking net revenue		73			95		54			(23%)		35%
Wealth and asset management revenue		129			124		109			4%		18%
Card and processing revenue		95			94		84			1%		13%
Other noninterest income		427			111		93			285%		359%
Securities gains (losses), net		10			5		(32	)		100%		NM
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights		(1	)		-		2			NM		NM
Total noninterest income		$1,035			$740		$575			40%		80%

3

Reported noninterest income increased $460 million, or 80%, from the year-ago quarter, and increased $295 million, or 40%, from the prior quarter. The reported results reflect the impact of certain items in the table below, in both the prior quarter and the year-ago quarter.

Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	December			September			December
	2019			2019			2018
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)		$1,035			$740			$575
Valuation of Visa total return swap		44			11			(7	)
GreenSky equity securities losses		-			-			21
Gain recognized from Worldpay TRA transaction		(345	)		-			-
Securities (gains) losses, net (excluding GreenSky)		(10	)		(5	)		11
Noninterest income excluding certain items(a)		$724			$746			$600

Compared to the year-ago quarter, noninterest income excluding the items in the preceding table increased $124 million, or 21%. Compared to the prior quarter, noninterest income excluding the items in the preceding table decreased $22 million, or 3%.

Compared to the year-ago quarter, service charges on deposits increased $14 million, or 10%, driven by higher commercial deposit fees, partially offset by lower consumer deposit fees. Corporate banking revenue increased $23 million, or 18%, primarily driven by leasing business revenue resulting from the MB Financial acquisition, as well as an increase in corporate bond fees. Mortgage banking net revenue increased $19 million, or 35%, primarily driven by higher mortgage originations of $3.8 billion, an increase of 144%. Wealth and asset management revenue increased $20 million, or 18%, primarily driven by higher personal asset management revenue.

Compared to the prior quarter, service charges on deposits increased $6 million, or 4%, driven by higher consumer and commercial deposit fees. Corporate banking revenue decreased $15 million, or 9%, primarily driven by a decrease in leasing business revenue, partially offset by an increase in loan syndications revenue. Mortgage banking net revenue decreased $22 million, or 23%, primarily driven by a seasonally lower gain on sale margin partially offset by a 13% increase in origination volumes. Wealth and asset management revenue increased $5 million, or 4%, primarily driven by higher personal asset management revenue and brokerage fees.

Other noninterest income results on a reported basis in the current quarter were impacted by the gain recognized from the Worldpay TRA transaction. Current and previous quarters were also impacted by the Visa total return swap valuation adjustments. Excluding these items, other noninterest income of $126 million increased $40 million, or 47%, compared to the year-ago quarter, primarily driven by operating lease revenue from MB Financial. Compared to the prior quarter, other noninterest income excluding these item increased $4 million, or 3%, reflecting higher private equity investment income.

4

Noninterest Expense
($ in millions)		For the Three Months Ended						% Change
	December		September		December
	2019		2019		2018		Seq		Yr/Yr
Noninterest Expense
Compensation and benefits		$576		$584		$506		(1%)		14%
Net occupancy expense		84		84		73		-		15%
Technology and communications		103		100		79		3%		30%
Equipment expense		33		33		31		-		6%
Card and processing expense		33		33		33		-		-
Intangible amortization expense		14		14		1		-		NM
Other noninterest expense		317		311		252		2%		26%
Total noninterest expense		$1,160		$1,159		$975		-		19%

Impacts of Merger-Related Expenses
($ in millions)	For the Three Months Ended
	December		September		December
	2019		2019		2018
Merger-Related Expenses
Compensation and benefits		$1		$14		$1
Net occupancy expense		3		3		-
Technology and communications		4		8		6
Equipment expense		-		-		-
Card and processing expense		-		-		1
Intangible amortization expense		-		-		-
Other noninterest expense		1		3		19
Total merger-related expenses		$9		$28		$27

Noninterest Expense excluding Merger-Related Expenses(a)
($ in millions)		For the Three Months Ended						% Change
	December		September		December
	2019		2019		2018		Seq		Yr/Yr
Noninterest Expense excluding Merger-Related Expenses
Compensation and benefits		$575		$570		$505		1%		14%
Net occupancy expense		81		81		73		-		11%
Technology and communications		99		92		73		8%		36%
Equipment expense		33		33		31		-		6%
Card and processing expense		33		33		32		-		3%
Intangible amortization expense		14		14		1		-		NM
Other noninterest expense		316		308		233		3%		36%
Total noninterest expense excluding merger-related expenses		$1,151		$1,131		$948		2%		21%

Compared to the year-ago quarter, reported noninterest expense increased $185 million, or 19%, impacted by the expenses associated with the MB Financial acquisition. Excluding the merger-related expenses, intangible amortization expense, and a $20 million contribution to the Fifth Third Foundation (included in other noninterest expense) in the current quarter, noninterest expense increased $170 million, or 18%, reflecting the operating expenses resulting from the MB Financial acquisition as well as continued technology investments.

Compared to the prior quarter, reported noninterest expense increased $1 million. Excluding the aforementioned merger-related expenses, intangible amortization expense, and contribution to the Fifth Third Foundation, noninterest expense was flat driven by investments in technology and offset by the continued benefits from the MB Financial expense synergies.

5

Average Interest-Earning Assets
($ in millions)	For the Three Months Ended						% Change
	December		September		December
	2019		2019		2018		Seq		Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans		$50,938		$51,241		$43,829		(1%)		16%
Commercial mortgage loans		10,831		10,692		6,864		1%		58%
Commercial construction loans		5,334		5,267		4,885		1%		9%
Commercial leases		3,384		3,562		3,632		(5%)		(7%)
Total commercial loans and leases		$70,487		$70,762		$59,210		-		19%
Consumer loans:
Residential mortgage loans		$16,697		$16,736		$15,520		-		8%
Home equity		6,147		6,267		6,438		(2%)		(5%)
Indirect secured consumer loans		11,281		10,707		8,970		5%		26%
Credit card		2,496		2,448		2,373		2%		5%
Other consumer loans		2,679		2,621		2,246		2%		19%
Total consumer loans		$39,300		$38,779		$35,547		1%		11%
Total average portfolio loans and leases		$109,787		$109,541		$94,757		-		16%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale		$43		$127		$88		(66%)		(51%)
Consumer loans held for sale		1,156		998		553		16%		109%
Total average loans and leases held for sale		$1,199		$1,125		$641		7%		87%
Securities and other short-term investments		$38,326		$38,188		$35,674		-		7%
Total average interest-earning assets		$149,312		$148,854		$131,072		-		14%

Compared to the year-ago quarter, total average portfolio loans and leases increased 16%, reflecting the impact of the MB Financial acquisition. Average commercial portfolio loans and leases increased 19%, reflecting the impact of MB Financial as well as higher commercial mortgage and commercial and industrial (C&I) loans, partially offset by a decline in commercial leases. Average consumer portfolio loans increased 11%, reflecting the impact of MB Financial as well as growth in indirect secured consumer loans and other consumer loans.

Compared to the prior quarter, total average portfolio loans and leases were flat, as higher indirect secured consumer loans were partially offset by lower C&I loans and commercial leases. Average commercial portfolio loans and leases were flat, as higher commercial mortgage and construction loans were offset by lower C&I loans. Average consumer portfolio loans increased 1%, reflecting growth in indirect secured consumer loans (predominantly automobile) and other consumer loans, partially offset by a decline in home equity loans.

Period end commercial line utilization was 36%, consistent with both the year-ago quarter and prior quarter.

Average securities and other short-term investments were $38.3 billion compared to $35.7 billion in the year-ago quarter and $38.2 billion in the prior quarter. Average available-for-sale debt and other securities of $35.4 billion increased 6% compared to the year-ago quarter and increased 2% compared to the prior quarter.

6

Average Deposits
($ in millions)	For the Three Months Ended						% Change
	December		September		December
	2019		2019		2018		Seq		Yr/Yr
Average Deposits
Demand		$35,710		$35,223		$31,571		1%		13%
Interest checking		38,628		37,729		32,428		2%		19%
Savings		14,274		14,405		12,933		(1%)		10%
Money market		27,429		26,962		22,517		2%		22%
Foreign office(g)		244		222		272		10%		(10%)
Total transaction deposits		$116,285		$114,541		$99,721		2%		17%
Other time		5,507		5,823		4,366		(5%)		26%
Total core deposits		$121,792		$120,364		$104,087		1%		17%
Certificates - $100,000 and over		4,072		4,795		2,662		(15%)		53%
Other deposits		252		47		746		436%		(66%)
Total average deposits		$126,116		$125,206		$107,495		1%		17%

Compared to the year-ago quarter, average core deposits increased 17%, reflecting the impact of the MB Financial acquisition. Average core deposit growth was primarily driven by an increase in interest checking, money market, and demand deposits. Average commercial transaction deposits increased 22% and average consumer transaction deposits increased 12%.

Compared to the prior quarter, average core deposits increased 1%, primarily driven by higher interest checking, demand, and money market deposits. Average demand deposits represented 29% of total core deposits in both the current and prior quarter. Average commercial transaction deposits increased 2%, and average consumer transaction deposits increased 1%.

Average Wholesale Funding
($ in millions)	For the Three Months Ended						% Change
	December		September		December
	2019		2019		2018		Seq		Yr/Yr
Average Wholesale Funding
Certificates - $100,000 and over		$4,072		$4,795		$2,662		(15%)		53%
Other deposits		252		47		746		436%		(66%)
Federal funds purchased		1,174		739		2,254		59%		(48%)
Other short-term borrowings		1,133		1,278		578		(11%)		96%
Long-term debt		14,860		15,633		14,420		(5%)		3%
Total average wholesale funding		$21,491		$22,492		$20,660		(4%)		4%

Compared to the year-ago quarter, average wholesale funding increased 4% driven by growth in jumbo CD balances associated with the acquisition of MB Financial, as well as increased other short-term borrowings, partially offset by a decrease in federal funds borrowings. Compared to the prior quarter, average wholesale funding decreased 4%, reflecting the ability to fund the balance sheet through strong core deposit growth.

7

Credit Quality Summary(1)
($ in millions)	For the Three Months Ended
	December			September			June			March			December
	2019			2019			2019			2019			2018
Total nonaccrual portfolio loans and leases (NPLs)		$618			$482			$521			$450			$348
Repossessed property		10			9			8			11			10
OREO		52			28			31			37			37
Total nonperforming portfolio loans and leases and OREO (NPAs)		$680			$519			$560			$498			$395
NPL ratio(h)		0.56%			0.44%			0.48%			0.41%			0.37%
NPA ratio(c)		0.62%			0.47%			0.51%			0.45%			0.41%
Total loans and leases 30-89 days past due (accrual)		364			402			383			322			297
Total loans and leases 90 days past due (accrual)		130			132			128			132			93
Allowance for loan and lease losses, beginning		$1,143			$1,115			$1,115			$1,103			$1,091
Total net losses charged-off		(113	)		(99	)		(78	)		(77	)		(83	)
Provision for loan and lease losses		172			127			78			89			95
Allowance for loan and lease losses, ending		$1,202			$1,143			$1,115			$1,115			$1,103
Reserve for unfunded commitments, beginning		$154			$147			$133			$131			$129
Reserve for acquired commitments		-			-			7			1			-
(Benefit from) provision for the reserve for unfunded commitments		(10	)		7			7			1			2
Reserve for unfunded commitments, ending		$144			$154			$147			$133			$131
Total allowance for credit losses		$1,346			$1,297			$1,262			$1,248			$1,234
Allowance for loan and lease losses ratios
As a percent of portfolio loans and leases		1.10%			1.04%			1.02%			1.02%			1.16%
As a percent of nonperforming portfolio loans and leases		194%			237%			214%			248%			317%
As a percent of nonperforming portfolio assets		177%			221%			199%			224%			279%
Total losses charged-off		$(152	)		$(130	)		$(119	)		$(108	)		$(116	)
Total recoveries of losses previously charged-off		39			31			41			31			33
Total net losses charged-off		$(113	)		$(99	)		$(78	)		$(77	)		$(83	)
Net charge-off ratio (NCO ratio)(b)		0.41%			0.36%			0.29%			0.32%			0.35%
Commercial NCO ratio		0.20%			0.18%			0.13%			0.11%			0.19%
Consumer NCO ratio		0.78%			0.68%			0.59%			0.68%			0.61%

⁽¹⁾ Upon conversion of Fifth Third Bank to a national charter in the fourth quarter of 2019, Fifth Third changed its accounting policy to conform to Office of the Comptroller of the Currency (OCC) guidance regarding non-reaffirmed loans included in Chapter 7 bankruptcy filings to be accounted for as nonperforming troubled debt restructurings (TDRs) and collateral dependent loans regardless of payment history and capacity to pay in the future. As a result of the change in accounting policy, TDRs increased $105 million, of which $83 million were transferred to NPL status. Due to the fact that the collateral dependent loans require the carrying value to be less than or equal to the appraised value less the cost to sell, Fifth Third also incurred a $10 million increase in charge-offs during the quarter, which resulted in a $9 million impact to provision for loan and lease losses. In addition, Fifth Third changed its accounting policy to conform to OCC guidance associated with branch-related real estate no longer intended to be used for banking purposes, which resulted in an increase in OREO of $30 million, with an offsetting reduction to bank premises and equipment.

8

Nonperforming portfolio loans and leases were $618 million in the current quarter, with the resulting NPL ratio of 0.56%. NPLs included an $83 million unfavorable impact due to the aforementioned accounting policy change, or 7 bps to the NPL ratio. Compared to the year-ago quarter, NPLs increased $270 million with the NPL ratio increasing 19 bps. Compared to the prior quarter, NPLs increased $136 million with the NPL ratio increasing 12 bps.

