Fifth Third Bancorp (FITB) 8-K Fifth Third Announces Third Quarter 2014 Net Income to Common Shareholders of $328 Million, or $0.39 Per Diluted Share

Exhibit 99.1

		News Release
CONTACTS:	Jim Eglseder (Investors) (513) 534-8424 Laura Wehby (Investors) (513) 534-7407 Larry Magnesen (Media) (513) 534-8055	FOR IMMEDIATE RELEASE October 16, 2014

FIFTH THIRD ANNOUNCES THIRD QUARTER 2014 NET INCOME TO COMMON SHAREHOLDERS OF $328 MILLION, OR $0.39 PER DILUTED SHARE

• 3Q14 net income available to common shareholders of $328 million, or $0.39 per diluted common share

• Includes a $53 million pre-tax (~$35 million after-tax, or $0.04 per share) negative valuation adjustment on the warrant Fifth Third holds in Vantiv

• 3Q14 return on average assets (ROA) of 1.02%; return on average common equity of 9.2%; return on average tangible common equity** of 11.1%

• Pre-provision net revenue (PPNR)** of $535 million in 3Q14

• Net interest income (FTE) of $908 million, flat sequentially and up 1% from 3Q13; net interest margin of 3.10%, down 5 basis points sequentially

• Average portfolio loans of $90.8 billion, up $250 million sequentially and $3.5 billion from 3Q13

• Noninterest income of $520 million compared with $736 million in the prior quarter; impacted by a $53 million negative valuation on the Vantiv warrant during the quarter; 2Q14 included a $125 million gain on the sale of Vantiv shares and a $63 million positive valuation on the Vantiv warrant

• Noninterest expense of $888 million compared with $954 million in the prior quarter driven by lower compensation and benefits expense and lower litigation reserve charges

• Credit trends

• 3Q14 net charge-offs of $115 million (0.50% of loans and leases) vs. 2Q14 NCOs of $101 million (0.45% of loans and leases) and 3Q13 NCOs of $109 million (0.49% of loans and leases)

• 3Q14 provision expense of $71 million vs. $76 million in 2Q14 and $51 million in 3Q13

• Allowance for loan and lease losses decreased $44 million sequentially; allowance to loan ratio of 1.56%

• Total nonperforming assets (NPAs) of $803 million, including loans held-for-sale (HFS), declined $34 million sequentially; portfolio NPA ratio of 0.88% down 4 bps from 2Q14, NPL ratio of 0.68% down 2 bps from 2Q14

• Strong capital ratios*

• Tier 1 common ratio** 9.64%, vs. 9.61% in 2Q14 (Basel III pro forma estimate of ~9.4%)

• Tier 1 risk-based capital ratio 10.83%, Total risk-based capital ratio 14.34%, Leverage ratio 9.82%

• Tangible common equity ratio** of 8.84%; 8.64% excluding securities portfolio unrealized gains/losses

• Book value per share of $16.87; tangible book value per share** of $13.95; up 1% from 2Q14 and up 7% from 3Q13

• Repurchased 10 million common shares in 3Q14; incremental impact from 2Q14 and 3Q14 transactions reduced average diluted share count by 10 million in 3Q14

* Capital ratios estimated; presented under current U.S. capital regulations. The pro forma Basel III Tier I common equity ratio is management’s estimate based upon its current interpretation of the Basel III Final Rule approved in July 2013. See “Capital Position” section for more information.

** Non-GAAP measure; see Reg. G reconciliation on page 33.

Fifth Third Bancorp (Nasdaq: FITB) today reported third quarter 2014 net income of $340 million versus net income of $439 million in the second quarter of 2014 and $421 million in the third quarter of 2013. After preferred dividends, net income available to common shareholders was $328 million, or $0.39 per diluted share, in the third quarter of 2014, compared with $416 million, or $0.49 per diluted share, in the second quarter of 2014, and $421 million, or $0.47 per diluted share, in the third quarter of 2013.

Third quarter 2014 included:

Income

• ($53 million) negative valuation adjustment on the Vantiv warrant

• ($3 million) charge related to the valuation of the total return swap entered into as part of the 2009 sale of Visa, Inc. Class B shares

Expenses

• ($4 million) in litigation reserve charges

Second quarter 2014 included:

Income

• $125 million gain on the sale of Vantiv shares

• $63 million positive valuation adjustment on the Vantiv warrant

• ($17 million) negative valuation adjustments for land upon which the Bancorp no longer expects to build branches

• ($16 million) charge related to the valuation of the total return swap entered into as part of the 2009 sale of Visa, Inc. Class B shares

• ($12 million) negative impact to equity method income from the Bancorp’s interest in Vantiv related to certain charges recognized by Vantiv as a result of their acquisition of Mercury Payment Systems

Expenses

• ($61 million) in litigation reserve charges

Third quarter 2013 included:

Income

• $85 million gain on the sale of Vantiv shares

• $6 million positive valuation adjustment on the Vantiv warrant

• ($2 million) charge related to the valuation of the total return swap entered into as part of the 2009 sale of Visa, Inc. Class B shares

Expenses

• ($30 million) in litigation reserve charges

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Earnings Highlights

	For the Three Months Ended															% Change
	September 2014			June 2014			March 2014			December 2013			September 2013			Seq			Yr/Yr
Earnings ($ in millions)
Net income attributable to Bancorp	$	340		$	439		$	318		$	402		$	421			(22	%)		(19	%)
Net income available to common shareholders	$	328		$	416		$	309		$	383		$	421			(21	%)		(22	%)
Common Share Data
Earnings per share, basic		0.39			0.49			0.36			0.44			0.47			(20	%)		(17	%)
Earnings per share, diluted		0.39			0.49			0.36			0.43			0.47			(20	%)		(17	%)
Cash dividends per common share		0.13			0.13			0.12			0.12			0.12			—			8	%
Financial Ratios
Return on average assets		1.02	%		1.34	%		1.00	%		1.24	%		1.35	%		(24	%)		(25	%)
Return on average common equity		9.2			11.9			9.0			10.8			12.1			(23	%)		(24	%)
Return on average tangible common equity(b)		11.1			14.4			11.0			13.1			14.7			(23	%)		(24	%)
Tier I risk-based capital		10.83			10.80			10.45			10.43			11.21			—			(3	%)
Tier I common equity(b)		9.64			9.61			9.51			9.45			9.95			—			(3	%)
Net interest margin(a)		3.10			3.15			3.22			3.21			3.31			(2	%)		(6	%)
Efficiency(a)		62.1			58.2			64.9			61.5			59.2			7	%		5	%
Common shares outstanding (in thousands)		834,262			844,489			847,569			855,306			887,030			(1	%)		(6	%)
Average common shares outstanding (in thousands):
Basic		829,392			838,492			845,860			868,077			880,183			(1	%)		(6	%)
Diluted		838,324			848,245			857,924			877,511			888,111			(1	%)		(6	%)

(a) Presented on a fully taxable equivalent basis.

(b) The tangible common equity and tier 1 common equity ratios, while not required by accounting principles generally accepted in the United States of America (U.S. GAAP), are considered to be critical metrics with which to analyze banks. The ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition. See the Regulation G Non-GAAP Reconciliation table for a reconciliation of these ratios to U.S. GAAP.

The percentages in all of the tables in this earning release are calculated on actual dollar amounts and not the rounded dollar amounts.

NM: Not meaningful.

“We were pleased with our operating results in the third quarter that were characterized by strong expense discipline as we endured the effects of the continued low interest rate environment,” said Kevin Kabat, CEO of Fifth Third Bancorp.

“Success in these volatile markets continues to come from managing expenses and growing current earnings while avoiding exposures that do not generate appropriate returns for the risks taken. On all of those fronts, we are doing an exceptional job and creating long term shareholder value. Despite significant elevated competition from banks and non-banks alike, our loan production during the quarter was healthy and within our profitability targets. Deposit growth continues to be very strong as we view the strength of our deposit franchise as the driving force for profitable balance sheet growth in the coming years.

“Fee income results for the quarter were highlighted by categories that exhibit less volatility, like card and processing revenue up 9 percent, investment advisory fees up 6 percent, and service charges on deposits up 4 percent year-over-year. We continue to see the benefits of our focus on building complete customer relationships largely driven from the changes to our deposit account structure undertaken in the past couple of years.

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“During the quarter, we entered into an agreement to repurchase $225 million of common shares, which includes a portion of the gains realized from our sale of Vantiv shares last quarter. For the quarter, we maintained strong capital ratios as our Tier I common equity ratio* was 9.6 percent, and 9.4 percent as estimated pro forma under the Basel III rules. We continue to balance the environment for growth with prudent returns of capital to our shareholders in line with our capital management objectives.”

Income Statement Highlights

	For the Three Months Ended										% Change
	September 2014		June 2014		March 2014		December 2013		September 2013		Seq			Yr/Yr
Condensed Statements of Income ($ in millions)
Net interest income (taxable equivalent)	$	908	$	905	$	898	$	905	$	898		—			1	%
Provision for loan and lease losses		71		76		69		53		51		(7	%)		40	%
Total noninterest income		520		736		564		703		721		(29	%)		(28	%)
Total noninterest expense		888		954		950		989		959		(7	%)		(7	%)
Income before income taxes (taxable equivalent)		469		611		443		566		609		(23	%)		(23	%)
Taxable equivalent adjustment		5		5		5		5		5		13	%		7	%
Applicable income taxes		124		167		119		159		183		(26	%)		(32	%)
Net income		340		439		319		402		421		(22	%)		(19	%)
Less: Net income attributable to noncontrolling interests		—		—		1		—		—		(4	%)		—
Net income attributable to Bancorp		340		439		318		402		421		(22	%)		(19	%)
Dividends on preferred stock		12		23		9		19		—		(47	%)		—
Net income available to common shareholders		328		416		309		383		421		(21	%)		(22	%)
Earnings per share, diluted	$	0.39	$	0.49	$	0.36	$	0.43	$	0.47		(20	%)		(17	%)

* Non-GAAP measure; see Reg. G reconciliation on page 33.

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Net Interest Income

	For the Three Months Ended															% Change
	September 2014			June 2014			March 2014			December 2013			September 2013			Seq			Yr/Yr
Interest Income ($ in millions)
Total interest income (taxable equivalent)	$	1,023		$	1,013		$	998		$	1,007		$	997			1	%		3	%
Total interest expense		115			108			100			102			99			6	%		16	%
Net interest income (taxable equivalent)	$	908		$	905		$	898		$	905		$	898			—			1	%
Average Yield
Yield on interest-earning assets (taxable equivalent)		3.49	%		3.53	%		3.58	%		3.57	%		3.68	%		(1	%)		(5	%)
Rate paid on interest-bearing liabilities		0.56	%		0.54	%		0.51	%		0.52	%		0.54	%		5	%		5	%
Net interest rate spread (taxable equivalent)		2.93	%		2.99	%		3.07	%		3.05	%		3.14	%		(2	%)		(7	%)
Net interest margin (taxable equivalent)		3.10	%		3.15	%		3.22	%		3.21	%		3.31	%		(2	%)		(6	%)
Average Balances ($ in millions)
Loans and leases, including held for sale	$	91,428		$	91,241		$	90,238		$	88,865		$	89,154			—			3	%
Total securities and other short-term investments		24,927			23,940			22,940			23,043			18,528			4	%		35	%
Total interest-earning assets		116,355			115,181			113,178			111,908			107,682			1	%		8	%
Total interest-bearing liabilities		81,157			80,770			79,130			77,573			73,190			—			11	%
Bancorp shareholders’ equity		15,486			15,157			14,862			14,757			14,440			2	%		7	%

Net interest income of $908 million on a fully taxable equivalent basis increased $3 million from the second quarter driven by higher average investment securities balances, an additional day in the third quarter, and loan growth. These benefits were partially offset by the effects of loan repricing and higher interest expense associated with debt issuances in the second and third quarters of 2014.

The net interest margin was 3.10 percent, a decrease of 5 bps from the previous quarter primarily due to the effects of loan repricing and debt issuances. Additionally, day count negatively impacted the net interest margin by 1 bp.

Compared with the third quarter of 2013, net interest income increased $10 million and the net interest margin decreased 21 bps. The increase in net interest income was driven by higher balances and yields on investment securities as well as higher loan balances partially offset by the effect of loan repricing and higher interest expense resulting from increased long-term debt balances. The decline in the net interest margin was primarily driven by the impact of loan repricing.

Securities

Average securities and other short-term investments were $24.9 billion in the third quarter of 2014 compared with $23.9 billion in the previous quarter and $18.5 billion in the third quarter of 2013. Average securities of $22.6 billion increased $886 million from the prior quarter reflecting purchases of securities, primarily in the second quarter. Other short-term investments average balances of $2.3 billion increased $101 million sequentially while end of period balances increased $1.3 billion reflecting higher cash balances held at the Federal Reserve.

