8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 21, 2020

Fifth Third Bancorp

(Exact name of registrant as specified in its charter)

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

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

(800) 972-3030

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

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

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

Emerging growth company  ☐

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

Item 2.02 Results of Operations and Financial Condition.

On April 21, 2020, Fifth Third Bancorp issued a press release announcing its earnings release for the first quarter of 2020. A copy of this press release is attached as Exhibit 99.1. This information is furnished under both Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.

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

Item 7.01 Regulation FD Disclosure.

On April 21, 2020, Fifth Third Bancorp issued a press release announcing its earnings release for the first quarter of 2020. A copy of this press release is attached as Exhibit 99.1. This information is furnished under both Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.

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

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

Item 8.01 Other Events.

The following risk factor supplements the “Risk Factors” section in our 2019 Annual Report and item 1A of our 2019 Form 10-K.

The COVID-19 Pandemic Creates Significant Risks and Uncertainties for Our Business.

In March 2020, the World Health Organization declared novel coronavirus disease 2019 (COVID-19) as a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations, created significant volatility and disruption in financial markets, and increased unemployment levels. In addition, the pandemic has resulted in temporary closures of many businesses and the institution of social distancing and sheltering in place requirements in many states and communities, including those in major markets in which the Bancorp is located or does business.

As a result, the demand for the Bancorp’s products and services has been, and will continue to be, significantly impacted. Furthermore, the pandemic could influence the recognition of credit losses in the Bancorp’s loan and lease portfolios and increase its allowance for credit losses as both businesses and consumers are negatively impacted by the economic downturn. In addition, governmental actions are meaningfully influencing the interest-rate environment, which could adversely affect the Bancorp’s results of operations and financial condition. The business operations of subsidiaries of the Bancorp, such as Fifth Third Bank, National Association, may also be disrupted if significant portions of their workforce are unable to work effectively, including because of illness, quarantines, government actions, or other restrictions in connection with the pandemic, travel restrictions, technology limitations and/or disruptions. Furthermore, the business operations of subsidiaries of the Bancorp have been, and may again in the future be, disrupted due to vendors and third-party service providers being unable to work or provide services effectively, including because of illness, quarantines, government actions, or other restrictions in connection with the pandemic.

In response to the pandemic, Fifth Third Bank, National Association, has also suspended residential property foreclosure sales, evictions, and involuntary automobile repossessions, and is offering fee waivers, payment deferrals, and other expanded assistance for credit card, automobile, mortgage, small business and personal lending customers. These programs, as well as certain accommodations made to commercial customers, are expected to negatively impact revenue and other results of operations of the Bancorp in the near term and, if not effective in mitigating the effect of COVID-19 on Bancorp customers, may adversely affect the Bancorp’s business and results of operations more substantially over a longer period of time.

The extent to which the COVID-19 pandemic impacts the Bancorp’s business, results of operations, and financial condition, as well as its regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic. Moreover, the effects of the COVID-19 pandemic may heighten many of the other risks described in the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K including, but not limited to, risks of credit deterioration, interest rate changes, rating agency actions, governmental actions, market volatility, theft, fraud, security breaches and technology interruptions.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1 – Press release dated April 21, 2020

Exhibit 99.2 – First Quarter 2020 Earnings Presentation

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

SIGNATURES

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

	FIFTH THIRD BANCORP
	(Registrant)
Date: April 21, 2020	/s/ TAYFUN TUZUN
	Tayfun Tuzun
	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Fifth Third Announces First Quarter 2020 Results

Reported diluted earnings per share of $0.04

Reported results included a negative $0.64 impact from certain items on page 2, including $0.09 from notable items,

and $0.55 from provision in excess of net charge-offs

Key Financial Data $ millions for all balance sheet and income statement items
	1Q20			4Q19			1Q19
Income Statement Data
Net income available to common shareholders	$	29		$	701		$	760
Net interest income (U.S. GAAP)		1,229			1,228			1,082
Net interest income (FTE)(a)		1,233			1,232			1,086
Noninterest income		671			1,035			1,101
Noninterest expense		1,200			1,160			1,097
Per Share Data
Earnings per share, basic	$	0.04		$	0.97		$	1.14
Earnings per share, diluted		0.04			0.96			1.12
Book value per share		28.26			27.41			24.77
Tangible book value per share(a)		22.02			21.13			18.64
Balance Sheet & Credit Quality
Average portfolio loans and leases	$	110,779		$	109,787		$	97,773
Average deposits		126,789			126,116			109,591
Net charge-off ratio(b)		0.44	%		0.41	%		0.32	%
Nonperforming asset ratio(c)		0.60			0.62			0.45
Financial Ratios
Return on average assets		0.11	%		1.72	%		2.11	%
Return on average common equity		0.6			14.2			19.6
Return on average tangible common equity(a)		1.0			18.7			23.9
CET1 capital(d)(e)		9.36			9.75			9.60
Net interest margin(a)		3.28			3.27			3.28
Efficiency(a)		63.0			51.2			50.2
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. 1Refers to the current expected credit losses (CECL) methodology implemented upon the Bancorp’s adoption of ASU 2016-13.

CEO Commentary

“The unprecedented nature of the environment that we are operating in today undoubtedly reprioritizes our focus to the significant and ongoing actions we are taking for our customers, our employees, and our communities. We are leveraging our balance sheet strength to help solve the spiraling economic effects of this health crisis, and we will continue to respond rapidly and do what is necessary to help mitigate the effects of the downturn. I am very proud of the way our employees have responded in extraordinary ways to support our customers and each other.

Our operating results during the first quarter were very strong given the speed and extent of the deterioration in the economic environment that we experienced in the latter part of the quarter. The results show the impact of the strength of our franchise and the strategic decisions we have made in managing our balance sheet, our interest rate risk and our liquidity risk exposures. Net interest income, net interest margin, noninterest income, and expenses all performed in-line with or better than our January guidance, with the net charge off ratio also consistent with our previous expectations.

Our allowance for credit losses now reflects both the adoption of the new CECL methodology and the impact of COVID-19. After assessing the impact of the deteriorating economic conditions and the counter impact of the unprecedented fiscal and monetary stimulus programs on our loan portfolios, we increased our reserves compared to last quarter, which includes the impact of the loan growth that we experienced during the quarter.

(continued)

Investor contact: Chris Doll (513) 534-2345 | Media contact: Ed Loyd (513) 534-6397 April 21, 2020

While we do not know the duration or severity of the crisis, we have spent the past decade strengthening our balance sheet, diversifying our revenue streams, and stress testing our firm-wide resilience under a range of conditions worse than the last crisis and more severe than the regulatory-run stress tests. During that time, we have consistently communicated our ‘through-the-cycle’ principles of disciplined client selection, conservative underwriting, and an overall balance sheet management approach focused on a long-term performance horizon. Our unwavering adherence to these principles and our balance sheet strength give us confidence as we navigate this uncertain environment.”

-Greg D. Carmichael, Chairman, President and CEO

Income Statement Highlights

($ in millions, except per share data)	For the Three Months Ended						% Change
	March 2020		December 2019		March 2019		Seq			Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$	1,233	$	1,232	$	1,086		—			14	%
Provision for credit losses		640		162		90		295	%		611	%
Noninterest income		671		1,035		1,101		(35	%)		(39	%)
Noninterest expense		1,200		1,160		1,097		3	%		9	%
Income before income taxes(a)	$	64	$	945	$	1,000		(93	%)		(94	%)
Taxable equivalent adjustment		4		4		4		—			—
Applicable income tax expense		14		207		221		(93	%)		(94	%)
Net income	$	46	$	734	$	775		(94	%)		(94	%)
Dividends on preferred stock		17		33		15		(48	%)		13	%
Net income available to common shareholders	$	29	$	701	$	760		(96	%)		(96	%)
Earnings per share, diluted	$	0.04	$	0.96	$	1.12		(96	%)		(97	%)

Fifth Third Bancorp (Nasdaq: FITB) today reported first quarter 2020 net income of $46 million compared to net income of $775 million in the year-ago quarter. Net income available to common shareholders was $29 million, or $0.04 per diluted share, compared to $760 million, or $1.12 per diluted share in the year-ago quarter. Prior quarter net income was $734 million and net income available to common shareholders was $701 million, or $0.96 per diluted share.

Diluted earnings per share impact of certain items - 1Q20
(after-tax impacts(f); $ in millions, except per share data)
Provision in excess of net charge-offs	($	399	)
Diluted earnings per share impact from provision in excess of net charge-offs	($	0.55	)
Unfavorable credit valuation adjustment (CVA) within other noninterest expense	($	28	)
Valuation of Visa total return swap within other noninterest income	($	17	)
Net impairment on private equity investments	($	12	)
Merger-related expenses	($	5	)
After-tax impact(f) of other notable items	($	62	)
Diluted earnings per share impact of other notable items	($	0.09	)
Diluted earnings per share impact reflect 720.363 million average diluted shares outstanding

2

Net Interest Income

(FTE; $ in millions)(a)	For the Three Months Ended									% Change
	March 2020			December 2019			March 2019			Seq			Yr/Yr
Interest Income
Interest income	$	1,529		$	1,563		$	1,437			(2	%)		6	%
Interest expense		296			331			351			(11	%)		(16	%)
Net interest income (NII)	$	1,233		$	1,232		$	1,086			—			14	%
Adjusted NII(a)	$	1,217		$	1,214		$	1,085			—			12	%
Average Yield/Rate Analysis										bps Change
Yield on interest-earning assets		4.07	%		4.15	%		4.33	%		(8	)		(26	)
Rate paid on interest-bearing liabilities		1.09	%		1.22	%		1.46	%		(13	)		(37	)
Ratios
Net interest rate spread		2.98	%		2.93	%		2.87	%		5			11
Net interest margin (NIM)		3.28	%		3.27	%		3.28	%		1			—
Adjusted NIM(a)		3.24	%		3.22	%		3.28	%		2			(4	)

Compared to the year-ago quarter, reported NII increased $147 million, or 14%. Excluding purchase accounting accretion of $16 million in the current quarter and $1 million in the year-ago quarter, adjusted NII increased $132 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 remained flat, and decreased 4 bps excluding purchase accounting accretion.

Compared to the prior quarter, reported NII increased $1 million. Excluding purchase accounting accretion, adjusted NII increased $3 million, reflecting loan growth, the favorable impact of previously executed cash flow hedges, and the benefit of elevated short-term LIBOR rates on loan yields relative to funding costs, partially offset by seasonally strong securities portfolio income in the prior quarter as well as the impact of a lower day count. Compared to the prior quarter, reported NIM increased 1 bp. Excluding purchase accounting accretion, adjusted NIM increased 2 bps, reflecting the favorable impact of previously executed hedges, proactive management of deposit rates, and a lower day count, partially offset by the aforementioned securities portfolio income from the prior quarter and a 3 bps unfavorable impact from elevated cash balances.

3

Noninterest Income

($ in millions)	For the Three Months Ended								% Change
	March 2020			December 2019			March 2019		Seq			Yr/Yr
Noninterest Income
Service charges on deposits	$	148		$	149		$	131		(1	%)		13	%
Commercial banking revenue		124			127			103		(2	%)		20	%
Mortgage banking net revenue		120			73			56		64	%		114	%
Wealth and asset management revenue		134			129			112		4	%		20	%
Card and processing revenue		86			95			79		(9	%)		9	%
Leasing business revenue		73			71			32		3	%		128	%
Other noninterest income		7			382			569		(98	%)		(99	%)
Securities (losses) gains, net		(24	)		10			16		NM			NM
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights		3			(1	)		3		NM			—
Total noninterest income	$	671		$	1,035		$	1,101		(35	%)		(39	%)

(In the first quarter 2020, as a result of updating internal management reporting processes and to provide more detailed information, certain noninterest income disclosures were adjusted. Leasing business revenue is a new line item with revenue previously included in the Corporate banking revenue - with the remaining revenue shown as Commercial banking revenue - and Other noninterest income line items. These adjustments were retrospectively applied to prior periods presented.)

Reported noninterest income decreased $430 million, or 39%, from the year-ago quarter, and decreased $364 million, or 35%, from the prior quarter. The reported results reflect the impact of certain items in the table below, primarily from Worldpay transactions, in both the prior quarter and the year-ago quarter.

Noninterest Income excluding certain items

($ in millions)	For the Three Months Ended
	March 2020		December 2019			March 2019
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$	671	$	1,035		$	1,101
Valuation of Visa total return swap		22		44			31
Net impairment on private equity investments		15		—			—
Merger-related branch network impairment charge		—		—			13
Gain on sale of Worldpay shares		—		—			(562	)
Gain recognized from Worldpay TRA transaction		—		(345	)		—
GreenSky equity securities (gain)		—		—			(9	)
Securities (gains) losses, net (excluding GreenSky)		24		(10	)		(7	)
Noninterest income excluding certain items(a)	$	732	$	724		$	567

Compared to the year-ago quarter, noninterest income excluding the items in the preceding table increased $165 million, or 29%. Compared to the prior quarter, noninterest income excluding the items in the preceding table increased $8 million, or 1%.

Compared to the year-ago quarter, service charges on deposits increased $17 million, or 13%, driven by higher commercial deposit fees. Commercial banking revenue increased $21 million, or 20%, primarily driven by increases in financial risk management revenue and corporate bond fees, partially offset by a decrease in loan syndications revenue. Mortgage banking net revenue increased $64 million, or 114% primarily driven by an improved gain on sale margin on higher mortgage originations of $4 billion in the current quarter compared to $1.6 billion in the year-ago quarter. Wealth and asset management revenue increased $22 million, or 20%, primarily driven by higher personal asset management revenue and brokerage fees. Card and processing revenue increased by $7 million, or 9%, reflecting increases in credit and debit transaction volumes, partially offset by higher rewards. Leasing business revenue increased $41 million, or 128%, primarily reflecting the impacts from the MB Financial acquisition.

