Fifth Third Bancorp Reports First Quarter 2024 Diluted Earnings Per Share of $0.70
Grew deposits year-over-year and further strengthened liquidity and capital positions
Reported results included a negative
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Key Financial Data |
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Key Highlights |
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$ in millions for all balance sheet and income statement items |
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1Q24 |
4Q23 |
1Q23 |
Stability:
Profitability:
Growth:
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Income Statement Data |
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Net income available to common shareholders |
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Net interest income ( |
1,384 |
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1,416 |
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1,517 |
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Net interest income (FTE)(a) |
1,390 |
|
1,423 |
|
1,522 |
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Noninterest income |
710 |
|
744 |
|
696 |
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Noninterest expense |
1,342 |
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1,455 |
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1,331 |
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Per Share Data |
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Earnings per share, basic |
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Earnings per share, diluted |
0.70 |
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0.72 |
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0.78 |
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Book value per share |
24.72 |
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25.04 |
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23.87 |
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Tangible book value per share(a) |
17.35 |
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17.64 |
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16.41 |
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Balance Sheet & Credit Quality |
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Average portfolio loans and leases |
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Average deposits |
168,122 |
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169,447 |
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160,645 |
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Accumulated other comprehensive loss |
(4,888) |
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(4,487) |
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(4,245) |
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Net charge-off ratio(b) |
0.38 |
% |
0.32 |
% |
0.26 |
% |
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Nonperforming asset ratio(c) |
0.64 |
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0.59 |
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0.51 |
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Financial Ratios |
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Return on average assets |
0.98 |
% |
0.98 |
% |
1.10 |
% |
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Return on average common equity |
11.6 |
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12.9 |
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13.7 |
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Return on average tangible common equity(a) |
17.0 |
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19.8 |
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20.5 |
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CET1 capital(d)(e) |
10.44 |
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10.29 |
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9.28 |
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Net interest margin(a) |
2.86 |
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2.85 |
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3.29 |
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Efficiency(a) |
63.9 |
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67.2 |
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60.0 |
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Other than the Quarterly Financial Review tables beginning on page 14 of the earnings release, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with |
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From |
Fifth Third’s financial results once again reflected balance sheet strength, well-managed deposit costs, disciplined credit risk management, and diversified revenue streams. Expenses remain well-controlled and were down slightly year-over-year when excluding certain items.
Our balance sheet positioning and deposit performance provide flexibility in managing through a range of uncertain economic and regulatory environments. Our credit metrics remain below historical levels, with net charge-offs for the quarter in line with our expectations.
We continue to prudently invest in our strategic priorities as highlighted by strong growth in our treasury management fees and wealth and asset management revenue. We also extended our track record of strong organic growth, adding net new households in consumer and new quality relationships in commercial.
While the economic and regulatory environments remain uncertain, we remain well positioned to respond to a range of potential outcomes. We will continue to follow our guiding principles of stability, profitability, and growth – in that order.