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Loans

	For the Three Months Ended										% Change
	September 2014		June 2014		March 2014		December 2013		September 2013		Seq			Yr/Yr
Average Portfolio Loans and Leases ($ in millions)
Commercial:
Commercial and industrial loans	$	41,477	$	41,374	$	40,377	$	38,835	$	38,133		—			9	%
Commercial mortgage loans		7,633		7,885		7,981		8,047		8,273		(3	%)		(8	%)
Commercial construction loans		1,563		1,362		1,116		952		793		15	%		97	%
Commercial leases		3,571		3,555		3,607		3,578		3,572		—			—
Subtotal—commercial loans and leases		54,244		54,176		53,081		51,412		50,771		—			7	%
Consumer:
Residential mortgage loans		12,785		12,611		12,659		12,609		12,486		1	%		2	%
Home equity		9,009		9,101		9,194		9,296		9,432		(1	%)		(4	%)
Automobile loans		12,105		12,070		12,023		12,019		12,083		—			—
Credit card		2,295		2,232		2,230		2,202		2,140		3	%		7	%
Other consumer loans and leases		361		359		343		357		360		1	%		—
Subtotal—consumer loans and leases		36,555		36,373		36,449		36,483		36,501		1	%		—
Total average loans and leases (excluding held for sale)	$	90,799	$	90,549	$	89,530	$	87,895	$	87,272		—			4	%
Average loans held for sale		629		692		708		970		1,882		(9	%)		(67	%)

Average loan and lease balances (excluding loans held-for-sale) increased $250 million sequentially and increased $3.5 billion, or 4 percent, from the third quarter of 2013. The sequential increase in average loans and leases was primarily driven by growth in commercial construction, residential mortgage, and commercial and industrial (C&I) loans. Sequential growth was partially offset by declines in commercial mortgage and home equity loans. Period end loans and leases (excluding loans held-for-sale) of $90.6 billion increased $140 million sequentially and $3.4 billion, or 4 percent, from a year ago.

Average commercial portfolio loan and lease balances were flat sequentially and increased $3.5 billion, or 7 percent, from the third quarter of 2013. Average C&I loans increased $103 million from the prior quarter and $3.3 billion from the third quarter of 2013. Within commercial real estate, average commercial mortgage balances continued to decline and average commercial construction balances increased for the seventh consecutive quarter. Commercial line usage, on an end of period basis, was 32 percent of committed lines in the third quarter of 2014 compared with 32 percent in the second quarter of 2014 and 30 percent in the third quarter of 2013.

Average consumer portfolio loan and lease balances increased $182 million, or 1 percent, sequentially and were flat year-over-year. Average residential mortgage loans increased 1 percent sequentially and increased 2 percent from a year ago. On a sequential basis, average credit card loans increased 3 percent while average home equity loans declined 1 percent. Compared with the third quarter of 2013, average credit card loans increased 7 percent while average home equity loans declined 4 percent.

Average loans held-for-sale balances of $629 million decreased $63 million sequentially and $1.3 billion compared with the third quarter of 2013. Period end loans held-for-sale of $641 million decreased $41 million from the previous quarter and $689 million from the third quarter of 2013 reflecting lower residential mortgage held-for-sale balances.

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Deposits

	For the Three Months Ended										% Change
	September 2014		June 2014		March 2014		December 2013		September 2013		Seq			Yr/Yr
Average Deposits ($ in millions)
Demand	$	31,790	$	31,275	$	30,626	$	30,765	$	30,655		2	%		4	%
Interest checking		24,926		25,222		25,911		24,650		23,116		(1	%)		8	%
Savings		15,759		16,509		16,903		17,323		18,026		(5	%)		(13	%)
Money market		15,222		13,942		12,439		11,285		9,693		9	%		57	%
Foreign office(a)		1,663		2,200		2,017		1,717		1,755		(24	%)		(5	%)
Subtotal—Transaction deposits		89,360		89,148		87,896		85,740		83,245		—			7	%
Other time		3,800		3,693		3,616		3,529		3,676		3	%		3	%
Subtotal—Core deposits		93,160		92,841		91,512		89,269		86,921		—			7	%
Certificates—$100,000 and over		3,339		3,840		5,576		7,456		7,315		(13	%)		(54	%)
Other		—		—		—		—		17		NM			(99	%)
Total deposits	$	96,499	$	96,681	$	97,088	$	96,725	$	94,253		—			2	%

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

Average core deposits increased $319 million sequentially and increased $6.2 billion, or 7 percent, from the third quarter of 2013. Average transaction deposits increased $212 million from the second quarter of 2014 primarily driven by higher money market account and demand deposit balances, partially offset by lower savings, foreign office, and interest checking balances. Year-over-year transaction deposits increased $6.1 billion, or 7 percent, driven by higher money market account, interest checking, and demand deposit balances, partially offset by lower savings balances. Other time deposits increased 3 percent sequentially and 3 percent compared with the third quarter of 2013.

Average commercial transaction deposits increased 1 percent sequentially and 10 percent from the previous year. Sequential performance reflected higher demand deposit and money market account balances, partially offset by lower foreign office and interest checking balances and year-over-year growth reflected higher demand deposit and interest checking balances as customers are holding higher balances.

Average consumer transaction deposits were flat sequentially and increased 5 percent from the third quarter of 2013. The sequential performance reflected lower savings, demand deposit, and interest checking balances partially offset by higher money market account balances reflecting our efforts to attract money market account balances. Year-over-year growth was driven by increased money market account and interest checking balances partially offset by lower savings and demand deposit balances.

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Wholesale Funding

	For the Three Months Ended										% Change
	September 2014		June 2014		March 2014		December 2013		September 2013		Seq			Yr/Yr
Average Wholesale Funding ($ in millions)
Certificates—$100,000 and over	$	3,339	$	3,840	$	5,576	$	7,456	$	7,315		(13	%)		(54	%)
Other deposits		—		—		—		—		17		NM			(99	%)
Federal funds purchased		520		606		547		301		464		(14	%)		12	%
Other short-term borrowings		1,973		2,234		1,808		2,177		1,675		(12	%)		18	%
Long-term debt		13,955		12,524		10,313		9,135		7,453		11	%		87	%
Total wholesale funding	$	19,787	$	19,204	$	18,244	$	19,069	$	16,924		3	%		17	%

Average wholesale funding of $19.8 billion increased $583 million, or 3 percent, sequentially and $2.9 billion, or 17 percent, compared with the third quarter of 2013. The sequential increase was driven by an increase in long-term debt, partially offset by a decrease in certificates $100,000 and over. Average other short-term borrowings decreased $261 million from the prior quarter primarily due to a decrease in FHLB borrowings. The year-over-year increase reflected an increase in long-term debt, partially offset by a decrease in certificates $100,000 and over. Average long-term debt balances reflected the issuance of $850 million of bank senior debt in the third quarter of 2014, as well as the full quarter impact of $1.5 billion of bank senior debt issued in the second quarter of 2014 and the full quarter impact of a $1.5 billion on-balance sheet auto securitization executed in the second quarter of 2014.

Noninterest Income

	For the Three Months Ended										% Change
	September 2014		June 2014		March 2014		December 2013		September 2013		Seq			Yr/Yr
Noninterest Income ($ in millions)
Service charges on deposits	$	145	$	139	$	133	$	142	$	140		4	%		4	%
Corporate banking revenue		100		107		104		94		102		(7	%)		(2	%)
Mortgage banking net revenue		61		78		109		126		121		(21	%)		(49	%)
Investment advisory revenue		103		102		102		98		97		1	%		6	%
Card and processing revenue		75		76		68		71		69		(1	%)		9	%
Other noninterest income		33		226		41		170		185		(86	%)		(82	%)
Securities gains, net		3		8		7		2		2		(57	%)		40	%
Securities gains, net—non-qualifying hedges on mortgage servicing rights		—		—		—		—		5		—			(100	%)
Total noninterest income	$	520	$	736	$	564	$	703	$	721		(29	%)		(28	%)

Noninterest income of $520 million decreased $216 million sequentially and decreased $201 million compared with prior year results. These comparisons reflect the impacts described below.

For the quarters ending September 30, 2014, June 30, 2014, and September 30, 2013, the impacts of Vantiv warrant valuation adjustments were negative $53 million, positive $63 million, and positive $6 million, respectively. Quarterly results also included charges related to the valuation of the total return swap entered into as part of the 2009 sale of Visa, Inc. Class B shares. Valuation adjustments on this swap were a negative $3 million, negative $16 million, and negative $2 million in the third quarter of 2014, the second quarter of 2014, and the third quarter of 2013, respectively. Second quarter 2014 results included a $125 million gain on sale of Vantiv shares, a $17 million negative valuation adjustment for land

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upon which the Bancorp no longer expects to build branches, and a $12 million negative impact to equity method income from the Bancorp’s interest in Vantiv related to certain charges recognized by Vantiv as a result of their acquisition of Mercury Payment Systems. Third quarter 2013 results also included an $85 million gain on the sale of Vantiv shares. Excluding these items and net securities gains in all periods, noninterest income of $573 million decreased $12 million, or 2 percent, from the previous quarter and decreased $57 million, or 9 percent, from the third quarter of 2013. The sequential and year-over-year decline was primarily due to lower mortgage banking net revenue.

Service charges on deposits of $145 million increased 4 percent from the second quarter and 4 percent compared with the same quarter last year. Sequential growth was due to a 9 percent increase in retail service charges due to seasonality and higher overdraft occurrences as well as a 2 percent increase in commercial service charges. The year-over-year increase was driven by an increase in commercial service charges of 5 percent related to new products and new clients and a 1 percent increase in retail service charges due to higher overdraft occurrences.

Corporate banking revenue of $100 million decreased 7 percent from the second quarter of 2014 and 2 percent from the third quarter last year. The sequential decrease was due to lower syndication fees and business lending fees, partially offset by an increase in foreign exchange fees. The year-over-year decrease was driven by lower business lending fees, syndication fees, and interest rate derivatives fees, partially offset by an increase in foreign exchange fees, institutional sales revenue, and letter of credit fees.

Mortgage banking net revenue was $61 million in the third quarter of 2014, a 21 percent decrease from the second quarter of 2014 and a 49 percent decrease from the third quarter of 2013. Third quarter 2014 originations were $2.1 billion, compared with $2.0 billion in the previous quarter and $4.8 billion in the third quarter of 2013. Third quarter 2014 originations resulted in gains of $34 million on mortgages sold, compared with gains of $42 million during the previous quarter and $74 million during the third quarter of 2013. The sequential decrease was driven by lower gain on sale margins as well as increased retention of certain mortgage production, which are generally shorter term or adjustable rate. The decrease from the prior year reflected lower production, including Fifth Third’s exit from the broker channel, partially offset by higher gain on sale margins. Mortgage servicing fees were $61 million this quarter, $62 million in the second quarter of 2014, and $63 million in the third quarter of 2013. Mortgage banking net revenue is also affected by net servicing asset valuation adjustments, which include mortgage servicing rights (MSR) amortization and MSR valuation adjustments (including mark-to-market adjustments on free-standing derivatives used to economically hedge the MSR portfolio). These net servicing asset valuation adjustments were negative $34 million in the third quarter of 2014 (reflecting MSR amortization of $33 million and MSR valuation adjustments of negative $1 million); negative $26 million in the second quarter of 2014 (MSR amortization of $32 million and MSR valuation adjustments of positive $6 million); and negative $16 million in the third quarter of 2013 (MSR amortization of $39 million and MSR valuation adjustments of positive $23 million). The mortgage servicing asset, net of the valuation reserve, was $933 million at quarter-end on a servicing portfolio of $67 billion.

Investment advisory revenue of $103 million increased 1 percent from the second quarter and 6 percent year-over-year. Sequential and year-over-year comparisons reflected an increase in personal asset management fees primarily related to market-related growth as well as increases in securities and brokerage fees.

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Card and processing revenue of $75 million in the third quarter of 2014 decreased 1 percent sequentially and increased 9 percent from the third quarter of 2013. The year-over-year increase reflects an increase in the number of actively used cards, an increase in customer spend volume, and higher processing fees related to additional ATM locations.

Other noninterest income totaled $33 million in the third quarter of 2014, compared with $226 million in the previous quarter and $185 million in the third quarter of 2013. As previously described, the results included the impact of gains on sales of Vantiv shares, Vantiv warrant valuation adjustments, charges related to the valuation of the Visa total return swap, a valuation adjustment for certain land parcels, and a negative impact to equity method income from the Bancorp’s interest in Vantiv related to certain charges recognized by Vantiv as a result of their acquisition of Mercury Payment Systems. Excluding these items, other noninterest income of $89 million increased approximately $6 million, or 7 percent, from the second quarter of 2014 primarily related to an improvement in net credit related costs and decreased approximately $7 million, or 7 percent, from the third quarter of 2013.

Net gains on investment securities were $3 million in the third quarter of 2014, compared with $8 million in the previous quarter and $2 million in the third quarter of 2013.

Noninterest Expense

	For the Three Months Ended										% Change
	September 2014		June 2014		March 2014		December 2013		September 2013		Seq			Yr/Yr
Noninterest Expense ($ in millions)
Salaries, wages and incentives	$	357	$	368	$	359	$	388	$	389		(3	%)		(8	%)
Employee benefits		75		79		101		78		83		(5	%)		(9	%)
Net occupancy expense		78		79		80		77		75		(1	%)		4	%
Technology and communications		53		52		53		53		52		3	%		2	%
Equipment expense		30		30		30		29		29		1	%		4	%
Card and processing expense		37		37		31		37		33		—			12	%
Other noninterest expense		258		309		296		327		298		(17	%)		(13	%)
Total noninterest expense	$	888	$	954	$	950	$	989	$	959		(7	%)		(7	%)

Noninterest expense of $888 million declined 7 percent compared with both the second quarter of 2014 and the third quarter of 2013.

