Fifth Third Bancorp (FITB) 8-K Fifth Third Announces Fourth Quarter Earnings Per Diluted Share of $0.79 2015 Earnings Per Diluted Share of $2.01

Exhibit 99.1

		News Release
CONTACTS:	Jim Eglseder (Investors)	FOR IMMEDIATE RELEASE
	(513) 534-8424	January 21, 2016
	Larry Magnesen (Media)
	(513) 534-8055

FIFTH THIRD ANNOUNCES FOURTH QUARTER EARNINGS PER DILUTED SHARE OF $0.79 2015 EARNINGS PER DILUTED SHARE OF $2.01

• 4Q15 net income available to common shareholders of $634 million, or $0.79 per diluted common share

• Includes a $331 million pre-tax (~$215 million after-tax) gain on the sale of Vantiv shares, an $89 million pre-tax (~$58 million after-tax) gain on Vantiv warrant actions taken during the quarter, a $49 million pre-tax (~$32 million after-tax) payment received from Vantiv to terminate a portion of its tax receivable agreement, a $21 million pre-tax (~$13 million after-tax) positive valuation adjustment on the remaining warrant Fifth Third holds in Vantiv, a $10 million pre-tax (~$7 million after-tax) charge related to the valuation of the Visa total return swap, and a $10 million pre-tax (~$7 million after-tax) contribution to Fifth Third Foundation, resulting in a net $0.38 impact on earnings per share

• 4Q15 return on average assets (ROA) of 1.83%; return on average common equity of 17.2%; return on average tangible common equity** of 20.6%

• Pre-provision net revenue (PPNR)** of $1.0 billion in 4Q15

• Net interest income (FTE) of $904 million was down $2 million sequentially and up $16 million from 4Q14; net interest margin of 2.85%, down 4 bps sequentially

• Average portfolio loans of $93.6 billion, up $221 million sequentially and up $2.6 billion from 4Q14; the increase from the prior year was primarily driven by increases in C&I and commercial construction loans

• Noninterest income of $1.1 billion compared with $713 million in the prior quarter; primarily driven by the Vantiv-related items mentioned above

• Noninterest expense of $963 million, up 2% from 3Q15, primarily driven by a contribution to Fifth Third Foundation

• Credit trends

• 4Q15 net charge-offs of $80 million (0.34% of loans and leases) decreased from 3Q15 NCOs of $188 million (0.80% of loans and leases) primarily due to the 3Q15 $102 million net charge-off related to the restructuring of a student loan backed commercial credit

• Portfolio NPA ratio of 0.70% up 5 bps from 3Q15, NPL ratio of 0.55% up 6 bps from 3Q15; total nonperforming assets (NPAs) of $659 million, including loans held-for-sale (HFS), increased $51 million sequentially

• 4Q15 provision expense of $91 million; $156 million in 3Q15 and $99 million in 4Q14; decrease from the prior quarter was primarily impacted by the restructuring of a student loan backed commercial credit in 3Q15

• Strong capital ratios*

• Common equity Tier 1 (CET1) ratio 9.83%; fully phased-in CET1 ratio of 9.73%

• Tier 1 risk-based capital ratio 10.93%, Total risk-based capital ratio 14.13%, Leverage ratio 9.54%

• Tangible common equity ratio** of 8.71%; 8.59% excluding securities portfolio unrealized gains/losses

• 10 million reduction in common shares outstanding during the quarter

• Book value per share of $18.48; up 1% from 3Q15 and up 7% from 4Q14; tangible book value per share** of $15.39

* Capital ratios estimated; presented under current U.S. capital regulations.

** Non-GAAP measure; see Reg. G reconciliation on page 34.

Fifth Third Bancorp (Nasdaq: FITB) today reported full year 2015 net income of $1.7 billion, up 16 percent from net income of $1.5 billion in 2014. After preferred dividends, 2015 net income available to common shareholders was $1.6 billion, or $2.01 per diluted share, up 16 percent compared with 2014 net income available to common shareholders of $1.4 billion, or $1.66 per diluted share.

Fourth quarter 2015 net income was $657 million, an increase of 72 percent from net income of $381 million in the third quarter of 2015 and an increase of 71 percent from net income of $385 million in the fourth quarter of 2014. After preferred dividends, net income available to common shareholders was $634 million, or $0.79 per diluted share, in the fourth quarter 2015, compared with $366 million, or $0.45 per diluted share, in the third quarter 2015, and $362 million, or $0.43 per diluted share, in the fourth quarter of 2014.

Fourth quarter 2015 included: Income

• $331 million gain on the sale of Vantiv shares

• $89 million gain on Vantiv warrant actions taken during the quarter

• $49 million payment received from Vantiv to terminate a portion of its tax receivable agreement

• $21 million positive valuation adjustment on the remaining Vantiv warrant

• ($10 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

• ($2 million) in severance expense

• ($10 million) contribution to Fifth Third Foundation

Results also included a $31 million annual payment recognized from Vantiv pursuant to the tax receivable agreement recorded in other noninterest income.

Third quarter 2015 included:

Income

• $130 million positive valuation adjustment on the Vantiv warrant

• ($8 million) charge related to the valuation of the Visa total return swap

Expenses

• ($9 million) charge associated with executive retirement and severance costs

Results also included $35 million of provision expense related to the restructuring of a student loan backed commercial credit originally extended in 2007.

Fourth quarter 2014 included:

Income

• $56 million positive valuation adjustment on the Vantiv warrant

• ($19 million) charge related to the valuation of the Visa total return swap

Expenses

• ($6 million) in severance expense

Results also included a $23 million annual payment recognized from Vantiv pursuant to the tax receivable agreement recorded in other noninterest income and $23 million of provision expense related to the transfer of residential mortgage loans classified as troubled debt restructurings to held-for-sale.

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Earnings Highlights

	For the Three Months Ended										% Change
	December 2015		September 2015		June 2015		March 2015		December 2014		Seq		Yr/Yr
Earnings ($ in millions)
Net income attributable to Bancorp	$	657	$	381	$	315	$	361	$	385		72%		71%
Net income available to common shareholders	$	634	$	366	$	292	$	346	$	362		73%		75%
Common Share Data
Earnings per share, basic	$	0.80	$	0.46	$	0.36	$	0.42	$	0.44		74%		82%
Earnings per share, diluted		0.79		0.45		0.36		0.42		0.43		76%		84%
Cash dividends per common share		0.13		0.13		0.13		0.13		0.13		—		—
Financial Ratios
Return on average assets		1.83 %		1.07 %		0.90 %		1.06 %		1.13 %		71%		62%
Return on average common equity		17.2		10.0		8.1		9.7		10.0		72%		72%
Return on average tangible common equity(b)		20.6		12.0		9.7		11.7		12.1		72%		70%
CET1 capital(c)		9.83		9.40		9.42		9.52		N/A		5%		N/A
Tier I risk-based capital(c)		10.93		10.49		10.51		10.62		10.83		4%		N/A
Tier I common equity(b)		N/A		N/A		N/A		N/A		9.65		N/A		N/A
CET1 capital (fully-phased in)(b)(c)		9.73		9.30		9.31		9.41		N/A		5%		N/A
Net interest margin(a)		2.85		2.89		2.90		2.86		2.96		(1%)		(4%)
Efficiency(a)		48.0		58.2		65.4		62.3		59.6		(18%)		(19%)
Common shares outstanding (in thousands)		785,080		795,439		810,054		815,190		824,047		(1%)		(5%)
Average common shares outstanding (in thousands):
Basic		784,855		795,793		803,965		810,210		819,057		(1%)		(4%)
Diluted		794,481		805,023		812,843		818,672		827,831		(1%)		(4%)

(a) Presented on a fully taxable equivalent basis.

(b) These 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.

(c) Under the banking agencies’ Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp’s total risk-weighted assets used in the calculation of the tier I risk-based capital and common equity tier 1 ratios beginning January 1, 2015. Current period regulatory capital ratios are estimated.

NA: Not applicable.

“Core fourth quarter results were in line with our expectations,” said Greg D. Carmichael, President and CEO of Fifth Third Bancorp. “Our fee businesses produced stable results despite lower levels of capital markets activity, and our expenses were up less than one percent relative to the third quarter, excluding the contribution we made to our Foundation in support of our communities. We were also pleased with the low charge-off levels at 34 basis points. We view the Fed’s December rate move as a positive first step towards a normalized environment but there is uncertainty around the extent and timing of the future rate decisions.

“Additionally during the quarter, we have taken important steps towards reducing our direct ownership stake in Vantiv in the best interest of our shareholders while reducing a significant amount of volatility associated with our warrant position. Vantiv continues to perform well and we were happy to participate in their success. In this quarter we executed on all three pieces of our financial interests, namely the TRA, warrants, and direct ownership in a well-planned manner to maximize the returns to our shareholders. After these transactions, we continue to hold a significant ownership stake in the company which we believe will result in healthy returns for our shareholders.

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“We view 2016 as an important transition year tactically and strategically to position our company to achieve operating leverage in a sustainable manner regardless of the rate environment going forward. In 2015 we took significant steps in that direction and we will continue our efforts in 2016. We are working simultaneously on long-term revenue growth as well as expense efficiencies to achieve our goal. We have taken actions to reduce our run-rate expenses and those savings will partially fund the strategic investments and expenses related to our risk and compliance infrastructure which we expect will peak in 2016. Our strategic decisions will continue to result in the re-allocation of our resources to improve profitability with reduced volatility. We are committed to achieving the industry leading level of operational results that our constituents have historically seen from us when it comes to service, efficiency, growth, and returns.”

Income Statement Highlights

	For the Three Months Ended										% Change
	December 2015		September 2015		June 2015		March 2015		December 2014		Seq		Yr/Yr
Condensed Statements of Income ($ in millions)
Net interest income (taxable equivalent)	$	904	$	906	$	892	$	852	$	888		—		2%
Provision for loan and lease losses		91		156		79		69		99		(42%)		(8%)
Total noninterest income		1,104		713		556		630		653		55%		69%
Total noninterest expense		963		943		947		923		918		2%		5%
Income before income taxes (taxable equivalent)	$	954	$	520	$	422	$	490	$	524		83%		82%
Taxable equivalent adjustment		5		5		5		5		5		—		—
Applicable income taxes		292		134		108		124		134		NM		NM
Net income	$	657	$	381	$	309	$	361	$	385		72%		71%
Less: Net income attributable to noncontrolling interests		—		—		(6)		—		—		—		—
Net income attributable to Bancorp	$	657	$	381	$	315	$	361	$	385		72%		71%
Dividends on preferred stock		23		15		23		15		23		53%		—
Net income available to common shareholders	$	634	$	366	$	292	$	346	$	362		73%		75%
Earnings per share, diluted	$	0.79	$	0.45	$	0.36	$	0.42	$	0.43		76%		84%

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Net Interest Income

	For the Three Months Ended										% Change
	December 2015		September 2015		June 2015		March 2015		December 2014		Seq		Yr/Yr
Interest Income ($ in millions)
Total interest income (taxable equivalent)	$	1,035	$	1,031	$	1,008	$	975	$	1,016		—		2%
Total interest expense		131		125		116		123		128		5%		2%
Net interest income (taxable equivalent)	$	904	$	906	$	892	$	852	$	888		—		2%
Average Yield
Yield on interest-earning assets (taxable equivalent)		3.26%		3.29%		3.28%		3.28%		3.38%		(1%)		(4%)
Rate paid on interest-bearing liabilities		0.61%		0.58%		0.56%		0.60%		0.61%		5%		—
Net interest rate spread (taxable equivalent)		2.65%		2.71%		2.72%		2.68%		2.77%		(2%)		(4%)
Net interest margin (taxable equivalent)		2.85%		2.89%		2.90%		2.86%		2.96%		(1%)		(4%)
Average Balances ($ in millions)
Loans and leases, including held for sale	$	94,587	$	94,329	$	92,739	$	91,659	$	91,581		—		3%
Total securities and other short-term investments		31,256		30,102		30,563		29,038		27,604		4%		13%
Total interest-earning assets		125,843		124,431		123,302		120,697		119,185		1%		6%
Total interest-bearing liabilities		85,415		85,204		83,512		83,339		82,544		—		3%
Bancorp shareholders’ equity		15,982		15,815		15,841		15,820		15,644		1%		2%

Net interest income decreased $2 million to $904 million on a fully taxable equivalent basis from the third quarter, primarily driven by the full quarter impact of $2.4 billion of wholesale debt issuances in the third quarter, the $750 million auto securitization completed in November, and commercial loan yield compression, partially offset by residential mortgage loan growth.

The net interest margin was 2.85 percent, a decrease of 4 bps from the previous quarter, primarily driven by the impact of debt issuances and the auto securitization above, slower prepayments reducing net discount accretion on the investment portfolio, and an increased short-term cash position during the quarter.

Compared with the fourth quarter of 2014, net interest income increased $16 million and the net interest margin decreased 11 bps. The increase in net interest income was driven by the impact of higher investment securities balances, partially offset by a $22 million decline due to the changes to the Bancorp’s deposit advance product that were effective January 1, 2015. The decline in the net interest margin from the prior year was primarily driven by a 7 basis point impact due to the changes to the deposit advance product and loan repricing.