Nonperforming portfolio assets were $680 million in the current quarter, with the resulting NPA ratio of 0.62%. NPAs included a $113 million unfavorable impact due to the aforementioned accounting policy changes, or 10 bps to the NPA ratio. Compared to the year-ago quarter, NPAs increased $285 million with the NPA ratio increasing 21 bps. Compared to the prior quarter, NPAs increased $161 million, or with the NPA ratio increasing 15 bps.

The provision for loan and lease losses totaled $172 million in the current quarter, which included a $9 million unfavorable impact due to the aforementioned accounting policy change. The provision for loan and lease losses increased $77 million compared to the year-ago quarter, and $45 million compared to the prior quarter. The allowance for loan and lease losses ratio represented 1.10% of total portfolio loans and leases outstanding in the current quarter, compared with 1.16% in the year-ago quarter and 1.04% in the prior quarter. The allowance for loan and lease losses represented 194% of nonperforming portfolio loans and leases in the current quarter. The allowance for loan and lease losses represented 177% of nonperforming portfolio assets in the current quarter.

Net charge-offs were $113 million in the current quarter, with the resulting NCO ratio of 0.41%. NCOs included a $10 million unfavorable impact due to the aforementioned accounting policy changes, or 4 bps to the NCO ratio. Compared to the year-ago quarter, net charge-offs increased $30 million and the NCO ratio increased 6 bps. Compared to the prior quarter, net charge-offs increased $14 million and the NCO ratio increased 5 bps.

Capital Position
	For the Three Months Ended
	December		September		June		March		December
	2019		2019		2019		2019		2018
Capital Position
Average total Bancorp shareholders’ equity as a percent of average assets		12.58%		12.43%		12.02%		11.43%		10.95%
Tangible equity(a)		9.52%		9.29%		9.09%		9.03%		9.63%
Tangible common equity (excluding AOCI)(a)		8.44%		8.21%		8.27%		8.21%		8.71%
Tangible common equity (including AOCI)(a)		9.08%		9.09%		8.91%		8.44%		8.64%
Regulatory Capital Ratios(e)
CET1 capital(d)		9.75%		9.56%		9.57%		9.60%		10.24%
Tier I risk-based capital(d)		10.99%		10.81%		10.62%		10.67%		11.32%
Total risk-based capital(d)		13.84%		13.68%		13.53%		13.57%		14.48%
Tier I leverage		9.54%		9.36%		9.24%		10.32%		9.72%

Capital ratios remained strong during the quarter. The CET1 capital ratio was 9.75%, the tangible common equity to tangible assets ratio was 8.44% excluding AOCI, and 9.08% including AOCI. The Tier I risk-based capital ratio was 10.99%, the Total risk-based capital ratio was 13.84%, and the Tier I leverage ratio was 9.54%.

On October 25, 2019, Fifth Third initially settled a share repurchase agreement whereby Fifth Third would purchase $300 million of its outstanding stock. The initial settlement reduced third quarter common shares outstanding by 9.0 million shares. On December 17, 2019, Fifth Third settled the forward contract, which resulted in an additional 1.1 million shares repurchased in connection with the completion of this agreement.

9

Tax Rate

The effective tax rate was 22.0% compared with 22.4% in the year-ago quarter and 20.2% in the prior quarter.

Other

On December 27, 2019, Fifth Third Bancorp entered into a transaction with FIS and Worldpay which grants each of Fifth Third Bancorp and Worldpay the ability to terminate and settle certain cash flows payable under Fifth Third Bancorp’s Tax Receivable Agreement with Worldpay. Under the TRA transaction, Worldpay may be obligated to pay up to a total of approximately $366 million to Fifth Third Bancorp to terminate and settle certain remaining cash flows Fifth Third Bancorp expected to receive under the TRA in the years 2021 to 2035, totaling an estimated $720 million. If exercised, certain of the obligations would be settled with four quarterly payments beginning in April 2020, a second set of the obligations would be settled with four quarterly payments beginning in April 2022, and a third set of the obligations would be settled with four quarterly payments beginning in April 2023. Fifth Third Bancorp recognized a pre-tax gain and corresponding receivable of $345 million in the fourth quarter of 2019 associated with these options.

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 5, 2020 by dialing 800-585-8367 for domestic access or 404-537-3406 for international access (passcode 3389028#).

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2019, the Company had $169 billion in assets and operates 1,149 full-service Banking Centers, and 2,481 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 approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2019, had $413 billion in assets under care, of which it managed $49 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.”

10

Earnings Release End Notes

(a) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 27.

(b) Net losses charged-off as a percent of average portfolio loans and leases.

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

(d) Under the U.S. 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 values are added together resulting in the Bancorp’s total risk-weighted assets.

(e) Current period regulatory capital ratios are estimated.

(f) Assumes a 23% tax rate.

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

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

11

FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. 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) deteriorating credit quality; (2) loan concentration by location or industry of borrowers or collateral; (3) problems encountered by other financial institutions; (4) inadequate sources of funding or liquidity; (5) unfavorable actions of rating agencies; (6) inability to maintain or grow deposits; (7) limitations on the ability to receive dividends from subsidiaries; (8) cyber-security risks; (9) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (10) failures by third-party service providers; (11) inability to manage strategic initiatives and/or organizational changes; (12) inability to implement technology system enhancements; (13) failure of internal controls and other risk management systems; (14) losses related to fraud, theft or violence; (15) inability to attract and retain skilled personnel; (16) adverse impacts of government regulation; (17) governmental or regulatory changes or other actions; (18) failures to meet applicable capital requirements; (19) regulatory objections to Fifth Third’s capital plan; (20) regulation of Fifth Third’s derivatives activities; (21) deposit insurance premiums; (22) assessments for the orderly liquidation fund; (23) replacement of LIBOR; (24) weakness in the national or local economies; (25) global political and economic uncertainty or negative actions; (26) changes in interest rates; (27) changes and trends in capital markets; (28) fluctuation of Fifth Third’s stock price; (29) volatility in mortgage banking revenue; (30) litigation, investigations, and enforcement proceedings by governmental authorities; (31) breaches of contractual covenants, representations and warranties; (32) competition and changes in the financial services industry; (33) changing retail distribution strategies, customer preferences and behavior; (34) risks relating to Fifth Third’s ability to realize anticipated benefits of the merger with MB Financial, Inc.; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events or other natural disasters; and (43) the impact of reputational risk created by these or other 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.

# # #

12

Quarterly Financial Review for December 31, 2019

Table of Contents

Financial Highlights	14-15
Consolidated Statements of Income	16-17
Consolidated Balance Sheets	18-19
Consolidated Statements of Changes in Equity	20
Average Balance Sheet and Yield/Rate Analysis	21-22
Summary of Loans and Leases	23
Regulatory Capital	24
Summary of Credit Loss Experience	25
Asset Quality	26
Regulation G Non-GAAP Reconciliation	28-29
Segment Presentation	30

13

Fifth Third Bancorp and Subsidiaries
Financial Highlights							% / bps										% / bps
$ in millions, except per share data	For the Three Months Ended						Change						Year to Date				Change
(unaudited)	December		September		December								December		December
	2019		2019		2018		Seq			Yr/Yr			2019		2018		Yr/Yr
Income Statement Data
Net interest income		$1,228		$1,242		$1,081		(1%)			14%			$4,797		$4,140		16%
Net interest income (FTE)(a)		1,232		1,246		1,085		(1%)			14%			4,814		4,156		16%
Noninterest income		1,035		740		575		40%			80%			3,536		2,790		27%
Total revenue (FTE)(a)		2,267		1,986		1,660		14%			37%			8,350		6,946		20%
Provision for credit losses		162		134		97		21%			67%			471		207		128%
Noninterest expense		1,160		1,159		975		-			19%			4,660		3,958		18%
Net income attributable to Bancorp		734		549		455		34%			61%			2,512		2,193		15%
Net income available to common shareholders		701		530		432		32%			62%			2,419		2,118		14%
Earnings Per Share Data
Net income allocated to common shareholders		$696		$526		$427		32%			63%			$2,398		$2,094		15%
Average common shares outstanding (in thousands):
Basic		715,137		726,716		653,062		(2%)			10%			710,434		673,346		6%
Diluted		724,968		736,086		662,966		(2%)			9%			720,065		685,488		5%
Earnings per share, basic		$0.97		$0.72		$0.65		35%			49%			$3.38		$3.11		9%
Earnings per share, diluted		0.96		0.71		0.64		35%			50%			3.33		3.06		9%
Common Share Data
Cash dividends per common share		$0.24		$0.24		$0.22		-			9%			$0.94		$0.74		27%
Book value per share		27.41		27.32		23.07		-			19%			27.41		23.07		19%
Market price per share		30.74		27.38		23.53		12%			31%			30.74		23.53		31%
Common shares outstanding (in thousands)		708,916		718,583		646,631		(1%)			10%			708,916		646,631		10%
Market capitalization		$21,792		$19,675		$15,215		11%			43%			$21,792		$15,215		43%
Financial Ratios
Return on average assets		1.72%		1.28%		1.25%		44			47			1.53%		1.54%		(1	)
Return on average common equity		14.2%		10.7%		11.8%		350			240			13.1%		14.5%		(140	)
Return on average tangible common equity(a)		18.7%		14.2%		14.3%		450			440			17.1%		17.5%		(40	)
Noninterest income as a percent of total revenue(a)		46%		37%		35%		900			1,100			42%		40%		200
Dividend payout		24.7%		33.3%		33.8%		(860	)		(910	)		27.8%		23.8%		400
Average total Bancorp shareholders’ equity as a percent of average assets		12.58%		12.43%		10.95%		15			163			12.14%		11.23%		91
Tangible common equity(a)		8.44%		8.21%		8.71%		23			(27	)		8.44%		8.71%		(27	)
Net interest margin (FTE)(a)		3.27%		3.32%		3.29%		(5	)		(2	)		3.31%		3.22%		9
Efficiency (FTE)(a)		51.2%		58.4%		58.7%		(720	)		(750	)		55.8%		57.0%		(120	)
Effective tax rate		22.0%		20.2%		22.4%		180			(40	)		21.6%		20.7%		90
Credit Quality
Net losses charged-off		$113		$99		$83		14%			36%			$369		$330		12%
Net losses charged-off as a percent of average portfolio loans and leases		0.41%		0.36%		0.35%		5			6			0.35%		0.35%		-
ALLL as a percent of portfolio loans and leases		1.10%		1.04%		1.16%		6			(6)			1.10%		1.16%		(6)
Allowance for credit losses as a percent of portfolio loans and leases(g)		1.23%		1.19%		1.30%		4			(7)			1.23%		1.30%		(7)
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.62%		0.47%		0.41%		15			21			0.62%		0.41%		21
Average Balances
Loans and leases, including held for sale		$110,986		$110,666		$95,398		-			16%			$107,794		$93,876		15%
Securities and other short-term investments		38,326		38,188		35,674		-			7%			37,610		35,029		7%
Assets		169,327		169,585		144,185		-			17%			163,936		142,183		15%
Transaction deposits(b)		116,285		114,541		99,721		2%			17%			111,130		97,914		13%
Core deposits(c)		121,792		120,364		104,087		1%			17%			116,600		102,020		14%
Wholesale funding(d)		21,491		22,492		20,660		(4%)			4%			22,451		20,573		9%
Bancorp shareholders’ equity		21,304		21,087		15,794		1%			35%			19,902		15,970		25%
Regulatory Capital Ratios(e)
CET1 capital(f)		9.75%		9.56%		10.24%		19			(49)			9.75%		10.24%		(49)
Tier I risk-based capital(f)		10.99%		10.81%		11.32%		18			(33)			10.99%		11.32%		(33)
Total risk-based capital(f)		13.84%		13.68%		14.48%		16			(64)			13.84%		14.48%		(64)
Tier I leverage		9.54%		9.36%		9.72%		18			(18)			9.54%		9.72%		(18)
Operations
Banking centers		1,149		1,143		1,121		1%			2%			1,149		1,121		2%
ATMs		2,481		2,487		2,419		-			3%			2,481		2,419		3%
Full-time equivalent employees		19,869		19,478		17,437		2%			14%			19,869		17,437		14%

(a) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 27.

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

(c) Includes transaction deposits plus other time deposits.

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

(e) Current period regulatory capital ratios are estimates.

(f) Under the U.S. 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 values are added together resulting in the Bancorp’s total risk-weighted assets.