Third quarter 2014 expenses included $4 million in charges to litigation reserves compared with $61 million in the second quarter of 2014 and $30 million in the third quarter of 2013. Third quarter of 2013 also included $5 million in large bank assessments for 2012 and 2013 initiated by regulators under the Dodd-Frank Act. Excluding these items, noninterest expense of $884 million was down $9 million, or 1 percent, sequentially and decreased $40 million, or 4 percent, year-over-year. The sequential and year-over-year decline reflected lower compensation-related expense and benefits expense, primarily due to changes in our mortgage and retail staffing.

10

Credit Quality

	For the Three Months Ended
	September 2014			June 2014			March 2014			December 2013			September 2013
Total net losses charged off ($ in millions)
Commercial and industrial loans	($	50	)	($	31	)	($	97	)	($	66	)	($	44	)
Commercial mortgage loans		(5	)		(9	)		(3	)		(8	)		(2	)
Commercial construction loans		—			(8	)		(5	)		(4	)		2
Commercial leases		—			—			—			—			—
Residential mortgage loans		(9	)		(8	)		(15	)		(13	)		(12	)
Home equity		(14	)		(18	)		(16	)		(26	)		(19	)
Automobile loans		(7	)		(5	)		(8	)		(6	)		(6	)
Credit card		(23	)		(21	)		(19	)		(21	)		(19	)
Other consumer loans and leases		(7	)		(1	)		(5	)		(4	)		(9	)
Total net losses charged off		(115	)		(101	)		(168	)		(148	)		(109	)
Total losses		(146	)		(127	)		(190	)		(183	)		(141	)
Total recoveries		31			26			22			35			32
Total net losses charged off	($	115	)	($	101	)	($	168	)	($	148	)	($	109	)
Ratios (annualized)
Net losses charged off as a percent of average loans and leases (excluding held for sale)		0.50	%		0.45	%		0.76	%		0.67	%		0.49	%
Commercial		0.40	%		0.35	%		0.79	%		0.60	%		0.35	%
Consumer		0.66	%		0.60	%		0.72	%		0.76	%		0.70	%

Net charge-offs were $115 million, or 50 bps of average loans on an annualized basis, in the third quarter of 2014 compared with net charge-offs of $101 million, or 45 bps, in the second quarter of 2014 and $109 million, or 49 bps, in the third quarter of 2013.

Commercial net charge-offs were $55 million, or 40 bps, up $7 million sequentially. C&I net charge-offs of $50 million increased $19 million from the previous quarter and commercial real estate net charge-offs decreased $12 million from $17 million in the previous quarter.

Consumer net charge-offs were $60 million, or 66 bps, up $7 million sequentially. Net charge-offs on residential mortgage loans in the portfolio were $9 million, up $1 million from the previous quarter. Home equity net charge-offs were $14 million, down $4 million from the second quarter of 2014, and net charge-offs in the auto portfolio of $7 million were up $2 million compared with the prior quarter. Net charge-offs on consumer credit card loans were $23 million, up $2 million from the second quarter. Net charge-offs on other consumer loans were $7 million, up $6 million compared with the previous quarter.

11

	For the Three Months Ended
	September 2014			June 2014			March 2014			December 2013			September 2013
Allowance for Credit Losses ($ in millions)
Allowance for loan and lease losses, beginning	$	1,458		$	1,483		$	1,582		$	1,677		$	1,735
Total net losses charged off		(115	)		(101	)		(168	)		(148	)		(109	)
Provision for loan and lease losses		71			76			69			53			51
Allowance for loan and lease losses, ending		1,414			1,458			1,483			1,582			1,677
Reserve for unfunded commitments, beginning		142			153			162			167			166
Provision (benefit) for unfunded commitments		(8	)		(11	)		(9	)		(5	)		1
Reserve for unfunded commitments, ending		134			142			153			162			167
Components of allowance for credit losses:
Allowance for loan and lease losses		1,414			1,458			1,483			1,582			1,677
Reserve for unfunded commitments		134			142			153			162			167
Total allowance for credit losses	$	1,548		$	1,600		$	1,636		$	1,744		$	1,844
Allowance for loan and lease losses ratio
As a percent of loans and leases		1.56	%		1.61	%		1.65	%		1.79	%		1.92	%
As a percent of nonperforming loans and leases(a)		228	%		228	%		202	%		211	%		218	%
As a percent of nonperforming assets(a)		178	%		175	%		157	%		161	%		165	%

(a) Excludes nonaccrual loans and leases in loans held for sale.

Provision for loan and lease losses totaled $71 million in the third quarter of 2014, down $5 million from the second quarter of 2014 and up $20 million from the third quarter of 2013. The allowance for loan and lease losses declined $44 million sequentially reflecting the portfolio’s overall risk profile and charges to the allowance. The allowance represented 1.56 percent of total loans and leases outstanding as of quarter end, compared with 1.61 percent last quarter, and represented 228 percent of nonperforming loans and leases, and 178 percent of nonperforming assets.

12

	As of
	September			June			March			December			September
	2014			2014			2014			2013			2013
Nonperforming Assets and Delinquent Loans ($ in millions)
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	102		$	103		$	153		$	127		$	146
Commercial mortgage loans		77			86			96			90			106
Commercial construction loans		2			3			3			10			27
Commercial leases		3			2			3			3			1
Residential mortgage loans		52			56			68			83			83
Home equity		69			73			75			74			28
Automobile loans		—			—			—			—			—
Other consumer loans and leases		—			—			—			—			—
Total nonaccrual loans and leases (excludes restructured loans)	$	305		$	323		$	398		$	387		$	391
Restructured loans—commercial (nonaccrual)(c)		201			202			209			228			241
Restructured loans—consumer (nonaccrual)		114			115			126			136			138
Total nonaccrual portfolio loans and leases	$	620		$	640		$	733		$	751		$	770
Repossessed personal property		19			18			6			7			7
Other real estate owned(a)		157			174			207			222			237
Total nonperforming assets(b)	$	796		$	832		$	946		$	980		$	1,014
Nonaccrual loans held for sale		4			5			3			6			11
Restructured loans—commercial (nonaccrual) held for sale		3			—			—			—			—
Total nonperforming assets including loans held for sale	$	803		$	837		$	949		$	986		$	1,025
Restructured Consumer loans and leases (accrual)	$	1,610		$	1,623		$	1,682		$	1,685		$	1,694
Restructured Commercial loans and leases (accrual)(c)	$	885		$	914		$	847		$	869		$	499
Total loans and leases 90 days past due	$	87		$	94		$	94		$	103		$	156
Nonperforming loans and leases as a percent of portfolio loans, leases and other assets, including other real estate owned(b)		0.68	%		0.70	%		0.82	%		0.84	%		0.88	%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including other real estate owned(b)		0.88	%		0.92	%		1.05	%		1.10	%		1.16	%

(a) Excludes government insured advances.

(b) Does not include nonaccrual loans held for sale.

(c) Excludes $20.9 million of restructured nonaccrual loans and $7.6 million of restructured accruing loans as of June 30, 2014, March 31, 2014 and December 31, 2013 and excludes $21.5 million of restructured nonaccrual loans and $7.6 million of restructured accruing loans as of September 30, 2013 and June 30, 2013 associated with a consolidated variable interest entity in which the Bancorp has no continuing credit risk.

Total nonperforming assets, including loans held-for-sale, were $803 million, a decline of $34 million, or 4 percent, from the previous quarter. Nonperforming loans (NPLs) at quarter-end were $620 million or 0.68 percent of total loans, leases and OREO, and decreased $20 million, or 3 percent, from the previous quarter.

Commercial NPAs were $487 million, or 0.90 percent of commercial loans, leases and OREO, and decreased $25 million, or 5 percent, from the second quarter. Commercial NPLs were $385 million, or 0.71 percent of commercial loans and leases, and decreased $11 million from last quarter. C&I NPAs of $278 million increased $13 million from the prior quarter. Commercial mortgage NPAs were $186 million, down $26 million from the previous quarter. Commercial construction NPAs were $19 million, a decrease of $12 million from the previous quarter. Commercial lease NPAs were $4 million, flat from the previous quarter. Commercial NPAs included $201 million of nonaccrual troubled debt restructurings (TDRs), compared with $202 million last quarter.

13

Consumer NPAs of $309 million, or 0.84 percent of consumer loans, leases and OREO, decreased $11 million from the second quarter. Consumer NPLs were $235 million, or 0.64 percent of consumer loans and leases and decreased $9 million from last quarter. Residential mortgage NPAs were $164 million, $8 million lower than last quarter. Home equity NPAs of $101 million decreased $9 million sequentially and credit card NPAs of $37 million were up $5 million compared with the previous quarter. Consumer nonaccrual TDRs were $114 million in the third quarter of 2014, compared with $115 million in the second quarter of 2014.

Third quarter OREO balances included in NPA balances were $157 million, down $17 million from the second quarter, and included $90 million in commercial OREO and $67 million in consumer OREO. Repossessed personal property of $19 million increased $1 million from the prior quarter.

Loans over 90 days past due and still accruing were $87 million, down $7 million from the second quarter of 2014. Commercial balances over 90 days past due were $1 million compared with an immaterial amount in the prior quarter, and consumer balances 90 days past due of $86 million were down $8 million from the previous quarter. Loans 30-89 days past due of $279 million were up $36 million from the previous quarter. Commercial balances 30-89 days past due of $17 million were up $6 million sequentially and consumer balances 30-89 days past due of $262 million increased $30 million from the second quarter. The above delinquencies figures exclude nonaccruals described previously.

14

Capital Position

	For the Three Months Ended
	September 2014			June 2014			March 2014			December 2013			September 2013
Capital Position
Average shareholders’ equity to average assets		11.71	%		11.57	%		11.53	%		11.51	%		11.71	%
Tangible equity(a)		9.65	%		9.77	%		9.61	%		9.44	%		9.75	%
Tangible common equity (excluding unrealized gains/losses)(a)		8.64	%		8.74	%		8.79	%		8.63	%		9.27	%
Tangible common equity (including unrealized gains/losses)(a)		8.84	%		9.00	%		8.93	%		8.69	%		9.42	%
Tangible common equity as a percent of risk-weighted assets (excluding unrealized gains/losses)(a)(b)		9.70	%		9.67	%		9.57	%		9.52	%		10.01	%
Regulatory capital ratios:(c)
Tier I risk-based capital		10.83	%		10.80	%		10.45	%		10.43	%		11.21	%
Total risk-based capital		14.34	%		14.30	%		14.02	%		14.17	%		14.43	%
Tier I leverage		9.82	%		9.86	%		9.71	%		9.70	%		10.64	%
Tier I common equity(a)		9.64	%		9.61	%		9.51	%		9.45	%		9.95	%
Book value per share		16.87			16.74			16.27			15.85			15.84
Tangible book value per share(a)		13.95			13.86			13.40			13.00			13.09

(a) The tangible equity, tangible common equity, tier I common equity and tangible book value per share ratios, while not required by accounting principles generally accepted in the United States of America (U.S. GAAP), are considered to be critical metrics with which to analyze banks. The ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition. See the Regulation G Non-GAAP Reconciliation table for a reconciliation of these ratios to U.S. GAAP.

(b) Under the banking agencies risk-based capital guidelines, assets and credit equivalent amounts of derivatives and off-balance sheet exposures are assigned to broad risk categories. The aggregate dollar amount in each risk category is multiplied by the associated risk weight of the category. The resulting weighted values are added together resulting in the Bancorp’s total risk weighted assets.

(c) Current period regulatory capital data ratios are estimated.

Capital ratios remained strong during the quarter, reflecting growth in retained earnings, the payment of preferred dividends, and share repurchase activity. Compared with the prior quarter, the Tier 1 common equity ratio* of 9.64 percent increased 3 bps. The tangible common equity to tangible assets ratio* was 8.64 percent (excluding unrealized gains/losses) and 8.84 percent (including unrealized gains/losses). The Tier 1 risk-based capital ratio increased 3 bps to 10.83 percent. The total risk-based capital ratio increased 4 bps to 14.34 percent and the Leverage ratio decreased 4 bps to 9.82 percent.

Our current estimate of the pro-forma fully phased in Tier I common equity ratio at September 30, 2014 under the final capital rule, assuming the Company elected to maintain the current treatment of AOCI components in capital, would be approximately 9.4 percent**. This would compare with 9.6 percent* as calculated under the currently prevailing Basel I capital framework. Were Fifth Third to make the election to include AOCI components in capital, the September 30, 2014 pro forma Basel III Tier 1 common ratio would be increased by approximately 25 bps. Fifth Third’s pro forma Tier 1 common equity ratio exceeds the minimum buffered Tier 1 common equity ratio of 7 percent, comprising a minimum of 4.5 percent plus a capital conservation buffer of 2.5 percent. The pro forma Tier 1 common equity ratio does not include the effect of any mitigating actions the Bancorp may undertake to offset any impact of the final capital rules.

Book value per share at September 30, 2014 was $16.87 and tangible book value per share* was $13.95, compared with the June 30, 2014 book value per share of $16.74 and tangible book value per share of $13.86.

* Non-GAAP measure; see Reg. G reconciliation on page 33.

15

As previously announced, Fifth Third entered into a share repurchase agreement with a counterparty on July 21, 2014, whereby Fifth Third would purchase approximately $225 million of its outstanding common stock. This transaction reduced Fifth Third’s third quarter share count by 9.35 million shares on July 24, 2014. Settlement of the forward contract related to this agreement occurred on October 14, 2014 and an additional 1.90 million shares were repurchased upon completion of the agreement. In addition, the settlement of the forward contract related to the April 28, 2014, $150 million share repurchase agreement occurred on July 21, 2014. An additional 1.02 million shares were repurchased upon completion of the agreement. In total, the incremental impact to the average diluted share count in the third quarter of 2014 due to these two transactions was approximately 9.86 million shares.