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Income Statement Highlights |
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($ in millions, except per share data) |
For the Three Months Ended |
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% Change |
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March |
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December |
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March |
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2024 |
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2023 |
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2023 |
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Seq |
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Yr/Yr |
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Condensed Statements of Income |
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Net interest income (NII)(a) |
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(2)% |
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(9)% |
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Provision for credit losses |
94 |
|
55 |
|
164 |
|
71% |
|
(43)% |
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Noninterest income |
710 |
|
744 |
|
696 |
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(5)% |
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2% |
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Noninterest expense |
1,342 |
|
1,455 |
|
1,331 |
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(8)% |
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1% |
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Income before income taxes(a) |
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1% |
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(8)% |
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Taxable equivalent adjustment |
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(14)% |
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20% |
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Applicable income tax expense |
138 |
|
120 |
|
160 |
|
15% |
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(14)% |
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Net income |
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(2)% |
|
(7)% |
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Dividends on preferred stock |
40 |
|
38 |
|
23 |
|
5% |
|
74% |
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Net income available to common shareholders |
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(2)% |
|
(10)% |
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Earnings per share, diluted |
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(3)% |
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(10)% |
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Diluted earnings per share impact of certain item(s) - 1Q24 |
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(after-tax impact(f); $ in millions, except per share data) |
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Update to the |
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Interchange litigation matters |
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Valuation of |
(13) |
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Mastercard litigation (noninterest expense) |
(4) |
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subtotal |
(17) |
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After-tax impact(f)of certain items |
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Diluted earnings per share impact of certain item(s)1 |
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Totals may not foot due to rounding; 1Diluted earnings per share impact reflects 690.634 million average diluted shares outstanding |
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Net Interest Income |
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(FTE; $ in millions) (a) |
For the Three Months Ended |
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% Change |
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March |
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December |
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March |
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2024 |
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2023 |
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2023 |
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Seq |
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Yr/Yr |
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Interest Income |
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Interest income |
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(2)% |
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18% |
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Interest expense |
1,224 |
|
1,232 |
|
696 |
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(1)% |
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76% |
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Net interest income (NII) |
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(2)% |
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(9)% |
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Average Yield/Rate Analysis |
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bps Change |
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Yield on interest-earning assets |
5.38% |
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5.31% |
|
4.80% |
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7 |
|
58 |
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Rate paid on interest-bearing liabilities |
3.36% |
|
3.34% |
|
2.18% |
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2 |
|
118 |
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Ratios |
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Net interest rate spread |
2.02% |
|
1.97% |
|
2.62% |
|
5 |
|
(60) |
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Net interest margin (NIM) |
2.86% |
|
2.85% |
|
3.29% |
|
1 |
|
(43) |
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Compared to the prior quarter, NII decreased
Compared to the year-ago quarter, NII decreased
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Noninterest Income |
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($ in millions) |
For the Three Months Ended |
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% Change |
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March |
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December |
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March |
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2024 |
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2023 |
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2023 |
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Seq |
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Yr/Yr |
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Noninterest Income |
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Service charges on deposits |
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3% |
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10% |
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Commercial banking revenue |
143 |
|
163 |
|
161 |
|
(12)% |
|
(11)% |
|
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Mortgage banking net revenue |
54 |
|
66 |
|
69 |
|
(18)% |
|
(22)% |
|
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Wealth and asset management revenue |
161 |
|
147 |
|
146 |
|
10% |
|