4

Compared to the prior quarter, service charges on deposits decreased $1 million, or 1%, due to lower consumer deposit fees, partially offset by higher commercial deposit fees. Commercial banking revenue decreased $3 million, or 2%, primarily driven by decreases in loan syndications and M&A advisory revenue, partially offset by increases in financial risk management revenue and corporate bond fees. Mortgage banking net revenue increased $47 million, or 64%, primarily driven by an improved gain on sale margin, a 6% increase in origination volumes, and the impact of the MSR valuation, net of hedges. Wealth and asset management revenue increased $5 million, or 4%, primarily driven by higher brokerage fees, partially offset by lower personal asset management revenue. Card processing revenue decreased $9 million, or 9%, reflecting decreases in credit and debit volumes in the final month of the quarter, partially offset by lower rewards. Leasing business revenue increased $2 million, or 3%, primarily driven by an increase in lease syndication fees, partially offset by a decrease in business solutions revenue.

Noninterest Expense

($ in millions)	For the Three Months Ended						% Change
	March 2020		December 2019		March 2019		Seq			Yr/Yr
Noninterest Expense
Compensation and benefits	$	647	$	576	$	610		12	%		6	%
Net occupancy expense		82		84		75		(2	%)		9	%
Technology and communications		93		103		83		(10	%)		12	%
Equipment expense		32		33		30		(3	%)		7	%
Card and processing expense		31		33		31		(6	%)		—
Leasing business expense		35		36		19		(3	%)		84	%
Marketing expense		31		44		36		(30	%)		(14	%)
Intangible amortization expense		13		14		3		(7	%)		NM
Other noninterest expense		236		237		210		—			12	%
Total noninterest expense	$	1,200	$	1,160	$	1,097		3	%		9	%

(In the first quarter 2020, as a result of updating internal management reporting processes and to provide more detailed information, certain noninterest expense disclosures were adjusted. Leasing business expense and Marketing expense are new line items shown reflecting expenses previously included in the Other noninterest expense line item. These adjustments were retrospectively applied to prior periods presented.)

Impacts of Merger-Related Expenses

($ in millions)	For the Three Months Ended
	March 2020		December 2019		March 2019
Merger-Related Expenses
Compensation and benefits	$	2	$	1	$	35
Net occupancy expense		1		3		—
Technology and communications		3		4		11
Equipment expense		—		—		—
Card and processing expense		—		—		—
Leasing business expense		—		—		—
Marketing expense		—		—		4
Intangible amortization expense		—		—		—
Other noninterest expense		1		1		26
Total merger-related expenses	$	7	$	9	$	76

5

Noninterest Expense excluding Merger-Related Expenses^(a)

($ in millions)	For the Three Months Ended						% Change
	March 2020		December 2019		March 2019		Seq			Yr/Yr
Noninterest Expense excluding Merger-Related Expenses
Compensation and benefits	$	645	$	575	$	575		12	%		12	%
Net occupancy expense		81		81		75		—			8	%
Technology and communications		90		99		72		(9	%)		25	%
Equipment expense		32		33		30		(3	%)		7	%
Card and processing expense		31		33		31		(6	%)		—
Leasing business expense		35		36		19		(3	%)		84	%
Marketing expense		31		44		32		(30	%)		(3	%)
Intangible amortization expense		13		14		3		(7	%)		NM
Other noninterest expense		235		236		184		—			28	%
Total noninterest expense excluding merger-related expenses	$	1,193	$	1,151	$	1,021		4	%		17	%

Compared to the year-ago quarter, reported noninterest expense increased $103 million, or 9%. Excluding the merger-related expenses, intangible amortization expense, and an unfavorable CVA within other noninterest expense of $36 million in the current quarter, noninterest expense increased $126 million, or 12%, 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 $40 million, or 3%. Excluding the aforementioned merger-related expenses, intangible amortization expense, unfavorable CVA, and a $20 million contribution to the Fifth Third Foundation (included in other noninterest expense) in the prior quarter, noninterest expense increased $27 million, or 2%, as seasonally higher compensation and benefits as well as $3 million in special payments to employees providing essential banking services through the COVID-19 pandemic were partially offset by lower marketing and technology expenses.

6

Average Interest-Earning Assets

($ in millions)	For the Three Months Ended						% Change
	March 2020		December 2019		March 2019		Seq			Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	51,586	$	50,938	$	46,011		1	%		12	%
Commercial mortgage loans		11,019		10,831		7,414		2	%		49	%
Commercial construction loans		5,132		5,334		4,838		(4	%)		6	%
Commercial leases		3,201		3,384		3,555		(5	%)		(10	%)
Total commercial loans and leases	$	70,938	$	70,487	$	61,818		1	%		15	%
Consumer loans:
Residential mortgage loans	$	16,732	$	16,697	$	15,624		—			7	%
Home equity		6,006		6,147		6,355		(2	%)		(5	%)
Indirect secured consumer loans		11,809		11,281		9,176		5	%		29	%
Credit card		2,498		2,496		2,396		—			4	%
Other consumer loans		2,796		2,679		2,404		4	%		16	%
Total consumer loans	$	39,841	$	39,300	$	35,955		1	%		11	%
Total average portfolio loans and leases	$	110,779	$	109,787	$	97,773		1	%		13	%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$	108	$	43	$	62		151	%		74	%
Consumer loans held for sale		1,293		1,156		527		12	%		145	%
Total average loans and leases held for sale	$	1,401	$	1,199	$	589		17	%		138	%
Securities and other short-term investments	$	39,033	$	38,326	$	36,101		2	%		8	%
Total average interest-earning assets	$	151,213	$	149,312	$	134,463		1	%		12	%

Compared to the year-ago quarter, total average portfolio loans and leases increased 13%, reflecting the impact of the MB Financial acquisition. Average commercial portfolio loans and leases increased 15%, reflecting the impact of MB Financial as well as higher commercial and industrial (C&I) and commercial mortgage loans, partially offset by a decline in commercial leases. Average consumer portfolio loans increased 11%, reflecting growth in indirect secured consumer loans (predominantly indirect automobile) as well as the impact of MB Financial.

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

Total period end commercial loans and leases of $78 billion increased $6 billion, or 9%, from the year-ago quarter and increased $8 billion, or 11%, from the prior quarter, primarily due to the aforementioned C&I line draw activity. Period end commercial revolving line utilization was 47%, compared to 38% in the year-ago quarter and 36% in the prior quarter, reflecting line draw activity at the end of the quarter predominantly from corporate banking clients.

Average available-for-sale debt and other securities of $35.1 billion increased 5% compared to the year-ago quarter and decreased 1% compared to the prior quarter. Average other short-term investments (which includes interest-bearing cash) of $2.9 billion increased 65% compared to the year-ago quarter and increased 44% compared to the prior quarter.

7

Average Deposits

($ in millions)	For the Three Months Ended						% Change
	March 2020		December 2019		March 2019		Seq			Yr/Yr
Average Deposits
Demand	$	35,765	$	35,710	$	30,557		—			17	%
Interest checking		40,298		38,628		33,697		4	%		20	%
Savings		14,715		14,274		13,052		3	%		13	%
Money market		27,109		27,429		23,133		(1	%)		17	%
Foreign office(g)		209		244		208		(14	%)		—
Total transaction deposits	$	118,096	$	116,285	$	100,647		2	%		17	%
Other time		5,081		5,507		4,860		(8	%)		5	%
Total core deposits	$	123,177	$	121,792	$	105,507		1	%		17	%
Certificates - $100,000 and over		3,355		4,072		3,358		(18	%)		—
Other deposits		257		252		726		2	%		(65	%)
Total average deposits	$	126,789	$	126,116	$	109,591		1	%		16	%

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, demand, and money market deposits. Average commercial transaction deposits increased 25% and average consumer transaction deposits increased 11%.

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

Period end total transaction deposits of $128 billion increased $9 billion, or 8%, compared to the prior quarter. Performance was primarily driven by commercial transaction growth of $8 billion, or 14%, partially reflecting deposits from the aforementioned C&I line draw activity near the end of the quarter.

Average Wholesale Funding

($ in millions)	For the Three Months Ended						% Change
	March 2020		December 2019		March 2019		Seq			Yr/Yr
Average Wholesale Funding
Certificates - $100,000 and over	$	3,355	$	4,072	$	3,358		(18	%)		—
Other deposits		257		252		726		2	%		(65	%)
Federal funds purchased		654		1,174		2,019		(44	%)		(68	%)
Other short-term borrowings		1,750		1,133		646		54	%		171	%
Long-term debt		15,816		14,860		15,438		6	%		2	%
Total average wholesale funding	$	21,832	$	21,491	$	22,187		2	%		(2	%)

Compared to the year-ago quarter, average wholesale funding decreased 2% primarily driven by a decrease in federal funds borrowings, partially offset by an increase in other short-term borrowings. Compared to the prior quarter, average wholesale funding increased 2% primarily driven by debt issuances of $1.25 billion during the quarter and an increase in other short-term borrowings, partially offset by decreases in jumbo CD balances and federal funds borrowings.

8

Credit Quality Summary

($ in millions)	For the Three Months Ended
	March 2020			December 2019			September 2019			June 2019			March 2019
Total nonaccrual portfolio loans and leases (NPLs)	$	647		$	618		$	482		$	521		$	450
Repossessed property		10			10			9			8			11
OREO		52			52			28			31			37
Total nonperforming portfolio loans and leases and OREO (NPAs)	$	709		$	680		$	519		$	560		$	498
NPL ratio(h)		0.55	%		0.56	%		0.44	%		0.48	%		0.41	%
NPA ratio(c)		0.60	%		0.62	%		0.47	%		0.51	%		0.45	%
Total loans and leases 30-89 days past due (accrual)		409			364			402			383			322
Total loans and leases 90 days past due (accrual)		151			130			132			128			132
Allowance for loan and lease losses, beginning	$	1,202		$	1,143		$	1,115		$	1,115		$	1,103
Impact of CECL adoption		643			—			—			—			—
Total net losses charged-off		(122	)		(113	)		(99	)		(78	)		(77	)
Provision for loan and lease losses		625			172			127			78			89
Allowance for loan and lease losses, ending	$	2,348		$	1,202		$	1,143		$	1,115		$	1,115
Reserve for unfunded commitments, beginning	$	144		$	154		$	147		$	133		$	131
Impact of CECL adoption		10			—			—			—			—
Reserve for acquired commitments		—			—			—			7			1
Provision for (benefit from) the reserve for unfunded commitments		15			(10	)		7			7			1
Reserve for unfunded commitments, ending	$	169		$	144		$	154		$	147		$	133
Total allowance for credit losses	$	2,517		$	1,346		$	1,297		$	1,262		$	1,248
Allowance for loan and lease losses ratios:
As a percent of portfolio loans and leases		1.99	%		1.10	%		1.04	%		1.02	%		1.02	%
As a percent of nonperforming portfolio loans and leases		363	%		194	%		237	%		214	%		248	%
As a percent of nonperforming portfolio assets		331	%		177	%		221	%		199	%		224	%
Allowance for credit losses as a percent of portfolio loans and leases		2.13	%		1.23	%		1.19	%		1.15	%		1.14	%
Total losses charged-off	$	(159	)	$	(152	)	$	(130	)	$	(119	)	$	(108	)
Total recoveries of losses previously charged-off		37			39			31			41			31
Total net losses charged-off	$	(122	)	$	(113	)	$	(99	)	$	(78	)	$	(77	)
Net charge-off ratio (NCO ratio)(b)		0.44	%		0.41	%		0.36	%		0.29	%		0.32	%
Commercial NCO ratio		0.32	%		0.20	%		0.18	%		0.13	%		0.11	%
Consumer NCO ratio		0.66	%		0.78	%		0.68	%		0.59	%		0.68	%

Nonperforming portfolio loans and leases were $647 million in the current quarter, with the resulting NPL ratio of 0.55%. Compared to the year-ago quarter, NPLs increased $197 million with the NPL ratio increasing 14 bps. Compared to the prior quarter, NPLs increased $29 million with the NPL ratio decreasing 1 bp.

Nonperforming portfolio assets were $709 million in the current quarter, with the resulting NPA ratio of 0.60%. Compared to the year-ago quarter, NPAs increased $211 million with the NPA ratio increasing 15 bps. Compared to the prior quarter, NPAs increased $29 million with the NPA ratio decreasing 2 bps.

9

The provision for loan and lease losses totaled $625 million in the current quarter. The allowance for loan and lease losses ratio represented 1.99% of total portfolio loans and leases in the current quarter, compared with 1.02% in the year-ago quarter and 1.10% in the prior quarter. In the current quarter, the allowance for loan and lease losses represented 363% of nonperforming portfolio loans and leases and 331% of nonperforming portfolio assets. The allowance for credit losses ratio represented 2.13% of total portfolio loans and leases in the current quarter, reflecting the impacts of the CECL adoption and COVID-19.

Net charge-offs were $122 million in the current quarter, with the resulting NCO ratio of 0.44%. Compared to the year-ago quarter, net charge-offs increased $45 million and the NCO ratio increased 12 bps. Compared to the prior quarter, net charge-offs increased $9 million and the NCO ratio increased 3 bps.

In response to the COVID-19 pandemic, beginning in March 2020 Fifth Third began providing financial hardship relief in the form of payment deferrals and forbearances to consumer and business customers across a wide array of lending products, as well as the suspension of vehicle repossessions and home foreclosures. The payment deferrals and forbearances are currently expected to cover periods of three to six months. In most cases, these offers are not classified as troubled debt restructurings (TDRs) and do not result in loans being placed on nonaccrual status. However, for the residential mortgage loan portfolio, the forbearance program is expected to result in increases in loans reported as past due.