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

14

Fifth Third Bancorp and Subsidiaries
Financial Highlights
$ in millions, except per share data	For the Three Months Ended
(unaudited)	December		September		June		March		December
	2019		2019		2019		2019		2018
Income Statement Data
Net interest income		$1,228		$1,242		$1,245		$1,082		$1,081
Net interest income (FTE)(a)		1,232		1,246		1,250		1,086		1,085
Noninterest income		1,035		740		660		1,101		575
Total revenue (FTE)(a)		2,267		1,986		1,910		2,187		1,660
Provision for credit losses		162		134		85		90		97
Noninterest expense		1,160		1,159		1,243		1,097		975
Net income attributable to Bancorp		734		549		453		775		455
Net income available to common shareholders		701		530		427		760		432
Earnings Per Share Data
Net income allocated to common shareholders		$696		$526		$423		$752		$427
Average common shares outstanding (in thousands):
Basic		715,137		726,716		738,051		661,057		653,062
Diluted		724,968		736,086		747,750		670,685		662,966
Earnings per share, basic		$0.97		$0.72		$0.57		$1.14		$0.65
Earnings per share, diluted		0.96		0.71		0.57		1.12		0.64
Common Share Data
Cash dividends per common share		$0.24		$0.24		$0.24		$0.22		$0.22
Book value per share		27.41		27.32		26.17		24.77		23.07
Market value per share		30.74		27.38		27.90		25.22		23.53
Common shares outstanding (in thousands)		708,916		718,583		731,474		739,406		646,631
Market capitalization		$21,792		$19,675		$20,408		$18,648		$15,215
Financial Ratios
Return on average assets		1.72%		1.28%		1.08%		2.11%		1.25%
Return on average common equity		14.2%		10.7%		9.1%		19.6%		11.8%
Return on average tangible common equity(a)		18.7%		14.2%		12.3%		23.9%		14.3%
Noninterest income as a percent of total revenue(a)		46%		37%		35%		50%		35%
Dividend payout		24.7%		33.3%		42.1%		19.3%		33.8%
Average total Bancorp shareholders’ equity as a percent of average assets		12.58%		12.43%		12.02%		11.43%		10.95%
Tangible common equity(a)		8.44%		8.21%		8.27%		8.21%		8.71%
Net interest margin (FTE)(a)		3.27%		3.32%		3.37%		3.28%		3.29%
Efficiency (FTE)(a)		51.2%		58.4%		65.1%		50.2%		58.7%
Effective tax rate		22.0%		20.2%		21.5%		22.2%		22.4%
Credit Quality
Net losses charged-off		$113		$99		$78		$77		$83
Net losses charged-off as a percent of average portfolio loans and leases		0.41%		0.36%		0.29%		0.32%		0.35%
ALLL as a percent of portfolio loans and leases		1.10%		1.04%		1.02%		1.02%		1.16%
Allowance for credit losses as a percent of portfolio loans and leases(g)		1.23%		1.19%		1.15%		1.14%		1.30%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.62%		0.47%		0.51%		0.45%		0.41%
Average Balances
Loans and leases, including held for sale		$110,986		$110,666		$110,993		$98,362		$95,398
Securities and other short-term investments		38,326		38,188		37,797		36,101		35,674
Assets		169,327		169,585		167,578		148,968		144,185
Transaction deposits(b)		116,285		114,541		112,847		100,647		99,721
Core deposits(c)		121,792		120,364		118,525		105,507		104,087
Wholesale funding(d)		21,491		22,492		23,633		22,187		20,660
Bancorp shareholders’ equity		21,304		21,087		20,135		17,025		15,794
Regulatory Capital Ratios(e)
CET1 capital(f)		9.75%		9.56%		9.57%		9.60%		10.24%
Tier I risk-based capital(f)		10.99%		10.81%		10.62%		10.67%		11.32%
Total risk-based capital(f)		13.84%		13.68%		13.53%		13.57%		14.48%
Tier I leverage		9.54%		9.36%		9.24%		10.32%		9.72%
Operations
Banking centers		1,149		1,143		1,207		1,207		1,121
ATMs		2,481		2,487		2,551		2,559		2,419
Full-time equivalent employees		19,869		19,478		19,758		20,115		17,437

(a) Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 27.

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

(c) Includes transaction deposits plus other time deposits.

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

(e) Current period regulatory capital ratios are estimates.

(f) Under the U.S. 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 values are added together resulting in the Bancorp’s total risk-weighted assets.

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

15

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended								% Change				Year to Date					% Change
(unaudited)	December			September		December							December		December
	2019			2019		2018			Seq		Yr/Yr		2019		2018			Yr/Yr
Interest Income
Interest and fees on loans and leases		$1,252			$1,320		$1,104			(5%)		13%		$5,051		$4,078			24%
Interest on securities		299			291		282			3%		6%		1,162		1,080			8%
Interest on other short-term investments		8			14		7			(43%)		14%		41		25			64%
Total interest income		1,559			1,625		1,393			(4%)		12%		6,254		5,183			21%
Interest Expense
Interest on deposits		201			243		179			(17%)		12%		892		538			66%
Interest on federal funds purchased		5			4		13			25%		(62%)		29		30			(3%)
Interest on other short-term borrowings		5			8		4			(38%)		25%		28		29			(3%)
Interest on long-term debt		120			128		116			(6%)		3%		508		446			14%
Total interest expense		331			383		312			(14%)		6%		1,457		1,043			40%
Net Interest Income		1,228			1,242		1,081			(1%)		14%		4,797		4,140			16%
Provision for credit losses		162			134		97			21%		67%		471		207			128%
Net Interest Income After Provision for Credit Losses		1,066			1,108		984			(4%)		8%		4,326		3,933			10%
Noninterest Income
Service charges on deposits		149			143		135			4%		10%		565		549			3%
Corporate banking revenue		153			168		130			(9%)		18%		570		438			30%
Mortgage banking net revenue		73			95		54			(23%)		35%		287		212			35%
Wealth and asset management revenue		129			124		109			4%		18%		487		444			10%
Card and processing revenue		95			94		84			1%		13%		360		329			9%
Other noninterest income		427			111		93			285%		359%		1,224		887			38%
Securities gains (losses), net		10			5		(32	)		100%		NM		40		(54	)		NM
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights		(1	)		-		2			NM		NM		3		(15	)		NM
Total noninterest income		1,035			740		575			40%		80%		3,536		2,790			27%
Noninterest Expense
Compensation and benefits		576			584		506			(1%)		14%		2,418		2,115			14%
Net occupancy expense		84			84		73			-		15%		332		292			14%
Technology and communications		103			100		79			3%		30%		422		285			48%
Equipment expense		33			33		31			-		6%		129		123			5%
Card and processing expense		33			33		33			-		-		130		123			6%
Other noninterest expense		331			325		253			2%		31%		1,229		1,020			20%
Total noninterest expense		1,160			1,159		975			-		19%		4,660		3,958			18%
Income Before Income Taxes		941			689		584			37%		61%		3,202		2,765			16%
Applicable income tax expense		207			140		129			48%		60%		690		572			21%
Net Income		734			549		455			34%		61%		2,512		2,193			15%
Less: Net income attributable to noncontrolling interests		-			-		-			-		-		-		-			-
Net Income Attributable to Bancorp		734			549		455			34%		61%		2,512		2,193			15%
Dividends on preferred stock		33			19		23			74%		43%		93		75			24%
Net Income Available to Common Shareholders		$701			$530		$432			32%		62%		$2,419		$2,118			14%

16

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended
(unaudited)	December		September	June	March	December
	2019		2019	2019	2018	2018
Interest Income
Interest and fees on loans and leases	$1,252		$1,320	$1,336	$1,143	$1,104
Interest on securities	299		291	290	281	282
Interest on other short-term investments	8		14	10	9	7
Total interest income	1,559		1,625	1,636	1,433	1,393
Interest Expense
Interest on deposits	201		243	243	205	179
Interest on federal funds purchased	5		4	8	12	13
Interest on other short-term borrowings	5		8	9	6	4
Interest on long-term debt	120		128	131	128	116
Total interest expense	331		383	391	351	312
Net Interest Income	1,228		1,242	1,245	1,082	1,081
Provision for credit losses	162		134	85	90	97
Net Interest Income After Provision for Credit Losses	1,066		1,108	1,160	992	984
Noninterest Income
Service charges on deposits	149		143	143	131	135
Corporate banking revenue	153		168	137	112	130
Mortgage banking net revenue	73		95	63	56	54
Wealth and asset management revenue	129		124	122	112	109
Card and processing revenue	95		94	92	79	84
Other noninterest income	427		111	93	592	93
Securities gains (losses), net	10		5	8	16	(32	)
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	(1	)	-	2	3	2
Total noninterest income	1,035		740	660	1,101	575
Noninterest Expense
Compensation and benefits	576		584	641	610	506
Net occupancy expense	84		84	88	75	73
Technology and communications	103		100	136	83	79
Equipment expense	33		33	33	30	31
Card and processing expense	33		33	34	31	33
Other noninterest expense	331		325	311	268	253
Total noninterest expense	1,160		1,159	1,243	1,097	975
Income Before Income Taxes	941		689	577	996	584
Applicable income tax expense	207		140	124	221	129
Net Income	734		549	453	775	455
Less: Net income attributable to noncontrolling interests	-		-	-	-	-
Net Income Attributable to Bancorp	734		549	453	775	455
Dividends on preferred stock	33		19	26	15	23
Net Income Available to Common Shareholders	$701		$530	$427	$760	$432

17

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of						% Change
(unaudited)	December		September		December
	2019		2019		2018		Seq	Yr/Yr
Assets
Cash and due from banks	$3,278		$3,261		$2,681		1%	22%
Other short-term investments	1,950		3,235		1,825		(40%)	7%
Available-for-sale debt and other securities(a)	36,028		37,178		32,830		(3%)	10%
Held-to-maturity securities(b)	17		18		18		(6%)	(6%)
Trading debt securities	297		297		287		-	3%
Equity securities	564		459		452		23%	25%
Loans and leases held for sale	1,400		1,223		607		14%	131%
Portfolio loans and leases:
Commercial and industrial loans	50,542		50,768		44,340		-	14%
Commercial mortgage loans	10,963		10,822		6,974		1%	57%
Commercial construction loans	5,090		5,281		4,657		(4%)	9%
Commercial leases	3,363		3,495		3,600		(4%)	(7%)
Total commercial loans and leases	69,958		70,366		59,571		(1%)	17%
Residential mortgage loans	16,724		16,675		15,504		-	8%
Home equity	6,083		6,218		6,402		(2%)	(5%)
Indirect secured consumer loans	11,538		11,026		8,976		5%	29%
Credit card	2,532		2,467		2,470		3%	3%
Other consumer loans	2,723		2,657		2,342		2%	16%
Total consumer loans	39,600		39,043		35,694		1%	11%
Portfolio loans and leases	109,558		109,409		95,265		-	15%
Allowance for loan and lease losses	(1,202	)	(1,143	)	(1,103	)	5%	9%
Portfolio loans and leases, net	108,356		108,266		94,162		-	15%
Bank premises and equipment	1,995		2,053		1,861		(3%)	7%
Operating lease equipment	848		869		518		(2%)	64%
Goodwill	4,252		4,290		2,478		(1%)	72%
Intangible assets	201		201		40		-	403%
Servicing rights	993		910		938		9%	6%
Other assets	9,190		8,819		7,372		4%	25%
Total Assets	$169,369		$171,079		$146,069		(1%)	16%
Liabilities
Deposits:
Demand	$35,968		$35,893		$32,116		-	12%
Interest checking	40,409		36,965		34,058		9%	19%
Savings	14,248		14,354		12,907		(1%)	10%
Money market	27,277		27,370		22,597		-	21%
Foreign office	221		226		240		(2%)	(8%)
Other time	5,237		5,662		4,490		(8%)	17%
Certificates $100,000 and over	3,702		4,377		2,427		(15%)	53%
Other deposits	-		500		-		(100%)	-
Total deposits	127,062		125,347		108,835		1%	17%
Federal funds purchased	260		876		1,925		(70%)	(86%)
Other short-term borrowings	1,011		4,046		573		(75%)	76%
Accrued taxes, interest and expenses	2,441		2,507		1,562		(3%)	56%
Other liabilities	2,422		2,425		2,498		-	(3%)
Long-term debt	14,970		14,474		14,426		3%	4%
Total Liabilities	148,166		149,675		129,819		(1%)	14%
Equity
Common stock(c)	2,051		2,051		2,051		-	-
Preferred stock	1,770		1,770		1,331		-	33%
Capital surplus	3,599		3,589		2,873		-	25%
Retained earnings	18,315		17,786		16,578		3%	10%
Accumulated other comprehensive income (loss)	1,192		1,635		(112	)	(27%)	NM
Treasury stock	(5,724	)	(5,427	)	(6,471	)	5%	(12%)
Total Bancorp shareholders’ equity	21,203		21,404		16,250		(1%)	30%
Noncontrolling interests	-		-		-		-	-
Total Equity	21,203		21,404		16,250		(1%)	30%
Total Liabilities and Equity	$169,369		$171,079		$146,069		(1%)	16%
(a)    Amortized cost	$34,966		$35,662		$33,128		(2%)	6%
(b)    Market values	17		18		18		(6%)	(6%)
(c)    Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000		2,000,000		2,000,000		-	-
Outstanding, excluding treasury	708,916		718,583		646,631		(1%)	10%
Treasury	214,977		205,309		277,262		5%	(22%)

