Form 8-K FIFTH THIRD BANCORP For: Apr 21

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Form 8-K FIFTH THIRD BANCORP For: Apr 21

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April 21, 2015 6:31 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 21, 2015

LOGO

(Exact Name of Registrant as Specified in Its Charter)

OHIO

(State or Other Jurisdiction of Incorporation)


001-33653		31-0854434
(Commission File Number)		(IRS Employer Identification No.)

Fifth Third Center

38 Fountain Square Plaza, Cincinnati, Ohio

45263

(Address of Principal Executive Offices)

(Zip Code)

(800) 972-3030

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02

Results of Operations and Financial Condition

On April 21, 2015 Fifth Third Bancorp issued a press release and its quarterly financial supplement announcing its earnings release for the first quarter of 2015. A copy of this press release and its quarterly financial supplement are attached as Exhibits 99.1 and 99.3, respectively. This information is furnished under both Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure. The information in this Form 8-K and Exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 7.01

Regulation FD Disclosure

For the benefit of its investors, Fifth Third Bancorp is furnishing information regarding its earnings conference call. A copy of this item is attached as Exhibit 99.2. The information in this Form 8-K and Exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference.

Item 9.01

Financial Statements and Exhibits

Exhibit 99.1 – Press release dated April 21, 2015

Exhibit 99.2 – First Quarter Earnings Conference Call

Exhibit 99.3 – Quarterly Financial Supplement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


				FIFTH THIRD BANCORP

				(Registrant)

April 21, 2015				/s/ Tayfun Tuzun
				Tayfun Tuzun
				Executive Vice President and Chief Financial Officer

Exhibit 99.1




		News Release

CONTACTS:	Jim Eglseder (Investors)	FOR IMMEDIATE RELEASE
	(513) 534-8424	April 21, 2015
	Laura Wehby (Investors)
	(513) 534-7407
	Larry Magnesen (Media)
	(513) 534-8055

FIFTH THIRD ANNOUNCES FIRST QUARTER 2015 NET INCOME TO COMMON SHAREHOLDERS OF $367 MILLION, OR $0.44 PER DILUTED SHARE

•

1Q15 net income available to common shareholders of $367 million, or $0.44 per diluted common share

•

Includes a $70 million pre-tax (~$46 million after tax) positive valuation adjustment on the warrant Fifth Third holds in Vantiv, $37 million pre-tax (~$24 million after tax) gain on the sale of held-for-sale residential mortgage loans classified as troubled debt restructurings (TDRs), and a $17 million pre-tax (~$11 million after tax) charge related to the valuation of the Visa total return swap, resulting in a net $0.07 impact on earnings per share

•

1Q15 return on average assets (ROA) of 1.12%; return on average common equity of 10.3%; return on average tangible common equity** of 12.3%

•

Pre-provision net revenue (PPNR)** of $584 million in 1Q15

•

Net interest income (FTE) of $852 million, down 4 percent sequentially and down 5 percent from 1Q14; net interest margin of 2.86%, down 10 basis points sequentially

•

Average portfolio loans of $90.5 billion, down $533 million sequentially due to the transfer of $720 million of residential mortgage TDRs to held-for-sale in 4Q14 (reduced average balances by $694 million); loans up $978 million from 1Q14 driven by increases in C&I loans

•

Noninterest income of $660 million compared with $653 million in the prior quarter; impacted by the gain on sale of residential mortgage TDRs in 1Q15 and valuations on the Vantiv warrant in both quarters

•

Noninterest expense of $923 million, up 1 percent from prior quarter driven by seasonally higher compensation-related expenses, partially offset by lower credit-related costs

•

Credit trends

•

Net charge-offs declined 46 percent year-over-year; 1Q15 net charge-offs of $91 million (0.41% of loans and leases) vs. 4Q14 NCOs of $191 million (0.83% of loans and leases) which included $87 million of charge-offs related to the transfer of residential mortgage TDRs to held-for-sale and 1Q14 NCOs of $168 million (0.76% of loans and leases)

•

Portfolio NPA ratio of 0.76% down 6 bps from 4Q14, NPL ratio of 0.57% down 7 bps from 4Q14; total nonperforming assets (NPAs) of $693 million, including loans held-for-sale (HFS), declined $90 million sequentially

•

1Q15 provision expense of $69 million; $99 million in 4Q14 (including the $23 million impact related to the transfer of loans held-for-sale) and $69 million in 1Q14

•

Strong capital ratios*

•

Common equity Tier 1 ratio 9.62%

•

Tier 1 risk-based capital ratio 10.74%, Total risk-based capital ratio 14.16%, Leverage ratio 9.61%

•

Tangible common equity ratio** of 8.78%; 8.41% excluding securities portfolio unrealized gains/losses

•

9 million reduction in average diluted share count

•

Book value per share of $17.85 up 3 percent from 4Q14 and up 10 percent from 1Q14; tangible book value per share** of $14.87

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

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

Fifth Third Bancorp (Nasdaq: FITB) today reported first quarter 2015 net income of $382 million versus net income of $385 million in the fourth quarter of 2014 and $318 million in the first quarter of 2014. After preferred dividends, net income available to common shareholders was $367 million, or $0.44 per diluted share, in the first quarter of 2015, compared with $362 million, or $0.43 per diluted share, in the fourth quarter of 2014, and $309 million, or $0.36 per diluted share, in the first quarter of 2014.

First quarter 2015 included:

Income

•

$70 million positive valuation adjustment on the Vantiv warrant

•

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

•

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

Expenses

•

($2 million) in litigation reserve charges

Fourth quarter 2014 included:

Income

•

$56 million positive valuation adjustment on the Vantiv warrant

•

$23 million annual payment received from Vantiv pursuant to tax receivable agreement

•

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

Expenses

•

$3 million reversal of litigation reserves

Results also included $23 million of provision expense related to the transfer of residential mortgage loans classified as troubled debt restructurings to held-for-sale.

First quarter 2014 included:

Income

•

($36 million) negative valuation adjustment on the Vantiv warrant

•

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

Expenses

•

($51 million) in litigation reserve charges

Earnings Highlights


	For the Three Months Ended															% Change
	March 2015			December 2014			September 2014			June 2014			March 2014			Seq			Yr/Yr
Earnings ($ in millions)
Net income attributable to Bancorp	$	382		$	385		$	340		$	439		$	318			(1	%)		20	%
Net income available to common shareholders	$	367		$	362		$	328		$	416		$	309			1	%		15	%
Common Share Data
Earnings per share, basic		0.45			0.44			0.39			0.49			0.36			2	%		25	%
Earnings per share, diluted		0.44			0.43			0.39			0.49			0.36			2	%		22	%
Cash dividends per common share		0.13			0.13			0.13			0.13			0.12			—			8	%
Financial Ratios
Return on average assets		1.12	%		1.13	%		1.02	%		1.34	%		1.00	%		—			12	%
Return on average common equity		10.3			10.0			9.2			11.9			9.0			2	%		13	%
Return on average tangible common equity^(b)		12.3			12.1			11.1			14.4			11.0			2	%		12	%
Tier I risk-based capital^(c)		10.74			10.83			10.83			10.80			10.45			(2	%)		1	%
Common equity Tier I^(c)		9.62			N/A			N/A			N/A			N/A			N/A			N/A
Tier I common equity^(b)		N/A			9.65			9.64			9.61			9.51			N/A			N/A
Net interest margin^(a)		2.86			2.96			3.10			3.15			3.22			(3	%)		(11	%)
Efficiency^(a)		61.0			59.6			62.1			58.2			64.9			2	%		(6	%)
Common shares outstanding (in thousands)		815,190			824,047			834,262			844,489			847,569			(1	%)		(4	%)
Average common shares outstanding (in thousands):
Basic		810,210			819,057			829,392			838,492			845,860			(1	%)		(4	%)
Diluted		818,672			827,831			838,324			848,245			857,924			(1	%)		(5	%)

(a)

Presented on a fully taxable equivalent basis.

(b)

These ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition. See the Regulation G Non-GAAP Reconciliation table for a reconciliation of these ratios to U.S. GAAP.

(c)

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

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

NA: Not applicable.

“Our results this quarter were solid despite the impact of expected first quarter seasonality and challenging market conditions, and reflect the strength of our franchise in generating strong shareholder returns resulting from our strategic decisions to build and invest in our businesses. We are very focused on growing businesses that will operate profitably in all environments by deepening our relationships with customers and managing our risk exposures to achieve optimal returns for our shareholders. Our quarterly results include the significant value that we have achieved in our Vantiv investment and the gain on the sale of our TDR loans, which is another step toward reducing future sources of potential volatility,” said Kevin Kabat, CEO of Fifth Third Bancorp.

“First quarter net income of $382 million, which reflected record investment advisory revenue and solid mortgage banking revenue growth, produced an ROA of 1.12% and ROE of 10.3%. These results included the impact of the NII decline associated with the changes in our deposit advance product in the quarter.

“Our loan growth, especially in the C&I category, was weaker at the end of last year which impacted the starting balances early in the quarter, but we were encouraged by better activity in February and March. Average loans increased 2 percent compared with the year ago quarter with continued strength in C&I lending, which was up 3 percent, and growth in commercial real estate and bankcard loans of 4 percent each.

“Credit results were very good, resulting in net charge-offs of 41 bps for the quarter, with commercial loan net charge-offs of 29 bps and consumer loan net charge-offs of 59 bps. Total delinquencies also continued to be at very low levels and were highlighted by total non-performing assets, which were down 11 percent compared with last quarter.

“Average core deposits were up 2 percent sequentially, with 6 percent growth in interest checking, and were up 7 percent year over year, with demand deposit growth of 10 percent.

“During the quarter, we received a non-objection from the Federal Reserve for our 2015 CCAR plan. That plan demonstrates the strength of Fifth Third’s current capital levels and our resiliency under stress conditions. We are pleased to be able to continue the measured return of capital to shareholders under our 2015 CCAR plan.”

Income Statement Highlights


	For the Three Months Ended										% Change
	March 2015		December 2014		September 2014		June 2014		March 2014		Seq			Yr/Yr
Condensed Statements of Income ($ in millions)
Net interest income (taxable equivalent)	$	852	$	888	$	908	$	905	$	898		(4	%)		(5	%)
Provision for loan and lease losses		69		99		71		76		69		(30	%)		—
Total noninterest income		660		653		520		736		564		1	%		17	%
Total noninterest expense		923		918		888		954		950		1	%		(3	%)

Income before income taxes (taxable equivalent)		520		524		469		611		443		(1	%)		18	%

Taxable equivalent adjustment		5		5		5		5		5		NM			NM
Applicable income taxes		133		134		124		167		119		(1	%)		11	%

Net income		382		385		340		439		319		(1	%)		20	%
Less: Net income attributable to noncontrolling interests		—		—		—		—		1		NM			(61	%)

Net income attributable to Bancorp		382		385		340		439		318		(1	%)		20	%
Dividends on preferred stock		15		23		12		23		9		(35	%)		60	%

Net income available to common shareholders		367		362		328		416		309		1	%		15	%

Earnings per share, diluted	$	0.44	$	0.43	$	0.39	$	0.49	$	0.36		2	%		22	%

Net Interest Income


	For the Three Months Ended															% Change
	March 2015			December 2014			September 2014			June 2014			March 2014			Seq			Yr/Yr
Interest Income ($ in millions)
Total interest income (taxable equivalent)	$	975		$	1,016		$	1,023		$	1,013		$	998			(4	%)		(2	%)
Total interest expense		123			128			115			108			100			(4	%)		22	%

Net interest income (taxable equivalent)	$	852		$	888		$	908		$	905		$	898			(4	%)		(5	%)

Average Yield
Yield on interest-earning assets (taxable equivalent)		3.28	%		3.38	%		3.49	%		3.53	%		3.58	%		(3	%)		(8	%)
Rate paid on interest-bearing liabilities		0.60	%		0.61	%		0.56	%		0.54	%		0.51	%		(3	%)		16	%

Net interest rate spread (taxable equivalent)		2.68	%		2.77	%		2.93	%		2.99	%		3.07	%		(3	%)		(13	%)

Net interest margin (taxable equivalent)		2.86	%		2.96	%		3.10	%		3.15	%		3.22	%		(3	%)		(11	%)
Average Balances ($ in millions)
Loans and leases, including held for sale	$	91,659		$	91,581		$	91,428		$	91,241		$	90,238			—			2	%
Total securities and other short-term investments		29,038			27,604			24,927			23,940			22,940			5	%		27	%
Total interest-earning assets		120,697			119,185			116,355			115,181			113,178			1	%		7	%
Total interest-bearing liabilities		83,339			82,544			81,157			80,770			79,130			1	%		5	%
Bancorp shareholders’ equity		15,820			15,644			15,486			15,157			14,862			1	%		6	%

Net interest income of $852 million on a fully taxable equivalent basis decreased $36 million from the fourth quarter, as expected, primarily driven by a $21 million negative impact of the previously announced changes to the Bancorp’s deposit advance product that were effective January 1, 2015. Additionally, net interest income was negatively impacted by $13 million due to fewer days in the quarter. Otherwise, the effects of lower deposit costs and increased investment securities balances generally offset the negative effect of loan repricing during the quarter.

The net interest margin was 2.86 percent, a decrease of 10 bps from the previous quarter primarily driven by a 7 basis point impact due to the changes to the deposit advance product, 3 basis point impact of loan repricing and 2 basis point impact of higher cash balances as we continue to experience strong deposit flows. Day count benefitted the net interest margin by 3 basis points in the quarter.

Compared with the first quarter of 2014, net interest income decreased $46 million and the net interest margin decreased 36 bps. The decline in net interest income was driven by the effect of the aforementioned changes to the deposit advance product as well as continued loan repricing. Otherwise, the impact of higher investment securities balances and loan balances generally offset the impact of higher interest expense resulting from increased long-term debt balances. The decline in the net interest margin was primarily driven by the impact of loan repricing.

Securities

Average securities and other short-term investments were $29.0 billion in the first quarter of 2015 compared with $27.6 billion in the previous quarter and $22.9 billion in the first quarter of 2014. Average securities of $23.2 billion increased $733 million from the prior quarter reflecting purchases of securities. Other short-term investments average balances of $5.9 billion increased $701 million sequentially. On an end of period basis, securities balances of $27.0 billion increased $4.0 billion driven by purchases of securities towards the end of the quarter and other short-term investments decreased $3.0 billion reflecting lower cash balances held at the Federal Reserve.

Loans


	For the Three Months Ended										% Change
	March 2015		December 2014		September 2014		June 2014		March 2014		Seq			Yr/Yr
Average Portfolio Loans and Leases ($ in millions)
Commercial:
Commercial and industrial loans	$	41,426	$	41,277	$	41,477	$	41,374	$	40,377		—			3	%
Commercial mortgage loans		7,241		7,480		7,633		7,885		7,981		(3	%)		(9	%)
Commercial construction loans		2,197		1,909		1,563		1,362		1,116		15	%		97	%
Commercial leases		3,715		3,600		3,571		3,555		3,607		3	%		3	%

Subtotal—commercial loans and leases		54,579		54,266		54,244		54,176		53,081		1	%		3	%

Consumer:
Residential mortgage loans		12,433		13,046		12,785		12,611		12,659		(5	%)		(2	%)
Home equity		8,802		8,937		9,009		9,101		9,194		(2	%)		(4	%)
Automobile loans		11,933		12,073		12,105		12,070		12,023		(1	%)		(1	%)
Credit card		2,321		2,324		2,295		2,232		2,230		—			4	%
Other consumer loans and leases		440		395		361		359		343		11	%		28	%

Subtotal—consumer loans and leases		35,929		36,775		36,555		36,373		36,449		(2	%)		(1	%)

Total average loans and leases (excluding held for sale)	$	90,508	$	91,041	$	90,799	$	90,549	$	89,530		(1	%)		1	%
Average loans held for sale		1,151		540		629		692		708		NM			63	%

Average loan and lease balances (excluding loans held-for-sale) decreased $533 million, or 1 percent, sequentially and increased $978 million, or 1 percent, from the first quarter of 2014. The sequential decrease in average loans and leases was primarily driven by declines in residential mortgage due to the transfer of certain residential mortgage loans classified as troubled debt restructurings to held-for-sale at the end of the fourth quarter of 2014, which reduced average loans by $694 million. The increase from the prior year was driven by increased commercial and industrial (C&I) balances. Period end loans and leases (excluding loans held-for-sale) of $91.2 billion increased $1.2 billion sequentially, and increased $1.5 billion, or 2 percent, from a year ago primarily driven by increases in C&I loans.

Average commercial portfolio loan and lease balances increased $313 million, or 1 percent, sequentially and increased $1.5 billion, or 3 percent, from the first quarter of 2014. Average C&I loans increased $149 million from the prior quarter and increased $1.0 billion from the first quarter of 2014. Within commercial real estate, average commercial mortgage balances continued to decline and average commercial construction balances increased for the ninth consecutive quarter. In total, average commercial real estate balances increased $49 million sequentially and $341 million from the prior year. Commercial line usage, on an end of period basis, was 32 percent of committed lines in the first quarter of 2015 compared with 32 percent in the fourth quarter of 2014 and 30 percent in the first quarter of 2014.

Average consumer portfolio loan and lease balances decreased $846 million, or 2 percent, sequentially and decreased $520 million, or 1 percent, year-over-year. Average residential mortgage loans decreased 5 percent sequentially and 2 percent from a year ago driven by loans transferred to held for sale at the end of the fourth quarter. Average auto loans declined 1 percent on a sequential and year-over-year basis. Average home equity loans declined 2 percent sequentially and 4 percent from the first quarter of 2014. Average credit card loans were flat sequentially and increased 4 percent from the first quarter of 2014.

Average loans held-for-sale balances of $1.2 billion increased $611 million sequentially primarily due to the transfer of certain residential mortgage loans classified as troubled debt restructurings to held-for-sale in the fourth quarter of 2014 and increased $443 million compared with the first quarter of 2014. Period end loans held-for-sale of $724 million decreased $537 million from the previous quarter due to $568 million of residential mortgage loans subsequently sold in the first quarter and decreased $56 million from the first quarter of 2014.

Deposits


	For the Three Months Ended										% Change
	March 2015		December 2014		September 2014		June 2014		March 2014		Seq			Yr/Yr
Average Deposits ($ in millions)
Demand	$	33,760	$	33,301	$	31,790	$	31,275	$	30,626		1	%		10	%
Interest checking		26,885		25,478		24,926		25,222		25,911		6	%		4	%
Savings		15,174		15,173		15,759		16,509		16,903		—			(10	%)
Money market		17,492		17,023		15,222		13,942		12,439		3	%		41	%
Foreign office^(a)		861		1,439		1,663		2,200		2,017		(40	%)		(57	%)

Subtotal—Transaction deposits		94,172		92,414		89,360		89,148		87,896		2	%		7	%
Other time		4,022		3,936		3,800		3,693		3,616		2	%		11	%

Subtotal—Core deposits		98,194		96,350		93,160		92,841		91,512		2	%		7	%
Certificates—$100,000 and over		2,683		2,998		3,339		3,840		5,576		(11	%)		(52	%)

Total deposits	$	100,877	$	99,348	$	96,499	$	96,681	$	97,088		2	%		4	%

(a)

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

Average core deposits increased $1.8 billion sequentially and increased $6.7 billion, or 7 percent, from the first quarter of 2014. Average transaction deposits increased $1.8 billion from the fourth quarter of 2014 primarily driven by higher interest checking, money market account, and demand deposit balances, partially offset by lower foreign office balances. Year-over-year transaction deposits increased $6.3 billion, or 7 percent, driven by higher money market account, demand deposit, and interest checking balances, partially offset by lower savings and foreign office balances. Other time deposits increased 2 percent sequentially and 11 percent compared with the first quarter of 2014.