Capital Position

	For the Three Months Ended
	March 2020			December 2019			September 2019			June 2019			March 2019
Capital Position
Average total Bancorp shareholders’ equity as a percent of average assets		12.63	%		12.58	%		12.43	%		12.02	%		11.43	%
Tangible equity(a)		8.41	%		9.52	%		9.29	%		9.09	%		9.03	%
Tangible common equity (excluding AOCI)(a)		7.41	%		8.44	%		8.21	%		8.27	%		8.21	%
Tangible common equity (including AOCI)(a)		8.65	%		9.08	%		9.09	%		8.91	%		8.44	%
Regulatory Capital Ratios(e)
CET1 capital(d)		9.36	%		9.75	%		9.56	%		9.57	%		9.60	%
Tier I risk-based capital(d)		10.56	%		10.99	%		10.81	%		10.62	%		10.67	%
Total risk-based capital(d)		13.59	%		13.84	%		13.68	%		13.53	%		13.57	%
Tier I leverage		9.37	%		9.54	%		9.36	%		9.24	%		10.32	%

Capital ratios remained strong during the quarter. The CET1 capital ratio was 9.36%, the tangible common equity to tangible assets ratio was 7.41% excluding AOCI, and 8.65% including AOCI. The Tier I risk-based capital ratio was 10.56%, the Total risk-based capital ratio was 13.59%, and the Tier I leverage ratio was 9.37%.

Fifth Third’s regulatory capital ratio estimates for the first quarter of 2020 reflect the ‘five-year transition’ from the banking agencies’ interim final rule announced on March 27, 2020. This five-year transition election allows banking organizations to defer certain effects of the CECL accounting standard on their regulatory capital. Specifically, this interim final rule allows for 25% of the cumulative increase in allowance since the adoption of CECL and 100% of the day-one impact of CECL adoption to be deferred for a two-year period. This two-year period will be followed by a three-year transition period to phase-in the impact of the deferred amounts on regulatory capital. As a result of the transition election, the increase in credit reserves negatively impacted the current quarter CET1 capital ratio approximately 18 bps.

10

Tax Rate

The effective tax rate was 22.6% compared with 22.2% in the year-ago quarter and 22.0% in the prior quarter.

Other

The Bancorp adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments (commonly referred to as Current Expected Credit Losses, or CECL), on January 1, 2020. Upon adoption, the Bancorp recorded an increase to reserves of $653 million. The impact of the cumulative effect of the change was a $472 million decrease to equity.

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 May 4, 2020, by dialing 800-585-8367 for domestic access or 404-537-3406 for international access (passcode 4109509#).

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2020, the Company had $185 billion in assets and operates 1,123 full-service Banking Centers, and 2,464 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 March 31, 2020, had $374 billion in assets under care, of which it managed $42 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ^® Global Select Market under the symbol “FITB.”

Earnings Release End Notes

(a) Non-GAAP measure; see discussion of non-GAAP 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 filings with the U.S. Securities and Exchange Commission (“SEC”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document.

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) risks relating to Fifth Third’s ability to realize the anticipated benefits of the merger with MB Financial, Inc.; (36) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (37) potential dilution from future acquisitions; (38) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (39) results of investments or acquired entities; (40) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (41) inaccuracies or other failures from the use of models; (42) effects of critical accounting policies and judgments or the use of inaccurate estimates; (43) weather-related events, other natural disasters, or health emergencies; and (44) 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 March 31, 2020

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 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	27-29
Segment Presentation	30

13

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

										% / bps
	For the Three Months Ended									Change
	March			December			March
	2020			2019			2019			Seq			Yr/Yr
Income Statement Data
Net interest income	$	1,229		$	1,228		$	1,082			—			14	%
Net interest income (FTE)(a)		1,233			1,232			1,086			—			14	%
Noninterest income		671			1,035			1,101			(35	%)		(39	%)
Total revenue (FTE)(a)		1,904			2,267			2,187			(16	%)		(13	%)
Provision for credit losses		640			162			90			295	%		611	%
Noninterest expense		1,200			1,160			1,097			3	%		9	%
Net income		46			734			775			(94	%)		(94	%)
Net income available to common shareholders		29			701			760			(96	%)		(96	%)
Earnings Per Share Data
Net income allocated to common shareholders	$	28		$	696		$	752			(96	%)		(96	%)
Average common shares outstanding (in thousands):
Basic		713,556			715,137			661,057			(	%)		8	%
Diluted		720,363			724,968			670,685			(1	%)		7	%
Earnings per share, basic	$	0.04		$	0.97		$	1.14			(96	%)		(97	%)
Earnings per share, diluted		0.04			0.96			1.12			(96	%)		(97	%)
Common Share Data
Cash dividends per common share	$	0.27		$	0.24		$	0.22			13	%		23	%
Book value per share		28.26			27.41			24.77			3	%		14	%
Market price per share		14.85			30.74			25.22			(52	%)		(41	%)
Common shares outstanding (in thousands)		711,306			708,916			739,406			—			(4	%)
Market capitalization	$	10,563		$	21,792		$	18,648			(52	%)		(43	%)
Financial Ratios
Return on average assets		0.11	%		1.72	%		2.11	%		(161	)		(200	)
Return on average common equity		0.6	%		14.2	%		19.6	%		(1360	)		(1900	)
Return on average tangible common equity(a)		1.0	%		18.7	%		23.9	%		(1770	)		(2290	)
Noninterest income as a percent of total revenue(a)		35	%		46	%		50	%		(1100	)		(1500	)
Dividend payout		675.0	%		24.7	%		19.3	%		65030			65570
Average total Bancorp shareholders’ equity as a percent of average assets		12.63	%		12.58	%		11.43	%		5			120
Tangible common equity(a)		7.41	%		8.44	%		8.21	%		(103	)		(80	)
Net interest margin (FTE)(a)		3.28	%		3.27	%		3.28	%		1			—
Efficiency (FTE)(a)		63.0	%		51.2	%		50.2	%		1180			1280
Effective tax rate		22.6	%		22.0	%		22.2	%		60			40
Credit Quality
Net losses charged-off	$	122		$	113		$	77			8	%		58	%
Net losses charged-off as a percent of average portfolio loans and leases		0.44	%		0.41	%		0.32	%		3			12
ALLL as a percent of portfolio loans and leases		1.99	%		1.10	%		1.02	%		89			97
Allowance for credit losses as a percent of portfolio loans and leases(g)		2.13	%		1.23	%		1.14	%		90			99
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.60	%		0.62	%		0.45	%		(2	)		15
Average Balances
Loans and leases, including held for sale	$	112,180		$	110,986		$	98,362			1	%		14	%
Securities and other short-term investments		39,033			38,326			36,101			2	%		8	%
Assets		171,871			169,327			148,968			2	%		15	%
Transaction deposits(b)		118,096			116,285			100,647			2	%		17	%
Core deposits(c)		123,177			121,792			105,507			1	%		17	%
Wholesale funding(d)		21,832			21,491			22,187			2	%		(2	%)
Bancorp shareholders’ equity		21,713			21,304			17,025			2	%		28	%
Regulatory Capital Ratios(e)
CET1 capital(f)		9.36	%		9.75	%		9.60	%		(39	)		(24	)
Tier I risk-based capital(f)		10.56	%		10.99	%		10.67	%		(43	)		(11	)
Total risk-based capital(f)		13.59	%		13.84	%		13.57	%		(25	)		2
Tier I leverage		9.37	%		9.54	%		10.32	%		(17	)		(95	)
Operations
Banking centers		1,123			1,149			1,207			(2	%)		(7	%)
ATMs		2,464			2,481			2,559			(1	%)		(4	%)
Full-time equivalent employees		20,182			19,869			20,115			2	%		—

(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

(unaudited)

	For the Three Months Ended
	March			December			September			June			March
	2020			2019			2019			2019			2019
Income Statement Data
Net interest income	$	1,229		$	1,228		$	1,242		$	1,245		$	1,082
Net interest income (FTE)(a)		1,233			1,232			1,246			1,250			1,086
Noninterest income		671			1,035			740			660			1,101
Total revenue (FTE)(a)		1,904			2,267			1,986			1,910			2,187
Provision for credit losses		640			162			134			85			90
Noninterest expense		1,200			1,160			1,159			1,243			1,097
Net income		46			734			549			453			775
Net income available to common shareholders		29			701			530			427			760
Earnings Per Share Data
Net income allocated to common shareholders	$	28		$	696		$	526		$	423		$	752
Average common shares outstanding (in thousands):
Basic		713,556			715,137			726,716			738,051			661,057
Diluted		720,363			724,968			736,086			747,750			670,685
Earnings per share, basic	$	0.04		$	0.97		$	0.72		$	0.57		$	1.14
Earnings per share, diluted		0.04			0.96			0.71			0.57			1.12
Common Share Data
Cash dividends per common share	$	0.27		$	0.24		$	0.24		$	0.24		$	0.22
Book value per share		28.26			27.41			27.32			26.17			24.77
Market value per share		14.85			30.74			27.38			27.90			25.22
Common shares outstanding (in thousands)		711,306			708,916			718,583			731,474			739,406
Market capitalization	$	10,563		$	21,792		$	19,675		$	20,408		$	18,648
Financial Ratios
Return on average assets		0.11	%		1.72	%		1.28	%		1.08	%		2.11	%
Return on average common equity		0.6	%		14.2	%		10.7	%		9.1	%		19.6	%
Return on average tangible common equity(a)		1.0	%		18.7	%		14.2	%		12.3	%		23.9	%
Noninterest income as a percent of total revenue(a)		35	%		46	%		37	%		35	%		50	%
Dividend payout		675.0	%		24.7	%		33.3	%		42.1	%		19.3	%
Average total Bancorp shareholders’ equity as a percent of average assets		12.63	%		12.58	%		12.43	%		12.02	%		11.43	%
Tangible common equity(a)		7.41	%		8.44	%		8.21	%		8.27	%		8.21	%
Net interest margin (FTE)(a)		3.28	%		3.27	%		3.32	%		3.37	%		3.28	%
Efficiency (FTE)(a)		63.0	%		51.2	%		58.4	%		65.1	%		50.2	%
Effective tax rate		22.6	%		22.0	%		20.2	%		21.5	%		22.2	%
Credit Quality
Net losses charged-off	$	122		$	113		$	99		$	78		$	77
Net losses charged-off as a percent of average portfolio loans and leases		0.44	%		0.41	%		0.36	%		0.29	%		0.32	%
ALLL as a percent of portfolio loans and leases		1.99	%		1.10	%		1.04	%		1.02	%		1.02	%
Allowance for credit losses as a percent of portfolio loans and leases(g)		2.13	%		1.23	%		1.19	%		1.15	%		1.14	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO		0.60	%		0.62	%		0.47	%		0.51	%		0.45	%
Average Balances
Loans and leases, including held for sale	$	112,180		$	110,986		$	110,666		$	110,993		$	98,362
Securities and other short-term investments		39,033			38,326			38,188			37,797			36,101
Assets		171,871			169,327			169,585			167,578			148,968
Transaction deposits(b)		118,096			116,285			114,541			112,847			100,647
Core deposits(c)		123,177			121,792			120,364			118,525			105,507
Wholesale funding(d)		21,832			21,491			22,492			23,633			22,187
Bancorp shareholders’ equity		21,713			21,304			21,087			20,135			17,025
Regulatory Capital Ratios(e)
CET1 capital(f)		9.36	%		9.75	%		9.56	%		9.57	%		9.60	%
Tier I risk-based capital(f)		10.56	%		10.99	%		10.81	%		10.62	%		10.67	%
Total risk-based capital(f)		13.59	%		13.84	%		13.68	%		13.53	%		13.57	%
Tier I leverage		9.37	%		9.54	%		9.36	%		9.24	%		10.32	%
Operations
Banking centers		1,123			1,149			1,143			1,207			1,207
ATMs		2,464			2,481			2,487			2,551			2,559
Full-time equivalent employees		20,182			19,869			19,478			19,758			20,115

(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^(a)

$ in millions

(unaudited)

	For the Three Months Ended								% Change
	March 2020			December 2019			March 2019		Seq			Yr/Yr
Interest Income
Interest and fees on loans and leases	$	1,235		$	1,252		$	1,143		(1	%)		8	%
Interest on securities		283			299			281		(5	%)		1	%
Interest on other short-term investments		7			8			9		(13	%)		(22	%)
Total interest income		1,525			1,559			1,433		(2	%)		6	%
Interest Expense
Interest on deposits		166			201			205		(17	%)		(19	%)
Interest on federal funds purchased		2			5			12		(60	%)		(83	%)
Interest on other short-term borrowings		6			5			6		20	%		—
Interest on long-term debt		122			120			128		2	%		(5	%)
Total interest expense		296			331			351		(11	%)		(16	%)
Net Interest Income		1,229			1,228			1,082		—			14	%
Provision for credit losses		640			162			90		295	%		611	%
Net Interest Income After Provision for Credit Losses		589			1,066			992		(45	%)		(41	%)
Noninterest Income
Service charges on deposits		148			149			131		(1	%)		13	%
Commercial banking revenue		124			127			103		(2	%)		20	%
Mortgage banking net revenue		120			73			56		64	%		114	%
Wealth and asset management revenue		134			129			112		4	%		20	%
Card and processing revenue		86			95			79		(9	%)		9	%
Leasing business revenue		73			71			32		3	%		128	%
Other noninterest income		7			382			569		(98	%)		(99	%)
Securities (losses) gains, net		(24	)		10			16		NM			NM
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights		3			(1	)		3		NM			—
Total noninterest income		671			1,035			1,101		(35	%)		(39	%)
Noninterest Expense
Compensation and benefits		647			576			610		12	%		6	%
Net occupancy expense		82			84			75		(2	%)		9	%
Technology and communications		93			103			83		(10	%)		12	%
Equipment expense		32			33			30		(3	%)		7	%
Card and processing expense		31			33			31		(6	%)		—
Leasing business expense		35			36			19		(3	%)		84	%
Marketing expense		31			44			36		(30	%)		(14	%)
Other noninterest expense		249			251			213		(1	%)		17	%
Total noninterest expense		1,200			1,160			1,097		3	%		9	%
Income Before Income Taxes		60			941			996		(94	%)		(94	%)
Applicable income tax expense		14			207			221		(93	%)		(94	%)
Net Income		46			734			775		(94	%)		(94	%)
Dividends on preferred stock		17			33			15		(48	%)		13	%
Net Income Available to Common Shareholders	$	29		$	701		$	760		(96	%)		(96	%)

