Fifth Third Bancorp (FITB) 8-K Fifth Third Announces First Quarter 2016 Net Income to Common Shareholders of $312 Million, or $0.40 Per Diluted Share

Exhibit 99.1

		News Release
CONTACTS:	Sameer Gokhale (Investors)	FOR IMMEDIATE RELEASE
	(513) 534-2219	April 21, 2016
	Jim Eglseder (Investors)
	(513) 534-8424
	Larry Magnesen (Media)
	(513) 534-8055

FIFTH THIRD ANNOUNCES FIRST QUARTER 2016 NET INCOME TO COMMON SHAREHOLDERS OF $312 MILLION, OR $0.40 PER DILUTED SHARE

• 1Q16 net income available to common shareholders of $312 million, or $0.40 per diluted common share

• Includes a $47 million pre-tax (~$31 million after-tax) positive valuation adjustment on the remaining warrant in Vantiv, a $14 million pre-tax (~$9 million after-tax) expense related to the voluntary early retirement program, and an $8 million pre-tax (~$5 million after-tax) gain on the previously announced sale of certain branches in St. Louis. These items resulted in a net $0.03 impact on earnings per share

• 1Q16 return on average assets (ROA) of 0.93%; return on average common equity of 8.3%; return on average tangible common equity** of 9.9%

• Pre-provision net revenue (PPNR)** of $554 million in 1Q16

• Net interest income (FTE) of $909 million, up 1 percent sequentially and up 7 percent from 1Q15; net interest margin of 2.91%, up 6 bps sequentially

• Average portfolio loans of $93.3 billion, down $319 million sequentially and up $2.8 billion from 1Q15; Period end portfolio loans and leases of $93.6 billion increased $1.0 billion, or 1 percent sequentially and $2.4 billion, or 3 percent, from 1Q15; the sequential and year over year increases were primarily driven by increases in C&I, residential mortgage, and commercial construction loans

• Non-interest income of $637 million compared with $1.1 billion in the prior quarter; primarily driven by the Vantiv-related items in the prior quarter; Capital markets fees within Corporate banking revenue increased 20% from 4Q15, driven primarily by M&A advisory work

• Non-interest expense of $986 million, up 2 percent from prior quarter, primarily driven by seasonally higher compensation-related expenses and $14 million in expense related to the voluntary early retirement program

• Credit trends

• 1Q16 net charge-offs of $96 million (0.42% of loans and leases) increased from 4Q15 NCOs of $80 million (0.34% of loans and leases)

• Portfolio NPA ratio of 0.88% up 18 bps from 4Q15, NPL ratio of 0.75% up 20 bps from 4Q15; total nonperforming assets (NPAs) of $830 million, including loans held-for-sale (HFS), increased $171 million sequentially

• 1Q16 provision expense of $119 million; $91 million in 4Q15 and $69 million in 1Q15

• Strong capital ratios*

• Common equity Tier 1 (CET1) ratio 9.81%; fully phased-in CET1 ratio of 9.72%

• Tier 1 risk-based capital ratio 10.91%, Total risk-based capital ratio 14.66%, Leverage ratio 9.57%

• Tangible common equity ratio** of 8.97%; 8.55% excluding securities portfolio unrealized gains/losses

• 15 million reduction in common shares outstanding during the quarter

• Book value per share of $19.46 up 5% from 4Q15 and up 9% from 1Q15; tangible book value per share** of $16.32

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

** Non-GAAP measure; see Reg. G reconciliation on page 32.

Fifth Third Bancorp (Nasdaq: FITB) today reported first quarter 2016 net income of $327 million versus net income of $657 million in the fourth quarter of 2015 and $361 million in the first quarter of 2015. After preferred dividends, net income available to common shareholders was $312 million, or $0.40 per diluted share, in the first quarter of 2016, compared with $634 million, or $0.79 per diluted share, in the fourth quarter of 2015, and $346 million, or $0.42 per diluted share, in the first quarter of 2015.

First quarter 2016 included:

Income

• $47 million positive valuation adjustment on the remaining Vantiv warrant

• $8 million gain on sale of certain St. Louis branches as part of the previously announced branch consolidation and sales plan

• $1 million benefit related to the valuation of the Visa total return swap

Expense

• ($15 million) in severance expense, primarily consisting of $14 million related to the voluntary early retirement program

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 Visa total return swap

Expense

• ($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 non-interest income.

First quarter 2015 included:

Income

• $70 million positive valuation adjustment on the Vantiv warrant

• $37 million gain on the sale of residential mortgage loans classified as troubled debt restructurings

• ($17 million) charge related to the valuation of the Visa total return swap

• ($30 million) impairment associated with aircraft leases

Expense

• ($1 million) in severance expense

• ($2 million) in litigation reserve charges

• ($4 million) contribution to Fifth Third Foundation

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Earnings Highlights

	For the Three Months Ended										% Change
	March		December		September		June		March
	2016		2015		2015		2015		2015		Seq		Yr/Yr
Earnings ($ in millions)
Net income attributable to Bancorp	$	327	$	657	$	381	$	315	$	361		(50%)		(9%)
Net income available to common shareholders	$	312	$	634	$	366	$	292	$	346		(51%)		(10%)
Common Share Data
Earnings per share, basic	$	0.40	$	0.80	$	0.46	$	0.36	$	0.42		(50%)		(5%)
Earnings per share, diluted		0.40		0.79		0.45		0.36		0.42		(49%)		(5%)
Cash dividends per common share		0.13		0.13		0.13		0.13		0.13		—		—
Financial Ratios
Return on average assets		0.93%		1.83%		1.07%		0.90%		1.06%		(49%)		(12%)
Return on average common equity		8.3		17.2		10.0		8.1		9.7		(52%)		(14%)
Return on average tangible common equity(b)		9.9		20.6		12.0		9.7		11.7		(52%)		(15%)
CET1 capital(c)		9.81		9.82		9.40		9.42		9.52		—		3%
Tier I risk-based capital(c)		10.91		10.93		10.49		10.51		10.62		—		3%
CET1 capital (fully-phased in)(b)(c)		9.72		9.72		9.30		9.31		9.41		—		3%
Net interest margin(a)		2.91		2.85		2.89		2.90		2.86		2%		2%
Efficiency(a)		63.8		48.0		58.2		65.4		62.3		33%		2%
Common shares outstanding (in thousands)		770,471		785,080		795,439		810,054		815,190		(2%)		(5%)
Average common shares outstanding(in thousands):
Basic		773,564		784,855		795,793		803,965		810,210		(1%)		(5%)
Diluted		778,392		794,481		805,023		812,843		818,672		(2%)		(5%)

(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. Current period regulatory capital ratios are estimated.

NA: Not applicable.

“First quarter results were strong despite significant market volatility,” said Greg D. Carmichael, President and CEO of Fifth Third Bancorp. “Our net interest income increased from the fourth quarter, reflecting the benefit of the Fed’s December rate hike on loan yields. In addition, we had very strong results this quarter in our fee generating businesses. At the same time the results also highlight our focus on expense management. We remain cautious about the economic outlook and are continuing to look to drive better near term performance without relying on higher interest rates.”

“The first quarter of 2016 represented a critical starting point for the planned investments we discussed in January. During the quarter we also executed other expense saving initiatives, including our early retirement offer, which will positively impact our operating leverage going forward. Despite the challenging economic environment, we are making these investments now as they will help drive revenue growth and efficiency improvements, while enhancing the quality of customer service. We believe these investments will help us generate attractive and more stable returns through business cycles.”

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“Economic conditions within our footprint remain relatively unchanged, and activity levels are in line with customer sentiment. Our customers continue to embrace the changes we have made to our products, services, and delivery methods as we adapt to their evolving preferences. Our focus on the customer remains at the core of our efforts.”

Income Statement Highlights

	For the Three Months Ended											% Change
	March			December		September		June		March
	2016			2015		2015		2015		2015		Seq		Yr/Yr
Condensed Statements of Income ($ in millions)
Net interest income (taxable equivalent)	$	909		$	904	$	906	$	892	$	852		1%		7%
Provision for loan and lease losses		119			91		156		79		69		31%		72%
Total non-interest income		637			1,104		713		556		630		(42%)		1%
Total non-interest expense		986			963		943		947		923		2%		7%
Income before income taxes (taxable equivalent)	$	441		$	954	$	520	$	422	$	490		(54%)		(10%)
Taxable equivalent adjustment		6			5		5		5		5		20%		20%
Applicable income tax expense		108			292		134		108		124		(63%)		(13%)
			��
Net income	$	327		$	657	$	381	$	309	$	361		(50%)		(9%)
Less: Net income attributable to noncontrolling interests		—			—		—		(6)		—		—		—
Net income attributable to Bancorp	$	327		$	657	$	381	$	315	$	361		(50%)		(9%)
Dividends on preferred stock		15			23		15		23		15		(35%)		—
Net income available to common shareholders	$	312		$	634	$	366	$	292	$	346		(51%)		(10%)
Earnings per share, diluted	$	0.40		$	0.79	$	0.45	$	0.36	$	0.42		(49%)		(5%)

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Net Interest Income

	For the Three Months Ended										% Change
	March		December		September		June		March
	2016		2015		2015		2015		2015		Seq		Yr/Yr
Interest Income ($ in millions)
Total interest income (taxable equivalent)	$	1,044	$	1,035	$	1,031	$	1,008	$	975		1%		7%
Total interest expense		135		131		125		116		123		3%		10%
Net interest income (taxable equivalent)	$	909	$	904	$	906	$	892	$	852		1%		7%
Average Yield
Yield on interest-earning assets (taxable equivalent)		3.34%		3.26%		3.29%		3.28%		3.28%		2%		2%
Rate paid on interest-bearing liabilities		0.64%		0.61%		0.58%		0.56%		0.60%		5%		7%
Net interest rate spread (taxable equivalent)		2.70%		2.65%		2.71%		2.72%		2.68%		2%		1%
Net interest margin (taxable equivalent)		2.91%		2.85%		2.89%		2.90%		2.86%		2%		2%
Average Balances ($ in millions)
Loans and leases, including held for sale	$	94,078	$	94,587	$	94,329	$	92,739	$	91,659		(1%)		3%
Total securities and other short-term investments		31,573		31,256		30,102		30,563		29,038		1%		9%
Total interest-earning assets		125,651		125,843		124,431		123,302		120,697		—		4%
Total interest-bearing liabilities		85,450		85,381		85,171		83,480		83,305		—		3%
Bancorp shareholders’ equity		16,376		15,982		15,815		15,841		15,820		2%		4%

Net interest income increased $5 million to $909 million on a fully taxable equivalent basis from the fourth quarter, primarily driven by improvement in loan yields due to the December Fed funds rate increase. The increase was partially offset by continued loan yield compression as a result of mix shift to lower yielding, higher quality credits, as well as lower consumer loan balances, a lower day count, and the reduction in the Fed stock dividend rate.

The net interest margin was 2.91 percent, an increase of 6 bps from the previous quarter. The increase was primarily driven by the impact of the December Fed funds rate hike on loan yields and a lower day count. This increase was partially offset by continued loan yield compression as a result of a mix shift to lower yielding, higher quality credits, as well as lower consumer loan balances and the reduction in the Fed stock dividend rate.

