Fifth Third Bancorp (FITB) 8-K Fifth Third Announces First Quarter 2020 Results

Exhibit 99.1

Fifth Third Announces First Quarter 2020 Results

Reported diluted earnings per share of $0.04

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

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

Key Financial Data $ millions for all balance sheet and income statement items
	1Q20			4Q19			1Q19
Income Statement Data
Net income available to common shareholders	$	29		$	701		$	760
Net interest income (U.S. GAAP)		1,229			1,228			1,082
Net interest income (FTE)(a)		1,233			1,232			1,086
Noninterest income		671			1,035			1,101
Noninterest expense		1,200			1,160			1,097
Per Share Data
Earnings per share, basic	$	0.04		$	0.97		$	1.14
Earnings per share, diluted		0.04			0.96			1.12
Book value per share		28.26			27.41			24.77
Tangible book value per share(a)		22.02			21.13			18.64
Balance Sheet & Credit Quality
Average portfolio loans and leases	$	110,779		$	109,787		$	97,773
Average deposits		126,789			126,116			109,591
Netcharge-off ratio(b)		0.44	%		0.41	%		0.32	%
Nonperforming asset ratio(c)		0.60			0.62			0.45
Financial Ratios
Return on average assets		0.11	%		1.72	%		2.11	%
Return on average common equity		0.6			14.2			19.6
Return on average tangible common equity(a)		1.0			18.7			23.9
CET1 capital(d)(e)		9.36			9.75			9.60
Net interest margin(a)		3.28			3.27			3.28
Efficiency(a)		63.0			51.2			50.2
Other than the Quarterly Financial Review tables beginning on page 14, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation oftax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.1Refers to the current expected credit losses (CECL) methodology implemented upon the Bancorp’s adoption ofASU 2016-13.

CEO Commentary

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

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

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

(continued)

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

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

-Greg D. Carmichael, Chairman, President and CEO

Income Statement Highlights

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

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

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

2

Net Interest Income

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

Compared to theyear-ago quarter, reported NII increased $147 million, or 14%. Excluding purchase accounting accretion of $16 million in the current quarter and $1 million in theyear-ago quarter, adjusted NII increased $132 million, or 12%, reflecting an increase ininterest-earning assets, including the impact from the MB Financial acquisition, partially offset by the declining-rate environment. Compared to theyear-ago quarter, reported NIM remained flat, and decreased 4 bps excluding purchase accounting accretion.

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

3

Noninterest Income

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

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

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

Noninterest Income excluding certain items

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

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

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

4

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

Noninterest Expense

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

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

Impacts of Merger-Related Expenses

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

5

Noninterest Expense excluding Merger-Related Expenses^(a)

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

Compared to theyear-ago quarter, reported noninterest expense increased $103 million, or 9%. Excluding the merger-related expenses, intangible amortization expense, and an unfavorable CVA within other noninterest expense of $36 million in the current quarter, noninterest expense increased $126 million, or 12%, reflecting the operating expenses resulting from the MB Financial acquisition as well as continued technology investments.

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

6

Average Interest-Earning Assets

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

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

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

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

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

7

Average Deposits

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

Compared to theyear-ago quarter, average core deposits increased 17%, reflecting the impact of the MB Financial acquisition. Average core deposit growth was primarily driven by an increase in interest checking, demand, and money market deposits. Average commercial transaction deposits increased 25% and average consumer transaction deposits increased 11%.