Securities

Average securities and other short-term investments were $31.3 billion in the fourth quarter of 2015 compared with $30.1 billion in the previous quarter and $27.6 billion in the fourth quarter of 2014. Other short-term investments average balances of $2.3 billion increased $454 million sequentially reflecting higher cash balances held at the Federal Reserve.

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Loans

	For the Three Months Ended										% Change
	December 2015		September 2015		June 2015		March 2015		December 2014		Seq		Yr/Yr
Average Portfolio Loans and Leases ($ in millions)
Commercial:
Commercial and industrial loans	$	43,154	$	43,149	$	42,550	$	41,426	$	41,277		—		5%
Commercial mortgage loans		7,032		7,023		7,148		7,241		7,480		—		(6%)
Commercial construction loans		3,141		2,965		2,549		2,197		1,909		6%		65%
Commercial leases		3,839		3,846		3,776		3,715		3,600		—		7%
Subtotal—commercial loans and leases	$	57,166	$	56,983	$	56,023	$	54,579	$	54,266		—		5%
Consumer:
Residential mortgage loans	$	13,504	$	13,144	$	12,831	$	12,433	$	13,046		3%		4%
Home equity		8,360		8,479		8,654		8,802		8,937		(1%)		(6%)
Automobile loans		11,670		11,877		11,902		11,933		12,073		(2%)		(3%)
Credit card		2,218		2,277		2,296		2,321		2,324		(3%)		(5%)
Other consumer loans and leases		676		613		467		440		395		10%		71%
Subtotal—consumer loans and leases	$	36,428	$	36,390	$	36,150	$	35,929	$	36,775		—		(1%)
Total average loans and leases (excluding held for sale)	$	93,594	$	93,373	$	92,173	$	90,508	$	91,041		—		3%
Average loans held for sale	$	993	$	956	$	566	$	1,151	$	540		4%		84%

Average loan and lease balances (excluding loans held-for-sale) increased $221 million sequentially and increased $2.6 billion, or 3 percent, from the fourth quarter of 2014. The year-over-year increase in average loans and leases was driven by increased commercial and industrial (C&I) and commercial construction balances. Period end loans and leases (excluding loans held-for-sale) of $92.6 billion decreased $992 million, or 1 percent, sequentially and increased $2.5 billion, or 3 percent, from a year ago.

Average commercial portfolio loan and lease balances increased $183 million sequentially and increased $2.9 billion, or 5 percent, from the fourth quarter of 2014. Average C&I loans were flat from the prior quarter and increased $1.9 billion, or 5 percent, from the fourth quarter of 2014. Within commercial real estate, average commercial mortgage balances were flat and average commercial construction balances increased $176 million. Commercial line usage, on an end of period basis, decreased 77 bps from the third quarter of 2015 and 49 bps from the fourth quarter of 2014.

Average consumer portfolio loan and lease balances increased $38 million sequentially and decreased $347 million from the fourth quarter of 2014. Average residential mortgage loans increased 3 percent sequentially and 4 percent from a year ago. Average auto loans decreased 2 sequentially and 3 percent from the previous year. Average home equity loans declined 1 percent sequentially and 6 percent from the fourth quarter of 2014. Average credit card loans decreased 3 percent sequentially and 5 percent from the fourth quarter of 2014.

Period end loans held-for-sale balances of $903 million decreased $91 million sequentially. Period end loans held-for-sale balances decreased $358 million compared with the prior year due to the impact of the transfer of certain residential mortgage loans classified as troubled debt restructurings to held-for-sale in the fourth quarter of 2014.

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Deposits

	For the Three Months Ended										% Change
	December 2015		September 2015		June 2015		March 2015		December 2014		Seq		Yr/Yr
Average Deposits ($ in millions)
Demand	$	36,254	$	35,231	$	35,384	$	33,760	$	33,301		3%		9%
Interest checking		25,296		25,590		26,894		26,885		25,478		(1%)		(1%)
Savings		14,615		14,868		15,156		15,174		15,173		(2%)		(4%)
Money market		18,775		18,253		18,071		17,492		17,023		3%		10%
Foreign office(a)		736		718		955		861		1,439		3%		(49%)
Subtotal—Transaction deposits	$	95,676	$	94,660	$	96,460	$	94,172	$	92,414		1%		4%
Other time		4,052		4,057		4,074		4,022		3,936		—		3%
Subtotal—Core deposits	$	99,728	$	98,717	$	100,534	$	98,194	$	96,350		1%		4%
Certificates—$100,000 and over		3,305		2,924		2,558		2,683		2,998		13%		10%
Other		7		222		—		—		—		(97%)		100%
Total average deposits	$	103,040	$	101,863	$	103,092	$	100,877	$	99,348		1%		4%

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

Average core deposits increased $1.0 billion, or 1 percent, sequentially and increased $3.4 billion, or 4 percent, from the fourth quarter of 2014. Average transaction deposits increased $1.0 billion, or 1 percent, from the third quarter of 2015 and increased $3.3 billion, or 4 percent from the fourth quarter of 2014. Sequential performance was primarily driven by higher demand deposit and money market account balances, partially offset by lower interest checking and savings account balances. Year-over-year growth reflected higher demand and money market account balances, partially offset by lower savings, foreign office, and interest checking account balances. Other time deposits were flat sequentially and increased 3 percent compared with the fourth quarter of 2014.

Average commercial transaction deposits increased 2 percent sequentially and increased 5 percent from the previous year. Sequential performance was primarily driven by seasonally higher demand deposit and money market account balances, partially offset by lower interest checking account balances. Year-over-year growth reflected higher demand deposit and money market account balances, partially offset by lower foreign office and interest checking account balances.

Average consumer transaction deposits were flat sequentially and increased 2 percent from the fourth quarter of 2014. The sequential performance reflected higher interest checking account balances, partially offset by lower savings account balances. Year-over-year growth was driven by increased money market account, interest checking, and demand deposit account balances, partially offset by lower savings account balances.

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Wholesale Funding

	For the Three Months Ended										% Change
	December 2015		September 2015		June 2015		March 2015		December 2014		Seq		Yr/Yr
Average Wholesale Funding ($ in millions)
Certificates—$100,000 and over	$	3,305	$	2,924	$	2,558	$	2,683	$	2,998		13%		10%
Other deposits		7		222		—		—		—		(97%)		100%
Federal funds purchased		1,182		1,978		326		172		161		(40%)		NM
Other short-term borrowings		1,675		1,897		1,705		1,602		1,481		(12%)		13%
Long-term debt		15,772		14,697		13,773		14,448		14,855		7%		6%
Total average wholesale funding	$	21,941	$	21,718	$	18,362	$	18,905	$	19,495		1%		13%

Average wholesale funding of $21.9 billion increased $223 million, or 1 percent, sequentially, and increased $2.4 billion, or 13 percent, compared with the fourth quarter of 2014. The sequential increase was primarily driven by the full quarter’s impact of the issuance of $1.1 billion of 5-year holding company debt and $1.3 billion of 3-year bank-level debt in the third quarter of 2015, a $750 million auto securitization completed in November, and an increase in certificates $100,000 and over. The year-over-year increase in average wholesale funding reflected an increase in federal funds purchased, an increase in long-term debt due to issuances in 2015, as well as an increase in certificates $100,000 and over.

Noninterest Income

	For the Three Months Ended										% Change
	December 2015		September 2015		June 2015		March 2015		December 2014		Seq		Yr/Yr
Noninterest Income ($ in millions)
Service charges on deposits	$	144	$	145	$	139	$	135	$	142		(1%)		1%
Corporate banking revenue		104		104		113		63		120		—		(13%)
Mortgage banking net revenue		74		71		117		86		61		4%		21%
Investment advisory revenue		102		103		105		108		100		(1%)		2%
Card and processing revenue		77		77		77		71		76		—		1%
Other noninterest income		602		213		1		163		150		NM		NM
Securities gains, net		1		—		4		4		4		—		(75%)
Total noninterest income	$	1,104	$	713	$	556	$	630	$	653		55%		69%

Noninterest income of $1.1 billion increased $391 million sequentially and increased $451 million compared with prior year results. The sequential and year-over-year comparisons reflect the impacts described below.

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Noninterest Income excluding certain items

	For the Three Months Ended						% Change
	December 2015		September 2015		December 2014		Seq		Yr/Yr
Noninterest Income excluding certain items ($ in millions)
Noninterest income (U.S. GAAP)	$	1,104	$	713	$	653
Gain on sale of Vantiv shares		(331)		—		—
Gain on Vantiv warrant actions		(89)		—		—
Vantiv TRA settlement payment		(49)		—		—
Vantiv warrant valuation		(21)		(130)		(56)
Valuation of Visa total return swap		10		8		19
Securities (gains) / losses		(1)		—		(4)
Noninterest income excluding certain items	$	623	$	591	$	612		5%		2%

Excluding the items in the table above, noninterest income of $623 million increased $32 million, or 5 percent, from the previous quarter and increased $11 million, or 2 percent, from the fourth quarter of 2014. The sequential growth was primarily due to an annual payment from Vantiv pursuant to the tax receivable agreement of $31 million recognized in the fourth quarter of 2015. Year-over-year growth was driven by growth in mortgage banking revenue and the annual payment from Vantiv pursuant to the tax receivable agreement recognized in both quarters, partially offset by a decrease in corporate banking revenue.

Service charges on deposits of $144 million decreased 1 percent from the third quarter of 2015 and increased 1 percent compared with the same quarter last year. The sequential decrease was due to a 3 percent decrease in retail service charges. The increase from the fourth quarter of 2014 was due to a 3 percent increase in commercial service charges.

Corporate banking revenue of $104 million was flat compared to the third quarter of 2015 and decreased $16 million from the fourth quarter of 2014. The sequential comparison reflects higher lease remarketing fees, partially offset by a decrease in institutional sales revenue. The year-over-year decrease was driven by lower loan syndications revenue, foreign exchange fees, and business lending fees, partially offset by higher lease remarketing and institutional sales revenue.

Mortgage banking net revenue was $74 million in the fourth quarter of 2015, up $3 million from the third quarter of 2015 and up $13 million from the fourth quarter of 2014. Fourth quarter 2015 originations were $1.8 billion, compared with $2.3 billion in the previous quarter and $1.7 billion in the fourth quarter of 2014. Fourth quarter 2015 originations resulted in gains of $37 million on mortgages sold, compared with gains of $46 million during the previous quarter and $36 million during the fourth quarter of 2014. Mortgage servicing fees were $53 million this quarter, $54 million in the third quarter of 2015, and $60 million in the fourth quarter of 2014. 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 $16 million in the fourth quarter of 2015 (reflecting MSR amortization of $29 million and MSR valuation adjustments of positive $13 million); negative $29 million in the third quarter of 2015 (MSR amortization of $37 million and MSR valuation adjustments of positive $8 million); and negative $34 million in the fourth quarter of 2014 (MSR amortization of $32 million and MSR valuation adjustments of negative $2 million). The mortgage servicing asset, net of the valuation reserve, was $785 million at quarter end on a servicing portfolio of $59 billion.

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Investment advisory revenue of $102 million decreased 1 percent from the third quarter of 2015 and increased 2 percent year-over-year. The increase from the prior year was primarily driven by an increase in private client services revenue.

Card and processing revenue of $77 million in the fourth quarter of 2015 was flat sequentially and increased 1 percent from the fourth quarter of 2014.

Other noninterest income totaled $602 million in the fourth quarter of 2015, compared with $213 million in the previous quarter and $150 million in the fourth quarter of 2014. As previously described, the results included the adjustments in the table above with the exception of securities gains in all comparable periods. Excluding these items, other noninterest income of $122 million increased approximately $31 million, or 34 percent, from the third quarter of 2015 and increased approximately $9 million, or 8 percent, from the fourth quarter of 2014. The sequential and year-over-year increases were primarily due to payments from Vantiv pursuant to the tax receivable agreement of $31 million recognized in the fourth quarter of 2015 and $23 million recognized in the fourth quarter of 2014.

Net gains on investment securities were $1 million in the fourth quarter of 2015, compared with an immaterial gain in the previous quarter and $4 million in the fourth quarter of 2014.

Noninterest Expense

	For the Three Months Ended										% Change
	December 2015		September 2015		June 2015		March 2015		December 2014		Seq		Yr/Yr
Noninterest Expense ($ in millions)
Salaries, wages and incentives	$	386	$	387	$	383	$	369	$	366		—		5%
Employee benefits		74		72		78		99		79		3%		(6%)
Net occupancy expense		83		77		83		79		77		8%		8%
Technology and communications		59		56		54		55		54		5%		9%
Equipment expense		32		31		31		31		30		3%		7%
Card and processing expense		40		40		38		36		36		—		11%
Other noninterest expense		289		280		280		254		276		3%		5%
Total noninterest expense	$	963	$	943	$	947	$	923	$	918		2%		5%

Noninterest expense of $963 million increased 2 percent compared with the third quarter of 2015 and increased 5 percent compared with the fourth quarter of 2014. The sequential increase was primarily due to a $10 million contribution to the Fifth Third Foundation and higher net occupancy expense. The year-over-year increase reflected a $10 million contribution to Fifth Third Foundation, higher compensation expense, net occupancy expense, and technology and communications expense, partially offset by lower employee benefits expense.