Compared with the first quarter of 2015, net interest income increased $57 million and the net interest margin increased 5 bps. The increase in net interest income was driven by the impact of higher investment securities and loan balances. The increase in the net interest margin from the prior year was primarily driven by lower cash balances held at the Fed.

Securities

Average securities and other short-term investments were $31.6 billion in the first quarter of 2016 compared with $31.3 billion in the previous quarter and $29.0 billion in the first quarter of 2015. Other short-term investments average balances of $1.9 billion decreased $377 million sequentially reflecting lower cash balances held at the Federal Reserve.

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Loans

	For the Three Months Ended										% Change
	March		December		September		June		March
	2016		2015		2015		2015		2015		Seq		Yr/Yr
Average Portfolio Loans and Leases ($ in millions)
Commercial:
Commercial and industrial loans	$	43,089	$	43,154	$	43,149	$	42,550	$	41,426		—		4%
Commercial mortgage loans		6,886		7,032		7,023		7,148		7,241		(2%)		(5%)
Commercial construction loans		3,297		3,141		2,965		2,549		2,197		5%		50%
Commercial leases		3,874		3,839		3,846		3,776		3,715		1%		4%
Total commercial loans and leases	$	57,146	$	57,166	$	56,983	$	56,023	$	54,579		—		5%
Consumer:
Residential mortgage loans	$	13,788	$	13,504	$	13,144	$	12,831	$	12,433		2%		11%
Home equity		8,217		8,360		8,479		8,654		8,802		(2%)		(7%)
Automobile loans		11,283		11,670		11,877		11,902		11,933		(3%)		(5%)
Credit card		2,179		2,218		2,277		2,296		2,321		(2%)		(6%)
Other consumer loans and leases		662		676		613		467		440		(2%)		50%
Total consumer loans and leases	$	36,129	$	36,428	$	36,390	$	36,150	$	35,929		(1%)		1%
Total average loans and leases (excluding held for sale)	$	93,275	$	93,594	$	93,373	$	92,173	$	90,508		—		3%
Average loans held for sale	$	803	$	993	$	956	$	566	$	1,151		(19%)		(30%)

Average loan and lease balances (excluding loans held-for-sale) decreased $319 million sequentially and increased $2.8 billion, or 3 percent, from the first quarter of 2015. The year-over-year increase in average loans and leases was driven by increased commercial and industrial (C&I), residential mortgage and commercial construction loans. Period end loans and leases (excluding loans held-for-sale) of $93.6 billion increased $1.0 billion, or 1 percent, sequentially and increased $2.4 billion, or 3 percent, from a year ago.

Average commercial portfolio loan and lease balances were flat sequentially and increased $2.6 billion, or 5 percent, from the first quarter of 2015. Average C&I loans were flat from the prior quarter and increased $1.7 billion, or 4 percent, from the first quarter of 2015. Within commercial real estate, average commercial mortgage balances decreased $146 million and average commercial construction balances increased $156 million sequentially. Commercial line usage, on an end of period basis, increased 62 bps from the fourth quarter of 2015 and decreased 15 bps from the first quarter of 2015.

Average consumer portfolio loan and lease balances decreased $299 million sequentially and increased $200 million from the first quarter of 2015 primarily driven by average residential mortgage loans which increased 2 percent sequentially and 11 percent from a year ago. Average auto loans decreased 3 percent sequentially and 5 percent from the previous year. Average home equity loans declined 2 percent sequentially and 7 percent from the first quarter of 2015. Average credit card loans decreased 2 percent sequentially and 6 percent from the first quarter of 2015.

Period end loans held-for-sale balances of $803 million decreased $100 million sequentially and increased $79 million compared with the prior year. During the quarter, we closed on the previously announced sale of branches in St. Louis. The sale included approximately $158 million of loans and consisted primarily of residential mortgages. The sale had an impact of $51 million on average loans held for sale in the first quarter of 2016.

6

Deposits

	For the Three Months Ended										% Change
	March		December		September		June		March
	2016		2015		2015		2015		2015		Seq		Yr/Yr
Average Deposits ($ in millions)
Demand	$	35,201	$	36,254	$	35,231	$	35,384	$	33,760		(3%)		4%
Interest checking		25,740		25,296		25,590		26,894		26,885		2%		(4%)
Savings		14,601		14,615		14,868		15,156		15,174		—		(4%)
Money market		18,655		18,775		18,253		18,071		17,492		(1%)		7%
Foreign office(a)		483		736		718		955		861		(34%)		(44%)
Total transaction deposits	$	94,680	$	95,676	$	94,660	$	96,460	$	94,172		(1%)		1%
Other time		4,035		4,052		4,057		4,074		4,022		—		—
Total core deposits	$	98,715	$	99,728	$	98,717	$	100,534	$	98,194		(1%)		1%
Certificates - $100,000 and over		2,815		3,305		2,924		2,558		2,683		(15%)		5%
Other		—		7		222		—		—		(100%)		—
Total average deposits	$	101,530	$	103,040	$	101,863	$	103,092	$	100,877		(1%)		1%

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

Average core deposits decreased $1.0 billion, or 1 percent, sequentially and increased $521 million, or 1 percent, from the first quarter of 2015. Average transaction deposits decreased $996 million, or 1 percent, from the fourth quarter of 2015 and increased $508 million, or 1 percent, from the first quarter of 2015. Sequential performance was primarily driven by lower demand deposit and foreign office account balances, partially offset by higher interest checking account balances. Year-over-year growth reflected higher demand and money market account balances, partially offset by lower interest checking, savings, and foreign office account balances. Other time deposits were flat sequentially and compared with the first quarter of 2015. Average deposit balances were impacted by approximately $68 million due to the previously noted sale of branches in St. Louis. This sale included $219 million of primarily core consumer deposit balances.

Average commercial transaction deposits decreased 4 percent sequentially and 1 percent from the previous year. Sequential performance was primarily driven by seasonally lower demand deposit balances and lower money market account balances. The year-over-year decline reflected lower interest checking and foreign office account balances, partially offset by higher demand deposit and money market account balances.

Average consumer transaction deposits increased 2 percent both sequentially and from the first quarter of 2015. The sequential performance reflected higher interest checking, money market account, and demand deposit account balances. Year-over-year growth was driven by increased interest checking, money market account, and demand deposit account balances, partially offset by lower savings account balances.

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Wholesale Funding

	For the Three Months Ended										% Change
	March 2016		December 2015		September 2015		June 2015		March 2015		Seq		Yr/Yr
Average Wholesale Funding ($ in millions)
Certificates - $100,000 and over	$	2,815	$	3,305	$	2,924	$	2,558	$	2,683		(15%)		5%
Other deposits		—		7		222		—		—		(100%)		—
Federal funds purchased		608		1,182		1,978		326		172		(49%)		NM
Other short-term borrowings		3,564		1,675		1,897		1,705		1,602		NM		NM
Long-term debt		14,949		15,738		14,664		13,741		14,414		(5%)		4%
Total average wholesale funding	$	21,936	$	21,907	$	21,685	$	18,330	$	18,871		—		16%

Average wholesale funding of $21.9 billion was flat sequentially, and increased $3.1 billion, or 16 percent, compared with the first quarter of 2015. The year-over-year increase in average wholesale funding was driven by higher securities balances and the impact of reducing LCR punitive deposit balances through targeted pricing changes.

Non-interest Income

	For the Three Months Ended										% Change
	March 2016		December 2015		September 2015		June 2015		March 2015		Seq		Yr/Yr
Non-interest Income ($ in millions)
Service charges on deposits	$	137	$	144	$	145	$	139	$	135		(5%)		1%
Corporate banking revenue		102		104		104		113		63		(2%)		62%
Mortgage banking net revenue		78		74		71		117		86		5%		(9%)
Investment advisory revenue		102		102		103		105		108		—		(6%)
Card and processing revenue		79		77		77		77		71		3%		11%
Other non-interest income		136		602		213		1		163		(77%)		(17%)
Securities gains, net		3		1		—		4		4		NM		(25%)
Total non-interest income	$	637	$	1,104	$	713	$	556	$	630		(42%)		1%

Non-interest income of $637 million decreased $467 million sequentially and increased $7 million compared with prior year results. The sequential and year-over-year comparisons reflect the impacts described below.

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Non-interest Income excluding certain items

	For the Three Months Ended						% Change
	March 2016		December 2015		March 2015		Seq		Yr/Yr
Non-interest Income excluding certain items ($ in millions)
Non-interest income (U.S. GAAP)	$	637	$	1,104	$	630
Vantiv warrant valuation		(47)		(21)		(70)
Gain on sale of certain branches		(8)		—		—
Gain on sale of Vantiv shares		—		(331)		—
Gain on Vantiv warrant actions		—		(89)		—
Vantiv TRA settlement payment		—		(49)		—
Gain on sale of TDRs		—		—		(37)
Impairment associated with aircraft leases		—		—		30
Valuation of Visa total return swap		(1)		10		17
Securities (gains) / losses		(3)		(1)		(4)
Non-interest income excluding certain items	$	578	$	623	$	566		(7%)		2%

Excluding the items in the table above, non-interest income of $578 million decreased $45 million, or 7 percent, from the previous quarter and increased $12 million, or 2 percent, from the first quarter of 2015. The sequential decline was primarily due to the $31 million annual Vantiv tax receivable payment recorded in the fourth quarter of 2015. Year-over-year growth was driven by an increase in corporate banking revenue and card and processing revenue.

Service charges on deposits of $137 million decreased 5 percent from the fourth quarter of 2015, reflecting normal seasonality, and increased 1 percent compared with the same quarter last year. The sequential decrease reflected an 11 percent decrease in retail service charges due to seasonality. The increase from the first quarter of 2015 was due to a 4 percent increase in commercial service charges.

Corporate banking revenue of $102 million decreased $2 million compared to the fourth quarter of 2015 and increased $39 million from the first quarter of 2015. The sequential comparison reflects lower lease remarketing fees and business lending fees, partially offset by an increase in institutional sales revenue. The year-over-year increase was primarily driven by the $30 million impairment associated with aircraft leases in the first quarter of 2015 and higher loan syndications revenue, partially offset by lower foreign exchange fees.

Mortgage banking net revenue was $78 million in the first quarter of 2016, up $4 million from the fourth quarter of 2015 and down $8 million from the first quarter of 2015. Originations were stable at $1.8 billion in the current quarter, the previous quarter and in the first quarter of 2015. First quarter 2016 originations resulted in gains of $42 million on mortgages sold, compared with gains of $37 million during the previous quarter and $44 million during the first quarter of 2015. Mortgage servicing fees were $52 million this quarter, $53 million in the fourth quarter of 2015, and $59 million in the first quarter of 2015. 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 first quarter of 2016 (reflecting MSR amortization of $27 million and MSR valuation adjustments of positive $11 million); negative $16 million in the fourth quarter of 2015 (MSR amortization of $29 million and MSR valuation adjustments of positive $13 million); and negative $17 million in the first quarter of 2015 (MSR amortization of $34 million and MSR valuation adjustments of positive $17 million). The mortgage servicing asset, net of the valuation reserve, was $685 million at quarter end on a servicing portfolio of $58 billion.

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Investment advisory revenue of $102 million was flat from the fourth quarter of 2015 as seasonally higher tax related private client service revenue was offset by lower securities and brokerage fees. There was a decrease of 6 percent from the prior year primarily due to lower securities and brokerage fees and personal asset management fees due to the market decline during the quarter.