16

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income

$ in millions

(unaudited)

	For the Three Months Ended
	March 2020			December 2019			September 2019		June 2019		March 2019
Interest Income
Interest and fees on loans and leases	$	1,235		$	1,252		$	1,320	$	1,336	$	1,143
Interest on securities		283			299			291		290		281
Interest on other short-term investments		7			8			14		10		9
Total interest income		1,525			1,559			1,625		1,636		1,433
Interest Expense
Interest on deposits		166			201			243		243		205
Interest on federal funds purchased		2			5			4		8		12
Interest on other short-term borrowings		6			5			8		9		6
Interest on long-term debt		122			120			128		131		128
Total interest expense		296			331			383		391		351
Net Interest Income		1,229			1,228			1,242		1,245		1,082
Provision for credit losses		640			162			134		85		90
Net Interest Income After Provision for Credit Losses		589			1,066			1,108		1,160		992
Noninterest Income
Service charges on deposits		148			149			143		143		131
Commercial banking revenue		124			127			123		107		103
Mortgage banking net revenue		120			73			95		63		56
Wealth and asset management revenue		134			129			124		122		112
Card and processing revenue		86			95			94		92		79
Leasing business revenue		73			71			92		76		32
Other noninterest income		7			382			64		47		569
Securities (losses) gains, net		(24	)		10			5		8		16
Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights		3			(1	)		—		2		3
Total noninterest income		671			1,035			740		660		1,101
Noninterest Expense
Compensation and benefits		647			576			584		641		610
Net occupancy expense		82			84			84		88		75
Technology and communications		93			103			100		136		83
Equipment expense		32			33			33		33		30
Card and processing expense		31			33			33		34		31
Leasing business expense		35			36			40		38		19
Marketing expense		31			44			40		41		36
Other noninterest expense		249			251			245		232		213
Total noninterest expense		1,200			1,160			1,159		1,243		1,097
Income Before Income Taxes		60			941			689		577		996
Applicable income tax expense		14			207			140		124		221
Net Income		46			734			549		453		775
Dividends on preferred stock		17			33			19		26		15
Net Income Available to Common Shareholders	$	29		$	701		$	530	$	427	$	760

17

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of									% Change
	March 2020			December 2019			March 2019			Seq			Yr/Yr
Assets
Cash and due from banks	$	3,282		$	3,278		$	2,749			—			19	%
Other short-term investments		6,319			1,950			3,556			224	%		78	%
Available-for-sale debt and other securities(a)		38,645			36,028			35,048			7	%		10	%
Held-to-maturity securities(b)		17			17			21			—			(19	%)
Trading debt securities		433			297			325			46	%		33	%
Equity securities		459			564			426			(19	%)		8	%
Loans and leases held for sale		1,630			1,400			692			16	%		136	%
Portfolio loans and leases:
Commercial and industrial loans		58,250			50,542			51,862			15	%		12	%
Commercial mortgage loans		11,160			10,963			10,686			2	%		4	%
Commercial construction loans		5,462			5,090			5,231			7	%		4	%
Commercial leases		3,123			3,363			3,909			(7	%)		(20	%)
Total commercial loans and leases		77,995			69,958			71,688			11	%		9	%
Residential mortgage loans		16,701			16,724			16,811			—			(1	%)
Home equity		5,963			6,083			6,435			(2	%)		(7	%)
Indirect secured consumer loans		12,050			11,538			10,031			4	%		20	%
Credit card		2,417			2,532			2,388			(5	%)		1	%
Other consumer loans		2,911			2,723			2,489			7	%		17	%
Total consumer loans		40,042			39,600			38,154			1	%		5	%
Portfolio loans and leases		118,037			109,558			109,842			8	%		7	%
Allowance for loan and lease losses		(2,348	)		(1,202	)		(1,115	)		95	%		111	%
Portfolio loans and leases, net		115,689			108,356			108,727			7	%		6	%
Bank premises and equipment		2,009			1,995			2,092			1	%		(4	%)
Operating lease equipment		819			848			908			(3	%)		(10	%)
Goodwill		4,261			4,252			4,321			—			(1	%)
Intangible assets		184			201			218			(8	%)		(16	%)
Servicing rights		685			993			1,141			(31	%)		(40	%)
Other assets		10,959			9,190			7,629			19	%		44	%
Total Assets	$	185,391		$	169,369		$	167,853			9	%		10	%
Liabilities
Deposits:
Demand	$	39,533		$	35,968		$	35,963			10	%		10	%
Interest checking		44,520			40,409			35,746			10	%		25	%
Savings		15,557			14,248			14,451			9	%		8	%
Money market		27,775			27,277			25,942			2	%		7	%
Foreign office		177			221			154			(20	%)		15	%
Other time		4,683			5,237			5,539			(11	%)		(15	%)
Certificates $100,000 and over		2,816			3,702			5,569			(24	%)		(49	%)
Other deposits		—			—			300			—			(100	%)
Total deposits		135,061			127,062			123,664			6	%		9	%
Federal funds purchased		1,625			260			2,630			525	%		(38	%)
Other short-term borrowings		4,542			1,011			1,329			349	%		242	%
Accrued taxes, interest and expenses		2,432			2,441			2,242			—			8	%
Other liabilities		3,576			2,422			2,661			48	%		34	%
Long-term debt		16,282			14,970			15,483			9	%		5	%
Total Liabilities		163,518			148,166			148,009			10	%		10	%
Equity
Common stock(c)		2,051			2,051			2,051			—			—
Preferred stock		1,770			1,770			1,331			—			33	%
Capital surplus		3,597			3,599			3,444			—			4	%
Retained earnings		17,677			18,315			17,184			(3	%)		3	%
Accumulated other comprehensive income		2,477			1,192			409			108	%		506	%
Treasury stock		(5,699	)		(5,724	)		(4,772	)		—			19	%
Total Bancorp shareholders’ equity		21,873			21,203			19,647			3	%		11	%
Noncontrolling interests		—			—			197			—			(100	%)
Total Equity		21,873			21,203			19,844			3	%		10	%
Total Liabilities and Equity	$	185,391		$	169,369		$	167,853			9	%		10	%
(a)   Amortized cost	$	36,428		$	34,966		$	34,784			4	%		5	%
(b)   Market values		17			17			21			—			(19	%)
(c)   Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000			2,000,000			2,000,000			—			—
Outstanding, excluding treasury		711,306			708,916			739,406			—			(4	%)
Treasury		212,586			214,977			184,486			(1	%)		15	%

18

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of
	March 2020			December 2019			September 2019			June 2019			March 2019
Assets
Cash and due from banks	$	3,282		$	3,278		$	3,261		$	2,764		$	2,749
Other short-term investments		6,319			1,950			3,235			3,357			3,556
Available-for-sale debt and other securities(a)		38,645			36,028			37,178			35,753			35,048
Held-to-maturity securities(b)		17			17			18			21			21
Trading debt securities		433			297			297			322			325
Equity securities		459			564			459			485			426
Loans and leases held for sale		1,630			1,400			1,223			1,205			692
Portfolio loans and leases:
Commercial and industrial loans		58,250			50,542			50,768			51,104			51,862
Commercial mortgage loans		11,160			10,963			10,822			10,717			10,686
Commercial construction loans		5,462			5,090			5,281			5,264			5,231
Commercial leases		3,123			3,363			3,495			3,677			3,909
Total commercial loans and leases		77,995			69,958			70,366			70,762			71,688
Residential mortgage loans		16,701			16,724			16,675			16,777			16,811
Home equity		5,963			6,083			6,218			6,325			6,435
Indirect secured consumer loans		12,050			11,538			11,026			10,403			10,031
Credit card		2,417			2,532			2,467			2,436			2,388
Other consumer loans		2,911			2,723			2,657			2,580			2,489
Total consumer loans		40,042			39,600			39,043			38,521			38,154
Portfolio loans and leases		118,037			109,558			109,409			109,283			109,842
Allowance for loan and lease losses		(2,348	)		(1,202	)		(1,143	)		(1,115	)		(1,115	)
Portfolio loans and leases, net		115,689			108,356			108,266			108,168			108,727
Bank premises and equipment		2,009			1,995			2,053			2,074			2,092
Operating lease equipment		819			848			869			894			908
Goodwill		4,261			4,252			4,290			4,284			4,321
Intangible assets		184			201			201			215			218
Servicing rights		685			993			910			1,039			1,141
Other assets		10,959			9,190			8,819			8,221			7,629
Total Assets	$	185,391		$	169,369		$	171,079		$	168,802		$	167,853
Liabilities
Deposits:
Demand	$	39,533		$	35,968		$	35,893		$	35,589		$	35,963
Interest checking		44,520			40,409			36,965			37,491			35,746
Savings		15,557			14,248			14,354			14,484			14,451
Money market		27,775			27,277			27,370			26,465			25,942
Foreign office		177			221			226			175			154
Other time		4,683			5,237			5,662			5,759			5,539
Certificates $100,000 and over		2,816			3,702			4,377			5,429			5,569
Other deposits		—			—			500			—			300
Total deposits		135,061			127,062			125,347			125,392			123,664
Federal funds purchased		1,625			260			876			179			2,630
Other short-term borrowings		4,542			1,011			4,046			957			1,329
Accrued taxes, interest and expenses		2,432			2,441			2,507			2,397			2,242
Other liabilities		3,576			2,422			2,425			3,422			2,661
Long-term debt		16,282			14,970			14,474			15,784			15,483
Total Liabilities		163,518			148,166			149,675			148,131			148,009
Equity
Common stock(c)		2,051			2,051			2,051			2,051			2,051
Preferred stock		1,770			1,770			1,770			1,331			1,331
Capital surplus		3,597			3,599			3,589			3,572			3,444
Retained earnings		17,677			18,315			17,786			17,431			17,184
Accumulated other comprehensive income		2,477			1,192			1,635			1,178			409
Treasury stock		(5,699	)		(5,724	)		(5,427	)		(5,089	)		(4,772	)
Total Bancorp shareholders’ equity		21,873			21,203			21,404			20,474			19,647
Noncontrolling interests		—			—			—			197			197
Total Equity		21,873			21,203			21,404			20,671			19,844
Total Liabilities and Equity	$	185,391		$	169,369		$	171,079		$	168,802		$	167,853
(a)   Amortized cost	$	36,428		$	34,966		$	35,662		$	34,731		$	34,784
(b)   Market values		17			17			18			21			21
(c)   Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000			2,000,000			2,000,000			2,000,000			2,000,000
Outstanding, excluding treasury		711,306			708,916			718,583			731,474			739,406
Treasury		212,586			214,977			205,309			192,419			184,486

19

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Changes in Equity

$ in millions

(unaudited)

	For the Three Months Ended
	March			March
	2020			2019
Total Equity, Beginning	$	21,203		$	16,250
Net income		46			775
Other comprehensive income, net of tax:
Change in unrealized gains:
Available-for-sale debt securities		882			431
Qualifying cash flow hedges		402			89
Change in accumulated other comprehensive income related to employee benefit plans		1			1
Comprehensive income	$	1,331		$	1,296
Cash dividends declared:
Common stock		(195	)		(165	)
Preferred stock		(17	)		(15	)
Impact of stock transactions under stock compensation plans, net		23			25
Shares acquired for treasury		—			(913	)
Impact of acquisition		—			3,159
Noncontrolling interest		—			197
Impact of cumulative effect of change in accounting principles		(472	)		10
Total Equity, Ending	$	21,873		$	19,844

20

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield/Rate Analysis

$ in millions

(unaudited)