10

Credit Quality

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Total net losses charged-off ($ in millions)
Commercial and industrial loans	($	30)	($	128)	($	34)	($	38)	($	44)
Commercial mortgage loans		(3)		(11)		(11)		(1)		(10)
Commercial construction loans		—		(3)		—		—		—
Commercial leases		(1)		—		—		—		(1)
Residential mortgage loans		(3)		(3)		(5)		(6)		(94)
Home equity		(9)		(9)		(9)		(14)		(11)
Automobile loans		(9)		(7)		(4)		(8)		(7)
Credit card		(19)		(21)		(21)		(21)		(20)
Other consumer loans and leases		(6)		(6)		(2)		(3)		(4)
Total net losses charged-off	$	(80)	$	(188)	$	(86)	$	(91)	$	(191)
Total losses charged-off	$	(105)	$	(209)	$	(112)	$	(115)	$	(215)
Total recoveries of losses previously charged-off		25		21		26		24		24
Total net losses charged-off	$	(80)	$	(188)	$	(86)	$	(91)	$	(191)
Ratios (annualized)
Net losses charged-off as a percent of average portfolio loans and leases (excluding held for sale)		0.34%		0.80%		0.37%		0.41%		0.83%
Commercial		0.24%		0.99%		0.32%		0.29%		0.40%
Consumer		0.49%		0.51%		0.46%		0.59%		1.47%

Net charge-offs were $80 million, or 34 bps of average loans and leases on an annualized basis, in the fourth quarter of 2015 compared with net charge-offs of $188 million, or 80 bps, in the third quarter of 2015 and $191 million, or 83 bps, in the fourth quarter of 2014. Third quarter 2015 net charge-offs included $102 million related to the restructuring of a student loan backed commercial credit. Excluding this credit in the third quarter of 2015 net charge-offs were down $6 million sequentially. Fourth quarter 2014 net charge-offs included $87 million (38 bps) related to the transfer of residential mortgage loans classified as troubled debt restructurings to held-for-sale.

Commercial net charge-offs were $34 million, or 24 bps, and were down $108 million sequentially. C&I net charge-offs of $30 million decreased $98 million from the previous quarter primarily due to the student loan backed credit mentioned above, and commercial real estate net charge-offs decreased $11 million from the previous quarter.

Consumer net charge-offs were $46 million, or 49 bps, and flat sequentially. Net charge-offs on residential mortgage loans in the portfolio were $3 million, flat compared with the previous quarter. Home equity net charge-offs were $9 million, in line with the third quarter of 2015, and net charge-offs in the auto portfolio of $9 million were up $2 million compared with the prior quarter. Net charge-offs on credit card loans were $19 million, down $2 million from the third quarter of 2015. Net charge-offs on other consumer loans were $6 million, consistent with the previous quarter.

11

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Allowance for Credit Losses ($ in millions)
Allowance for loan and lease losses, beginning	$	1,261	$	1,293	$	1,300	$	1,322	$	1,414
Total net losses charged-off		(80)		(188)		(86)		(91)		(191)
Provision for loan and lease losses		91		156		79		69		99
Allowance for loan and lease losses, ending	$	1,272	$	1,261	$	1,293	$	1,300	$	1,322
Reserve for unfunded commitments, beginning	$	134	$	132	$	130	$	135	$	134
Provision (benefit) for unfunded commitments		4		2		2		(4)		1
Charge-offs		—		—		—		(1)		—
Reserve for unfunded commitments, ending	$	138	$	134	$	132	$	130	$	135
Components of allowance for credit losses:
Allowance for loan and lease losses	$	1,272	$	1,261	$	1,293	$	1,300	$	1,322
Reserve for unfunded commitments		138		134		132		130		135
Total allowance for credit losses	$	1,410	$	1,395	$	1,425	$	1,430	$	1,457
Allowance for loan and lease losses ratio
As a percent of portfolio loans and leases		1.37%		1.35%		1.39%		1.42%		1.47%
As a percent of nonperforming loans and leases(a)		252%		275%		272%		247%		228%
As a percent of nonperforming assets(a)		197%		208%		206%		188%		178%

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

Provision for loan and lease losses totaled $91 million in the fourth quarter of 2015. The allowance represented 1.37 percent of total portfolio loans and leases outstanding as of quarter end, compared with 1.35 percent last quarter, and represented 252 percent of nonperforming loans and leases, and 197 percent of nonperforming assets.

The provision decreased $65 million from the third quarter of 2015 and decreased $8 million from the fourth quarter of 2014. Provision in the prior quarter included a $35 million impact related to the aforementioned student loan backed commercial credit. The allowance for loan and lease losses increased $11 million sequentially.

12

	As of
	December 2015		September 2015		June 2015		March 2015		December 2014
Nonperforming Assets and Delinquent Loans ($ in millions)
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	82	$	47	$	61	$	61	$	86
Commercial mortgage loans		56		60		49		57		64
Commercial construction loans		—		—		—		—		—
Commercial leases		—		2		2		2		3
Residential mortgage loans		28		31		35		40		44
Home equity		62		65		70		71		72
Total nonaccrual portfolio loans and leases (excludes restructured loans)	$	228	$	205	$	217	$	231	$	269
Restructured loans—commercial (nonaccrual)(c)		203		177		175		205		214
Restructured loans—consumer (nonaccrual)		75		76		83		90		96
Total nonaccrual portfolio loans and leases	$	506	$	458	$	475	$	526	$	579
Repossessed personal property		18		17		16		20		18
OREO(a)		123		131		135		145		147
Total nonperforming assets(b)	$	647	$	606	$	626	$	691	$	744
Nonaccrual loans held for sale		1		1		1		2		24
Restructured loans—(nonaccrual) held for sale		11		1		—		—		15
Total nonperforming assets including loans held for sale	$	659	$	608	$	627	$	693	$	783
Restructured portfolio consumer loans and leases (accrual)	$	979	$	973	$	970	$	943	$	905
Restructured portfolio commercial loans and leases (accrual)(c)	$	491	$	571	$	769	$	774	$	844
Total loans and leases 90 days past due	$	75	$	70	$	70	$	78	$	87
Nonperforming loans and leases as a percent of portfolio loans, leases and other assets, including OREO(b)		0.55%		0.49%		0.51%		0.57%		0.64%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including OREO(b)		0.70%		0.65%		0.67%		0.76%		0.82%

(a) Excludes OREO related to government insured loans. The Bancorp has historically excluded government guaranteed loans classified in OREO from its nonperforming asset disclosures. Upon the prospective adoption on January 1, 2015 of ASU 2014-14 “Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure,” government guaranteed loans meeting certain criteria were reclassified to other receivables rather than OREO upon foreclosure.

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

(c) Excludes $20 million of restructured nonaccrual loans and $7 million of restructured accruing loans as of December 31, 2015. Excludes $21 million of restructured nonaccrual loans and $7 million of restructured accruing loans as of September 30, 2015, June 30, 2015, March��31, 2015 and December 31, 2014.

Total nonperforming assets, including loans held-for-sale, increased $51 million, or 8 percent, from the previous quarter to $659 million. Nonperforming loans (NPLs) at quarter-end increased $48 million, or 10 percent, from the previous quarter to $506 million or 0.55 percent of total loans, leases and OREO.

Commercial NPAs increased $49 million, or 13 percent, from the third quarter to $419 million, or 0.75 percent of commercial loans, leases and OREO. Commercial NPLs increased $55 million from last quarter to $341 million, or 0.61 percent of commercial loans and leases. C&I NPAs increased $89 million from the prior quarter to $272 million. Commercial mortgage NPAs decreased $27 million from the previous quarter to $138 million. Commercial construction NPAs decreased $11 million from the previous quarter to $8 million. Commercial lease NPAs were $1 million, down $2 million from the previous quarter. Commercial NPAs included $203 million of nonaccrual troubled debt restructurings (TDRs), compared with $177 million last quarter.

13

Consumer NPAs decreased $8 million from the third quarter to $228 million, or 0.62 percent of consumer loans, leases and OREO. Consumer NPLs decreased $7 million from last quarter to $165 million, or 0.45 percent of consumer loans and leases. Residential mortgage NPAs decreased $5 million from the second quarter to $86 million. Home equity NPAs decreased $5 million, sequentially, to $98 million. Consumer nonaccrual TDRs were $75 million in the fourth quarter of 2015, compared with $76 million in the third quarter of 2015.

Fourth quarter OREO balances included in NPA balances were down $8 million from the third quarter to $123 million, and included $69 million in commercial OREO and $54 million in consumer OREO. Repossessed personal property increased $1 million from the prior quarter to $18 million.

Loans over 90 days past due and still accruing increased $5 million from the third quarter of 2015 to $75 million. Commercial balances over 90 days past due were $7 million compared with $5 million in the prior quarter, and consumer balances 90 days past due increased $3 million from the previous quarter to $68 million. Loans 30-89 days past due of $245 million were up $31 million from the previous quarter. Commercial balances 30-89 days past due increased $10 million sequentially to $35 million and consumer balances 30-89 days past due were up $21 million from the third quarter at $210 million. The above delinquency figures exclude nonaccruals described previously.

14

Capital Position

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Capital Position
Average total Bancorp shareholders’ equity to average assets		11.25%		11.24%		11.32%		11.49%		11.54%
Tangible equity(a)		9.55%		9.28%		9.28%		9.37%		9.41%
Tangible common equity (excluding unrealized gains/losses)(a)		8.59%		8.32%		8.33%		8.40%		8.43%
Tangible common equity (including unrealized gains/losses)(a)		8.71%		8.65%		8.51%		8.77%		8.71%
Tangible common equity as a percent of risk-weighted assets (excluding unrealized gains/losses)		9.80%(b)		9.37%(b)		9.39%(b)		9.49%(b)		9.70%(d)
	Basel III Transitional(c)								Basel I(d)
Regulatory capital ratios:
CET1 capital		9.83%(b)		9.40%(b)		9.42%(b)		9.52%(b)		N/A
Tier I risk-based capital		10.93%(b)		10.49%(b)		10.51%(b)		10.62%(b)		10.83%
Total risk-based capital		14.13%(b)		13.68%(b)		13.69%(b)		14.01%(b)		14.33%
Tier I leverage		9.54%		9.38%		9.44%		9.59%		9.66%
Tier I common equity		N/A		N/A		N/A		N/A		9.65%(a)
CET1 capital (fully phased-in)		9.73%(a)(b)		9.30%(a)(b)		9.31%(a)(b)		9.41%(a)(b)		N/A
Book value per share	$	18.48	$	18.22	$	17.62	$	17.83	$	17.35
Tangible book value per share(a)	$	15.39	$	15.18	$	14.62	$	14.85	$	14.40

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

(c) Current period regulatory capital ratios are estimated.

(d) These capital ratios were calculated under the Supervisory Agencies general risk-based capital rules (Basel I) which was in effect prior to January 1, 2015.

Capital ratios were strong during the quarter. The common equity Tier 1 ratio was 9.83 percent, the tangible common equity to tangible assets ratio* was 8.59 percent (excluding unrealized gains/losses), and 8.71 percent (including unrealized gains/losses). The Tier 1 risk-based capital ratio was 10.93 percent, the total risk-based capital ratio was 14.13 percent, and the Leverage ratio was 9.54 percent.

* Non-GAAP measure; see Reg. G reconciliation on page 34.

15

Book value per share at December 31, 2015 was $18.48 and tangible book value per share* was $15.39, compared with the September 30, 2015 book value per share of $18.22 and tangible book value per share* of $15.18.

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

• On October 23, 2015, Fifth Third settled the forward contract related to the September 9, 2015 $150 million share repurchase agreement. An additional 1.45 million shares were repurchased in connection with the completion of this agreement.

• On December 14, 2015, Fifth Third entered into a share repurchase agreement whereby Fifth Third would purchase approximately $215 million of its outstanding stock, which reduced the fourth quarter share count by 9.25 million shares.

• On January 14, 2016, Fifth Third settled the forward contract related to the December 14, 2015 $215 million share repurchase agreement. An additional 1.78 million shares were repurchased in connection with the completion of this agreement.

In total, common shares outstanding decreased by approximately 10 million shares in the fourth quarter of 2015 from the third quarter of 2015.

Tax Rate

The effective tax rate was 30.7 percent in the fourth quarter of 2015 compared with 26.0 percent in the third quarter of 2015 and 25.9 percent in the fourth quarter of 2014. The sequential and year-over-year increase was primarily driven by the impact of Vantiv-related transactions during the quarter.