18

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	December		September		June		March		December
	2019		2019		2019		2019		2018
Assets
Cash and due from banks	$3,278		$3,261		$2,764		$2,749		$2,681
Other short-term investments	1,950		3,235		3,357		3,556		1,825
Available-for-sale debt and other securities(a)	36,028		37,178		35,753		35,048		32,830
Held-to-maturity securities(b)	17		18		21		21		18
Trading debt securities	297		297		322		325		287
Equity securities	564		459		485		426		452
Loans and leases held for sale	1,400		1,223		1,205		692		607
Portfolio loans and leases:
Commercial and industrial loans	50,542		50,768		51,104		51,862		44,340
Commercial mortgage loans	10,963		10,822		10,717		10,686		6,974
Commercial construction loans	5,090		5,281		5,264		5,231		4,657
Commercial leases	3,363		3,495		3,677		3,909		3,600
Total commercial loans and leases	69,958		70,366		70,762		71,688		59,571
Residential mortgage loans	16,724		16,675		16,777		16,811		15,504
Home equity	6,083		6,218		6,325		6,435		6,402
Indirect secured consumer loans	11,538		11,026		10,403		10,031		8,976
Credit card	2,532		2,467		2,436		2,388		2,470
Other consumer loans	2,723		2,657		2,580		2,489		2,342
Total consumer loans	39,600		39,043		38,521		38,154		35,694
Portfolio loans and leases	109,558		109,409		109,283		109,842		95,265
Allowance for loan and lease losses	(1,202	)	(1,143	)	(1,115	)	(1,115	)	(1,103	)
Portfolio loans and leases, net	108,356		108,266		108,168		108,727		94,162
Bank premises and equipment	1,995		2,053		2,074		2,092		1,861
Operating lease equipment	848		869		894		908		518
Goodwill	4,252		4,290		4,284		4,321		2,478
Intangible assets	201		201		215		218		40
Servicing rights	993		910		1,039		1,141		938
Other assets	9,190		8,819		8,221		7,629		7,372
Total Assets	$169,369		$171,079		$168,802		$167,853		$146,069
Liabilities
Deposits:
Demand	$35,968		$35,893		$35,589		$35,963		$32,116
Interest checking	40,409		36,965		37,491		35,746		34,058
Savings	14,248		14,354		14,484		14,451		12,907
Money market	27,277		27,370		26,465		25,942		22,597
Foreign office	221		226		175		154		240
Other time	5,237		5,662		5,759		5,539		4,490
Certificates $100,000 and over	3,702		4,377		5,429		5,569		2,427
Other deposits	-		500		-		300		-
Total deposits	127,062		125,347		125,392		123,664		108,835
Federal funds purchased	260		876		179		2,630		1,925
Other short-term borrowings	1,011		4,046		957		1,329		573
Accrued taxes, interest and expenses	2,441		2,507		2,397		2,242		1,562
Other liabilities	2,422		2,425		3,422		2,661		2,498
Long-term debt	14,970		14,474		15,784		15,483		14,426
Total Liabilities	148,166		149,675		148,131		148,009		129,819
Equity
Common stock(c)	2,051		2,051		2,051		2,051		2,051
Preferred stock	1,770		1,770		1,331		1,331		1,331
Capital surplus	3,599		3,589		3,572		3,444		2,873
Retained earnings	18,315		17,786		17,431		17,184		16,578
Accumulated other comprehensive income (loss)	1,192		1,635		1,178		409		(112	)
Treasury stock	(5,724	)	(5,427	)	(5,089	)	(4,772	)	(6,471	)
Total Bancorp shareholders’ equity	21,203		21,404		20,474		19,647		16,250
Noncontrolling interests	-		-		197		197		-
Total Equity	21,203		21,404		20,671		19,844		16,250
Total Liabilities and Equity	$169,369		$171,079		$168,802		$167,853		$146,069
(a)    Amortized cost	$34,966		$35,662		$34,731		$34,784		$33,128
(b)    Market values	17		18		21		21		18
(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	708,916		718,583		731,474		739,406		646,631
Treasury	214,977		205,309		192,419		184,486		277,262

19

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions	For the Three Months Ended						Year to Date
(unaudited)	December			December			December			December
	2019			2018			2019			2018
Total Equity, Beginning		$21,404			$15,701			$16,250			$16,220
Net income attributable to Bancorp		734			455			2,512			2,193
Other comprehensive income, net of tax:
Change in unrealized gains (losses):
Available-for-sale securities		(346	)		465			1,039			(362	)
Qualifying cash flow hedges		(96	)		193			262			171
Change in accumulated other comprehensive income related to employee benefit plans		(1	)		5			3			8
Comprehensive income		291			1,118			3,816			2,010
Cash dividends declared:
Common stock		(173	)		(144	)		(691	)		(499	)
Preferred stock		(33	)		(23	)		(93	)		(75	)
Issuance of preferred stock		-			-			439			-
Impact of stock transactions under stock compensation plans, net		13			20			72			65
Shares acquired for treasury		(300	)		(400	)		(1,763	)		(1,453	)
Impact of MB Financial, Inc. acquisition		-			-			3,159			-
Noncontrolling interest		-			(20	)		-			(20	)
Other		1			(2	)		4			(2	)
Impact of cumulative effect of change in account principles		-			-			10			4
Total Equity, Ending		$21,203			$16,250			$21,203			$16,250

20

Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis
$ in millions	For the Three Months Ended							% Change					Year to Date					% Change
(unaudited)		December		September		December								December		December
		2019		2019		2018			Seq		Yr/Yr			2019		2018		Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans		$50,980		$51,364		$43,911			(1%)		16%			$50,168		$42,668		18%
Commercial mortgage loans		10,832		10,695		6,868			1%		58%			9,905		6,661		49%
Commercial construction loans		5,334		5,267		4,885			1%		9%			5,174		4,793		8%
Commercial leases		3,384		3,563		3,633			(5%)		(7%)			3,578		3,795		(6%)
Total commercial loans and leases		70,530		70,889		59,297			(1%)		19%			68,825		57,917		19%
Residential mortgage loans		17,853		17,733		16,074			1%		11%			17,337		16,150		7%
Home equity		6,147		6,267		6,438			(2%)		(5%)			6,286		6,631		(5%)
Indirect secured consumer loans		11,281		10,707		8,970			5%		26%			10,345		8,993		15%
Credit card		2,496		2,448		2,373			2%		5%			2,437		2,280		7%
Other consumer loans		2,679		2,622		2,246			2%		19%			2,564		1,905		35%
Total consumer loans		40,456		39,777		36,101			2%		12%			38,969		35,959		8%
Taxable securities		36,255		35,653		34,126			2%		6%			35,429		33,487		6%
Tax exempt securities		57		38		40			50%		43%			41		66		(38%)
Other short-term investments		2,014		2,497		1,508			(19%)		34%			2,140		1,476		45%
Total interest-earning assets		149,312		148,854		131,072			-		14%			145,404		128,905		13%
Cash and due from banks		3,063		2,769		2,253			11%		36%			2,748		2,200		25%
Other assets		18,096		19,077		11,952			(5%)		51%			16,903		12,203		39%
Allowance for loan and lease losses		(1,144	)	(1,115	)	(1,092	)		3%		5%			(1,119	)	(1,125	)	(1%)
Total Assets		$169,327		$169,585		$144,185			-		17%			$163,936		$142,183		15%
Liabilities
Interest-bearing liabilities:
Interest checking deposits		$38,628		$37,729		$32,428			2%		19%			$36,658		$29,818		23%
Savings deposits		14,274		14,405		12,933			(1%)		10%			14,041		13,330		5%
Money market deposits		27,429		26,962		22,517			2%		22%			25,879		21,769		19%
Foreign office deposits		244		222		272			10%		(10%)			209		363		(42%)
Other time deposits		5,507		5,823		4,366			(5%)		26%			5,470		4,106		33%
Total interest-bearing core deposits		86,082		85,141		72,516			1%		19%			82,257		69,386		19%
Certificates $100,000 and over		4,072		4,795		2,662			(15%)		53%			4,504		2,426		86%
Other deposits		252		47		746			436%		(66%)			265		476		(44%)
Federal funds purchased		1,174		739		2,254			59%		(48%)			1,267		1,509		(16%)
Other short-term borrowings		1,133		1,278		578			(11%)		96%			1,046		1,611		(35%)
Long-term debt		14,860		15,633		14,420			(5%)		3%			15,369		14,551		6%
Total interest-bearing liabilities		107,573		107,633		93,176			-		15%			104,708		89,959		16%
Demand deposits		35,710		35,223		31,571			1%		13%			34,343		32,634		5%
Other liabilities		4,740		5,522		3,631			(14%)		31%			4,897		3,603		36%
Total Liabilities		148,023		148,378		128,378			-		15%			143,948		126,196		14%
Total Equity		21,304		21,207		15,807			-		35%			19,988		15,987		25%
Total Liabilities and Equity		$169,327		$169,585		$144,185			-		17%			$163,936		$142,183		15%
	For the Three Months Ended							bps Change					Year to Date					bps Change
		December		September		December								December		December
Yield/Rate Analysis		2019		2019		2018			Seq		Yr/Yr			2019		2018		Yr/Yr
Interest-earning assets:
Commercial and industrial loans(a)		4.32%		4.66%		4.56%			(34	)	(24	)		4.61%		4.28%		33
Commercial mortgage loans(a)		4.48%		4.86%		4.67%			(38	)	(19	)		4.81%		4.47%		34
Commercial construction loans(a)		4.88%		5.39%		5.33%			(51	)	(45	)		5.37%		5.01%		36
Commercial leases(a)		3.30%		3.34%		2.89%			(4	)	41			3.31%		2.84%		47
Total commercial loans and leases		4.34%		4.68%		4.54%			(34	)	(20	)		4.63%		4.27%		36
Residential mortgage loans		3.57%		3.67%		3.63%			(10	)	(6	)		3.66%		3.59%		7
Home equity		4.80%		5.20%		5.21%			(40	)	(41	)		5.16%		4.92%		24
Indirect secured consumer loans		4.16%		4.22%		3.64%			(6	)	52			4.08%		3.38%		70
Credit card		12.37%		12.57%		12.50%			(20	)	(13	)		12.49%		12.25%		24
Other consumer loans		7.75%		7.69%		7.28%			6		47			7.63%		6.94%		69
Total consumer loans		4.74%		4.87%		4.72%			(13	)	2			4.83%		4.51%		32
Total loans and leases		4.49%		4.75%		4.61%			(26	)	(12	)		4.70%		4.36%		34
Taxable securities		3.27%		3.24%		3.27%			3		-			3.28%		3.22%		6
Tax exempt securities(a)		4.44%		3.18%		3.86%			126		58			3.97%		3.37%		60
Other short-term investments		1.65%		2.18%		1.96%			(53	)	(31	)		1.91%		1.68%		23
Total interest-earning assets		4.15%		4.34%		4.23%			(19	)	(8	)		4.31%		4.03%		28
Interest-bearing liabilities:
Interest checking deposits		0.88%		1.12%		1.07%			(24	)	(19	)		1.08%		0.85%		23
Savings deposits		0.14%		0.18%		0.13%			(4	)	1			0.16%		0.10%		6
Money market deposits		0.89%		1.13%		0.91%			(24	)	(2	)		1.05%		0.74%		31
Foreign office deposits		0.95%		0.37%		0.54%			58		41			0.63%		0.33%		30
Other time deposits		1.75%		1.79%		1.65%			(4	)	10			1.79%		1.44%		35
Total interest-bearing core deposits		0.82%		1.01%		0.88%			(19	)	(6	)		0.96%		0.70%		26
Certificates $100,000 and over		2.14%		2.20%		1.97%			(6	)	17			2.14%		1.69%		45
Other deposits		1.75%		1.97%		2.23%			(22	)	(48	)		2.27%		1.94%		33
Federal funds purchased		1.74%		2.06%		2.25%			(32	)	(51	)		2.26%		1.97%		29
Other short-term borrowings		1.89%		2.55%		3.01%			(66	)	(112	)		2.67%		1.82%		85
Long-term debt		3.22%		3.26%		3.18%			(4	)	4			3.30%		3.06%		24
Total interest-bearing liabilities		1.22%		1.41%		1.33%			(19	)	(11	)		1.39%		1.16%		23
(a)    Presented on an FTE basis.

