Wall Street analysts expect Fifth Third Bancorp (FITB) to post quarterly earnings of $0.71 per share in its upcoming report, which indicates a year-over-year decline of 9%. Revenues are expected to be $2.09 billion, down 5.7% from the year-ago quarter.The current level reflects an upward revision of 0.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Before a c ...

The market expects Fifth Third Bancorp (FITB) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be rel ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Fifth Third Bancorp (FITB) , which belongs to the Zacks Banks - Major Regional industry.This company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 11.10%.For the most recent quarter, Fifth Third Bancorp was expected to post earnings of $0.90 per sha ...

CINCINNATI--(BUSINESS WIRE)--Today, Fifth Third Bancorp announced the declaration of cash dividends on its common shares, Series H preferred shares, Series I preferred shares, Series J preferred shares, Series K preferred shares, Series L preferred shares, and Class B Series A preferred shares. Fifth Third Bancorp (Nasdaq: FITB) today declared a cash dividend on its common shares of $0.35 per share for the first quarter of 2024. The dividend is payable on April 15, 2024 to shareholders of record as of Marc ...

CINCINNATI--(BUSINESS WIRE)--Fifth Third is proud to announce it has been named to the 2024 World’s Most Ethical Companies® list by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. This is the fifth time Fifth Third has earned this recognition from Ethisphere and is one of only four banks worldwide, including two in the U.S., to be recognized on the 2024 list. In 2024, 136 companies were recognized across 20 countries and 44 industries. “We are honored E ...

NEW YORK--(BUSINESS WIRE)--The National Minority Supplier Development Council (NMSDC) and Fifth Third today announce the continuance of NMSDC’s innovative Centers of Excellence Certificate Program (COECP) through 2026. The COECP facilitates the development and growth of NMSDC-certified minority business enterprises, prepares them to compete for larger contracting opportunities and facilitates opportunities for strategic partnerships, mentoring and networking. The Fifth Third Foundation will provide an ad ...

Fifth Third Bancorp (FITB) is well poised to benefit from diversified revenue sources. This, along with rising deposits and loans, is likely to keep supporting balance sheet strength. Yet, mounting operating expenses are likely to hamper profitability to some extent. Also, high exposure to commercial loans remains a concern.Fifth Third has expanded its fee-income base over the years on various strategic acquisitions. The bank completed the acquisition of Big Data LLC in 2023, adding national healthcare reve ...