Average commercial transaction deposits increased 1 percent sequentially and 8 percent from the previous year. Sequential performance reflected higher interest checking balances partially offset by lower foreign office balances. Year-over-year growth reflected higher demand deposit, interest checking, and money market account balances as customers are holding higher balances partially offset by lower foreign office balances.

Average consumer transaction deposits increased 2 percent sequentially and increased 6 percent from the first quarter of 2014. The sequential performance reflected higher money market account, interest checking, and demand deposit balances partially offset by lower savings balances. Year-over-year growth was driven by increased money market account and demand deposit balances partially offset by lower savings and interest checking balances.

Wholesale Funding


	For the Three Months Ended										% Change
	March 2015		December 2014		September 2014		June 2014		March 2014		Seq			Yr/Yr
Average Wholesale Funding ($ in millions)
Certificates—$100,000 and over	$	2,683	$	2,998	$	3,339	$	3,840	$	5,576		(11	%)		(52	%)
Federal funds purchased		172		161		520		606		547		7	%		(69	%)
Other short-term borrowings		1,602		1,481		1,973		2,234		1,808		8	%		(11	%)
Long-term debt		14,448		14,855		13,955		12,524		10,313		(3	%)		40	%

Total wholesale funding	$	18,905	$	19,495	$	19,787	$	19,204	$	18,244		(3	%)		4	%

Average wholesale funding of $18.9 billion decreased $590 million, or 3 percent, sequentially and increased $661 million, or 4 percent, compared with the first quarter of 2014. The sequential decrease was driven by a decrease in long-term debt due to $500 million of bank-level subordinated debt that matured during the quarter as well as a decrease in certificates $100,000 and over, partially offset by an increase in other short-term borrowings. The year-over-year increase in average wholesale funding reflected an increase in long-term debt due to issuances during 2014, partially offset by a decrease in certificates $100,000 and over, federal funds purchased, and other short-term borrowings.

Noninterest Income


	For the Three Months Ended										% Change
	March 2015		December 2014		September 2014		June 2014		March 2014		Seq			Yr/Yr
Noninterest Income ($ in millions)
Service charges on deposits	$	135	$	142	$	145	$	139	$	133		(5	%)		2	%
Corporate banking revenue		92		120		100		107		104		(23	%)		(11	%)
Mortgage banking net revenue		86		61		61		78		109		40	%		(21	%)
Investment advisory revenue		108		100		103		102		102		7	%		6	%
Card and processing revenue		71		76		75		76		68		(6	%)		5	%
Other noninterest income		164		150		33		226		41		9	%		NM
Securities gains, net		4		4		3		8		7		16	%		(34	%)

Total noninterest income	$	660	$	653	$	520	$	736	$	564		1	%		17	%

Noninterest income of $660 million increased $7 million sequentially and $96 million compared with prior year results. These comparisons reflect the impacts described below.

For the quarters ending March 31, 2015, December 31, 2014, and March 31, 2014, the impacts of Vantiv warrant valuation adjustments were a positive $70 million, positive $56 million, and negative $36 million, respectively. Quarterly results also included the impact of valuation adjustments of the Visa total return swap of negative $17 million, negative $19 million, and positive $1 million in the first quarter of 2015, the fourth quarter of 2014, and the first quarter of 2014, respectively. First quarter 2015 also included a $37 million gain on the sale of held-for-sale residential mortgage loans classified as troubled debt restructurings. Excluding these items and net securities gains in all periods, noninterest income of $566 million decreased $46 million, or 8 percent, from the previous quarter and decreased $26 million, or 4 percent, from the first quarter of 2014. The sequential decrease was primarily due to the $23 million annual payment recognized from Vantiv pursuant to the tax receivable agreement in the fourth quarter of 2014 and a decrease in corporate banking revenue, partially offset by increased mortgage banking revenue. The year-over-year decline was primarily due to lower mortgage banking net revenue and corporate banking revenue.

Service charges on deposits of $135 million, which were seasonally low in the first quarter, decreased 5 percent from the fourth quarter and increased 2 percent compared with the same quarter last year. The sequential decline was due to a 9 percent decrease in retail service charges due to lower overdraft occurrences as well as a 2 percent decrease in commercial service charges.

Corporate banking revenue of $92 million decreased $28 million from the fourth quarter of 2014 and $12 million from the first quarter of 2013. The sequential decrease was primarily due to a $21 million decline in syndication fees as a result of decreased activity in the market in the current quarter and compared with strong fourth quarter results, as well as a decline in business lending fees. The year-over-year decrease was driven by lower syndication fees, institutional sales revenue, and lease remarketing fees, partially offset by an increase in foreign exchange fees.

Mortgage banking net revenue was $86 million in the first quarter of 2015, up 40 percent from the fourth quarter of 2014 and down 21 percent from the first quarter of 2014. First quarter 2015 originations were $1.8 billion, compared with $1.7 billion in the previous quarter and $1.7 billion in the first quarter of 2014. First quarter 2015 originations resulted in gains of $44 million on mortgages sold, compared with gains of $36 million during the previous quarter and $41 million during the first quarter of 2014. The sequential and year-over-year increases were primarily driven by higher gain on sale margins due to increased refinance activity during the quarter given the low rate environment and slightly higher production. Mortgage servicing fees were $59 million this quarter, $60 million in the fourth quarter of 2014, and $62 million in the first quarter of 2014. Mortgage banking net revenue is also affected by net servicing asset valuation adjustments, which include mortgage servicing rights (MSR) amortization and MSR valuation adjustments (including mark-to-market adjustments on free-standing derivatives used to economically hedge the MSR portfolio). These net servicing asset valuation adjustments were negative $17 million in the first quarter of 2015 (reflecting MSR amortization of $34 million and MSR valuation adjustments of positive $17 million); negative $34 million in the fourth quarter of 2014 (MSR amortization of $32 million and MSR valuation adjustments of negative $2 million); and positive $6 million in the first quarter of 2014 (MSR amortization of $22 million and MSR valuation adjustments of positive $28 million). The mortgage servicing asset, net of the valuation reserve, was $788 million at quarter end on a servicing portfolio of $64 billion.

Investment advisory revenue of $108 million increased 7 percent from the fourth quarter and increased 6 percent year-over-year. The sequential increase was attributable to higher tax-related private client services revenue, which is seasonally stronger in the first quarter, as well as an increase in securities and brokerage fees due to a continued shift from transaction-based fees to recurring revenue streams. The year-over-year increase reflected an increase in personal asset management fees due to market-related growth and an increase in securities and brokerage fees.

Card and processing revenue of $71 million in the first quarter of 2015 decreased 6 percent sequentially and increased 5 percent from the first quarter of 2014. The sequential decrease reflected lower transaction volumes compared with seasonally strong fourth quarter volumes. The year-over-year increase reflects an increase in the number of actively used cards and an increase in customer spend volume.

Other noninterest income totaled $164 million in the first quarter of 2015, compared with $150 million in the previous quarter and $41 million in the first quarter of 2014. As previously described, the results included the impact of Vantiv warrant valuation adjustments, the gain on sale of troubled debt restructurings, and charges related to the valuation of the Visa total return swap. Excluding these items, other noninterest income of $74 million decreased approximately $39 million, or 35 percent, from the fourth quarter of 2014 and decreased approximately $2 million, or 3 percent, from the first quarter of 2014. The sequential decrease was primarily due to payments recognized from Vantiv pursuant to the tax receivable agreement of $23 million in the fourth quarter of 2014 as well as normal seasonality in Vantiv’s business as reflected in our equity method of earnings.

Net gains on investment securities were $4 million in the first quarter of 2015, compared with $4 million in the previous quarter and $7 million in the first quarter of 2014.

Noninterest Expense


	For the Three Months Ended										% Change
	March 2015		December 2014		September 2014		June 2014		March 2014		Seq			Yr/Yr
Noninterest Expense ($ in millions)
Salaries, wages and incentives	$	369	$	366	$	357	$	368	$	359		1	%		3	%
Employee benefits		99		79		75		79		101		26	%		(3	%)
Net occupancy expense		79		77		78		79		80		2	%		(1	%)
Technology and communications		55		54		53		52		53		2	%		3	%
Equipment expense		31		30		30		30		30		1	%		3	%
Card and processing expense		36		36		37		37		31		(2	%)		14	%
Other noninterest expense		254		276		258		309		296		(7	%)		(13	%)

Total noninterest expense	$	923	$	918	$	888	$	954	$	950		1	%		(3	%)

Noninterest expense of $923 million increased 1 percent compared with the fourth quarter of 2014 and decreased 3 percent compared with the first quarter of 2014.

First quarter 2015 expenses included $2 million in charges to litigation reserves, compared with a $3 million reversal of litigation reserves in the fourth quarter of 2014 and $51 million in charges to litigation reserves in the first quarter of 2014. Excluding these items, noninterest expense of $921 million was flat sequentially and increased $22 million, or 2 percent, year-over-year. The sequential comparison was affected by a seasonal increase in FICA and unemployment tax expense recorded in employee benefits, partially offset by lower credit-related costs and the year-over-year increase reflected higher incentive-based compensation expense and increased credit-related costs.

Credit costs related to problem assets recorded as noninterest expense totaled $14 million in the first quarter of 2015, compared with $33 million in the fourth quarter of 2014, and $9 million in the first quarter of 2014. Credit-related expenses included provision for mortgage repurchases that was an immaterial amount in the first quarter of 2015 and the fourth quarter of 2014 and $3 million in the first quarter of 2014. (Realized mortgage repurchase losses were $3 million in the first quarter of 2015, compared with $2 million in the fourth quarter of 2014, and $10 million in the first quarter of 2014.) Provision for unfunded commitments was a benefit of $4 million in the current quarter, compared with an expense of $1 million last quarter and a benefit of $9 million a year ago. Derivative valuation adjustments related to customer credit risk

were positive $2 million for the current quarter, negative $10 million in the fourth quarter, and positive $2 million for the year ago quarter. OREO expense was $7 million, compared with $4 million last quarter and $5 million a year ago. Other problem asset-related expenses were $13 million in the first quarter, compared with $17 million in the previous quarter, and $13 million in the same period last year.

Credit Quality


	For the Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014
Total net losses charged-off ($ in millions)
Commercial and industrial loans	($	38	)	($	44	)	($	50	)	($	31	)	($	97	)
Commercial mortgage loans		(1	)		(10	)		(5	)		(9	)		(3	)
Commercial construction loans		—			—			—			(8	)		(5	)
Commercial leases		—			(1	)		—			—			—
Residential mortgage loans		(6	)		(94	)		(9	)		(8	)		(15	)
Home equity		(14	)		(11	)		(14	)		(18	)		(16	)
Automobile loans		(8	)		(7	)		(7	)		(5	)		(8	)
Credit card		(21	)		(20	)		(23	)		(21	)		(19	)
Other consumer loans and leases		(3	)		(4	)		(7	)		(1	)		(5	)

Total net losses charged-off		(91	)		(191	)		(115	)		(101	)		(168	)
Total losses		(115	)		(215	)		(146	)		(127	)		(190	)
Total recoveries		24			24			31			26			22

Total net losses charged-off	($	91	)	($	191	)	($	115	)	($	101	)	($	168	)
Ratios (annualized)
Net losses charged-off as a percent of average loans and leases (excluding held for sale)		0.41	%		0.83	%		0.50	%		0.45	%		0.76	%
Commercial		0.29	%		0.40	%		0.40	%		0.35	%		0.79	%
Consumer		0.59	%		1.47	%		0.66	%		0.60	%		0.72	%

Net charge-offs were $91 million, or 41 bps of average loans on an annualized basis, in the first quarter of 2015 compared with net charge-offs of $191 million, or 83 bps, in the fourth quarter of 2014 and $168 million, or 76 bps, in the first quarter of 2014. For comparison purposes, the fourth quarter of 2014 net charge-offs included $87 million (38 bps) related to the transfer of certain residential mortgage loans classified as troubled debt restructurings to held-for-sale and the first quarter of 2014 included three large credits that together resulted in combined charge-offs of $60 million (27 bps).

Commercial net charge-offs were $39 million, or 29 bps, and were down $16 million sequentially. C&I net charge-offs of $38 million decreased $6 million from the previous quarter and commercial real estate net charge-offs decreased $9 million from the previous quarter.

Consumer net charge-offs were $52 million, or 59 bps, down $84 million sequentially. Excluding consumer net charge-offs of $87 million related to the transfer of certain residential mortgage loans classified as troubled debt restructurings to held-for-sale in the fourth quarter of 2014, consumer net charge-offs were up $3 million sequentially. Net charge-offs on residential mortgage loans in the portfolio were $6 million, down $88 million from the previous quarter primarily reflecting the impact of the charge-offs in the fourth quarter of 2014 mentioned above. Home equity net charge-offs were $14 million, up $3 million from the fourth quarter of 2014, and net charge-offs in the auto portfolio of $8 million were up $1 million compared with the prior quarter. Net charge-offs on consumer credit card loans were $21 million, up $1 million from the fourth quarter. Net charge-offs on other consumer loans were $3 million, down $1 million compared with the previous quarter.


	For the Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014
Allowance for Credit Losses ($ in millions)
Allowance for loan and lease losses, beginning	$	1,322		$	1,414		$	1,458		$	1,483		$	1,582
Total net losses charged-off		(91	)		(191	)		(115	)		(101	)		(168	)
Provision for loan and lease losses		69			99			71			76			69

Allowance for loan and lease losses, ending		1,300			1,322			1,414			1,458			1,483
Reserve for unfunded commitments, beginning		135			134			142			153			162
Provision (benefit) for unfunded commitments		(4	)		1			(8	)		(11	)		(9	)
Charge-offs		(1	)		—			—			—			—

Reserve for unfunded commitments, ending		130			135			134			142			153
Components of allowance for credit losses:
Allowance for loan and lease losses		1,300			1,322			1,414			1,458			1,483
Reserve for unfunded commitments		130			135			134			142			153

Total allowance for credit losses	$	1,430		$	1,457		$	1,548		$	1,600		$	1,636
Allowance for loan and lease losses ratio
As a percent of loans and leases		1.42	%		1.47	%		1.56	%		1.61	%		1.65	%
As a percent of nonperforming loans and leases^(a)		247	%		228	%		228	%		228	%		202	%
As a percent of nonperforming assets^(a)		188	%		178	%		178	%		175	%		157	%

(a)

Excludes nonaccrual loans and leases in loans held for sale.

Provision for loan and lease losses totaled $69 million in the first quarter of 2015 and decreased $30 million from the fourth quarter of 2014 and was flat from the first quarter of 2014. The decrease from the prior quarter was driven by the $23 million impact in the fourth quarter of 2014 related to the transfer of certain residential mortgage loans classified as troubled debt restructurings to held-for-sale. The allowance for loan and lease losses declined $22 million sequentially reflecting the portfolio’s overall risk profile and charges to the allowance. The allowance represented 1.42 percent of total loans and leases outstanding as of quarter end, compared with 1.47 percent last quarter, and represented 247 percent of nonperforming loans and leases, and 188 percent of nonperforming assets.


	As of
	March 2015			December 2014			September 2014			June 2014			March 2014
Nonperforming Assets and Delinquent Loans ($ in millions)
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	61		$	86		$	102		$	103		$	153
Commercial mortgage loans		57			64			77			86			96
Commercial construction loans		—			—			2			3			3
Commercial leases		2			3			3			2			3
Residential mortgage loans		40			44			52			56			68
Home equity		71			72			69			73			75

Total nonaccrual loans and leases (excludes restructured loans)	$	231		$	269		$	305		$	323		$	398
Restructured loans—commercial (nonaccrual)^(c)		205			214			201			202			209
Restructured loans—consumer (nonaccrual)		90			96			114			115			126

Total nonaccrual portfolio loans and leases	$	526		$	579		$	620		$	640		$	733
Repossessed personal property		20			18			19			18			6
Other real estate owned		145			147	(a)		157	(a)		174	(a)		207	(a)

Total nonperforming assets^(b)	$	691		$	744		$	796		$	832		$	946
Nonaccrual loans held for sale		2			24			4			5			3
Restructured loans—(nonaccrual) held for sale		—			15			3			—			—

Total nonperforming assets including loans held for sale	$	693		$	783		$	803		$	837		$	949

Restructured Consumer loans and leases (accrual)	$	943		$	905		$	1,610		$	1,623		$	1,682
Restructured Commercial loans and leases (accrual)^(c)	$	774		$	844		$	885		$	914		$	847
Total loans and leases 90 days past due	$	78		$	87		$	87		$	94		$	94
Nonperforming loans and leases as a percent of portfolio loans, leases and other assets, including other real estate owned^(b)		0.57	%		0.64	%		0.68	%		0.70	%		0.82	%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including other real estate owned^(b)		0.76	%		0.82	%		0.88	%		0.92	%		1.05	%

(a)

Excludes OREO related to government insured loans. During the first quarter of 2015, Fifth Third adopted ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure which requires that certain government guaranteed residential real estate mortgage loans that meet specific criteria be recognized as other receivables upon foreclosure; during 2014 these assets were included in OREO in the Bancorp’s Condensed Consolidated Balance Sheet.

(b)

Does not include nonaccrual loans held for sale.

(c)

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

Total nonperforming assets, including loans held-for-sale, were $693 million, a decline of $90 million, or 11 percent, from the previous quarter. Nonperforming loans (NPLs) at quarter-end were $526 million or 0.57 percent of total loans, leases and OREO, and decreased $53 million, or 9 percent, from the previous quarter.

Commercial NPAs were $421 million, or 0.76 percent of commercial loans, leases and OREO, and decreased $40 million, or 9 percent, from the fourth quarter. Commercial NPLs were $325 million, or 0.59 percent of commercial loans and leases, and decreased $42 million from last quarter. C&I NPAs of $216 million decreased $30 million from the prior quarter. Commercial mortgage NPAs were $186 million, down $9 million from the previous quarter. Commercial construction NPAs were $16 million, flat from the previous quarter. Commercial lease NPAs were $3 million, down $1 million from the previous quarter. Commercial NPAs included $205 million of nonaccrual troubled debt restructurings (TDRs), compared with $214 million last quarter.

Consumer NPAs of $270 million, or 0.75 percent of consumer loans, leases and OREO, decreased $13 million from the fourth quarter. Consumer NPLs were $201 million, or 0.56 percent of consumer loans and leases and decreased $11 million from last quarter. Residential mortgage NPAs were $113 million, $13 million lower than last quarter. Home equity NPAs of $111 million increased $3 million sequentially and credit card NPAs of $38 million were down $3 million compared with the previous quarter. Consumer nonaccrual TDRs were $90 million in the first quarter of 2015, compared with $96 million in the fourth quarter of 2014.

First quarter OREO balances included in NPA balances were $145 million, down $2 million from the fourth quarter, and included $81 million in commercial OREO and $64 million in consumer OREO. Repossessed personal property of $20 million increased $2 million from the prior quarter.