Card and processing revenue of $79 million in the first quarter of 2016 increased 3 percent sequentially and increased 11 percent from the first quarter of 2015.

Other non-interest income totaled $136 million in the first quarter of 2016, compared with $602 million in the previous quarter and $163 million in the first quarter of 2015. As previously described, the results included the adjustments in the table on page 9 with the exception of securities gains in all comparable periods. Excluding these items, other non-interest income of $80 million decreased approximately $42 million, or 34 percent, from the fourth quarter of 2015 and increased approximately $7 million, or 10 percent, from the first quarter of 2015. The sequential decrease was primarily due to the payment from Vantiv pursuant to the tax receivable agreement of $31 million recognized in the fourth quarter of 2015.

Net gains on investment securities were $3 million in the first quarter of 2016, compared with $1 million in the previous quarter and $4 million in the first quarter of 2015.

Non-interest Expense

	For the Three Months Ended										% Change
	March 2016		December 2015		September 2015		June 2015		March 2015		Seq			Yr/Yr
Non-interest Expense ($ in millions)
Salaries, wages and incentives	$	403	$	386	$	387	$	383	$	369		4	%		9	%
Employee benefits		100		74		72		78		99		35	%		1	%
Net occupancy expense		77		83		77		83		79		(7	%)		(3	%)
Technology and communications		56		59		56		54		55		(5	%)		2	%
Equipment expense		30		32		31		31		31		(6	%)		(3	%)
Card and processing expense		35		40		40		38		36		(13	%)		(3	%)
Other non-interest expense		285		289		280		280		254		(1	%)		12	%
Total non-interest expense	$	986	$	963	$	943	$	947	$	923		2	%		7	%

Non-interest expense of $986 million increased 2 percent compared with the fourth quarter of 2015 and increased 7 percent compared with the first quarter of 2015. The sequential increase was primarily due to a seasonal increase in FICA and unemployment tax expense recorded in employee benefits and a $14 million expense related to the voluntary early retirement program. The year-over-year increase reflected higher compensation expense as a result of additions primarily in risk and compliance and the benefit from a settlement of a tax liability in the first quarter of 2015 recorded in other non-interest expense.

10

Credit Quality

	For the Three Months Ended
	March 2016		December 2015		September 2015		June 2015		March 2015
Total net losses charged-off ($ in millions)
Commercial and industrial loans	($	46)	($	30)	($	128)	($	34)	($	38)
Commercial mortgage loans		(6)		(3)		(11)		(11)		(1)
Commercial construction loans		—		—		(3)		—		—
Commercial leases		(2)		(1)		—		—		—
Residential mortgage loans		(2)		(3)		(3)		(5)		(6)
Home equity		(8)		(9)		(9)		(9)		(14)
Automobile loans		(9)		(9)		(7)		(4)		(8)
Credit card		(20)		(19)		(21)		(21)		(21)
Other consumer loans and leases		(3)		(6)		(6)		(2)		(3)
Total net losses charged-off	($	96)	($	80)	($	188)	($	86)	($	91)
Total losses charged-off	($	116)	($	105)	($	209)	($	112)	($	115)
Total recoveries of losses previously charged-off		20		25		21		26		24
Total net losses charged-off	($	96)	($	80)	($	188)	($	86)	($	91)
Ratios (annualized)
Net losses charged-off as a percent of average portfolio loans and leases (excluding held for sale)		0.42%		0.34%		0.80%		0.37%		0.41%
Commercial		0.38%		0.24%		0.99%		0.32%		0.29%
Consumer		0.48%		0.49%		0.51%		0.46%		0.59%

Net charge-offs were $96 million, or 42 bps of average loans and leases on an annualized basis, in the first quarter of 2016 compared with net charge-offs of $80 million, or 34 bps, in the fourth quarter of 2015 and $91 million, or 41 bps, in the first quarter of 2015.

Commercial net charge-offs were $54 million, or 38 bps, and were up $20 million sequentially. The increase was primarily due to higher charge-offs of C&I Loans, which increased by $16 million from the fourth quarter of 2015. Of this increase, $9 million was in the energy portfolio and related to oil field services loans. Commercial real estate net charge-offs increased $3 million from the previous quarter.

Consumer net charge-offs were $42 million, or 48 bps, and were down $4 million sequentially. Compared with the previous quarter, net charge-offs on residential mortgage loans in the portfolio and home equity portfolio were each down $1 million. Net charge-offs in the auto portfolio were flat and net charge-offs on credit card loans were up $1 million from the fourth quarter of 2015. Net charge-offs on other consumer loans were $3 million, down $3 million the previous quarter.

11

	For the Three Months Ended
	March 2016		December 2015		September 2015		June 2015		March 2015
Allowance for Credit Losses ($ in millions)
Allowance for loan and lease losses, beginning	$	1,272	$	1,261	$	1,293	$	1,300	$	1,322
Total net losses charged-off		(96)		(80)		(188)		(86)		(91)
Provision for loan and lease losses		119		91		156		79		69
Allowance for loan and lease losses, ending	$	1,295	$	1,272	$	1,261	$	1,293	$	1,300
Reserve for unfunded commitments, beginning	$	138	$	134	$	132	$	130	$	135
Provision (benefit) for unfunded commitments		6		4		2		2		(4)
Charge-offs		—		—		—		—		(1)
Reserve for unfunded commitments, ending	$	144	$	138	$	134	$	132	$	130
Components of allowance for credit losses:
Allowance for loan and lease losses	$	1,295	$	1,272	$	1,261	$	1,293	$	1,300
Reserve for unfunded commitments		144		138		134		132		130
Total allowance for credit losses	$	1,439	$	1,410	$	1,395	$	1,425	$	1,430
Allowance for loan and lease losses ratio
As a percent of portfolio loans and leases		1.38%		1.37%		1.35%		1.39%		1.42%
As a percent of nonperforming loans and leases(a)		185%		252%		275%		272%		247%
As a percent of nonperforming assets(a)		157%		197%		208%		206%		188%

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

Provision for loan and lease losses totaled $119 million in the first quarter of 2016. The allowance represented 1.38 percent of total portfolio loans and leases outstanding as of quarter end, compared with 1.37 percent last quarter, and represented 185 percent of nonperforming loans and leases, and 157 percent of nonperforming assets.

The provision increased $28 million from the fourth quarter of 2015 and increased $50 million from the first quarter of 2015. The allowance for loan and lease losses increased $23 million sequentially, primarily reflecting a higher reserve build for the energy portfolio as a result of sustained low oil prices. As of March 31, the reserve allocated to the energy portfolio was approximately 6.20%, up from approximately 4.75% last quarter.

12

	As of
	March 2016		December 2015		September 2015		June 2015		March 2015
Nonperforming Assets and Delinquent Loans ($ in millions)
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	278	$	82	$	47	$	61	$	61
Commercial mortgage loans		51		56		60		49		57
Commercial construction loans		—		—		—		—		—
Commercial leases		4		—		2		2		2
Residential mortgage loans		25		28		31		35		40
Home equity		61		62		65		70		71
Total nonaccrual portfolio loans and leases (excludes restructured loans)	$	419	$	228	$	205	$	217	$	231
Nonaccrual restructured portfolio commercial loans and leases(b)		210		203		177		175		205
Nonaccrual restructured portfolio consumer loans and leases		72		75		76		83		90
Total nonaccrual portfolio loans and leases	$	701	$	506	$	458	$	475	$	526
Repossessed property		17		18		17		16		20
OREO		107		123		131		135		145
Total nonperforming portfolio assets(a)	$	825	$	647	$	606	$	626	$	691
Nonaccrual loans held for sale		3		1		1		1		2
Nonaccrual restructured loans held for sale		2		11		1		—		—
Total nonperforming assets	$	830	$	659	$	608	$	627	$	693
Restructured Portfolio Consumer loans and leases (accrual)	$	998	$	979	$	973	$	970	$	943
Restructured Portfolio Commercial loans and leases (accrual)(b)	$	461	$	491	$	571	$	769	$	774
Total loans and leases 90 days past due	$	73	$	75	$	70	$	70	$	78
Nonperforming loans and leases as a percent of portfolio loans,leases and other assets, including OREO(a)		0.75%		0.55%		0.49%		0.51%		0.57%
Nonperforming portfolio assets as a percent of portfolio loans andleases and OREO(a)		0.88%		0.70%		0.65%		0.67%		0.76%

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

(b) Excludes $20 million of restructured nonaccrual loans and $7 million of restructured accruing loans as of March 31, 2016 and 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 and March 31, 2015.

Total nonperforming assets, including loans held-for-sale, increased $171 million, or 26 percent, from the previous quarter to $830 million. Nonperforming loans (NPLs) at quarter-end increased $195 million, or 39 percent, from the previous quarter to $701 million or 0.75 percent of total loans, leases and OREO.

Commercial NPAs increased $192 million, or 46 percent, from the fourth quarter to $611 million, or 1.06 percent of commercial loans, leases and OREO. Commercial NPLs increased $202 million from last quarter to $543 million, or 0.94 percent of commercial loans and leases. The increase in commercial NPAs was primarily due to an increase in C&I NPAs. C&I NPAs increased $200 million from the prior quarter to $472 million. This increase primarily reflected a $168 million increase in NPLs associated with the RBL (reserve based lending) energy portfolio and the impact of low oil prices. This increase, coupled with the collateralized nature of the RBL loans and the recognition of losses on previous individually evaluated loans, resulted in a decline in the reserve coverage of both NPLs and NPAs compared with those coverage levels in the fourth quarter of 2015. Commercial mortgage NPAs decreased $12 million from the previous quarter to $126 million. Commercial construction NPAs were flat from the previous quarter at $8 million. Commercial lease NPAs were $5 million, up $4 million from the previous quarter. Commercial NPAs included $210 million of nonaccrual troubled debt restructurings (TDRs), compared with $203 million last quarter.

13

Consumer NPAs decreased $14 million from the fourth quarter to $214 million, or 0.59 percent of consumer loans, leases and OREO. Consumer NPLs decreased $7 million from last quarter to $158 million, or 0.44 percent of consumer loans and leases. Residential mortgage NPAs decreased $9 million from the second quarter to $77 million. Home equity NPAs decreased $3 million, sequentially, to $95 million. Consumer nonaccrual TDRs were $72 million in the first quarter of 2016, compared with $75 million in the fourth quarter of 2015.

First quarter OREO balances included in NPA balances were down $16 million from the fourth quarter to $107 million, and included $60 million in commercial OREO and $47 million in consumer OREO. Repossessed personal property decreased $1 million from the prior quarter to $17 million.

Loans over 90 days past due and still accruing decreased $2 million from the fourth quarter of 2015 to $73 million. Commercial balances over 90 days past due were $3 million compared with $7 million in the prior quarter, and consumer balances 90 days past due increased $2 million from the previous quarter to $70 million. Loans 30-89 days past due of $208 million were down $37 million from the previous quarter. Commercial balances 30-89 days past due decreased $1 million sequentially to $34 million and consumer balances 30-89 days past due were down $36 million from the fourth quarter at $174 million. The above delinquency figures exclude nonaccruals described previously.