	For the Three Months Ended									% Change
	March 2020			December 2019			March 2019			Seq			Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	51,693		$	50,980		$	46,070			1	%		12	%
Commercial mortgage loans		11,020			10,832			7,417			2	%		49	%
Commercial construction loans		5,132			5,334			4,838			(4	%)		6	%
Commercial leases		3,201			3,384			3,555			(5	%)		(10	%)
Total commercial loans and leases		71,046			70,530			61,880			1	%		15	%
Residential mortgage loans		18,024			17,853			16,150			1	%		12	%
Home equity		6,006			6,147			6,356			(2	%)		(6	%)
Indirect secured consumer loans		11,809			11,281			9,176			5	%		29	%
Credit card		2,498			2,496			2,396			—			4	%
Other consumer loans		2,797			2,679			2,404			4	%		16	%
Total consumer loans		41,134			40,456			36,482			2	%		13	%
Taxable securities		35,973			36,255			34,320			(1	%)		5	%
Tax exempt securities		162			57			28			184	%		479	%
Other short-term investments		2,898			2,014			1,753			44	%		65	%
Total interest-earning assets		151,213			149,312			134,463			1	%		12	%
Cash and due from banks		2,880			3,063			2,217			(6	%)		30	%
Other assets		19,623			18,096			13,391			8	%		47	%
Allowance for loan and lease losses		(1,845	)		(1,144	)		(1,103	)		61	%		67	%
Total Assets	$	171,871		$	169,327		$	148,968			2	%		15	%
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	40,298		$	38,628		$	33,697			4	%		20	%
Savings deposits		14,715			14,274			13,052			3	%		13	%
Money market deposits		27,109			27,429			23,133			(1	%)		17	%
Foreign office deposits		209			244			208			(14	%)		—
Other time deposits		5,081			5,507			4,860			(8	%)		5	%
Total interest-bearing core deposits		87,412			86,082			74,950			2	%		17	%
Certificates $100,000 and over		3,355			4,072			3,358			(18	%)		—
Other deposits		257			252			726			2	%		(65	%)
Federal funds purchased		654			1,174			2,019			(44	%)		(68	%)
Other short-term borrowings		1,750			1,133			646			54	%		171	%
Long-term debt		15,816			14,860			15,438			6	%		2	%
Total interest-bearing liabilities		109,244			107,573			97,137			2	%		12	%
Demand deposits		35,765			35,710			30,557			—			17	%
Other liabilities		5,149			4,740			4,227			9	%		22	%
Total Liabilities		150,158			148,023			131,921			1	%		14	%
Total Equity		21,713			21,304			17,047			2	%		27	%
Total Liabilities and Equity	$	171,871		$	169,327		$	148,968			2	%		15	%
	For the Three Months Ended									bps Change
Yield/Rate Analysis	March 2020			December 2019			March 2019			Seq			Yr/Yr
Interest-earning assets:
Commercial and industrial loans(a)		4.25	%		4.32	%		4.67	%		(7	)		(42	)
Commercial mortgage loans(a)		4.44	%		4.48	%		4.80	%		(4	)		(36	)
Commercial construction loans(a)		4.82	%		4.88	%		5.55	%		(6	)		(73	)
Commercial leases(a)		3.46	%		3.30	%		3.08	%		16			38
Total commercial loans and leases		4.28	%		4.34	%		4.66	%		(6	)		(38	)
Residential mortgage loans		3.63	%		3.57	%		3.71	%		6			(8	)
Home equity		4.71	%		4.80	%		5.34	%		(9	)		(63	)
Indirect secured consumer loans		4.09	%		4.16	%		3.79	%		(7	)		30
Credit card		12.13	%		12.37	%		12.63	%		(24	)		(50	)
Other consumer loans		7.71	%		7.75	%		7.49	%		(4	)		22
Total consumer loans		4.71	%		4.74	%		4.85	%		(3	)		(14	)
Total loans and leases		4.44	%		4.49	%		4.73	%		(5	)		(29	)
Taxable securities		3.15	%		3.27	%		3.32	%		(12	)		(17	)
Tax exempt securities(a)		3.04	%		4.44	%		4.80	%		(140	)		(176	)
Other short-term investments		0.97	%		1.65	%		1.97	%		(68	)		(100	)
Total interest-earning assets		4.07	%		4.15	%		4.33	%		(8	)		(26	)
Interest-bearing liabilities:
Interest checking deposits		0.75	%		0.88	%		1.18	%		(13	)		(43	)
Savings deposits		0.13	%		0.14	%		0.15	%		(1	)		(2	)
Money market deposits		0.72	%		0.89	%		1.03	%		(17	)		(31	)
Foreign office deposits		0.57	%		0.95	%		0.60	%		(38	)		(3	)
Other time deposits		1.56	%		1.75	%		1.80	%		(19	)		(24	)
Total interest-bearing core deposits		0.68	%		0.82	%		0.99	%		(14	)		(31	)
Certificates $100,000 and over		2.09	%		2.14	%		2.13	%		(5	)		(4	)
Other deposits		0.85	%		1.75	%		2.43	%		(90	)		(158	)
Federal funds purchased		1.13	%		1.74	%		2.43	%		(61	)		(130	)
Other short-term borrowings		1.32	%		1.89	%		3.62	%		(57	)		(230	)
Long-term debt		3.12	%		3.22	%		3.35	%		(10	)		(23	)
Total interest-bearing liabilities		1.09	%		1.22	%		1.46	%		(13	)		(37	)

(a) Presented on an FTE basis.

21

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield/Rate Analysis

$ in millions

(unaudited)

	For the Three Months Ended
	March 2020			December 2019			September 2019			June 2019			March 2019
Assets
Interest-earning assets:
Commercial and industrial loans	$	51,693		$	50,980		$	51,364		$	52,187		$	46,070
Commercial mortgage loans		11,020			10,832			10,695			10,635			7,417
Commercial construction loans		5,132			5,334			5,267			5,248			4,838
Commercial leases		3,201			3,384			3,563			3,811			3,555
Total commercial loans and leases		71,046			70,530			70,889			71,881			61,880
Residential mortgage loans		18,024			17,853			17,733			17,589			16,150
Home equity		6,006			6,147			6,267			6,376			6,356
Indirect secured consumer loans		11,809			11,281			10,707			10,190			9,176
Credit card		2,498			2,496			2,448			2,408			2,396
Other consumer loans		2,797			2,679			2,622			2,549			2,404
Total consumer loans		41,134			40,456			39,777			39,112			36,482
Taxable securities		35,973			36,255			35,653			35,467			34,320
Tax exempt securities		162			57			38			40			28
Other short-term investments		2,898			2,014			2,497			2,290			1,753
Total interest-earning assets		151,213			149,312			148,854			148,790			134,463
Cash and due from banks		2,880			3,063			2,769			2,931			2,217
Other assets		19,623			18,096			19,077			16,972			13,391
Allowance for loan and lease losses		(1,845	)		(1,144	)		(1,115	)		(1,115	)		(1,103	)
Total Assets	$	171,871		$	169,327		$	169,585		$	167,578		$	148,968
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	40,298		$	38,628		$	37,729		$	36,514		$	33,697
Savings deposits		14,715			14,274			14,405			14,418			13,052
Money market deposits		27,109			27,429			26,962			25,934			23,133
Foreign office deposits		209			244			222			163			208
Other time deposits		5,081			5,507			5,823			5,678			4,860
Total interest-bearing core deposits		87,412			86,082			85,141			82,707			74,950
Certificates $100,000 and over		3,355			4,072			4,795			5,780			3,358
Other deposits		257			252			47			40			726
Federal funds purchased		654			1,174			739			1,151			2,019
Other short-term borrowings		1,750			1,133			1,278			1,119			646
Long-term debt		15,816			14,860			15,633			15,543			15,438
Total interest-bearing liabilities		109,244			107,573			107,633			106,340			97,137
Demand deposits		35,765			35,710			35,223			35,818			30,557
Other liabilities		5,149			4,740			5,522			5,088			4,227
Total Liabilities		150,158			148,023			148,378			147,246			131,921
Total Equity		21,713			21,304			21,207			20,332			17,047
Total Liabilities and Equity	$	171,871		$	169,327		$	169,585		$	167,578		$	148,968
Yield/Rate Analysis
Interest-earning assets:
Commercial and industrial loans(a)		4.25	%		4.32	%		4.66	%		4.79	%		4.67	%
Commercial mortgage loans(a)		4.44	%		4.48	%		4.86	%		5.11	%		4.80	%
Commercial construction loans(a)		4.82	%		4.88	%		5.39	%		5.71	%		5.55	%
Commercial leases(a)		3.46	%		3.30	%		3.34	%		3.51	%		3.08	%
Total commercial loans and leases		4.28	%		4.34	%		4.68	%		4.84	%		4.66	%
Residential mortgage loans		3.63	%		3.57	%		3.67	%		3.70	%		3.71	%
Home equity		4.71	%		4.80	%		5.20	%		5.30	%		5.34	%
Indirect secured consumer loans		4.09	%		4.16	%		4.22	%		4.11	%		3.79	%
Credit card		12.13	%		12.37	%		12.57	%		12.38	%		12.63	%
Other consumer loans		7.71	%		7.75	%		7.69	%		7.58	%		7.49	%
Total consumer loans		4.71	%		4.74	%		4.87	%		4.85	%		4.85	%
Total loans and leases		4.44	%		4.49	%		4.75	%		4.84	%		4.73	%
Taxable securities		3.15	%		3.27	%		3.24	%		3.28	%		3.32	%
Tax exempt securities(a)		3.04	%		4.44	%		3.18	%		3.50	%		4.80	%
Other short-term investments		0.97	%		1.65	%		2.18	%		1.80	%		1.97	%
Total interest-earning assets		4.07	%		4.15	%		4.34	%		4.42	%		4.33	%
Interest-bearing liabilities:
Interest checking deposits		0.75	%		0.88	%		1.12	%		1.17	%		1.18	%
Savings deposits		0.13	%		0.14	%		0.18	%		0.17	%		0.15	%
Money market deposits		0.72	%		0.89	%		1.13	%		1.14	%		1.03	%
Foreign office deposits		0.57	%		0.95	%		0.37	%		0.53	%		0.60	%
Other time deposits		1.56	%		1.75	%		1.79	%		1.84	%		1.80	%
Total interest-bearing core deposits		0.68	%		0.82	%		1.01	%		1.03	%		0.99	%
Certificates $100,000 and over		2.09	%		2.14	%		2.20	%		2.10	%		2.13	%
Other deposits		0.85	%		1.75	%		1.97	%		2.92	%		2.43	%
Federal funds purchased		1.13	%		1.74	%		2.06	%		2.61	%		2.43	%
Other short-term borrowings		1.32	%		1.89	%		2.55	%		3.08	%		3.62	%
Long-term debt		3.12	%		3.22	%		3.26	%		3.39	%		3.35	%
Total interest-bearing liabilities		1.09	%		1.22	%		1.41	%		1.47	%		1.46	%
Ratios:
Net interest margin (FTE)(b)		3.28	%		3.27	%		3.32	%		3.37	%		3.28	%
Net interest rate spread (FTE)(b)		2.98	%		2.93	%		2.93	%		2.95	%		2.87	%
Interest-bearing liabilities to interest-earning assets		72.24	%		72.05	%		72.31	%		71.47	%		72.24	%

(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

(unaudited)

	For the Three Months Ended
	March 2020		December 2019		September 2019		June 2019		March 2019
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	51,586	$	50,938	$	51,241	$	52,078	$	46,011
Commercial mortgage loans		11,019		10,831		10,692		10,632		7,414
Commercial construction loans		5,132		5,334		5,267		5,248		4,838
Commercial leases		3,201		3,384		3,562		3,809		3,555
Total commercial loans and leases		70,938		70,487		70,762		71,767		61,818
Consumer loans:
Residential mortgage loans		16,732		16,697		16,736		16,804		15,624
Home equity		6,006		6,147		6,267		6,376		6,355
Indirect secured consumer loans		11,809		11,281		10,707		10,190		9,176
Credit card		2,498		2,496		2,448		2,408		2,396
Other consumer loans		2,796		2,679		2,621		2,550		2,404
Total consumer loans		39,841		39,300		38,779		38,328		35,955
Total average portfolio loans and leases	$	110,779	$	109,787	$	109,541	$	110,095	$	97,773
Average Loans and Leases Held for Sale
Average commercial loans and leases held for sale	$	108	$	43	$	127	$	113	$	62
Average consumer loans held for sale		1,293		1,156		998		785		527
Average loans and leases held for sale	$	1,401	$	1,199	$	1,125	$	898	$	589
End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	58,250	$	50,542	$	50,768	$	51,104	$	51,862
Commercial mortgage loans		11,160		10,963		10,822		10,717		10,686
Commercial construction loans		5,462		5,090		5,281		5,264		5,231
Commercial leases		3,123		3,363		3,495		3,677		3,909
Total commercial loans and leases		77,995		69,958		70,366		70,762		71,688
Consumer loans:
Residential mortgage loans		16,701		16,724		16,675		16,777		16,811
Home equity		5,963		6,083		6,218		6,325		6,435
Indirect secured consumer loans		12,050		11,538		11,026		10,403		10,031
Credit card		2,417		2,532		2,467		2,436		2,388
Other consumer loans		2,911		2,723		2,657		2,580		2,489
Total consumer loans		40,042		39,600		39,043		38,521		38,154
Total portfolio loans and leases	$	118,037	$	109,558	$	109,409	$	109,283	$	109,842
End of Period Loans and Leases Held for Sale
Commercial loans and leases held for sale	$	65	$	136	$	86	$	174	$	66
Consumer loans held for sale		1,565		1,264		1,137		1,031		626
Loans and leases held for sale	$	1,630	$	1,400	$	1,223	$	1,205	$	692
Operating lease equipment	$	819	$	848	$	869	$	894	$	908
Loans and Leases Serviced for Others(a)
Commercial and industrial loans	$	947	$	922	$	916	$	977	$	1,024
Commercial mortgage loans		545		454		446		438		467
Commercial construction loans		462		397		392		323		261
Commercial leases		302		322		345		358		216
Residential mortgage loans		81,901		80,734		82,702		84,597		83,900
Other consumer loans		50		50		50		50		50
Total loans and leases serviced for others		84,207		82,879		84,851		86,743		85,918
Total loans and leases serviced	$	204,693	$	194,685	$	196,352	$	198,125	$	197,360

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

23

Fifth Third Bancorp and Subsidiaries

Regulatory Capital

$ in millions

(unaudited)

	As of
	March 2020(a)			December 2019			September 2019			June 2019			March 2019
Regulatory Capital
CET1 capital	$	13,840		$	13,847		$	13,568		$	13,532		$	13,430
Additional tier I capital		1,769			1,769			1,769			1,493			1,493
Tier I capital		15,609			15,616			15,337			15,025			14,923
Tier II capital		4,472			4,045			4,076			4,112			4,048
Total regulatory capital	$	20,081			19,661		$	19,413		$	19,137		$	18,971
Risk-weighted assets(b)	$	147,795		$	142,065		$	141,880		$	141,421		$	139,844
Ratios
Average total Bancorp shareholders’ equity as a percent of average assets		12.63	%		12.58	%		12.43	%		12.02	%		11.43	%
Regulatory Capital Ratios
Fifth Third Bancorp
CET1 capital(b)		9.36	%		9.75	%		9.56	%		9.57	%		9.60	%
Tier I risk-based capital(b)		10.56	%		10.99	%		10.81	%		10.62	%		10.67	%
Total risk-based capital(b)		13.59	%		13.84	%		13.68	%		13.53	%		13.57	%
Tier I leverage		9.37	%		9.54	%		9.36	%		9.24	%		10.32	%
Fifth Third Bank
Tier I risk-based capital(b)		11.36	%		11.86	%		11.79	%		11.67	%		12.22	%
Total risk-based capital(b)		13.17	%		13.46	%		13.37	%		13.23	%		13.86	%
Tier I leverage		10.16	%		10.36	%		10.26	%		10.59	%		10.49	%