Other

On October 23, 2015, Fifth Third Bancorp entered into an agreement with Vantiv, Inc. (NYSE: VNTV) under which a portion of its Tax Receivable Agreement (“TRA”) with Vantiv was terminated and settled in full for consideration of a cash payment in the amount of $48.9 million from Vantiv. Under the agreement, Fifth Third Bancorp sold certain TRA cash flows it expected to receive from 2017 to 2030, totaling an estimated $140 million. This sale did not impact the TRA payment recognized in the fourth quarter of 2015 and does not impact the TRA payment expected to be recognized in the fourth quarter of 2016. For more detail see the 8-K dated October 28, 2015.

On December 2, 2015, Vantiv, Inc. conducted a secondary offering of 13.4 million shares of its Class A Common Stock on behalf of Fifth Third. The offering was the culmination of a three-step process that included 1) the partial cancellation of the warrant held by Fifth Third to purchase additional ownership in Vantiv Holding, LLC for a $200 million cash payment; 2) the net exercise of a portion of the remaining warrant for 5.4 million Class C units; and 3) the exchange of these 5.4 million Class C units and 8 million Class B units for the 13.4 million shares of Vantiv, Inc. Class A Common Stock included in the secondary offering. During the fourth quarter, Fifth Third recognized a pre-tax gain of $420 million related to the ownership interests included in these transactions. For more detail see the press release dated December 3, 2015.

* Non-GAAP measure; see Reg. G reconciliation on page 34.

16

Fifth Third Bank owns approximately 35 million units representing an 18.3 percent interest in Vantiv Holding, LLC, convertible into shares of Vantiv, Inc., a publicly traded firm. Based upon Vantiv’s closing price of $47.42 on December 31, 2015, our interest in Vantiv was valued at approximately $1.7 billion. Next month in our 10-K, we will update our disclosure of the carrying value of our interest in Vantiv stock, which was $422 million as of September 30, 2015. 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 remaining warrant to purchase approximately 7.8 million additional shares in Vantiv which is carried as a derivative asset at a fair value of $262 million as of December 31, 2015.

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, February 4, 2016 by dialing 800-585-8367 for domestic access or 404-537-3406 for international access (passcode 96623560#).

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2015, the Company had $141 billion in assets and operates 1,254 full-service Banking Centers, including 95 Bank Mart^® locations, most open seven days a week, inside select grocery stores and 2,593 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 an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2015, had $297 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 release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “anticipates,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated from time to time by our Quarterly Reports on Form 10-Q. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. There is a risk that additional information may become known during the company’s quarterly closing process or as a result of subsequent events that could affect the accuracy of the statements and financial information contained herein.

17

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 the economy weaken and become less favorable than expected, particularly in 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; (2) deteriorating credit quality; (3) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (4) changes in the interest rate environment reduce interest margins; (5) prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions; (6) Fifth Third’s ability to maintain required capital levels and adequate sources of funding and liquidity; (7) maintaining capital requirements and adequate sources of funding and liquidity may limit Fifth Third’s operations and potential growth; (8) changes and trends in capital markets; (9) problems encountered by larger or similar financial institutions may adversely affect the banking industry and/or Fifth Third; (10) competitive pressures among depository institutions increase significantly; (11) 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; (22) difficulties in separating the operations of any branches or other assets divested; (23) inability to achieve expected benefits from branch consolidations and planned sales within desired timeframes, if at all; (24) ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; and (25) 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.

# # #

18

Quarterly Financial Review for December 31, 2015

Table of Contents

Financial Highlights	20-21
Consolidated Statements of Income	22
Consolidated Statements of Income (Taxable Equivalent)	23
Consolidated Balance Sheets	24-25
Consolidated Statements of Changes in Equity	26
Average Balance Sheet and Yield Analysis	27-29
Summary of Loans and Leases	30
Regulatory Capital	31
Summary of Credit Loss Experience	32
Asset Quality	33
Regulation G Non-GAAP Reconciliation	34
Segment Presentation	35

19

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

	For the Three Months Ended						% Change				Year to Date				% Change
	December 2015		September 2015		December 2014		Seq		Yr/Yr		December 2015		December 2014		Yr/Yr
Income Statement Data
Net interest income(a)	$	904	$	906	$	888		—		2%	$	3,554	$	3,600		(1%)
Noninterest income		1,104		713		653		55%		69%		3,003		2,473		21%
Total revenue(a)		2,008		1,619		1,541		24%		30%		6,557		6,073		8%
Provision for loan and lease losses		91		156		99		(42%)		(8%)		396		315		26%
Noninterest expense		963		943		918		2%		5%		3,775		3,709		2%
Net income attributable to Bancorp		657		381		385		72%		71%		1,712		1,481		16%
Net income available to common shareholders		634		366		362		73%		75%		1,637		1,414		16%
Common Share Data
Earnings per share, basic	$	0.80	$	0.46	$	0.44		74%		82%	$	2.03	$	1.68		21%
Earnings per share, diluted		0.79		0.45		0.43		76%		84%		2.01		1.66		21%
Cash dividends per common share		0.13		0.13		0.13		—		—		0.52		0.51		2%
Book value per share		18.48		18.22		17.35		1%		7%		18.48		17.35		7%
Market price per share		20.10		18.91		20.38		6%		(1%)		20.10		20.38		(1%)
Common shares outstanding (in thousands)		785,080		795,439		824,047		(1%)		(5%)		785,080		824,047		(5%)
Average common shares outstanding (in thousands):
Basic		784,855		795,793		819,057		(1%)		(4%)		798,628		833,116		(4%)
Diluted		794,481		805,023		827,831		(1%)		(4%)		807,659		842,967		(4%)
Market capitalization	$	15,780	$	15,042	$	16,790		5%		(6%)	$	15,780	$	16,790		(6%)
Financial Ratios
Return on average assets		1.83%		1.07%		1.13%		71%		62%		1.22%		1.12%		9%
Return on average common equity		17.2%		10.0%		10.0%		72%		72%		11.3%		10.0%		13%
Return on average tangible common equity(b)(d)		20.6%		12.0%		12.1%		72%		70%		13.5%		12.2%		11%
Noninterest income as a percent of total revenue		55%		44%		42%		25%		31%		46%		41%		12%
Dividend payout ratio		16.3%		28.3%		29.5%		(42%)		(45%)		25.6%		30.3%		(16%)
Average total Bancorp shareholders’ equity as a percent of average assets		11.25%		11.24%		11.54%		—		(3%)		11.32%		11.59%		(2%)
Tangible common equity(c)(d)		8.59%		8.32%		8.43%		3%		2%		8.59%		8.43%		2%
Net interest margin(a)		2.85%		2.89%		2.96%		(1%)		(4%)		2.88%		3.10%		(7%)
Efficiency(a)		48.0%		58.2%		59.6%		(18%)		(19%)		57.6%		61.1%		(6%)
Effective tax rate		30.7%		26.0%		25.9%		18%		19%		27.8%		26.9%		3%
Credit Quality
Net losses charged-off	$	80	$	188	$	191		(57%)		(58%)	$	446	$	575		(22%)
Net losses charged-off as a percent of average portfolio loans and leases		0.34%		0.80%		0.83%		(58%)		(59%)		0.48%		0.64%		(25%)
ALLL as a percent of portfolio loans and leases		1.37%		1.35%		1.47%		1%		(7%)		1.37%		1.47%		(7%)
Allowance for credit losses as a percent of portfolio loans and leases		1.52%		1.49%		1.62%		2%		(6%)		1.52%		1.62%		(6%)
Nonperforming assets as a percent of portfolio loans, leases and other assets, including OREO(e)		0.70%		0.65%		0.82%		8%		(15%)		0.70%		0.82%		(15%)
Average Balances
Loans and leases, including held for sale	$	94,587	$	94,329	$	91,581		—		3%	$	93,339	$	91,127		2%
Total securities and other short-term investments		31,256		30,102		27,604		4%		13%		30,245		24,866		22%
Total assets		142,007		140,739		135,580		1%		5%		140,111		131,943		6%
Transaction deposits(f)		95,676		94,660		92,414		1%		4%		95,244		89,715		6%
Core deposits(g)		99,728		98,717		96,350		1%		4%		99,295		93,477		6%
Wholesale funding(h)		21,941		21,718		19,495		1%		13%		20,243		19,188		5%
Bancorp shareholders’ equity		15,982		15,815		15,644		1%		2%		15,865		15,290		4%
Regulatory Capital Ratios(i)	Basel III Transitional				Basel I(k)						Basel III Transitional		Basel I(k)
CET1 capital(j)		9.83%		9.40%		N/A		5%		N/A		9.83%		N/A		N/A
Tier I risk-based capital		10.93%		10.49%		10.83%		4%		N/A		10.93%		10.83%		N/A
Total risk-based capital		14.13%		13.68%		14.33%		3%		N/A		14.13%		14.33%		N/A
Tier I leverage		9.54%		9.38%		9.66%		2%		N/A		9.54%		9.66%		N/A
Tier I common equity(d)		N/A		N/A		9.65%		N/A		N/A		N/A		9.65%		N/A
CET1 capital (fully phased-in)(j)		9.73%		9.30%		N/A		5%		N/A		9.73%		N/A		N/A
Operations
Banking centers		1,254		1,295		1,302		(3%)		(4%)		1,254		1,302		(4%)
ATMs		2,593		2,650		2,638		(2%)		(2%)		2,593		2,638		(2%)
Full-time equivalent employees		18,261		18,311		18,351		—		—		18,261		18,351		—

(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 AOCI).

(d) These ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition. Non-GAAP measure; see Reg. G reconciliation on page 34.

(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, other short-term borrowings and long-term debt.

(i) Current period regulatory capital ratios are estimates.

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

(k) These capital ratios were calculated under the Supervisory Agencies general risk-based capital rules (Basel I) which were in effect prior to January 1, 2015.

20

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Income Statement Data
Net interest income(a)	$	904	$	906	$	892	$	852	$	888
Noninterest income		1,104		713		556		630		653
Total revenue(a)		2,008		1,619		1,448		1,482		1,541
Provision for loan and lease losses		91		156		79		69		99
Noninterest expense		963		943		947		923		918
Net income attributable to Bancorp		657		381		315		361		385
Net income available to common shareholders		634		366		292		346		362
Common Share Data
Earnings per share, basic	$	0.80	$	0.46	$	0.36	$	0.42	$	0.44
Earnings per share, diluted		0.79		0.45		0.36		0.42		0.43
Cash dividends per common share		0.13		0.13		0.13		0.13		0.13
Book value per share		18.48		18.22		17.62		17.83		17.35
Market price per share		20.10		18.91		20.82		18.85		20.38
Common shares outstanding (in thousands)		785,080		795,439		810,054		815,190		824,047
Average common shares outstanding (in thousands):
Basic		784,855		795,793		803,965		810,210		819,057
Diluted		794,481		805,023		812,843		818,672		827,831
Market capitalization	$	15,780	$	15,042	$	16,865	$	15,366	$	16,790
Financial Ratios
Return on average assets		1.83%		1.07%		0.90%		1.06%		1.13%
Return on average common equity		17.2%		10.0%		8.1%		9.7%		10.0%
Return on average tangible common equity(b)(d)		20.6%		12.0%		9.7%		11.7%		12.1%
Noninterest income as a percent of total revenue		55%		44%		38%		43%		42%
Dividend payout ratio		16.3%		28.3%		36.1%		31.0%		29.5%
Average total Bancorp shareholders’ equity as a percent of average assets		11.25%		11.24%		11.32%		11.49%		11.54%
Tangible common equity(c)(d)		8.59%		8.32%		8.33%		8.40%		8.43%
Net interest margin(a)		2.85%		2.89%		2.90%		2.86%		2.96%
Efficiency(a)		48.0%		58.2%		65.4%		62.3%		59.6%
Effective tax rate		30.7%		26.0%		26.1%		25.6%		25.9%
Credit Quality
Net losses charged-off	$	80	$	188	$	86	$	91	$	191
Net losses charged-off as a percent of average portfolio loans and leases		0.34%		0.80%		0.37%		0.41%		0.83%
ALLL as a percent of portfolio loans and leases		1.37%		1.35%		1.39%		1.42%		1.47%
Allowance for credit losses as a percent of portfolio loans and leases		1.52%		1.49%		1.54%		1.57%		1.62%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including OREO(e)		0.70%		0.65%		0.67%		0.76%		0.82%
Average Balances
Loans and leases, including held for sale	$	94,587	$	94,329	$	92,739	$	91,659	$	91,581
Total securities and other short-term investments		31,256		30,102		30,563		29,038		27,604
Total assets		142,007		140,739		139,992		137,651		135,580
Transaction deposits(f)		95,676		94,660		96,460		94,172		92,414
Core deposits(g)		99,728		98,717		100,534		98,194		96,350
Wholesale funding(h)		21,941		21,718		18,362		18,905		19,495
Bancorp shareholders’ equity		15,982		15,815		15,841		15,820		15,644
Regulatory Capital Ratios(i)	Basel III Transitional								Basel I(k)
CET1 capital(j)		9.83%		9.40%		9.42%		9.52%		N/A
Tier I risk-based capital		10.93%		10.49%		10.51%		10.62%		10.83%
Total risk-based capital		14.13%		13.68%		13.69%		14.01%		14.33%
Tier I leverage		9.54%		9.38%		9.44%		9.59%		9.66%
Tier I common equity(d)		N/A		N/A		N/A		N/A		9.65%
CET1 capital (fully phased-in)(j)		9.73%		9.30%		9.31%		9.41%		N/A
Operations
Banking centers		1,254		1,295		1,299		1,303		1,302
ATMs		2,593		2,650		2,630		2,637		2,638
Full-time equivalent employees		18,261		18,311		18,527		18,471		18,351

(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 AOCI).