21

Fifth Third Bancorp and Subsidiaries
Average Balance Sheet and Yield/Rate Analysis
$ in millions	For the Three Months Ended
(unaudited)	December		September		June		March		December
	2019		2019		2019		2019		2018
Assets
Interest-earning assets:
Commercial and industrial loans	$50,980		$51,364		$52,187		$46,070		$43,911
Commercial mortgage loans	10,832		10,695		10,635		7,417		6,868
Commercial construction loans	5,334		5,267		5,248		4,838		4,885
Commercial leases	3,384		3,563		3,811		3,555		3,633
Total commercial loans and leases	70,530		70,889		71,881		61,880		59,297
Residential mortgage loans	17,853		17,733		17,589		16,150		16,074
Home equity	6,147		6,267		6,376		6,356		6,438
Indirect secured consumer loans	11,281		10,707		10,190		9,176		8,970
Credit card	2,496		2,448		2,408		2,396		2,373
Other consumer loans	2,679		2,622		2,549		2,404		2,246
Total consumer loans	40,456		39,777		39,112		36,482		36,101
Taxable securities	36,255		35,653		35,467		34,320		34,126
Tax exempt securities	57		38		40		28		40
Other short-term investments	2,014		2,497		2,290		1,753		1,508
Total interest-earning assets	149,312		148,854		148,790		134,463		131,072
Cash and due from banks	3,063		2,769		2,931		2,217		2,253
Other assets	18,096		19,077		16,972		13,391		11,952
Allowance for loan and lease losses	(1,144	)	(1,115	)	(1,115	)	(1,103	)	(1,092	)
Total Assets	$169,327		$169,585		$167,578		$148,968		$144,185
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$38,628		$37,729		$36,514		$33,697		$32,428
Savings deposits	14,274		14,405		14,418		13,052		12,933
Money market deposits	27,429		26,962		25,934		23,133		22,517
Foreign office deposits	244		222		163		208		272
Other time deposits	5,507		5,823		5,678		4,860		4,366
Total interest-bearing core deposits	86,082		85,141		82,707		74,950		72,516
Certificates $100,000 and over	4,072		4,795		5,780		3,358		2,662
Other deposits	252		47		40		726		746
Federal funds purchased	1,174		739		1,151		2,019		2,254
Other short-term borrowings	1,133		1,278		1,119		646		578
Long-term debt	14,860		15,633		15,543		15,438		14,420
Total interest-bearing liabilities	107,573		107,633		106,340		97,137		93,176
Demand deposits	35,710		35,223		35,818		30,557		31,571
Other liabilities	4,740		5,522		5,088		4,227		3,631
Total Liabilities	148,023		148,378		147,246		131,921		128,378
Total Equity	21,304		21,207		20,332		17,047		15,807
Total Liabilities and Equity	$169,327		$169,585		$167,578		$148,968		$144,185
Yield/Rate Analysis
Interest-earning assets:
Commercial and industrial loans(a)	4.32%		4.66%		4.79%		4.67%		4.56%
Commercial mortgage loans(a)	4.48%		4.86%		5.11%		4.80%		4.67%
Commercial construction loans(a)	4.88%		5.39%		5.71%		5.55%		5.33%
Commercial leases(a)	3.30%		3.34%		3.51%		3.08%		2.89%
Total commercial loans and leases	4.34%		4.68%		4.84%		4.66%		4.54%
Residential mortgage loans	3.57%		3.67%		3.70%		3.71%		3.63%
Home equity	4.80%		5.20%		5.30%		5.34%		5.21%
Indirect secured consumer loans	4.16%		4.22%		4.11%		3.79%		3.64%
Credit card	12.37%		12.57%		12.38%		12.63%		12.50%
Other consumer loans	7.75%		7.69%		7.58%		7.49%		7.28%
Total consumer loans	4.74%		4.87%		4.85%		4.85%		4.72%
Total loans and leases	4.49%		4.75%		4.84%		4.73%		4.61%
Taxable securities	3.27%		3.24%		3.28%		3.32%		3.27%
Tax exempt securities(a)	4.44%		3.18%		3.50%		4.80%		3.86%
Other short-term investments	1.65%		2.18%		1.80%		1.97%		1.96%
Total interest-earning assets	4.15%		4.34%		4.42%		4.33%		4.23%
Interest-bearing liabilities:
Interest checking deposits	0.88%		1.12%		1.17%		1.18%		1.07%
Savings deposits	0.14%		0.18%		0.17%		0.15%		0.13%
Money market deposits	0.89%		1.13%		1.14%		1.03%		0.91%
Foreign office deposits	0.95%		0.37%		0.53%		0.60%		0.54%
Other time deposits	1.75%		1.79%		1.84%		1.80%		1.65%
Total interest-bearing core deposits	0.82%		1.01%		1.03%		0.99%		0.88%
Certificates $100,000 and over	2.14%		2.20%		2.10%		2.13%		1.97%
Other deposits	1.75%		1.97%		2.92%		2.43%		2.23%
Federal funds purchased	1.74%		2.06%		2.61%		2.43%		2.25%
Other short-term borrowings	1.89%		2.55%		3.08%		3.62%		3.01%
Long-term debt	3.22%		3.26%		3.39%		3.35%		3.18%
Total interest-bearing liabilities	1.22%		1.41%		1.47%		1.46%		1.33%
Ratios:
Net interest margin (FTE)(b)	3.27%		3.32%		3.37%		3.28%		3.29%
Net interest rate spread (FTE)(b)	2.93%		2.93%		2.95%		2.87%		2.90%
Interest-bearing liabilities to interest-earning assets	72.05%		72.31%		71.47%		72.24%		71.09%
(a)  Presented on an FTE basis.
(b)  Non-GAAP measure; see discussion of non-GAAP and Reg. G reconciliation beginning on page 27.

22

Fifth Third Bancorp and Subsidiaries
Summary of Loans and Leases
$ in millions	For the Three Months Ended
(unaudited)	December	September	June	March	December
	2019	2019	2019	2019	2018
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$50,938	$51,241	$52,078	$46,011	$43,829
Commercial mortgage loans	10,831	10,692	10,632	7,414	6,864
Commercial construction loans	5,334	5,267	5,248	4,838	4,885
Commercial leases	3,384	3,562	3,809	3,555	3,632
Total commercial loans and leases	70,487	70,762	71,767	61,818	59,210
Consumer loans:
Residential mortgage loans	16,697	16,736	16,804	15,624	15,520
Home equity	6,147	6,267	6,376	6,355	6,438
Indirect secured consumer loans	11,281	10,707	10,190	9,176	8,970
Credit card	2,496	2,448	2,408	2,396	2,373
Other consumer loans	2,679	2,621	2,550	2,404	2,246
Total consumer loans	39,300	38,779	38,328	35,955	35,547
Total average portfolio loans and leases	$109,787	$109,541	$110,095	$97,773	$94,757
Average Loans and Leases Held for Sale
Average commercial loans and leases held for sale	$43	$127	$113	$62	$88
Average consumer loans held for sale	1,156	998	785	527	553
Average loans and leases held for sale	$1,199	$1,125	$898	$589	$641
End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$50,542	$50,768	$51,104	$51,862	$44,340
Commercial mortgage loans	10,963	10,822	10,717	10,686	6,974
Commercial construction loans	5,090	5,281	5,264	5,231	4,657
Commercial leases	3,363	3,495	3,677	3,909	3,600
Total commercial loans and leases	69,958	70,366	70,762	71,688	59,571
Consumer loans:
Residential mortgage loans	16,724	16,675	16,777	16,811	15,504
Home equity	6,083	6,218	6,325	6,435	6,402
Indirect secured consumer loans	11,538	11,026	10,403	10,031	8,976
Credit card	2,532	2,467	2,436	2,388	2,470
Other consumer loans	2,723	2,657	2,580	2,489	2,342
Total consumer loans	39,600	39,043	38,521	38,154	35,694
Total portfolio loans and leases	$109,558	$109,409	$109,283	$109,842	$95,265
End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale	$136	$86	$174	$66	$70
Consumer loans held for sale	1,264	1,137	1,031	626	537
Loans and leases held for sale	$1,400	$1,223	$1,205	$692	$607
Operating lease equipment	$848	$869	$894	$908	$518
Loans and Leases Serviced for Others(a)
Commercial and industrial loans	$922	$916	$977	$1,024	$514
Commercial mortgage loans	454	446	438	467	292
Commercial construction loans	397	392	323	261	130
Commercial leases	322	345	358	216	224
Residential mortgage loans	80,734	82,702	84,597	83,900	63,154
Other consumer loans	50	50	50	50	50
Total loans and leases serviced for others	82,879	84,851	86,743	85,918	64,364
Total loans and leases serviced	$194,685	$196,352	$198,125	$197,360	$160,754
(a)  Fifth Third sells certain loans and leases and obtains servicing responsibilities.

23

Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millions	As of
(unaudited)	December	September	June	March	December
	2019(a)	2019	2019	2019	2018
Regulatory Capital
CET1 capital	$13,847	$13,568	$13,532	$13,430	$12,534
Additional tier I capital	1,769	1,769	1,493	1,493	1,330
Tier I capital	15,616	15,337	15,025	14,923	13,864
Tier II capital	4,044	4,076	4,112	4,048	3,859
Total regulatory capital	$19,660	19,413	$19,137	$18,971	$17,723
Risk-weighted assets(b)	$142,046	$141,880	$141,421	$139,844	$122,432
Ratios
Average total Bancorp shareholders’ equity as a percent of average assets	12.58%	12.43%	12.02%	11.43%	10.95%
Regulatory Capital Ratios
Fifth Third Bancorp
CET1 capital(b)	9.75%	9.56%	9.57%	9.60%	10.24%
Tier I risk-based capital(b)	10.99%	10.81%	10.62%	10.67%	11.32%
Total risk-based capital(b)	13.84%	13.68%	13.53%	13.57%	14.48%
Tier I leverage	9.54%	9.36%	9.24%	10.32%	9.72%
Fifth Third Bank
Tier I risk-based capital(b)	11.86%	11.79%	11.67%	12.22%	11.93%
Total risk-based capital(b)	13.46%	13.37%	13.23%	13.86%	13.57%
Tier I leverage	10.36%	10.26%	10.59%	10.49%	10.27%

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

(b) Under the U.S. 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 values are added together resulting in the Bancorp’s total risk-weighted assets.

24

Fifth Third Bancorp and Subsidiaries
Summary of Credit Loss Experience
$ in millions	For the Three Months Ended
(unaudited)	December			September			June			March			December
	2019			2019			2019			2019			2018
Average portfolio loans and leases:
Commercial and industrial loans		$50,938			$51,241			$52,078			$46,011			$43,829
Commercial mortgage loans		10,831			10,692			10,632			7,414			6,864
Commercial construction loans		5,334			5,267			5,248			4,838			4,885
Commercial leases		3,384			3,562			3,809			3,555			3,632
Total commercial loans and leases		70,487			70,762			71,767			61,818			59,210
Residential mortgage loans		16,697			16,736			16,804			15,624			15,520
Home equity		6,147			6,267			6,376			6,355			6,438
Indirect secured consumer loans		11,281			10,707			10,190			9,176			8,970
Credit card		2,496			2,448			2,408			2,396			2,373
Other consumer loans		2,679			2,621			2,550			2,404			2,246
Total consumer loans		39,300			38,779			38,328			35,955			35,547
Total average portfolio loans and leases		$109,787			$109,541			$110,095			$97,773			$94,757
Losses charged-off:
Commercial and industrial loans		($40	)		($30	)		($30	)		($20	)		($32	)
Commercial mortgage loans		-			-			-			-			(1	)
Commercial leases		-			(4	)		(3	)		-			(1	)
Total commercial loans and leases		(40	)		(34	)		(33	)		(20	)		(34	)
Residential mortgage loans		(4	)		(2	)		(1	)		(2	)		(3	)
Home equity		(12	)		(5	)		(6	)		(6	)		(5	)
Indirect secured consumer loans		(24	)		(21	)		(15	)		(20	)		(19	)
Credit card		(40	)		(38	)		(40	)		(38	)		(34	)
Other consumer loans		(32	)		(30	)		(24	)		(22	)		(21	)
Total consumer loans		(112	)		(96	)		(86	)		(88	)		(82	)
Total losses charged-off		($152	)		($130	)		($119	)		($108	)		($116	)
Recoveries of losses previously charged-off:
Commercial and industrial loans		$4			$1			$10			$2			$2
Commercial mortgage loans		-			-			-			1			3
Commercial leases		-			-			-			-			-
Total commercial loans and leases		4			1			10			3			5
Residential mortgage loans		1			1			2			1			2
Home equity		3			3			3			3			3
Indirect secured consumer loans		8			8			8			7			6
Credit card		7			5			5			5			5
Other consumer loans		16			13			13			12			12
Total consumer loans		35			30			31			28			28
Total recoveries of losses previously charged-off		$39			$31			$41			$31			$33
Net losses charged-off:
Commercial and industrial loans		($36	)		($29	)		($20	)		($18	)		($30	)
Commercial mortgage loans		-			-			-			1			2
Commercial leases		-			(4	)		(3	)		-			(1	)
Total commercial loans and leases		(36	)		(33	)		(23	)		(17	)		(29	)
Residential mortgage loans		(3	)		(1	)		1			(1	)		(1	)
Home equity		(9	)		(2	)		(3	)		(3	)		(2	)
Indirect secured consumer loans		(16	)		(13	)		(7	)		(13	)		(13	)
Credit card		(33	)		(33	)		(35	)		(33	)		(29	)
Other consumer loans		(16	)		(17	)		(11	)		(10	)		(9	)
Total consumer loans		(77	)		(66	)		(55	)		(60	)		(54	)
Total net losses charged-off		($113	)		($99	)		($78	)		($77	)		($83	)
Net losses charged-off as a percent of average portfolio loans and leases:
Commercial and industrial loans		0.28%			0.22%			0.15%			0.16%			0.27%
Commercial mortgage loans		(0.02%	)		(0.01%	)		0.00%			(0.05%	)		(0.15%	)
Commercial leases		0.06%			0.41%			0.32%			0.02%			0.12%
Total commercial loans and leases		0.20%			0.18%			0.13%			0.11%			0.19%
Residential mortgage loans		0.07%			0.03%			(0.02%	)		0.02%			0.02%
Home equity		0.59%			0.16%			0.18%			0.20%			0.15%
Indirect secured consumer loans		0.56%			0.50%			0.30%			0.57%			0.54%
Credit card		5.21%			5.41%			5.75%			5.60%			4.84%
Other consumer loans		2.51%			2.47%			1.84%			1.76%			1.83%
Total consumer loans		0.78%			0.68%			0.59%			0.68%			0.61%
Total net losses charged-off as a percent of average portfolio loans and leases		0.41%			0.36%			0.29%			0.32%			0.35%