10% |
|
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Card and processing revenue |
102 |
|
106 |
|
100 |
|
(4)% |
|
2% |
|
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Leasing business revenue |
39 |
|
46 |
|
57 |
|
(15)% |
|
(32)% |
|
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Other noninterest income |
50 |
|
54 |
|
22 |
|
(7)% |
|
127% |
|
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Securities gains, net |
10 |
|
15 |
|
4 |
|
(33)% |
|
150% |
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Securities gains, net - non-qualifying hedges |
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on mortgage servicing rights |
— |
|
1 |
|
— |
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(100)% |
|
NM |
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Total noninterest income |
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(5)% |
|
2% |
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Reported noninterest income decreased
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Noninterest Income excluding certain items |
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($ in millions) |
For the Three Months Ended |
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March |
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December |
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March |
|
% Change |
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|
2024 |
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2023 |
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2023 |
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Seq |
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Yr/Yr |
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Noninterest Income excluding certain items |
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Noninterest income ( |
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Valuation of |
17 |
|
22 |
|
31 |
|
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Securities (gains) losses, net |
(10) |
|
(15) |
|
(4) |
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Noninterest income excluding certain items(a) |
|
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|
(5)% |
|
(1)% |
|
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|
Noninterest income excluding certain items decreased
Compared to the prior quarter, service charges on deposits increased
Compared to the year-ago quarter, service charges on deposits increased
|
Noninterest Expense |
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($ in millions) |
For the Three Months Ended |
|
% Change |
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March |
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December |
|
March |
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|
2024 |
|
2023 |
|
2023 |
|
Seq |
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Yr/Yr |
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|
Noninterest Expense |
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|
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|
Compensation and benefits |
|
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|
14% |
|
(1)% |
|
|
Net occupancy expense |
87 |
|
83 |
|
81 |
|
5% |
|
7% |
|
|
Technology and communications |
117 |
|
117 |
|
118 |
|
— |
|
(1)% |
|
|
Equipment expense |
37 |
|
37 |
|
37 |
|
— |
|
— |
|
|
Card and processing expense |
20 |
|
21 |
|
22 |
|
(5)% |
|
(9)% |
|
|
Leasing business expense |
25 |
|
27 |
|
34 |
|
(7)% |
|
(26)% |
|
|
Marketing expense |
32 |
|
30 |
|
29 |
|
7% |
|
10% |
|
|
Other noninterest expense |
271 |
|
481 |
|
253 |
|
(44)% |
|
7% |
|
|
Total noninterest expense |
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|
(8)% |
|
1% |
|
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|
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|
|
Reported noninterest expense decreased
|
Noninterest Expense excluding certain item(s) |
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($ in millions) |
For the Three Months Ended |
|
% Change |
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|
March |
|
December |
|
March |
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
Seq |
|
Yr/Yr |
|
|
Noninterest Expense excluding certain item(s) |
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense ( |
|
|
|
|
|
|
|
|
|
|
|
|
(33) |
|
(224) |
|
— |
|
|
|
|
|
|
Mastercard litigation |
(5) |
|
— |
|
— |
|
|
|
|
|
|
|
— |
|
(15) |
|
— |
|
|
|
|
|
|
Restructuring severance expense |
— |
|
(5) |
|
(12) |
|
|
|
|
|
|
Noninterest expense excluding certain item(s)(a) |
|
|
|
|
|
|
8% |
|
(1)% |
|
Compared to the prior quarter, noninterest expense excluding certain items increased
Compared to the year-ago quarter, noninterest expense excluding certain items decreased
|
Average Interest-Earning Assets |
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|
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|
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|
($ in millions) |
For the Three Months Ended |
|
% Change |
|
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|
|
March |
|
December |
|
March |
|
|
|
|
|
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|
2024 |
|
2023 |
|
2023 |
|
Seq |
|
Yr/Yr |
|
|
Average Portfolio Loans and Leases |
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|
|
Commercial loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans |
|
|
|
|
|
|
(3)% |
|
(9)% |
|
|
Commercial mortgage loans |
11,339 |
|
11,338 |
|
11,121 |
|
— |
|
2% |
|
|
Commercial construction loans |
5,732 |
|
5,727 |
|
5,507 |
|
— |
|
4% |
|
|
Commercial leases |
2,542 |
|
2,535 |
|
2,662 |
|
— |
|
(5)% |
|
|
Total commercial loans and leases |
|
|
|
|
|
|
(2)% |
|
(6)% |
|
|
Consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans |
|
|
|
|
|
|
(1)% |
|
(3)% |
|
|
Home equity |
3,933 |
|
3,905 |
|
4,005 |
|
1% |
|
(2)% |
|
|
Indirect secured consumer loans |
15,172 |
|
15,129 |
|
16,598 |
|
— |
|
(9)% |
|
|
Credit card |
1,773 |
|
1,829 |
|
1,780 |
|
(3)% |
|
— |
|
|
Solar energy installation loans |
3,794 |
|
3,630 |
|
2,169 |
|
5% |
|
75% |
|
|
Other consumer loans |
2,889 |
|
3,003 |
|
3,240 |
|
(4)% |
|
(11)% |
|
|
Total consumer loans |
|
|
|
|
|
|
— |
|
(2)% |
|
|
Total average portfolio loans and leases |
|
|
|
|
|
|
(1)% |
|
(4)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Loans and Leases Held for Sale |
|
|
|
|
|
|
|
|
|
|
|
Commercial loans and leases held for sale |
|
|
|
|
|
|
3% |
|
32% |
|
|
Consumer loans held for sale |
291 |
|
379 |
|
747 |
|
(23)% |
|
(61)% |
|
|
Total average loans and leases held for sale |
|
|
|
|
|
|
(19)% |
|
(55)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average loans and leases |
|
|
|
|
|
|
(1)% |
|
(5)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities (taxable and tax-exempt) |
|
|
|
|
|
|
(2)% |
|
(4)% |
|
|
Other short-term investments |
21,194 |
|
21,506 |
|
5,278 |
|
(1)% |
|
302% |
|
|
Total average interest-earning assets |
|
|
|
|
|
|
(1)% |
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compared to the prior quarter, total average portfolio loans and leases decreased 1%, primarily reflecting a decrease in commercial and industrial (C&I) balances driven by lower demand from corporate borrowers, partially offset by an increase in solar energy installation loans. Average commercial portfolio loans and leases decreased 2%, reflecting a decrease in C&I loan balances. Average consumer portfolio loans were flat, primarily reflecting an increase in solar energy installation loan balances, offset by a decrease in residential mortgage loan balances.