Tax Rate

The effective tax rate was 26.7 percent this quarter compared with 27.6 percent in the second quarter of 2014 and 30.3 percent in the third quarter of 2013.

Other

Fifth Third Bank owns 43 million units representing a 22.8 percent interest in Vantiv Holding, LLC, convertible into shares of Vantiv, Inc., a publicly traded firm (NYSE: VNTV). Based upon Vantiv’s closing price of $30.90 on September 30, 2014, our interest in Vantiv was valued at approximately $1.3 billion. Next month in our 10-Q, we will update our disclosure of the carrying value of our interest in Vantiv stock, which was $384 million as of June 30, 2014. The difference between the market value and the book value of Fifth Third’s interest in Vantiv’s shares is not recognized in Fifth Third’s equity or capital. Additionally, Fifth Third has a warrant to purchase additional shares in Vantiv which is carried as a derivative asset at a fair value of $358 million as of September 30, 2014.

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 by Thomson Financial and may be accessed through the Fifth Third Investor Relations website atwww.53.com (click on “About Fifth Third” then “Investor Relations”). Institutional investors can access the call via Thomson Financial’s password-protected event management site, StreetEvents (www.streetevents.com).

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 beginning approximately two hours after the conference call until Thursday, October 30 by dialing 800-585-8367 for domestic access and 404-537-3406 for international access (passcode 10261976#).

* Non-GAAP measure; see Reg. G reconciliation on page 33.

** Capital ratios estimated; presented under current U.S. capital regulations. The pro forma Basel III Tier I common equity ratio is management’s estimate based upon its current interpretation of the Basel III Final Rule approved in July 2013.

16

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of September 30, 2014, the Company had $134 billion in assets and operated 15 affiliates with 1,308 full-service Banking Centers, including 102 Bank Mart^® locations, most open seven days a week, inside select grocery stores and 2,639 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 22.8% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2014, had $303 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations.Investor information andpress releases can be viewed atwww.53.com. Fifth Third’s common stock is traded on the NASDAQ^® Global Select Market under the symbol “FITB.”

Forward-Looking Statements

This news 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,” “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. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us.

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) general economic conditions and weakening in the economy, specifically the real estate market, either nationally or in the states in which Fifth Third, one or more acquired entities and/or the combined company do business, are less favorable than expected; (2) deteriorating credit quality; (3) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (4) changes in the interest rate environment reduce interest margins; (5) prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions; (6) Fifth Third’s ability to maintain required capital levels and adequate sources of funding and liquidity; (7) maintaining capital requirements may limit Fifth Third’s operations and potential growth; (8) changes and trends in capital markets; (9) problems encountered by larger or similar financial institutions may adversely affect the banking industry and/or Fifth Third; (10) competitive pressures among depository institutions increase significantly; (11) effects of critical accounting policies and judgments; (12) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board (FASB) or other regulatory agencies; (13) legislative or regulatory changes or actions, or significant litigation, adversely affect Fifth Third, one or more acquired entities and/or the combined company or the businesses in which Fifth Third, one or more acquired entities and/or the combined company are engaged, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; (14) ability to maintain favorable ratings from rating agencies; (15) fluctuation of Fifth Third’s stock price; (16) ability to attract and retain key personnel; (17) ability to receive dividends from its subsidiaries; (18) potentially dilutive effect of future acquisitions on current shareholders’ ownership of Fifth Third; (19) effects of accounting or financial results of one or more acquired entities; (20) difficulties from Fifth Third’s investment in, relationship with, and nature of the operations of Vantiv, LLC; (21) loss of income from any sale or potential sale of businesses that could have an adverse effect on Fifth Third’s earnings and future growth; (22) ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; and (23) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity.

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

# # #

17

Quarterly Financial Review for September 30, 2014

Table of Contents

Financial Highlights	19-20
Consolidated Statements of Income	21
Consolidated Statements of Income (Taxable Equivalent)	22
Consolidated Balance Sheets	23-24
Consolidated Statements of Changes in Equity	25
Average Balance Sheet and Yield Analysis	26-28
Summary of Loans and Leases	29
Regulatory Capital	30
Summary of Credit Loss Experience	31
Asset Quality	32
Regulation G Non-GAAP Reconciliation	33
Segment Presentation	34

18

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

	For the Three Months Ended									% Change						Year to Date						% Change
	September 2014			June 2014			September 2013			Seq			Yr/Yr			September 2014			September 2013			Yr/Yr
Income Statement Data
Net interest income(a)	$	908		$	905		$	898			—			1	%	$	2,712		$	2,675			1	%
Noninterest income		520			736			721			(29	%)		(28	%)		1,820			2,524			(28	%)
Total revenue(a)		1,428			1,641			1,619			(13	%)		(12	%)		4,532			5,199			(13	%)
Provision for loan and lease losses		71			76			51			(7	%)		40	%		216			176			23	%
Noninterest expense		888			954			959			(7	%)		(7	%)		2,792			2,972			(6	%)
Net income attributable to Bancorp		340			439			421			(22	%)		(19	%)		1,096			1,433			(24	%)
Net income available to common shareholders		328			416			421			(21	%)		(22	%)		1,052			1,415			(26	%)
Common Share Data
Earnings per share, basic	$	0.39		$	0.49		$	0.47			(20	%)		(17	%)	$	1.25		$	1.62			(23	%)
Earnings per share, diluted		0.39			0.49			0.47			(20	%)		(17	%)		1.23			1.58			(22	%)
Cash dividends per common share		0.13			0.13			0.12			—			8	%		0.38			0.35			9	%
Book value per share		16.87			16.74			15.84			1	%		7	%		16.87			15.84			7	%
Market price per share		20.02			21.35			18.05			(6	%)		11	%		20.02			18.05			11	%
Common shares outstanding (in thousands)		834,262			844,489			887,030			(1	%)		(6	%)		834,262			887,030			(6	%)
Average common shares outstanding (in thousands):
Basic		829,392			838,492			880,183			(1	%)		(6	%)		837,854			869,930			(4	%)
Diluted		838,324			848,245			888,111			(1	%)		(6	%)		848,068			900,541			(6	%)
Market capitalization	$	16,702		$	18,030		$	16,011			(7	%)		4	%	$	16,702		$	16,011			4	%
Financial Ratios
Return on average assets		1.02	%		1.34	%		1.35	%		(24	%)		(25	%)		1.12	%		1.57	%		(28	%)
Return on average common equity		9.2	%		11.9	%		12.1	%		(23	%)		(24	%)		10.0	%		13.9	%		(28	%)
Return on average tangible common equity(b)(j)		11.1	%		14.4	%		14.7	%		(23	%)		(24	%)		12.2	%		17.0	%		(29	%)
Noninterest income as a percent of total revenue		36	%		45	%		45	%		(19	%)		(18	%)		40	%		49	%		(17	%)
Average Bancorp shareholders’ equity as a percent of average assets		11.71	%		11.57	%		11.71	%		1	%		—			11.61	%		11.58	%		—
Tangible common equity(c)(d)(j)		8.64	%		8.74	%		9.27	%		(1	%)		(7	%)		8.64	%		9.27	%		(7	%)
Net interest margin(a)		3.10	%		3.15	%		3.31	%		(2	%)		(6	%)		3.16	%		3.35	%		(6	%)
Efficiency(a)		62.1	%		58.2	%		59.2	%		7	%		5	%		61.6	%		57.2	%		8	%
Effective tax rate		26.7	%		27.6	%		30.3	%		(3	%)		(12	%)		27.2	%		30.1	%		(9	%)
Credit Quality
Net losses charged off	$	115		$	101		$	109			13	%		6	%	$	384		$	353			9	%
Net losses charged off as a percent of average loans and leases		0.50	%		0.45	%		0.49	%		11	%		1	%		0.57	%		0.54	%		5	%
Allowance for loan and lease losses as a percent of portfolio loans and leases		1.56	%		1.61	%		1.92	%		(3	%)		(19	%)		1.56	%		1.92	%		(19	%)
Allowance for credit losses as a percent of portfolio loans and leases		1.71	%		1.77	%		2.11	%		(3	%)		(19	%)		1.71	%		2.11	%		(19	%)
Nonperforming assets as a percent of portfolio loans, leases and other assets, including other real estate owned(e)		0.88	%		0.92	%		1.16	%		(4	%)		(24	%)		0.88	%		1.16	%		(24	%)
Average Balances
Loans and leases, including held for sale	$	91,428		$	91,241		$	89,154			—			3	%	$	90,973		$	89,170			2	%
Total securities and other short-term investments		24,927			23,940			18,528			4	%		35	%		23,944			17,452			37	%
Total assets		132,220			130,965			123,346			1	%		7	%		130,717			122,233			7	%
Transaction deposits(f)		89,360			89,148			83,245			—			7	%		88,807			81,962			8	%
Core deposits(g)		93,160			92,841			86,921			—			7	%		92,511			85,800			8	%
Wholesale funding(h)		19,787			19,204			16,924			3	%		17	%		19,084			17,369			10	%
Bancorp shareholders’ equity		15,486			15,157			14,440			2	%		7	%		15,170			14,149			7	%
Regulatory Capital Ratios(i)
Tier I risk-based capital		10.83	%		10.80	%		11.21	%		—			(3	%)		10.83	%		11.21	%		(3	%)
Total risk-based capital		14.34	%		14.30	%		14.43	%		—			(1	%)		14.34	%		14.43	%		(1	%)
Tier I leverage		9.82	%		9.86	%		10.64	%		—			(8	%)		9.82	%		10.64	%		(8	%)
Tier I common equity(d)(j)		9.64	%		9.61	%		9.95	%		—			(3	%)		9.64	%		9.95	%		(3	%)
Operations
Banking centers		1,308			1,309			1,326			—			(1	%)		1,308			1,326			(1	%)
ATMs		2,639			2,619			2,374			1	%		11	%		2,639			2,374			11	%
Full-time equivalent employees		18,503			18,732			20,256			(1	%)		(9	%)		18,503			20,256			(9	%)

(a) Presented on a fully taxable equivalent basis.

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

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

(d) The tangible common equity and tier I common equity ratios, while not required by U.S. GAAP, are considered to be important metrics with which to analyze a bank’s position. The ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition.

(e) Excludes nonaccrual loans held for sale.

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

(g) Includes transaction deposits plus other time deposits.

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

(i) Current period regulatory capital ratios are estimates.

(j) Non-GAAP measure; see Reg. G reconciliation on page 33.

19

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

	For the Three Months Ended
	September 2014			June 2014			March 2014			December 2013			September 2013
Income Statement Data
Net interest income(a)	$	908		$	905		$	898		$	905		$	898
Noninterest income		520			736			564			703			721
Total revenue(a)		1,428			1,641			1,462			1,608			1,619
Provision for loan and lease losses		71			76			69			53			51
Noninterest expense		888			954			950			989			959
Net income attributable to Bancorp		340			439			318			402			421
Net income available to common shareholders		328			416			309			383			421
Common Share Data
Earnings per share, basic	$	0.39		$	0.49		$	0.36		$	0.44		$	0.47
Earnings per share, diluted		0.39			0.49			0.36			0.43			0.47
Cash dividends per common share		0.13			0.13			0.12			0.12			0.12
Book value per share		16.87			16.74			16.27			15.85			15.84
Market price per share		20.02			21.35			22.96			21.03			18.05
Common shares outstanding (in thousands)		834,262			844,489			847,569			855,306			887,030
Average common shares outstanding (in thousands):
Basic		829,392			838,492			845,860			868,077			880,183
Diluted		838,324			848,245			857,924			877,511			888,111
Market capitalization	$	16,702		$	18,030		$	19,456		$	17,987		$	16,011
Financial Ratios
Return on average assets		1.02	%		1.34	%		1.00	%		1.24	%		1.35	%
Return on average common equity		9.2	%		11.9	%		9.0	%		10.8	%		12.1	%
Return on average tangible common equity(b)(j)		11.1	%		14.4	%		11.0	%		13.1	%		14.7	%
Noninterest income as a percent of total revenue		36	%		45	%		39	%		44	%		45	%
Average Bancorp shareholders’ equity as a percent of average assets		11.71	%		11.57	%		11.53	%		11.51	%		11.71	%
Tangible common equity(c)(d)(j)		8.64	%		8.74	%		8.79	%		8.63	%		9.27	%
Net interest margin(a)		3.10	%		3.15	%		3.22	%		3.21	%		3.31	%
Efficiency(a)		62.1	%		58.2	%		64.9	%		61.5	%		59.2	%
Effective tax rate		26.7	%		27.6	%		27.3	%		28.4	%		30.3	%
Credit Quality
Net losses charged off	$	115		$	101		$	168		$	148		$	109
Net losses charged off as a percent of average loans and leases		0.50	%		0.45	%		0.76	%		0.67	%		0.49	%
Allowance for loan and lease losses as a percent of portfolio loans and leases		1.56	%		1.61	%		1.65	%		1.79	%		1.92	%
Allowance for credit losses as a percent of portfolio loans and leases		1.71	%		1.77	%		1.82	%		1.97	%		2.11	%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including other real estate owned(e)		0.88	%		0.92	%		1.05	%		1.10	%		1.16	%
Average Balances
Loans and leases, including held for sale	$	91,428		$	91,241		$	90,238		$	88,865		$	89,154
Total securities and other short-term investments		24,927			23,940			22,940			23,043			18,528
Total assets		132,220			130,965			128,930			128,179			123,346
Transaction deposits(f)		89,360			89,148			87,896			85,740			83,245
Core deposits(g)		93,160			92,841			91,512			89,269			86,921
Wholesale funding(h)		19,787			19,204			18,244			19,069			16,924
Bancorp shareholders’ equity		15,486			15,157			14,862			14,757			14,440
Regulatory Capital Ratios(i)
Tier I risk-based capital		10.83	%		10.80	%		10.45	%		10.43	%		11.21	%
Total risk-based capital		14.34	%		14.30	%		14.02	%		14.17	%		14.43	%
Tier I leverage		9.82	%		9.86	%		9.71	%		9.70	%		10.64	%
Tier I common equity(d)(j)		9.64	%		9.61	%		9.51	%		9.45	%		9.95	%
Operations
Banking centers		1,308			1,309			1,311			1,320			1,326
ATMs		2,639			2,619			2,614			2,586			2,374
Full-time equivalent employees		18,503			18,732			19,080			19,446			20,256

(a) Presented on a fully taxable equivalent basis.