25

Fifth Third Bancorp and Subsidiaries
Asset Quality
$ in millions	For the Three Months Ended
(unaudited)	December		September		June		March		December
	2019		2019		2019		2019		2018
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$1,143		$1,115		$1,115		$1,103		$1,091
Total net losses charged-off	(113	)	(99	)	(78	)	(77	)	(83	)
Provision for loan and lease losses	172		127		78		89		95
Allowance for loan and lease losses, ending	$1,202		$1,143		$1,115		$1,115		$1,103
Reserve for unfunded commitments, beginning	$154		$147		$133		$131		$129
Reserve for acquired commitments	-		-		7		1		-
(Benefit from) provision for the reserve for unfunded commitments	(10	)	7		7		1		2
Reserve for unfunded commitments, ending	$144		$154		$147		$133		$131
Components of allowance for credit losses:
Allowance for loan and lease losses	$1,202		$1,143		$1,115		$1,115		$1,103
Reserve for unfunded commitments	144		154		147		133		131
Total allowance for credit losses	$1,346		$1,297		$1,262		$1,248		$1,234
	As of
	December		September		June		March		December
	2019		2019		2019		2019		2018
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$118		$70		$135		$112		$54
Commercial mortgage loans	21		17		20		24		9
Commercial construction loans	1		-		-		-		-
Commercial leases	26		27		31		18		18
Residential mortgage loans	13		12		11		15		11
Home equity	54		63		61		62		55
Indirect secured consumer loans	1		1		1		2		-
Other consumer loans	2		2		2		2		1
Total nonaccrual portfolio loans and leases (excludes restructured loans)	236		192		261		235		148
Nonaccrual restructured portfolio commercial loans and leases	231		235		204		159		147
Nonaccrual restructured portfolio consumer loans and leases	151		55		56		56		53
Total nonaccrual portfolio loans and leases	618		482		521		450		348
Repossessed property	10		9		8		11		10
OREO	52		28		31		37		37
Total nonperforming portfolio loans and leases and OREO	680		519		560		498		395
Nonaccrual loans held for sale	-		-		4		-		-
Nonaccrual restructured loans held for sale	7		13		23		14		16
Total nonperforming assets	$687		$532		$587		$512		$411
Restructured portfolio consumer loans and leases (accrual)	$965		$958		$958		$950		$961
Restructured portfolio commercial loans and leases (accrual)	$23		$34		$32		$59		$60
Loans and leases 90 days past due (accrual):
Commercial and industrial loans	$11		$15		$19		$15		$4
Commercial mortgage loans	15		18		11		20		2
Commercial construction loans	-		1		1		-		-
Commercial leases	-		1		-		-		-
Total commercial loans and leases	26		35		31		35		6
Residential mortgage loans	50		48		47		48		38
Home equity	1		-		1		1		-
Indirect secured consumer loans	10		10		11		9		12
Credit card	42		38		37		38		37
Other consumer loans	1		1		1		1		-
Total consumer loans	104		97		97		97		87
Total loans and leases 90 days past due (accrual)(b)	$130		$132		$128		$132		$93
Ratios
Net losses charged-off as a percent of average portfolio loans and leases	0.41%		0.36%		0.29%		0.32%		0.35%
Allowance for loan and lease losses:
As a percent of portfolio loans and leases	1.10%		1.04%		1.02%		1.02%		1.16%
As a percent of nonperforming portfolio loans and leases(a)	194%		237%		214%		248%		317%
As a percent of nonperforming portfolio assets(a)	177%		221%		199%		224%		279%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO(a)	0.56%		0.44%		0.48%		0.41%		0.37%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)	0.62%		0.47%		0.51%		0.45%		0.41%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property	0.62%		0.48%		0.53%		0.46%		0.43%
(a)  Excludes nonaccrual loans held for sale. (b)  Excludes loans held for sale.

26

Use of Non-GAAP Financial Measures

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

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

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

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

Management considers various measures when evaluating capital utilization and adequacy, including the tangible equity and tangible common equity (including and excluding AOCI), in addition to capital ratios defined by 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 AOCI on certain assets and liabilities enables investors and others to assess the Bancorp’s use of equity without the effects of changes in AOCI some of which are uncertain and providing the tangible common equity ratio including AOCI enables investors and others to assess the Bancorp’s use of equity if components of AOCI, such as unrealized gains or losses, were to be monetized.

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

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

27

Fifth Third Bancorp and Subsidiaries
Regulation G Non-GAAP Reconciliation
$ and shares in millions	For the Three Months Ended
(unaudited)	December			September			June			March			December
	2019			2019			2019			2019			2018
Net interest income		$1,228			$1,242			$1,245			$1,082			$1,081
Add: Taxable equivalent adjustment		4			4			5			4			4
Net interest income (FTE) (a)		1,232			1,246			1,250			1,086			1,085
Net interest income (annualized) (b)		4,872			4,928			4,994			4,388			4,289
Net interest income (FTE) (annualized) (c)		4,888			4,943			5,014			4,404			4,305
Net interest income (FTE)		1,232			1,246			1,250			1,086			1,085
Less: Net interest income impact from purchase accounting accretion		18			28			18			1			-
Adjusted net interest income (FTE) (d)		1,214			1,218			1,232			1,085			1,085
Adjusted net interest income (FTE) (annualized) (e)		4,816			4,832			4,942			4,400			4,305
Interest income		1,559			1,625			1,636			1,433			1,393
Add: Taxable equivalent adjustment		4			4			5			4			4
Interest income (FTE)		1,563			1,629			1,641			1,437			1,397
Interest income (FTE) (annualized) (f)		6,201			6,463			6,582			5,828			5,542
Interest expense (annualized) (g)		1,313			1,520			1,568			1,424			1,238
Average interest-earning assets (h)		149,312			148,854			148,790			134,463			131,072
Average interest-bearing liabilities (i)		107,573			107,633			106,340			97,137			93,176
Net interest margin (b) / (h)		3.26%			3.31%			3.36%			3.26%			3.27%
Net interest margin (FTE) (c) / (h)		3.27%			3.32%			3.37%			3.28%			3.29%
Adjusted net interest margin (e) / (h)		3.22%			3.25%			3.32%			3.28%			3.29%
Net interest rate spread (FTE) (f) / (h) - (g) / (i)		2.93%			2.93%			2.95%			2.87%			2.90%
Income before income taxes		$941			$689			$577			$996			$584
Add:   Taxable equivalent adjustment		4			4			5			4			4
Income before income taxes (FTE)		$945			$693			$582			$1,000			$588
Net income available to common shareholders		$701			$530			$427			$760			$432
Add:   Intangible amortization, net of tax		11			11			11			2			1
Tangible net income available to common shareholders (j)		712			541			438			762			433
Tangible net income available to common shareholders (annualized) (k)		2,825			2,146			1,757			3,090			1,718
Average Bancorp shareholders’ equity		21,304			21,087			20,135			17,025			15,794
Less:  Average preferred stock		(1,770	)		(1,445	)		(1,331	)		(1,331	)		(1,331	)
Average goodwill		(4,260	)		(4,286	)		(4,301	)		(2,682	)		(2,468	)
Average intangible assets		(194	)		(208	)		(215	)		(58	)		(32	)
Average tangible common equity, including accumulated other comprehensive income (“AOCI”) (l)		15,080			15,148			14,288			12,954			11,963
Less: Average AOCI		(1,416	)		(1,444	)		(619)			-			719
Average tangible common equity, excluding AOCI (m)		13,664			13,704			13,669			12,954			12,682
Total Bancorp shareholders’ equity		21,203			21,404			20,474			19,647			16,250
Less:  Preferred stock		(1,770	)		(1,770	)		(1,331	)		(1,331	)		(1,331	)
Goodwill		(4,252	)		(4,290	)		(4,284	)		(4,321	)		(2,478	)
Intangible assets		(201	)		(201	)		(215	)		(218	)		(40	)
Tangible common equity, including AOCI (n)		14,980			15,143			14,644			13,777			12,401
Less: AOCI		(1,192	)		(1,635	)		(1,178	)		(409	)		112
Tangible common equity, excluding AOCI (o)		13,788			13,508			13,466			13,368			12,513
Add: Preferred stock		1,770			1,770			1,331			1,331			1,331
Tangible equity (p)		15,558			15,278			14,797			14,699			13,844
Total assets		169,369			171,079			168,802			167,853			146,069
Less:  Goodwill		(4,252	)		(4,290	)		(4,284	)		(4,321	)		(2,478	)
Intangible assets		(201	)		(201	)		(215	)		(218	)		(40	)
Tangible assets, including AOCI (q)		164,916			166,588			164,303			163,314			143,551
Less: AOCI, before tax		(1,509	)		(2,070	)		(1,491	)		(518	)		142
Tangible assets, excluding AOCI (r)		$163,407			$164,518			$162,812			$162,796			$143,693
Common shares outstanding (s)		709			719			731			739			647
Tangible equity (p) / (r)		9.52%			9.29%			9.09%			9.03%			9.63%
Tangible common equity (excluding AOCI) (o) / (r)		8.44%			8.21%			8.27%			8.21%			8.71%
Tangible common equity (including AOCI) (n) / (q)		9.08%			9.09%			8.91%			8.44%			8.64%
Tangible book value per share (n) / (s)		$21.13			$21.06			$20.03			$18.64			$19.17

28

Fifth Third Bancorp and Subsidiaries
Regulation G Non-GAAP Reconciliation
$ in millions	For the Three Months Ended
(unaudited)	December		September		December
	2019		2019		2018
Net income attributable to Bancorp (t)	$734		$549		$455
Net income attributable to Bancorp (annualized) (u)	2,912		2,178		1,805
Adjustments (pre-tax items)
Valuation of Visa total return swap	44		11		(7	)
Fifth Third Foundation contribution	20		-		-
Provision impact from conversion to a national charter	9		-		-
Merger-related expense	9		28		27
GreenSky securities losses (gains)	-		-		21
Gain recognized from Worldpay TRA transaction	(345	)	-		-
Adjustments, after-tax (v)(a)	(202	)	30		32
Noninterest income (w)	1,035		740		575
Valuation of Visa total return swap	44		11		(7	)
GreenSky securities losses (gains)	-		-		21
Gain recognized from Worldpay TRA transaction	(345	)	-		-
Adjusted noninterest income (x)	734		751		589
Noninterest expense (y)	1,160		1,159		975
Merger-related expense	(9	)	(28	)	(27	)
Fifth Third Foundation contribution	(20	)	-		-
Adjusted noninterest expense (z)	1,131		1,131		948
Intangible amortization expense	14		14		1
Adjusted noninterest expense excluding intangible amortization expense (aa)	1,117		1,117		947
Adjusted net income attributable to Bancorp (t) + (v)	532		579		487
Adjusted net income attributable to Bancorp (annualized) (ab)	2,111		2,297		1,932
Adjusted tangible net income available to common shareholders (j) + (v)	510		571		465
Adjusted tangible net income available to common shareholders (annualized) (ac)	2,023		2,265		1,845
Average assets (ad)	$169,327		$169,585		$144,185
Return on average tangible common equity (k) / (l)	18.7%		14.2%		14.3%
Adjusted return on average tangible common equity, including AOCI (ac) / (l)	13.4%		15.0%		15.4%
Adjusted return on average tangible common equity, excluding AOCI (ac) / (m)	14.8%		16.5%		14.5%
Return on average assets (u) / (ad)	1.72%		1.28%		1.25%
Adjusted return on average assets (ab) / (ad)	1.25%		1.35%		1.34%
Efficiency ratio (y) / [(a) + (w)]	51.2%		58.4%		58.7%
Adjusted efficiency ratio (aa) / [(d) + (x)]	57.3%		56.7%		56.6%
Total revenue (FTE) (a) + (w)	$2,267		$1,986		$1,660
Pre-provision net revenue (PPNR) (a) + (w) - (y)	$1,107		$827		$685
Adjusted pre-provision net revenue (PPNR) (d) + (x) - (aa)	$831		$852		$727

    (a) Assumes a 23% tax rate, except for merger-related expenses impacted by certain non-deductible items.

29

Fifth Third Bancorp and Subsidiaries
Segment Presentation
$ in millions
(unaudited)
For the three months ended December 31, 2019	Commercial     Banking		Branch     Banking(b)		Consumer     Lending(c)		Wealth     and Asset     Management		Other/     Eliminations		Total
Net interest income (FTE)(a)	$603		$569		$91		$41		($72	)	$1,232
Provision for credit losses	(83	)	(60	)	(15	)	-		(4	)	(162	)
Net interest income after provision for credit losses	520		509		76		41		(76	)	1,070
Noninterest income	324		214		74		129		294		1,035
Noninterest expense	(422	)	(485	)	(123	)	(131	)	1		(1,160	)
Income before income taxes	422		238		27		39		219		945
Applicable income tax expense(a)	(81	)	(50	)	(6	)	(8	)	(66	)	(211	)
Net income	341		188		21		31		153		734
For the three months ended September 30, 2019	Commercial     Banking		Branch     Banking(b)		Consumer     Lending(c)		Wealth     and Asset     Management		Other/     Eliminations		Total
Net interest income (FTE)(a)	$627		$598		$88		$44		($111	)	$1,246
Provision for credit losses	(54	)	(58	)	(14	)	-		(8	)	(134	)
Net interest income after provision for credit losses	573		540		74		44		(119	)	1,112
Noninterest income	335		204		96		125		(20	)	740
Noninterest expense	(425	)	(469	)	(114	)	(129	)	(22	)	(1,159	)
Income (loss) before income taxes	483		275		56		40		(161	)	693
Applicable income tax (expense) benefit(a)	(90	)	(58	)	(12	)	(8	)	24		(144	)
Net income (loss)	393		217		44		32		(137	)	549
For the three months ended June 30, 2019	Commercial     Banking		Branch     Banking(b)		Consumer     Lending(c)		Wealth     and Asset     Management		Other/     Eliminations		Total
Net interest income (FTE)(a)	$634		$620		$83		$48		($135	)	$1,250
(Provision for) benefit from credit losses	(25	)	(55	)	(7	)	-		2		(85	)
Net interest income after provision for credit losses	609		565		76		48		(133	)	1,165
Noninterest income	301		202		67		118		(28	)	660
Noninterest expense	(420	)	(467	)	(118	)	(135	)	(103	)	(1,243	)
Income (loss) before income taxes	490		300		25		31		(264	)	582
Applicable income tax (expense) benefit(a)	(95	)	(63	)	(5	)	(7	)	41		(129	)
Net income (loss)	395		237		20		24		(223	)	453
For the three months ended March 31, 2019	Commercial     Banking		Branch     Banking(b)		Consumer     Lending(c)		Wealth     and Asset     Management		Other/     Eliminations		Total
Net interest income (FTE)(a)	$513		$584		$63		$49		($123	)	$1,086
Provision for credit losses	(20	)	(52	)	(13	)	-		(5	)	(90	)
Net interest income after provision for credit losses	493		532		50		49		(128	)	996
Noninterest income	227		183		61		114		516		1,101
Noninterest expense	(356	)	(440	)	(101	)	(130	)	(70	)	(1,097	)
Income before income taxes	364		275		10		33		318		1,000
Applicable income tax expense(a)	(70	)	(58	)	(2	)	(7	)	(88	)	(225	)
Net income	294		217		8		26		230		775
For the three months ended December 31, 2018	Commercial     Banking		Branch     Banking(b)		Consumer     Lending(c)		Wealth     and Asset     Management		Other/     Eliminations		Total
Net interest income (FTE)(a)	$444		$544		$60		$48		($11	)	$1,085
Provision for credit losses(d)	(15	)	(47	)	(12	)	(5	)	(18	)	(97	)
Net interest income after provision for credit losses	429		497		48		43		(29	)	988
Noninterest income	237		196		58		110		(26	)	575
Noninterest expense(d)	(317	)	(424	)	(93	)	(122	)	(19	)	(975	)
Income (loss) before income taxes	349		269		13		31		(74	)	588
Applicable income tax (expense) benefit(a)	(80	)	(56	)	(3	)	(7	)	13		(133	)
Net income (loss)	269		213		10		24		(61	)	455

(a) Includes taxable equivalent adjustments of $4 million, $4 million, $5 million, $4 million and $4 million for the three months ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.