Compared to the year-ago quarter, total average portfolio loans and leases decreased 4%, reflecting decreases in both the commercial and consumer portfolios. Average commercial portfolio loans and leases decreased 6%, primarily reflecting a decrease in C&I loan balances, partially offset by increases in commercial construction loan balances and commercial mortgage loan balances. Average consumer portfolio loans decreased 2%, primarily reflecting decreases in indirect secured consumer loan balances and residential mortgage loan balances, partially offset by an increase in solar energy installation loan balances.
Average securities (taxable and tax-exempt; amortized cost) of
On
Total period-end commercial portfolio loans and leases of
Period-end consumer portfolio loans of
Total period-end securities (taxable and tax-exempt; amortized cost) of
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
For the Three Months Ended |
|
% Change |
|
||||||
|
|
March |
|
December |
|
March |
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
Seq |
|
Yr/Yr |
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
|
|
|
|
|
(6)% |
|
(20)% |
|
|
Interest checking |
58,677 |
|
57,114 |
|
48,717 |
|
3% |
|
20% |
|
|
Savings |
18,107 |
|
18,252 |
|
23,107 |
|
(1)% |
|
(22)% |
|
|
Money market |
34,589 |
|
34,292 |
|
28,420 |
|
1% |
|
22% |
|
|
Foreign office(g) |
145 |
|
178 |
|
143 |
|
(19)% |
|
1% |
|
|
Total transaction deposits |
|
|
|
|
|
|
(1)% |
|
1% |
|
|
CDs |
10,244 |
|
10,556 |
|
5,173 |
|
(3)% |
|
98% |
|
|
Total core deposits |
|
|
|
|
|
|
(1)% |
|
4% |
|
|
CDs over |
5,521 |
|
5,659 |
|
4,348 |
|
(2)% |
|
27% |
|
|
Total average deposits |
|
|
|
|
|
|
(1)% |
|
5% |
|
|
CDs over |
|
Compared to the prior quarter, total average deposits decreased 1%, primarily driven by a decline in demand account balances from commercial customer seasonal impacts, partially offset by increases in interest checking and money market balances. Average demand deposits represented 25% of total core deposits in the current quarter, compared to 26% in the prior quarter. Compared to the prior quarter, average consumer segment deposits decreased 1%, average commercial segment deposits were flat, and average wealth & asset management segment deposits were flat. Period-end total deposits were flat compared to the prior quarter.
Compared to the year-ago quarter, total average deposits increased 5%, primarily reflecting increases in interest checking and money market balances, partially offset by decreases in demand account balances and savings balances. Period-end total deposits increased 4% compared to the year-ago quarter.