(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

(unaudited)

	For the Three Months Ended
	March 2020			December 2019			September 2019			June 2019			March 2019
Average portfolio loans and leases:
Commercial and industrial loans	$	51,586		$	50,938		$	51,241		$	52,078		$	46,011
Commercial mortgage loans		11,019			10,831			10,692			10,632			7,414
Commercial construction loans		5,132			5,334			5,267			5,248			4,838
Commercial leases		3,201			3,384			3,562			3,809			3,555
Total commercial loans and leases		70,938			70,487			70,762			71,767			61,818
Residential mortgage loans		16,732			16,697			16,736			16,804			15,624
Home equity		6,006			6,147			6,267			6,376			6,355
Indirect secured consumer loans		11,809			11,281			10,707			10,190			9,176
Credit card		2,498			2,496			2,448			2,408			2,396
Other consumer loans		2,796			2,679			2,621			2,550			2,404
Total consumer loans		39,841			39,300			38,779			38,328			35,955
Total average portfolio loans and leases	$	110,779		$	109,787		$	109,541		$	110,095		$	97,773
Losses charged-off:
Commercial and industrial loans	($	54	)	($	40	)	($	30	)	($	30	)	($	20	)
Commercial mortgage loans		(2	)		—			—			—			—
Commercial leases		(5	)		—			(4	)		(3	)		—
Total commercial loans and leases		(61	)		(40	)		(34	)		(33	)		(20	)
Residential mortgage loans		(2	)		(4	)		(2	)		(1	)		(2	)
Home equity		(5	)		(12	)		(5	)		(6	)		(6	)
Indirect secured consumer loans		(21	)		(24	)		(21	)		(15	)		(20	)
Credit card		(42	)		(40	)		(38	)		(40	)		(38	)
Other consumer loans		(28	)		(32	)		(30	)		(24	)		(22	)
Total consumer loans		(98	)		(112	)		(96	)		(86	)		(88	)
Total losses charged-off	($	159	)	($	152	)	($	130	)	($	119	)	($	108	)
Recoveries of losses previously charged-off:
Commercial and industrial loans	$	4		$	4		$	1		$	10		$	2
Commercial mortgage loans		—			—			—			—			1
Commercial leases		—			—			—			—			—
Total commercial loans and leases		4			4			1			10			3
Residential mortgage loans		1			1			1			2			1
Home equity		2			3			3			3			3
Indirect secured consumer loans		9			8			8			8			7
Credit card		6			7			5			5			5
Other consumer loans		15			16			13			13			12
Total consumer loans		33			35			30			31			28
Total recoveries of losses previously charged-off	$	37		$	39		$	31		$	41		$	31
Net losses charged-off:
Commercial and industrial loans	($	50	)	($	36	)	($	29	)	($	20	)	($	18	)
Commercial mortgage loans		(2	)		—			—			—			1
Commercial leases		(5	)		—			(4	)		(3	)		—
Total commercial loans and leases		(57	)		(36	)		(33	)		(23	)		(17	)
Residential mortgage loans		(1	)		(3	)		(1	)		1			(1	)
Home equity		(3	)		(9	)		(2	)		(3	)		(3	)
Indirect secured consumer loans		(12	)		(16	)		(13	)		(7	)		(13	)
Credit card		(36	)		(33	)		(33	)		(35	)		(33	)
Other consumer loans		(13	)		(16	)		(17	)		(11	)		(10	)
Total consumer loans		(65	)		(77	)		(66	)		(55	)		(60	)
Total net losses charged-off	($	122	)	($	113	)	($	99	)	($	78	)	($	77	)
Net losses charged-off as a percent of average portfolio loans and leases:
Commercial and industrial loans		0.39	%		0.28	%		0.22	%		0.15	%		0.16	%
Commercial mortgage loans		0.06	%		(0.02	%)		(0.01	%)		0.00	%		(0.05	%)
Commercial leases		0.60	%		0.06	%		0.41	%		0.32	%		0.02	%
Total commercial loans and leases		0.32	%		0.20	%		0.18	%		0.13	%		0.11	%
Residential mortgage loans		0.02	%		0.07	%		0.03	%		(0.02	%)		0.02	%
Home equity		0.17	%		0.59	%		0.16	%		0.18	%		0.20	%
Indirect secured consumer loans		0.43	%		0.56	%		0.50	%		0.30	%		0.57	%
Credit card		5.87	%		5.21	%		5.41	%		5.75	%		5.60	%
Other consumer loans		1.87	%		2.51	%		2.47	%		1.84	%		1.76	%
Total consumer loans		0.66	%		0.78	%		0.68	%		0.59	%		0.68	%
Total net losses charged-off as a percent of average portfolio loans and leases		0.44	%		0.41	%		0.36	%		0.29	%		0.32	%

25

Fifth Third Bancorp and Subsidiaries

Asset Quality

$ in millions

(unaudited)

	For the Three Months Ended
	March			December			September			June			March
	2020			2019			2019			2019			2019
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$	1,202		$	1,143		$	1,115		$	1,115		$	1,103
Impact of CECL adoption		643			—			—			—			—
Total net losses charged-off		(122	)		(113	)		(99	)		(78	)		(77	)
Provision for loan and lease losses		625			172			127			78			89
Allowance for loan and lease losses, ending	$	2,348		$	1,202		$	1,143		$	1,115		$	1,115
Reserve for unfunded commitments, beginning	$	144		$	154		$	147		$	133		$	131
Impact of CECL adoption		10			—			—			—			—
Reserve for acquired commitments		—			—			—			7			1
Provision for (benefit from) the reserve for unfunded commitments		15			(10	)		7			7			1
Reserve for unfunded commitments, ending	$	169		$	144		$	154		$	147		$	133
Components of allowance for credit losses:
Allowance for loan and lease losses	$	2,348		$	1,202		$	1,143		$	1,115		$	1,115
Reserve for unfunded commitments		169			144			154			147			133
Total allowance for credit losses	$	2,517		$	1,346		$	1,297		$	1,262		$	1,248
	As of
	March			December			September			June			March
	2020			2019			2019			2019			2019
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	100		$	118		$	70		$	135		$	112
Commercial mortgage loans		83			21			17			20			24
Commercial construction loans		1			1			—			—			—
Commercial leases		18			26			27			31			18
Residential mortgage loans		12			13			12			11			15
Home equity		54			54			63			61			62
Indirect secured consumer loans		1			1			1			1			2
Other consumer loans		2			2			2			2			2
Total nonaccrual portfolio loans and leases (excludes restructured loans)		271			236			192			261			235
Nonaccrual restructured portfolio commercial loans and leases		243			231			235			204			159
Nonaccrual restructured portfolio consumer loans and leases		133			151			55			56			56
Total nonaccrual portfolio loans and leases		647			618			482			521			450
Repossessed property		10			10			9			8			11
OREO		52			52			28			31			37
Total nonperforming portfolio loans and leases and OREO		709			680			519			560			498
Nonaccrual loans held for sale		—			—			—			4			—
Nonaccrual restructured loans held for sale		1			7			13			23			14
Total nonperforming assets	$	710		$	687		$	532		$	587		$	512
Restructured portfolio consumer loans and leases (accrual)	$	976		$	965		$	958		$	958		$	950
Restructured portfolio commercial loans and leases (accrual)	$	63		$	23		$	34		$	32		$	59
Loans and leases 90 days past due (accrual):
Commercial and industrial loans	$	13		$	11		$	15		$	19		$	15
Commercial mortgage loans		20			15			18			11			20
Commercial construction loans		—			—			1			1			—
Commercial leases		10			—			1			—			—
Total commercial loans and leases		43			26			35			31			35
Residential mortgage loans		54			50			48			47			48
Home equity		—			1			—			1			1
Indirect secured consumer loans		11			10			10			11			9
Credit card		42			42			38			37			38
Other consumer loans		1			1			1			1			1
Total consumer loans		108			104			97			97			97
Total loans and leases 90 days past due (accrual)(b)	$	151		$	130		$	132		$	128		$	132
Ratios
Net losses charged-off as a percent of average portfolio loans and leases		0.44	%		0.41	%		0.36	%		0.29	%		0.32	%
Allowance for loan and lease losses:
As a percent of portfolio loans and leases		1.99	%		1.10	%		1.04	%		1.02	%		1.02	%
As a percent of nonperforming portfolio loans and leases(a)		363	%		194	%		237	%		214	%		248	%
As a percent of nonperforming portfolio assets(a)		331	%		177	%		221	%		199	%		224	%
Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO(a)		0.55	%		0.56	%		0.44	%		0.48	%		0.41	%
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO(a)		0.60	%		0.62	%		0.47	%		0.51	%		0.45	%
Nonperforming assets as a percent of total loans and leases, OREO, and repossessed property		0.59	%		0.62	%		0.48	%		0.53	%		0.46	%

(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

(unaudited)

	For the Three Months Ended
	March			December			September			June			March
	2020			2019			2019			2019			2019
Net interest income	$	1,229		$	1,228		$	1,242		$	1,245		$	1,082
Add: Taxable equivalent adjustment		4			4			4			5			4
Net interest income (FTE) (a)		1,233			1,232			1,246			1,250			1,086
Net interest income (annualized) (b)		4,943			4,872			4,928			4,994			4,388
Net interest income (FTE) (annualized) (c)		4,959			4,888			4,943			5,014			4,404
Net interest income (FTE)		1,233			1,232			1,246			1,250			1,086
Less: Net interest income impact from purchase accounting accretion		16			18			28			18			1
Adjusted net interest income (FTE) (d)		1,217			1,214			1,218			1,232			1,085
Adjusted net interest income (FTE) (annualized) (e)		4,895			4,816			4,832			4,942			4,400
Interest income		1,525			1,559			1,625			1,636			1,433
Add: Taxable equivalent adjustment		4			4			4			5			4
Interest income (FTE)		1,529			1,563			1,629			1,641			1,437
Interest income (FTE) (annualized) (f)		6,150			6,201			6,463			6,582			5,828
Interest expense (annualized) (g)		1,191			1,313			1,520			1,568			1,424
Average interest-earning assets (h)		151,213			149,312			148,854			148,790			134,463
Average interest-bearing liabilities (i)		109,244			107,573			107,633			106,340			97,137
Net interest margin (b) / (h)		3.27	%		3.26	%		3.31	%		3.36	%		3.26	%
Net interest margin (FTE) (c) / (h)		3.28	%		3.27	%		3.32	%		3.37	%		3.28	%
Adjusted net interest margin (e) / (h)		3.24	%		3.22	%		3.25	%		3.32	%		3.28	%
Net interest rate spread (FTE) (f) / (h) - (g) / (i)		2.98	%		2.93	%		2.93	%		2.95	%		2.87	%
Income before income taxes	$	60		$	941		$	689		$	577		$	996
Add: Taxable equivalent adjustment		4			4			4			5			4
Income before income taxes (FTE)	$	64		$	945		$	693		$	582		$	1,000
Net income available to common shareholders	$	29		$	701		$	530		$	427		$	760
Add: Intangible amortization, net of tax		10			11			11			11			2
Tangible net income available to common shareholders (j)		39			712			541			438			762
Tangible net income available to common shareholders (annualized) (k)		157			2,825			2,146			1,757			3,090
Average Bancorp shareholders’ equity		21,713			21,304			21,087			20,135			17,025
Less: Average preferred stock		(1,770	)		(1,770	)		(1,445	)		(1,331	)		(1,331	)
Average goodwill		(4,251	)		(4,260	)		(4,286	)		(4,301	)		(2,682	)
Average intangible assets		(193	)		(194	)		(208	)		(215	)		(58	)
Average tangible common equity, including accumulated other comprehensive income (“AOCI”) (l)		15,499			15,080			15,148			14,288			12,954
Less: Average AOCI		(1,825	)		(1,416	)		(1,444	)		(619	)		—
Average tangible common equity, excluding AOCI (m)		13,674			13,664			13,704			13,669			12,954
Total Bancorp shareholders’ equity		21,873			21,203			21,404			20,474			19,647
Less: Preferred stock		(1,770	)		(1,770	)		(1,770	)		(1,331	)		(1,331	)
Goodwill		(4,261	)		(4,252	)		(4,290	)		(4,284	)		(4,321	)
Intangible assets		(184	)		(201	)		(201	)		(215	)		(218	)
Tangible common equity, including AOCI (n)		15,658			14,980			15,143			14,644			13,777
Less: AOCI		(2,477	)		(1,192	)		(1,635	)		(1,178	)		(409	)
Tangible common equity, excluding AOCI (o)		13,181			13,788			13,508			13,466			13,368
Add: Preferred stock		1,770			1,770			1,770			1,331			1,331
Tangible equity (p)		14,951			15,558			15,278			14,797			14,699
Total assets		185,391			169,369			171,079			168,802			167,853
Less: Goodwill		(4,261	)		(4,252	)		(4,290	)		(4,284	)		(4,321	)
Intangible assets		(184	)		(201	)		(201	)		(215	)		(218	)
Tangible assets, including AOCI (q)		180,946			164,916			166,588			164,303			163,314
Less: AOCI, before tax		(3,135	)		(1,509	)		(2,070	)		(1,491	)		(518	)
Tangible assets, excluding AOCI (r)	$	177,811		$	163,407		$	164,518		$	162,812		$	162,796
Common shares outstanding (s)		711			709			719			731			739
Tangible equity (p) / (r)		8.41	%		9.52	%		9.29	%		9.09	%		9.03	%
Tangible common equity (excluding AOCI) (o) / (r)		7.41	%		8.44	%		8.21	%		8.27	%		8.21	%
Tangible common equity (including AOCI) (n) / (q)		8.65	%		9.08	%		9.09	%		8.91	%		8.44	%
Tangible book value per share (n) / (s)	$	22.02		$	21.13		$	21.06		$	20.03		$	18.64