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

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

(d) The tangible common equity and tier I common equity ratios, while not required by U.S. GAAP, are considered to be important metrics with which to analyze a bank’s position. The ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition.

(e) Excludes nonaccrual loans held for sale.

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

(g) Includes transaction deposits plus other time deposits.

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

(i) Current period regulatory capital ratios are estimates.

(j) Non-GAAP measure; see Reg. G reconciliation on page 33.

20

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income

$ in millions

(unaudited)

	For the Three Months Ended						% Change						Year to Date					% Change
	September 2014		June 2014		September 2013		Seq			Yr/Yr			September 2014		September 2013			Yr/Yr
Interest Income
Interest and fees on loans and leases	$	827	$	826	$	857		—			(3	%)		2,477		2,603			(5	%)
Interest on securities		189		181		134		4	%		41	%		538		365			47	%
Interest on other short-term investments		2		1		1		1	%		22	%		5		3			45	%
Total interest income		1,018		1,008		992		1	%		3	%		3,020		2,971			2	%
Interest Expense
Interest on deposits		51		49		51		5	%		(1	%)		147		154			(5	%)
Interest on other short-term borrowings		1		1		1		(16	%)		(38	%)		2		5			(62	%)
Interest on long-term debt		63		58		47		7	%		37	%		174		151			16	%
Total interest expense		115		108		99		6	%		16	%		323		310			4	%
Net Interest Income		903		900		893		—			1	%		2,697		2,661			1	%
Provision for loan and lease losses		71		76		51		(7	%)		40	%		216		176			23	%
Net interest income after provision for loan and lease losses		832		824		842		1	%		(1	%)		2,481		2,485			—
Noninterest Income
Service charges on deposits		145		139		140		4	%		4	%		418		407			3	%
Corporate banking revenue		100		107		102		(7	%)		(2	%)		311		307			1	%
Mortgage banking net revenue		61		78		121		(21	%)		(49	%)		248		574			(57	%)
Investment advisory revenue		103		102		97		1	%		6	%		307		295			4	%
Card and processing revenue		75		76		69		(1	%)		9	%		218		201			9	%
Other noninterest income		33		226		185		(86	%)		(82	%)		300		708			(57	%)
Securities gains, net		3		8		2		(57	%)		40	%		18		19			(7	%)
Securities gains, net—non-qualifying hedges on mortgage servicing rights		—		—		5		—			(100	%)		—		13			(100	%)
Total noninterest income		520		736		721		(29	%)		(28	%)		1,820		2,524			(28	%)
Noninterest Expense
Salaries, wages and incentives		357		368		389		(3	%)		(8	%)		1,083		1,193			(9	%)
Employee benefits		75		79		83		(5	%)		(9	%)		255		280			(9	%)
Net occupancy expense		78		79		75		(1	%)		4	%		236		230			3	%
Technology and communications		53		52		52		3	%		2	%		158		151			5	%
Equipment expense		30		30		29		1	%		4	%		90		85			6	%
Card and processing expense		37		37		33		—			12	%		104		97			8	%
Other noninterest expense		258		309		298		(17	%)		(13	%)		866		936			(8	%)
Total noninterest expense		888		954		959		(7	%)		(7	%)		2,792		2,972			(6	%)
Income before income taxes		464		606		604		(23	%)		(23	%)		1,509		2,037			(26	%)
Applicable income tax expense		124		167		183		(26	%)		(32	%)		411		613			(33	%)
Net Income		340		439		421		(22	%)		(19	%)		1,098		1,424			(23	%)
Less: Net income attributable to noncontrolling interests		—		—		—		(4	%)		—			2		(9	)		NM
Net income attributable to Bancorp		340		439		421		(22	%)		(19	%)		1,096		1,433			(24	%)
Dividends on preferred stock		12		23		—		(47	%)		—			44		18			NM
Net income available to common shareholders	$	328	$	416	$	421		(21	%)		(22	%)		1,052		1,415			(26	%)

21

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income (Taxable Equivalent)

$ in millions

(unaudited)

	For the Three Months Ended
	September		June		March		December		September
	2014		2014		2014		2013		2013
Interest Income
Interest and fees on loans and leases	$	827	$	826	$	823	$	845	$	857
Interest on securities		189		181		168		154		134
Interest on other short-term investments		2		1		2		3		1
Total interest income		1,018		1,008		993		1,002		992
Taxable equivalent adjustment		5		5		5		5		5
Total interest income (taxable equivalent)		1,023		1,013		998		1,007		997
Interest Expense
Interest on deposits		51		49		48		48		51
Interest on other short-term borrowings		1		1		1		1		1
Interest on long-term debt		63		58		51		53		47
Total interest expense		115		108		100		102		99
Net Interest Income (taxable equivalent)		908		905		898		905		898
Provision for loan and lease losses		71		76		69		53		51
Net interest income (taxable equivalent) after provision for loan and lease losses		837		829		829		852		847
Noninterest Income
Service charges on deposits		145		139		133		142		140
Corporate banking revenue		100		107		104		94		102
Mortgage banking net revenue		61		78		109		126		121
Investment advisory revenue		103		102		102		98		97
Card and processing revenue		75		76		68		71		69
Other noninterest income		33		226		41		170		185
Securities gains, net		3		8		7		2		2
Securities gains, net—non-qualifying hedges on mortgage servicing rights		—		—		—		—		5
Total noninterest income		520		736		564		703		721
Noninterest Expense
Salaries, wages and incentives		357		368		359		388		389
Employee benefits		75		79		101		78		83
Net occupancy expense		78		79		80		77		75
Technology and communications		53		52		53		53		52
Equipment expense		30		30		30		29		29
Card and processing expense		37		37		31		37		33
Other noninterest expense		258		309		296		327		298
Total noninterest expense		888		954		950		989		959
Income before income taxes (taxable equivalent)		469		611		443		566		609
Taxable equivalent adjustment		5		5		5		5		5
Income before income taxes		464		606		438		561		604
Applicable income tax expense		124		167		119		159		183
Net Income		340		439		319		402		421
Less: Net Income attributable to noncontrolling interests		—		—		1		—		—
Net income attributable to Bancorp		340		439		318		402		421
Dividends on preferred stock		12		23		9		19		—
Net income available to common shareholders	$	328	$	416	$	309	$	383	$	421

22

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of									% Change
	September 2014			June 2014			September 2013			Seq			Yr/Yr
Assets
Cash and due from banks	$	3,125		$	3,312		$	2,887			(6	%)		8	%
Available-for-sale and other securities(a)		22,912			22,814			18,080			—			27	%
Held-to-maturity securities(b)		191			194			265			(2	%)		(28	%)
Trading securities		389			361			246			8	%		58	%
Other short-term investments		3,637			2,386			2,622			52	%		39	%
Loans held for sale		641			682			1,330			(6	%)		(52	%)
Portfolio loans and leases:
Commercial and industrial loans		41,072			41,299			38,253			(1	%)		7	%
Commercial mortgage loans		7,564			7,805			8,052			(3	%)		(6	%)
Commercial construction loans		1,702			1,424			875			20	%		95	%
Commercial leases		3,554			3,567			3,572			—			(1	%)
Residential mortgage loans		12,941			12,652			12,534			2	%		3	%
Home equity		8,987			9,056			9,356			(1	%)		(4	%)
Automobile loans		12,121			12,050			12,072			1	%		—
Credit card		2,317			2,261			2,157			2	%		7	%
Other consumer loans and leases		366			370			360			(1	%)		2	%
Portfolio loans and leases		90,624			90,484			87,231			—			4	%
Allowance for loan and lease losses		(1,414	)		(1,458	)		(1,677	)		(3	%)		(16	%)
Portfolio loans and leases, net		89,210			89,026			85,554			—			4	%
Bank premises and equipment		2,467			2,491			2,528			(1	%)		(2	%)
Operating lease equipment		732			667			707			10	%		4	%
Goodwill		2,416			2,416			2,416			—			—
Intangible assets		16			17			21			(7	%)		(25	%)
Servicing rights		935			931			919			—			2	%
Other assets		7,517			7,265			8,098			3	%		(7	%)
Total assets	$	134,188		$	132,562		$	125,673			1	%		7	%
Liabilities
Deposits:
Demand	$	32,258		$	32,140		$	30,153			—			7	%
Interest checking		24,930			24,744			23,527			1	%		6	%
Savings		15,355			16,087			17,583			(5	%)		(13	%)
Money market		16,199			14,216			10,433			14	%		55	%
Foreign office		1,577			1,418			1,409			11	%		12	%
Other time		3,856			3,724			3,524			4	%		9	%
Certificates—$100,000 and over		3,117			3,623			7,497			(14	%)		(58	%)
Other		—			—			—			NM			(100	%)
Total deposits		97,292			95,952			94,126			1	%		3	%
Federal funds purchased		148			153			225			(3	%)		(34	%)
Other short-term borrowings		2,730			3,146			3,487			(13	%)		(22	%)
Accrued taxes, interest and expenses		1,706			1,824			1,692			(6	%)		1	%
Other liabilities		2,533			2,018			3,365			25	%		(25	%)
Long-term debt		14,336			13,961			8,098			3	%		77	%
Total liabilities		118,745			117,054			110,993			1	%		7	%
Equity
Common stock(c)		2,051			2,051			2,051			—			—
Preferred stock		1,331			1,331			593			—			NM
Capital surplus		2,621			2,613			2,565			—			2	%
Retained earnings		10,886			10,666			9,876			2	%		10	%
Accumulated other comprehensive income		301			382			218			(21	%)		38	%
Treasury stock		(1,786	)		(1,574	)		(662	)		13	%		NM
Total Bancorp shareholders’ equity		15,404			15,469			14,641			—			5	%
Noncontrolling interests		39			39			39			1	%		1	%
Total Equity		15,443			15,508			14,680			—			5	%
Total liabilities and equity	$	134,188		$	132,562		$	125,673			1	%		7	%
(a) Amortized cost	$	22,392		$	22,184		$	17,665			1	%		27	%
(b) Market values		191			194			265			(2	%)		(28	%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000			2,000,000			2,000,000			—			—
Outstanding, excluding treasury		834,262			844,489			887,030			(1	%)		(6	%)
Treasury		89,631			79,404			36,863			13	%		NM

23

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of
	September 2014			June 2014			March 2014			December 2013			September 2013
Assets
Cash and due from banks	$	3,125		$	3,312		$	3,153		$	3,178		$	2,887
Available-for-sale and other securities(a)		22,912			22,814			20,749			18,597			18,080
Held-to-maturity securities(b)		191			194			195			208			265
Trading securities		389			361			347			343			246
Other short-term investments		3,637			2,386			2,202			5,116			2,622
Loans held for sale		641			682			780			944			1,330
Portfolio loans and leases:
Commercial and industrial loans		41,072			41,299			40,591			39,316			38,253
Commercial mortgage loans		7,564			7,805			7,958			8,066			8,052
Commercial construction loans		1,702			1,424			1,218			1,039			875
Commercial leases		3,554			3,567			3,577			3,625			3,572
Residential mortgage loans		12,941			12,652			12,626			12,680			12,534
Home equity		8,987			9,056			9,125			9,246			9,356
Automobile loans		12,121			12,050			12,088			11,984			12,072
Credit card		2,317			2,261			2,177			2,294			2,157
Other consumer loans and leases		366			370			345			364			360
Portfolio loans and leases		90,624			90,484			89,705			88,614			87,231
Allowance for loan and lease losses		(1,414	)		(1,458	)		(1,483	)		(1,582	)		(1,677	)
Portfolio loans and leases, net		89,210			89,026			88,222			87,032			85,554
Bank premises and equipment		2,467			2,491			2,528			2,531			2,528
Operating lease equipment		732			667			714			730			707
Goodwill		2,416			2,416			2,416			2,416			2,416
Intangible assets		16			17			18			19			21
Servicing rights		935			931			975			971			919
Other assets		7,517			7,265			7,355			8,358			8,098
Total assets	$	134,188		$	132,562		$	129,654		$	130,443		$	125,673
Liabilities
Deposits:
Demand	$	32,258		$	32,140		$	31,234		$	32,634		$	30,153
Interest checking		24,930			24,744			25,472			25,875			23,527
Savings		15,355			16,087			16,867			17,045			17,583
Money market		16,199			14,216			13,208			11,644			10,433
Foreign office		1,577			1,418			1,922			1,976			1,409
Other time		3,856			3,724			3,660			3,530			3,524
Certificates—$100,000 and over		3,117			3,623			4,511			6,571			7,497
Other		—			—			—			—			—
Total deposits		97,292			95,952			96,874			99,275			94,126
Federal funds purchased		148			153			268			284			225
Other short-term borrowings		2,730			3,146			2,717			1,380			3,487
Accrued taxes, interest and expenses		1,706			1,824			1,669			1,758			1,692
Other liabilities		2,533			2,018			2,029			3,487			3,365
Long-term debt		14,336			13,961			11,233			9,633			8,098
Total liabilities		118,745			117,054			114,790			115,817			110,993
Equity
Common stock(c)		2,051			2,051			2,051			2,051			2,051
Preferred stock		1,331			1,331			1,034			1,034			593
Capital surplus		2,621			2,613			2,674			2,561			2,565
Retained earnings		10,886			10,666			10,363			10,156			9,876
Accumulated other comprehensive income		301			382			196			82			218
Treasury stock		(1,786	)		(1,574	)		(1,492	)		(1,295	)		(662	)
Total Bancorp shareholders’ equity		15,404			15,469			14,826			14,589			14,641
Noncontrolling interests		39			39			38			37			39
Total Equity		15,443			15,508			14,864			14,626			14,680
Total liabilities and equity	$	134,188		$	132,562		$	129,654		$	130,443		$	125,673
(a) Amortized cost	$	22,392		$	22,184		$	20,393		$	18,409		$	17,665
(b) Market values		191			194			195			208			265
(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		834,262			844,489			847,569			855,306			887,030
Treasury		89,631			79,404			76,324			68,587			36,863