14

Capital Position

	For the Three Months Ended
	March 2016			December 2015			September 2015			June 2015			March 2015
Capital Position
Average total Bancorp shareholders’ equity to average assets		11.57	%		11.26	%		11.24	%		11.32	%		11.50	%
Tangible equity(a)		9.51	%		9.55	%		9.29	%		9.29	%		9.37	%
Tangible common equity (excluding unrealized gains/losses)(a)		8.55	%		8.59	%		8.33	%		8.33	%		8.40	%
Tangible common equity (including unrealized gains/losses)(a)		8.97	%		8.71	%		8.65	%		8.51	%		8.77	%
Tangible common equity as a percent of risk-weighted assets (excluding unrealized gains/losses)(a)(b)		9.78	%		9.80	%		9.37	%		9.39	%		9.49	%
	Basel III
Regulatory capital ratios:	Transitional
CET1 capital(b)		9.81	%		9.82	%		9.40	%		9.42	%		9.52	%
Tier I risk-based capital(b)		10.91	%		10.93	%		10.49	%		10.51	%		10.62	%
Total risk-based capital(b)		14.66	%		14.13	%		13.68	%		13.69	%		14.01	%
Tier I leverage		9.57	%		9.54	%		9.38	%		9.44	%		9.59	%
CET1 capital (fully phased-in)(a)(b)		9.72	%		9.72	%		9.30	%		9.31	%		9.41	%
Book value per share	$	19.46		$	18.48		$	18.22		$	17.62		$	17.83
Tangible book value per share(a)	$	16.32		$	15.39		$	15.18		$	14.62		$	14.85

(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.

Capital ratios remained strong during the quarter. The common equity Tier 1 ratio was 9.81 percent, the tangible common equity to tangible assets ratio* was 8.55 percent (excluding unrealized gains/losses), and 8.97 percent (including unrealized gains/losses). The Tier 1 risk-based capital ratio was 10.91 percent, the total risk-based capital ratio was 14.66 percent, and the Leverage ratio was 9.57 percent.

* Non-GAAP measure; see Reg. G reconciliation on page 32.

15

Book value per share at March 31, 2016 was $19.46 and tangible book value per share* was $16.32, compared with the December 31, 2015 book value per share of $18.48 and tangible book value per share* of $15.39.

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

• 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.

• On March 4, 2016, Fifth Third entered into a share repurchase agreement whereby Fifth Third would purchase approximately $240 million of its outstanding stock, which reduced the first quarter share count by 12.62 million shares.

• On April 11, 2016, Fifth Third settled the forward contract related to the March 4, 2016 $240 million share repurchase agreement. An additional 1.87 million shares were repurchased in connection with the completion of this agreement.

In total, common shares outstanding decreased by approximately 15 million shares in the first quarter of 2016 from the fourth quarter of 2015.

Tax Rate

The effective tax rate was 25.0 percent in the first quarter of 2016 compared with 30.7 percent in the fourth quarter of 2015 and 25.6 percent in the first quarter of 2015. The sequential comparison was primarily driven by the impact of Vantiv-related transactions during the prior quarter.

Other

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 $53.88 on March 31, 2016, our interest in Vantiv was valued at approximately $1.9 billion. Next month in our 10-Q, we will update our disclosure of the carrying value of our interest in Vantiv stock, which was $360 million as of December 31, 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 $308 million as of March 31, 2016.

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).

* Non-GAAP measure; see Reg. G reconciliation on page 32.

16

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, May 5, 2016 by dialing 800-585-8367 for domestic access or 404-537-3406 for international access (passcode 75971680#).

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2016, the Company had $142 billion in assets and operates 1,241 full-service Banking Centers, including 95 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,556 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, 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 March 31, 2016, had $303 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations.Investor information andpress releases can be viewed atwww.53.com. Fifth Third’s common stock is traded on the NASDAQ^® Global Select Market under the symbol “FITB.”

FORWARD-LOOKING STATEMENTS

This 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.

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.

# # #

17

Quarterly Financial Review for March 31, 2016

Table of Contents

Financial Highlights	19-20
Consolidated Statements of Income	21
Consolidated Statements of Income (Taxable Equivalent)	22
Consolidated Balance Sheets	23-24
Consolidated Statements of Changes in Equity	25
Average Balance Sheet and Yield Analysis	26-27
Summary of Loans and Leases	28
Regulatory Capital	29
Summary of Credit Loss Experience	30
Asset Quality	31
Regulation G Non-GAAP Reconciliation	32
Segment Presentation	33

18

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

	For the Three Months Ended						% Change
	March 2016		December 2015		March 2015		Seq		Yr/Yr
Income Statement Data
Net interest income(a)	$	909	$	904	$	852		1%		7%
Non-interest income		637		1,104		630		(42%)		1%
Total revenue(a)		1,546		2,008		1,482		(23%)		4%
Provision for loan and lease losses		119		91		69		31%		72%
Non-interest expense		986		963		923		2%		7%
Net income attributable to Bancorp		327		657		361		(50%)		(9%)
Net income available to common shareholders		312		634		346		(51%)		(10%)
Common Share Data
Earnings per share, basic	$	0.40	$	0.80	$	0.42		(50%)		(5%)
Earnings per share, diluted		0.40		0.79		0.42		(49%)		(5%)
Cash dividends per common share		0.13		0.13		0.13		—		—
Book value per share		19.46		18.48		17.83		5%		9%
Market price per share		16.69		20.10		18.85		(17%)		(11%)
Common shares outstanding (in thousands)		770,471		785,080		815,190		(2%)		(5%)
Average common shares outstanding (in thousands):
Basic		773,564		784,855		810,210		(1%)		(5%)
Diluted		778,392		794,481		818,672		(2%)		(5%)
Market capitalization	$	12,859	$	15,780	$	15,366		(19%)		(16%)
Financial Ratios
Return on average assets		0.93%		1.83%		1.06%		(49%)		(12%)
Return on average common equity		8.3%		17.2%		9.7%		(52%)		(14%)
Return on average tangible common equity(b)(d)		9.9%		20.6%		11.7%		(52%)		(15%)
Non-interest income as a percent of total revenue		41%		55%		43%		(25%)		(5%)
Dividend payout ratio		32.5%		16.3%		31.0%		101%		5%
Average total Bancorp shareholders’ equity as a percent of average assets		11.57%		11.26%		11.50%		3%		1%
Tangible common equity(c)(d)(j)		8.55%		8.59%		8.40%		—		2%
Net interest margin(a)		2.91%		2.85%		2.86%		2%		2%
Efficiency(a)		63.8%		48.0%		62.3%		33%		2%
Effective tax rate		25.0%		30.7%		25.6%		(19%)		(2%)
Credit Quality
Net losses charged-off	$	96	$	80	$	91		22%		5%
Net losses charged-off as a percent of average portfolio loans and leases		0.42%		0.34%		0.41%		24%		2%
Allowance for loan and lease losses as a percent of portfolio loans and leases		1.38%		1.37%		1.42%		1%		(3%)
Allowance for credit losses as a percent of portfolio loans and leases		1.54%		1.52%		1.57%		1%		(2%)
Nonperforming assets as a percent of portfolio loans, leases and other assets,including OREO(e)		0.88%		0.70%		0.76%		26%		16%
Average Balances
Loans and leases, including held for sale	$	94,078	$	94,587	$	91,659		(1%)		3%
Total securities and other short-term investments		31,573		31,256		29,038		1%		9%
Total assets		141,582		141,973		137,617		—		3%
Transaction deposits(f)		94,680		95,676		94,172		(1%)		1%
Core deposits(g)		98,715		99,728		98,194		(1%)		1%
Wholesale funding(h)		21,936		21,907		18,871		—		16%
Bancorp shareholders’ equity		16,376		15,982		15,820		2%		4%
	Basel III Transitional
Regulatory Capital Ratios(i)
CET1 capital(j)		9.81%		9.82%		9.52%		—		3%
Tier I risk-based capital(j)		10.91%		10.93%		10.62%		—		3%
Total risk-based capital(j)		14.66%		14.13%		14.01%		4%		5%
Tier I leverage		9.57%		9.54%		9.59%		—		—
CET1 capital (fully phased-in)(j)		9.72%		9.72%		9.41%		—		3%
Operations
Banking centers		1,241		1,254		1,303		(1%)		(4%)
ATMs		2,556		2,593		2,637		(1%)		(3%)
Full-time equivalent employees		18,200		18,261		18,471		—		(1%)

(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 32.

(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.

19

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

	For the Three Months Ended
	March 2016			December 2015			September 2015			June 2015			March 2015
Income Statement Data
Net interest income(a)	$	909		$	904		$	906		$	892		$	852
Non-interest income		637			1,104			713			556			630
Total revenue(a)		1,546			2,008			1,619			1,448			1,482
Provision for loan and lease losses		119			91			156			79			69
Non-interest expense		986			963			943			947			923
Net income attributable to Bancorp		327			657			381			315			361
Net income available to common shareholders		312			634			366			292			346
Common Share Data
Earnings per share, basic	$	0.40		$	0.80		$	0.46		$	0.36		$	0.42
Earnings per share, diluted		0.40			0.79			0.45			0.36			0.42
Cash dividends per common share		0.13			0.13			0.13			0.13			0.13
Book value per share		19.46			18.48			18.22			17.62			17.83
Market price per share		16.69			20.10			18.91			20.82			18.85
Common shares outstanding (in thousands)		770,471			785,080			795,439			810,054			815,190
Average common shares outstanding (in thousands):
Basic		773,564			784,855			795,793			803,965			810,210
Diluted		778,392			794,481			805,023			812,843			818,672
Market capitalization	$	12,859		$	15,780		$	15,042		$	16,865		$	15,366
Financial Ratios
Return on average assets		0.93	%		1.83	%		1.07	%		0.90	%		1.06	%
Return on average common equity		8.3	%		17.2	%		10.0	%		8.1	%		9.7	%
Return on average tangible common equity(b)(d)		9.9	%		20.6	%		12.0	%		9.7	%		11.7	%
Non-interest income as a percent of total revenue		41	%		55	%		44	%		38	%		43	%
Dividend payout ratio		32.5	%		16.3	%		28.3	%		36.1	%		31.0	%
Average total Bancorp shareholders’ equity as a percent of average assets		11.57	%		11.26	%		11.24	%		11.32	%		11.50	%
Tangible common equity(c)(d)		8.55	%		8.59	%		8.33	%		8.33	%		8.40	%
Net interest margin(a)		2.91	%		2.85	%		2.89	%		2.90	%		2.86	%
Efficiency(a)		63.8	%		48.0	%		58.2	%		65.4	%		62.3	%
Effective tax rate		25.0	%		30.7	%		26.0	%		26.1	%		25.6	%
Credit Quality
Net losses charged-off	$	96		$	80		$	188		$	86		$	91
Net losses charged-off as a percent of average portfolio loans and leases		0.42	%		0.34	%		0.80	%		0.37	%		0.41	%
ALLL as a percent of portfolio loans and leases		1.38	%		1.37	%		1.35	%		1.39	%		1.42	%
Allowance for credit losses as a percent of portfolio loans and leases		1.54	%		1.52	%		1.49	%		1.54	%		1.57	%
Nonperforming assets as a percent of portfolio loans, leasesand other assets, including OREO(e)		0.88	%		0.70	%		0.65	%		0.67	%		0.76	%
Average Balances
Loans and leases, including held for sale	$	94,078		$	94,587		$	94,329		$	92,739		$	91,659
Total securities and other short-term investments		31,573			31,256			30,102			30,563			29,038
Total assets		141,582			141,973			140,706			139,960			137,617
Transaction deposits(f)		94,680			95,676			94,660			96,460			94,172
Core deposits(g)		98,715			99,728			98,717			100,534			98,194
Wholesale funding(h)		21,936			21,907			21,685			18,330			18,871
Bancorp shareholders’ equity		16,376			15,982			15,815			15,841			15,820
	Basel III Transitional
Regulatory Capital Ratios(i)
CET1 capital(j)		9.81	%		9.82	%		9.40	%		9.42	%		9.52	%
Tier I risk-based capital(j)		10.91	%		10.93	%		10.49	%		10.51	%		10.62	%
Total risk-based capital(j)		14.66	%		14.13	%		13.68	%		13.69	%		14.01	%
Tier I leverage		9.57	%		9.54	%		9.38	%		9.44	%		9.59	%
CET1 capital (fully phased-in)(j)		9.72	%		9.72	%		9.30	%		9.31	%		9.41	%
Operations
Banking centers		1,241			1,254			1,295			1,299			1,303
ATMs		2,556			2,593			2,650			2,630			2,637
Full-time equivalent employees		18,200			18,261			18,311			18,527			18,471

(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 32.

