Exhibit 99.1

Key Financial Data
$ millions for all balance sheet and income statement items
	1Q22		4Q21		1Q21
Income Statement Data
Net income available to common shareholders	$474		$627		$674
Net interest income (U.S. GAAP)	1,195		1,197		1,176
Net interest income (FTE)(a)	1,198		1,200		1,179
Noninterest income	684		791		749
Noninterest expense	1,222		1,206		1,215
Per Share Data
Earnings per share, basic	$0.69		$0.91		$0.94
Earnings per share, diluted	0.68		0.90		0.93
Book value per share	26.33		29.43		28.78
Tangible book value per share(a)	19.54		22.58		22.60
Balance Sheet & Credit Quality
Average portfolio loans and leases	$113,467		$109,487		$108,956
Average deposits	168,662		167,541		158,888
Net charge-off ratio(b)	0.12	%	0.14	%	0.27	%
Nonperforming asset ratio(c)	0.47		0.47		0.72
Financial Ratios
Return on average assets	0.96	%	1.25	%	1.38	%
Return on average common equity	10.0		12.2		13.1
Return on average tangible common equity(a)	13.4		16.1		16.8
CET1 capital(d)(e)	9.28		9.54		10.46
Net interest margin(a)	2.59		2.55		2.62
Efficiency(a)	64.9		60.6		63.0
Other than the Quarterly Financial Review tables, commentary is on a fully taxable-equivalent (FTE) basis unless otherwise noted. Consistent with SEC guidance in Regulation S-K that contemplates the calculation of tax-exempt income on a taxable-equivalent basis, net interest income, net interest margin, net interest rate spread, total revenue and the efficiency ratio are provided on an FTE basis.

Income Statement Highlights
($ in millions, except per share data)	For the Three Months Ended			% Change
	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Condensed Statements of Income
Net interest income (NII)(a)	$1,198	$1,200	$1,179	—	2%
Provision for (benefit from) credit losses	45	(47)	(173)	NM	NM
Noninterest income	684	791	749	(14)%	(9)%
Noninterest expense	1,222	1,206	1,215	1%	1%
Income before income taxes(a)	$615	$832	$886	(26)%	(31)%
Taxable equivalent adjustment	$3	$3	$3	—	—
Applicable income tax expense	118	167	189	(29)%	(38)%
Net income	$494	$662	$694	(25)%	(29)%
Dividends on preferred stock	20	35	20	(43)%	—
Net income available to common shareholders	$474	$627	$674	(24)%	(30)%
Earnings per share, diluted	$0.68	$0.90	$0.93	(24)%	(27)%

Fifth Third Bancorp (NASDAQ®: FITB) today reported first quarter 2022 net income of $494 million compared to net income of $662 million in the prior quarter and $694 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $474 million, or $0.68 per diluted share, compared to $627 million, or $0.90 per diluted share, in the prior quarter and $674 million, or $0.93 per diluted share, in the year-ago quarter.

Diluted earnings per share impact of certain item(s) - 1Q22
(after-tax impact(f); $ in millions, except per share data)
Valuation of Visa total return swap (noninterest income)	$(8)
Diluted earnings per share impact of certain item(s)1	$(0.01)
1Diluted earnings per share impact reflects 696.242 million average diluted shares outstanding

2

Net Interest Income
(FTE; $ in millions)(a)	For the Three Months Ended						% Change
	March		December		March
	2022		2021		2021		Seq	Yr/Yr
Interest Income
Interest income	$1,292		$1,297		$1,305		—	(1)%
Interest expense	94		97		126		(3)%	(25)%
Net interest income (NII)	$1,198		$1,200		$1,179		—	2%
Average Yield/Rate Analysis							bps Change
Yield on interest-earning assets	2.79	%	2.75	%	2.90	%	4	(11)
Rate paid on interest-bearing liabilities	0.33	%	0.33	%	0.44	%	—	(11)
Ratios
Net interest rate spread	2.46	%	2.42	%	2.46	%	4	—
Net interest margin (NIM)	2.59	%	2.55	%	2.62	%	4	(3)

Compared to the prior quarter, NII was stable, as the impacts of lower day count, lower PPP-related income, and a decline in residential mortgage balances (primarily from previous purchases of government guaranteed loan buyouts from a third party) were partially offset by higher commercial & industrial (C&I) loan balances, higher investment portfolio balances, and the impact of higher market rates. PPP-related income was $20 million in the current quarter compared to $36 million in the prior quarter. Excluding the impact of PPP-related income, NII increased $14 million, or 1%, sequentially. Compared to the prior quarter, reported NIM increased 4 bps, primarily due to a decrease in other short-term investments (primarily interest-bearing cash), the impact of lower day count, and higher market rates.

Compared to the year-ago quarter, NII increased $19 million, or 2%, primarily reflecting higher C&I and indirect secured consumer loan balances, higher investment portfolio balances, and a reduction in long-term debt, partially offset by lower PPP-related income and lower home equity balances. Excluding the impact of PPP-related income, NII increased $52 million, or 5%, year-over-year. Compared to the year-ago quarter, reported NIM decreased 3 bps, primarily reflecting loan spread compression, partially offset by lower other short-term investments (primarily interest-bearing cash) and lower long-term debt and deposit costs.