PART I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) Fifth Third Bancorp is a diversified financial services company operating three main businesses: Commercial Banking, Consumer and Small Business Banking, and Wealth & Asset Management, with **$215 billion in assets** as of December 31, 2023 - Fifth Third Bancorp operates three main businesses: Commercial Banking, Consumer and Small Business Banking, and Wealth & Asset Management[50](index=50&type=chunk) Company Snapshot (as of Dec 31, 2023) | Metric | Value | | :--- | :--- | | Total Assets | $215 billion | | Full-service Banking Centers | 1,088 | | Branded ATMs | 2,104 | | Assets Under Care | $574 billion | | Managed Assets | $59 billion | | Full-time Equivalent Employees | 18,724 | - The Bancorp is subject to extensive regulation and supervision by the FRB, OCC, and CFPB, which governs its capital levels, liquidity, and business activities. As a Category IV banking organization, it is subject to tailored prudential standards[788](index=788&type=chunk)[789](index=789&type=chunk) - The company's human capital strategy emphasizes an inclusive culture. As of year-end 2023, its workforce was approximately **57% female** and **29% persons of color**. Full-year employee turnover decreased from **21.0% in 2022** to **16.9% in 2023**[775](index=775&type=chunk)[782](index=782&type=chunk) [Item 1A. Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) The Bancorp faces diverse risks including credit, liquidity, operational, regulatory, market, strategic, and reputational factors that could materially impact its financial condition - Deteriorating credit quality is a primary risk, as the Bancorp incurs losses if borrowers fail to repay their obligations. The determination of the Allowance for Loan and Lease Losses (ALLL) requires complex and subjective judgments about economic conditions[35](index=35&type=chunk) - The Bancorp's liquidity depends on maintaining adequate funding sources, primarily customer deposits. A loss of market or customer confidence could lead to deposit outflows and negatively affect access to capital markets[95](index=95&type=chunk)[96](index=96&type=chunk) - Significant operational risks exist, particularly from cybersecurity threats targeting the Bancorp or its third-party providers. A material breach could disrupt systems and cause financial loss and reputational damage[107](index=107&type=chunk)[108](index=108&type=chunk) - The company is subject to extensive government regulation, and changes in laws or enforcement actions could result in significant costs, fines, or restrictions on business activities[132](index=132&type=chunk)[177](index=177&type=chunk) - Changes in interest rates significantly affect income and cash flows, influencing loan origination, prepayment speeds, and the value of investment securities. The rising rate environment in 2022-2023 has increased these risks[197](index=197&type=chunk)[198](index=198&type=chunk) [Item 1C. Cybersecurity](index=39&type=section&id=Item%201C.%20Cybersecurity) The Bancorp employs a comprehensive cybersecurity risk management system based on NIST frameworks, with multi-layered oversight, and has reported no material incidents as of December 31, 2023 - The Bancorp has not identified any cybersecurity incidents that have materially affected or are reasonably likely to materially affect its business, strategy, or financial condition as of December 31, 2023[283](index=283&type=chunk) - Cybersecurity governance involves a multi-layered oversight structure, including the Board's Technology Committee, the Risk and Compliance Committee, and a management-level Information Security Governance Committee (ISGC)[289](index=289&type=chunk)[290](index=290&type=chunk)[293](index=293&type=chunk) - The cybersecurity program is based on frameworks from the National Institute of Standards and Technology (NIST) and other regulatory requirements, focusing on prevention, detection, and recovery[284](index=284&type=chunk) - A Third Party Risk Management Program is in place to manage cybersecurity risks associated with vendors and other third parties[288](index=288&type=chunk) [Item 2. Properties](index=40&type=section&id=Item%202.%20Properties) The Bancorp's main offices are in Cincinnati, Ohio, and it operated **1,088 banking centers** across eleven states as of December 31, 2023 - As of December 31, 2023, the Bancorp operated **1,088 banking centers**, of which **727 were owned**, **192 were leased**, and **169 were in owned buildings on leased land**[297](index=297&type=chunk) [Item 3. Legal Proceedings](index=40&type=section&id=Item%203.