(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.

20

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income

$ in millions

(unaudited)

	For the Three Months Ended						% Change
	March 2016		December 2015		March 2015		Seq		Yr/Yr
Interest Income
Interest and fees on loans and leases	$	804	$	797	$	778		1%		3%
Interest on securities		232		231		188		—		23%
Interest on other short-term investments		2		2		4		—		(50%)
Total interest income		1,038		1,030		970		1%		7%
Interest Expense
Interest on deposits		49		46		50		7%		(2%)
Interest on federal funds purchased		1		—		—		100%		100%
Interest on short-term borrowings		3		1		—		NM		100%
Interest on long-term debt		82		84		73		(2%)		12%
Total interest expense		135		131		123		3%		10%
Net Interest Income		903		899		847		—		7%
Provision for loan and lease losses		119		91		69		31%		72%
Net Interest Income After Provision for Loan and Lease Losses		784		808		778		(3%)		1%
Non-interest Income
Service charges on deposits		137		144		135		(5%)		1%
Corporate banking revenue		102		104		63		(2%)		62%
Mortgage banking net revenue		78		74		86		5%		(9%)
Investment advisory revenue		102		102		108		—		(6%)
Card and processing revenue		79		77		71		3%		11%
Other non-interest income		136		602		163		(77%)		(17%)
Securities gains, net		3		1		4		NM		(25%)
Total non-interest income		637		1,104		630		(42%)		1%
Non-interest Expense
Salaries, wages and incentives		403		386		369		4%		9%
Employee benefits		100		74		99		35%		1%
Net occupancy expense		77		83		79		(7%)		(3%)
Technology and communications		56		59		55		(5%)		2%
Equipment expense		30		32		31		(6%)		(3%)
Card and processing expense		35		40		36		(13%)		(3%)
Other non-interest expense		285		289		254		(1%)		12%
Total non-interest expense		986		963		923		2%		7%
Income Before Income Taxes		435		949		485		(54%)		(10%)
Applicable income tax expense		108		292		124		(63%)		(13%)
Net Income		327		657		361		(50%)		(9%)
Less: Net income attributable to noncontrolling interests		—		—		—		—		—
Net Income Attributable to Bancorp		327		657		361		(50%)		(9%)
Dividends on preferred stock		15		23		15		(35%)		—
Net Income Available to Common Shareholders	$	312	$	634	$	346		(51%)		(10%)

21

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income (Taxable Equivalent)

$ in millions

(unaudited)

	For the Three Months Ended
	March 2016		December 2015		September 2015		June 2015		March 2015
Interest Income
Interest and fees on loans and leases	$	804	$	797	$	795	$	782	$	778
Interest on securities		232		231		230		219		188
Interest on other short-term investments		2		2		1		2		4
Total interest income		1,038		1,030		1,026		1,003		970
Taxable equivalent adjustment		6		5		5		5		5
Total interest income (taxable equivalent)		1,044		1,035		1,031		1,008		975
Interest Expense
Interest on deposits		49		46		44		46		50
Interest on federal funds purchased		1		—		—		—		—
Interest on other short-term borrowings		3		1		1		1		—
Interest on long-term debt		82		84		80		69		73
Total interest expense		135		131		125		116		123
Net Interest Income (Taxable Equivalent)		909		904		906		892		852
Provision for loan and lease losses		119		91		156		79		69
Net Interest Income (Taxable Equivalent) After Provision for Provision for Loan and Lease Losses		790		813		750		813		783
Non-interest Income
Service charges on deposits		137		144		145		139		135
Corporate banking revenue		102		104		104		113		63
Mortgage banking net revenue		78		74		71		117		86
Investment advisory revenue		102		102		103		105		108
Card and processing revenue		79		77		77		77		71
Other non-interest income		136		602		213		1		163
Securities gains, net		3		1		—		4		4
Total non-interest income		637		1,104		713		556		630
Non-interest Expense
Salaries, wages and incentives		403		386		387		383		369
Employee benefits		100		74		72		78		99
Net occupancy expense		77		83		77		83		79
Technology and communications		56		59		56		54		55
Equipment expense		30		32		31		31		31
Card and processing expense		35		40		40		38		36
Other non-interest expense		285		289		280		280		254
Total non-interest expense		986		963		943		947		923
Income Before Income Taxes (Taxable Equivalent)		441		954		520		422		490
Taxable equivalent adjustment		6		5		5		5		5
Income Before Income Taxes		435		949		515		417		485
Applicable income tax expense		108		292		134		108		124
Net Income		327		657		381		309		361
Less: Net Income attributable to noncontrolling interests		—		—		—		(6)		—
Net Income Attributable to Bancorp		327		657		381		315		361
Dividends on preferred stock		15		23		15		23		15
Net Income Available to Common Shareholders	$	312	$	634	$	366	$	292	$	346

22

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of						% Change
	March		December		March
	2016		2015		2015		Seq		Yr/Yr
Assets
Cash and due from banks	$	2,298	$	2,540	$	2,920		(10%)		(21%)
Available-for-sale and other securities(a)		29,891		29,044		26,409		3%		13%
Held-to-maturity securities(b)		64		70		177		(9%)		(64%)
Trading securities		405		386		392		5%		3%
Other short-term investments		1,778		2,671		4,919		(33%)		(64%)
Loans held for sale		803		903		724		(11%)		11%
Portfolio loans and leases:
Commercial and industrial loans		43,433		42,131		42,052		3%		3%
Commercial mortgage loans		6,864		6,957		7,209		(1%)		(5%)
Commercial construction loans		3,428		3,214		2,302		7%		49%
Commercial leases		3,956		3,854		3,786		3%		4%
Residential mortgage loans		13,895		13,716		12,569		1%		11%
Home equity		8,112		8,301		8,714		(2%)		(7%)
Automobile loans		11,128		11,493		11,873		(3%)		(6%)
Credit card		2,138		2,259		2,291		(5%)		(7%)
Other consumer loans and leases		651		657		448		(1%)		45%
Portfolio loans and leases		93,605		92,582		91,244		1%		3%
Allowance for loan and lease losses		(1,295)		(1,272)		(1,300)		2%		—
Portfolio loans and leases, net		92,310		91,310		89,944		1%		3%
Bank premises and equipment		2,185		2,239		2,433		(2%)		(10%)
Operating lease equipment		738		707		695		4%		6%
Goodwill		2,416		2,416		2,416		—		—
Intangible assets		11		12		14		(8%)		(21%)
Servicing rights		685		785		789		(13%)		(13%)
Other assets		8,846		7,965		8,605		11%		3%
Total Assets	$	142,430	$	141,048	$	140,437		1%		1%
Liabilities
Deposits:
Demand	$	35,858	$	36,267	$	35,343		(1%)		1%
Interest checking		25,182		26,768		27,191		(6%)		(7%)
Savings		14,738		14,601		15,355		1%		(4%)
Money market		19,377		18,494		18,105		5%		7%
Foreign office		441		464		811		(5%)		(46%)
Other time		4,049		4,019		4,044		1%		—
Certificates $100,000 and over		2,830		2,592		2,566		9%		10%
Total deposits		102,475		103,205		103,415		(1%)		(1%)
Federal funds purchased		134		151		200		(11%)		(33%)
Other short-term borrowings		3,523		1,507		1,413		NM		NM
Accrued taxes, interest and expenses		2,011		2,164		1,979		(7%)		2%
Other liabilities		2,627		2,341		3,504		12%		(25%)
Long-term debt		15,305		15,810		14,022		(3%)		9%
Total Liabilities		126,075		125,178		124,533		1%		1%
Equity
Common stock(c)		2,051		2,051		2,051		—		—
Preferred stock		1,331		1,331		1,331		—		—
Capital surplus		2,686		2,666		2,659		1%		1%
Retained earnings		12,570		12,358		11,380		2%		10%
Accumulated other comprehensive income		684		197		588		NM		16%
Treasury stock		(2,999)		(2,764)		(2,145)		9%		40%
Total Bancorp shareholders’ equity		16,323		15,839		15,864		3%		3%
Noncontrolling interests		32		31		40		3%		(20%)
Total Equity		16,355		15,870		15,904		3%		3%
Total Liabilities and Equity	$	142,430	$	141,048	$	140,437		1%		1%
(a) Amortized cost	$	28,838	$	28,678	$	25,475		1%		13%
(b) Market values		64		70		177		(9%)		(64%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000		2,000,000		2,000,000		—		—
Outstanding, excluding treasury		770,471		785,080		815,190		(2%)		(5%)
Treasury		153,422		138,812		108,702		11%		41%