(b) Branch Banking provides a full range of deposit and loan and lease products to individuals and small businesses through full-service banking centers.

(c) Consumer Lending includes the Bancorp’s residential mortgage, home equity, automobile and other indirect lending activities.

(d) Certain prior period data has been reclassified to conform to current period presentation.

30

EX-99.2

Fifth Third Bancorp 4Q19 Earnings Presentation January 22, 2020 Refer to earnings release dated January 22, 2020 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) deteriorating credit quality; (2) loan concentration by location or industry of borrowers or collateral; (3) problems encountered by other financial institutions; (4) inadequate sources of funding or liquidity; (5) unfavorable actions of rating agencies; (6) inability to maintain or grow deposits; (7) limitations on the ability to receive dividends from subsidiaries; (8) cyber-security risks; (9) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (10) failures by third-party service providers; (11) inability to manage strategic initiatives and/or organizational changes; (12) inability to implement technology system enhancements; (13) failure of internal controls and other risk management systems; (14) losses related to fraud, theft or violence; (15) inability to attract and retain skilled personnel; (16) adverse impacts of government regulation; (17) governmental or regulatory changes or other actions; (18) failures to meet applicable capital requirements; (19) regulatory objections to Fifth Third’s capital plan; (20) regulation of Fifth Third’s derivatives activities; (21) deposit insurance premiums; (22) assessments for the orderly liquidation fund; (23) replacement of LIBOR; (24) weakness in the national or local economies; (25) global political and economic uncertainty or negative actions; (26) changes in interest rates; (27) changes and trends in capital markets; (28) fluctuation of Fifth Third’s stock price; (29) volatility in mortgage banking revenue; (30) litigation, investigations, and enforcement proceedings by governmental authorities; (31) breaches of contractual covenants, representations and warranties; (32) competition and changes in the financial services industry; (33) changing retail distribution strategies, customer preferences and behavior; (34) risks relating to Fifth Third’s ability to realize the anticipated benefits of the merger with MB Financial, Inc.; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events or other natural disasters; and (43) the impact of reputational risk created by these or other 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. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. In this presentation, we may sometimes provide non-GAAP financial information. Please note that although non-GAAP financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. We provide a discussion of non-GAAP measures and reconciliations to the most directly comparable GAAP measures in later slides in this presentation, as well as on pages 27 through 29 of our 4Q19 earnings release. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of the Bancorp's control or cannot be reasonably predicted. For the same reasons, the Bancorp's management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Strategic priorities 1 2 Maintain credit, expense and capital discipline Invest to drive organic growth and profitability 3 Expand market share in key geographies 4 Leverage technology capabilities to accelerate digital transformation

Record full year net income of $2.5 billion Net interest income, NIM, noninterest income, and expense performance all in-line with or better than prior guidance Effectively managed interest-bearing core deposit costs better than prior guidance, while continuing to grow core deposits Generated record capital markets revenue Remain on-track to achieve MB expense savings by the end of 1Q20 ($255 million pre-tax) Generated $345 million pre-tax gain in 4Q19 from Worldpay tax receivable agreement (TRA) Several credit metrics impacted by conversion to national charter; excluding conversion, total NCO ratio up 1 bp from 3Q19 with consumer NCO ratio flat from 3Q19 4Q19 highlights Reported1 1Reported ROTCE, NIM, and efficiency ratio are non-GAAP measures: all adjusted figures are non-GAAP measures; see reconciliation on pages 23 and 24 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release Adjusted1 ROA Efficiency ratio ROTCE 1.25% NCO ratio: 0.41% 14.8% NIM 3.22% 3.27% 1.72% 18.7% 57.3% 51.2% ROE 10.1% 14.2% excl. AOCI excl. PAA excl. PAA & CDI 4 bps 10 bps Unfavorable Impact from charter conversion NPA ratio: 0.62%

Commercial Balance sheet Securities1 and short-term investments Loan & lease balances Core deposit balances Securities1 Short-term investments Commercial Consumer Total IB core deposit rate Note: Totals shown above may not foot due to rounding 1Available-for-sale debt and other securities at amortized cost; previous disclosures included available-for-sale equity securities which are disclosed separately in the financial results; See forward looking statements on page 2 Consumer Total loan yield Taxable securities yield Total average balance; $ billions FY20 Total loans & leases: Up ~4% 1Q20 Total loans & leases: Relatively stable from 4Q19 Current outlook (average balances, incl. HFS) Loan & lease balances exclude HFS

Net interest income1 4Q19 vs. 4Q18 Current outlook (excludes purchase accounting accretion) 4Q19 vs. 3Q19 Adjusted NII1 up $129 million, or 12%; Adjusted NIM1 down 7 bps Primary drivers: Increase in interest-earning assets including the impact from MB Financial Partially offset by the declining rate environment Adjusted NII1 down $4 million; Adjusted NIM1 down 3 bps Primary drivers: Lower short-term market rates Partially offset by growth in the indirect secured consumer portfolio and the favorable impact of previously executed cash flow hedges 1Results are on a fully-taxable equivalent basis; non-GAAP measure: see reconciliation on pages 23 and 24 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release; See forward-looking statements on page 2 FY20: NII up ~2% from FY 2019 (of $4.749 billion); NIM of ~3.25% (assumes no Fed rate movements) 1Q20: NII down ~2% from adjusted 4Q19 (of $1.214 billion); NIM up 1-2 bps from adjusted 4Q19 (of 3.22%) Total net interest income; $ millions Adjusted NII (excl. PAA) NII 3.29% 3.25% 3.22% Adjusted NIM (excl. PAA)

Adjusted noninterest income (excl. securities (gains)/losses)1 Noninterest income 4Q19 vs. 4Q18 Current outlook 4Q19 vs. 3Q19 Adjusted noninterest income1 down $22 million, or 3% (down $17 million, or 2%, including securities gains) Primary drivers: Mortgage banking revenue (down 23%) Corporate banking revenue (down 9%) Partially offset by service charges on deposits (up 4%) 1Non-GAAP measure: see reconciliation on pages 23 and 24 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release; See forward-looking statements on page 2 Total noninterest income; $ millions FY20: Up ~8% from adjusted FY19 (of $2.711 billion) 1Q20: Down ~3% from adjusted 4Q19 (of $724 million) Noninterest income Adjusted noninterest income1 up $124 million, or 21%, including the impact of MB Financial Primary drivers: Corporate banking revenue (up 18%) Mortgage banking revenue (up 35%) Wealth and asset management revenue (up 18%)

Adjusted noninterest expense (excl. intangible amortization) 1 Noninterest expense 4Q19 vs. 4Q18 4Q19 vs. 3Q19 Adjusted noninterest expense1 flat Primary drivers: Compensation and benefits (up 1%) Continued benefits from the MB Financial expense synergies FY20: Up 2-3% from adjusted FY19 (of $4.372 billion); includes 1% impact from unique one-time changes 1Q20: Up ~5% from adjusted 4Q19 (of $1.117 billion); down ~1% excluding seasonal employee expense impact Total noninterest expense; $ millions Current outlook (excluding merger-related and CDI expenses) Adjusted noninterest expense1 up $170 million, or 18%, reflecting the impact of MB Financial Primary drivers: Compensation and benefits (up 14%) Technology investments (up 36%) Operating lease expense (offset in noninterest income) Noninterest expense 1Excluding intangible amortization is a non-GAAP measure: see reconciliation on pages 23 and 24 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release; See forward-looking statements on page 2 Intend to achieve full year 2020 positive operating leverage on an adjusted basis, even under less favorable economic conditions

Credit quality overview 1Excludes HFS loans; 2Commercial criticized assets as a percentage of total commercial loans excluding HFS NPA ratio of 0.62% included a 10 bps unfavorable impact due to the accounting policy changes related to the OCC conversion NCOs of 0.41% included a 4 bps unfavorable impact due to the accounting policy change related to the OCC conversion ALLL as a percent of portfolio loans and leases of 1.10%, up 6 bps compared to the prior quarter primarily due to specific allowances on two commercial loans and an increase from the credit card portfolio Nonperforming assets1 (NPAs) Net charge-offs (NCOs) +10 bps impact from accounting policy change Commercial loans represent ~64% of total loan mix Consumer loans represent ~36% of total loan mix

CET1 ratio of 9.7%, down ~49 bps compared to the year-ago quarter, and up 19 bps compared to the prior quarter Returned approximately 95% of earnings to shareholders through dividends and repurchase ($300 million in share repurchases, which decreased common shares outstanding by ~10 million shares) Approximately $600 million remaining under CCAR 2019 authorization Strong capital position 1Current period regulatory capital ratio is estimated 2Tangible book value per share is a non-GAAP measure; see reconciliation and the use of non-GAAP measures on pages 27-29 of the earnings release Common Equity Tier 1 ratio (Basel III)1 Series H Series I Series J1 Series K Class B Series A 1Q20 - ~$7 ~$4 ~$3 ~$3 Total ~$17 Upcoming preferred dividend schedule $s in millions existing preferred dividends 2Q20 ~$15 ~$7 ~$4 ~$3 ~$3 ~$33 3Q20 - ~$7 ~$4 ~$3 ~$3 ~$17 4Q20 ~$15 ~$7 ~$4 ~$3 ~$3 ~$33 Tangible Book Value per Share2 1Series J has converted to floating (3ML + 3.129%) and quarterly payments.

Current Outlook 1Non-GAAP measure: see forward-looking statements on page 2 of this presentation regarding forward-looking non-GAAP measures and use of non-GAAP measures on pages 27-29 of the earnings release. (average balances, incl. HFS) Outlook as of January 22, 2020; please see cautionary statement on page 2 NII (FTE)1 Loans & leases relatively stable from 4Q19 Comments down ~2% from 4Q19 NIM (FTE)1 up 1-2 bps from 4Q19 Noninterest income down ~3% from 4Q19 Noninterest expense up ~5% from 4Q19 Impacted by day count and some seasonality in securities portfolio and Commercial DDAs Seasonal impacts and subdued mortgage revenue Down ~1% excl. ~$70M seasonal employee expense impact 1Q20 Comments (excluding PAA) (excluding PAA) (excl. merger-related items) (excl. merger-related and CDI expenses) (4Q19 baseline: $1.214BN) (4Q19 baseline: 3.22%) (4Q19 baseline: $724MM) (4Q19 baseline: $1.117BN) Full year 2020 (average balances, incl. HFS) NII (FTE)1 Loans & leases up ~4% from FY19 up ~2% from FY19 NIM (FTE)1 ~3.25% Noninterest income up ~8% from FY19 Noninterest expense up 2-3% from FY19 (excluding PAA) (excluding PAA) (excl. merger-related items) (excl. merger-related and CDI expenses) (FY19 baseline: $4.749BN) (FY19 baseline: 3.27%) (FY19 baseline: $2.711BN) (FY19 baseline: $4.372N) Reflects increased benefits from previously executed hedges Recent trends expected to continue Assumes no Fed rate moves Effective tax rate ~22% Net charge-off ratio 35 to 40 bps range Losses remain near historically low levels from 2019; may fluctuate quarter-to-quarter given low absolute levels Growth in commercial and consumer Includes 1% impact from unique one-time changes

Strategic priorities Focused on top quartile through-the-cycle performance to create long-term shareholder value 1 3 2 4 Leverage technology capabilities to accelerate digital transformation Maintain credit, expense and capital discipline Expand market share in key geographies Invest to drive organic growth and profitability

Appendix

Estimated potential GAAP income recognition6 Successful monetization of TRA transaction 1Options can either be executed by FIS or Fifth Third and generate payments to Fifth Third; 2Projections assume put/call options are exercised for each 1 year option (3 options - 2020, 2021, & 2023); 3Balance excludes NII accretion of TRA receivables; 4Equity earnings, net of intangible amortization, represent ~$502M; “other“ represents ~$58M and includes various other sources of revenue; 5Assumes FIS will have sufficient taxable income to utilize TRA related deductions and have a marginal tax rate of 25%; 6See forward-looking statements on page 2; 7Management assumes the deferred 2019 TRA payment will be recognized in 2020 with cash to be received in 2021. $ Millions; pre-tax 4Q19 TRA update Over $7BN of shareholder value Includes deferred 2019 benefit6,7 Expected TRA related cash flows6 $ Millions; pre-tax Reached agreement with FIS (“TRA transaction”) to terminate and settle $720MM of gross cash flows over 15+ years for periodic payments, totaling $366MM, over the next 4 years1 Transaction results in a $345MM pre-tax gain recognized in the fourth quarter of 2019 $ Millions; pre-tax 2009 - 2019 2020+ Includes deferred 2019 benefit6,7 2, 3 4 5,6 5 2 2 5

Expected impacts of MB purchase accounting1 1Q20 ($ in millions) Reflects purchase accounting impacts exclusively related to the MB Financial acquisition Projected purchase accounting accretion from the non-PCI loan portfolio represents scheduled amortization, and does not include impact of any accelerated payoffs $38 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1See forward-looking statements on page 2 of this presentation.