%20Legal%20Proceedings) Details on legal proceedings are incorporated by reference from Note 19 of the Notes to Consolidated Financial Statements - Details on legal proceedings are provided in Note 19 of the Notes to Consolidated Financial Statements[298](index=298&type=chunk) PART II [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes the Bancorp's financial condition and operations, highlighting **$2.2 billion net income** in 2023, driven by net interest income growth and prudent risk management [Overview](index=48&type=section&id=Overview) In 2023, net income was **$2.2 billion**, driven by a **$227 million increase in net interest income** to **$5.9 billion**, despite a **$224 million FDIC special assessment** 2023 vs. 2022 Performance Summary | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Income Available to Common Shareholders | $2.2 billion | $2.3 billion | | Diluted EPS | $3.22 | $3.35 | | Net Interest Income (FTE, non-GAAP) | $5.9 billion | $5.6 billion | | Provision for Credit Losses | $515 million | $563 million | | Net Interest Margin (FTE, non-GAAP) | 3.05% | 3.02% | - The Bancorp's revenues for 2023 were composed of **67% net interest income** (FTE basis) and **33% noninterest income**[382](index=382&type=chunk) - The Bancorp recognized a **$224 million FDIC special assessment** in November 2023 to recover costs from the bank failures earlier in the year. This amount will be paid over eight quarterly periods starting in Q1 2024[388](index=388&type=chunk) [Statements of Income Analysis](index=63&type=section&id=Statements%20of%20Income%20Analysis) Net interest income (FTE) increased by **$227 million** to **$5.9 billion** in 2023, while noninterest expense rose by **$486 million** due to a **$224 million FDIC special assessment** Net Interest Income Analysis (FTE, non-GAAP) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Interest Income | $5.9 billion | $5.6 billion | | Net Interest Margin | 3.05% | 3.02% | | Net Interest Rate Spread | 2.24% | 2.72% | - The provision for credit losses was **$515 million** in 2023, a decrease from **$563 million** in 2022. The 2023 provision was driven by changes in product mix and qualitative factors, partially offset by lower loan balances[601](index=601&type=chunk) - Noninterest income increased by **$115 million** year-over-year, mainly due to recognizing net securities gains of **$18 million** in 2023 compared to net losses of **$82 million** in 2022[605](index=605&type=chunk)[655](index=655&type=chunk) - Noninterest expense rose by **$486 million**, with FDIC insurance and other taxes increasing by **$253 million**, primarily from a **$224 million FDIC special assessment**[656](index=656&type=chunk)[663](index=663&type=chunk) - Mortgage banking net revenue increased by **$35 million** to **$250 million** in 2023, as higher net mortgage servicing revenue offset a decrease in origination fees and gains on loan sales[609](index=609&type=chunk)[611](index=611&type=chunk) [Business Segment Review](index=69&type=section&id=Business%20Segment%20Review) In 2023, Commercial Banking net income increased to **$2.6 billion**, Consumer and Small Business Banking to **$2.8 billion**, and Wealth and Asset Management to **$279 million** Net Income by Business Segment (in millions) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Commercial Banking | $2,559 | $1,649 | | Consumer and Small Business Banking | $2,761 | $1,309 | | Wealth and Asset Management | $279 | $198 | | General Corporate and Other | ($3,250) | ($710) | - The Bancorp uses a Funds Transfer Pricing (FTP) methodology to allocate interest income and expense, insulating business segments from most benchmark interest rate volatility[670](index=670&type=chunk) - Commercial Banking's net interest income (FTE) increased by **$1.3 billion** year-over-year, driven by higher loan yields and FTP credits on deposits[688](index=688&type=chunk) - Consumer and Small Business Banking's net interest income grew by **$2.1 billion**, benefiting from higher FTP credits on deposits and increased loan yields[699](index=699&type=chunk) [Balance Sheet Analysis](index=75&type=section&id=Balance%20Sheet%20Analysis) As of December 31, 2023, total assets were **$214.6 billion**, with loans decreasing by **4%** to **$117.6 billion** and deposits increasing by **3%** to **$168.9 billion** - Total loans and leases decreased by **$4.9 billion (4%)** from year-end 2022, primarily due to a **$4.0 billion decrease** in commercial and industrial loans[719](index=719&type=chunk)[723](index=723&type=chunk) - Total deposits increased by **$5.2 billion (3%)** from year-end 2022, with a notable shift from demand deposits (down **$10.0 billion**) to interest-bearing deposits like interest checking (up **$5.6 billion**) and CDs (up **$8.7 billion**)[742](index=742&type=chunk)[743](index=743&type=chunk)[744](index=744&type=chunk) - The investment securities portfolio was **$51.9 billion** at year-end 2023, with an effective duration of **4.8 years** for the taxable AFS portfolio, down from **5.4 years** at year-end 2022[728](index=728&type=chunk) - Total borrowings increased by **$702 million** to **$19.4 billion**, driven by a **$2.7 billion increase** in long-term debt, partially offset by a **$2.0 billion decrease** in other short-term borrowings[58](index=58&type=chunk)[680](index=680&type=chunk) [Risk Management](index=89&type=section&id=Risk%20Management) The Bancorp's Enterprise Risk Management Framework uses a Three Lines of Defense model to manage eight risk types, including credit, liquidity, interest rate, and operational risks - The Bancorp's risk management operates on a **Three Lines of Defense** structure: 1) Front-line