23

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

	As of
	March			December			September			June			March
	2016			2015			2015			2015			2015
Assets
Cash and due from banks	$	2,298		$	2,540		$	2,455		$	2,785		$	2,920
Available-for-sale and other securities(a)		29,891			29,044			28,799			27,987			26,409
Held-to-maturity securities(b)		64			70			157			157			177
Trading securities		405			386			374			370			392
Other short-term investments		1,778			2,671			1,994			3,451			4,919
Loans held for sale		803			903			994			995			724
Portfolio loans and leases:
Commercial and industrial loans		43,433			42,131			42,948			42,800			42,052
Commercial mortgage loans		6,864			6,957			7,061			7,150			7,209
Commercial construction loans		3,428			3,214			3,101			2,709			2,302
Commercial leases		3,956			3,854			3,898			3,881			3,786
Residential mortgage loans		13,895			13,716			13,392			12,933			12,569
Home equity		8,112			8,301			8,427			8,547			8,714
Automobile loans		11,128			11,493			11,826			11,909			11,873
Credit card		2,138			2,259			2,229			2,278			2,291
Other consumer loans and leases		651			657			692			496			448
Portfolio loans and leases		93,605			92,582			93,574			92,703			91,244
Allowance for loan and lease losses		(1,295	)		(1,272	)		(1,261	)		(1,293	)		(1,300	)
Portfolio loans and leases, net		92,310			91,310			92,313			91,410			89,944
Bank premises and equipment		2,185			2,239			2,264			2,298			2,433
Operating lease equipment		738			707			680			670			695
Goodwill		2,416			2,416			2,416			2,416			2,416
Intangible assets		11			12			13			13			14
Servicing rights		685			785			757			854			789
Other assets		8,846			7,965			8,667			8,222			8,605
Total Assets	$	142,430		$	141,048		$	141,883		$	141,628		$	140,437
Liabilities
Deposits:
Demand	$	35,858		$	36,267		$	34,832		$	35,449		$	35,343
Interest checking		25,182			26,768			24,832			27,074			27,191
Savings		14,738			14,601			14,632			14,976			15,355
Money market		19,377			18,494			18,887			17,900			18,105
Foreign office		441			464			754			728			811
Other time		4,049			4,019			4,041			4,050			4,044
Certificates $100,000 and over		2,830			2,592			2,915			2,846			2,566
Total deposits		102,475			103,205			100,893			103,023			103,415
Federal funds purchased		134			151			132			126			200
Other short-term borrowings		3,523			1,507			4,904			4,136			1,413
Accrued taxes, interest and expenses		2,011			2,164			1,990			1,858			1,979
Other liabilities		2,627			2,341			2,614			3,356			3,504
Long-term debt		15,305			15,810			15,492			13,491			14,022
Total Liabilities		126,075			125,178			126,025			125,990			124,533
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		2,686			2,666			2,659			2,632			2,659
Retained earnings		12,570			12,358			11,826			11,564			11,380
Accumulated other comprehensive income		684			197			522			291			588
Treasury stock		(2,999	)		(2,764	)		(2,563	)		(2,264	)		(2,145	)
Total Bancorp shareholders’ equity		16,323			15,839			15,826			15,605			15,864
Noncontrolling interests		32			31			32			33			40
Total Equity		16,355			15,870			15,858			15,638			15,904
Total Liabilities and Equity	$	142,430		$	141,048		$	141,883		$	141,628		$	140,437
(a) Amortized cost	$	28,838		$	28,678		$	27,986		$	27,483		$	25,475
(b) Market values		64			70			157			157			177
(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		770,471			785,080			795,439			810,054			815,190
Treasury		153,422			138,812			128,453			113,838			108,702

24

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Changes in Equity

$ in millions

(unaudited)

	For the Three Months Ended
	March			March
	2016			2015
Total equity, beginning	$	15,870		$	15,665
Net income attributable to Bancorp		327			361
Other comprehensive income, net of tax:
Change in unrealized gains:
Available-for-sale securities		447			133
Qualifying cash flow hedges		39			24
Change in accumulated other comprehensive income related to employee benefit plans		1			2
Comprehensive income		814			520
Cash dividends declared:
Common stock		(100	)		(106	)
Preferred stock		(15	)		(15	)
Impact of stock transactions under stock compensation plans, net		24			21
Shares acquired for treasury		(240	)		(180	)
Noncontrolling interest		1			1
Other		1			(2	)
Total equity, ending	$	16,355		$	15,904

25

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	For the Three Months Ended						% Change
	March		December		March
	2016		2015		2015		Seq		Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	43,127	$	43,175	$	41,462		—		4%
Commercial mortgage loans		6,908		7,053		7,248		(2%)		(5%)
Commercial construction loans		3,297		3,141		2,198		5%		50%
Commercial leases		3,875		3,841		3,716		1%		4%
Residential mortgage loans		14,405		14,315		13,515		1%		7%
Home equity		8,241		8,394		8,802		(2%)		(6%)
Automobile loans		11,285		11,674		11,933		(3%)		(5%)
Credit card		2,277		2,320		2,321		(2%)		(2%)
Other consumer loans and leases		663		674		464		(2%)		43%
Taxable securities		29,619		28,951		23,102		2%		28%
Tax exempt securities		78		52		59		50%		32%
Other short-term investments		1,876		2,253		5,877		(17%)		(68%)
Total interest-earning assets		125,651		125,843		120,697		—		4%
Cash and due from banks		2,335		2,466		2,830		(5%)		(17%)
Other assets		14,869		14,925		15,412		—		(4%)
Allowance for loan and lease losses		(1,273)		(1,261)		(1,322)		1%		(4%)
Total Assets	$	141,582	$	141,973	$	137,617		—		3%
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	25,740	$	25,296	$	26,885		2%		(4%)
Savings deposits		14,601		14,615		15,174		—		(4%)
Money market deposits		18,655		18,775		17,492		(1%)		7%
Foreign office deposits		483		736		861		(34%)		(44%)
Other time deposits		4,035		4,052		4,022		—		—
Certificates $100,000 and over		2,815		3,305		2,683		(15%)		5%
Other deposits		—		7		—		(100%)		—
Federal funds purchased		608		1,182		172		(49%)		NM
Other short-term borrowings		3,564		1,675		1,602		NM		NM
Long-term debt		14,949		15,738		14,414		(5%)		4%
Total interest-bearing liabilities		85,450		85,381		83,305		—		3%
Demand deposits		35,201		36,254		33,760		(3%)		4%
Other liabilities		4,524		4,325		4,693		5%		(4%)
Total Liabilities		125,175		125,960		121,758		(1%)		3%
Total Equity		16,407		16,013		15,859		2%		3%
Total Liabilities and Equity	$	141,582	$	141,973	$	137,617		—		3%
Yield Analysis
Interest-earning assets:
Commercial and industrial loans(a)		3.23%		3.12%		3.16%		4%		2%
Commercial mortgage loans(a)		3.27%		3.11%		3.27%		5%		—
Commercial construction loans(a)		3.38%		3.18%		3.23%		6%		5%
Commercial leases(a)		2.77%		2.68%		2.90%		3%		(4%)
Residential mortgage loans		3.63%		3.62%		3.83%		—		(5%)
Home equity		3.80%		3.57%		3.66%		6%		4%
Automobile loans		2.65%		2.67%		2.68%		(1%)		(1%)
Credit card		10.64%		10.17%		10.22%		5%		4%
Other consumer loans and leases		6.27%		6.95%		10.79%		(10%)		(42%)
Total loans and leases		3.46%		3.36%		3.46%		3%		—
Taxable securities		3.14%		3.16%		3.30%		(1%)		(5%)
Tax exempt securities(a)		4.32%		5.69%		5.24%		(24%)		(18%)
Other short-term investments		0.42%		0.28%		0.25%		50%		68%
Total interest-earning assets		3.34%		3.26%		3.28%		2%		2%
Interest-bearing liabilities:
Interest checking deposits		0.23%		0.19%		0.20%		21%		15%
Savings deposits		0.04%		0.05%		0.07%		(20%)		(43%)
Money market deposits		0.25%		0.22%		0.32%		14%		(22%)
Foreign office deposits		0.15%		0.14%		0.20%		7%		(25%)
Other time deposits		1.22%		1.20%		1.17%		2%		4%
Certificates $100,000 and over		1.28%		1.09%		1.16%		17%		10%
Other deposits		0.00%		0.09%		0.00%		(100%)		—
Federal funds purchased		0.36%		0.12%		0.09%		NM		NM
Other short-term borrowings		0.39%		0.12%		0.11%		NM		NM
Long-term debt		2.22%		2.12%		2.03%		5%		9%
Total interest-bearing liabilities		0.64%		0.61%		0.60%		5%		7%
Ratios:
Net interest margin (taxable equivalent)		2.91%		2.85%		2.86%		2%		2%
Net interest rate spread (taxable equivalent)		2.70%		2.65%		2.68%		2%		1%
Interest-bearing liabilities to interest-earning assets		68.01%		67.85%		69.02%		—		(1%)

(a) Presented on a fully taxable equivalent basis.

26

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)

	For the Three Months Ended
	March		December		September		June		March
	2016		2015		2015		2015		2015
Assets
Interest-earning assets:
Commercial and industrial loans	$	43,127	$	43,175	$	43,162	$	42,554	$	41,462
Commercial mortgage loans		6,908		7,053		7,038		7,149		7,248
Commercial construction loans		3,297		3,141		2,966		2,549		2,198
Commercial leases		3,875		3,841		3,847		3,776		3,716
Residential mortgage loans		14,405		14,315		13,976		13,375		13,515
Home equity		8,241		8,394		8,521		8,655		8,802
Automobile loans		11,285		11,674		11,881		11,902		11,933
Credit card		2,277		2,320		2,277		2,296		2,321
Other consumer loans and leases		663		674		661		483		464
Taxable securities		29,619		28,951		28,251		27,344		23,102
Tax exempt securities		78		52		52		59		59
Other short-term investments		1,876		2,253		1,799		3,160		5,877
Total interest-earning assets		125,651		125,843		124,431		123,302		120,697
Cash and due from banks		2,335		2,466		2,503		2,636		2,830
Other assets		14,869		14,925		15,064		15,322		15,412
Allowance for loan and lease losses		(1,273)		(1,261)		(1,292)		(1,300)		(1,322)
Total Assets	$	141,582	$	141,973	$	140,706	$	139,960	$	137,617
Liabilities
Interest-bearing liabilities:
Interest checking deposits	$	25,740	$	25,296	$	25,590	$	26,894	$	26,885
Savings deposits		14,601		14,615		14,868		15,156		15,174
Money market deposits		18,655		18,775		18,253		18,071		17,492
Foreign office deposits		483		736		718		955		861
Other time deposits		4,035		4,052		4,057		4,074		4,022
Certificates $100,000 and over		2,815		3,305		2,924		2,558		2,683
Other deposits		—		7		222		—		—
Federal funds purchased		608		1,182		1,978		326		172
Other short-term borrowings		3,564		1,675		1,897		1,705		1,602
Long-term debt		14,949		15,738		14,664		13,741		14,414
Total interest-bearing liabilities		85,450		85,381		85,171		83,480		83,305
Demand deposits		35,201		36,254		35,231		35,384		33,760
Other liabilities		4,524		4,325		4,458		5,215		4,693
Total Liabilities		125,175		125,960		124,860		124,079		121,758
Total Equity		16,407		16,013		15,846		15,881		15,859
Total Liabilities and Equity	$	141,582	$	141,973	$	140,706	$	139,960	$	137,617
Yield Analysis
Interest-earning assets:
Commercial and industrial loans(a)		3.23%		3.12%		3.11%		3.14%		3.16%
Commercial mortgage loans(a)		3.27%		3.11%		3.17%		3.22%		3.27%
Commercial construction loans(a)		3.38%		3.18%		3.13%		3.17%		3.23%
Commercial leases(a)		2.77%		2.68%		2.72%		2.83%		2.90%
Residential mortgage loans		3.63%		3.62%		3.63%		3.69%		3.83%
Home equity		3.80%		3.57%		3.61%		3.66%		3.66%
Automobile loans		2.65%		2.67%		2.62%		2.65%		2.68%
Credit card		10.64%		10.17%		10.38%		10.33%		10.22%
Other consumer loans and leases		6.27%		6.95%		6.81%		8.49%		10.79%
Total loans and leases		3.46%		3.36%		3.36%		3.41%		3.46%
Taxable securities		3.14%		3.16%		3.23%		3.20%		3.30%
Tax exempt securities(a)		4.32%		5.69%		5.20%		4.82%		5.24%
Other short-term investments		0.42%		0.28%		0.23%		0.25%		0.25%
Total interest-earning assets		3.34%		3.26%		3.29%		3.28%		3.28%
Interest-bearing liabilities:
Interest checking deposits		0.23%		0.19%		0.18%		0.19%		0.20%
Savings deposits		0.04%		0.05%		0.05%		0.05%		0.07%
Money market deposits		0.25%		0.22%		0.21%		0.23%		0.32%
Foreign office deposits		0.15%		0.14%		0.14%		0.14%		0.20%
Other time deposits		1.22%		1.20%		1.19%		1.24%		1.17%
Certificates $100,000 and over		1.28%		1.09%		1.16%		1.24%		1.16%
Other deposits		0.00%		0.09%		0.16%		0.00%		0.00%
Federal funds purchased		0.36%		0.12%		0.14%		0.12%		0.09%
Other short-term borrowings		0.39%		0.12%		0.13%		0.12%		0.11%
Long-term debt		2.22%		2.12%		2.16%		2.04%		2.03%
Total interest-bearing liabilities		0.64%		0.61%		0.58%		0.56%		0.60%
Ratios:
Net interest margin (taxable equivalent)		2.91%		2.85%		2.89%		2.90%		2.86%
Net interest rate spread (taxable equivalent)		2.70%		2.65%		2.71%		2.72%		2.68%
Interest-bearing liabilities to interest-earning assets		68.01%		67.85%		68.45%		67.70%		69.02%

(a) Presented on a fully taxable equivalent basis.