3

Noninterest Income
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Noninterest Income
Service charges on deposits	$152	$156	$144	(3)%	6%
Commercial banking revenue	135	171	153	(21)%	(12)%
Mortgage banking net revenue	52	35	85	49%	(39)%
Wealth and asset management revenue	149	150	143	(1)%	4%
Card and processing revenue	97	104	94	(7)%	3%
Leasing business revenue	62	74	87	(16)%	(29)%
Other noninterest income	52	120	42	(57)%	24%
Securities (losses) gains, net	(14)	(19)	3	(26)%	NM
Securities losses, net - non-qualifying hedges
on mortgage servicing rights	(1)	—	(2)	NM	(50)%
Total noninterest income	$684	$791	$749	(14)%	(9)%

Reported noninterest income decreased $107 million, or 14%, from the prior quarter, and decreased $65 million, or 9%, from the year-ago quarter. The reported results reflect the impact of certain items in the table below. Reported current quarter results included $14 million of net securities losses, which comprised of $14 million in net losses attributable to mark-to-market impacts related to non-qualified deferred compensation assets and a $12 million loss attributable to market value changes on Fifth Third's shares of AvidXchange Holdings, Inc., partially offset by $12 million in net gains related to investment portfolio activity.

Noninterest Income excluding certain items
($ in millions)	For the Three Months Ended
	March	December	March
	2022	2021	2021
Noninterest Income excluding certain items
Noninterest income (U.S. GAAP)	$684	$791	$749
Valuation of Visa total return swap	11	19	13
Securities losses/(gains), net	14	19	(3)
Noninterest income excluding certain items(a)	$709	$829	$759

Compared to the prior quarter, noninterest income excluding certain items decreased $120 million, or 14%. Compared to the year-ago quarter, noninterest income excluding certain items decreased $50 million, or 7%.

Compared to the prior quarter, service charges on deposits decreased $4 million, or 3%, primarily reflecting a decrease in consumer deposit fees. Commercial banking revenue decreased $36 million, or 21%, primarily driven by lower M&A advisory revenue and loan syndication revenue, partially offset by higher customer financial risk management revenue. Mortgage banking net revenue increased $17 million, or 49%, reflecting a $14 million increase from MSR net valuation adjustments and an $11 million decrease in MSR asset decay reflecting slower prepayment speeds, partially offset by a $12 million decrease in origination fees and gains on loan sales. Wealth and asset management revenue decreased $1 million, or 1%, as the impact of lower market values was mostly offset by seasonally strong tax-related private client service revenue combined with continued asset inflows. Card and processing revenue decreased $7 million, or 7%, primarily driven by seasonally lower spend volume. Leasing business revenue decreased $12 million, or 16%, primarily driven by a decrease in lease remarketing revenue. The decline in other noninterest income was primarily attributable to the prior quarter recognition of tax receivable agreement revenue as well as lower private equity income.

4

Compared to the year-ago quarter, service charges on deposits increased $8 million, or 6%, reflecting an increase in commercial treasury management fees. Commercial banking revenue decreased $18 million, or 12%, primarily driven by decreases in corporate bond fees, partially offset by an increase in customer financial risk management revenue. Mortgage banking net revenue decreased $33 million, or 39%, reflecting a $64 million decrease in origination fees and gains on loan sales and a $9 million reduction from MSR net valuation adjustments, partially offset by a $28 million decrease in MSR asset decay reflecting slower prepayment speeds. Wealth and asset management revenue increased $6 million, or 4%, primarily driven by higher personal asset management revenue. Card and processing revenue increased $3 million, or 3%, primarily driven by higher spend volumes, partially offset by higher rewards. Leasing business revenue decreased $25 million, or 29%, primarily reflecting a decrease in lease syndication revenue.

Noninterest Expense
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Noninterest Expense
Compensation and benefits	$711	$655	$706	9%	1%
Net occupancy expense	77	77	79	—	(3)%
Technology and communications	101	103	93	(2)%	9%
Equipment expense	36	36	34	—	6%
Card and processing expense	19	19	30	—	(37)%
Leasing business expense	32	36	35	(11)%	(9)%
Marketing expense	24	35	23	(31)%	4%
Other noninterest expense	222	245	215	(9)%	3%
Total noninterest expense	$1,222	$1,206	$1,215	1%	1%

Reported noninterest expense increased $16 million, or 1%, from the prior quarter. The results in the prior period were impacted by the item shown in the table below.

Noninterest Expense excluding certain item(s)
($ in millions)	For the Three Months Ended
	March	December	March
	2022	2021	2021
Noninterest Expense excluding certain item(s)
Noninterest expense (U.S. GAAP)	$1,222	$1,206	$1,215
Special COVID staffing bonus to front-line employees	—	(10)	—
Noninterest expense excluding certain item(s)(a)	$1,222	$1,196	$1,215

Compared to the prior quarter, noninterest expense excluding certain items increased $26 million, or 2%, primarily reflecting a seasonal increase in compensation and benefits expense and a $21 million impact from the previously communicated special broad-based compensation bonus, partially offset by a decrease in incentive compensation and marketing expense. Noninterest expense in the current quarter included a $12 million benefit related to the impact of non-qualified deferred compensation mark-to-market (compared to $10 million expense in the prior quarter).