28

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconciliation

$ in millions

(unaudited)

	For the Three Months Ended
	March			December			March
	2020			2019			2019
Net income (t)	$	46		$	734		$	775
Net income (annualized) (u)		185			2,912			3,143
Adjustments (pre-tax items)
Provision in excess of credit losses		518			—			—
Unfavorable credit valuation adjustment (CVA)		36			—			—
Valuation of Visa total return swap		22			44			31
Net impairment of private equity investments		15			—			—
Merger-related expense		7			9			76
Fifth Third Foundation contribution		—			20			—
Provision impact from conversion to a national charter		—			9			—
Gain recognized from Worldpay TRA transaction		—			(345	)		—
Merger-related branch network impairment charge		—			—			13
GreenSky securities losses (gains)		—			—			(9	)
Gain on sale of Worldpay Shares		—			—			(562	)
Adjustments, after-tax (v)(a)		461			(202	)		(341	)
Adjustments (tax related items)
Acquisition impact on state deferred taxes		—			—			9
Adjustments, tax related (w)		—			—			9
Noninterest income (x)		671			1,035			1,101
Valuation of Visa total return swap		22			44			31
Net impairment of private equity investments		15			—			—
Gain recognized from Worldpay TRA transaction		—			(345	)		—
Merger-related branch network impairment charge		—			—			13
GreenSky securities losses (gains)		—			—			(9	)
Gain on sale of Worldpay Shares		—			—			(562	)
Adjusted noninterest income (y)		708			734			574
Noninterest expense (z)		1,200			1,160			1,097
Merger-related expense		(7	)		(9	)		(76	)
Unfavorable credit valuation adjustment (CVA)		(36	)		—			—
Fifth Third Foundation contribution		—			(20	)		—
Adjusted noninterest expense (aa)		1,157			1,131			1,021
Intangible amortization expense		13			14			3
Adjusted noninterest expense excluding intangible amortization expense (ab)		1,144			1,117			1,018
Adjusted net income (t) + (v) + (w)		507			532			443
Adjusted net income (annualized) (ac)		2,039			2,111			1,797
Adjusted tangible net income available to common shareholders (j) + (v) + (w)		500			510			430
Adjusted tangible net income available to common shareholders (annualized) (ad)		2,011			2,023			1,744
Average assets (ae)	$	171,871		$	169,327		$	148,968
Return on average tangible common equity (k) / (l)		1.0	%		18.7	%		23.9	%
Adjusted return on average tangible common equity, including AOCI (ad) / (l)		13.0	%		13.4	%		13.5	%
Adjusted return on average tangible common equity, excluding AOCI (ad) / (m)		14.7	%		14.8	%		13.5	%
Return on average assets (u) / (ae)		0.11	%		1.72	%		2.11	%
Adjusted return on average assets (ac) / (ae)		1.19	%		1.25	%		1.21	%
Efficiency ratio (z) / [(a) + (x)]		63.0	%		51.2	%		50.2	%
Adjusted efficiency ratio (ab) / [(d) + (y)]		59.4	%		57.3	%		61.4	%
Total revenue (FTE) (a) + (x)	$	1,904		$	2,267		$	2,187
Pre-provision net revenue (PPNR) (a) + (x) - (z)	$	704		$	1,107		$	1,090
Adjusted pre-provision net revenue (PPNR) (d) + (y) - (ab)	$	781		$	831		$	641

(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 March 31, 2020	Commercial Banking			Branch Banking(b)			Consumer Lending(c)			Wealth and Asset Management			Other/ Eliminations			Total
Net interest income (FTE)(a)	$	511		$	505		$	89		$	37		$	91		$	1,233
Provision for credit losses		(45	)		(62	)		(13	)		(1	)		(519	)		(640	)
Net interest income after provision for credit losses		466			443			76			36			(428	)		593
Noninterest income		287			198			124			135			(73	)		671
Noninterest expense		(480	)		(488	)		(122	)		(143	)		33			(1,200	)
Income (loss) before income taxes		273			153			78			28			(468	)		64
Applicable income tax (expense) benefit(a)		(49	)		(32	)		(17	)		(6	)		86			(18	)
Net income (loss)		224			121			61			22			(382	)		46
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

(a) Includes taxable equivalent adjustments of $4 million, $4 million, $4 million, $5 million and $4 million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, 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.

30

EX-99.2

Fifth Third Bancorp 1Q20 Earnings Presentation April 21, 2020 Refer to earnings release dated April 21, 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 filings with the U.S. Securities and Exchange Commission [“SEC”]. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) risks relating to Fifth Third’s ability to realize the anticipated benefits of the merger with MB Financial, Inc.; (36) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (37) potential dilution from future acquisitions; (38) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (39) results of investments or acquired entities; (40) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (41) inaccuracies or other failures from the use of models; (42) effects of critical accounting policies and judgments or the use of inaccurate estimates; (43) weather-related events, other natural disasters, or health emergencies; and (44) 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 1Q20 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.

Making a difference during the pandemic Up to $1,000 special payment to banking center, operations and call center employees providing essential banking services Established social distancing across our facilities Installed protective shields at all Bank Mart locations Enhanced cleaning procedures at our branches and offices ~11,000 employees working remotely (95% remote ex. front-line retail customer service) Employees Consumers Businesses Communities ~10 thousand loans under the Paycheck Protection Program providing $3.4 billion for businesses with over 300,000 employees Leveraging strength of our balance sheet for commercial customers to draw down on ~$8 billion of existing lines of credit Temporarily increasing SBA Express program maximum to $1 million (from $350,000) Payment Deferral Program Fee Waiver Program Small Business Association Disaster Assistance $8.75 million philanthropic commitment to help address the effects of the COVID-19 pandemic, including: $3.25 million for COVID-19 response needs in our regions $5.5 million in Strengthening our Communities Fund grants to support long-term sustainability of our economy Leading regional task force to address COVID-19 issues in the community 99% of 1,123 banking centers remain open for business, in addition to ~53,000 fee-free ATMs Executed >96 thousand fee waivers and loan hardship deferrals, representing $1.5 billion in Fifth Third balances and an additional $6 billion in the mortgage servicing portfolio: ~49 thousand for up to 90-day deferrals for credit card, vehicle, and personal loan/line of credits ~34 thousand for up to 180-day payment forbearance ~13 thousand deposit fee waivers No reporting payment deferrals to credit bureaus Temporary suspension of vehicle repossessions and home foreclosures Our bankers have personally connected with 2 million customers since the start of the COVID-19 pandemic

Supporting customers, communities, and employees during the pandemic Maintained robust capital and liquidity levels Net interest income, NIM, noninterest income, and expense performance in-line with or better than prior guidance NCO ratio consistent with previous expectations Growth in the allowance for credit losses reflects adoption of CECL2 and the impact of COVID-19 1Q20 highlights Reported1 1Reported ROTCE, NIM, pre-provision net revenue, and efficiency ratio are non-GAAP measures: all adjusted figures are non-GAAP measures; see reconciliation on pages 26 and 27 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release; 2Refers to current expected credit losses (CECL) methodology implemented as part of Bancorp’s adoption of ASU 2016-13. Adjusted1 ROA Efficiency ratio ROTCE 1.19% 14.7% NIM 3.24% 3.28% 0.11% 1.0% 59.4% 63.0% ROE 9.9% 0.6% excl. AOCI excl. PAA excl. PAA & CDI PPNR $781MM $704MM EPS $0.68 $0.04 up 22% YoY

Commercial Average 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 Loan & lease balances exclude HFS

Net interest income1 1Q20 vs. 1Q19 1Q20 vs. 4Q19 Adjusted NII1 up $132 million, or 12%; Adjusted NIM1 down 4 bps Primary NII drivers: Increase in interest-earning assets including the impact from MB Financial Favorable impact of previously executed cash flow hedges Partially offset by the declining rate environment Adjusted NII1 up $3 million; Adjusted NIM1 up 2 bps Primary NII drivers: Loan growth Favorable impact of previously executed cash flow hedges Benefit of elevated short-term LIBOR rates on yields relative to funding costs Partially offset by seasonably strong securities portfolio income in the prior quarter as well as the impact of a lower day count 1Results are on a fully-taxable equivalent basis; non-GAAP measure: see reconciliation on pages 26 and 27 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 net interest income; $ millions Adjusted NII (excl. PAA) NII 3.28% 3.22% 3.24% Adjusted NIM (excl. PAA)

Adjusted noninterest income (excl. securities (gains)/losses)1 Noninterest income Adjusted noninterest income1 up $8 million, or 1% Primary drivers: Mortgage banking revenue (up 64%) Wealth and asset management revenue (up 4%) Leasing business revenue (up 3%) Partially offset by lower card and processing revenue (down 9%) 1Non-GAAP measure: see reconciliation on pages 26 and 27 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 Noninterest income Adjusted noninterest income1 up $165 million, or 29%, including the impact of MB Financial Primary drivers: Mortgage banking revenue (up 114%) Leasing business revenue (up 128%; primarily from MB) Wealth and asset management revenue (up 20%) Commercial banking revenue (up 20%) 1Q20 vs. 1Q19 1Q20 vs. 4Q19

Adjusted noninterest expense (excl. intangible amortization) 1 Noninterest expense Adjusted noninterest expense1 up $27 million, or 2% Primary drivers: Seasonally higher compensation and benefits (up 12%), including $3 million of special payments provided to employees providing essential banking services through the COVID-19 pandemic Partially offset by lower marketing expense (down 30%) and lower technology and communications expense (down 9%) Total noninterest expense; $ millions Adjusted noninterest expense1 up $126 million, or 12%, reflecting the impact of MB Financial Primary drivers: Compensation and benefits (up 12%) Technology investments (up 25%) Leasing business expense (offset in leasing business revenue) Noninterest expense 1Excluding intangible amortization is a non-GAAP measure: see reconciliation on pages 26 and 27 of this presentation and use of non-GAAP measures on pages 27-29 of the earnings release; See forward-looking statements on page 2 1Q20 vs. 1Q19 1Q20 vs. 4Q19

COVID-19 high impact industries $8.7 billion C&I and Leasing portfolios (7.3% of total) $5.3BN I 4.5% of total 19% in leveraged portfolio 75% shared national credits 71% utilization Totals represent percentage of Fifth Third’s total loans & leases of $119.7 billion; leveraged: loans corresponding to commitments >$5M with leverage >3x senior debt, 4x total debt (with limited industry variations) Leisure & Recreation $1.9BN I 1.6% of total 4% in leveraged portfolio 89% shared national credits 64% utilization Retail (non-essential) $1.0BN I 0.8% of total 19% in leveraged portfolio 37% shared national credits 60% utilization Healthcare Facilities $0.5BN I 0.4% of total 2% in leveraged portfolio 89% shared national credits 80% utilization Travel $5.3 billion CRE portfolio (4.4% of total) $2.1BN I 1.7% of total Leisure & Recreation $1.6BN I 1.3% of total Retail (non-essential) $1.6BN I 1.4% of total Healthcare Facilities Primarily malls and lifestyle centers Underlying real estate loans primarily with restaurants and casinos Primarily passenger water and air Primarily elective and private practices, and nursing homes Primarily clothing, electronics, furniture and general & specialty merchandise stores Primarily casinos ($2.0BN), restaurants ($1.9BN), sports ($0.5BN), fitness ($0.4BN) and hotels ($0.3BN) Ongoing portfolio surveillance $14.0 billion outstanding balances in COVID-19 high impact industries (11.7% of total) Underlying real estate loans primarily with elective and private practices, and nursing homes Centralized team managing commercial client modifications Cross functional teams assessing credit in real time Created a credit advisory forum based on industry/risk type, led by industry and product experts to assess long term viability of borrower (including risk mitigation, client relief, or risk rating designation) Credit principles: disciplined client selection, favoring large borrowers who have diverse revenue streams, multiple sources of repayment, and a track record of resilience through the cycle Geographically diversified portfolios, favoring large borrowers with a track record of resilience; 75% of C&I portfolio is in shared national credits

Oil & gas portfolio remains well positioned Oil & Gas Balance Mix Meaningful improvements from last cycle which had already exhibited strong performance Fifth Third RBL client cash flow leverage 2015 1Q20 Portfolio is less levered and more hedged than before the last downturn $24MM total energy portfolio losses from 2015-2016 downturn RBL clients are well-hedged against lower commodity prices; By year-end, clients hedged more than 50%: 2020: ~80%; 2021: ~30% Deliberately underweight in OFS which we believe will exhibit higher losses in a down cycle 44% 18% 79% 7% 4.7x 2.2x Fifth Third RBL balance % Fifth Third OFS balance % RBL Oil & Gas Production $2.8BN I 2.3% of total loans 65% utilization Oil / Gas Mix 56% / 44% Reserve-Based Structure 95% Midstream Refining Oilfield Services (OFS) $0.4BN I 0.3% of total loans 28% utilization Midstream Oil / Gas Mix 63% / 37% Asset-Based Structure 10% $0.2BN I 0.2% of total loans 79% utilization Asset-Based Structure 63% Totals represent percentage of Fifth Third’s total loans & leases of $119.7 billion; Hedge information based on proved developed producing (PDP) reserves