27

Fifth Third Bancorp and Subsidiaries

Summary of Loans and Leases

$ in millions

(unaudited)

	For the Three Months Ended
	March		December		September		June		March
	2016		2015		2015		2015		2015
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	43,089	$	43,154	$	43,149	$	42,550	$	41,426
Commercial mortgage loans		6,886		7,032		7,023		7,148		7,241
Commercial construction loans		3,297		3,141		2,965		2,549		2,197
Commercial leases		3,874		3,839		3,846		3,776		3,715
Total commercial loans and leases		57,146		57,166		56,983		56,023		54,579
Consumer loans and leases:
Residential mortgage loans		13,788		13,504		13,144		12,831		12,433
Home equity		8,217		8,360		8,479		8,654		8,802
Automobile loans		11,283		11,670		11,877		11,902		11,933
Credit card		2,179		2,218		2,277		2,296		2,321
Other consumer loans and leases		662		676		613		467		440
Total consumer loans and leases		36,129		36,428		36,390		36,150		35,929
Total average portfolio loans and leases	$	93,275	$	93,594	$	93,373	$	92,173	$	90,508
Average loans held for sale	$	803	$	993	$	956	$	566	$	1,151
End of Period Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$	43,433	$	42,131	$	42,948	$	42,800	$	42,052
Commercial mortgage loans		6,864		6,957		7,061		7,150		7,209
Commercial construction loans		3,428		3,214		3,101		2,709		2,302
Commercial leases		3,956		3,854		3,898		3,881		3,786
Total commercial loans and leases		57,681		56,156		57,008		56,540		55,349
Consumer loans and leases:
Residential mortgage loans		13,895		13,716		13,392		12,933		12,569
Home equity		8,112		8,301		8,427		8,547		8,714
Automobile loans		11,128		11,493		11,826		11,909		11,873
Credit card		2,138		2,259		2,229		2,278		2,291
Other consumer loans and leases		651		657		692		496		448
Total consumer loans and leases		35,924		36,426		36,566		36,163		35,895
Total portfolio loans and leases	$	93,605	$	92,582	$	93,574	$	92,703	$	91,244
Total loans held for sale	$	803	$	903	$	994	$	995	$	724
Operating lease equipment	$	738	$	707	$	680	$	670	$	695
Loans and Leases Serviced for Others:(a)
Commercial and industrial loans	$	552	$	588	$	589	$	594	$	609
Commercial mortgage loans		231		239		260		266		279
Commercial construction loans		26		27		26		25		21
Commercial leases		262		256		252		260		257
Residential mortgage loans		57,758		59,024		60,301		61,727		64,178
Automobile loans		102		122		146		174		203
Total loans and leases serviced for others		58,931		60,256		61,574		63,046		65,547
Total loans and leases serviced	$	154,077	$	154,448	$	156,822	$	157,414	$	158,210

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

28

Fifth Third Bancorp and Subsidiaries

Regulatory Capital

$ in millions

(unaudited)

	Basel III Transitional
	As of
	March			December			September			June			March
	2016(a)			2015			2015			2015			2015
Regulatory capital:
Common stock and related surplus (net of treasury stock)		1,738		$	1,953		$	2,147		$	2,419			2,565
Retained earnings		12,570			12,358			11,826			11,564			11,380
Common equity tier I capital adjustments and deductions		(2,394	)		(2,394	)		(2,399	)		(2,401	)		(2,402	)
CET1 capital		11,914			11,917			11,574			11,582			11,543
Additional tier I capital		1,330			1,343			1,340			1,340			1,339
Tier I capital		13,244			13,260			12,914		$	12,922		$	12,882
Tier II capital		4,553			3,874			3,935			3,909			4,112
Total regulatory capital	$	17,797		$	17,134		$	16,849		$	16,831		$	16,994
Risk-weighted assets(b)	$	121,432		$	121,290		$	123,148		$	122,986		$	121,310
Ratios:
Average shareholders’ equity to average assets		11.57	%		11.26	%		11.24	%		11.32	%		11.50	%
Regulatory capital ratios:
	Basel III Transitional
Fifth Third Bancorp
CET1 capital(b)		9.81	%		9.82	%		9.40	%		9.42	%		9.52	%
Tier I risk-based capital(b)		10.91	%		10.93	%		10.49	%		10.51	%		10.62	%
Total risk-based capital(b)		14.66	%		14.13	%		13.68	%		13.69	%		14.01	%
Tier I leverage		9.57	%		9.54	%		9.38	%		9.44	%		9.59	%
CET1 capital (fully phased-in)(b)(c)		9.72	%		9.72	%		9.30	%		9.31	%		9.41	%
Fifth Third Bank
Tier I risk-based capital(b)		11.79	%		11.92	%		11.39	%		11.25	%		11.36	%
Total risk-based capital(b)		13.63	%		13.12	%		12.55	%		12.44	%		12.58	%
Tier I leverage		10.39	%		10.43	%		10.21	%		10.14	%		10.30	%

(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) 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 32.

29

Fifth Third Bancorp and Subsidiaries

Summary of Credit Loss Experience

$ in millions

(unaudited)

	For the Three Months Ended
	March 2016		December 2015		September 2015			June 2015		March 2015
Average portfolio loans and leases:
Commercial and industrial loans	$	43,089	$	43,154	$	43,149		$	42,550	$	41,426
Commercial mortgage loans		6,886		7,032		7,023			7,148		7,241
Commercial construction loans		3,297		3,141		2,965			2,549		2,197
Commercial leases		3,874		3,839		3,846			3,776		3,715
Residential mortgage loans		13,788		13,504		13,144			12,831		12,433
Home equity		8,217		8,360		8,479			8,654		8,802
Automobile loans		11,283		11,670		11,877			11,902		11,933
Credit card		2,179		2,218		2,277			2,296		2,321
Other consumer loans and leases		662		676		613			467		440
Total average portfolio loans and leases	$	93,275	$	93,594	$	93,373		$	92,173	$	90,508
Losses charged-off:
Commercial and industrial loans	($	50)	($	38)	($	133)		($	40)	($	43)
Commercial mortgage loans		(8)		(7)		(13)			(14)		(5)
Commercial construction loans		—		—		(3)			—		—
Commercial leases		(2)		(1)		—			—		—
Residential mortgage loans		(4)		(5)		(6)			(8)		(9)
Home equity		(11)		(13)		(13)			(13)		(17)
Automobile loans		(14)		(13)		(11)			(9)		(13)
Credit card		(23)		(22)		(24)			(24)		(24)
Other consumer loans and leases		(4)		(6)		(6)			(4)		(4)
Total losses charged-off	($	116)	($	105)	($	209)		($	112)	($	115)
Recoveries of losses previously charged-off:
Commercial and industrial loans	$	4	$	8	$	5		$	6	$	5
Commercial mortgage loans		2		4		2			3		4
Commercial construction loans		—		—		—			—		—
Commercial leases		—		—		—			—		—
Residential mortgage loans		2		2		3			3		3
Home equity		3		4		4			4		3
Automobile loans		5		4		4			5		5
Credit card		3		3		3			3		3
Other consumer loans and leases		1		—		—			2		1
Total recoveries of losses previously charged-off	$	20	$	25	$	21		$	26	$	24
Net losses charged-off:
Commercial and industrial loans	($	46)	($	30)	($	128)		($	34)	($	38)
Commercial mortgage loans		(6)		(3)		(11)	��		(11)		(1)
Commercial construction loans		—		—		(3)			—		—
Commercial leases		(2)		(1)		—			—		—
Residential mortgage loans		(2)		(3)		(3)			(5)		(6)
Home equity		(8)		(9)		(9)			(9)		(14)
Automobile loans		(9)		(9)		(7)			(4)		(8)
Credit card		(20)		(19)		(21)			(21)		(21)
Other consumer loans and leases		(3)		(6)		(6)			(2)		(3)
Total net losses charged-off	($	96)	($	80)	($	188)		($	86)	($	91)
Net losses charged-off as a percent of average portfolio loans and leases:
Commercial and industrial loans		0.43%		0.28%		1.17%			0.32%		0.38%
Commercial mortgage loans		0.35%		0.19%		0.66%			0.62%		0.05%
Commercial construction loans		(0.06%)		0.00%		0.43%			0.00%		(0.06%)
Commercial leases		0.20%		0.15%		0.00%			(0.01%)		0.00%
Residential mortgage loans		0.07%		0.08%		0.10%			0.16%		0.19%
Home equity		0.36%		0.39%		0.42%			0.41%		0.61%
Automobile loans		0.32%		0.31%		0.23%			0.14%		0.28%
Credit card		3.73%		3.40%		3.77%			3.62%		3.60%
Other consumer loans and leases		2.28%		3.10%		3.52%			2.45%		4.02%
Total net losses charged-off as a percent of average portfolio loans and leases		0.42%		0.34%		0.80%			0.37%		0.41%

30

Fifth Third Bancorp and Subsidiaries

Asset Quality

$ in millions

(unaudited)