(d) The ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition. Non-GAAP measure; see Reg. G reconciliation on page 34.

(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, other short-term borrowings and long-term debt.

(i) Current period regulatory capital ratios are estimates.

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

(k) These capital ratios were calculated under the Supervisory Agencies general risk-based capital rules (Basel I) which were in effect prior to January 1, 2015.

21

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income

$ in millions

(unaudited)

	For the Three Months Ended						% Change				Year to Date				% Change
	December 2015		September 2015		December 2014		Seq		Yr/Yr		December 2015		December 2014		Yr/Yr
Interest Income
Interest and fees on loans and leases	$	797	$	795	$	823		—		(3%)	$	3,151	$	3,298		(4%)
Interest on securities		231		230		185		—		25%		869		724		20%
Interest on other short-term investments		2		1		3		100%		(33%)		8		8		—
Total interest income		1,030		1,026		1,011		—		2%		4,028		4,030		—
Interest Expense
Interest on deposits		46		44		54		5%		(15%)		186		202		(8%)
Interest on federal funds purchased		—		—		—		—		—		1		—		100%
Interest on other short-term borrowings		1		1		—		—		100%		2		2		—
Interest on long-term debt		84		80		74		5%		14%		306		247		24%
Total interest expense		131		125		128		5%		2%		495		451		10%
Net Interest Income		899		901		883		—		2%		3,533		3,579		(1%)
Provision for loan and lease losses		91		156		99		(42%)		(8%)		396		315		26%
Net Interest Income After Provision for Loan and Lease Losses		808		745		784		8%		3%		3,137		3,264		(4%)
Noninterest Income
Service charges on deposits		144		145		142		(1%)		1%		563		560		1%
Corporate banking revenue		104		104		120		—		(13%)		384		430		(11%)
Mortgage banking net revenue		74		71		61		4%		21%		348		310		12%
Investment advisory revenue		102		103		100		(1%)		2%		418		407		3%
Card and processing revenue		77		77		76		—		1%		302		295		2%
Other noninterest income		602		213		150		NM		NM		979		450		NM
Securities gains, net		1		—		4		—		(75%)		9		21		(57%)
Total noninterest income		1,104		713		653		55%		69%		3,003		2,473		21%
Noninterest Expense
Salaries, wages and incentives		386		387		366		—		5%		1,525		1,449		5%
Employee benefits		74		72		79		3%		(6%)		323		334		(3%)
Net occupancy expense		83		77		77		8%		8%		321		313		3%
Technology and communications		59		56		54		5%		9%		224		212		6%
Equipment expense		32		31		30		3%		7%		124		121		2%
Card and processing expense		40		40		36		—		11%		153		141		9%
Other noninterest expense		289		280		276		3%		5%		1,105		1,139		(3%)
Total noninterest expense		963		943		918		2%		5%		3,775		3,709		2%
Income Before Income Taxes		949		515		519		84%		83%		2,365		2,028		17%
Applicable income tax expense		292		134		134		NM		NM		659		545		21%
Net Income		657		381		385		72%		71%		1,706		1,483		15%
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		(6)		2		NM
Net Income Attributable to Bancorp		657		381		385		72%		71%		1,712		1,481		16%
Dividends on preferred stock		23		15		23		53%		—		75		67		12%
Net Income Available to Common Shareholders	$	634	$	366	$	362		73%		75%	$	1,637	$	1,414		16%

22

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income (Taxable Equivalent)

$ in millions

(unaudited)

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Interest Income
Interest and fees on loans and leases	$	797	$	795	$	782	$	778	$	823
Interest on securities		231		230		219		188		185
Interest on other short-term investments		2		1		2		4		3
Total interest income		1,030		1,026		1,003		970		1,011
Taxable equivalent adjustment		5		5		5		5		5
Total interest income (taxable equivalent)		1,035		1,031		1,008		975		1,016
Interest Expense
Interest on deposits		46		44		46		50		54
Interest on other short-term borrowings		1		1		1		—		—
Interest on long-term debt		84		80		69		73		74
Total interest expense		131		125		116		123		128
Net Interest Income (Taxable Equivalent)		904		906		892		852		888
Provision for loan and lease losses		91		156		79		69		99
Net Interest Income (Taxable Equivalent) After Provision for Provision for Loan and Lease Losses		813		750		813		783		789
Noninterest Income
Service charges on deposits		144		145		139		135		142
Corporate banking revenue		104		104		113		63		120
Mortgage banking net revenue		74		71		117		86		61
Investment advisory revenue		102		103		105		108		100
Card and processing revenue		77		77		77		71		76
Other noninterest income		602		213		1		163		150
Securities gains, net		1		—		4		4		4
Total noninterest income		1,104		713		556		630		653
Noninterest Expense
Salaries, wages and incentives		386		387		383		369		366
Employee benefits		74		72		78		99		79
Net occupancy expense		83		77		83		79		77
Technology and communications		59		56		54		55		54
Equipment expense		32		31		31		31		30
Card and processing expense		40		40		38		36		36
Other noninterest expense		289		280		280		254		276
Total noninterest expense		963		943		947		923		918
Income Before Income Taxes (Taxable Equivalent)		954		520		422		490		524
Taxable equivalent adjustment		5		5		5		5		5
Income Before Income Taxes		949		515		417		485		519
Applicable income tax expense		292		134		108		124		134
Net Income		657		381		309		361		385
Less: Net Income attributable to noncontrolling interests		—		—		(6)		—		—
Net Income Attributable to Bancorp		657		381		315		361		385
Dividends on preferred stock		23		15		23		15		23
Net Income Available to Common Shareholders	$	634	$	366	$	292	$	346	$	362

23

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of						% Change
	December 2015		September 2015		December 2014		Seq		Yr/Yr
Assets
Cash and due from banks	$	2,540	$	2,455	$	3,091		3%		(18%)
Available-for-sale and other securities(a)		29,044		28,799		22,408		1%		30%
Held-to-maturity securities(b)		70		157		187		(55%)		(63%)
Trading securities		386		374		360		3%		7%
Other short-term investments		2,671		1,994		7,914		34%		(66%)
Loans held for sale		903		994		1,261		(9%)		(28%)
Portfolio loans and leases:
Commercial and industrial loans		42,131		42,948		40,765		(2%)		3%
Commercial mortgage loans		6,957		7,061		7,399		(1%)		(6%)
Commercial construction loans		3,214		3,101		2,069		4%		55%
Commercial leases		3,854		3,898		3,720		(1%)		4%
Residential mortgage loans		13,716		13,392		12,389		2%		11%
Home equity		8,301		8,427		8,886		(1%)		(7%)
Automobile loans		11,493		11,826		12,037		(3%)		(5%)
Credit card		2,259		2,229		2,401		1%		(6%)
Other consumer loans and leases		657		692		418		(5%)		57%
Portfolio loans and leases		92,582		93,574		90,084		(1%)		3%
Allowance for loan and lease losses		(1,272)		(1,261)		(1,322)		1%		(4%)
Portfolio loans and leases, net		91,310		92,313		88,762		(1%)		3%
Bank premises and equipment		2,239		2,264		2,465		(1%)		(9%)
Operating lease equipment		707		680		728		4%		(3%)
Goodwill		2,416		2,416		2,416		—		—
Intangible assets		12		13		15		(8%)		(20%)
Servicing rights		785		757		858		4%		(9%)
Other assets		7,999		8,702		8,241		(8%)		(3%)
Total Assets	$	141,082	$	141,918	$	138,706		(1%)		2%
Liabilities
Deposits:
Demand	$	36,267	$	34,832	$	34,809		4%		4%
Interest checking		26,768		24,832		26,800		8%		—
Savings		14,601		14,632		15,051		—		(3%)
Money market		18,494		18,887		17,083		(2%)		8%
Foreign office		464		754		1,114		(38%)		(58%)
Other time		4,019		4,041		3,960		(1%)		1%
Certificates $100,000 and over		2,592		2,915		2,895		(11%)		(10%)
Total deposits		103,205		100,893		101,712		2%		1%
Federal funds purchased		151		132		144		14%		5%
Other short-term borrowings		1,507		4,904		1,556		(69%)		(3%)
Accrued taxes, interest and expenses		2,164		1,990		2,020		9%		7%
Other liabilities		2,341		2,614		2,642		(10%)		(11%)
Long-term debt		15,844		15,527		14,967		2%		6%
Total Liabilities		125,212		126,060		123,041		(1%)		2%
Equity
Common stock(c)		2,051		2,051		2,051		—		—
Preferred stock		1,331		1,331		1,331		—		—
Capital surplus		2,666		2,659		2,646		—		1%
Retained earnings		12,358		11,826		11,141		4%		11%
Accumulated other comprehensive income		197		522		429		(62%)		(54%)
Treasury stock		(2,764)		(2,563)		(1,972)		8%		40%
Total Bancorp shareholders’ equity		15,839		15,826		15,626		—		1%
Noncontrolling interests		31		32		39		(3%)		(21%)
Total Equity		15,870		15,858		15,665		—		1%
Total Liabilities and Equity	$	141,082	$	141,918	$	138,706		(1%)		2%
(a) Amortized cost	$	28,678	$	27,986	$	21,677		2%		32%
(b) Market values		70		157		187		(55%)		(63%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000		2,000,000		2,000,000		—		—
Outstanding, excluding treasury		785,080		795,439		824,047		(1%)		(5%)
Treasury		138,812		128,453		99,846		8%		39%

24

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of
	December 2015		September 2015		June 2015		March 2015		December 2014
Assets
Cash and due from banks	$	2,540	$	2,455	$	2,785	$	2,920	$	3,091
Available-for-sale and other securities(a)		29,044		28,799		27,987		26,409		22,408
Held-to-maturity securities(b)		70		157		157		177		187
Trading securities		386		374		370		392		360
Other short-term investments		2,671		1,994		3,451		4,919		7,914
Loans held for sale		903		994		995		724		1,261
Portfolio loans and leases:
Commercial and industrial loans		42,131		42,948		42,800		42,052		40,765
Commercial mortgage loans		6,957		7,061		7,150		7,209		7,399
Commercial construction loans		3,214		3,101		2,709		2,302		2,069
Commercial leases		3,854		3,898		3,881		3,786		3,720
Residential mortgage loans		13,716		13,392		12,933		12,569		12,389
Home equity		8,301		8,427		8,547		8,714		8,886
Automobile loans		11,493		11,826		11,909		11,873		12,037
Credit card		2,259		2,229		2,278		2,291		2,401
Other consumer loans and leases		657		692		496		448		418
Portfolio loans and leases		92,582		93,574		92,703		91,244		90,084
Allowance for loan and lease losses		(1,272)		(1,261)		(1,293)		(1,300)		(1,322)
Portfolio loans and leases, net		91,310		92,313		91,410		89,944		88,762
Bank premises and equipment		2,239		2,264		2,298		2,433		2,465
Operating lease equipment		707		680		670		695		728
Goodwill		2,416		2,416		2,416		2,416		2,416
Intangible assets		12		13		13		14		15
Servicing rights		785		757		854		789		858
Other assets		7,999		8,702		8,252		8,638		8,241
Total Assets	$	141,082	$	141,918	$	141,658	$	140,470	$	138,706
Liabilities
Deposits:
Demand	$	36,267	$	34,832	$	35,449	$	35,343	$	34,809
Interest checking		26,768		24,832		27,074		27,191		26,800
Savings		14,601		14,632		14,976		15,355		15,051
Money market		18,494		18,887		17,900		18,105		17,083
Foreign office		464		754		728		811		1,114
Other time		4,019		4,041		4,050		4,044		3,960
Certificates $100,000 and over		2,592		2,915		2,846		2,566		2,895
Total deposits		103,205		100,893		103,023		103,415		101,712
Federal funds purchased		151		132		126		200		144
Other short-term borrowings		1,507		4,904		4,136		1,413		1,556
Accrued taxes, interest and expenses		2,164		1,990		1,858		1,979		2,020
Other liabilities		2,341		2,614		3,356		3,504		2,642
Long-term debt		15,844		15,527		13,521		14,055		14,967
Total Liabilities		125,212		126,060		126,020		124,566		123,041
Equity
Common stock(c)		2,051		2,051		2,051		2,051		2,051
Preferred stock		1,331		1,331		1,331		1,331		1,331
Capital surplus		2,666		2,659		2,632		2,659		2,646
Retained earnings		12,358		11,826		11,564		11,380		11,141
Accumulated other comprehensive income		197		522		291		588		429
Treasury stock		(2,764)		(2,563)		(2,264)		(2,145)		(1,972)
Total Bancorp shareholders’ equity		15,839		15,826		15,605		15,864		15,626
Noncontrolling interests		31		32		33		40		39
Total Equity		15,870		15,858		15,638		15,904		15,665
Total Liabilities and Equity	$	141,082	$	141,918	$	141,658	$	140,470	$	138,706
(a) Amortized cost	$	28,678	$	27,986	$	27,483	$	25,475	$	21,677
(b) Market values		70		157		157		177		187
(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		785,080		795,439		810,054		815,190		824,047
Treasury		138,812		128,453		113,838		108,702		99,846