Proactive balance sheet management Best YoY NIM performance compared to peers, and 2020 outlook calling for relative NIM stability Hedge portfolio to provide protection against lower rates for another 5 years even without adding additional hedges Cash flow hedges ($ in billions) Focused on proactively managing deposit costs and growing core deposits while de-emphasizing CD portfolio Peer 1 Peer 2 Peer 3 5/3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 4Q19 adjusted NIM down only 3 bps relative to 3Q19 Expect FY2020 NIM of ~3.25% (down only 2 bps from 2019) Strong growth in transaction deposits while substantially lowering deposit costs Change in adjusted NIM 3Q18-3Q19 (bps) Deposit balances ($ in billions); totals shown below may not foot due to rounding $8B swaps @ ~3.02% receive fixed rate $3B floors @ 2.25% 1 month LIBOR strike +~2% +~2% $118.5 $120.4 $121.8 1Non-GAAP measures: see reconciliation on pages 23 and 24 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release; See forward-looking statements on page 2 regarding forward-looking non-GAAP measure and forward-looking statements

Efficiency ratio trend1 Pre-provision net revenue1 4Q19 vs. 4Q18 4Q19 vs. 3Q19 Adjusted PPNR down $21 million, or 2% Decline driven by decreased NII and noninterest income, primarily due to lower mortgage banking and corporate banking revenue Decline partially offset by decrease in noninterest expense from MB Financial expense synergies 1PPNR, Adjusted PPNR, efficiency ratio and adjusted efficiency ratio are non-GAAP measures: see reconciliation on pages 23 and 24 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release See forward-looking statements on page 2 Pre-provision net revenue; $ millions Adjusted PPNR up $104 million, or 14%, including the impact of MB Financial Growth driven by increased NII and noninterest income, reflecting contributions from corporate banking revenue, mortgage banking revenue, and wealth and asset management revenue Growth partially offset by increased compensation and benefits expense and continued investments in technology

Strong liquidity profile $ millions – excl. Retail Brokered & Institutional CDs Unsecured debt maturities Heavily core funded Holding company: Holding Company cash as of December 31, 2019: $4.1B Cash currently sufficient to satisfy all fixed obligations in a stressed environment for ~26 months (debt maturities, common and preferred dividends, interest, and other expenses) without accessing capital markets, relying on dividends from subsidiaries or any other actions The Holding Company issued $750MM of five-year senior notes in 4Q19 Bank entity: The Bank did not issue any long-term debt in 4Q19 Available and contingent borrowing capacity (4Q19): FHLB ~$12.1B available, ~$12.2B total Federal Reserve ~$36.2B As of 12/31/2019 $2,150 $3,150

100% Fix | 0% Variable 76% Fix | 24% Variable Balance sheet positioning Investment portfolio $18.8B fixed | $51.3B variable 1,2,3 Commercial loans1,2,3 Consumer loans1 Long-term debt4 $30.5B fixed | $10.4B variable 1 $11.0B fix | $4.0B variable 4 1ML based: 60%6 3ML based: 6%6 Prime based: 6%6 Other based: ~1%6,9 Weighted avg. life: 1.4 years 1ML based: 1%7 12ML based: 2%7 Prime based: 19%7 Weighted avg. life: 3.0 years Data as of 12/31/19; 1Includes HFS Loans & Leases; 2Fifth Third had $7.0B of variable loans classified as fixed given the 1ML receive-fix swaps outstanding against C&I loans; 3Excludes forward starting swaps; 4Fifth Third had $1.45B 3ML receive-fix swaps and $1.25B 1ML receive-fix swaps outstanding against long-term debt, which are being included in floating, long-term debt with swaps outstanding reflected at fair value; 5Effective duration of the taxable available for sale portfolio; 6As a percent of total commercial; 7As a percent of total consumer; 8As a percent of total long-term debt; 9Includes 12ML, 6ML, and Fed Funds based loans 1ML based: 9%8 3ML based: 18%8 Weighted avg. life: 4.13 years C&I 25% Fix | 75% Variable Coml. mortgage 23% Fix | 77% Variable Coml. lease 100% Fix | 0% Variable Resi mtg.& construction 88% Fix | 12% Variable Auto/Indirect 100% Fix | 0% Variable Home equity 10% Fix | 90% Variable Senior debt 70% Fix | 30% Variable Sub debt 76% Fix | 24% Variable Auto securiz. proceeds 96% Fix | 4% Variable Coml. construction 0% Fix | 100% Variable Credit card 23% Fix | 77% Variable Other 67% Fix | 33% Variable Other 82% Fix | 18% Variable 64% allocation to bullet/ locked-out cash flow securities Yield: 3.27% Effective duration of 5.15 Net unrealized pre-tax gain: $1.1B 99% AFS Level 1 100% Fix | 0% Variable Level 2A Non-HQLA/ Other Information above incorporates ~$13BN in receive fixed swaps and rate floors effective as of 12/31/19 In addition, $1BN in 5 year swaps with a 3.20% receive fixed rate against 1 month LIBOR is not reflected in information above (effective on 1/2/20)

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 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 12/31/19; 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. NII is modestly asset sensitive over the next 12-24 months to rising rates. As of December 31, 2019, 56% of loans were variable rate net of existing swaps (73% of commercial; 25% of consumer) Investment portfolio effective duration of 5.11 Short-term borrowings represent approximately 6% of total wholesale funding, or 1% of total funding Approximately $12 billion in non-core funding matures beyond one year Interest rate sensitivity tables leverage the following deposit assumptions: Beta on all interest-bearing deposit and sweep balances: 71% up and 41% down2 No modeled re-pricing lag on deposits Utilizes forecasted balance sheet with $750MM DDA runoff and growth (per 100 bps rate movement) assumed in up rate and down rate scenarios, respectively Weighted interest-bearing deposit floor of 9 bps

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

Balance and credit loss trends1 Commercial & industrial Residential mortgage Commercial mortgage Home equity Indirect secured consumer loans Average Portfolio Balance NCOs as a % of average portfolio loans 1All balances are in billions 4Q18 4Q19 1Q19 2Q19 3Q19 Commercial construction NCOs as a % of average portfolio loans ex. acct policy change

See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures; 1Pre-tax items: for all periods assume a 23% tax rate, except for 1Q19 non-deductible merger-related items Regulation G non-GAAP reconciliation Fifth Third Bancorp and Subsidiaries Regulation G Non-GAAP Reconciliation $ and shares in millions December September June March December (unaudited) 2019 2019 2019 2019 2018 Net income attributable to Bancorp (U.S. GAAP) (a) $734 $549 $453 $775 $455 Net income attributable to Bancorp (U.S. GAAP) (annualized) (b) $2,912 $2,178 $1,817 $3,143 $1,805 Net income available to common shareholders (U.S. GAAP) (c) $701 $530 $427 $760 $432 Add: Intangible amortization, net of tax 11 11 11 2 1 Tangible net income available to common shareholders (d) $712 $541 $438 $762 $433 Tangible net income available to common shareholders (annualized) (e) $2,825 $2,146 $1,757 $3,090 $1,718 Net income available to common shareholders (annualized) (f) $2,781 $2,103 $1,713 $3,082 $1,714 Average Bancorp shareholders' equity (U.S. GAAP) (g) $21,304 $21,087 $20,135 $17,025 $15,794 Less: Average preferred stock (h) (1,770) (1,445) (1,331) (1,331) (1,331) Average goodwill (4,260) (4,286) (4,301) (2,682) (2,468) Average intangible assets and other servicing rights (194) (208) (215) (58) (32) Average tangible common equity (i) $15,080 $15,148 $14,288 $12,954 $11,963 Less: average accumulated other comprehensive income ("AOCI") (1,416) (1,444) (619) - 719 Average tangible common equity, excluding AOCI (j) $13,664 $13,704 $13,669 $12,954 $12,682 Adjustments (pre-tax items) Valuation of Visa total return swap 44 11 22 31 (7) Gain from GreenSky IPO - - - - - GreenSky securities losses (gains) - - - (9) 21 Provision impact from conversion to a national charter 9 - - - - Merger-related expense 9 28 109 76 27 Contribution for Fifth Third Foundation 20 - - - - Merger-related branch network impairment charge - - - 13 - Gain on sale of Vantiv/Worldpay shares (345) - - (562) - Adjustments - after-tax 1 (k) (202) $30 $101 (341) $32 Adjustments - tax-related Acquisition impact on state deferred taxes - - - 9 - Adjustments - tax-related (l) - - - 9 - Adjusted net income attributable to Bancorp [(a) + (k) + (l)] $532 $579 $554 $443 $487 Adjusted net income attributable to Bancorp (annualized) (m) $2,111 $2,297 $2,222 $1,797 $1,932 Adjusted net income available to common shareholders [(c) + (k) + (l)] $499 $560 $528 $428 $464 Adjusted net income available to common shareholders (annualized) (n) $1,980 $2,222 $2,118 $1,736 $1,841 Adjusted tangible net income available to common shareholders [(d) + (k) + (l)] $510 $571 $539 $430 $465 Adjusted tangible net income available to common shareholders (annualized) (o) $2,023 $2,265 $2,162 $1,744 $1,845 Average assets (p) $169,327 $169,585 $167,578 $148,968 $144,185 Metrics: Return on assets (b) / (p) 1.72% 1.28% 1.08% 2.11% 1.25% Adjusted return on assets (m) / (p) 1.25% 1.35% 1.33% 1.21% 1.34% Return on average common equity (f) / [(g) + (h)] 14.2% 10.7% 9.1% 19.6% 11.8% Adjusted return on average common equity (n) / [(g) + (h)] 10.1% 11.3% 11.3% 11.1% 12.7% Return on average tangible common equity (e) / (i) 18.7% 14.2% 12.3% 23.9% 14.3% Adjusted return on average tangible common equity (o) / (i) 13.4% 15.0% 15.1% 13.5% 15.4% Adjusted return on average tangible common equity, excluding AOCI (o) / (j) 14.8% 16.5% 15.8% 13.5% 14.5% For the Three Months Ended

Regulation G non-GAAP reconciliation See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures Fifth Third Bancorp and Subsidiaries Regulation G Non-GAAP Reconciliation $ and shares in millions December September June March December (unaudited) 2019 2019 2019 2019 2018 Average interest-earning assets (a) $149,312 $148,854 $148,790 $134,463 $131,072 Net interest income (U.S. GAAP) (b) $1,228 $1,242 $1,245 $1,082 $1,081 Add: Taxable equivalent adjustment 4 4 5 4 4 Net interest income (FTE) (c) $1,232 $1,246 $1,250 $1,086 $1,085 Less: Net interest income impact from purchase accounting accretion 18 28 18 1 - Adjusted net interest income (d) $1,214 $1,218 $1,232 $1,085 $1,085 Net interest income (FTE) (annualized) (e) $4,888 $4,943 $5,014 $4,404 $4,305 Adjusted net interest income (FTE) (annualized) (f) $4,816 $4,832 $4,942 $4,400 $4,305 Noninterest income (U.S. GAAP) (g) $1,035 $740 $660 $1,101 $575 Valuation of Visa total return swap 44 11 22 31 (7) GreenSky securities losses (gains) - - - (9) 21 Merger-related branch network charge - - - 13 - Gain on sale of Vantiv/Worldpay shares (345) - - (562) - Adjusted noninterest income (h) $734 $751 $682 $574 $589 Add: Securities (gains)/losses (10) (5) (8) (7) 11 Adjusted noninterest income, (excl. securities (gains)/losses) $724 $746 $674 $567 $600 Noninterest expense (U.S. GAAP) (i) $1,160 $1,159 $1,243 $1,097 $975 Contribution for Fifth Third Foundation (20) - - - - Merger-related expense (9) (28) (109) (76) (27) Adjusted noninterest expense $1,131 $1,131 $1,134 $1,021 $948 Less: Intangible amortization 14 14 14 3 1 Adjusted noninterest expense excl. intangible amortization expense (j) $1,117 $1,117 $1,120 $1,018 $947 Metrics: Pre-provision net revenue [(c) + (g) - (i)] 1,107 827 667 1,090 685 Adjusted pre-provision net revenue [(d) + (h) - (j)] 831 852 794 641 727 Net interest margin (FTE) (e) / (a) 3.27% 3.32% 3.37% 3.28% 3.29% Adjusted net interest margin (FTE) (f) / (a) 3.22% 3.25% 3.32% 3.28% 3.29% Efficiency ratio (FTE) (i) / [(c) + (g)] 51.2% 58.4% 65.1% 50.2% 58.7% Adjusted efficiency ratio (j) / [(d) + (h)] 57.3% 56.7% 58.5% 61.4% 56.6% For the Three Months Ended

XML

Document and Entity Information	Jan. 22, 2020
Document And Entity Information [Line Items]
Entity Registrant Name	Fifth Third Bancorp
Amendment Flag	false
Entity Central Index Key	0000035527
Document Type	8-K
Document Period End Date	Jan. 22, 2020
Entity Incorporation, State or Country Code	OH
Entity File Number	001-33653
Entity Tax Identification Number	31-0854434
Entity Address, Address Line One	Fifth Third Center
Entity Address, Address Line Two	38 Fountain Square Plaza
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45263
City Area Code	800
Local Phone Number	972-3030
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
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