Loans over 90 days past due and still accruing were $78 million, down $9 million from the fourth quarter of 2014. Commercial balances over 90 days past due were $3 million compared with less than $1 million in the prior quarter, and consumer balances 90 days past due of $75 million were down $12 million from the previous quarter. Loans 30-89 days past due of $203 million were down $47 million from the previous quarter. Commercial balances 30-89 days past due of $25 million were up $9 million sequentially and consumer balances 30-89 days past due of $178 million decreased $56 million from the fourth quarter. The above delinquencies figures exclude nonaccruals described previously.

Capital Position


	For the Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014
Capital Position
Average shareholders’ equity to average assets		11.49	%		11.54	%		11.71	%		11.57	%		11.53	%
Tangible equity^(a)		9.38	%		9.41	%		9.65	%		9.77	%		9.61	%
Tangible common equity (excluding unrealized gains/losses)^(a)		8.41	%		8.43	%		8.64	%		8.74	%		8.79	%
Tangible common equity (including unrealized gains/losses)^(a)		8.78	%		8.71	%		8.84	%		9.00	%		8.93	%
Tangible common equity as a percent of risk-weighted assets (excluding unrealized gains/losses)		9.59	%^(b)		9.70	%^(d)		9.70	%^(d)		9.67	%^(d)		9.57	%^(d)

	Basel III Transitional^(c)			Basel I^(d)
Regulatory capital ratios:
Common equity Tier I		9.62	%^(b)		N/A			N/A			N/A			N/A
Tier I risk-based capital		10.74	%^(b)		10.83	%		10.83	%		10.80	%		10.45	%
Total risk-based capital		14.16	%^(b)		14.33	%		14.34	%		14.30	%		14.02	%
Tier I leverage		9.61	%		9.66	%		9.82	%		9.86	%		9.71	%
Tier I common equity		N/A			9.65	%^(a)		9.64	%^(a)		9.61	%^(a)		9.51	%^(a)
Book value per share		17.85			17.35			16.87			16.74			16.27
Tangible book value per share^(a)		14.87			14.40			13.95			13.86			13.40

(a)

(b)

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

(c)

Current period regulatory capital ratios are estimated.

(d)

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

Capital ratios remained strong during the quarter, reflecting growth in retained earnings, the payment of preferred dividends, and share repurchase activity. The common equity Tier 1 ratio was 9.62 percent, the tangible common equity to tangible assets ratio* was 8.41 percent (excluding unrealized gains/losses), and 8.78 percent (including unrealized gains/losses). The Tier 1 risk-based capital ratio was 10.74 percent, the total risk-based capital ratio was 14.16 percent, and the Leverage ratio was 9.61 percent.

The Basel III Final Rule was effective for the Fifth Third on January 1, 2015, subject to phase-in periods for certain of its components and other provisions. Transition provisions apply to the minimum regulatory capital ratios; regulatory capital adjustments and deductions; and non-qualifying capital instruments. Transition provisions for the regulatory capital adjustments and deductions will change the amount deducted from capital each calendar year until the transition period ends. As of March 31, 2015, Fifth Third’s regulatory capital adjustments and deductions were primarily impacted by the transition provision related to the deduction of intangible assets other than goodwill and mortgage servicing assets. Also, Fifth Third will make a one-time permanent election to not include AOCI in common equity Tier 1 capital in the March 31, 2015 regulatory filings.

Book value per share at March 31, 2015 was $17.85 and tangible book value per share* was $14.87, compared with the December 31, 2014 book value per share of $17.35 and tangible book value per share of $14.40.

As previously announced, Fifth Third entered into a share repurchase agreement with a counterparty on January 22, 2015, whereby Fifth Third would purchase approximately $180 million of its outstanding common stock. This transaction reduced Fifth Third’s first quarter share count by 8.54 million shares on January 27, 2015. Settlement of the forward contract related to this agreement is expected to occur on or before April 23, 2015. In addition, the settlement of the forward contract related to the October 20, 2014 $180 million share repurchase agreement occurred on January 5, 2015. An additional 0.79 million shares were repurchased upon completion of the agreement. In total, the incremental impact to the average diluted share count in the first quarter of 2015 was approximately 8.97 million shares due to share repurchase transactions in the first quarter of 2015 and the fourth quarter of 2014.

On March 11, 2015, Fifth Third announced that the FRB did not object to Fifth Third’s 2015 CCAR capital plan, which included the potential increase in the quarterly common stock dividend to $0.14 per share in 2016 and the potential repurchase of common shares during the CCAR period in an amount up to $765 million. In addition, the capital plan incorporated Fifth Third’s potential repurchases of common shares in the amount of any after-tax gains from the sale of Vantiv, Inc. (“Vantiv”) stock. These capital plans were intended to maintain common equity capital levels in the current range during the CCAR period. Any such actions would be based on environmental and market conditions, earnings results, our capital position, and other factors, as well as approval by the Fifth Third Board of Directors, at the time.

Tax Rate

The effective tax rate was 25.9 percent this quarter compared with 25.9 percent in the fourth quarter of 2014 and 27.3 percent in the first quarter of 2014.

Other

Fifth Third Bank owns 43 million units representing a 22.8 percent interest in Vantiv Holding, LLC, convertible into shares of Vantiv, Inc., a publicly traded firm (NYSE: VNTV). Based upon Vantiv’s closing price of $37.70 on March 31, 2015, our interest in Vantiv was valued at approximately $1.6 billion. Next month in our 10-Q, we will update our disclosure of the carrying value of our interest in Vantiv stock, which was $394 million as of December 31, 2014. The difference between the market value and the book value of Fifth Third’s interest in Vantiv’s shares is not recognized in Fifth Third’s equity or capital. Additionally, Fifth Third has a warrant to purchase additional shares in Vantiv which is carried as a derivative asset at a fair value of $485 million as of March 31, 2015.

Conference Call

Fifth Third will host a conference call to discuss these financial results at 9:00 a.m. (Eastern Time) today. This conference call will be webcast live by Thomson Financial and may be accessed through the Fifth Third Investor Relations website at www.53.com (click on “About Fifth Third” then “Investor Relations”). Institutional investors can access the call via Thomson Financial’s password-protected event management site, StreetEvents (www.streetevents.com).

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

Those unable to listen to the live webcast may access a webcast replay through the Fifth Third Investor Relations website at the same web address. Additionally, a telephone replay of the conference call will be available beginning approximately two hours after the conference call until Tuesday, May 5, 2015 by dialing 800-585-8367 for domestic access or 404-537-3406 for international access (passcode 9854806#).

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2015, the Company had $140 billion in assets and operated 15 affiliates with 1,303 full-service Banking Centers, including 101 Bank Mart^® locations, most open seven days a week, inside select grocery stores and 2,637 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 22.8% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2015, had $308 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ^® Global Select Market under the symbol “FITB.”

Forward-Looking Statements

This news release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us.

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

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

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LOGO

Quarterly Financial Review for March 31, 2015

Table of Contents


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

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)


	For the Three Months Ended									% Change
	March 2015			December 2014			March 2014			Seq			Yr/Yr
Income Statement Data
Net interest income^(a)	$	852		$	888		$	898			(4	%)		(5	%)
Noninterest income		660			653			564			1	%		17	%
Total revenue^(a)		1,512			1,541			1,462			(2	%)		3	%
Provision for loan and lease losses		69			99			69			(30	%)		—
Noninterest expense		923			918			950			1	%		(3	%)
Net income attributable to Bancorp		382			385			318			(1	%)		20	%
Net income available to common shareholders		367			362			309			1	%		15	%
Common Share Data
Earnings per share, basic	$	0.45		$	0.44		$	0.36			2	%		25	%
Earnings per share, diluted		0.44			0.43			0.36			2	%		22	%
Cash dividends per common share		0.13			0.13			0.12			—			8	%
Book value per share		17.85			17.35			16.27			3	%		10	%
Market price per share		18.85			20.38			22.96			(7	%)		(18	%)
Common shares outstanding (in thousands)		815,190			824,047			847,569			(1	%)		(4	%)
Average common shares outstanding (in thousands):
Basic		810,210			819,057			845,860			(1	%)		(4	%)
Diluted		818,672			827,831			857,924			(1	%)		(5	%)
Market capitalization	$	15,366		$	16,790		$	19,456			(8	%)		(21	%)
Financial Ratios
Return on average assets		1.12	%		1.13	%		1.00	%		—			12	%
Return on average common equity		10.3	%		10.0	%		9.0	%		2	%		13	%
Return on average tangible common equity^(b)(j)		12.3	%		12.1	%		11.0	%		2	%		12	%
Noninterest income as a percent of total revenue		44	%		42	%		39	%		3	%		13	%
Average Bancorp shareholders’ equity as a percent of average assets		11.49	%		11.54	%		11.53	%		—			—
Tangible common equity^(c)(d)(j)		8.41	%		8.43	%		8.79	%		—			(4	%)
Net interest margin^(a)		2.86	%		2.96	%		3.22	%		(3	%)		(11	%)
Efficiency^(a)		61.0	%		59.6	%		64.9	%		2	%		(6	%)
Effective tax rate		25.9	%		25.9	%		27.3	%		—			(5	%)
Credit Quality
Net losses charged off	$	91		$	191		$	168			(52	%)		(46	%)
Net losses charged off as a percent of average loans and leases		0.41	%		0.83	%		0.76	%		(51	%)		(46	%)
Allowance for loan and lease losses as a percent of loans and leases		1.42	%		1.47	%		1.65	%		(3	%)		(14	%)
Allowance for credit losses as a percent of loans and leases		1.57	%		1.62	%		1.82	%		(3	%)		(14	%)
Nonperforming assets as a percent of loans, leases and other assets, including other real estate owned^(e)		0.76	%		0.82	%		1.05	%		(8	%)		(28	%)
Average Balances
Loans and leases, including held for sale	$	91,659		$	91,581		$	90,238			—			2	%
Total securities and other short-term investments		29,038			27,604			22,940			5	%		27	%
Total assets		137,652			135,580			128,930			2	%		7	%
Transaction deposits^(f)		94,172			92,414			87,896			2	%		7	%
Core deposits^(g)		98,194			96,350			91,512			2	%		7	%
Wholesale funding^(h)		18,905			19,495			18,244			(3	%)		4	%
Bancorp shareholders’ equity		15,820			15,644			14,862			1	%		6	%

Regulatory Capital Ratios⁽ⁱ⁾	Basel III Transitional			*Basel I^(l)***
Common equity tier I^(k)		9.62	%		N/A			N/A			N/A			N/A
Tier I risk-based capital		10.74	%		10.83	%		10.45	%		(2	%)		1	%
Total risk-based capital		14.16	%		14.33	%		14.02	%		(3	%)		(1	%)
Tier I leverage		9.61	%		9.66	%		9.71	%		(1	%)		(1	%)
Tier I common equity^(d)(j)		N/A			9.65	%		9.51	%		N/A			N/A
Operations
Banking centers		1,303			1,302			1,311			—			—
ATMs		2,637			2,638			2,614			—			1	%
Full-time equivalent employees		18,471			18,351			19,080			1	%		(3	%)

(a)

Presented on a fully taxable equivalent basis.

(b)

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

(c)

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

(d)

These ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition.

(e)

Excludes nonaccrual loans held for sale.

(f)

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

(g)

Includes transaction deposits plus other time deposits.

(h)

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

(i)

Current period regulatory capital ratios are estimates.

(j)

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

(k)

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

(l)

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

Fifth Third Bancorp and Subsidiaries

Financial Highlights

$ in millions, except per share data

(unaudited)


	For the Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014
Income Statement Data
Net interest income^(a)	$	852		$	888		$	908		$	905		$	898
Noninterest income		660			653			520			736			564
Total revenue^(a)		1,512			1,541			1,428			1,641			1,462
Provision for loan and lease losses		69			99			71			76			69
Noninterest expense		923			918			888			954			950
Net income attributable to Bancorp		382			385			340			439			318
Net income available to common shareholders		367			362			328			416			309
Common Share Data
Earnings per share, basic	$	0.45		$	0.44		$	0.39		$	0.49		$	0.36
Earnings per share, diluted		0.44			0.43			0.39			0.49			0.36
Cash dividends per common share		0.13			0.13			0.13			0.13			0.12
Book value per share		17.85			17.35			16.87			16.74			16.27
Market price per share		18.85			20.38			20.02			21.35			22.96
Common shares outstanding (in thousands)		815,190			824,047			834,262			844,489			847,569
Average common shares outstanding (in thousands):
Basic		810,210			819,057			829,392			838,492			845,860
Diluted		818,672			827,831			838,324			848,245			857,924
Market capitalization	$	15,366		$	16,790		$	16,702		$	18,030		$	19,456
Financial Ratios
Return on average assets		1.12	%		1.13	%		1.02	%		1.34	%		1.00	%
Return on average common equity		10.3	%		10.0	%		9.2	%		11.9	%		9.0	%
Return on average tangible common equity^(b)(j)		12.3	%		12.1	%		11.1	%		14.4	%		11.0	%
Noninterest income as a percent of total revenue		44	%		42	%		36	%		45	%		39	%
Average Bancorp shareholders’ equity as a percent of average assets		11.49	%		11.54	%		11.71	%		11.57	%		11.53	%
Tangible common equity^(c)(d)(j)		8.41	%		8.43	%		8.64	%		8.74	%		8.79	%
Net interest margin^(a)		2.86	%		2.96	%		3.10	%		3.15	%		3.22	%
Efficiency^(a)		61.0	%		59.6	%		62.1	%		58.2	%		64.9	%
Effective tax rate		25.9	%		25.9	%		26.7	%		27.6	%		27.3	%
Credit Quality
Net losses charged off	$	91		$	191		$	115		$	101		$	168
Net losses charged off as a percent of average loans and leases		0.41	%		0.83	%		0.50	%		0.45	%		0.76	%
Allowance for loan and lease losses as a percent of portfolio loans and leases		1.42	%		1.47	%		1.56	%		1.61	%		1.65	%
Allowance for credit losses as a percent of portfolio loans and leases		1.57	%		1.62	%		1.71	%		1.77	%		1.82	%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including other real estate owned^(e)		0.76	%		0.82	%		0.88	%		0.92	%		1.05	%
Average Balances
Loans and leases, including held for sale	$	91,659		$	91,581		$	91,428		$	91,241		$	90,238
Total securities and other short-term investments		29,038			27,604			24,927			23,940			22,940
Total assets		137,652			135,580			132,220			130,965			128,930
Transaction deposits^(f)		94,172			92,414			89,360			89,148			87,896
Core deposits^(g)		98,194			96,350			93,160			92,841			91,512
Wholesale funding^(h)		18,905			19,495			19,787			19,204			18,244
Bancorp shareholders’ equity		15,820			15,644			15,486			15,157			14,862

Regulatory Capital Ratios⁽ⁱ⁾	Basel III Transitional			*Basel I^(l)***
Common equity tier I^(k)		9.62	%		N/A			N/A			N/A			N/A
Tier I risk-based capital		10.74	%		10.83	%		10.83	%		10.80	%		10.45	%
Total risk-based capital		14.16	%		14.33	%		14.34	%		14.30	%		14.02	%
Tier I leverage		9.61	%		9.66	%		9.82	%		9.86	%		9.71	%
Tier I common equity^(d)(j)		N/A			9.65	%		9.64	%		9.61	%		9.51	%
Operations
Banking centers		1,303			1,302			1,308			1,309			1,311
ATMs		2,637			2,638			2,639			2,619			2,614
Full-time equivalent employees		18,471			18,351			18,503			18,732			19,080

(a)

Presented on a fully taxable equivalent basis.

(b)

(c)

(d)

The ratios have been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition.

(e)

Excludes nonaccrual loans held for sale.

(f)

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

(g)

Includes transaction deposits plus other time deposits.

(h)

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

(i)

Current period regulatory capital ratios are estimates.

(j)

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

(k)

(l)

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

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income

$ in millions

(unaudited)


	For the Three Months Ended						% Change
	March 2015		December 2014		March 2014		Seq			Yr/Yr
Interest Income
Interest and fees on loans and leases	$	778	$	823	$	823		(5	%)		(6	%)
Interest on securities		188		185		168		2	%		12	%
Interest on other short-term investments		4		3		2		9	%		NM

Total interest income		970		1,011		993		(4	%)		(2	%)
Interest Expense
Interest on deposits		50		54		48		(9	%)		5	%
Interest on short-term borrowings		—		—		1		NM			(13	%)
Interest on long-term debt		73		74		51		(1	%)		39	%

Total interest expense		123		128		100		(4	%)		22	%

Net Interest Income		847		883		893		(4	%)		(5	%)
Provision for loan and lease losses		69		99		69		(30	%)		—

Net interest income after provision for loan and lease losses		778		784		824		(1	%)		(6	%)
Noninterest Income
Service charges on deposits		135		142		133		(5	%)		2	%
Corporate banking revenue		92		120		104		(23	%)		(11	%)
Mortgage banking net revenue		86		61		109		40	%		(21	%)
Investment advisory revenue		108		100		102		7	%		6	%
Card and processing revenue		71		76		68		(6	%)		5	%
Other noninterest income		164		150		41		9	%		NM
Securities gains, net		4		4		7		16	%		(34	%)

Total noninterest income		660		653		564		1	%		17	%
Noninterest Expense
Salaries, wages and incentives		369		366		359		1	%		3	%
Employee benefits		99		79		101		26	%		(3	%)
Net occupancy expense		79		77		80		2	%		(1	%)
Technology and communications		55		54		53		2	%		3	%
Equipment expense		31		30		30		1	%		3	%
Card and processing expense		36		36		31		(2	%)		14	%
Other noninterest expense		254		276		296		(7	%)		(13	%)

Total noninterest expense		923		918		950		1	%		(3	%)
Income before income taxes		515		519		438		(1	%)		17	%
Applicable income taxes		133		134		119		(1	%)		11	%

Net Income		382		385		319		(1	%)		20	%
Less: Net income attributable to noncontrolling interests		—		—		1		NM			(61	%)

Net income attributable to Bancorp		382		385		318		(1	%)		20	%
Dividends on preferred stock		15		23		9		(35	%)		60	%

Net income available to common shareholders	$	367	$	362	$	309		1	%		15	%

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Income (Taxable Equivalent)

$ in millions

(unaudited)


	For the Three Months Ended
	March 2015		December 2014		September 2014		June 2014		March 2014
Interest Income
Interest and fees on loans and leases	$	778	$	823	$	827	$	826	$	823
Interest on securities		188		185		189		181		168
Interest on other short-term investments		4		3		2		1		2

Total interest income		970		1,011		1,018		1,008		993
Taxable equivalent adjustment		5		5		5		5		5

Total interest income (taxable equivalent)		975		1,016		1,023		1,013		998
Interest Expense
Interest on deposits		50		54		51		49		48
Interest on other short-term borrowings		—		—		1		1		1
Interest on long-term debt		73		74		63		58		51

Total interest expense		123		128		115		108		100

Net Interest Income (taxable equivalent)		852		888		908		905		898
Provision for loan and lease losses		69		99		71		76		69

Net interest income (taxable equivalent) after provision for loan and lease losses		783		789		837		829		829
Noninterest Income
Service charges on deposits		135		142		145		139		133
Corporate banking revenue		92		120		100		107		104
Mortgage banking net revenue		86		61		61		78		109
Investment advisory revenue		108		100		103		102		102
Card and processing revenue		71		76		75		76		68
Other noninterest income		164		150		33		226		41
Securities gains, net		4		4		3		8		7