25

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Changes in Equity

$ in millions

(unaudited)

	For the Three Months Ended				Year to Date
	December 2015		December 2014		December 2015		December 2014
Total equity, beginning	$	15,858	$	15,443	$	15,665	$	14,626
Net income attributable to Bancorp		657		385		1,712		1,481
Other comprehensive income, net of tax:
Change in unrealized gains and (losses):
Available-for-sale securities		(290)		137		(237)		354
Qualifying cash flow hedges		(36)		11		(1)		10
Change in accumulated other comprehensive income related to employee benefit plans		1		(20)		6		(17)
Comprehensive income		332		513		1,480		1,828
Cash dividends declared:
Common stock		(102)		(107)		(417)		(427)
Preferred stock		(23)		(23)		(75)		(67)
Impact of stock transactions under stock compensation plans, net		21		19		75		60
Shares acquired for treasury		(215)		(180)		(850)		(654)
Issuance of preferred stock		—		—		—		297
Noncontrolling interest		(1)		—		(8)		2
Total equity, ending	$	15,870	$	15,665	$	15,870	$	15,665

26

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	For the Three Months Ended						% Change
	December 2015		September 2015		December 2014		Seq		Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	43,175	$	43,162	$	41,313		—		5%
Commercial mortgage loans		7,053		7,038		7,482		—		(6%)
Commercial construction loans		3,141		2,966		1,911		6%		64%
Commercial leases		3,841		3,847		3,601		—		7%
Residential mortgage loans		14,315		13,976		13,526		2%		6%
Home equity		8,394		8,521		8,937		(1%)		(6%)
Automobile loans		11,674		11,881		12,073		(2%)		(3%)
Credit card		2,320		2,277		2,324		2%		—
Other consumer loans and leases		674		661		414		2%		63%
Taxable securities		28,951		28,251		22,364		2%		29%
Tax exempt securities		52		52		64		—		(19%)
Other short-term investments		2,253		1,799		5,176		25%		(56%)
Total interest-earning assets		125,843		124,431		119,185		1%		6%
Cash and due from banks		2,466		2,503		3,008		(1%)		(18%)
Other assets		14,959		15,097		14,800		(1%)		1%
Allowance for loan and lease losses		(1,261)		(1,292)		(1,413)		(2%)		(11%)
Total Assets	$	142,007	$	140,739	$	135,580		1%		5%
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	25,296	$	25,590	$	25,478		(1%)		(1%)
Savings deposits		14,615		14,868		15,173		(2%)		(4%)
Money market deposits		18,775		18,253		17,023		3%		10%
Foreign office deposits		736		718		1,439		3%		(49%)
Other time deposits		4,052		4,057		3,936		—		3%
Certificates $100,000 and over		3,305		2,924		2,998		13%		10%
Other deposits		7		222		—		(97%)		100%
Federal funds purchased		1,182		1,978		161		(40%)		NM
Other short-term borrowings		1,675		1,897		1,481		(12%)		13%
Long-term debt		15,772		14,697		14,855		7%		6%
Total interest-bearing liabilities		85,415		85,204		82,544		—		3%
Demand deposits		36,254		35,231		33,301		3%		9%
Other liabilities		4,325		4,458		4,052		(3%)		7%
Total Liabilities		125,994		124,893		119,897		1%		5%
Total Equity		16,013		15,846		15,683		1%		2%
Total Liabilities and Equity	$	142,007	$	140,739	$	135,580		1%		5%
Yield Analysis
Interest-earning assets:
Commercial and industrial loans(a)		3.12%		3.11%		3.21%		—		(3%)
Commercial mortgage loans(a)		3.11%		3.17%		3.28%		(2%)		(5%)
Commercial construction loans(a)		3.18%		3.13%		3.30%		2%		(4%)
Commercial leases(a)		2.68%		2.72%		2.96%		(1%)		(9%)
Residential mortgage loans		3.62%		3.63%		3.80%		—		(5%)
Home equity		3.57%		3.61%		3.68%		(1%)		(3%)
Automobile loans		2.67%		2.62%		2.73%		2%		(2%)
Credit card		10.17%		10.38%		10.08%		(2%)		1%
Other consumer loans and leases		6.95%		6.81%		31.97%		2%		(78%)
Total loans and leases		3.36%		3.36%		3.58%		—		(6%)
Taxable securities		3.16%		3.23%		3.28%		(2%)		(4%)
Tax exempt securities(a)		5.69%		5.20%		4.42%		9%		29%
Other short-term investments		0.28%		0.23%		0.26%		22%		8%
Total interest-earning assets		3.26%		3.29%		3.38%		(1%)		(4%)
Interest-bearing liabilities:
Interest checking deposits		0.19%		0.18%		0.22%		6%		(14%)
Savings deposits		0.05%		0.05%		0.08%		—		(38%)
Money market deposits		0.22%		0.21%		0.39%		5%		(44%)
Foreign office deposits		0.14%		0.14%		0.30%		—		(53%)
Other time deposits		1.20%		1.19%		1.14%		1%		5%
Certificates $100,000 and over		1.09%		1.16%		1.05%		(6%)		4%
Other deposits		0.09%		0.16%		0.00%		(44%)		100%
Federal funds purchased		0.12%		0.14%		0.10%		(14%)		20%
Other short-term borrowings		0.12%		0.13%		0.10%		(8%)		20%
Long-term debt		2.12%		2.15%		1.94%		(1%)		9%
Total interest-bearing liabilities		0.61%		0.58%		0.61%		5%		—
Ratios:
Net interest margin (taxable equivalent)		2.85%		2.89%		2.96%		(1%)		(4%)
Net interest rate spread (taxable equivalent)		2.65%		2.71%		2.77%		(2%)		(4%)
Interest-bearing liabilities to interest-earning assets		67.87%		68.47%		69.26%		(1%)		(2%)

(a) Presented on a fully taxable equivalent basis.

27

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	Year to Date				% Change
	December 2015		December 2014		Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	42,594	$	41,178		3%
Commercial mortgage loans		7,121		7,745		(8%)
Commercial construction loans		2,717		1,492		82%
Commercial leases		3,796		3,585		6%
Residential mortgage loans		13,798		13,344		3%
Home equity		8,592		9,059		(5%)
Automobile loans		11,847		12,068		(2%)
Credit card		2,303		2,271		1%
Other consumer loans and leases		571		385		48%
Taxable securities		26,932		21,770		24%
Tax exempt securities		55		53		4%
Other short-term investments		3,258		3,043		7%
Total interest-earning assets		123,584		115,993		7%
Cash and due from banks		2,608		2,892		(10%)
Other assets		15,212		14,539		5%
Allowance for loan and lease losses		(1,293)		(1,481)		(13%)
Total Assets	$	140,111	$	131,943		6%
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	26,160	$	25,382		3%
Savings deposits		14,951		16,080		(7%)
Money market deposits		18,152		14,670		24%
Foreign office deposits		817		1,828		(55%)
Other time deposits		4,051		3,762		8%
Certificates $100,000 and over		2,869		3,929		(27%)
Other deposits		57		—		100%
Federal funds purchased		920		458		NM
Other short-term borrowings		1,721		1,873		(8%)
Long-term debt		14,677		12,928		14%
Total interest-bearing liabilities		84,375		80,910		4%
Demand deposits		35,164		31,755		11%
Other liabilities		4,672		3,950		18%
Total Liabilities		124,211		116,615		7%
Total Equity		15,900		15,328		4%
Total Liabilities and Equity	$	140,111	$	131,943		6%
Yield Analysis
Interest-earning assets:
Commercial and industrial loans(a)		3.13%		3.27%		(4%)
Commercial mortgage loans(a)		3.19%		3.36%		(5%)
Commercial construction loans(a)		3.17%		3.44%		(8%)
Commercial leases(a)		2.78%		3.01%		(8%)
Residential mortgage loans		3.69%		3.88%		(5%)
Home equity		3.63%		3.71%		(2%)
Automobile loans		2.66%		2.77%		(4%)
Credit card		10.27%		9.98%		3%
Other consumer loans and leases		8.00%		35.99%		(78%)
Total loans and leases		3.40%		3.64%		(7%)
Taxable securities		3.22%		3.32%		(3%)
Tax exempt securities(a)		5.23%		4.94%		6%
Other short-term investments		0.25%		0.26%		(4%)
Total interest-earning assets		3.28%		3.49%		(6%)
Interest-bearing liabilities:
Interest checking deposits		0.19%		0.22%		(14%)
Savings deposits		0.06%		0.10%		(40%)
Money market deposits		0.24%		0.35%		(31%)
Foreign office deposits		0.16%		0.29%		(45%)
Other time deposits		1.20%		1.06%		13%
Certificates $100,000 and over		1.16%		0.85%		36%
Other deposits		0.16%		0.02%		NM
Federal funds purchased		0.13%		0.09%		44%
Other short-term borrowings		0.12%		0.10%		20%
Long-term debt		2.09%		1.91%		9%
Total interest-bearing liabilities		0.59%		0.56%		5%
Ratios:
Net interest margin (taxable equivalent)		2.88%		3.10%		(7%)
Net interest rate spread (taxable equivalent)		2.69%		2.94%		(9%)
Interest-bearing liabilities to interest-earning assets		68.27%		69.75%		(2%)

(a) Presented on a fully taxable equivalent basis.

28

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Assets
Interest-earning assets:
Commercial and industrial loans	$	43,175	$	43,162	$	42,554	$	41,462	$	41,313
Commercial mortgage loans		7,053		7,038		7,149		7,248		7,482
Commercial construction loans		3,141		2,966		2,549		2,198		1,911
Commercial leases		3,841		3,847		3,776		3,716		3,601
Residential mortgage loans		14,315		13,976		13,375		13,515		13,526
Home equity		8,394		8,521		8,655		8,802		8,937
Automobile loans		11,674		11,881		11,902		11,933		12,073
Credit card		2,320		2,277		2,296		2,321		2,324
Other consumer loans and leases		674		661		483		464		414
Taxable securities		28,951		28,251		27,344		23,102		22,364
Tax exempt securities		52		52		59		59		64
Other short-term investments		2,253		1,799		3,160		5,877		5,176
Total interest-earning assets		125,843		124,431		123,302		120,697		119,185
Cash and due from banks		2,466		2,503		2,636		2,830		3,008
Other assets		14,959		15,097		15,354		15,446		14,800
Allowance for loan and lease losses		(1,261)		(1,292)		(1,300)		(1,322)		(1,413)
Total Assets	$	142,007	$	140,739	$	139,992	$	137,651	$	135,580
									��
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	25,296	$	25,590	$	26,894	$	26,885	$	25,478
Savings deposits		14,615		14,868		15,156		15,174		15,173
Money market deposits		18,775		18,253		18,071		17,492		17,023
Foreign office deposits		736		718		955		861		1,439
Other time deposits		4,052		4,057		4,074		4,022		3,936
Certificates $100,000 and over		3,305		2,924		2,558		2,683		2,998
Other deposits		7		222		—		—		—
Federal funds purchased		1,182		1,978		326		172		161
Other short-term borrowings		1,675		1,897		1,705		1,602		1,481
Long-term debt		15,772		14,697		13,773		14,448		14,855
Total interest-bearing liabilities		85,415		85,204		83,512		83,339		82,544
Demand deposits		36,254		35,231		35,384		33,760		33,301
Other liabilities		4,325		4,458		5,215		4,693		4,052
Total Liabilities		125,994		124,893		124,111		121,792		119,897
Total Equity		16,013		15,846		15,881		15,859		15,683
Total Liabilities and Equity	$	142,007	$	140,739	$	139,992	$	137,651	$	135,580
Yield Analysis
Interest-earning assets:
Commercial and industrial loans(a)		3.12%		3.11%		3.14%		3.16%		3.21%
Commercial mortgage loans(a)		3.11%		3.17%		3.22%		3.27%		3.28%
Commercial construction loans(a)		3.18%		3.13%		3.17%		3.23%		3.30%
Commercial leases(a)		2.68%		2.72%		2.83%		2.90%		2.96%
Residential mortgage loans		3.62%		3.63%		3.69%		3.83%		3.80%
Home equity		3.57%		3.61%		3.66%		3.66%		3.68%
Automobile loans		2.67%		2.62%		2.65%		2.68%		2.73%
Credit card		10.17%		10.38%		10.33%		10.22%		10.08%
Other consumer loans and leases		6.95%		6.81%		8.49%		10.79%		31.97%
Total loans and leases		3.36%		3.36%		3.41%		3.46%		3.58%
Taxable securities		3.16%		3.23%		3.20%		3.30%		3.28%
Tax exempt securities(a)		5.69%		5.20%		4.82%		5.24%		4.42%
Other short-term investments		0.28%		0.23%		0.25%		0.25%		0.26%
Total interest-earning assets		3.26%		3.29%		3.28%		3.28%		3.38%
Interest-bearing liabilities:
Interest checking deposits		0.19%		0.18%		0.19%		0.20%		0.22%
Savings deposits		0.05%		0.05%		0.05%		0.07%		0.08%
Money market deposits		0.22%		0.21%		0.23%		0.32%		0.39%
Foreign office deposits		0.14%		0.14%		0.14%		0.20%		0.30%
Other time deposits		1.20%		1.19%		1.24%		1.17%		1.14%
Certificates $100,000 and over		1.09%		1.16%		1.24%		1.16%		1.05%
Other deposits		0.09%		0.16%		0.00%		0.00%		0.00%
Federal funds purchased		0.12%		0.14%		0.12%		0.09%		0.10%
Other short-term borrowings		0.12%		0.13%		0.12%		0.11%		0.10%
Long-term debt		2.12%		2.15%		2.04%		2.02%		1.94%
Total interest-bearing liabilities		0.61%		0.58%		0.56%		0.60%		0.61%
Ratios:
Net interest margin (taxable equivalent)		2.85%		2.89%		2.90%		2.86%		2.96%
Net interest rate spread (taxable equivalent)		2.65%		2.71%		2.72%		2.68%		2.77%
Interest-bearing liabilities to interest-earning assets		67.87%		68.47%		67.73%		69.05%		69.26%

(a) Presented on a fully taxable equivalent basis.