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

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

Average Wholesale Funding

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

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

8

Credit Quality Summary

($ in millions)	For the Three Months Ended
	March 2020			December 2019			September 2019			June 2019			March 2019
Total nonaccrual portfolio loans and leases (NPLs)	$	647		$	618		$	482		$	521		$	450
Repossessed property		10			10			9			8			11
OREO		52			52			28			31			37
Total nonperforming portfolio loans and leases and OREO (NPAs)	$	709		$	680		$	519		$	560		$	498
NPL ratio(h)		0.55	%		0.56	%		0.44	%		0.48	%		0.41	%
NPA ratio(c)		0.60	%		0.62	%		0.47	%		0.51	%		0.45	%
Total loans and leases30-89 days past due (accrual)		409			364			402			383			322
Total loans and leases 90 days past due (accrual)		151			130			132			128			132
Allowance for loan and lease losses, beginning	$	1,202		$	1,143		$	1,115		$	1,115		$	1,103
Impact of CECL adoption		643			—			—			—			—
Total net lossescharged-off		(122	)		(113	)		(99	)		(78	)		(77	)
Provision for loan and lease losses		625			172			127			78			89
Allowance for loan and lease losses, ending	$	2,348		$	1,202		$	1,143		$	1,115		$	1,115
Reserve for unfunded commitments, beginning	$	144		$	154		$	147		$	133		$	131
Impact of CECL adoption		10			—			—			—			—
Reserve for acquired commitments		—			—			—			7			1
Provision for (benefit from) the reserve for unfunded commitments		15			(10	)		7			7			1
Reserve for unfunded commitments, ending	$	169		$	144		$	154		$	147		$	133
Total allowance for credit losses	$	2,517		$	1,346		$	1,297		$	1,262		$	1,248
Allowance for loan and lease losses ratios:
As a percent of portfolio loans and leases		1.99	%		1.10	%		1.04	%		1.02	%		1.02	%
As a percent of nonperforming portfolio loans and leases		363	%		194	%		237	%		214	%		248	%
As a percent of nonperforming portfolio assets		331	%		177	%		221	%		199	%		224	%
Allowance for credit losses as a percent of portfolio loans and leases		2.13	%		1.23	%		1.19	%		1.15	%		1.14	%
Total lossescharged-off	$	(159	)	$	(152	)	$	(130	)	$	(119	)	$	(108	)
Total recoveries of losses previouslycharged-off		37			39			31			41			31
Total net lossescharged-off	$	(122	)	$	(113	)	$	(99	)	$	(78	)	$	(77	)
Netcharge-off ratio (NCO ratio)(b)		0.44	%		0.41	%		0.36	%		0.29	%		0.32	%
Commercial NCO ratio		0.32	%		0.20	%		0.18	%		0.13	%		0.11	%
Consumer NCO ratio		0.66	%		0.78	%		0.68	%		0.59	%		0.68	%

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

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

9

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

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

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

Capital Position

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

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

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

10

Tax Rate

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

Other

The Bancorp adopted ASU2016-13, Measurement of Credit Losses on Financial Instruments (commonly referred to as Current Expected Credit Losses, or CECL), on January 1, 2020. Upon adoption, the Bancorp recorded an increase to reserves of $653 million. The impact of the cumulative effect of the change was a $472 million decrease to equity.

Conference Call

Fifth Third will host a conference call to discuss these financial results at 9:00 a.m. (Eastern Time) today. This conference call will be webcast live and may be accessed through the Fifth Third Investor Relations website atwww.53.com (click on “About Us” then “Investor Relations”).

Those unable to listen to the live webcast may access a webcast replay through the Fifth Third Investor Relations website at the same web address. Additionally, a telephone replay of the conference call will be available after the conference call until approximately May 4, 2020, by dialing800-585-8367 for domestic access or404-537-3406 for international access (passcode 4109509#).

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2020, the Company had $185 billion in assets and operates 1,123 full-service Banking Centers, and 2,464 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2020, had $374 billion in assets under care, of which it managed $42 billion for individuals, corporations andnot-for-profit organizations through its Trust and Registered Investment Advisory businesses.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.”

Earnings Release End Notes

(a) Non-GAAP measure; see discussion ofnon-GAAP and Reg. G reconciliation beginning on page 27.

(b) Net lossescharged-off as a percent of average portfolio loans and leases.

(c) Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO.

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

(e) Current period regulatory capital ratios are estimated.

(f) Assumes a 23% tax rate.

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

(h) Nonperforming portfolio loans and leases as a percent of portfolio loans and leases and OREO.

11

FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”). When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this document.

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

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

# # #

12

Quarterly Financial Review for March 31, 2020

Table of Contents

Financial Highlights	14-15
Consolidated Statements of Income	16-17
Consolidated Balance Sheets	18-19
Consolidated Statements of Changes in Equity	20
Average Balance Sheet and Yield Analysis	21-22
Summary of Loans and Leases	23
Regulatory Capital	24
Summary of Credit Loss Experience	25
Asset Quality	26
Regulation GNon-GAAP Reconciliation	27-29
Segment Presentation	30

13

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

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

(a) Non-GAAP measure; see discussion ofnon-GAAP and Reg. G reconciliation beginning on page 27.

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

(c) Includes transaction deposits plus other time deposits.

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

(e) Current period regulatory capital ratios are estimates.

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

(g) The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.

14

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)

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

(a) Non-GAAP measure; see discussion ofnon-GAAP and Reg. G reconciliation beginning on page 27.