Total noninterest income		660		653		520		736		564
Noninterest Expense
Salaries, wages and incentives		369		366		357		368		359
Employee benefits		99		79		75		79		101
Net occupancy expense		79		77		78		79		80
Technology and communications		55		54		53		52		53
Equipment expense		31		30		30		30		30
Card and processing expense		36		36		37		37		31
Other noninterest expense		254		276		258		309		296

Total noninterest expense		923		918		888		954		950

Income before income taxes (taxable equivalent)		520		524		469		611		443
Taxable equivalent adjustment		5		5		5		5		5

Income before income taxes		515		519		464		606		438
Applicable income tax expense		133		134		124		167		119

Net Income		382		385		340		439		319
Less: Net Income attributable to noncontrolling interests		—		—		—		—		1

Net income attributable to Bancorp		382		385		340		439		318
Dividends on preferred stock		15		23		12		23		9

Net income available to common shareholders	$	367	$	362	$	328	$	416	$	309

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)


	As of									% Change
	March 2015			December 2014			March 2014			Seq			Yr/Yr
Assets
Cash and due from banks	$	2,920		$	3,091		$	3,153			(6	%)		(7	%)
Available-for-sale and other securities^(a)		26,409			22,408			20,749			18	%		27	%
Held-to-maturity securities^(b)		177			187			195			(5	%)		(9	%)
Trading securities		392			360			347			9	%		13	%
Other short-term investments		4,919			7,914			2,202			(38	%)		NM
Loans held for sale		724			1,261			780			(43	%)		(7	%)
Portfolio loans and leases:
Commercial and industrial loans		42,052			40,765			40,591			3	%		4	%
Commercial mortgage loans		7,209			7,399			7,958			(3	%)		(9	%)
Commercial construction loans		2,302			2,069			1,218			11	%		89	%
Commercial leases		3,786			3,720			3,577			2	%		6	%
Residential mortgage loans		12,569			12,389			12,626			1	%		—
Home equity		8,714			8,886			9,125			(2	%)		(5	%)
Automobile loans		11,873			12,037			12,088			(1	%)		(2	%)
Credit card		2,291			2,401			2,177			(5	%)		5	%
Other consumer loans and leases		448			418			345			8	%		31	%

Portfolio loans and leases		91,244			90,084			89,705			1	%		2	%
Allowance for loan and lease losses		(1,300	)		(1,322	)		(1,483	)		(2	%)		(12	%)

Portfolio loans and leases, net		89,944			88,762			88,222			1	%		2	%
Bank premises and equipment		2,433			2,465			2,528			(1	%)		(4	%)
Operating lease equipment		725			728			714			(1	%)		2	%
Goodwill		2,416			2,416			2,416			—			—
Intangible assets		14			15			18			(4	%)		(22	%)
Servicing rights		789			858			975			(8	%)		(19	%)
Other assets		8,637			8,241			7,355			5	%		17	%

Total assets	$	140,499		$	138,706		$	129,654			1	%		8	%

Liabilities
Deposits:
Demand	$	35,343		$	34,809		$	31,234			2	%		13	%
Interest checking		27,191			26,800			25,472			1	%		7	%
Savings		15,355			15,051			16,867			2	%		(9	%)
Money market		18,105			17,083			13,208			6	%		37	%
Foreign office		811			1,114			1,922			(27	%)		(58	%)
Other time		4,044			3,960			3,660			2	%		10	%
Certificates—$100,000 and over		2,566			2,895			4,511			(11	%)		(43	%)

Total deposits		103,415			101,712			96,874			2	%		7	%
Federal funds purchased		200			144			268			38	%		(26	%)
Other short-term borrowings		1,413			1,556			2,717			(9	%)		(48	%)
Accrued taxes, interest and expenses		1,987			2,020			1,669			(2	%)		19	%
Other liabilities		3,504			2,642			2,029			33	%		73	%
Long-term debt		14,055			14,967			11,233			(6	%)		25	%

Total liabilities		124,574			123,041			114,790			1	%		9	%
Equity
Common stock^(c)		2,051			2,051			2,051			—			—
Preferred stock		1,331			1,331			1,034			—			29	%
Capital surplus		2,659			2,646			2,674			—			(1	%)
Retained earnings		11,401			11,141			10,363			2	%		10	%
Accumulated other comprehensive income		588			429			196			37	%		NM
Treasury stock		(2,145	)		(1,972	)		(1,492	)		9	%		44	%

Total Bancorp shareholders’ equity		15,885			15,626			14,826			2	%		7	%
Noncontrolling interests		40			39			38			3	%		4	%

Total equity		15,925			15,665			14,864			2	%		7	%

Total liabilities and equity	$	140,499		$	138,706		$	129,654			1	%		8	%

(a) Amortized cost	$	25,475		$	21,677		$	20,393			18	%		25	%
(b) Market values		177			187			195			(5	%)		(9	%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized		2,000,000			2,000,000			2,000,000			—			—
Outstanding, excluding treasury		815,190			824,047			847,569			(1	%)		(4	%)
Treasury		108,702			99,846			76,324			9	%		42	%

Fifth Third Bancorp and Subsidiaries

Consolidated Balance Sheets

$ in millions, except per share data

(unaudited)


	As of
	March 2015			December 2014			September 2014			June 2014			March 2014
Assets
Cash and due from banks	$	2,920		$	3,091		$	3,125		$	3,312		$	3,153
Available-for-sale and other securities^(a)		26,409			22,408			22,912			22,814			20,749
Held-to-maturity securities^(b)		177			187			191			194			195
Trading securities		392			360			389			361			347
Other short-term investments		4,919			7,914			3,637			2,386			2,202
Loans held for sale		724			1,261			641			682			780
Portfolio loans and leases:
Commercial and industrial loans		42,052			40,765			41,072			41,299			40,591
Commercial mortgage loans		7,209			7,399			7,564			7,805			7,958
Commercial construction loans		2,302			2,069			1,702			1,424			1,218
Commercial leases		3,786			3,720			3,554			3,567			3,577
Residential mortgage loans		12,569			12,389			12,941			12,652			12,626
Home equity		8,714			8,886			8,987			9,056			9,125
Automobile loans		11,873			12,037			12,121			12,050			12,088
Credit card		2,291			2,401			2,317			2,261			2,177
Other consumer loans and leases		448			418			366			370			345

Portfolio loans and leases		91,244			90,084			90,624			90,484			89,705
Allowance for loan and lease losses		(1,300	)		(1,322	)		(1,414	)		(1,458	)		(1,483	)

Portfolio loans and leases, net		89,944			88,762			89,210			89,026			88,222
Bank premises and equipment		2,433			2,465			2,467			2,491			2,528
Operating lease equipment		725			728			732			667			714
Goodwill		2,416			2,416			2,416			2,416			2,416
Intangible assets		14			15			16			17			18
Servicing rights		789			858			935			931			975
Other assets		8,637			8,241			7,517			7,265			7,355

Total assets	$	140,499		$	138,706		$	134,188		$	132,562		$	129,654

Liabilities
Deposits:
Demand	$	35,343		$	34,809		$	32,258		$	32,140		$	31,234
Interest checking		27,191			26,800			24,930			24,744			25,472
Savings		15,355			15,051			15,355			16,087			16,867
Money market		18,105			17,083			16,199			14,216			13,208
Foreign office		811			1,114			1,577			1,418			1,922
Other time		4,044			3,960			3,856			3,724			3,660
Certificates—$100,000 and over		2,566			2,895			3,117			3,623			4,511

Total deposits		103,415			101,712			97,292			95,952			96,874
Federal funds purchased		200			144			148			153			268
Other short-term borrowings		1,413			1,556			2,730			3,146			2,717
Accrued taxes, interest and expenses		1,987			2,020			1,706			1,824			1,669
Other liabilities		3,504			2,642			2,533			2,018			2,029
Long-term debt		14,055			14,967			14,336			13,961			11,233

Total liabilities		124,574			123,041			118,745			117,054			114,790
Equity
Common stock^(c)		2,051			2,051			2,051			2,051			2,051
Preferred stock		1,331			1,331			1,331			1,331			1,034
Capital surplus		2,659			2,646			2,621			2,613			2,674
Retained earnings		11,401			11,141			10,886			10,666			10,363
Accumulated other comprehensive income		588			429			301			382			196
Treasury stock		(2,145	)		(1,972	)		(1,786	)		(1,574	)		(1,492	)

Total Bancorp shareholders’ equity		15,885			15,626			15,404			15,469			14,826
Noncontrolling interests		40			39			39			39			38

Total equity		15,925			15,665			15,443			15,508			14,864

Total liabilities and equity	$	140,499		$	138,706		$	134,188		$	132,562		$	129,654

(a) Amortized cost	$	25,475		$	21,677		$	22,392		$	22,184		$	20,393
(b) Market values		177			187			191			194			195
(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		815,190			824,047			834,262			844,489			847,569
Treasury		108,702			99,846			89,631			79,404			76,324

Fifth Third Bancorp and Subsidiaries

Consolidated Statements of Changes in Equity

$ in millions

(unaudited)


	For the Three Months Ended
	March 2015			March 2014
Total equity, beginning	$	15,665		$	14,626
Net income attributable to Bancorp		382			318
Other comprehensive income, net of tax:
Change in unrealized gains:
Available-for-sale securities		133			110
Qualifying cash flow hedges		24			3
Change in accumulated other comprehensive income related to employee benefit plans		2			1

Comprehensive income		541			432
Cash dividends declared:
Common stock		(106	)		(102	)
Preferred stock		(15	)		(9	)
Impact of stock transactions under stock compensation plans, net		21			17
Shares acquired for treasury		(180	)		(99	)
Noncontrolling interest		1			1
Other		(2	)		(2	)

Total equity, ending	$	15,925		$	14,864

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)


	For the Three Months Ended									% Change
	March 2015			December 2014			March 2014			Seq			Yr/Yr
Assets
Interest-earning assets:
Commercial and industrial loans	$	41,462		$	41,313		$	40,409			—			3	%
Commercial mortgage loans		7,248			7,482			7,983			(3	%)		(9	%)
Commercial construction loans		2,198			1,911			1,118			15	%		97	%
Commercial leases		3,716			3,601			3,607			3	%		3	%
Residential mortgage loans		13,515			13,526			13,304			—			2	%
Home equity		8,802			8,937			9,194			(2	%)		(4	%)
Automobile loans		11,933			12,073			12,023			(1	%)		(1	%)
Credit card		2,321			2,324			2,230			—			4	%
Other consumer loans and leases		464			414			370			12	%		26	%
Taxable securities		23,102			22,364			20,385			3	%		13	%
Tax exempt securities		59			64			46			(8	%)		28	%
Other short-term investments		5,877			5,176			2,509			14	%		NM

Total interest-earning assets		120,697			119,185			113,178			1	%		7	%
Cash and due from banks		2,830			3,008			2,850			(6	%)		(1	%)
Other assets		15,447			14,800			14,478			4	%		7	%
Allowance for loan and lease losses		(1,322	)		(1,413	)		(1,576	)		(6	%)		(16	%)

Total assets	$	137,652		$	135,580		$	128,930			2	%		7	%

Liabilities
Interest-bearing liabilities:
Interest checking	$	26,885		$	25,478		$	25,911			6	%		4	%
Savings		15,174			15,173			16,903			—			(10	%)
Money market		17,492			17,023			12,439			3	%		41	%
Foreign office		861			1,439			2,017			(40	%)		(57	%)
Other time		4,022			3,936			3,616			2	%		11	%
Certificates—$100,000 and over		2,683			2,998			5,576			(11	%)		(52	%)
Federal funds purchased		172			161			547			7	%		(69	%)
Other short-term borrowings		1,602			1,481			1,808			8	%		(11	%)
Long-term debt		14,448			14,855			10,313			(3	%)		40	%

Total interest-bearing liabilities		83,339			82,544			79,130			1	%		5	%
Demand deposits		33,760			33,301			30,626			1	%		10	%
Other liabilities		4,694			4,052			4,274			16	%		10	%

Total liabilities		121,793			119,897			114,030			2	%		7	%
Equity		15,859			15,683			14,900			1	%		6	%

Total liabilities and equity	$	137,652		$	135,580		$	128,930			2	%		7	%

Yield Analysis
Interest-earning assets:
Commercial and industrial loans		3.16	%		3.21	%		3.35	%
Commercial mortgage loans		3.27	%		3.28	%		3.43	%
Commercial construction loans		3.23	%		3.30	%		3.48	%
Commercial leases		2.90	%		2.96	%		3.09	%
Residential mortgage loans		3.83	%		3.80	%		3.94	%
Home equity		3.66	%		3.68	%		3.74	%
Automobile loans		2.68	%		2.73	%		2.86	%
Credit card		10.22	%		10.08	%		9.90	%
Other consumer loans and leases		10.79	%		31.97	%		39.93	%

Total loans and leases		3.46	%		3.58	%		3.72	%
Taxable securities		3.30	%		3.28	%		3.33	%
Tax exempt securities		5.24	%		4.42	%		5.51	%
Other short-term investments		0.25	%		0.26	%		0.26	%

Total interest-earning assets		3.28	%		3.38	%		3.58	%
Interest-bearing liabilities:
Interest checking		0.20	%		0.22	%		0.23	%
Savings		0.07	%		0.08	%		0.11	%
Money market		0.32	%		0.39	%		0.28	%
Foreign office		0.20	%		0.30	%		0.29	%
Other time		1.17	%		1.14	%		0.99	%
Certificates—$100,000 and over		1.16	%		1.05	%		0.70	%
Federal funds purchased		0.09	%		0.10	%		0.10	%
Other short-term borrowings		0.11	%		0.10	%		0.10	%
Long-term debt		2.02	%		1.94	%		2.04	%

Total interest-bearing liabilities		0.60	%		0.61	%		0.51	%
Ratios:
Net interest margin (taxable equivalent)		2.86	%		2.96	%		3.22	%
Net interest rate spread (taxable equivalent)		2.68	%		2.77	%		3.07	%
Interest-bearing liabilities to interest-earning assets		69.05	%		69.26	%		69.92	%

Fifth Third Bancorp and Subsidiaries

Average Balance Sheet and Yield Analysis

$ in millions, except share data

(unaudited)


	For the Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014
Assets
Interest-earning assets:
Commercial and industrial loans	$	41,462		$	41,313		$	41,525		$	41,451		$	40,409
Commercial mortgage loans		7,248			7,482			7,637			7,886			7,983
Commercial construction loans		2,198			1,911			1,565			1,364			1,118
Commercial leases		3,716			3,601			3,576			3,556			3,607
Residential mortgage loans		13,515			13,526			13,342			13,202			13,304
Home equity		8,802			8,937			9,009			9,101			9,194
Automobile loans		11,933			12,073			12,105			12,070			12,023
Credit card		2,321			2,324			2,295			2,232			2,230
Other consumer loans and leases		464			414			374			379			370
Taxable securities		23,102			22,364			22,594			21,706			20,385
Tax exempt securities		59			64			50			52			46
Other short-term investments		5,877			5,176			2,283			2,182			2,509

Total interest-earning assets		120,697			119,185			116,355			115,181			113,178
Cash and due from banks		2,830			3,008			2,862			2,847			2,850
Other assets		15,447			14,800			14,461			14,417			14,478
Allowance for loan and lease losses		(1,322	)		(1,413	)		(1,458	)		(1,480	)		(1,576	)

Total assets	$	137,652		$	135,580		$	132,220		$	130,965		$	128,930

Liabilities
Interest-bearing liabilities:
Interest checking	$	26,885		$	25,478		$	24,926		$	25,222		$	25,911
Savings		15,174			15,173			15,759			16,509			16,903
Money market		17,492			17,023			15,222			13,942			12,439
Foreign office		861			1,439			1,663			2,200			2,017
Other time		4,022			3,936			3,800			3,693			3,616
Certificates—$100,000 and over		2,683			2,998			3,339			3,840			5,576
Federal funds purchased		172			161			520			606			547
Other short-term borrowings		1,602			1,481			1,973			2,234			1,808
Long-term debt		14,448			14,855			13,955			12,524			10,313

Total interest-bearing liabilities		83,339			82,544			81,157			80,770			79,130
Demand deposits		33,760			33,301			31,790			31,275			30,626
Other liabilities		4,694			4,052			3,749			3,724			4,274

Total liabilities		121,793			119,897			116,696			115,769			114,030
Equity		15,859			15,683			15,524			15,196			14,900

Total liabilities and equity	$	137,652		$	135,580		$	132,220		$	130,965		$	128,930

Yield Analysis
Interest-earning assets:
Commercial and industrial loans		3.16	%		3.21	%		3.25	%		3.27	%		3.35	%
Commercial mortgage loans		3.27	%		3.28	%		3.34	%		3.39	%		3.43	%
Commercial construction loans		3.23	%		3.30	%		3.49	%		3.54	%		3.48	%
Commercial leases		2.90	%		2.96	%		2.96	%		3.04	%		3.09	%
Residential mortgage loans		3.83	%		3.80	%		3.84	%		3.93	%		3.94	%
Home equity		3.66	%		3.68	%		3.69	%		3.71	%		3.74	%
Automobile loans		2.68	%		2.73	%		2.72	%		2.77	%		2.86	%
Credit card		10.22	%		10.08	%		9.87	%		10.06	%		9.90	%
Other consumer loans and leases		10.79	%		31.97	%		36.98	%		35.63	%		39.93	%

Total loans and leases		3.46	%		3.58	%		3.61	%		3.65	%		3.72	%
Taxable securities		3.30	%		3.28	%		3.32	%		3.34	%		3.33	%
Tax exempt securities		5.24	%		4.42	%		5.34	%		4.69	%		5.51	%
Other short-term investments		0.25	%		0.26	%		0.26	%		0.28	%		0.26	%

Total interest-earning assets		3.28	%		3.38	%		3.49	%		3.53	%		3.58	%
Interest-bearing liabilities:
Interest checking		0.20	%		0.22	%		0.22	%		0.22	%		0.23	%
Savings		0.07	%		0.08	%		0.09	%		0.11	%		0.11	%
Money market		0.32	%		0.39	%		0.37	%		0.33	%		0.28	%
Foreign office		0.20	%		0.30	%		0.29	%		0.29	%		0.29	%
Other time		1.17	%		1.14	%		1.07	%		1.03	%		0.99	%
Certificates—$100,000 and over		1.16	%		1.05	%		0.96	%		0.83	%		0.70	%
Federal funds purchased		0.09	%		0.10	%		0.09	%		0.10	%		0.10	%
Other short-term borrowings		0.11	%		0.10	%		0.10	%		0.10	%		0.10	%
Long-term debt		2.02	%		1.94	%		1.80	%		1.89	%		2.04	%

Total interest-bearing liabilities		0.60	%		0.61	%		0.56	%		0.54	%		0.51	%
Ratios:
Net interest margin (taxable equivalent)		2.86	%		2.96	%		3.10	%		3.15	%		3.22	%
Net interest rate spread (taxable equivalent)		2.68	%		2.77	%		2.93	%		2.99	%		3.07	%
Interest-bearing liabilities to interest-earning assets		69.05	%		69.26	%		69.75	%		70.12	%		69.92	%

Fifth Third Bancorp and Subsidiaries

Summary of Loans and Leases

$ in millions

(unaudited)


	For the Three Months Ended
	March 2015		December 2014		September 2014		June 2014		March 2014
Average Loans and Leases
Commercial:
Commercial and industrial loans	$	41,426	$	41,277	$	41,477	$	41,374	$	40,377
Commercial mortgage loans		7,241		7,480		7,633		7,885		7,981
Commercial construction loans		2,197		1,909		1,563		1,362		1,116
Commercial leases		3,715		3,600		3,571		3,555		3,607

Subtotal—commercial		54,579		54,266		54,244		54,176		53,081
Consumer:
Residential mortgage loans		12,433		13,046		12,785		12,611		12,659
Home equity		8,802		8,937		9,009		9,101		9,194
Automobile loans		11,933		12,073		12,105		12,070		12,023
Credit card		2,321		2,324		2,295		2,232		2,230
Other consumer loans and leases		440		395		361		359		343

Subtotal—consumer		35,929		36,775		36,555		36,373		36,449

Total average loans and leases (excluding held for sale)	$	90,508	$	91,041	$	90,799	$	90,549	$	89,530

Average loans held for sale		1,151		540		629		692		708
End of Period Loans and Leases
Commercial:
Commercial and industrial loans	$	42,052	$	40,765	$	41,072	$	41,299	$	40,591
Commercial mortgage loans		7,209		7,399		7,564		7,805		7,958
Commercial construction loans		2,302		2,069		1,702		1,424		1,218
Commercial leases		3,786		3,720		3,554		3,567		3,577

Subtotal—commercial		55,349		53,953		53,892		54,095		53,344
Consumer:
Residential mortgage loans		12,569		12,389		12,941		12,652		12,626
Home equity		8,714		8,886		8,987		9,056		9,125
Automobile loans		11,873		12,037		12,121		12,050		12,088
Credit card		2,291		2,401		2,317		2,261		2,177
Other consumer loans and leases		448		418		366		370		345

Subtotal—consumer		35,895		36,131		36,732		36,389		36,361

Total portfolio loans and leases	$	91,244	$	90,084	$	90,624	$	90,484	$	89,705

Core business activity		722		590		634		677		776
Portfolio management activity		2		671		7		5		4

Total loans held for sale		724		1,261		641		682		780
Operating lease equipment		725		728		732		667		714
Loans and Leases Serviced for Others:^(a)
Commercial and industrial loans		609		637		620		649		702
Commercial mortgage loans		279		270		274		277		280
Commercial construction loans		21		20		22		39		35
Commercial leases		257		283		267		235		223
Residential mortgage loans		64,178		65,413		66,808		68,085		68,909
Automobile loans		203		232		263		297		334

Total loans and leases serviced for others		65,547		66,855		68,254		69,582		70,483

Total loans and leases serviced	$	158,240	$	158,928	$	160,251	$	161,415	$	161,682

(a)

Fifth Third sells certain loans and leases and obtains servicing responsibilities.