The period-end portfolio loan-to-core deposit ratio was 71% in the current quarter, compared to 72% in the prior quarter and 78% in the year-ago quarter. Estimated uninsured deposits were approximately
Average Wholesale Funding |
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
For the Three Months Ended |
|
% Change |
|
||||||
|
|
March |
|
December |
|
March |
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
Seq |
|
Yr/Yr |
|
|
Average Wholesale Funding |
|
|
|
|
|
|
|
|
|
|
|
CDs over |
|
|
|
|
|
|
(2)% |
|
27% |
|
|
Federal funds purchased |
201 |
|
191 |
|
487 |
|
5% |
|
(59)% |
|
|
Securities sold under repurchase agreements |
366 |
|
350 |
|
327 |
|
5% |
|
12% |
|
|
FHLB advances |
3,111 |
|
3,293 |
|
4,803 |
|
(6)% |
|
(35)% |
|
|
Derivative collateral and other secured borrowings |
57 |
|
34 |
|
245 |
|
68% |
|
(77)% |
|
|
Long-term debt |
15,515 |
|
16,588 |
|
13,510 |
|
(6)% |
|
15% |
|
|
Total average wholesale funding |
|
|
|
|
|
|
(5)% |
|
4% |
|
|
CDs over |
|
Compared to the prior quarter, average wholesale funding decreased 5%, primarily reflecting decreases in long-term debt and FHLB advances. Compared to the year-ago quarter, average wholesale funding increased 4%, primarily reflecting an increase in long-term debt and CDs over
Credit Quality Summary |
|
|
|
|
|
|
|
|
|
|
($ in millions) |
As of and For the Three Months Ended |
|||||||||
|
March |
|
December |
|
September |
|
June |
|
March |
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual portfolio loans and leases (NPLs) |
|
|
|
|
|
|
|
|
|
|
Repossessed property |
8 |
|
10 |
|
11 |
|
8 |
|
8 |
|
OREO |
27 |
|
29 |
|
31 |
|
24 |
|
22 |
|
Total nonperforming portfolio loans and leases and OREO (NPAs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPL ratio(h) |
0.61% |
|
0.55% |
|
0.47% |
|
0.52% |
|
0.48% |
|
NPA ratio(c) |
0.64% |
|
0.59% |
|
0.51% |
|
0.54% |
|
0.51% |
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio loans and leases 30-89 days past due (accrual) |
|
|
|
|
|
|
|
|
|
|
Portfolio loans and leases 90 days past due (accrual) |
35 |
|
36 |
|
29 |
|
51 |
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
30-89 days past due as a % of portfolio loans and leases |
0.29% |
|
0.31% |
|
0.26% |
|
0.28% |
|
0.26% |
|
90 days past due as a % of portfolio loans and leases |
0.03% |
|
0.03% |
|
0.02% |
|
0.04% |
|
0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses (ALLL), beginning |
|
|
|
|
|
|
|
|
|
|
Impact of adoption of ASU 2022-02 |
— |
|
— |
|
— |
|
— |
|
(49) |
|
Total net losses charged-off |
(110) |
|
(96) |
|
(124) |
|
(90) |
|
(78) |
|
Provision for loan and lease losses |
106 |
|
78 |
|
137 |
|
202 |
|
148 |
|
ALLL, ending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded commitments, beginning |
|
|
|
|
|
|
|
|
|
|
(Benefit from) provision for the reserve for unfunded commitments |
(12) |
|
(23) |
|
(18) |
|
(25) |
|
16 |
|
Reserve for unfunded commitments, ending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for credit losses (ACL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL ratios: |
|
|
|
|
|
|
|
|
|
|
As a % of portfolio loans and leases |
2.12% |
|
2.12% |
|
2.11% |
|
2.08% |
|
1.99% |
|
As a % of nonperforming portfolio loans and leases |
349% |
|
383% |
|
443% |
|
403% |
|
413% |
|
As a % of nonperforming portfolio assets |
333% |
|
362% |
|
413% |
|
383% |
|
393% |
|
|
|
|
|
|
|
|
|
|
|
|
ALLL as a % of portfolio loans and leases |
1.99% |
|
1.98% |
|
1.95% |
|
1.91% |
|
1.80% |
|
|
|
|
|
|
|
|
|
|
|
|
Total losses charged-off |
|
|
|
|
|
|
|
|
|
|
Total recoveries of losses previously charged-off |
36 |
|
37 |
|
34 |
|
31 |
|
32 |
|
Total net losses charged-off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off ratio (NCO ratio)(b) |
0.38% |
|
0.32% |
|
0.41% |
|
0.29% |
|
0.26% |
|
Commercial NCO ratio |
0.19% |
|
0.13% |
|
0.34% |
|
0.16% |
|
0.17% |
|
Consumer NCO ratio |
0.67% |
|
0.64% |
|
0.53% |
|
0.50% |
|
0.42% |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming portfolio loans and leases were
Nonperforming portfolio assets were
The provision for credit losses totaled
Net charge-offs were
Compared to the year-ago quarter, net charge-offs increased
|
Capital Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the Three Months Ended |
|||||||||
|
|
|
March |
|
December |
|
September |
|
June |
|
March |
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|
Capital Position |
|
|
|
|
|
|
|
|
|
|
|
|
Average total Bancorp shareholders' equity as a % of average assets |
|
8.78% |
|
8.04% |
|
8.30% |
|
8.90% |
|
8.77% |
|
|
Tangible equity(a) |
|
8.75% |
|
8.65% |
|
8.46% |
|
8.58% |
|