29

Fifth Third Bancorp and Subsidiaries

Summary of Loans and Leases

$ in millions

(unaudited)

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Average Loans and Leases (excluding held for sale)
Commercial loans and leases:
Commercial and industrial loans	$	43,154	$	43,149	$	42,550	$	41,426	$	41,277
Commercial mortgage loans		7,032		7,023		7,148		7,241		7,480
Commercial construction loans		3,141		2,965		2,549		2,197		1,909
Commercial leases		3,839		3,846		3,776		3,715		3,600
Total commercial loans and leases		57,166		56,983		56,023		54,579		54,266
Consumer loans and leases:
Residential mortgage loans		13,504		13,144		12,831		12,433		13,046
Home equity		8,360		8,479		8,654		8,802		8,937
Automobile loans		11,670		11,877		11,902		11,933		12,073
Credit card		2,218		2,277		2,296		2,321		2,324
Other consumer loans and leases		676		613		467		440		395
Total consumer loans and leases		36,428		36,390		36,150		35,929		36,775
Total average loans and leases (excluding held for sale)	$	93,594	$	93,373	$	92,173	$	90,508	$	91,041
Average loans held for sale	$	993	$	956	$	566	$	1,151	$	540
End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	42,131	$	42,948	$	42,800	$	42,052	$	40,765
Commercial mortgage loans		6,957		7,061		7,150		7,209		7,399
Commercial construction loans		3,214		3,101		2,709		2,302		2,069
Commercial leases		3,854		3,898		3,881		3,786		3,720
Total commercial loans and leases		56,156		57,008		56,540		55,349		53,953
Consumer loans and leases:
Residential mortgage loans		13,716		13,392		12,933		12,569		12,389
Home equity		8,301		8,427		8,547		8,714		8,886
Automobile loans		11,493		11,826		11,909		11,873		12,037
Credit card		2,259		2,229		2,278		2,291		2,401
Other consumer loans and leases		657		692		496		448		418
Total consumer loans and leases		36,426		36,566		36,163		35,895		36,131
Total portfolio loans and leases	$	92,582	$	93,574	$	92,703	$	91,244	$	90,084
Total loans held for sale	$	903	$	994	$	995	$	724	$	1,261
Operating lease equipment	$	707	$	680	$	670	$	695	$	728
Loans and Leases Serviced for Others:(a)
Commercial and industrial loans	$	588	$	589	$	594	$	609	$	637
Commercial mortgage loans		239		260		266		279		270
Commercial construction loans		27		26		25		21		20
Commercial leases		256		252		260		257		283
Residential mortgage loans		59,024		60,301		61,727		64,178		65,413
Automobile loans		122		146		174		203		232
Total loans and leases serviced for others		60,256		61,574		63,046		65,547		66,855
Total loans and leases serviced	$	154,448	$	156,822	$	157,414	$	158,210	$	158,928

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

30

Fifth Third Bancorp and Subsidiaries

Regulatory Capital

$ in millions

(unaudited)

	Basel III Transitional								Basel I(c)
	As of
	December 2015(a)		September 2015		June 2015		March 2015		December 2014
Tier I capital:
Common stock and related surplus (net of treasury stock)	$	1,953	$	2,147	$	2,419		2,565		N/A
Retained earnings		12,358		11,826		11,564		11,380		N/A
Common equity tier I capital adjustments and deductions		(2,394)		(2,399)		(2,401)		(2,402)		N/A
CET1 capital		11,917		11,574		11,582		11,543		N/A
Additional tier I capital		1,343		1,340		1,340		1,339		N/A
Tier I capital		13,260		12,914		12,922	$	12,882	$	12,764
Tier II capital		3,874		3,935		3,909		4,112		4,131
Total regulatory capital	$	17,134	$	16,849	$	16,831	$	16,994	$	16,895
Risk-weighted assets	$	121,264(b)	$	123,148(b)	$	122,986(b)	$	121,310(b)	$	117,878
Ratios:
Average shareholders’ equity to average assets		11.25%		11.24%		11.32%		11.49%		11.54%
Regulatory capital:
	Basel III Transitional								Basel I(c)
Fifth Third Bancorp
CET1 capital		9.83%(b)		9.40%(b)		9.42%(b)		9.52%(b)		N/A
Tier I risk-based capital		10.93%(b)		10.49%(b)		10.51%(b)		10.62%(b)		10.83%
Total risk-based capital		14.13%(b)		13.68%(b)		13.69%(b)		14.01%(b)		14.33%
Tier I leverage		9.54%		9.38%		9.44%		9.59%		9.66%
Tier I common equity		N/A		N/A		N/A		N/A		9.65%(d)
CET1 capital (fully phased-in)		9.73%(b)(d)		9.30%(b)(d)		9.31%(b)(d)		9.41%(b)(d)		N/A
Fifth Third Bank
Tier I risk-based capital		11.93%(b)		11.39%(b)		11.25%(b)		11.36%(b)		11.85%
Total risk-based capital		13.12%(b)		12.55%(b)		12.44%(b)		12.58%(b)		13.10%
Tier I leverage		10.43%		10.21%		10.14%		10.30%		10.58%

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

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

(c) These capital amounts and ratios were calculated under the Supervisory Agencies general risk-based capital rules (Basel I) which were in effect prior to January 1, 2015.

(d) This ratio has been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition. Non-GAAP measure; see Reg. G reconciliation on page 33.

31

Fifth Third Bancorp and Subsidiaries

Summary of Credit Loss Experience

$ in millions

(unaudited)

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Average loans and leases (excluding held for sale):
Commercial and industrial loans	$	43,154	$	43,149	$	42,550	$	41,426	$	41,277
Commercial mortgage loans		7,032		7,023		7,148		7,241		7,480
Commercial construction loans		3,141		2,965		2,549		2,197		1,909
Commercial leases		3,839		3,846		3,776		3,715		3,600
Residential mortgage loans		13,504		13,144		12,831		12,433		13,046
Home equity		8,360		8,479		8,654		8,802		8,937
Automobile loans		11,670		11,877		11,902		11,933		12,073
Credit card		2,218		2,277		2,296		2,321		2,324
Other consumer loans and leases		676		613		467		440		395
Total average loans and leases (excluding held for sale)	$	93,594	$	93,373	$	92,173	$	90,508	$	91,041
Losses charged-off:
Commercial and industrial loans	($	38)	($	133)	($	40)	($	43)	($	50)
Commercial mortgage loans		(7)		(13)		(14)		(5)		(12)
Commercial construction loans		—		(3)		—		—		—
Commercial leases		(1)		—		—		—		(1)
Residential mortgage loans		(5)		(6)		(8)		(9)		(97)
Home equity		(13)		(13)		(13)		(17)		(15)
Automobile loans		(13)		(11)		(9)		(13)		(11)
Credit card		(22)		(24)		(24)		(24)		(23)
Other consumer loans and leases		(6)		(6)		(4)		(4)		(6)
Total losses charged-off	($	105)	($	209)	($	112)	($	115)	($	215)
Recoveries of losses previously charged-off:
Commercial and industrial loans	$	8	$	5	$	6	$	5	$	6
Commercial mortgage loans		4		2		3		4		2
Commercial construction loans		—		—		—		—		—
Commercial leases		—		—		—		—		—
Residential mortgage loans		2		3		3		3		3
Home equity		4		4		4		3		4
Automobile loans		4		4		5		5		4
Credit card		3		3		3		3		3
Other consumer loans and leases		—		—		2		1		2
Total recoveries of losses previously charged-off	$	25	$	21	$	26	$	24	$	24
Net losses charged-off:
Commercial and industrial loans	($	30)	($	128)	($	34)	($	38)	($	44)
Commercial mortgage loans		(3)		(11)		(11)		(1)		(10)
Commercial construction loans		—		(3)		—		—		—
Commercial leases		(1)		—		—		—		(1)
Residential mortgage loans		(3)		(3)		(5)		(6)		(94)
Home equity		(9)		(9)		(9)		(14)		(11)
Automobile loans		(9)		(7)		(4)		(8)		(7)
Credit card		(19)		(21)		(21)		(21)		(20)
Other consumer loans and leases		(6)		(6)		(2)		(3)		(4)
Total net losses charged-off	($	80)	($	188)	($	86)	($	91)	($	191)
Net losses charged-off as a percent of average portfolio loans and leases:
Commercial and industrial loans		0.28%		1.17%		0.32%		0.38%		0.43%
Commercial mortgage loans		0.19%		0.66%		0.62%		0.05%		0.53%
Commercial construction loans		0.00%		0.43%		0.00%		(0.06%)		(0.01%)
Commercial leases		0.15%		0.00%		(0.01%)		0.00%		0.06%
Residential mortgage loans		0.08%		0.10%		0.16%		0.19%		2.87%
Home equity		0.39%		0.42%		0.41%		0.61%		0.47%
Automobile loans		0.31%		0.23%		0.14%		0.28%		0.22%
Credit card		3.40%		3.77%		3.62%		3.60%		3.40%
Other consumer loans and leases		3.10%		3.52%		2.45%		4.02%		4.57%
Total net losses charged-off as a percent of average portfolio loans and leases		0.34%		0.80%		0.37%		0.41%		0.83%

32

Fifth Third Bancorp and Subsidiaries

Asset Quality

$ in millions

(unaudited)

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$	1,261	$	1,293	$	1,300	$	1,322	$	1,414
Total net losses charged-off		(80)		(188)		(86)		(91)		(191)
Provision for loan and lease losses		91		156		79		69		99
Allowance for loan and lease losses, ending	$	1,272	$	1,261	$	1,293	$	1,300	$	1,322
Reserve for unfunded commitments, beginning	$	134	$	132	$	130	$	135	$	134
Provision (benefit) for unfunded commitments		4		2		2		(4)		1
Charge-offs		—		—		—		(1)		—
Reserve for unfunded commitments, ending	$	138	$	134	$	132	$	130	$	135
Components of allowance for credit losses:
Allowance for loan and lease losses	$	1,272	$	1,261	$	1,293	$	1,300	$	1,322
Reserve for unfunded commitments		138		134		132		130		135
Total allowance for credit losses	$	1,410	$	1,395	$	1,425	$	1,430	$	1,457
	As of
	December 2015		September 2015		June 2015		March 2015		December 2014
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	82	$	47	$	61	$	61	$	86
Commercial mortgage loans		56		60		49		57		64
Commercial construction loans		—		—		—		—		—
Commercial leases		—		2		2		2		3
Residential mortgage loans		28		31		35		40		44
Home equity		62		65		70		71		72
Total nonaccrual portfolio loans and leases (excludes restructured loans)		228		205		217		231		269
Restructured loans—commercial (nonaccrual)		203		177		175		205		214
Restructured loans—consumer (nonaccrual)		75		76		83		90		96
Total nonaccrual portfolio loans and leases		506		458		475		526		579
Repossessed property		18		17		16		20		18
OREO(b)		123		131		135		145		147
Total nonperforming portfolio assets		647		606		626		691		744
Nonaccrual loans held for sale		1		1		1		2		24
Restructured loans—(nonaccrual) held for sale		11		1		—		—		15
Total nonperforming assets including loans held for sale	$	659	$	608	$	627	$	693	$	783
Restructured portfolio consumer loans and leases (accrual)	$	979	$	973	$	970	$	943	$	905
Restructured portfolio commercial loans and leases (accrual)	$	491	$	571	$	769	$	774	$	844
Ninety days past due loans and leases:
Commercial and industrial loans	$	7	$	3	$	2	$	2	$	—
Commercial mortgage loans		—		2		—		1		—
Commercial construction loans		—		—		—		—		—
Commercial leases		—		—		—		—		—
Total commercial loans and leases		7		5		2		3		—
Residential mortgage loans		40		40		43		48		56
Home equity		—		—		—		—		—
Automobile loans		10		8		8		7		8
Credit card		18		17		17		20		23
Other consumer loans and leases		—		—		—		—		—
Total consumer loans and leases		68		65		68		75		87
Total ninety days past due loans and leases(c)	$	75	$	70	$	70	$	78	$	87
Ratios
Net losses charged-off as a percent of average portfolio loans and leases		0.34%		0.80%		0.37%		0.41%		0.83%
Allowance for loan and lease losses:
As a percent of portfolio loans and leases		1.37%		1.35%		1.39%		1.42%		1.47%
As a percent of nonperforming loans and leases(a)		252%		275%		272%		247%		228%
As a percent of nonperforming assets(a)		197%		208%		206%		188%		178%
Nonperforming loans and leases as a percent of portfolio loans, leases and other assets, including OREO(a)		0.55%		0.49%		0.51%		0.57%		0.64%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including OREO(a)		0.70%		0.65%		0.67%		0.76%		0.82%
Nonperforming assets as a percent of total loans, leases and other assets, including OREO		0.70%		0.64%		0.67%		0.75%		0.86%
Allowance for credit losses as a percent of nonperforming assets		218%		230%		228%		207%		196%