units that create risk, 2) Independent Risk Management for oversight, and 3) Internal Audit for independent assurance[63](index=63&type=chunk) - The credit risk management strategy is based on conservatism, diversification, and monitoring, with a focus on managing concentrations by industry, geography, and product[14](index=14&type=chunk)[19](index=19&type=chunk) - Interest rate risk is managed using Net Interest Income (NII) simulation and Economic Value of Equity (EVE) analysis to measure sensitivity to rate changes[899](index=899&type=chunk)[2](index=2&type=chunk) - Liquidity risk management aims to provide adequate funds for loan demand and deposit withdrawals by maintaining liquid assets, unused borrowing capacity, and core deposit growth. The Bancorp maintains over **$100 billion** in current available liquidity[68](index=68&type=chunk)[80](index=80&type=chunk) - Operational risk management addresses risks from internal processes, human error, or external events, with a significant focus on managing cybersecurity and climate-related risks[138](index=138&type=chunk)[141](index=141&type=chunk) [Capital Management](index=124&type=section&id=Capital%20Management) As of December 31, 2023, all regulatory capital ratios exceeded well-capitalized minimums, with a **CET1 ratio of 10.29%**, and the Bancorp is evaluating proposed Basel III changes Regulatory Capital Ratios (as of Dec 31, 2023) | Ratio | 2023 | 2022 | | :--- | :--- | :--- | | CET1 Capital | 10.29% | 9.28% | | Tier 1 Risk-Based Capital | 11.59% | 10.53% | | Total Risk-Based Capital | 13.72% | 12.79% | | Leverage | 8.73% | 8.56% | - The Bancorp is subject to a **2.5% stress capital buffer requirement**, and its capital ratios have exceeded this requirement for all periods presented[149](index=149&type=chunk) - The Bancorp is evaluating proposed rulemaking from U.S. banking agencies that would revise Basel III capital rules and introduce new long-term debt requirements, potentially increasing capital needs[151](index=151&type=chunk)[152](index=152&type=chunk) - In 2023, the Bancorp declared dividends of **$1.36 per common share** and repurchased approximately **5.6 million shares** at an average price of **$35.78**[158](index=158&type=chunk)[161](index=161&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=109&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the Bancorp's consolidated financial statements, including balance sheets and income statements, along with notes on accounting policies and auditor's report Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $214,574 | $207,452 | | Portfolio Loans and Leases, net | $114,912 | $119,286 | | Total Deposits | $168,912 | $163,690 | | Total Liabilities | $195,402 | $190,125 | | Total Equity | $19,172 | $17,327 | Consolidated Statement of Income Highlights (in millions) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Net Interest Income | $5,827 | $5,609 | | Provision for Credit Losses | $515 | $563 | | Noninterest Income | $2,881 | $2,766 | | Noninterest Expense | $5,205 | $4,719 | | Net Income | $2,349 | $2,446 | - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on the financial statements and the effectiveness of internal control over financial reporting[165](index=165&type=chunk)[166](index=166&type=chunk) - Effective January 1, 2023, the Bancorp adopted ASU 2022-02, which eliminated the accounting guidance for Troubled Debt Restructurings (TDRs) and enhanced disclosure requirements for loan modifications to borrowers experiencing financial difficulty[501](index=501&type=chunk) PART III & IV [Item 9B. Other Information](index=213&type=section&id=Item%209B.%20Other%20Information) On February 27, 2024, the Board approved executive retention grants of RSUs for key officers to promote leadership continuity, vesting over three years - On February 27, 2024, the Board approved retention grants of RSUs for key executives, including the Head of Commercial Bank, COO, CIO, and Chief Risk Officer, each receiving an award valued at **$2 million**[936](index=936&type=chunk)[1445](index=1445&type=chunk) [Item 15. Exhibits, Financial Statement Schedules](index=215&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits included in the Form 10-K report, along with their page numbers - This section provides a list of all financial statements, schedules, and exhibits included in the annual report filing[1484](index=1484&type=chunk)

CINCINNATI--(BUSINESS WIRE)--Fifth Third Bank today announced the opening of its Tampa, FL-based Fifth Third Wealth Advisors office. “Our adviser teams have the opportunity to take advantage of our flexible investment management platform while also providing access to additional services such as trust powers, credit and planning through Fifth Third Bank,” said Eric Housman, president Fifth Third Wealth Advisors. “We believe we offer the look, feel and nimbleness of an independent boutique backed by a top ...

Investors interested in stocks from the Banks - Major Regional sector have probably already heard of Fifth Third Bancorp (FITB) and Northern Trust Corporation (NTRS) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, a ...