Fifth Third Bancorp and Subsidiaries

Regulatory Capital^(a)

$ in millions

(unaudited)


	Basel III Transitional			*Basel I^(c)***
	As of
	March 2015			December 2014			September 2014			June 2014			March 2014
Tier I capital:
Common stock and related surplus (net of treasury stock)		2,565			N/A			N/A			N/A			N/A
Retained earnings		11,401			N/A			N/A			N/A			N/A
Common equity tier I capital adjustments and deductions		(2,399	)		N/A			N/A			N/A			N/A

Common equity tier I		11,567			N/A			N/A			N/A			N/A
Additional tier I capital		1,343			N/A			N/A			N/A			N/A

Tier I capital		12,910			12,764			12,661			12,644			12,182
Tier II capital		4,112			4,131			4,103			4,101			4,174

Total risk-based capital		17,022			16,895			16,764			16,745			16,356

Risk-weighted assets		120,248	^(b)		117,878			116,917			117,117			116,622
Ratios:
Average shareholders’ equity to average assets		11.49	%		11.54	%		11.71	%		11.57	%		11.53	%
Regulatory capital:

	Basel III Transitional			*Basel I^(c)***
Fifth Third Bancorp
Common equity tier 1		9.62	%^(b)		N/A			N/A			N/A			N/A
Tier I risk-based capital		10.74	%^(b)		10.83	%		10.83	%		10.80	%		10.45	%
Total risk-based capital		14.16	%^(b)		14.33	%		14.34	%		14.30	%		14.02	%
Tier I leverage		9.61	%		9.66	%		9.82	%		9.86	%		9.71	%
Tier I common equity		N/A			9.65	%^(d)		9.64	%^(d)		9.61	%^(d)		9.51	%^(d)
Fifth Third Bank
Tier I risk-based capital		11.57	%^(b)		11.85	%		11.87	%		11.79	%		11.65	%
Total risk-based capital		12.81	%^(b)		13.10	%		13.12	%		13.04	%		12.91	%
Tier I leverage		10.33	%		10.58	%		10.77	%		10.77	%		10.84	%

(a)

Current period regulatory capital data and ratios are estimated.

(b)

(c)

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

(d)

This ratio has been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition. Non-GAAP measure; see Reg. G reconciliation on page 32.

Fifth Third Bancorp and Subsidiaries

Summary of Credit Loss Experience

$ in millions

(unaudited)


	For the Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014
Average loans and leases (excluding held for sale):
Commercial and industrial loans	$	41,426		$	41,277		$	41,477		$	41,374		$	40,377
Commercial mortgage loans		7,241			7,480			7,633			7,885			7,981
Commercial construction loans		2,197			1,909			1,563			1,362			1,116
Commercial leases		3,715			3,600			3,571			3,555			3,607
Residential mortgage loans		12,433			13,046			12,785			12,611			12,659
Home equity		8,802			8,937			9,009			9,101			9,194
Automobile loans		11,933			12,073			12,105			12,070			12,023
Credit card		2,321			2,324			2,295			2,232			2,230
Other consumer loans and leases		440			395			361			359			343

Total average loans and leases (excluding held for sale)	$	90,508		$	91,041		$	90,799		$	90,549		$	89,530

Losses charged off:
Commercial and industrial loans		($43	)		($50	)		($62	)		($36	)		($100	)
Commercial mortgage loans		(5	)		(12	)		(10	)		(11	)		(5	)
Commercial construction loans		—			—			—			(8	)		(5	)
Commercial leases		—			(1	)		—			—			—
Residential mortgage loans		(9	)		(97	)		(12	)		(11	)		(19	)
Home equity		(17	)		(15	)		(18	)		(22	)		(20	)
Automobile loans		(13	)		(11	)		(11	)		(10	)		(12	)
Credit card		(24	)		(23	)		(26	)		(24	)		(22	)
Other consumer loans and leases		(4	)		(6	)		(7	)		(5	)		(7	)

Total losses		(115	)		(215	)		(146	)		(127	)		(190	)
Recoveries of losses previously charged off:
Commercial and industrial loans		5			6			12			5			3
Commercial mortgage loans		4			2			5			2			2
Commercial construction loans		—			—			—			—			—
Commercial leases		—			—			—			—			—
Residential mortgage loans		3			3			3			3			4
Home equity		3			4			4			4			4
Automobile loans		5			4			4			5			4
Credit card		3			3			3			3			3
Other consumer loans and leases		1			2			—			4			2

Total recoveries		24			24			31			26			22
Net losses charged off:
Commercial and industrial loans		(38	)		(44	)		(50	)		(31	)		(97	)
Commercial mortgage loans		(1	)		(10	)		(5	)		(9	)		(3	)
Commercial construction loans		—			—			—			(8	)		(5	)
Commercial leases		—			(1	)		—			—			—
Residential mortgage loans		(6	)		(94	)		(9	)		(8	)		(15	)
Home equity		(14	)		(11	)		(14	)		(18	)		(16	)
Automobile loans		(8	)		(7	)		(7	)		(5	)		(8	)
Credit card		(21	)		(20	)		(23	)		(21	)		(19	)
Other consumer loans and leases		(3	)		(4	)		(7	)		(1	)		(5	)

Total net losses charged off		($91	)		($191	)		($115	)		($101	)		($168	)

Net charge-off ratios:
Commercial and industrial loans		0.38	%		0.43	%		0.48	%		0.30	%		0.97	%
Commercial mortgage loans		0.05	%		0.53	%		0.24	%		0.44	%		0.16	%
Commercial construction loans		(0.06	%)		(0.01	%)		(0.11	%)		2.26	%		1.66	%
Commercial leases		0.00	%		0.06	%		0.00	%		0.00	%		(0.03	%)
Residential mortgage loans		0.19	%		2.87	%		0.28	%		0.24	%		0.49	%
Home equity		0.61	%		0.47	%		0.63	%		0.80	%		0.72	%
Automobile loans		0.28	%		0.22	%		0.24	%		0.15	%		0.29	%
Credit card		3.60	%		3.40	%		3.89	%		3.71	%		3.41	%
Other consumer loans and leases		4.02	%		4.57	%		8.13	%		4.08	%		6.58	%

Total net charge-off ratio		0.41	%		0.83	%		0.50	%		0.45	%		0.76	%

Fifth Third Bancorp and Subsidiaries

Asset Quality

$ in millions

(unaudited)


	For the Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014
Allowance for Credit Losses
Allowance for loan and lease losses, beginning	$	1,322		$	1,414		$	1,458		$	1,483		$	1,582
Total net losses charged-off		(91	)		(191	)		(115	)		(101	)		(168	)
Provision for loan and lease losses		69			99			71			76			69

Allowance for loan and lease losses, ending	$	1,300		$	1,322		$	1,414		$	1,458		$	1,483
Reserve for unfunded commitments, beginning	$	135		$	134		$	142		$	153		$	162
Provision (benefit) for unfunded commitments		(4	)		1			(8	)		(11	)		(9	)
Charge-offs		(1	)		—			—			—			—

Reserve for unfunded commitments, ending	$	130		$	135		$	134		$	142		$	153

Components of allowance for credit losses:
Allowance for loan and lease losses	$	1,300		$	1,322		$	1,414		$	1,458		$	1,483
Reserve for unfunded commitments		130			135			134			142			153

Total allowance for credit losses	$	1,430		$	1,457		$	1,548		$	1,600		$	1,636


	As of
	March 2015			December 2014			September 2014			June 2014			March 2014
Nonperforming Assets and Delinquent Loans
Nonaccrual portfolio loans and leases:
Commercial and industrial loans	$	61		$	86		$	102		$	103		$	153
Commercial mortgage loans		57			64			77			86			96
Commercial construction loans		—			—			2			3			3
Commercial leases		2			3			3			2			3
Residential mortgage loans		40			44			52			56			68
Home equity		71			72			69			73			75

Total nonaccrual portfolio loans and leases (excludes restructured loans)		231			269			305			323			398
Restructured loans—commercial (nonaccrual)		205			214			201			202			209
Restructured loans—consumer (nonaccrual)		90			96			114			115			126

Total nonaccrual portfolio loans and leases		526			579			620			640			733
Repossessed property		20			18			19			18			6
Other real estate owned		145			147	^(b)		157	^(b)		174	^(b)		207	^(b)

Total nonperforming assets^(a)		691			744			796			832			946
Nonaccrual loans held for sale		2			24			4			5			3
Restructured loans—(nonaccrual) held for sale		—			15			3			—			—

Total nonperforming assets including loans held for sale	$	693		$	783		$	803		$	837		$	949

Restructured portfolio consumer loans and leases (accrual)	$	943		$	905		$	1,610		$	1,623		$	1,682
Restructured portfolio commercial loans and leases (accrual)	$	774		$	844		$	885		$	914		$	847
Ninety days past due loans and leases:
Commercial and industrial loans	$	2		$	—		$	—		$	—		$	1
Commercial mortgage loans		1			—			1			—			—
Commercial construction loans		—			—			—			—			—
Commercial leases		—			—			—			—			—

Total commercial loans and leases		3			—			1			—			1

Residential mortgage loans		48			56			57			60			56
Home equity		—			—			—			—			—
Automobile loans		7			8			8			8			7
Credit card		20			23			21			26			30
Other consumer loans and leases		—			—			—			—			—

Total consumer loans and leases		75			87			86			94			93

Total ninety days past due loans and leases^(c)	$	78		$	87		$	87		$	94		$	94

Ratios
Net losses charged-off as a percent of average loans and leases		0.41	%		0.83	%		0.50	%		0.45	%		0.76	%
Allowance for loan and lease losses:
As a percent of portfolio loans and leases		1.42	%		1.47	%		1.56	%		1.61	%		1.65	%
As a percent of nonperforming loans and leases^(a)		247	%		228	%		228	%		228	%		202	%
As a percent of nonperforming assets^(a)		188	%		178	%		178	%		175	%		157	%
Nonperforming loans and leases as a percent of portfolio loans, leases and other assets , including other real estate owned^(a)		0.57	%		0.64	%		0.68	%		0.70	%		0.82	%
Nonperforming assets as a percent of portfolio loans, leases and other assets, including other real estate owned^(a)		0.76	%		0.82	%		0.88	%		0.92	%		1.05	%
Nonperforming assets as a percent of total loans, leases and other assets, including other real estate owned		0.75	%		0.86	%		0.88	%		0.92	%		1.05	%
Allowance for credit losses as a percent of nonperforming assets		207	%		196	%		195	%		192	%		173	%

(a)

Does not include nonaccrual loans held for sale.

(b)

(c)

Does not include loans held for sale.

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconciliation

$ and shares in millions

(unaudited)


	For the Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014
Income before income taxes (U.S. GAAP)	$	515		$	519		$	464		$	606		$	438
Add: Provision expense (U.S. GAAP)		69			99			71			76			69

Pre-provision net revenue		584			618			535			682			507
Net income available to common shareholders (U.S. GAAP)		367			362			328			416			309
Add: Intangible amortization, net of tax		—			1			1			1			1

Tangible net income available to common shareholders		367			363			329			417			310
Tangible net income available to common shareholders (annualized) (a)		1,488			1,440			1,305			1,673			1,257
Average Bancorp shareholders’ equity (U.S. GAAP)		15,820			15,644			15,486			15,157			14,862
Less: Average preferred stock		(1,331	)		(1,331	)		(1,331	)		(1,119	)		(1,034	)
Average goodwill		(2,416	)		(2,416	)		(2,416	)		(2,416	)		(2,416	)
Average intangible assets and other servicing rights		(15	)		(17	)		(16	)		(17	)		(19	)

Average tangible common equity (b)		12,058			11,880			11,723			11,605			11,393
Total Bancorp shareholders’ equity (U.S. GAAP)		15,885			15,626			15,404			15,469			14,826
Less: Preferred stock		(1,331	)		(1,331	)		(1,331	)		(1,331	)		(1,034	)
Goodwill		(2,416	)		(2,416	)		(2,416	)		(2,416	)		(2,416	)
Intangible assets and other servicing rights		(15	)		(16	)		(16	)		(17	)		(18	)

Tangible common equity, including unrealized gains / losses (c)		12,123			11,863			11,641			11,705			11,358
Less: Accumulated other comprehensive income		(588	)		(429	)		(301	)		(382	)		(196	)

Tangible common equity, excluding unrealized gains / losses (d)		11,535			11,434			11,340			11,323			11,162
Add: Preferred stock		1,331			1,331			1,331			1,331			1,034

Tangible equity (e)		12,866			12,765			12,671			12,654			12,196
Total assets (U.S. GAAP)		140,499			138,706			134,188			132,562			129,654
Less: Goodwill		(2,416	)		(2,416	)		(2,416	)		(2,416	)		(2,416	)
Intangible assets and other servicing rights		(15	)		(16	)		(16	)		(17	)		(18	)

Tangible assets, including unrealized gains / losses (f)		138,068			136,274			131,756			130,129			127,220
Less: Accumulated other comprehensive income / loss, before tax		(905	)		(660	)		(463	)		(588	)		(302	)

Tangible assets, excluding unrealized gains / losses (g)		137,163			135,614			131,293			129,541			126,918
Total Bancorp shareholders’ equity (U.S. GAAP)		N/A			15,626			15,404			15,469			14,826
Goodwill and certain other intangibles		N/A			(2,476	)		(2,484	)		(2,484	)		(2,490	)
Unrealized gains		N/A			(429	)		(301	)		(382	)		(196	)
Qualifying trust preferred securities		N/A			60			60			60			60
Other		N/A			(17	)		(18	)		(19	)		(18	)

Tier I capital		N/A			12,764			12,661			12,644			12,182
Less: Preferred stock		N/A			(1,331	)		(1,331	)		(1,331	)		(1,034	)
Qualifying trust preferred securities		N/A			(60	)		(60	)		(60	)		(60	)
Qualifying noncontrolling interests in consolidated subsidiaries		N/A			(1	)		(1	)		(1	)		(1	)

Tier I common equity (h)		N/A	⁽³⁾		11,372			11,269			11,252			11,087
Common shares outstanding (i)		815			824			834			844			848

	Basel III Transitional			Basel I
Risk-weighted assets (actual) (j)		120,248			117,878			116,917			117,117			116,622
Ratios:
Return on average tangible common equity (a) / (b)		12.3	%		12.1	%		11.1	%		14.4	%		11.0	%
Tangible equity (e) / (g)		9.38	%		9.41	%		9.65	%		9.77	%		9.61	%
Tangible common equity (excluding unrealized gains/losses) (d) / (g)		8.41	%		8.43	%		8.64	%		8.74	%		8.79	%
Tangible common equity (including unrealized gains/losses) (c) / (f)		8.78	%		8.71	%		8.84	%		9.00	%		8.93	%
Tangible common equity as a percent of risk-weighted assets (excluding unrealized gains/losses) (d) / (j)		9.59	%		9.70	%		9.70	%		9.67	%		9.57	%
Tangible book value per share (c) / (i)	$	14.87		$	14.40		$	13.95		$	13.86		$	13.40
Tier I common equity (h) / (j)		N/A	⁽³⁾		9.65	%		9.64	%		9.61	%		9.51	%

Basel III-Estimated Tier I common equity ratio

	March 2015⁽³⁾			December 2014			September 2014			June 2014			March 2014
Tier I common equity (Basel I)		N/A			11,372			11,269			11,252			11,087
Add: Adjustment related to capital components		N/A			84			99			96			99

Estimated Tier I common equity under final Basel III rules without AOCI (opt out)⁽¹⁾		N/A			11,456			11,368			11,348			11,186

Estimated risk-weighted assets under final Basel III rules ⁽²⁾		N/A			122,018			122,219			122,465			122,659
Estimated Tier I common equity ratio under final Basel III rules (opt out) (1) / (2)		N/A			9.39	%		9.38	%		9.27	%		9.12	%

(1)

Fifth Third will make a one-time permanent election to not include AOCI in common equity tier I capital in the March 31, 2015 FFIEC 031 and Y-9C filings.