24

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Changes in Equity

$ in millions

(unaudited)

	For the Three Months Ended						Year to Date
	September 2014			September 2013			September 2014			September 2013
Total equity, beginning	$	15,508		$	14,277		$	14,626		$	13,764
Net income attributable to Bancorp		340			421			1,096			1,433
Other comprehensive income, net of tax:
Change in unrealized gains and (losses):
Available-for-sale securities		(72	)		65			217			(144	)
Qualifying cash flow hedges		(10	)		2			(1	)		(19	)
Change in accumulated other comprehensive income related to employee benefit plans		1			2			3			6
Comprehensive income		259			490			1,315			1,276
Cash dividends declared:
Common stock		(108	)		(106	)		(320	)		(305	)
Preferred stock		(12	)		—			(44	)		(18	)
Impact of stock transactions under stock compensation plans, net		21			19			41			43
Shares acquired for treasury		(225	)		—			(474	)		(664	)
Issuance of preferred stock		—			—			297			593
Noncontrolling interest		—			—			2			(9	)
Total equity, ending	$	15,443		$	14,680		$	15,443		$	14,680

25

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	For the Three Months Ended									% Change
	September 2014			June 2014			September 2013			Seq			Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	41,525		$	41,451		$	38,145			—			9	%
Commercial mortgage loans		7,637			7,886			8,280			(3	%)		(8	%)
Commercial construction loans		1,565			1,364			797			15	%		97	%
Commercial leases		3,576			3,556			3,574			—			—
Residential mortgage loans		13,342			13,202			14,333			1	%		(7	%)
Home equity		9,009			9,101			9,432			(1	%)		(4	%)
Automobile loans		12,105			12,070			12,083			—			—
Credit card		2,295			2,232			2,140			3	%		7	%
Other consumer loans and leases		374			379			370			1	%		—
Taxable securities		22,594			21,706			16,590			4	%		36	%
Tax exempt securities		50			52			44			(4	%)		15	%
Other short-term investments		2,283			2,182			1,894			5	%		21	%
Total interest-earning assets		116,355			115,181			107,682			1	%		8	%
Cash and due from banks		2,862			2,847			2,380			1	%		20	%
Other assets		14,461			14,417			15,015			—			(4	%)
Allowance for loan and lease losses		(1,458	)		(1,480	)		(1,731	)		(2	%)		(16	%)
Total assets	$	132,220		$	130,965		$	123,346			1	%		7	%
Liabilities
Interest-bearing liabilities:
Interest checking	$	24,926		$	25,222		$	23,116			(1	%)		8	%
Savings		15,759			16,509			18,026			(5	%)		(13	%)
Money market		15,222			13,942			9,693			9	%		57	%
Foreign office		1,663			2,200			1,755			(24	%)		(5	%)
Other time		3,800			3,693			3,676			3	%		3	%
Certificates—$100,000 and over		3,339			3,840			7,315			(13	%)		(54	%)
Other		—			—			17			NM			(99	%)
Federal funds purchased		520			606			464			(14	%)		12	%
Other short-term borrowings		1,973			2,234			1,675			(12	%)		18	%
Long-term debt		13,955			12,524			7,453			11	%		87	%
Total interest-bearing liabilities		81,157			80,770			73,190			—			11	%
Demand deposits		31,790			31,275			30,655			2	%		4	%
Other liabilities		3,749			3,724			5,023			1	%		(25	%)
Total liabilities		116,696			115,769			108,868			1	%		7	%
Equity		15,524			15,196			14,478			2	%		7	%
Total liabilities and equity	$	132,220		$	130,965		$	123,346			1	%		7	%
Yield Analysis
Interest-earning assets:
Commercial and industrial loans		3.25	%		3.27	%		3.49	%
Commercial mortgage loans		3.34	%		3.39	%		3.60	%
Commercial construction loans		3.49	%		3.54	%		3.71	%
Commercial leases		2.96	%		3.04	%		3.22	%
Residential mortgage loans		3.84	%		3.93	%		3.87	%
Home equity		3.69	%		3.71	%		3.74	%
Automobile loans		2.72	%		2.77	%		3.02	%
Credit card		9.87	%		10.06	%		9.93	%
Other consumer loans and leases		36.98	%		35.63	%		42.84	%
Total loans and leases		3.61	%		3.65	%		3.83	%
Taxable securities		3.32	%		3.34	%		3.20	%
Tax exempt securities		5.34	%		4.69	%		5.08	%
Other short-term investments		0.26	%		0.28	%		0.26	%
Total interest-earning assets		3.49	%		3.53	%		3.68	%
Interest-bearing liabilities:
Interest checking		0.22	%		0.22	%		0.23	%
Savings		0.09	%		0.11	%		0.11	%
Money market		0.37	%		0.33	%		0.24	%
Foreign office		0.29	%		0.29	%		0.29	%
Other time		1.07	%		1.03	%		1.33	%
Certificates—$100,000 and over		0.96	%		0.83	%		0.74	%
Other		0.00	%		0.00	%		0.08	%
Federal funds purchased		0.09	%		0.10	%		0.10	%
Other short-term borrowings		0.10	%		0.10	%		0.21	%
Long-term debt		1.80	%		1.89	%		2.47	%
Total interest-bearing liabilities		0.56	%		0.54	%		0.54	%
Ratios:
Net interest margin (taxable equivalent)		3.10	%		3.15	%		3.31	%
Net interest rate spread (taxable equivalent)		2.93	%		2.99	%		3.14	%
Interest-bearing liabilities to interest-earning assets		69.75	%		70.12	%		67.97	%

26

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	Year to Date						% Change
	September 2014			September 2013			Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	41,133		$	37,407			10	%
Commercial mortgage loans		7,834			8,626			(9	%)
Commercial construction loans		1,351			738			84	%
Commercial leases		3,580			3,561			—
Residential mortgage loans		13,283			14,726			(10	%)
Home equity		9,101			9,641			(6	%)
Automobile loans		12,066			12,022			1	%
Credit card		2,252			2,094			8	%
Other consumer loans and leases		373			355			5	%
Taxable securities		21,570			15,725			37	%
Tax exempt securities		50			50			(1	%)
Other short-term investments		2,324			1,677			39	%
Total interest-earning assets		114,917			106,622			8	%
Cash and due from banks		2,853			2,322			23	%
Other assets		14,451			15,076			(4	%)
Allowance for loan and lease losses		(1,504	)		(1,787	)		(16	%)
Total assets		130,717			122,233			7	%
Liabilities
Interest-bearing liabilities:
Interest checking		25,349			23,222			9	%
Savings		16,386			18,816			(13	%)
Money market		13,878			8,854			57	%
Foreign office		1,959			1,428			37	%
Other time		3,704			3,838			(3	%)
Certificates—$100,000 and over		4,243			5,962			(29	%)
Other		—			22			(100	%)
Federal funds purchased		558			571			(2	%)
Other short-term borrowings		2,006			3,310			(39	%)
Long-term debt		12,277			7,504			64	%
Total interest-bearing liabilities		80,360			73,527			9	%
Demand deposits		31,235			29,642			5	%
Other liabilities		3,913			4,873			(20	%)
Total liabilities		115,508			108,042			7	%
Equity		15,209			14,191			7	%
Total liabilities and equity		130,717			122,233			7	%
Yield Analysis
Interest-earning assets:
Commercial and industrial loans		3.29	%		3.65	%		(10	%)
Commercial mortgage loans		3.39	%		3.63	%		(7	%)
Commercial construction loans		3.50	%		3.45	%		1	%
Commercial leases		3.03	%		3.32	%		(9	%)
Residential mortgage loans		3.90	%		3.92	%		—
Home equity		3.71	%		3.75	%		(1	%)
Automobile loans		2.78	%		3.15	%		(12	%)
Credit card		9.94	%		9.86	%		1	%
Other consumer loans and leases		37.48	%		42.84	%		(13	%)
Total loans and leases		3.66	%		3.92	%		(7	%)
Taxable securities		3.33	%		3.09	%		8	%
Tax exempt securities		5.16	%		5.17	%		—
Other short-term investments		0.27	%		0.25	%		4	%
Total interest-earning assets		3.53	%		3.74	%		(6	%)
Interest-bearing liabilities:
Interest checking		0.22	%		0.23	%
Savings		0.10	%		0.12	%
Money market		0.33	%		0.24	%
Foreign office		0.29	%		0.28	%
Other time		1.03	%		1.44	%
Certificates—$100,000 and over		0.81	%		0.84	%
Other		0.02	%		0.11	%
Federal funds purchased		0.09	%		0.12	%
Other short-term borrowings		0.10	%		0.18	%
Long-term debt		1.90	%		2.69	%
Total interest-bearing liabilities		0.54	%		0.56	%
Ratios:
Net interest margin (taxable equivalent)		3.16	%		3.35	%
Net interest rate spread (taxable equivalent)		2.99	%		3.18	%
Interest-bearing liabilities to interest-earning assets		69.93	%		68.96	%

27

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	For the Three Months Ended
	September			June			March			December			September
	2014			2014			2014			2013			2013
Assets
Interest-earning assets:
Commercial and industrial loans	$	41,525		$	41,451		$	40,409		$	38,846		$	38,145
Commercial mortgage loans		7,637			7,886			7,983			8,051			8,280
Commercial construction loans		1,565			1,364			1,118			955			797
Commercial leases		3,576			3,556			3,607			3,579			3,574
Residential mortgage loans		13,342			13,202			13,304			13,544			14,333
Home equity		9,009			9,101			9,194			9,296			9,432
Automobile loans		12,105			12,070			12,023			12,019			12,083
Credit card		2,295			2,232			2,230			2,202			2,140
Other consumer loans and leases		374			379			370			373			370
Taxable securities		22,594			21,706			20,385			18,383			16,590
Tax exempt securities		50			52			46			48			44
Other short-term investments		2,283			2,182			2,509			4,612			1,894
Total interest-earning assets		116,355			115,181			113,178			111,908			107,682
Cash and due from banks		2,862			2,847			2,850			2,956			2,380
Other assets		14,461			14,417			14,478			14,986			15,015
Allowance for loan and lease losses		(1,458	)		(1,480	)		(1,576	)		(1,671	)		(1,731	)
Total assets	$	132,220		$	130,965		$	128,930		$	128,179		$	123,346
Liabilities
Interest-bearing liabilities:
Interest checking	$	24,926		$	25,222		$	25,911		$	24,650		$	23,116
Savings		15,759			16,509			16,903			17,323			18,026
Money market		15,222			13,942			12,439			11,285			9,693
Foreign office		1,663			2,200			2,017			1,717			1,755
Other time		3,800			3,693			3,616			3,529			3,676
Certificates—$100,000 and over		3,339			3,840			5,576			7,456			7,315
Other		—			—			—			—			17
Federal funds purchased		520			606			547			301			464
Other short-term borrowings		1,973			2,234			1,808			2,177			1,675
Long-term debt		13,955			12,524			10,313			9,135			7,453
Total interest-bearing liabilities		81,157			80,770			79,130			77,573			73,190
Demand deposits		31,790			31,275			30,626			30,765			30,655
Other liabilities		3,749			3,724			4,274			5,045			5,023
Total liabilities		116,696			115,769			114,030			113,383			108,868
Equity		15,524			15,196			14,900			14,796			14,478
Total liabilities and equity	$	132,220		$	130,965		$	128,930		$	128,179		$	123,346
Yield Analysis
Interest-earning assets:
Commercial and industrial loans		3.25	%		3.27	%		3.35	%		3.46	%		3.49	%
Commercial mortgage loans		3.34	%		3.39	%		3.43	%		3.53	%		3.60	%
Commercial construction loans		3.49	%		3.54	%		3.48	%		3.46	%		3.71	%
Commercial leases		2.96	%		3.04	%		3.09	%		3.10	%		3.22	%
Residential mortgage loans		3.84	%		3.93	%		3.94	%		3.88	%		3.87	%
Home equity		3.69	%		3.71	%		3.74	%		3.62	%		3.74	%
Automobile loans		2.72	%		2.77	%		2.86	%		2.96	%		3.02	%
Credit card		9.87	%		10.06	%		9.90	%		9.90	%		9.93	%
Other consumer loans and leases		36.98	%		35.63	%		39.93	%		43.19	%		42.84	%
Total loans and leases		3.61	%		3.65	%		3.72	%		3.79	%		3.83	%
Taxable securities		3.32	%		3.34	%		3.33	%		3.32	%		3.20	%
Tax exempt securities		5.34	%		4.69	%		5.51	%		5.65	%		5.08	%
Other short-term investments		0.26	%		0.28	%		0.26	%		0.26	%		0.26	%
Total interest-earning assets		3.49	%		3.53	%		3.58	%		3.57	%		3.68	%
Interest-bearing liabilities:
Interest checking		0.22	%		0.22	%		0.23	%		0.22	%		0.23	%
Savings		0.09	%		0.11	%		0.11	%		0.11	%		0.11	%
Money market		0.37	%		0.33	%		0.28	%		0.26	%		0.24	%
Foreign office		0.29	%		0.29	%		0.29	%		0.27	%		0.29	%
Other time		1.07	%		1.03	%		0.99	%		0.98	%		1.33	%
Certificates—$100,000 and over		0.96	%		0.83	%		0.70	%		0.64	%		0.74	%
Other		0.00	%		0.00	%		0.05	%		0.05	%		0.08	%
Federal funds purchased		0.09	%		0.10	%		0.10	%		0.14	%		0.10	%
Other short-term borrowings		0.10	%		0.10	%		0.10	%		0.15	%		0.21	%
Long-term debt		1.80	%		1.89	%		2.04	%		2.32	%		2.47	%
Total interest-bearing liabilities		0.56	%		0.54	%		0.51	%		0.52	%		0.54	%
Ratios:
Net interest margin (taxable equivalent)		3.10	%		3.15	%		3.22	%		3.21	%		3.31	%
Net interest rate spread (taxable equivalent)		2.93	%		2.99	%		3.07	%		3.05	%		3.14	%
Interest-bearing liabilities to interest-earning assets		69.75	%		70.12	%		69.92	%		69.32	%		67.97	%