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

(c) Includes transaction deposits plus other time deposits.

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

(e) Current period regulatory capital ratios are estimates.

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

(g) The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments.

15

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income^(a)

$ in millions

(unaudited)

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

16

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income

$ in millions

(unaudited)

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

17

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

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

18

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)

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

19

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Changes in Equity

$ in millions

(unaudited)

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

20

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield/Rate Analysis

$ in millions

(unaudited)

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

(a) Presented on an FTE basis.

21

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield/Rate Analysis

$ in millions

(unaudited)

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

(a) Presented on an FTE basis.

(b) Non-GAAP measure; see discussion ofnon-GAAP and Reg. G reconciliation beginning on page 27.

22

Fifth Third Bancorp and Subsidiaries

Summary of Loans and Leases

$ in millions

(unaudited)

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

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

23

Fifth Third Bancorp and Subsidiaries

Regulatory Capital

$ in millions

(unaudited)

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

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

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

24

Fifth Third Bancorp and Subsidiaries

Summary of Credit Loss Experience

$ in millions

(unaudited)

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

25

Fifth Third Bancorp and Subsidiaries

Asset Quality

$ in millions

(unaudited)

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

(a) Excludes nonaccrual loans held for sale.

(b) Excludes loans held for sale.

26

Use ofNon-GAAP Financial Measures

In addition to GAAP measures, management considers variousNon-GAAP measures when evaluating the performance of the business, including: “net interest income (FTE),” “interest income (FTE),” “net interest margin (FTE),” “net interest rate spread (FTE),” “income before income taxes (FTE),” “tangible net income available to common shareholders,” “average tangible common equity,” “return on average tangible common equity,” “tangible common equity (excluding AOCI),” “tangible common equity (including AOCI),” “tangible equity,” “tangible book value per share,” “adjusted noninterest income,” “adjusted noninterest expense,”“pre-provision net revenue,” “adjusted efficiency ratio,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” “adjusted return on average tangible common equity, excluding accumulated other comprehensive income,” “adjusted net interest margin,” “adjustedpre-provision net revenue,” “adjusted return on average assets,” “efficiency ratio (FTE),” “total revenue (FTE),” and certain ratios derived from these measures. The Bancorp believes thesenon-GAAP measures provide useful information to investors because these are among the measures used by the Fifth Third management team to evaluate operating performance and makeday-to-day operating decisions.

The FTE basis adjusts for thetax-favored status of income from certain loans and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income and net interest margin as they provide a relevant comparison between taxable andnon-taxable amounts.

The Bancorp believes tangible net income available to common shareholders, average tangible common equity, tangible common equity (excluding AOCI), tangible common equity (including AOCI), tangible equity, tangible book value per share and return on average tangible common equity are important measures for evaluating the performance of the business without the impacts of intangible items, whether acquired or created internally, compared to other companies in the industry who present similar measures.

The Bancorp believes noninterest income, noninterest expense, net interest income, net interest margin,pre-provision net revenue, efficiency ratio, return on average common equity, return on average tangible common equity, and return on average assets are important measures that adjust for significant, unusual, or large transactions that may occur in a reporting period which management does not consider indicative ofon-going financial performance and enhances comparability of results with prior periods.

Management considers various measures when evaluating capital utilization and adequacy, including the tangible equity and tangible common equity (including and excluding AOCI), in addition to capital ratios defined by the U.S. banking agencies. These calculations are intended to complement the capital ratios defined by the U.S. banking agencies for both absolute and comparative purposes. These ratios are not formally defined by U.S. GAAP or codified in the federal banking regulations and, therefore, are considered to beNon-GAAP financial measures. Management believes that providing the tangible common equity ratio excluding AOCI on certain assets and liabilities enables investors and others to assess the Bancorp’s use of equity without the effects of changes in AOCI some of which are uncertain and providing the tangible common equity ratio including AOCI enables investors and others to assess the Bancorp’s use of equity if components of AOCI, such as unrealized gains or losses, were to be monetized.

Please note that althoughNon-GAAP financial measures provide useful insight, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures.

Please see Reg. G reconciliations of all historicalNon-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.

27

Fifth Third Bancorp and Subsidiaries

Regulation GNon-GAAP Reconciliation

$ and shares in millions

(unaudited)

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

28

Fifth Third Bancorp and Subsidiaries

Regulation GNon-GAAP Reconciliation

$ in millions

(unaudited)

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

(a) Assumes a 23% tax rate, except for merger-related expenses impacted by certainnon-deductible items.