(2)

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

(3)

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

Fifth Third Bancorp and Subsidiaries

Segment Presentation

$ in millions

(unaudited)


For the three months ended March 31, 2015	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income^(a)	$	397		$	377		$	63		$	29		($	14	)	$	852
Provision for loan and lease losses		(33	)		(42	)		(14	)		(2	)		22			(69	)

Net interest income after provision for loan and lease losses		364			335			49			27			8			783
Total noninterest income		204			176			129			107			44			660
Total noninterest expense		(357	)		(392	)		(104	)		(115	)		45			(923	)

Net income before taxes		211			119			74			19			97			520
Applicable income taxes^(a)		(27	)		(42	)		(26	)		(7	)		(36	)		(138	)

Net income		184			77			48			12			61			382
Net income attributable to noncontrolling interest		—			—			—			—			—			—

Net income attributable to Bancorp		184			77			48			12			61			382
Dividends on preferred stock		—			—			—			—			15			15

Net income available to common shareholders	$	184		$	77		$	48		$	12		$	46		$	367


For the three months ended December 31, 2014^(b)	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income^(a)	$	420		$	402		$	64		$	31		($	29	)	$	888
Provision for loan and lease losses		(50	)		(40	)		(100	)		(1	)		92			(99	)

Net interest income after provision for loan and lease losses		370			362			(36	)		30			63			789
Total noninterest income		237			188			69			102			57			653
Total noninterest expense		(331	)		(386	)		(107	)		(111	)		17			(918	)

Income (loss) before income taxes		276			164			(74	)		21			137			524
Applicable income taxes^(a)		(55	)		(58	)		26			(7	)		(45	)		(139	)

Net income (loss)		221			106			(48	)		14			92			385
Net income attributable to noncontrolling interest		—			—			—			—			—			—

Net income (loss) attributable to Bancorp		221			106			(48	)		14			92			385
Dividends on preferred stock		—			—			—			—			23			23

Net income (loss) available to common shareholders	$	221		$	106		($	48	)	$	14		$	69		$	362


For the three months ended September 30, 2014^(b)	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income^(a)	$	416		$	396		$	64		$	30		$	2		$	908
Provision for loan and lease losses		(47	)		(50	)		(17	)		(1	)		44			(71	)

Net interest income after provision for loan and lease losses		369			346			47			29			46			837
Total noninterest income		218			194			71			102			(65	)		520
Total noninterest expense		(323	)		(392	)		(114	)		(111	)		52			(888	)

Net income before taxes		264			148			4			20			33			469
Applicable income taxes^(a)		(52	)		(52	)		(1	)		(7	)		(17	)		(129	)

Net income		212			96			3			13			16			340
Net income attributable to noncontrolling interest		—			—			—			—			—			—

Net income attributable to Bancorp		212			96			3			13			16			340
Dividends on preferred stock		—			—			—			—			12			12

Net income available to common shareholders	$	212		$	96		$	3		$	13		$	4		$	328


For the three months ended June 30, 2014^(b)	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income^(a)	$	408		$	384		$	65		$	29		$	19		$	905
Provision for loan and lease losses		(40	)		(47	)		(13	)		(1	)		25			(76	)

Net interest income after provision for loan and lease losses		368			337			52			28			44			829
Total noninterest income		216			171			90			101			158			736
Total noninterest expense		(330	)		(385	)		(165	)		(111	)		37			(954	)

Income (loss) before income taxes		254			123			(23	)		18			239			611
Applicable income taxes^(a)		(46	)		(43	)		8			(6	)		(85	)		(172	)

Net income (loss)		208			80			(15	)		12			154			439
Net income attributable to noncontrolling interest		—			—			—			—			—			—

Net income (loss) attributable to Bancorp		208			80			(15	)		12			154			439
Dividends on preferred stock		—			—			—			—			23			23

Net income (loss) available to common shareholders	$	208		$	80		($	15	)	$	12		$	131		$	416


For the three months ended March 31, 2014^(b)	Commercial Banking			Branch Banking			Consumer Lending			Investment Advisors			Other/ Eliminations			Total
Net interest income^(a)	$	403		$	391		$	64		$	32		$	8		$	898
Provision for loan and lease losses		(98	)		(45	)		(25	)		—			99			(69	)

Net interest income after provision for loan and lease losses		305			346			39			32			107			829
Total noninterest income		208			174			119			103			(40	)		564
Total noninterest expense		(333	)		(390	)		(167	)		(110	)		50			(950	)

Income (loss) before income taxes		180			130			(9	)		25			117			443
Applicable income taxes^(a)		(22	)		(45	)		3			(8	)		(52	)		(124	)

Net income (loss)		158			85			(6	)		17			65			319
Net income attributable to noncontrolling interest		—			—			—			—			1			1

Net income (loss) attributable to Bancorp		158			85			(6	)		17			64			318
Dividends on preferred stock		—			—			—			—			9			9

Net income (loss) available to common shareholders	$	158		$	85		($	6	)	$	17		$	55		$	309

(a)

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

(b)

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

1Q15 Earnings Conference Call

April 21, 2015

Refer to earnings release dated April 21, 2015 for further information.

Exhibit 99.2

Fifth

Third

Bank

All

Rights

Reserved

Fifth

Third

Bank

All

Rights

Reserved

Cautionary statement

This

report

contains

statements

that

believe

are

“forward-looking

statements”

within

the

meaning

Section

27A

the

Securities

Act

1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and

Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future

performance

business.

They

usually

can

identified

the

use

forward-looking

language

such

“will

likely

result,”

“may,”

“are

expected to,”

“is anticipated,”

“estimate,”

“forecast,”

“projected,”

“intends to,”

or may include other similar words or phrases such as

“believes,”

“plans,”

“trend,”

“objective,”

“continue,”

“remain,”

similar

expressions,

future

conditional

verbs

such

“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

the

risk

factors

set

forth

our

most

recent

Annual

Report

Form

10-K.

When

considering

these

forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.

Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually

known to us.

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-

looking statements. Factors that might cause such a difference include, but are not limited to: (1) general economic conditions and

weakening in the economy, specifically the real estate market, either nationally or in the states in which Fifth Third, one or more acquired

entities and/or the combined company do business, are less favorable than expected; (2) deteriorating credit quality; (3) political

developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (4) changes in

the interest rate environment reduce interest margins; (5) prepayment speeds, loan origination and sale volumes, charge-offs and loan

loss provisions; (6) Fifth Third’s ability to maintain required capital levels and adequate sources of funding and liquidity; (7) maintaining

capital requirements and adequate sources of funding and liquidity may limit Fifth Third’s operations and potential growth; (8) changes and

trends

capital

markets;

(9)

problems

encountered

larger

similar

financial

institutions

may

adversely

affect

the

banking

industry

and/or Fifth Third; (10) competitive pressures among depository institutions increase significantly; (11) effects of critical accounting policies

and

judgments;

(12)

changes

accounting

policies

procedures

may

required

the

Financial

Accounting

Standards

Board

(FASB) or other regulatory agencies; (13) legislative or regulatory changes or actions, or significant litigation, adversely affect Fifth Third,

one

acquired

entities

and/or

the

combined

company

the

businesses

which

Fifth

Third,

one

acquired

entities

and/or

the combined company are engaged, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; (14) ability to maintain

favorable

ratings

from

rating

agencies;

(15)

fluctuation

Fifth

Third’s

stock

price;

(16)

ability

attract

and

retain

key

personnel;

(17)

ability

receive

dividends

from

its

subsidiaries;

(18)

potentially

dilutive

effect

future

acquisitions

current

shareholders’

ownership

Fifth

Third;

(19)

effects

accounting

financial

results

one

acquired

entities;

(20)

difficulties

from

Fifth

Third’s

investment

in,

relationship with, and nature of the operations of Vantiv, LLC; (21) loss of income from any sale or potential sale of businesses that could

have an adverse effect on Fifth Third’s earnings and future growth; (22) ability to secure confidential information and deliver products and

services through the use of computer systems and telecommunications networks; and (23) the impact of reputational risk created by these

developments on such matters as business generation and retention, funding and liquidity.

You

should

refer

our

periodic

and

current

reports

filed

with

the

Securities

and

Exchange

Commission,

“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.

Fifth

Third

Bank

All

Rights

Reserved

1Q15 in review

Balancing current earnings results with prudent decisions to increase long-term shareholder value

($ in millions)

1Q15

Seq.

YOY

Average Balances

Total loans & leases

1, 2

$90,508

($533)

$978

Core deposits

$98,194

$1,844

$6,682

Income Statement Data

Net interest income (taxable equivalent)

$852

(4%)

(5%)

Provision for loan and lease losses

(30%)

Noninterest income

660

17%

Noninterest expense

923

(3%)

Net income attributable to Bancorp

$382

(1%)

20%

Net income available to common

shareholders

$367

15%

Financial Ratios

Earnings per share, diluted

0.44

22%

Net interest margin

2.86%

(10bps)

(36bps)

Efficiency ratio

61.0%

140bps

(390bps)

Return on average assets

1.12%

(1bp)

12bps

Return on avg common equity

10.3%

30bps

130bps

Return on avg tangible common equity

12.3%

20bps

130bps

Tangible book value per share

$14.87

11%

Note:

The

percentages

all

the

tables

this

presentation

are

calculated

actual

dollar

amounts

and

not

the

rounded

dollar

amounts.

Excludes loans held-for-sale

Includes impact of TDR loans moved to held-for-sale in 4Q14

Non-GAAP measure; see Reg. G reconciliation in appendix

Significant pre-tax items in 1Q15 results

(~$0.07 positive after-tax EPS impact):

—

$70MM positive valuation adjustment on

Vantiv warrant

—

$37MM gain on sale of TDRs

—

$17MM negative valuation adjustment on

Visa total return swap

1Q15 operating results solid despite continued

low interest rate environment; reflect typical 1Q

seasonality in fee income and benefits expense

Sequential comparisons reflect impact of TDR

transfer to held-for-sale in 4Q14

—

Reduced average loan balance by $694MM

—

4Q14 included $23MM of provision expense

related to the transfer

Credit quality continues to improve

—

NCO ratio 41bps of loans as of 1Q15

—

NPAs down $90MM compared with 4Q14;

NPA ratio 76bps

Strong capital ratios; tangible book value

per

11%

from

1Q14

Fifth

Third

Bank

All

Rights

Reserved

Balance sheet

Loan balances ($B)

•

Continuing to target prudent risk/reward

profile in lending

•

Average commercial loans up 1%

sequentially and up 3% year-over-year

–

Year-over-year growth primarily

driven by C&I and commercial

construction, partially offset by lower

commercial mortgage

–

End of period commercial line

utilization 32%; flat sequentially

•

Average consumer loans declined 2%

sequentially and 1% year-over-year;

includes impact of mortgage loans

transferred to held for sale at the end of

4Q14

•

Average transaction deposits up $1.8B

sequentially with increases in interest

checking, money market and demand

deposit balances

–

Consumer average transaction

deposits up 2% sequentially and up

6% year-over-year

–

Commercial average transaction

deposits up 1% sequentially and up

8% year-over-year

•

Core deposit to loan ratio of 108%

Average core deposit balances ($B)

Average securities and short-term

investments ($B)

•

Average securities up $2.7B from 1Q14

reflecting purchase of securities

•

Securities portfolio / total assets of 19.2%

in 1Q15, up from 16.4% a year ago

•

Average other short-term investments

increased $3.4B year-over-year reflecting

higher cash balances at the Federal

Reserve

Note: Numbers may not sum due to rounding.

Fifth

Third

Bank

All

Rights

Reserved

Net interest income

NII and NIM (FTE)

•

Net interest income down

$36MM from 4Q14

–

Decrease driven by the impact of changes to deposit advance product ($21MM) and negative impact from

lower day count ($13MM); decrease in deposit costs and increased

investment securities balances offset

negative effect of loan repricing

•

NIM decreased 10 bps

primarily sequentially reflecting changes to deposit advance product (7bps)

•

Year-over-year NII decreased $46MM and NIM decreased 36 bps

–

NII decrease driven by changes to deposit advance product and loan repricing

–

NIM decrease primarily driven by the impact of loan repricing

Yield Analysis

1Q14

4Q14

1Q15

Seq.

(bps)

YoY

(bps)

Commercial and industrial loans

3.35%

3.21%

3.16%

(5)

(19)

Commercial mortgage loans

3.43%

3.28%

3.27%

(1)

(16)

Commercial construction loans

3.48%

3.30%

3.23%

(7)

(25)

Commercial leases

3.09%

2.96%

2.90%

(6)

(19)

Residential mortgage loans

3.94%

3.80%

3.83%

(11)

Home equity

3.74%

3.68%

3.66%

(2)

(8)

Automobile loans

2.86%

2.73%

2.68%

(5)

(18)

Credit card

9.90%

10.08%

10.22%

Other consumer loans and leases

39.93%

31.97%

10.79%

(2,118)

(2,914)

Total loans and leases

3.72%

3.58%

3.46%

(12)

(26)

Taxable securities

3.33%

3.28%

3.30%

(3)

Tax exempt securities

5.51%

4.42%

5.24%

(27)

Other short-term investments

0.26%

0.25%

(1)

Total interest-earning assets

3.58%

3.38%

3.28%

(10)

(30)

Total interest-bearing liabilities

0.51%

0.61%

0.60%

(1)

Net interest spread

3.07%

2.77%

2.68%

(9)

(39)

Fifth

Third

Bank

All

Rights

Reserved

•

4Q14 include $23MM of payments received from Vantiv

pursuant to TRA

1Q15

($ in millions)

Service charges on deposits

$135

(5%)

Corporate banking revenue

(23%)

(11%)

Mortgage banking net revenue

40%

(21%)

Investment advisory revenue

108

Card and processing revenue

(6%)

Other noninterest income¹

164

Securities gains, net

16%

(34%)

Total noninterest income

$660

17%

Noninterest income

Net credit-related costs recognized in other noninterest income were $1MM in1Q15. This compares with $1MM net credit-related costs in 4Q14, immaterial costs in 3Q14, $4MM in 2Q14

and $10MM in 1Q14.

Compared with 4Q14

•

Record investment advisory revenue reflected seasonally

strong tax-related private client services and higher

securities and brokerage fees

•

Corporate banking revenue included a $21 million decline in

syndication fees due to decreased market activity and

strong 4Q14 results

•

Mortgage banking revenue results reflected higher gain on

sale margins, slightly higher originations and higher MSR

valuation adjustment

Compared with 1Q14

•

Decrease in mortgage banking revenue reflected increased

servicing asset amortization and lower MSR valuation

adjustments in 1Q15

•

Corporate banking revenue results driven by decline in

syndication fees, institutional sales revenue, and lease

remarketing fees, offset by increased foreign exchange fees

1Q14

2Q14

3Q14

4Q14

1Q15

Reported noninterest income

$564

$736

$520

$653

$660

Gain on sale of Vantiv shares

(125)

Vantiv warrant valuation

(63)

(56)

(70)

Other Vantiv-related items

Valuation of Visa total return swap

(1)

Gain on sale of TDRs

(37)

Land valuation adjustments

Securities (gains) / losses

(7)

(8)

(3)

(4)

Adjusted noninterest income

$592

$585

$573

$612

$566

Components of noninterest income

5 quarter trend ($MM)

Adjustments to remove (benefit) / detriment

Seq.

YOY

Fifth

Third

Bank

All

Rights

Reserved

Noninterest expense

Net

credit-related

costs

recognized

other

noninterest

expense

were

$14MM

1Q15.

This

compares

with

net

credit-related

costs

$33MM

4Q14,

$13MM

3Q14,

$6MM

2Q14

and

$9MM in 1Q14.

•

Expenses were up 1% sequentially, driven by a

seasonal increase in FICA and unemployment tax

expense recorded in employee benefits, partially

offset by lower credit-related costs¹

•

Excluding litigation reserve charges, year-over-year

expenses increased 2%, driven by higher incentive-

based compensation expense and increased credit-

related costs¹

1Q15

Seq.

YOY

($ in millions)

Salaries, wages and incentives

$369

Employee benefits

26%

(3%)

Net occupancy expense

(1%)

Technology and communications

Equipment expense

Card and processing expense

(2%)

14%

Other noninterest expense¹

254

(7%)

(13%)

Total noninterest expense

$923

(3%)

1Q14

2Q14

3Q14

4Q14

1Q15

Reported noninterest expense

$950

$954

$888

$918

$923

Litigation reserve charges

(51)

(61)

(4)

(2)

Severance expense

(4)

(1)

(2)

(6)

(1)

Adjusted noninterest expense

$895

$892

$882

$915

$920

5 quarter trend ($MM)

Components of noninterest expense

Adjustments to remove benefit / (detriment)

Fifth

Third

Bank

All

Rights

Reserved

Credit quality overview

Net charge-offs ($MM)

HFI Nonperforming assets ($MM)

NPAs down 7% sequentially and 27% from 1Q14;

lowest level since 2007

Reserve Coverage

Accruing 90+ Days Past Due ($MM)

Includes 1Q15 provision expense of $69MM,

reserve coverage levels remain solid

90 + delinquencies declined 17% from 1Q14

Net charge-offs down 52% sequentially and 46% year-over-year;

4Q14 included $87MM related to TDR transfer to held-for-sale

Fifth

Third

Bank

All

Rights

Reserved

Strong capital position

Non-GAAP measure; See Reg. G reconciliation in appendix.

Represents

Basel

III

common

equity

tier

ratio

under

the

final

capital

rule,

subject

phase-in

periods.

Fifth

Third

will

make

one-time

permanent

election

not

include

AOCI

common

equity

tier 1 capital in the March 31, 2015 regulatory filings.

Tier

Common

Ratio

(Basel I)

Avg.

Diluted

Outstanding

(MM)

and

Tangible

Book

Value

per

•

Received non-objection from Federal Reserve on

2015 CCAR plan

•

2015 CCAR plan included:

—

the potential repurchase of common shares in

an amount up to $765MM

—

a potential increase in the quarterly common

stock dividend to $0.14 in 2016

•

Announced $180MM of share repurchases in 1Q15

under 2014 CCAR plan; expected to be completed on

or before 4/23/15

EOP share impact

(MM)

Average share impact

(MM)

4Q14

1Q15

4Q14

1Q15

2Q15

$225MM ASR

1.9

4.0

0.3

$180MM ASR

8.3

0.8

6.3

2.7

0.1

$180MM ASR

8.5

6.0

2.6

10.2

9.3

10.5

9.0

2.7

Capital Actions

Impact of Share Repurchases

Common Equity

Tier

Ratio

(Basel III)

Fifth

Third

Bank

All

Rights

Reserved

Appendix

Fifth

Third

Bank

All

Rights

Reserved

Pre-tax

pre-provision

earnings

PPNR trend

Non-GAAP measure; see Reg. G reconciliation in appendix.

Prior quarters include similar adjustments.

There

are

limitations

the

usefulness

credit-adjusted

PPNR,

including

the

significant

degree

which

changes

credit

and

fair

value

are

integral,

recurring

components

the

Bancorp’s

core

operations

financial

institution.

This

measure

has

been

included

herein

facilitate

greater

understanding

the

Bancorp’s

financial

condition.

Note:

1Q15

included

$3MM

mortgage

repurchase

provision.

4Q14

included

immaterial

amount

while

3Q14,

2Q14,

and

1Q14

included

the

impact

$3MM,

$1MM,

and

$3MM,

respectively

mortgage

repurchase

provision.

These

impacts

are

reflected

“Credit-related

items”

and

“Adjusted

Efficiency

Ratio”

listed

above.