	For the Three Months Ended
	March 2016		December 2015		September 2015		June 2015		March 2015
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$	1,272	$	1,261	$	1,293	$	1,300	$	1,322
Total net losses charged-off		(96)		(80)		(188)		(86)		(91)
Provision for loan and lease losses		119		91		156		79		69
Allowance for loan and lease losses, ending	$	1,295	$	1,272	$	1,261	$	1,293	$	1,300
Reserve for unfunded commitments, beginning	$	138	$	134	$	132	$	130	$	135
Provision (benefit) for unfunded commitments		6		4		2		2		(4)
Charge-offs		—		—		—		—		(1)
Reserve for unfunded commitments, ending	$	144	$	138	$	134	$	132	$	130
Components of allowance for credit losses:
Allowance for loan and lease losses	$	1,295	$	1,272	$	1,261	$	1,293	$	1,300
Reserve for unfunded commitments		144		138		134		132		130
Total allowance for credit losses	$	1,439	$	1,410	$	1,395	$	1,425	$	1,430
	As of
	March 2016		December 2015		September 2015		June 2015		March 2015
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	278	$	82	$	47	$	61	$	61
Commercial mortgage loans		51		56		60		49		57
Commercial construction loans		—		—		—		—		—
Commercial leases		4		—		2		2		2
Residential mortgage loans		25		28		31		35		40
Home equity		61		62		65		70		71
Total nonaccrual portfolio loans and leases (excludes restructured loans)		419		228		205		217		231
Nonaccrual restructured portfolio commercial loans and leases		210		203		177		175		205
Nonaccrual restructured portfolio consumer loans and leases		72		75		76		83		90
Total nonaccrual portfolio loans and leases		701		506		458		475		526
Repossessed property		17		18		17		16		20
OREO		107		123		131		135		145
Total nonperforming portfolio assets		825		647		606		626		691
Nonaccrual loans held for sale		3		1		1		1		2
Nonaccrual restructured loans held for sale		2		11		1		—		—
Total nonperforming assets	$	830	$	659	$	608	$	627	$	693
Restructured portfolio consumer loans and leases (accrual)	$	998	$	979	$	973	$	970	$	943
Restructured portfolio commercial loans and leases (accrual)	$	461	$	491	$	571	$	769	$	774
90 days past due loans and leases:
Commercial and industrial loans	$	3	$	7	$	3	$	2	$	2
Commercial mortgage loans		—		—		2		—		1
Commercial construction loans		—		—		—		—		—
Commercial leases		—		—		—		—		—
Total commercial loans and leases		3		7		5		2		3
Residential mortgage loans		44		40		40		43		48
Home equity		—		—		—		—		—
Automobile loans		8		10		8		8		7
Credit card		18		18		17		17		20
Other consumer loans and leases		—		—		—		—		—
Total consumer loans and leases		70		68		65		68		75
Total 90 days past due loans and leases(b)	$	73	$	75	$	70	$	70	$	78
Ratios
Net losses charged-off as a percent of average portfolio loans and leases		0.42%		0.34%		0.80%		0.37%		0.41%
Allowance for loan and lease losses:
As a percent of portfolio loans and leases		1.38%		1.37%		1.35%		1.39%		1.42%
As a percent of nonperforming loans and leases(a)		185%		252%		275%		272%		247%
As a percent of nonperforming assets(a)		157%		197%		208%		206%		188%
Nonperforming loans and leases as a percent of portfolio loans and leasesand OREO(a)		0.75%		0.55%		0.49%		0.51%		0.57%
Nonperforming assets as a percent of portfolio loans, leases and otherassets, including OREO(a)		0.88%		0.70%		0.65%		0.67%		0.76%
Nonperforming assets as a percent of total loans, leases and otherassets, including OREO		0.88%		0.70%		0.64%		0.67%		0.75%
Allowance for credit losses as a percent of nonperforming assets		174%		218%		230%		228%		207%

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

(b) Does not include loans held for sale.

31

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconciliation

$ and shares in millions

(unaudited)

		For the Three Months Ended
		March 2016		December 2015		September 2015		June 2015		March 2015
Income before income taxes (U.S. GAAP)		$	435	$	949	$	515	$	417	$	485
Add:	Provision expense (U.S. GAAP)		119		91		156		79		69
Pre-provision net revenue			554		1,040		671		496		554
Net income available to common shareholders (U.S. GAAP)			312		634		366		292		346
Add:	Intangible amortization, net of tax		—		—		—		—		—
Tangible net income available to common shareholders			312		634		366		292		346
Tangible net income available to common shareholders (annualized) (a)			1,255		2,515		1,452		1,171		1,403
Average Bancorp shareholders’ equity (U.S. GAAP)			16,376		15,982		15,815		15,841		15,820
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		(12)		(13)		(14)		(15)		(15)
Average tangible common equity (b)			12,617		12,222		12,054		12,079		12,058
Total Bancorp shareholders’ equity (U.S. GAAP)			16,323		15,839		15,826		15,605		15,864
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		(12)		(13)		(13)		(14)		(15)
Tangible common equity, including unrealized gains / losses (c)			12,564		12,079		12,066		11,844		12,102
Less:	Accumulated other comprehensive income		(684)		(197)		(522)		(291)		(588)
Tangible common equity, excluding unrealized gains / losses (d)			11,880		11,882		11,544		11,553		11,514
Add:	Preferred stock		1,331		1,331		1,331		1,331		1,331
Tangible equity (e)			13,211		13,213		12,875		12,884		12,845
Total assets (U.S. GAAP)			142,430		141,048		141,883		141,628		140,437
Less:	Goodwill		(2,416)		(2,416)		(2,416)		(2,416)		(2,416)
	Intangible assets and other servicing rights		(12)		(13)		(13)		(14)		(15)
Tangible assets, including unrealized gains / losses (f)			140,002		138,619		139,454		139,198		138,006
Less:	Accumulated other comprehensive income / loss, before tax		(1,052)		(303)		(803)		(448)		(905)
Tangible assets, excluding unrealized gains / losses (g)		$	138,950	$	138,316	$	138,651		138,750		137,101
Common shares outstanding (h)			770		785		795		810		815
		Basel III
		Transitional
Risk-weighted assets (actual) (i) (1)		$	121,432	$	121,290	$	123,148	$	122,986	$	121,310
Ratios:
Return on average tangible common equity (a) / (b)			9.9%		20.6%		12.0%		9.7%		11.7%
Tangible equity (e) / (g)			9.51%		9.55%		9.29%		9.29%		9.37%
Tangible common equity (excluding unrealized gains/losses) (d) / (g)			8.55%		8.59%		8.33%		8.33%		8.40%
Tangible common equity (including unrealized gains/losses) (c) / (f)			8.97%		8.71%		8.65%		8.51%		8.77%
Tangible common equity as a percent of risk-weighted assets(excluding unrealized gains/losses) (d) / (i)			9.78%		9.80%		9.37%		9.39%		9.49%
Tangible book value per share (c) / (h)		$	16.32	$	15.39	$	15.18	$	14.62	$	14.85
Basel III Final Rule - Transition to fully phased-in
		March 2016		December 2015		September 2015		June 2015		March 2015
CET1 capital (transitional)		$	11,914	$	11,917	$	11,574	$	11,582	$	11,543
Less: Adjustments to CET1 capital from transitional to fully phased-in (2)			(5)		(8)		(11)		(12)		(13)
CET1 capital (fully phased-in) (j)			11,909		11,909		11,563		11,570		11,530
Risk-weighted assets (transitional)			121,432		121,290		123,148		122,986		121,310
Add: Adjustments to risk-weighted assets from transitional to fully phased-in (3)			1,027		1,178		1,136		1,280		1,182
Risk-weighted assets (fully phased-in) (k)		$	122,459	$	122,468	$	124,284	$	124,266	$	122,492
Estimated CET1 capital ratio under Basel III Final Rule (fully phased-in) (j)/(k)			9.72%		9.72%		9.30%		9.31%		9.41%

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

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

32

Fifth Third Bancorp and Subsidiaries

Segment Presentation

$ in millions

(unaudited)

For the three months ended March 31, 2016	Commercial Banking		Branch Banking		Consumer Lending		Investment Advisors		Other/ Eliminations			Total
Net interest income(a)	$	457	$	426	$	60	$	43	($	77)		$	909
Provision for loan and lease losses		(65)		(34)		(12)		—		(8)			(119)
Net interest income after provision for loan and lease losses		392		392		48		43		(85)			790
Total non-interest income		223		189		83		100		42			637
Total non-interest expense		(363)		(411)		(118)		(107)		13			(986)
Income (loss) before income taxes		252		170		13		36		(30)			441
Applicable income tax expense(a)		(41)		(60)		(5)		(13)		5			(114)
Net income(loss)		211		110		8		23		(25)			327
Less: Net income attributable to noncontrolling interests		—		—		—		—		—			—
Net income (loss) attributable to Bancorp		211		110		8		23		(25)			327
Dividends on preferred stock		—		—		—		—		15			15
Net income (loss) available to common shareholders	$	211	$	110	$	8	$	23	($	40)		$	312
For the three months ended December 31, 2015(b)	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		(27)		(35)		(11)		—		(18)			(91)
Net interest income after provision for loan and lease losses		398		371		52		37		(45)			813
Total non-interest income		223		186		80		101		514			1,104
Total non-interest expense		(338)		(393)		(116)		(112)		(4)			(963)
Income before income taxes		283		164		16		26		465			954
Applicable income tax expense(a)		(55)		(57)		(6)		(9)		(170)			(297)
Net income		228		107		10		17		295			657
Less: Net income attributable to noncontrolling interests		—		—		—		—		—			—
Net income attributable to Bancorp		228		107		10		17		295			657
Dividends on preferred stock		—		—		—		—		23			23
Net income available to common shareholders	$	228	$	107	$	10	$	17	$	272		$	634
											��
For the three months ended September 30, 2015(b)	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		(195)		(37)		(11)		—		87			(156)
Net interest income after provision for loan and lease losses		223		358		51		33		85			750
Total non-interest income		228		197		76		102		110			713
Total non-interest expense		(334)		(404)		(107)		(112)		14			(943)
Income (loss) before income taxes		117		151		20		23		209			520
Applicable income tax expense(a)		4		(53)		(7)		(9)		(74)			(139)
Net income(loss)		121		98		13		14		135			381
Less: Net income attributable to noncontrolling interests		—		—		—		—		—			—
Net income (loss) attributable to Bancorp		121		98		13		14		135			381
Dividends on preferred stock		—		—		—		—		15			15
Net income (loss) available to common shareholders	$	121	$	98	$	13	$	14	$	120		$	366
For the three months ended June 30, 2015(b)	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		(37)		(36)		(8)		(1)		3			(79)
Net interest income after provision for loan and lease losses		370		340		55		28		20			813
Total non-interest income		232		94		122		103		5			556
Total non-interest expense		(348)		(404)		(113)		(115)		33			(947)
Income before income taxes		254		30		64		16		58			422
Applicable income tax expense(a)		(43)		(11)		(23)		(6)		(30)			(113)
Net income		211		19		41		10		28			309
Less: Net income attributable to noncontrolling interests		—		—		—		—		(6)			(6)
Net income attributable to Bancorp		211		19		41		10		34			315
Dividends on preferred stock		—		—		—		—		23			23
Net income available to common shareholders	$	211	$	19	$	41	$	10	$	11		$	292
For the three months ended March 31, 2015(b)	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		(42)		(42)		(14)		(1)		30			(69)
Net interest income after provision for loan and lease losses		355		335		49		28		16			783
Total non-interest income		174		176		129		107		44			630
Total non-interest expense		(348)		(400)		(105)		(115)		45			(923)
Income before income taxes		181		111		73		20		105			490
Applicable income tax expense(a)		(18)		(39)		(26)		(7)		(39)			(129)
Net income		163		72		47		13		66			361
Less: Net income attributable to noncontrolling interests		—		—		—		—		—			—
Net income attributable to Bancorp		163		72		47		13		66			361
Dividends on preferred stock		—		—		—		—		15			15
Net income available to common shareholders	$	163	$	72	$	47	$	13	$	51		$	346

(a) Includes taxable equivalent adjustments of $6 million for the three months ended March 31, 2016 and $5 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015.

(b) Prior period balances have been adjusted to reflect changes in internal allocation methodologies.

33