28

Fifth Third Bancorp and Subsidiaries

Summary of Loans and Leases

$ in millions

(unaudited)

	For the Three Months Ended
	September		June		March		December		September
	2014		2014		2014		2013		2013
Average Loans and Leases
Commercial:
Commercial and industrial loans	$	41,477	$	41,374	$	40,377	$	38,835	$	38,133
Commercial mortgage loans		7,633		7,885		7,981		8,047		8,273
Commercial construction loans		1,563		1,362		1,116		952		793
Commercial leases		3,571		3,555		3,607		3,578		3,572
Subtotal—commercial		54,244		54,176		53,081		51,412		50,771
Consumer:
Residential mortgage loans		12,785		12,611		12,659		12,609		12,486
Home equity		9,009		9,101		9,194		9,296		9,432
Automobile loans		12,105		12,070		12,023		12,019		12,083
Credit card		2,295		2,232		2,230		2,202		2,140
Other consumer loans and leases		361		359		343		357		360
Subtotal—consumer		36,555		36,373		36,449		36,483		36,501
Total average loans and leases (excluding held for sale)	$	90,799	$	90,549	$	89,530	$	87,895	$	87,272
Average loans held for sale		629		692		708		970		1,882
End of Period Loans and Leases
Commercial:
Commercial and industrial loans	$	41,072	$	41,299	$	40,591	$	39,316	$	38,253
Commercial mortgage loans		7,564		7,805		7,958		8,066		8,052
Commercial construction loans		1,702		1,424		1,218		1,039		875
Commercial leases		3,554		3,567		3,577		3,625		3,572
Subtotal—commercial		53,892		54,095		53,344		52,046		50,752
Consumer:
Residential mortgage loans		12,941		12,652		12,626		12,680		12,534
Home equity		8,987		9,056		9,125		9,246		9,356
Automobile loans		12,121		12,050		12,088		11,984		12,072
Credit card		2,317		2,261		2,177		2,294		2,157
Other consumer loans and leases		366		370		345		364		360
Subtotal—consumer		36,732		36,389		36,361		36,568		36,479
Total portfolio loans and leases	$	90,624	$	90,484	$	89,705	$	88,614	$	87,231
Core business activity		634		677		776		938		1,318
Portfolio management activity		7		5		4		6		12
Total loans held for sale		641		682		780		944		1,330
Operating lease equipment		732		667		714		730		707
Loans and Leases Serviced for Others:(a)
Commercial and industrial loans		620		649		702		685		727
Commercial mortgage loans		274		277		280		274		284
Commercial construction loans		22		39		35		43		40
Commercial leases		267		235		223		227		211
Residential mortgage loans		66,808		68,085		68,909		69,159		68,987
Automobile loans		263		297		334		370		408
Total loans and leases serviced for others		68,254		69,582		70,483		70,758		70,657
Total loans and leases serviced	$	160,251	$	161,415	$	161,682	$	161,046	$	159,925

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

29

Fifth Third Bancorp and Subsidiaries

Regulatory Capital^(a)

$ in millions

(unaudited)

	As of
	September			June			March			December			September
	2014			2014			2014			2013			2013
Tier I capital:
Bancorp shareholders’ equity		15,404			15,469			14,826			14,589			14,641
Goodwill and certain other intangibles		(2,484	)		(2,484	)		(2,490	)		(2,492	)		(2,492	)
Unrealized (gains) losses		(301	)		(382	)		(196	)		(82	)		(218	)
Qualifying trust preferred securities		60			60			60			60			810
Other		(18	)		(19	)		(18	)		19			21
Total tier I capital		12,661			12,644			12,182			12,094			12,762
Total risk-based capital:
Tier I capital		12,661			12,644			12,182			12,094			12,762
Qualifying allowance for credit losses		1,466			1,466			1,461			1,454			1,429
Qualifying subordinated notes		2,637			2,635			2,713			2,883			2,236
Total risk-based capital		16,764			16,745			16,356			16,431			16,427
Risk-weighted assets(b)		116,920			117,117			116,622			115,969			113,801
Ratios:
Average shareholders’ equity to average assets		11.71	%		11.57	%		11.53	%		11.51	%		11.71	%
Regulatory capital:
Fifth Third Bancorp
Tier I risk-based capital		10.83	%		10.80	%		10.45	%		10.43	%		11.21	%
Total risk-based capital		14.34	%		14.30	%		14.02	%		14.17	%		14.43	%
Tier I leverage		9.82	%		9.86	%		9.71	%		9.70	%		10.64	%
Tier I common equity(c)		9.64	%		9.61	%		9.51	%		9.45	%		9.95	%
Fifth Third Bank
Tier I risk-based capital		11.87	%		11.79	%		11.65	%		11.59	%		11.68	%
Total risk-based capital		13.12	%		13.04	%		12.91	%		12.94	%		13.04	%
Tier I leverage		10.77	%		10.77	%		10.84	%		10.80	%		11.08	%

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

(b) Under the banking agencies’ risk-based capital guidelines, assets and credit equivalent amounts of derivatives and off-balance sheet exposures are assigned to broad risk categories. The aggregate dollar amount in category is multiplied by the associated risk weight of the category. The resulting weighted values are added together resulting in the Bancorp’s total risk weighted assets.

(c) The tier I common equity ratio while not required by U.S. GAAP, is considered to be an important metric with which to analyze a bank’s position. The ratio has been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition.

30

Fifth Third Bancorp and Subsidiaries

Summary of Credit Loss Experience

$ in millions

(unaudited)

	For the Three Months Ended
	September 2014			June 2014			March 2014			December 2013			September 2013
Average loans and leases (excluding held for sale):
Commercial and industrial loans	$	41,477		$	41,374		$	40,377		$	38,835		$	38,133
Commercial mortgage loans		7,633			7,885			7,981			8,047			8,273
Commercial construction loans		1,563			1,362			1,116			952			793
Commercial leases		3,571			3,555			3,607			3,578			3,572
Residential mortgage loans		12,785			12,611			12,659			12,609			12,486
Home equity		9,009			9,101			9,194			9,296			9,432
Automobile loans		12,105			12,070			12,023			12,019			12,083
Credit card		2,295			2,232			2,230			2,202			2,140
Other consumer loans and leases		361			359			343			357			360
Total average loans and leases (excluding held for sale)	$	90,799		$	90,549		$	89,530		$	87,895		$	87,272
Losses charged off:
Commercial and industrial loans	($	62	)	($	36	)	($	100	)	($	78	)	($	52	)
Commercial mortgage loans		(10	)		(11	)		(5	)		(13	)		(8	)
Commercial construction loans		—			(8	)		(5	)		(4	)		(1	)
Commercial leases		—			—			—			—			—
Residential mortgage loans		(12	)		(11	)		(19	)		(15	)		(15	)
Home equity		(18	)		(22	)		(20	)		(30	)		(23	)
Automobile loans		(11	)		(10	)		(12	)		(11	)		(10	)
Credit card		(26	)		(24	)		(22	)		(24	)		(22	)
Other consumer loans and leases		(7	)		(5	)		(7	)		(8	)		(10	)
Total losses		(146	)		(127	)		(190	)		(183	)		(141	)
Recoveries of losses previously charged off:
Commercial and industrial loans		12			5			3			12			8
Commercial mortgage loans		5			2			2			5			6
Commercial construction loans		—			—			—			—			3
Commercial leases		—			—			—			—			—
Residential mortgage loans		3			3			4			2			3
Home equity		4			4			4			4			4
Automobile loans		4			5			4			5			4
Credit card		3			3			3			3			3
Other consumer loans and leases		—			4			2			4			1
Total recoveries		31			26			22			35			32
Net losses charged off:
Commercial and industrial loans		(50	)		(31	)		(97	)		(66	)		(44	)
Commercial mortgage loans		(5	)		(9	)		(3	)		(8	)		(2	)
Commercial construction loans		—			(8	)		(5	)		(4	)		2
Commercial leases		—			—			—			—			—
Residential mortgage loans		(9	)		(8	)		(15	)		(13	)		(12	)
Home equity		(14	)		(18	)		(16	)		(26	)		(19	)
Automobile loans		(7	)		(5	)		(8	)		(6	)		(6	)
Credit card		(23	)		(21	)		(19	)		(21	)		(19	)
Other consumer loans and leases		(7	)		(1	)		(5	)		(4	)		(9	)
Total net losses charged off	($	115	)	($	101	)	($	168	)	($	148	)	($	109	)
Net charge-off ratios:
Commercial and industrial loans		0.48	%		0.30	%		0.97	%		0.67	%		0.46	%
Commercial mortgage loans		0.24	%		0.44	%		0.16	%		0.40	%		0.14	%
Commercial construction loans		(0.11	%)		2.26	%		1.66	%		1.65	%		(1.16	%)
Commercial leases		0.00	%		0.00	%		(0.03	%)		(0.01	%)		(0.02	%)
Residential mortgage loans		0.28	%		0.24	%		0.49	%		0.39	%		0.39	%
Home equity		0.63	%		0.80	%		0.72	%		1.09	%		0.79	%
Automobile loans		0.24	%		0.15	%		0.29	%		0.20	%		0.19	%
Credit card		3.89	%		3.71	%		3.41	%		3.69	%		3.52	%
Other consumer loans and leases		8.13	%		4.08	%		6.58	%		6.03	%		9.09	%
Total net charge-off ratio		0.50	%		0.45	%		0.76	%		0.67	%		0.49	%

31

Fifth Third Bancorp and Subsidiaries

Asset Quality

$ in millions

(unaudited)