29

Fifth Third Bancorp and Subsidiaries

Segment Presentation

$ in millions

(unaudited)

For the three months ended March 31, 2020	Commercial Banking			Branch Banking(b)			Consumer Lending(c)			Wealth and Asset Management			Other/ Eliminations			Total
Net interest income (FTE)(a)	$	511		$	505		$	89		$	37		$	91		$	1,233
Provision for credit losses		(45	)		(62	)		(13	)		(1	)		(519	)		(640	)
Net interest income after provision for credit losses		466			443			76			36			(428	)		593
Noninterest income		287			198			124			135			(73	)		671
Noninterest expense		(480	)		(488	)		(122	)		(143	)		33			(1,200	)
Income (loss) before income taxes		273			153			78			28			(468	)		64
Applicable income tax (expense) benefit(a)		(49	)		(32	)		(17	)		(6	)		86			(18	)
Net income (loss)		224			121			61			22			(382	)		46
For the three months ended December 31, 2019	Commercial Banking			Branch Banking(b)			Consumer Lending(c)			Wealth and Asset Management			Other/ Eliminations			Total
Net interest income (FTE)(a)	$	603		$	569		$	91		$	41		($	72	)	$	1,232
Provision for credit losses		(83	)		(60	)		(15	)		—			(4	)		(162	)
Net interest income after provision for credit losses		520			509			76			41			(76	)		1,070
Noninterest income		324			214			74			129			294			1,035
Noninterest expense		(422	)		(485	)		(123	)		(131	)		1			(1,160	)
Income before income taxes		422			238			27			39			219			945
Applicable income tax expense(a)		(81	)		(50	)		(6	)		(8	)		(66	)		(211	)
Net income		341			188			21			31			153			734
For the three months ended September 30, 2019	Commercial Banking			Branch Banking(b)			Consumer Lending(c)			Wealth and Asset Management			Other/ Eliminations			Total
Net interest income (FTE)(a)	$	627		$	598		$	88		$	44		($	111	)	$	1,246
Provision for credit losses		(54	)		(58	)		(14	)		—			(8	)		(134	)
Net interest income after provision for credit losses		573			540			74			44			(119	)		1,112
Noninterest income		335			204			96			125			(20	)		740
Noninterest expense		(425	)		(469	)		(114	)		(129	)		(22	)		(1,159	)
Income (loss) before income taxes		483			275			56			40			(161	)		693
Applicable income tax (expense) benefit(a)		(90	)		(58	)		(12	)		(8	)		24			(144	)
Net income (loss)		393			217			44			32			(137	)		549
For the three months ended June 30, 2019	Commercial Banking			Branch Banking(b)			Consumer Lending(c)			Wealth and Asset Management			Other/ Eliminations			Total
Net interest income (FTE)(a)	$	634		$	620		$	83		$	48		($	135	)	$	1,250
(Provision for) benefit from credit losses		(25	)		(55	)		(7	)		—			2			(85	)
Net interest income after provision for credit losses		609			565			76			48			(133	)		1,165
Noninterest income		301			202			67			118			(28	)		660
Noninterest expense		(420	)		(467	)		(118	)		(135	)		(103	)		(1,243	)
Income (loss) before income taxes		490			300			25			31			(264	)		582
Applicable income tax (expense) benefit(a)		(95	)		(63	)		(5	)		(7	)		41			(129	)
Net income (loss)		395			237			20			24			(223	)		453
For the three months ended March 31, 2019	Commercial Banking			Branch Banking(b)			Consumer Lending(c)			Wealth and Asset Management			Other/ Eliminations			Total
Net interest income (FTE)(a)	$	513		$	584		$	63		$	49		($	123	)	$	1,086
Provision for credit losses		(20	)		(52	)		(13	)		—			(5	)		(90	)
Net interest income after provision for credit losses		493			532			50			49			(128	)		996
Noninterest income		227			183			61			114			516			1,101
Noninterest expense		(356	)		(440	)		(101	)		(130	)		(70	)		(1,097	)
Income before income taxes		364			275			10			33			318			1,000
Applicable income tax expense(a)		(70	)		(58	)		(2	)		(7	)		(88	)		(225	)
Net income		294			217			8			26			230			775

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

(b) Branch Banking provides a full range of deposit and loan and lease products to individuals and small businesses through full-service banking centers.

(c) Consumer Lending includes the Bancorp’s residential mortgage, home equity, automobile and other indirect lending activities.

30