PPNR decreased 6% sequentially, reflecting

impact of $91MM in net benefit in 1Q15 and

$38MM in 4Q14 from significant items. Excluding

those items, adjusted PPNR decreased 15%

sequentially, reflecting lower NII in 1Q15 and a

benefit of $23MM from Vantiv TRA payment in

4Q14

PPNR reconciliation

Efficiency ratio

($ in millions)

1Q14

2Q14

3Q14

4Q14

1Q15

Income before income taxes (U.S. GAAP) (a)

$438

$606

$464

$519

$515

Add: Provision expense (U.S. GAAP) (b)

PPNR (a) + (b)

$507

$682

$535

$618

$584

Adjustments to remove (benefit) / detriment ² :

In noninterest income:

Gain from sales of Vantiv shares

(125)

Vantiv warrant valuation

(63)

(56)

(70)

Reduction in equity method income from interest in Vantiv

Land valuation adjusments

Gain from sales of troubled debt restructurings

(37)

Valuation of 2009 Visa total return swap

(1)

Securities (gains) / losses

(7)

(8)

(3)

(4)

In noninterest expense:

Severance expense

Litigation reserve charges

(3)

Adjusted PPNR

$590

$593

$594

$580

$493

Credit-related items:

In noninterest income

(0)

In noninterest expense

Credit-adjusted PPNR

$609

$603

$607

$614

$508

Fifth

Third

Bank

All

Rights

Reserved

Mortgage banking results

•

$1.8B in originations; 40% purchase volume

–

Discontinued broker channel originations in 1Q14

•

1Q15 mortgage drivers:

–

Origination fees and gain on sale revenue up $8MM

–

Gain on sale margin up 48 bps sequentially driven by increased refinance activity given the

low level of interest rates during the quarter

–

Retaining conforming ARMs and shorter-term fixed-rate production on balance sheet

–

MSR valuation adjustments of positive $17MM; servicing rights amortization of $34MM

–

$59MM in gross servicing fees

Mortgage

originations

($B)

and

gain

sale

margin

Mortgage Banking Net Revenue ($MM)

Note: Numbers may not sum due to rounding.

Gain on sale margin represents gains on all loans originated for sale.

$86

$61

$109

$78

$61

Available and contingent borrowing capacity

(1Q15):

–

FHLB ~$14.2B available, ~$16.0B total

–

Federal Reserve ~$26.6B

Holding Company cash at 3/31/15: $2.5B

Cash currently sufficient to satisfy all fixed

obligations in a stressed environment for

more than 18 months (debt maturities,

common and preferred dividends, interest and

other expenses) without accessing capital

markets, relying on future dividends from

subsidiaries, or any other discretionary

actions

Holding company unsecured debt maturities ($MM)

Bank

unsecured

debt

maturities

($MM

–

excl.

Brokered

CDs)

Heavily core funded

Strong liquidity profile

S-T

wholesale

Fifth

Third

Bank

All

Rights

Reserved

Fifth

Third

Bank

All

Rights

Reserved

Interest rate risk management

Well-positioned for rising rates

•

NII benefits from asset re-pricings in a rising rate environment

–

64% of total loans are floating rate (81% of commercial and 39% of consumer)

–

Investment portfolio duration of approximately 4.3 years

–

Short-term wholesale funding represents only about 1.5% of total funding

–

Approximately $12B in non-core funding re-prices beyond one year

•

Interest rate sensitivities are based on conservative deposit assumptions

–

70%

beta

all

interest-bearing

deposit

and

sweep

balances

(~50%

betas

experienced

2004

–

2006

Fed

tightening

cycle)

–

No modeled re-pricing lag

–

Modeled non-interest bearing commercial DDA runoff of approximately $2.5B (about 10%) for each 100 bps increase in

rates

–

DDA runoff rolls into an interest bearing product with a 100% beta

Change in Interest Rates

+200

bps Shock

Change in Interest Rates

+100

bps Shock

+200

bps Ramp

1.54%

6.80%

(4.00%)

+25 bps Shock

+100

bps Ramp

0.83%

4.26%

-25 bps Shock

Betas 25% Higher

Betas 25% Lower

Change in Interest Rates

Months

13 to 24

Months

Change in Interest Rates

Months

13 to 24

Months

13 to 24

Months

+200

bps Ramp

1.26%

6.23%

1.82%

+200

bps Ramp

(1.54%)

0.47%

4.62%

13.12%

+100

bps Ramp

0.69%

3.98%

0.97%

+100

bps Ramp

(0.67%)

1.29%

2.32%

7.24%

4.55%

0.11%

$1B Balance Increase

13 to 24

Months

7.36%

ESTIMATED NII SENSITIVITY with DEMAND DEPOSIT BALANCE CHANGES

Percent Change in NII (FTE)

$1B Balance Decline

ESTIMATED NII SENSITIVITY PROFILE

ESTIMATED EVE SENSITIVITY PROFILE

Percent Change in NII (FTE)

Months

13 to 24

Months

Percent Change in

NII (FTE)

ESTIMATED NII SENSITIVITY with DEPOSIT BETA CHANGES

ALCO Policy Limit

13 to 24

Months

(6.00%)

ALCO Policy Limit

(12.00%)

Change in EVE

(3.85%)

(1.33%)

(0.20%)

Note: In ramp scenarios, rate changes occur evenly over the first four quarters. Estimated results as of 1Q15, actual results may vary from these simulated results due to

differences between forecasted and actual balance sheet composition, timing, magnitude, and frequency of interest rate changes, as well as changes in market conditions and

management strategies. Repricing percentage or “beta” is the estimated change in yield over 12 months as a result of a shock or ramp 100 bps parallel shift in the yield curve.

Fifth

Third

Bank

All

Rights

Reserved

NPL rollforward

NPL HFI Rollforward

Commercial

1Q14

2Q14

3Q14

4Q14

1Q15

458

464

396

385

367

Transfers to nonperforming

164

141

116

Transfers to performing

(3)

(67)

(1)

Transfers from held for sale

Transfers to held for sale

(1)

(3)

Loans sold from portfolio

(2)

(24)

(12)

(5)

Loan paydowns/payoffs

(43)

(54)

(39)

(45)

(62)

Transfers to other real estate owned

(7)

(18)

(9)

(7)

(9)

Charge-offs

(105)

(46)

(66)

(62)

(45)

Draws/other extensions of credit

464

396

385

367

325

Consumer

1Q14

2Q14

3Q14

4Q14

1Q15

293

269

244

235

212

Transfers to nonperforming

Transfers to performing

(50)

(44)

(40)

(33)

(23)

Transfers from held for sale

Transfers to held for sale

(24)

Loans sold from portfolio

Loan paydowns/payoffs

(29)

(11)

(5)

(8)

Transfers to OREO/other repossessed property

(24)

(21)

(20)

(17)

Charge-offs

(15)

(30)

(33)

(27)

(22)

Draws/other extensions of credit

(1)

269

244

235

212

201

Total NPL

733

640

620

579

526

Total new nonaccrual loans - HFI

257

226

206

185

134

Beginning NPL amount

Ending Commercial NPL

Beginning NPL amount

Ending Consumer NPL

Fifth

Third

Bank

All

Rights

Reserved

Commercial & industrial

Loans by geography

Credit trends

Loans by industry

Comments

•

Commercial & industrial loans represented 46% of total loans

and 42% of net charge-offs

•

C&I loans were up 3% sequentially and up 4% since 1Q14

* Excludes loans held-for-sale.

($ in millions)

1Q14

2Q14

3Q14

4Q14

1Q15

EOP Balance*

$40,591

$41,299

$41,072

$40,765

$42,052

Avg Loans*

$40,377

$41,374

$41,477

$41,277

$41,426

90+ days delinquent

as % of loans

NPAs*

$304

$265

$278

$246

$216

as % of loans

0.75%

0.64%

0.68%

0.60%

0.58%

Net charge-offs

$97

$31

$50

$44

$38

as % of loans

0.97%

0.30%

0.48%

0.43%

0.38%

C&I

Fifth

Third

Bank

All

Rights

Reserved

Commercial real estate

Loans by geography

Credit trends

Loans by industry

Comments

•

Commercial mortgage loans represented 8% of total loans

—

Non-owner occupied 1Q15 NCO ratio of (0.2%)

—

Loans from FL/MI represented 34% of portfolio loans

and $1MM of portfolio losses in 1Q15

•

Commercial construction loans represented 2% of total loans

—

Portfolio focused on large professional developers

—

Top 3 categories: Apartments, office and REIT

* Excludes loans held-for-sale.

($ in millions)

1Q14

2Q14

3Q14

4Q14

1Q15

EOP Balance*

$7,958

$7,805

$7,564

$7,399

$7,209

Avg Loans*

$7,981

$7,885

$7,633

$7,480

$7,241

NPAs*

$240

$212

$186

$195

$186

as % of loans

2.98%

2.69%

2.43%

2.62%

2.56%

Net charge-offs

$10

as % of loans

0.16%

0.44%

0.24%

0.53%

0.05%

Commercial mortgage

($ in millions)

1Q14

2Q14

3Q14

4Q14

1Q15

EOP Balance*

$1,218

$1,424

$1,702

$2,069

$2,302

Avg Loans*

$1,116

$1,362

$1,563

$1,909

$2,197

NPAs*

$46

$31

$19

$16

as % of loans

3.68%

2.17%

1.09%

0.75%

0.67%

Net charge-offs

as % of loans

1.66%

2.26%

(0.11%)

(0.01%)

(0.06%)

Commercial construction

Fifth

Third

Bank

All

Rights

Reserved

Residential

mortgage

liens:

100%;

weighted

average

LTV:

72.9%

Weighted average origination FICO: 756

Origination FICO distribution: <660 5%; 660-689 5%; 690-719 9%;

720-749 14%; 750+ 61%; Other^ 6%

(note: loans <660 includes CRA loans and FHA/VA loans)

Origination LTV distribution: <=70 39%; 70.1-80 35%; 80.1-90 7%;

90.1-95 5%; >95 14%

Vintage distribution: 2015: 5%, 2014: 18%, 2013: 20%; 2012 19%;

2011 12%; 2010 6%; 2009 4%; 2008 3%; 2007 3%; 2006 2%; 2005

4%; 2004 and prior 4%

14%

originated

through

party;

performance

similar

direct

Loans by geography

Credit trends

Portfolio details

Comments

^ Includes acquired loans where FICO at origination is not available

* Excludes loans held-for-sale

•

Residential

mortgage

loans

represented

14%

total

loans

and

net

charge-offs

•

Net charge-offs decreased by $1MM sequentially excluding

$87MM in 4Q14 related to the transfer of TDRs to held-for-sale

—

MI, IL, and IN account for 34%, 18%, and 14% of

residential mortgage net charge-offs, respectively

($ in millions)

1Q14

2Q14

3Q14

4Q14

1Q15

EOP Balance*

$12,626

$12,652

$12,941

$12,389

$12,569

Avg Loans*

$12,659

$12,611

$12,785

$13,046

$12,433

90+ days delinquent

$56

$60

$57

$56

$48

as % of loans

0.44%

0.47%

0.44%

0.38%

NPAs*

$201

$172

$164

$126

$113

as % of loans

1.59%

1.36%

1.27%

1.01%

0.91%

Net charge-offs

$15

$94

as % of loans

0.49%

0.24%

0.28%

2.87%

0.19%

Residential mortgage

Fifth

Third

Bank

All

Rights

Reserved

Home equity loans represented 10% of total loans and 15% of net

charge-offs

Approximately 12% of portfolio in broker product generated 20% total

loss

38%

Fifth

Third

liens

are

behind

Fifth

Third

liens

2005/2006 vintages represent approximately 23% of portfolio; account

for 37% of losses

Home equity

liens:

35%;

liens:

65%

Weighted average origination FICO: 753

Origination FICO distribution^: <660 3%; 660-689 7%; 690-719 12%;

720-749 16%; 750+ 54%; Other 8%

Average CLTV: 72%; Origination CLTV distribution: <=70 41%; 70.1-

80 24%; 80.1-90 18%; 90.1-95 6%; >95 11%

Vintage distribution: 2015: 1%; 2014: 8%, 2013: 6%; 2012 4%; 2011

3%; 2010 2%; 2009 3%; 2008 9%; 2007 9%; 2006 12%; 2005 11%; 2004

and prior 32%

% through broker channels: 12% WA FICO: 734 brokered, 756 direct;

WA CLTV: 88% brokered; 70% direct

Portfolio details

Comments

Brokered loans by geography

Direct loans by geography

Credit trends

Note: Brokered and direct home equity net charge-off ratios are calculated based on end of period loan balances

^ Includes acquired loans where FICO at origination is not available

* Excludes loans held-for-sale

($ in millions)

1Q14

2Q14

3Q14

4Q14

1Q15

EOP Balance*

$7,970

$7,925

$7,893

$7,824

$7,686

90+ days delinquent

as % of loans

Net charge-offs

$11

$10

$11

as % of loans

0.55%

0.58%

0.51%

0.42%

0.59%

Home equity - direct

($ in millions)

1Q14

2Q14

3Q14

4Q14

1Q15

EOP Balance*

$1,155

$1,131

$1,094

$1,062

$1,028

90+ days delinquent

as % of loans

Net charge-offs

as % of loans

1.85%

2.35%

1.42%

1.05%

1.11%

Home equity - brokered

Fifth

Third

Bank

All

Rights

Reserved

Regulation G Non-GAAP reconciliation

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconcilation

$ and shares in millions

(unaudited)

March

December

September

June

March

2015

2014

Income before income taxes (U.S. GAAP)

515

519

464

606

438

Add:

Provision expense (U.S. GAAP)

Pre-provision net revenue

584

618

535

682

507

Net income available to common shareholders (U.S. GAAP)

367

362

328

416

309

Add:

Intangible amortization, net of tax

Tangible net income available to common shareholders

367

363

329

417

310

Tangible net income available to common shareholders (annualized) (a)

1,488

1,440

1,305

1,673

1,257

Average Bancorp shareholders' equity (U.S. GAAP)

15,820

15,644

15,486

15,157

14,862

Less:

Average preferred stock

(1,331)

(1,119)

(1,034)

Average goodwill

(2,416)

Average intangible assets and other servicing rights

(15)

(17)

(16)

(17)

(19)

Average tangible common equity (b)

12,058

11,880

11,723

11,605

11,393

Total Bancorp shareholders' equity (U.S. GAAP)

15,885

15,626

15,404

15,469

14,826

Less:

Preferred stock

(1,331)

(1,034)

Goodwill

(2,416)

Intangible assets and other servicing rights

(15)

(16)

(17)

(18)

Tangible common equity, including unrealized gains / losses (c)

12,123

11,863

11,641

11,705

11,358

Less: Accumulated other comprehensive income

(588)

(429)

(301)

(382)

(196)

Tangible common equity, excluding unrealized gains / losses (d)

11,535

11,434

11,340

11,323

11,162

Total assets (U.S. GAAP)

140,499

138,706

134,188

132,562

129,654

Less:

Goodwill

(2,416)

Intangible assets and other servicing rights

(15)

(16)

(17)

(18)

Tangible assets, including unrealized gains / losses (e)

138,068

136,274

131,756

130,129

127,220

Less: Accumulated other comprehensive income / loss, before tax

(905)

(660)

(463)

(588)

(302)

Tangible assets, excluding unrealized gains / losses (f)

137,163

135,614

131,293

129,541

126,918

Common shares outstanding (g)

815

824

834

844

848

Ratios:

Return on average tangible common equity (a) / (b)

12.3%

12.1%

11.1%

14.4%

11.0%

Tangible common equity (excluding unrealized gains/losses) (d) /

(f)

8.41%

8.43%

8.64%

8.74%

8.79%

Tangible common equity (including unrealized gains/losses) (c) /

(e)

8.78%

8.71%

8.84%

9.00%

8.93%

Tangible book value per share (c) / (g)

$14.87

$14.40

$13.95

$13.86

$13.40

For the Three Months Ended

Fifth

Third

Bank

All

Rights

Reserved

Regulation G Non-GAAP reconciliation

Fifth Third Bancorp and Subsidiaries

Regulation G Non-GAAP Reconcilation

$ and shares in millions

(unaudited)

March

December

September

June

March

2015

2014

Total Bancorp shareholders' equity (U.S. GAAP)

N/A

15,626

15,404

15,469

14,826

Goodwill and certain other intangibles

N/A

(2,476)

(2,484)

(2,490)

Unrealized gains

N/A

(429)

(301)

(382)

(196)

Qualifying trust preferred securities

N/A

Other

N/A

(17)

(18)

(19)

(18)

Tier I capital

N/A

12,764

12,661

12,644

12,182

Less:

Preferred stock

N/A

(1,331)

(1,034)

Qualifying trust preferred securities

N/A

(60)

Qualifying noncontrolling interest in consolidated subsidiaries

N/A

(1)

Tier I common equity (a)

N/A

11,372

11,269

11,252

11,087

Risk-weighted assets, determined in accordance with

Basel III

prescribed regulatory requirements (b)

120,248

117,878

116,917

117,117

116,622

Ratio:

Tier I common equity (a) / (b)

N/A

9.65%

9.64%

9.61%

9.51%

Basel III -

Estimated Tier 1 common equity ratio

March

December

September

June

March

2015

(3)

2014

Tier 1 common equity (Basel I)

N/A

11,372

11,269

11,252

11,087

Add:

Adjustment related to capital components

N/A

Estimated Tier 1 common equity under final Basel III rules without AOCI (opt out)(1)

N/A

11,456

11,368

11,348

11,186

Estimated risk-weighted assets under final Basel III rules (2)

N/A

122,018

122,219

122,465

122,659

Estimated

Tier

common

equity

ratio

under

final

Basel

III

rules

(opt

out)

(1)

(2)

N/A

9.39%

9.38%

9.27%

9.12%

(1)

(2)

(3)

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

GAAP measures.

Fifth Third will make a one-time permanent election to not include AOCI in common equity tier I capital in the March 31, 2015 FFIEC 031 and Y-9C filings.

and certain commercial real estate; (3) Higher risk weighting for mortgage servicing rights and deferred tax assets that are under certain thresholds as a percent of Tier 1 capital; and (4) Derivatives are differentiated between exchange

clearing and over-the-counter and the 50% risk-weight cap is removed.

For the Three Months Ended

Basel I

Exhibit 99.3

April 2015

LOGO

QUARTERLY FINANCIAL SUPPLEMENT

Investment Community Member:

To assist in your financial analysis, the following supplement of most requested information concerning Fifth Third Bancorp is provided.

Numbers are unaudited for quarterly information.