8.39% |
|
|
Tangible common equity (excluding AOCI)(a) |
|
7.77% |
|
7.67% |
|
7.49% |
|
7.57% |
|
7.38% |
|
|
Tangible common equity (including AOCI)(a) |
|
5.67% |
|
5.73% |
|
4.51% |
|
5.26% |
|
5.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios (d)(e) |
|
|
|
||||||||
|
CET1 capital |
|
10.44% |
|
10.29% |
|
9.80% |
|
9.49% |
|
9.28% |
|
|
Tier 1 risk-based capital |
|
11.75% |
|
11.59% |
|
11.06% |
|
10.73% |
|
10.53% |
|
|
Total risk-based capital |
|
13.78% |
|
13.72% |
|
13.13% |
|
12.83% |
|
12.64% |
|
|
Leverage |
|
8.94% |
|
8.73% |
|
8.85% |
|
8.81% |
|
8.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The CET1 capital ratio was 10.44%, the Tangible common equity to tangible assets ratio was 7.77% excluding AOCI, and 5.67% including AOCI. The Tier 1 risk-based capital ratio was 11.75%, the Total risk-based capital ratio was 13.78%, and the Leverage ratio was 8.94%. Fifth Third did not execute share repurchases in the first quarter of 2024.
Tax Rate
The effective tax rate for the quarter was 21.1% compared with 18.4% in the prior quarter and 22.3% in the year-ago quarter.
Conference Call
Fifth Third will host a conference call to discuss these financial results at
Corporate Profile
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people, and focused community impact. Fifth Third is one of the few
Earnings Release End Notes
(a) |
Non-GAAP measure; see discussion of non-GAAP reconciliation beginning on page 26 of the earnings release. |
(b) |
Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis. |
(c) |
Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO. |
(d) |
Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on |
(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. |
FORWARD-LOOKING STATEMENTS
This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the
There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) deteriorating credit quality; (2) loan concentration by location or industry of borrowers or collateral; (3) problems encountered by other financial institutions; (4) inadequate sources of funding or liquidity; (5) unfavorable actions of rating agencies; (6) inability to maintain or grow deposits; (7) limitations on the ability to receive dividends from subsidiaries; (8) cyber-security risks; (9) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (10) failures by third-party service providers; (11) inability to manage strategic initiatives and/or organizational changes; (12) inability to implement technology system enhancements; (13) failure of internal controls and other risk management programs; (14) losses related to fraud, theft, misappropriation or violence; (15) inability to attract and retain skilled personnel; (16) adverse impacts of government regulation; (17) governmental or regulatory changes or other actions; (18) failures to meet applicable capital requirements; (19) regulatory objections to Fifth Third’s capital plan; (20) regulation of Fifth Third’s derivatives activities; (21) deposit insurance premiums; (22) assessments for the orderly liquidation fund; (23) weakness in the national or local economies; (24) global political and economic uncertainty or negative actions; (25) changes in interest rates and the effects of inflation; (26) changes and trends in capital markets; (27) fluctuation of Fifth Third’s stock price; (28) volatility in mortgage banking revenue; (29) litigation, investigations, and enforcement proceedings by governmental authorities; (30) breaches of contractual covenants, representations and warranties; (31) competition and changes in the financial services industry; (32) potential impacts of the adoption of real-time payment networks; (33) changing retail distribution strategies, customer preferences and behavior; (34) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (35) potential dilution from future acquisitions; (36) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (37) results of investments or acquired entities; (38) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (39) inaccuracies or other failures from the use of models; (40) effects of critical accounting policies and judgments or the use of inaccurate estimates; (41) weather-related events, other natural disasters, or health emergencies (including pandemics); (42) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (43) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (44) Fifth Third's ability to meet its environmental and/or social targets, goals and commitments.
You should refer to our periodic and current reports filed with the
Category: Earnings
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