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

(b) Excludes $14, $18, $28, $42 and $71 of OREO related to government insured loans at December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014, respectively. The Bancorp has historically excluded government guaranteed loans classified in OREO from its nonperforming asset disclosures. Upon the prospective adoption on January 1, 2015 of ASU 2014-14 “Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure,” government guaranteed loans meeting certain criteria were reclassified to other receivables rather than OREO upon foreclosure. The Bancorp had $44, $40, $37 and $21 of government guaranteed loans classified as other receivables as of December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

(c) Does not include loans held for sale.

33

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconciliation

$ and shares in millions

(unaudited)

	For the Three Months Ended
	December 2015		September 2015		June 2015		March 2015		December 2014
Income before income taxes (U.S. GAAP)	$	949	$	515	$	417	$	485	$	519
Add: Provision expense (U.S. GAAP)		91		156		79		69		99
Pre-provision net revenue		1,040		671		496		554		618
Net income available to common shareholders (U.S. GAAP)		634		366		292		346		362
Add: Intangible amortization, net of tax		—		—		—		—		1
Tangible net income available to common shareholders		634		366		292		346		363
Tangible net income available to common shareholders (annualized) (a)		2,515		1,452		1,171		1,403		1,440
Average Bancorp shareholders’ equity (U.S. GAAP)		15,982		15,815		15,841		15,820		15,644
Less: Average preferred stock		(1,331)		(1,331)		(1,331)		(1,331)		(1,331)
Average goodwill		(2,416)		(2,416)		(2,416)		(2,416)		(2,416)
Average intangible assets and other servicing rights		(13)		(14)		(15)		(15)		(17)
Average tangible common equity (b)		12,222		12,054		12,079		12,058		11,880
Total Bancorp shareholders’ equity (U.S. GAAP)		15,839		15,826		15,605		15,864		15,626
Less: Preferred stock		(1,331)		(1,331)		(1,331)		(1,331)		(1,331)
Goodwill		(2,416)		(2,416)		(2,416)		(2,416)		(2,416)
Intangible assets and other servicing rights		(13)		(13)		(14)		(15)		(16)
Tangible common equity, including unrealized gains / losses (c)		12,079		12,066		11,844		12,102		11,863
Less: Accumulated other comprehensive income		(197)		(522)		(291)		(588)		(429)
Tangible common equity, excluding unrealized gains / losses (d)		11,882		11,544		11,553		11,514		11,434
Add: Preferred stock		1,331		1,331		1,331		1,331		1,331
Tangible equity (e)		13,213		12,875		12,884		12,845		12,765
Total assets (U.S. GAAP)		141,082		141,918		141,658		140,470		138,706
Less: Goodwill		(2,416)		(2,416)		(2,416)		(2,416)		(2,416)
Intangible assets and other servicing rights		(13)		(13)		(14)		(15)		(16)
Tangible assets, including unrealized gains / losses (f)		138,653		139,489		139,228		138,039		136,274
Less: Accumulated other comprehensive income / loss, before tax		(303)		(803)		(448)		(905)		(660)
Tangible assets, excluding unrealized gains / losses (g)	$	138,350	$	138,686	$	138,780		137,134		135,614
Total Bancorp shareholders’ equity (U.S. GAAP)		N/A		N/A		N/A		N/A		15,626
Less: Goodwill and certain other intangibles		N/A		N/A		N/A		N/A		(2,476)
Unrealized gains		N/A		N/A		N/A		N/A		(429)
Qualifying trust preferred securities		N/A		N/A		N/A		N/A		60
Other		N/A		N/A		N/A		N/A		(17)
Tier I capital		N/A		N/A		N/A		N/A		12,764
Less: Preferred stock		N/A		N/A		N/A		N/A		(1,331)
Qualifying trust preferred securities		N/A		N/A		N/A		N/A		(60)
Qualifying noncontrolling interests in consolidated subsidiaries		N/A		N/A		N/A		N/A		(1)
Tier I common equity (h)		N/A (2)		N/A (2)		N/A (2)		N/A (2)	$	11,372
Common shares outstanding (i)		785		795		810		815		824
	Basel III Transitional								Basel I
Risk-weighted assets (actual) (j) (1)	$	121,264	$	123,148	$	122,986	$	121,310	$	117,878
Ratios:
Return on average tangible common equity (a) / (b)		20.6%		12.0%		9.7%		11.7%		12.1%
Tangible equity (e) / (g)		9.55%		9.28%		9.28%		9.37%		9.41%
Tangible common equity (excluding unrealized gains/losses) (d) / (g)		8.59%		8.32%		8.33%		8.40%		8.43%
Tangible common equity (including unrealized gains/losses) (c) / (f)		8.71%		8.65%		8.51%		8.77%		8.71%
Tangible common equity as a percent of risk-weighted assets (excluding unrealized gains/losses) (d) / (j)		9.80%		9.37%		9.39%		9.49%		9.70%
Tangible book value per share (c) / (i)	$	15.39	$	15.18	$	14.62	$	14.85	$	14.40
Tier I common equity (h) / (j)		N/A (2)		N/A (2)		N/A (2)		N/A (2)		9.65%
Basel III Final Rule—Transition to fully phased-in
	December 2015		September 2015		June 2015		March 2015		December 2014
CET1 capital (transitional)	$	11,917	$	11,574	$	11,582	$	11,543		N/A
Less: Adjustments to CET1 capital from transitional to fully phased-in (3)		(8)		(11)		(12)		(13)		N/A
CET1 capital (fully phased-in) (k)		11,909		11,563		11,570		11,530		N/A
Risk-weighted assets (transitional)		121,264		123,148		122,986		121,310		N/A
Add: Adjustments to risk-weighted assets from transitional to fully phased-in (4)		1,178		1,136		1,280		1,182		N/A
Risk-weighted assets (fully phased-in) (l)	$	122,442	$	124,284	$	124,266	$	122,492		N/A
Estimated CET1 capital ratio under Basel III Final Rule (fully phased-in) (k)/(l)		9.73%		9.30%		9.31%		9.41%		N/A

(1) 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, along with the measure for market risk, resulting in the Bancorp’s total risk-weighted assets.

(2) The Bancorp became subject to the Basel III Final Rule on January 1, 2015. This codified in the federal banking regulations the risk-based capital ratios the Bancorp is now subject to, as such these ratios are no longer considered Non-GAAP measures.

(3) Primarily relates to disallowed intangible assets (other than goodwill and MSRs, net of associated deferred tax liabilities).

(4) Primarily relates to higher risk-weighting for MSRs.

34

Fifth Third Bancorp and Subsidiaries

Segment Presentation

$ in millions

(unaudited)

For the three months ended December 31, 2015	Commercial Banking		Branch Banking		Consumer Lending		Investment Advisors		Other/ Eliminations		Total
Net interest income(a)	$	425	$	406	$	63	$	37	($	27)	$	904
Provision for loan and lease losses		(31)		(38)		(11)		—		(11)		(91)
Net interest income after provision for loan and lease losses		394		368		52		37		(38)		813
Total noninterest income		223		186		80		101		514		1,104
Total noninterest expense		(346)		(386)		(115)		(112)		(4)		(963)
Income before income taxes		271		168		17		26		472		954
Applicable income tax expense(a)		(51)		(59)		(6)		(9)		(172)		(297)
Net income		220		109		11		17		300		657
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income attributable to Bancorp		220		109		11		17		300		657
Dividends on preferred stock		—		—		—		—		23		23
Net income available to common shareholders	$	220	$	109	$	11	$	17	$	277	$	634
For the three months ended September 30, 2015	Commercial Banking		Branch Banking		Consumer Lending		Investment Advisors		Other/ Eliminations		Total
Net interest income(a)	$	418	$	395	$	62	$	33	($	2)	$	906
Provision for loan and lease losses		(138)		(39)		(11)		—		32		(156)
Net interest income after provision for loan and lease losses		280		356		51		33		30		750
Total noninterest income		228		197		76		102		110		713
Total noninterest expense		(342)		(396)		(106)		(112)		13		(943)
Income before income taxes		166		157		21		23		153		520
Applicable income tax expense(a)		(13)		(55)		(8)		(8)		(55)		(139)
Net income		153		102		13		15		98		381
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income attributable to Bancorp		153		102		13		15		98		381
Dividends on preferred stock		—		—		—		—		15		15
Net income available to common shareholders	$	153	$	102	$	13	$	15	$	83	$	366
For the three months ended June 30, 2015	Commercial Banking		Branch Banking		Consumer Lending		Investment Advisors		Other/ Eliminations		Total
Net interest income(a)	$	407	$	376	$	63	$	29	$	17	$	892
Provision for loan and lease losses		(38)		(38)		(8)		(2)		7		(79)
Net interest income after provision for loan and lease losses		369		338		55		27		24		813
Total noninterest income		232		94		122		103		5		556
Total noninterest expense		(356)		(396)		(112)		(115)		32		(947)
Income before income taxes		245		36		65		15		61		422
Applicable income tax expense(a)		(39)		(13)		(23)		(6)		(32)		(113)
Net income		206		23		42		9		29		309
Less: Net income attributable to noncontrolling interests		—		—		—		—		(6)		(6)
Net income attributable to Bancorp		206		23		42		9		35		315
Dividends on preferred stock		—		—		—		—		23		23
Net income available to common shareholders	$	206	$	23	$	42	$	9	$	12	$	292
For the three months ended March 31, 2015	Commercial Banking		Branch Banking		Consumer Lending		Investment Advisors		Other/ Eliminations		Total
Net interest income(a)	$	397	$	377	$	63	$	29	($	14)	$	852
Provision for loan and lease losses		(33)		(42)		(14)		(2)		22		(69)
Net interest income after provision for loan and lease losses		364		335		49		27		8		783
Total noninterest income		174		176		129		107		44		630
Total noninterest expense		(357)		(392)		(104)		(115)		45		(923)
Income (loss) before income taxes		181		119		74		19		97		490
Applicable income tax expense(a)		(18)		(42)		(26)		(7)		(36)		(129)
Net income		163		77		48		12		61		361
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income attributable to Bancorp		163		77		48		12		61		361
Dividends on preferred stock		—		—		—		—		15		15
Net income available to common shareholders	$	163	$	77	$	48	$	12	$	46	$	346
For the three months ended December 31, 2014(b)	Commercial Banking		Branch Banking		Consumer Lending		Investment Advisors		Other/ Eliminations		Total
Net interest income(a)	$	420	$	402	$	64	$	31	($	29)	$	888
Provision for loan and lease losses		(50)		(40)		(100)		(1)		92		(99)
Net interest income after provision for loan and lease losses		370		362		(36)		30		63		789
Total noninterest income		237		188		69		102		57		653
Total noninterest expense		(331)		(386)		(107)		(111)		17		(918)
Income (loss) before income taxes		276		164		(74)		21		137		524
Applicable income tax expense(a)		(55)		(58)		26		(7)		(45)		(139)
Net income (loss)		221		106		(48)		14		92		385
Less: Net income attributable to noncontrolling interests		—		—		—		—		—		—
Net income (loss) attributable to Bancorp		221		106		(48)		14		92		385
Dividends on preferred stock		—		—		—		—		23		23
Net income (loss) available to common shareholders	$	221	$	106	($	48)	$	14	$	69	$	362

(a) Includes taxable equivalent adjustments of $5 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014.

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

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