If you need further information, please fax or e-mail your request to Fifth Third’s Investor Relations Department at (513) 534-0629 or [email protected]

Page 1

LOGO


Quarterly Data	Three Months Ended
	March		December		September		June		March		December		September		June
	2015		2014		2014		2014		2014		2013		2013		2013
Ratios (percent)
Return on average assets		1.12		1.13		1.02		1.34		1.00		1.24		1.35		1.94
Return on average common equity		10.3		10.0		9.2		11.9		9.0		10.8		12.1		17.3
Average Bancorp shareholders’ equity as a percent of average assets		11.49		11.54		11.71		11.57		11.53		11.51		11.71		11.64
Net interest margin^(a)		2.86		2.96		3.10		3.15		3.22		3.21		3.31		3.33
Efficiency^(a)		61.0		59.6		62.1		58.2		64.9		61.5		59.2		53.2
Net losses charged-off as a percent of average loans and leases		0.41		0.83		0.50		0.45		0.76		0.67		0.49		0.51
ALLL as a percent of portfolio loans and leases		1.42		1.47		1.56		1.61		1.65		1.79		1.92		1.99
Allowance for credit losses as a percent of portfolio loans and leases		1.57		1.62		1.71		1.77		1.82		1.97		2.11		2.18
Nonperforming assets as a percent of portfolio loans, leases and other assets, including OREO^(b)		0.76		0.82		0.88		0.92		1.05		1.10		1.16		1.32
Allowance for loan and lease losses as a percent of nonperforming assets^(b)		188		178		178		175		157		161		165		151
Allowance for credit losses as a percent of nonperforming assets^(b)		207		196		195		192		173		178		182		165
Common Share Data
Earnings per share	$	0.45	$	0.44	$	0.39	$	0.49	$	0.36	$	0.44	$	0.47	$	0.67
Earnings per diluted share	$	0.44	$	0.43	$	0.39	$	0.49	$	0.36	$	0.43	$	0.47	$	0.65
Cash dividends per common share		0.13		0.13		0.13		0.13		0.12		0.12		0.12		0.12
Book value per share		17.85		17.35		16.87		16.74		16.27		15.85		15.84		15.56
Common shares outstanding, excluding treasury		815,190,210		824,046,952		834,261,897		844,488,849		847,568,728		855,305,745		887,029,539		851,473,955
Market price per share:
High	$	20.21	$	20.69	$	21.75	$	23.19	$	23.39	$	21.04	$	19.69	$	18.60
Low		17.22		17.74		19.52		20.03		20.50		17.50		18.04		15.80
End of period		18.85		20.38		20.02		21.35		22.96		21.03		18.05		18.05
Supplemental Data
Common dividends declared ($ in millions)	$	106	$	107	$	108	$	110	$	102	$	103	$	106	$	102
Full-time equivalent employees		18,471		18,351		18,503		18,732		19,080		19,446		20,256		20,569
Banking centers		1,303		1,302		1,308		1,309		1,311		1,320		1,326		1,326
ATMs		2,637		2,638		2,639		2,619		2,614		2,586		2,374		2,433

(a)

Presented on a fully taxable equivalent basis (FTE).

(b)

Excludes nonperforming assets held for sale.

Page 2

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Quarterly Data	Three Months Ended
	March			December			September			June			March			December			September			June
	2015			2014			2014			2014			2014			2013			2013			2013
Income Statement ($ in millions)
Interest income (FTE)	$	975		$	1,016		$	1,023		$	1,013		$	998		$	1,007		$	997		$	989
Interest expense		123			128			115			108			100			102			99			104

Net interest income (FTE)		852			888			908			905			898			905			898			885
Provision for loan and lease losses		69			99			71			76			69			53			51			64
Noninterest income:
Service charges on deposits		135			142			145			139			133			142			140			136
Investment advisory revenue		108			100			103			102			102			98			97			98
Corporate banking revenue		92			120			100			107			104			94			102			106
Mortgage banking net revenue		86			61			61			78			109			126			121			233
Card and processing revenue		71			76			75			76			68			71			69			67
Other noninterest income		164			150			33			226			41			170			185			414
Securities gains, net		4			4			3			8			7			2			2			—
Securities gains, net—non-qualifying hedges on mortgage servicing rights		—			—			—			—			—			—			5			6

Total noninterest income		660			653			520			736			564			703			721			1,060
Noninterest expense:
Salaries, wages and incentives		369			366			357			368			359			388			389			404
Employee benefits		99			79			75			79			101			78			83			83
Net occupancy expense		79			77			78			79			80			77			75			76
Technology and communications		55			54			53			52			53			53			52			50
Equipment expense		31			30			30			30			30			29			29			28
Card and processing expense		36			36			37			37			31			37			33			33
Other noninterest expense		254			276			258			309			296			327			298			361

Total noninterest expense		923			918			888			954			950			989			959			1,035
Income before income taxes (FTE)		520			524			469			611			443			566			609			846
Taxable equivalent adjustment		5			5			5			5			5			5			5			5

Income before income taxes		515			519			464			606			438			561			604			841
Applicable income tax expense		133			134			124			167			119			159			183			250

Net income	$	382		$	385		$	340		$	439		$	319		$	402		$	421		$	591
Less: Net income attributable to noncontrolling interests		—			—			—			—			1			—			—			—

Net income attributable to Bancorp	$	382		$	385		$	340		$	439		$	318		$	402		$	421		$	591
Dividends on preferred stock		15			23			12			23			9			19			—			9

Net income available to common shareholders	$	367		$	362		$	328		$	416		$	309		$	383		$	421		$	582


	Basel III			Basel I
*Regulatory Capital Data ($ in millions)^(a)***
Common equity tier I	$	11,567			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Additional tier I capital		1,343			N/A			N/A			N/A			N/A			N/A			N/A			N/A

Tier I capital	$	12,910		$	12,764		$	12,661		$	12,644		$	12,182		$	12,094		$	12,762		$	12,426
Tier II capital		4,112			4,131			4,103			4,101			4,174			4,337			3,665			3,666

Total risk-based capital	$	17,022		$	16,895		$	16,764		$	16,745		$	16,356		$	16,431		$	16,427		$	16,092

Risk-weighted assets	$	120,248	^(b)	$	117,878		$	116,917		$	117,117		$	116,622		$	115,969		$	113,801		$	111,559

Common equity tier 1 ratio		9.62	%^(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A
Tier I risk-based capital ratio		10.74	%^(b)		10.83	%		10.83	%		10.80	%		10.45	%		10.43	%		11.21	%		11.14	%
Total risk-based capital ratio		14.16	%^(b)		14.33	%		14.34	%		14.30	%		14.02	%		14.17	%		14.43	%		14.43	%
Tier I leverage ratio		9.61	%		9.66	%		9.82	%		9.86	%		9.71	%		9.73	%		10.64	%		10.45	%
Tier I common equity ratio		N/A			9.65	%^(c)		9.64	%^(c)		9.61	%^(c)		9.51	%^(c)		9.45	%^(c)		9.95	%^(c)		9.49	%^(c)

(a)

Current period regulatory capital data and ratios are estimated.

(b)

(c)

This ratio has been included herein to facilitate a greater understanding of the Bancorp’s capital structure and financial condition. This is a Non-GAAP measure.

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Quarterly Data	As of
	March			December			September			June			March			December			September			June
	2015			2014			2014			2014			2014			2013			2013			2013
Balance Sheet ($ in millions, except share data)
Assets
Cash and due from banks	$	2,920		$	3,091		$	3,125		$	3,312		$	3,153		$	3,178		$	2,887		$	2,390
Available-for-sale and other securities		26,409			22,408			22,912			22,814			20,749			18,597			18,080			16,187
Held-to-maturity securities		177			187			191			194			195			208			265			274
Trading securities		392			360			389			361			347			343			246			219
Other short-term investments		4,919			7,914			3,637			2,386			2,202			5,116			2,622			1,109

Total cash and securities		34,817			33,960			30,254			29,067			26,646			27,442			24,100			20,179
Loans held for sale		724			1,261			641			682			780			944			1,330			2,148
Portfolio loans and leases		91,244			90,084			90,624			90,484			89,705			88,614			87,231			87,032

Total loans and leases		91,968			91,345			91,265			91,166			90,485			89,558			88,561			89,180
Allowance for loan and lease losses		(1,300	)		(1,322	)		(1,414	)		(1,458	)		(1,483	)		(1,582	)		(1,677	)		(1,735	)
Bank premises and equipment		2,433			2,465			2,467			2,491			2,528			2,531			2,528			2,540
Operating lease equipment		725			728			732			667			714			730			707			645
Goodwill		2,416			2,416			2,416			2,416			2,416			2,416			2,416			2,416
Intangible assets		14			15			16			17			18			19			21			23
Servicing rights		789			858			935			931			975			971			919			899
Other real estate owned		145	^(a)		217			242			266			291			299			312			301
Other assets		8,492			8,024			7,275			6,999			7,064			8,059			7,786			8,912

Total assets	$	140,499		$	138,706		$	134,188		$	132,562		$	129,654		$	130,443		$	125,673		$	123,360

Liabilities
Deposits:
Demand	$	35,343		$	34,809		$	32,258		$	32,140		$	31,234		$	32,634		$	30,153		$	30,097
Interest checking		27,191			26,800			24,930			24,744			25,472			25,875			23,527			22,878
Savings		15,355			15,051			15,355			16,087			16,867			17,045			17,583			18,448
Money market		18,105			17,083			16,199			14,216			13,208			11,644			10,433			9,247
Foreign office		811			1,114			1,577			1,418			1,922			1,976			1,409			1,570
Other time		4,044			3,960			3,856			3,724			3,660			3,530			3,524			3,793
Certificates—$100,000 and over		2,566			2,895			3,117			3,623			4,511			6,571			7,497			7,374
Other foreign office		—			—			—			—			—			—			—			47

Total deposits		103,415			101,712			97,292			95,952			96,874			99,275			94,126			93,454
Federal funds purchased		200			144			148			153			268			284			225			636
Other short-term borrowings		1,413			1,556			2,730			3,146			2,717			1,380			3,487			2,112
Other liabilities		5,491			4,662			4,239			3,842			3,698			5,245			5,057			5,941
Long-term debt		14,055			14,967			14,336			13,961			11,233			9,633			8,098			6,940

Total liabilities		124,574			123,041			118,745			117,054			114,790			115,817			110,993			109,083

Equity
Common and preferred equity		17,442			17,169			16,889			16,661			16,122			15,802			15,085			15,292
Net unrealized gains:
Available-for-sale securities		608			475			338			410			231			121			268			203
Qualifying cash flow hedges		47			23			12			22			16			13			31			29
Accumulated other comprehensive income
related to employee benefit plans		(67	)		(69	)		(49	)		(50	)		(51	)		(52	)		(81	)		(83	)
Treasury stock, at cost		(2,145	)		(1,972	)		(1,786	)		(1,574	)		(1,492	)		(1,295	)		(662	)		(1,202	)

Total Bancorp shareholders’ equity		15,885			15,626			15,404			15,469			14,826			14,589			14,641			14,239
Noncontrolling interests		40			39			39			39			38			37			39			38

Total equity		15,925			15,665			15,443			15,508			14,864			14,626			14,680			14,277

Total liabilities and equity	$	140,499		$	138,706		$	134,188		$	132,562		$	129,654		$	130,443		$	125,673		$	123,360

Share Data
Preferred shares outstanding—Series G		—			—			—			—			—			—			—			16,442
Preferred shares outstanding—Series H		24,000			24,000			24,000			24,000			24,000			24,000			24,000			24,000
Preferred shares outstanding—Series I		18,000			18,000			18,000			18,000			18,000			18,000			—			—
Preferred shares outstanding—Series J		12,000			12,000			12,000			12,000			—			—			—			—
Common shares outstanding, excluding treasury		815,190,210			824,046,952			834,261,897			844,488,849			847,568,728			855,305,745			887,029,539			851,473,955
Treasury shares held		108,702,371			99,845,629			89,630,684			79,403,732			76,323,853			68,586,836			36,863,042			72,418,626

(a)

During the first quarter of 2015, Fifth Third adopted Accounting Standards Update 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure. This ASU requires that certain government guaranteed residential real estate mortgage loans that meet specific criteria be recognized as other receivables upon foreclosure; previously these assets were included in OREO. Government guaranteed residential real estate mortgage loans that completed foreclosure during the first quarter of 2015 and met the criteria specified by ASU 2014-14 are excluded from this line and included in other receivables in the other assets category above.

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Quarterly Data
	Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014			December 2013			September 2013			June 2013
Average Balance Sheet ($ in millions, except share data)
Assets
Interest-earning assets:
Loans and leases		91,659		$	91,581		$	91,428			91,241		$	90,238		$	88,865			89,154		$	89,473
Taxable securities		23,102			22,364			22,594			21,706			20,385			18,383			16,590			15,346
Tax exempt securities		59			64			50			52			46			48			44			55
Other short-term investments		5,877			5,176			2,283			2,182			2,509			4,612			1,894			1,561

Total interest-earning assets		120,697			119,185			116,355			115,181			113,178			111,908			107,682			106,435
Cash and due from banks		2,830			3,008			2,862			2,847			2,850			2,956			2,380			2,359
Other assets		15,447			14,800			14,461			14,417			14,478			14,986			15,015			15,198
Allowance for loan and lease losses		(1,322	)		(1,413	)		(1,458	)		(1,480	)		(1,576	)		(1,671	)		(1,731	)		(1,780	)

Total assets		137,652		$	135,580		$	132,220		$	130,965		$	128,930		$	128,179		$	123,346		$	122,212

Liabilities
Interest-bearing liabilities:
Interest checking		26,885		$	25,478		$	24,926		$	25,222		$	25,911		$	24,650		$	23,116		$	22,796
Savings		15,174			15,173			15,759			16,509			16,903			17,323			18,026			18,864
Money market		17,492			17,023			15,222			13,942			12,439			11,285			9,693			8,918
Foreign office		861			1,439			1,663			2,200			2,017			1,717			1,755			1,418
Other time		4,022			3,936			3,800			3,693			3,616			3,529			3,676			3,859
Certificates—$100,000 and over		2,683			2,998			3,339			3,840			5,576			7,456			7,315			6,519
Other foreign office		—			—			—			—			—			—			17			10
Federal funds purchased		172			161			520			606			547			301			464			560
Other short-term borrowings		1,602			1,481			1,973			2,234			1,808			2,177			1,675			2,867
Long-term debt		14,448			14,855			13,955			12,524			10,313			9,135			7,453			7,552

Total interest-bearing liabilities		83,339			82,544			81,157			80,770			79,130			77,573			73,190			73,363
Demand deposits		33,760			33,301			31,790			31,275			30,626			30,765			30,655			29,682
Other liabilities		4,694			4,052			3,749			3,724			4,274			5,045			5,023			4,908

Total liabilities		121,793			119,897			116,696			115,769			114,030			113,383			108,868			107,953
Equity		15,859			15,683			15,524			15,196			14,900			14,796			14,478			14,259

Total liabilities and equity		137,652		$	135,580		$	132,220		$	130,965		$	128,930		$	128,179		$	123,346		$	122,212

Average loans and leases (excluding held for sale)		90,508		$	91,041		$	90,799		$	90,549		$	89,530		$	87,895		$	87,272		$	86,707
Share Data
Average common shares outstanding - basic		810,209,585			819,057,247			829,391,505			838,492,046			845,860,065			868,077,089			880,182,513			858,582,710
Average common shares outstanding - diluted		818,672,259			827,831,317			838,324,420			848,245,111			857,923,596			877,510,663			888,111,269			900,625,454

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Quarterly Data	Three Months Ended
	March 2015			December 2014			September 2014			June 2014			March 2014			December 2013			September 2013			June 2013
End of Period Loans and Leases ($ in millions)^{(net of unearned discount)}
Commercial:
Commercial and industrial loans	$	42,062		$	40,801		$	41,111		$	41,364		$	40,692		$	39,347		$	38,260		$	37,868
Commercial mortgage loans		7,210			7,410			7,566			7,807			7,959			8,069			8,058			8,450
Commercial construction loans		2,303			2,071			1,704			1,426			1,220			1,041			879			758
Commercial leases		3,787			3,721			3,555			3,572			3,577			3,626			3,572			3,570

Subtotal—commercial		55,362			54,003			53,936			54,169			53,448			52,083			50,769			50,646
Consumer:
Residential mortgage loans		13,258			13,582			13,520			13,250			13,275			13,570			13,832			14,513
Home equity		8,714			8,886			8,987			9,056			9,125			9,246			9,356			9,531
Automobile loans		11,873			12,037			12,121			12,050			12,088			11,984			12,072			12,015
Credit card		2,291			2,401			2,317			2,261			2,177			2,294			2,157			2,114
Other consumer loans and leases		470			436			384			380			372			381			375			361

Subtotal—consumer		36,606			37,342			37,329			36,997			37,037			37,475			37,792			38,534

Total loans and leases	$	91,968		$	91,345		$	91,265		$	91,166		$	90,485		$	89,558		$	88,561		$	89,180

Average Loans and Leases ($ in millions)^{(net of unearned discount)}
Commercial:
Commercial and industrial loans	$	41,462		$	41,313		$	41,525		$	41,451		$	40,409		$	38,846		$	38,145		$	37,636
Commercial mortgage loans		7,248			7,482			7,637			7,886			7,983			8,051			8,280			8,627
Commercial construction loans		2,198			1,911			1,565			1,364			1,118			955			797			717
Commercial leases		3,716			3,601			3,576			3,556			3,607			3,579			3,574			3,553

Subtotal—commercial		54,624			54,307			54,303			54,257			53,117			51,431			50,796			50,533
Consumer:
Residential mortgage loans		13,515			13,526			13,342			13,202			13,304			13,544			14,333			14,984
Home equity		8,802			8,937			9,009			9,101			9,194			9,296			9,432			9,625
Automobile loans		11,933			12,073			12,105			12,070			12,023			12,019			12,083			11,887
Credit card		2,321			2,324			2,295			2,232			2,230			2,202			2,140			2,071
Other consumer loans and leases		464			414			374			379			370			373			370			373

Subtotal—consumer		37,035			37,274			37,125			36,984			37,121			37,434			38,358			38,940

Total average loans and leases	$	91,659		$	91,581		$	91,428		$	91,241		$	90,238		$	88,865		$	89,154		$	89,473

Asset Quality ($ in millions)
Nonaccrual portfolio loans and leases	$	231		$	269		$	305		$	323		$	398		$	387		$	391		$	551
Nonaccrual loans held for sale		2			24			4			5			3			6			11			15
Restructured loans—(nonaccrual) held for sale		—			15			3			—			—			—			—			—
Restructured loans and leases (nonaccrual) portfolio		295			310			315			317			335			364			379			358
OREO and other repossessed property		165			165	^(a)		176	^(a)		192	^(a)		213	^(a)		229	^(a)		244	^(a)		241	^(a)

Total nonperforming assets	$	693		$	783		$	803		$	837		$	949		$	986		$	1,025		$	1,165

Ninety days past due loans and leases	$	78		$	87		$	87		$	94		$	94		$	103		$	156		$	152

Nonperforming Loans ($ in millions)^{(nonaccrual plus renegotiated)}
Commercial and industrial loans and leases	$	200		$	241		$	267		$	249		$	301		$	287		$	310		$	356
Commercial mortgage loans		126			146			121			141			147			146			187			235
Commercial construction loans		1			2			4			10			19			31			34			47
Residential mortgage loans		70			94			111			117			141			165			166			202
Home equity		90			93			85			93			94			93			48			46
Other consumer loans and leases		41			42			39			35			34			35			36			38

Total nonperforming loans and leases (including held for sale)	$	528		$	618		$	627		$	645		$	736		$	757		$	781		$	924

Credit Charge-Offs ($ in millions)
Gross charge-offs	($	115	)	($	215	)	($	146	)	($	127	)	($	190	)	($	183	)	($	141	)	($	145	)
Recoveries		24			24			31			26			22			35			32		$	33

Net losses charged off	($	91	)	($	191	)	($	115	)	($	101	)	($	168	)	($	148	)	($	109	)	($	112	)

(a)

Excludes OREO related to government insured loans. During the first quarter of 2015, Fifth Third adopted Accounting Standards Update 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure. This ASU requires that certain government guaranteed residential real estate mortgage loans that meet specific criteria be recognized as other receivables upon foreclosure; during 2014 and 2013 these assets were included in OREO in the Bancorp’s Condensed Consolidated Balance Sheet.

Page 6

Jim Eglseder

Laura Wehby

SVP / Investor Relations

VP / Investor Relations

(513) 534-8424

(513) 534-7407