	For the Three Months Ended
	September 2014			June 2014			March 2014			December 2013			September 2013
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$	1,458		$	1,483		$	1,582		$	1,677		$	1,735
Total net losses charged off		(115	)		(101	)		(168	)		(148	)		(109	)
Provision for loan and lease losses		71			76			69			53			51
Allowance for loan and lease losses, ending	$	1,414		$	1,458		$	1,483		$	1,582		$	1,677
Reserve for unfunded commitments, beginning	$	142		$	153		$	162		$	167		$	166
Provision (benefit) for unfunded commitments		(8	)		(11	)		(9	)		(5	)		1
Reserve for unfunded commitments, ending	$	134		$	142		$	153		$	162		$	167
Components of allowance for credit losses:
Allowance for loan and lease losses	$	1,414		$	1,458		$	1,483		$	1,582		$	1,677
Reserve for unfunded commitments		134			142			153			162			167
Total allowance for credit losses	$	1,548		$	1,600		$	1,636		$	1,744		$	1,844
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	102		$	103		$	153		$	127		$	146
Commercial mortgage loans		77			86			96			90			106
Commercial construction loans		2			3			3			10			27
Commercial leases		3			2			3			3			1
Residential mortgage loans		52			56			68			83			83
Home equity		69			73			75			74			28
Automobile loans		—			—			—			—			—
Other consumer loans and leases		—			—			—			—			—
Total nonaccrual portfolio loans and leases (excludes restructured loans)		305			323			398			387			391
Restructured loans—commercial (nonaccrual)		201			202			209			228			241
Restructured loans—consumer (nonaccrual)		114			115			126			136			138
Total nonaccrual portfolio loans and leases		620			640			733			751			770
Repossessed property		19			18			6			7			7
Other real estate owned(b)		157			174			207			222			237
Total nonperforming assets(a)		796			832			946			980			1,014
Nonaccrual loans held for sale		4			5			3			6			11
Restructured loans—commercial (nonaccrual) held for sale		3			—			—			—			—
Total nonperforming assets including loans held for sale	$	803		$	837		$	949		$	986		$	1,025
Restructured portfolio consumer loans and leases (accrual)	$	1,610		$	1,623		$	1,682		$	1,685		$	1,694
Restructured portfolio commercial loans and leases (accrual)	$	885		$	914		$	847		$	869		$	499
Ninety days past due loans and leases:
Commercial and industrial loans	$	—		$	—		$	1		$	—		$	3
Commercial mortgage loans		1			—			—			—			—
Commercial construction loans		—			—			—			—			—
Commercial leases		—			—			—			—			—
Total commercial loans and leases		1			—			1			—			3
Residential mortgage loans		57			60			56			66			73
Home equity		—			—			—			—			46
Automobile loans		8			8			7			8			8
Credit card		21			26			30			29			26
Other consumer loans and leases		—			—			—			—			—
Total consumer loans and leases		86			94			93			103			153
Total ninety days past due loans and leases	$	87		$	94		$	94		$	103		$	156
Ratios
Net losses charged off as a percent of average loans and leases		0.50	%		0.45	%		0.76	%		0.67	%		0.49	%
Allowance for loan and lease losses:
As a percent of portfolio loans and leases		1.56	%		1.61	%		1.65	%		1.79	%		1.92	%
As a percent of nonperforming loans and leases(a)		228	%		228	%		202	%		211	%		218	%
As a percent of nonperforming assets(a)		178	%		175	%		157	%		161	%		165	%
Nonperforming loans and leases as a percent of portfolio loans, leases and other assets, including other real estate owned(a)		0.68	%		0.70	%		0.82	%		0.84	%		0.88	%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including other real estate owned(a)		0.88	%		0.92	%		1.05	%		1.10	%		1.16	%
Nonperforming assets as a percent of total loans, leases and other assets, including other real estate owned		0.88	%		0.92	%		1.05	%		1.10	%		1.15	%
Allowance for credit losses as a percent of nonperforming assets		195	%		192	%		173	%		178	%		182	%

(a) Does not include nonaccrual loans held for sale

(b) Excludes OREO related to government insured loans

32

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconciliation

$ and shares in millions

(unaudited)

	For the Three Months Ended
	September 2014			June 2014			March 2014				December 2013			September 2013
Income before income taxes (U.S. GAAP)	$	464		$	606		$	438			$	561		$	604
Add: Provision expense (U.S. GAAP)		71			76			69				53			51
Pre-provision net revenue		535			682			507				614			655
Net income available to common shareholders (U.S. GAAP)		328			416			309				383			421
Add: Intangible amortization, net of tax		1			1			1				1			1
Tangible net income available to common shareholders		329			417			310				384			422
Tangible net income available to common shareholders (annualized) (a)		1,305			1,673			1,257				1,523			1,674
Average Bancorp shareholders’ equity (U.S. GAAP)		15,486			15,157			14,862				14,757			14,440
Less: Average preferred stock		(1,331	)		(1,119	)		(1,034	)			(703	)		(593	)
Average goodwill		(2,416	)		(2,416	)		(2,416	)			(2,416	)		(2,416	)
Average intangible assets		(16	)		(17	)		(19	)			(20	)		(22	)
Average tangible common equity (b)		11,723			11,605			11,393				11,618			11,409
Total Bancorp shareholders’ equity (U.S. GAAP)		15,404			15,469			14,826				14,589			14,641
Less: Preferred stock		(1,331	)		(1,331	)		(1,034	)			(1,034	)		(593	)
Goodwill		(2,416	)		(2,416	)		(2,416	)			(2,416	)		(2,416	)
Intangible assets		(16	)		(17	)		(18	)			(19	)		(21	)
Tangible common equity, including unrealized gains / losses (c)		11,641			11,705			11,358				11,120			11,611
Less: Accumulated other comprehensive income		(301	)		(382	)		(196	)			(82	)		(218	)
Tangible common equity, excluding unrealized gains / losses (d)		11,340			11,323			11,162				11,038			11,393
Add: Preferred stock		1,331			1,331			1,034				1,034			593
Tangible equity (e)		12,671			12,654			12,196				12,072			11,986
Total assets (U.S. GAAP)		134,188			132,562			129,654				130,443			125,673
Less: Goodwill		(2,416	)		(2,416	)		(2,416	)			(2,416	)		(2,416	)
Intangible assets		(16	)		(17	)		(18	)			(19	)		(21	)
Tangible assets, including unrealized gains / losses (f)		131,756			130,129			127,220				128,008			123,236
Less: Accumulated other comprehensive income / loss, before tax		(463	)		(588	)		(302	)			(126	)		(335	)
Tangible assets, excluding unrealized gains / losses (g)		131,293			129,541			126,918				127,882			122,901
Total Bancorp shareholders’ equity (U.S. GAAP)		15,404			15,469			14,826		��		14,589			14,641
Goodwill and certain other intangibles		(2,484	)		(2,484	)		(2,490	)			(2,492	)		(2,492	)
Unrealized gains		(301	)		(382	)		(196	)			(82	)		(218	)
Qualifying trust preferred securities		60			60			60				60			810
Other		(18	)		(19	)		(18	)			19			21
Tier I capital		12,661			12,644			12,182				12,094			12,762
Less: Preferred stock		(1,331	)		(1,331	)		(1,034	)			(1,034	)		(593	)
Qualifying trust preferred securities		(60	)		(60	)		(60	)			(60	)		(810	)
Qualifying noncontrolling interests in consolidated subsidiaries		(1	)		(1	)		(1	)			(37	)		(39	)
Tier I common equity (h)		11,269			11,252			11,087				10,963			11,320
Common shares outstanding (i)		834			844			848				855			887
Risk-weighted assets, determined in accordance with prescribed regulatory requirements (j)		116,920			117,117			116,622				115,969			113,801
Ratios:
Return on average tangible common equity (a) / (b)		11.1	%		14.4	%		11.0	%			13.1	%		14.7	%
Tangible equity (e) / (g)		9.65	%		9.77	%		9.61	%			9.44	%		9.75	%
Tangible common equity (excluding unrealized gains/losses) (d) / (g)		8.64	%		8.74	%		8.79	%			8.63	%		9.27	%
Tangible common equity (including unrealized gains/losses) (c) / (f)		8.84	%		9.00	%		8.93	%			8.69	%		9.42	%
Tangible common equity as a percent of risk-weighted assets (excluding unrealized gains/losses) (d) / (j)		9.70	%		9.67	%		9.57	%			9.52	%		10.01	%
Tangible book value per share (c) / (i)	$	13.95		$	13.86		$	13.40			$	13.00		$	13.09
Tier I common equity (h) / (j)		9.64	%		9.61	%		9.51	%			9.45	%		9.95	%
Basel III-Estimated Tier I common equity ratio
	September 2014			June 2014			March 2014				December 2013			September 2013
Tier I common equity (Basel I)		11,269			11,252			11,087				10,963			11,320
Add: Adjustment related to capital components		99			96			99				82			88
Estimated Tier I common equity under final Basel III rules without AOCI (opt out)(k)		11,368			11,348			11,186				11,045			11,408
Add: Adjustment related to AOCI		301			382			196				82			218
Estimated Tier I common equity under final Basel III rules with AOCI (non opt out)(l)		11,669			11,730			11,382				11,127			11,626
Estimated risk-weighted assets under final Basel III rules(m)		121,068			122,465			122,659				122,074			120,447
Estimated Tier I common equity ratio under final Basel III rules (opt out) (k) / (m)		9.39	%		9.27	%		9.12	%			9.05	%		9.47	%
Estimated Tier I common equity ratio under final Basel III rules (non opt out) (l) / (m)		9.64	%		9.58	%		9.28	%			9.12	%		9.65	%

(k)(l) Under the final Basel III rules, non-advanced approach banks are permitted to make a one-time election to opt out of the requirement to include AOCI in Tier I common equity. Other adjustments include mortgage servicing rights and deferred tax assets subject to threshold limitations and deferred tax liabilities related to intangible assets.

(m) Key differences under Basel III in the calculation of risk-weighted assets compared to Basel I include: (1) Risk weighting for commitments under 1 year; (2) Higher risk weighting for exposures to securitizations, past due loans, foreign banks and certain commercial real estate; (3) Higher risk weighting for mortgage servicing rights and deferred tax assets that are under certain thresholds as a percent of Tier I capital; and (4) Derivatives are differentiated between exchange clearing and over-the-counter and the 50% risk-weight cap is removed.

33

Fifth Third Bancorp and Subsidiaries

Segment Presentation

$ in millions

(unaudited)

For the three months ended September 30, 2014	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income(a)	$	423		$	389		$	64		$	30		$	2		$	908
Provision for loan and lease losses		(47	)		(50	)		(17	)		(1	)		44			(71	)
Net interest income after provision for loan and lease losses		376			339			47			29			46			837
Total noninterest income		218			194			70			102			(64	)		520
Total noninterest expense		(322	)		(393	)		(115	)		(111	)		53			(888	)
Net income before taxes		272			140			2			20			35			469
Applicable income taxes(a)		(55	)		(49	)		(1	)		(7	)		(17	)		(129	)
Net income		217			91			1			13			18			340
Net income attributable to noncontrolling interest		—			—			—			—			—			—
Net income attributable to Bancorp		217			91			1			13			18			340
Dividends on preferred stock		—			—			—			—			12			12
Net income available to common shareholders	$	217		$	91		$	1		$	13		$	6		$	328
For the three months ended June 30, 2014	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income(a)	$	414		$	377		$	65		$	29		$	20		$	905
Provision for loan and lease losses		(40	)		(47	)		(13	)		(1	)		25			(76	)
Net interest income after provision for loan and lease losses		374			330			52			28			45			829
Total noninterest income		219			170			89			101			157			736
Total noninterest expense		(330	)		(384	)		(164	)		(111	)		35			(954	)
Net income before taxes		263			116			(23	)		18			237			611
Applicable income taxes(a)		(49	)		(41	)		8			(6	)		(84	)		(172	)
Net income		214			75			(15	)		12			153			439
Net income attributable to noncontrolling interest		—			—			—			—			—			—
Net income attributable to Bancorp		214			75			(15	)		12			153			439
Dividends on preferred stock		—			—			—			—			23			23
Net income available to common shareholders	$	214		$	75		($	15	)	$	12		$	130		$	416
							��
For the three months ended March 31, 2014	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income(a)	$	409		$	385		$	64		$	32		$	8		$	898
Provision for loan and lease losses		(97	)		(45	)		(25	)		—			98			(69	)
Net interest income after provision for loan and lease losses		312			340			39			32			106			829
Total noninterest income		210			172			118			103			(39	)		564
Total noninterest expense		(334	)		(390	)		(166	)		(110	)		50			(950	)
Net income before taxes		188			122			(9	)		25			117			443
Applicable income taxes(a)		(24	)		(42	)		3			(8	)		(53	)		(124	)
Net income		164			80			(6	)		17			64			319
Net income attributable to noncontrolling interest		—			—			—			—			1			1
Net income attributable to Bancorp		164			80			(6	)		17			63			318
Dividends on preferred stock		—			—			—			—			9			9
Net income available to common shareholders	$	164		$	80		($	6	)	$	17		$	54		$	309
For the three months ended December 31, 2013(b)	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income(a)	$	426		$	354		$	66		$	45		$	14		$	905
Provision for loan and lease losses		(73	)		(54	)		(21	)		—			95			(53	)
Net interest income after provision for loan and lease losses		353			300			45			45			109			852
Total noninterest income		201			187			133			100			82			703
Total noninterest expense		(323	)		(397	)		(130	)		(108	)		(31	)		(989	)
Net income before taxes		231			90			48			37			160			566
Applicable income taxes(a)		(42	)		(32	)		(16	)		(13	)		(61	)		(164	)
Net income		189			58			32			24			99			402
Net income attributable to noncontrolling interest		—			—			—			—			—			—
Net income attributable to Bancorp		189			58			32			24			99			402
Dividends on preferred stock		—			—			—			—			19			19
Net income available to common shareholders	$	189		$	58		$	32		$	24		$	80		$	383
For the three months ended September 30, 2013(b)	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income(a)	$	406		$	347		$	76		$	38		$	31		$	898
Provision for loan and lease losses		(39	)		(50	)		(20	)		—			58			(51	)
Net interest income after provision for loan and lease losses		367			297			56			38			89			847
Total noninterest income		216			187			136			99			83			721
Total noninterest expense		(314	)		(394	)		(168	)		(107	)		24			(959	)
Net income before taxes		269			90			24			30			196			609
Applicable income taxes(a)		(53	)		(31	)		(9	)		(10	)		(85	)		(188	)
Net income		216			59			15			20			111			421
Net income attributable to noncontrolling interest		—			—			—			—			—			—
Net income attributable to Bancorp		216			59			15			20			111			421
Net income available to common shareholders	$	216		$	59		$	15		$	20		$	111		$	421

(a) Includes taxable equivalent adjustments of $5 million for the three months ended September 30, 2014, $5 million for the three months ended June 30, 2014, $5 million for the three months ended March 31, 2014, $5 million for the three months ended December 31, 2013 and $5 million for the three months ended September 30, 2013.

(b) Prior period balances have been adjusted for changes in the structure of the reporting units.

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