Consumer portfolios are well positioned Residential mortgage 14% 758 Home equity Indirect secured Credit card Other consumer Portfolio WA FICO % of Total Loans Predominantly GreenSky 5% 761 10% 752 2% 736 2% 759 Strong credit quality throughout the consumer portfolio, focused on prime and super prime borrowers ~90% of total consumer portfolio is secured ~85% of real estate portfolio is in 1st lien position ~10% of mortgage hardship forbearance requests have LTVs >80%2 Predominantly auto 74% Portfolio WA LTV at Orig. 70% 93% NA NA Totals represent percentage of Fifth Third’s total loans & leases of $119.7 billion; 1FICO distributions at origination exclude certain acquired mortgages and home equity loans as well as $100 million from credit card loans on book primarily ~15+ years, and $500 million from consumer loans associated with private wealth clients. 2hardship requests excluding those with government guarantees or mortgage insurance, and which consider the most recently-updated loan appraisal. 56% 18% 22% 4% Consumer portfolio FICO score distribution1 755 WA FICO for total consumer portfolio

Credit quality overview 1Excludes HFS loans Nonperforming assets1 (NPAs) Net charge-offs (NCOs) ACL as % of portfolio loans and leases NPA ratio of 0.60% down 2 bps from prior quarter NCO ratio consistent with previous expectations ACL represents: 363% of NPLs, and 331% of NPAs 76% of 2018 supervisory DFAST Adverse losses 44% of 2018 supervisory DFAST Severe losses 50% of 2019 company run DFAST Severe losses 54% of 2020 company run DFAST Severe losses Provision 525% of NCOs Incurred Loss Method CECL

Current expected credit losses (CECL) implementation Allowance for loan & lease losses Commercial and industrial loans Commercial mortgage loans Commercial construction loans Commercial leases Total commercial Residential mortgage Home equity loans Indirect secured consumer loans Credit card loans Other consumer loans Total consumer Allowance for lease losses 50 19 790 81 41 59 187 44 412 1,202 144 $1,346 Reserve for unfunded commitments Allowance for credit losses 97 624 0.98% 0.56% 1.13% 0.48% 0.67% 0.51% 7.39% 1.62% 1.04% 1.10% 1.23% 1.23% 0.88% Amount % of portfolio loans & leases 53 46 1,313 259 219 129 306 122 1,035 2,348 169 $2,517 237 977 0.97% 1.47% 1.68% 1.55% 3.67% 1.07% 12.66% 4.19% 2.58% 1.99% 2.13% 1.68% 2.12% Allocation of allowance by product $s in millions 4Q19 (Incurred) 1Q20 (CECL) Allowance for credit losses increased $1.171BN, reflecting the CECL adoption ($653MM Day 1 reserve build), worsening economic outlook due to COVID-19, the impact of lower oil prices, and loan growth Amount % of portfolio loans & leases

Heavily core funded with ~89% loan-to-core deposit ratio, remaining at the best level in ~15+ years Over $80 billion of available liquidity sources $4.1B in Holding Company 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 Strong capital and liquidity position 1Current period regulatory capital ratio is estimated Common Equity Tier 1 ratio (Basel III)1 Liquidity Position Fed Reserves Unpledged Investment Securities Available FHLB Borrowing Capacity Current Fed Discount Window Availability Total $s in billions; as of 3/31/2020 ~$6 ~$29 ~$11 ~$35 ~$81 Liquidity Sources 30 bps (13 bps) (18 bps) (38 bps) CET1 ratio remained strong; largest drivers of sequential change: +30 bps from earnings ex. provision (38) bps from RWA, primarily C&I line draws (18) bps from provision build $0.27 common dividend had ~(13) bps impact Share repurchases suspended (no 1Q20 repurchases) Expect to maintain dividends unless economic outlook significantly deteriorates from here $2.5 billion in AOCI not included in regulatory capital

Current expectations Second quarter 2020 compared to first quarter 2020 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) As of April 21, 2020; please see cautionary statement on page 2 Due to the current economic uncertainty, we are withdrawing the Company’s financial outlook for the full-year 2020 that was issued on January 22, 2020 NII (FTE)1 Loans & leases Up high-single to low-double digits Relatively stable Noninterest income1 Down high-single to low-double digits Noninterest expense1 Down high-single to low-double digits (excluding PAA) (1Q20 baseline: $1.217BN) (1Q20 baseline: $708MM) (excl. merger-related and CDI expenses; 1Q20 baseline: $1.144BN) Net charge-off ratio 45 to 50 bps range Effective tax rate ~22% range

Remain well-positioned to navigate the uncertain economic environment Resilient Balance Sheet Proactive Management Diversified Revenue Mix 1 2 3

Appendix

100% Fix | 0% Variable 71% Fix | 29% Variable Balance sheet positioning Investment portfolio $19.3B fixed | $58.8B variable 1,2,3 Commercial loans1,2,3 Consumer loans1 Long-term debt4 $31.1B fixed | $10.5B variable 1 $12.3B fix | $3.9B variable 4 1ML based: 60%6 3ML based: 7%6 Prime based: 7%6 Other based: 2%6,9 Weighted avg. life: 1.4 years 1ML based: 1%7 12ML based: 2%7 Prime based: 18%7 Weighted avg. life: 2.8 years Data as of 03/31/20; 1Includes HFS Loans & Leases; 2Fifth Third had $8.0B of variable loans classified as fixed given the 1ML receive-fix swaps outstanding against C&I loans; 3Excludes forward starting swaps; 4Fifth Third had $1.46B 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: 8%8 3ML based: 16%8 Weighted avg. life: 4.12 years C&I 23% Fix | 77% Variable Coml. mortgage 22% Fix | 78% Variable Coml. lease 100% Fix | 0% Variable Resi mtg.& construction 87% Fix | 13% Variable Auto/Indirect 100% Fix | 0% Variable Home equity 10% Fix | 90% Variable Senior debt 73% Fix | 27% Variable Sub debt 78% Fix | 22% Variable Auto securiz. proceeds 97% Fix | 3% Variable Coml. construction 0% Fix | 100% Variable Credit card 23% Fix | 77% Variable Other 68% Fix | 32% Variable Other 82% Fix | 18% Variable 60% allocation to bullet/ locked-out cash flow securities Yield: 3.13% Effective duration of 4.75 Net unrealized pre-tax gain: $2.2B 99% AFS Level 1 100% Fix | 0% Variable Level 2A Non-HQLA/ Other Information above incorporates $8B in C&I receive fixed swaps and ~$3B in LTD received fixed swaps In addition, $3B fixed rate floors of 2.25% are not incorporated above

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 03/31/20; 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 asset sensitive over the next 12-24 months to rising rates. As of March 31, 2020, 58% of loans were variable rate net of existing swaps (75% of total commercial; 25% of total consumer) Investment portfolio effective duration of 4.71 Short-term borrowings represent approximately 24% of total wholesale funding, or 4% of total funding Approximately $13 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 42% 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 8 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 Commercial construction

Expected impacts of MB purchase accounting1 2Q20 ($ 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 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 1See forward-looking statements on page 2 of this presentation.

Strong liquidity profile $ millions – excl. Retail Brokered & Institutional CDs Unsecured debt maturities Heavily core funded Holding company: Holding Company cash as of March 31, 2020: $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 did not issue any long-term debt in 1Q20 Bank entity: The Bank issued $650MM of three-year and $600MM of seven-year senior notes in 1Q20 Available and contingent borrowing capacity (1Q20): FHLB ~$10.6B available, ~$14.2B total Federal Reserve ~$35.6B 2020 funding plans In 2020, Fifth Third expects to issue sufficient long-term debt to maintain its current ratings under the Moody’s LGF methodology As of 3/31/2020 $2,150 $3,150 $650

Mortgage banking results $ millions Mortgage banking net revenue $ billions Mortgage originations and gain-on-sale margin1 1Gain-on-sale margin represents gains on all loans originated for sale Mortgage banking revenue increased $64 million from year-ago quarter and $47 million from prior quarter $4B in originations, up 145% compared to the year-ago quarter and up 6% from prior quarter; 28% purchase volume 1Q20 mortgage banking drivers: Origination fees and gain on sale revenue up $32MM sequentially Gain on sale margin up 67 bps sequentially $3MM securities gain compared to $1MM securities loss in the prior quarter (not included in mortgage banking) Originations HFS Originations HFI Margin Origination fees and gains on loan sale Gross servicing fees Net MSR valuation

1Q20 adjustments and notable items Adjusted EPS of $0.681 1Q20 reported EPS of $0.04 included a negative $0.55 impact from: $518 million pre-tax (~$399 million after-tax2) provision in excess of net charge-offs Also included a negative $0.09 impact from the following notable items: $36 million pre-tax (~$28 million after-tax2) negative credit valuation adjustment (CVA) within other noninterest expense $22 million pre-tax (~$17 million after-tax2) charge related to the valuation of the Visa total return swap $15 million pre-tax (~$12 million after-tax2) net impairment on private equity investments $7 million pre-tax (~$5 million after-tax2) merger charges 1Average diluted common shares outstanding (thousands); 720,363; 2Assumes a 23% tax rate; : all adjusted figures are non-GAAP measures; see reconciliation on pages 26 and 27 of this presentation and the use of non-GAAP measures on pages 27-29 of the earnings release;

Regulation G non-GAAP reconciliation Fifth Third Bancorp and Subsidiaries Regulation G Non-GAAP Reconciliation $ and shares in millions March December September June March (unaudited) 2020 2019 2019 2019 2019 Net income (U.S. GAAP) (a) $46 $734 $549 $453 $775 Net income (U.S. GAAP) (annualized) (b) $185 $2,912 $2,178 $1,817 $3,143 Net income available to common shareholders (U.S. GAAP) (c) $29 $701 $530 $427 $760 Add: Intangible amortization, net of tax 10 11 11 11 2 Tangible net income available to common shareholders (d) $39 $712 $541 $438 $762 Tangible net income available to common shareholders (annualized) (e) $157 $2,825 $2,146 $1,757 $3,090 Net income available to common shareholders (annualized) (f) $117 $2,781 $2,103 $1,713 $3,082 Average Bancorp shareholders' equity (U.S. GAAP) (g) $21,713 $21,304 $21,087 $20,135 $17,025 Less: Average preferred stock (h) (1,770) (1,770) (1,445) (1,331) (1,331) Average goodwill (4,251) (4,260) (4,286) (4,301) (2,682) Average intangible assets and other servicing rights (193) (194) (208) (215) (58) Average tangible common equity (i) $15,499 $15,080 $15,148 $14,288 $12,954 Less: average accumulated other comprehensive income ("AOCI") (1,825) (1,416) (1,444) (619) - Average tangible common equity, excluding AOCI (j) $13,674 $13,664 $13,704 $13,669 $12,954 Adjustments (pre-tax items) CECL reserve build 518 - - - - Valuation of Visa total return swap 22 44 11 22 31 GreenSky securities losses (gains) - - - - (9) Provision impact from conversion to a national charter - 9 - - - Private equity write-down 15 - - - - Merger-related expense 7 9 28 109 76 Contribution for Fifth Third Foundation - 20 - - - Gain recognized from Worldpay TRA transaction - (345) - - - Unfavorable credit calculation adjustment (CVA) 36 - - - - Merger-related branch network impairment charge - - - - 13 Gain on sale of Vantiv/Worldpay shares - - - - (562) Adjustments - after-tax 1 (k) 461 ($202) $30 101 ($341) Adjustments - tax-related Acquisition impact on state deferred taxes - - - - 9 Adjustments - tax-related (l) - - - - 9 Adjusted net income [(a) + (k) + (l)] $507 $532 $579 $554 $443 Adjusted net income (annualized) (m) $2,039 $2,111 $2,297 $2,222 $1,797 Adjusted net income available to common shareholders [(c) + (k) + (l)] $490 $499 $560 $528 $428 Adjusted net income available to common shareholders (annualized) (n) $1,971 $1,980 $2,222 $2,118 $1,736 Adjusted tangible net income available to common shareholders [(d) + (k) + (l)] $500 $510 $571 $539 $430 Adjusted tangible net income available to common shareholders (annualized) (o) $2,011 $2,023 $2,265 $2,162 $1,744 Average assets (p) $171,871 $169,327 $169,585 $167,578 $148,968 Metrics: Return on assets (b) / (p) 0.11% 1.72% 1.28% 1.08% 2.11% Adjusted return on assets (m) / (p) 1.19% 1.25% 1.35% 1.33% 1.21% Return on average common equity (f) / [(g) + (h)] 0.6% 14.2% 10.7% 9.1% 19.6% Adjusted return on average common equity (n) / [(g) + (h)] 9.9% 10.1% 11.3% 11.3% 11.1% Return on average tangible common equity (e) / (i) 1.0% 18.7% 14.2% 12.3% 23.9% Adjusted return on average tangible common equity (o) / (i) 13.0% 13.4% 15.0% 15.1% 13.5% Adjusted return on average tangible common equity, excluding AOCI (o) / (j) 14.7% 14.8% 16.5% 15.8% 13.5% For the Three Months Ended 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 See pages 27-29 of the earnings release for a discussion on the use of non-GAAP financial measures

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Document and Entity Information	Apr. 21, 2020
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0000035527
Document Type	8-K
Document Period End Date	Apr. 21, 2020
Entity Registrant Name	Fifth Third Bancorp
Entity Incorporation State 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
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Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, Without Par Value
Trading Symbol	FITB
Security Exchange Name	NASDAQ
Depositary Shares Representing A 11000th Ownership Interest In A Share Of 6.625 Fixed To Floating Rate Not Cumulative Perpetual Preferred Stock Series I 2 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	FITBI
Security Exchange Name	NASDAQ
Depositary Shares Representing A 140th Ownership Interest In A Share Of 6.00 Not Cumulative Perpetual Class B Preferred Stock Series A [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A
Trading Symbol	FITBP
Security Exchange Name	NASDAQ
Depositary Shares Representing A 11000th Ownership Interest In A Share Of 4.95 Not Cumulative Perpetual Preferred Stock Series K [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares Representing a 1/1000th Ownership Interest in a Share of 4.95% Non-Cumulative Perpetual Preferred Stock, Series K
Trading Symbol	FITBO
Security Exchange Name	NASDAQ