Compared to the year-ago quarter, noninterest expense increased $7 million, or 1%, reflecting an increase in technology and communications expense related to continued modernization investments, and an increase in compensation and benefits expense. These items were partially offset by lower card and processing expense due to contract renegotiations.

5

Average Interest-Earning Assets
($ in millions)	For the Three Months Ended			% Change
	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Average Portfolio Loans and Leases
Commercial loans and leases:
Commercial and industrial loans	$52,554	$49,566	$49,629	6%	6%
Commercial mortgage loans	10,521	10,247	10,532	3%	—
Commercial construction loans	5,371	5,329	6,039	1%	(11)%
Commercial leases	2,942	3,057	3,114	(4)%	(6)%
Total commercial loans and leases	$71,388	$68,199	$69,314	5%	3%
Consumer loans:
Residential mortgage loans	$16,501	$16,188	$15,803	2%	4%
Home equity	4,009	4,179	5,009	(4)%	(20)%
Indirect secured consumer loans	17,136	16,345	13,955	5%	23%
Credit card	1,691	1,739	1,879	(3)%	(10)%
Other consumer loans	2,742	2,837	2,996	(3)%	(8)%
Total consumer loans	$42,079	$41,288	$39,642	2%	6%
Total average portfolio loans and leases	$113,467	$109,487	$108,956	4%	4%
Memo:
Average PPP loans	$1,012	$1,756	$5,200	(42)%	(81)%
Average portfolio commercial and industrial loans - excl. PPP loans	$51,542	$47,810	$44,429	8%	16%
Average Loans and Leases Held for Sale
Commercial loans and leases held for sale	$18	$5	$104	260%	(83)%
Consumer loans held for sale	3,677	5,298	4,641	(31)%	(21)%
Total average loans and leases held for sale	$3,695	$5,303	$4,745	(30)%	(22)%
Securities (taxable and tax-exempt)	$42,422	$37,631	$36,297	13%	17%
Other short-term investments	28,310	34,624	32,717	(18)%	(13)%
Total average interest-earning assets	$187,894	$187,045	$182,715	—	3%

Compared to the prior quarter, total average portfolio loans and leases increased 4%, reflecting an increase in both commercial loan and lease balances and consumer loans. Average commercial portfolio loans and leases increased 5%, primarily reflecting of 8% in C&I loans excluding PPP. Average consumer portfolio loans increased 2%, reflecting higher indirect secured consumer and residential mortgage loans, partially offset by lower home equity and other consumer loan balances.

Compared to the year-ago quarter, total average portfolio loans and leases increased 4%, reflecting an increase in both consumer loans and commercial loans and leases. Average commercial portfolio loans and leases increased 3%, primarily reflecting growth of 16% in C&I loans excluding PPP, partially offset by PPP forgiveness and lower commercial construction loans. Average consumer portfolio loans increased 6%, as higher indirect secured consumer and residential mortgage loans were partially offset by lower home equity and other consumer loan balances.

Average loans and leases held for sale were $4 billion in the current quarter compared to $5 billion in the prior quarter and $5 billion in the year-ago quarter. Current quarter average loans and leases held for sale were impacted by a decline in residential mortgage balances (primarily from a decline in government loan buyouts purchased from a third party).

Average securities (taxable and tax-exempt) of $42 billion in the current quarter increased $5 billion, or 13%, compared to the prior quarter and increased $6 billion, or 17%, compared to the year-ago quarter. Average other short-term investments (including interest-bearing cash) of $28 billion in the current quarter decreased $6 billion, or 18%, compared to the prior quarter and decreased $4 billion, or 13%, compared to the year-ago quarter.

6

Total period-end commercial portfolio loans and leases of $73 billion increased 4% compared to the prior quarter, primarily reflecting growth of 6% in C&I loans excluding PPP, partially offset by PPP forgiveness. Compared to the year-ago quarter, total period-end commercial portfolio loans increased $4 billion, or 6%, primarily reflecting growth of 22% in C&I loans excluding PPP, partially offset by PPP forgiveness and lower construction loan balances. Period-end commercial revolving line utilization was 36%, compared to 33% in the prior quarter and 31% in the year-ago quarter.

Period-end consumer portfolio loans of $43 billion increased 3% compared to the prior quarter, primarily reflecting higher residential mortgage and indirect secured consumer loan balances, partially offset by a decline in home equity balances. Compared to the year-ago quarter, total period-end consumer portfolio loans increased $3 billion, or 8%, reflecting an increase in indirect secured consumer loans and residential mortgage balances, partially offset by lower home equity and other consumer loan balances.

Total period-end securities (taxable and tax-exempt; amortized cost) of $51 billion in the current quarter increased $13 billion, or 34%, compared to the prior quarter and increased $14 billion, or 38%, compared to the year-ago quarter. Period-end other short term investments of $21 billion in the current quarter decreased $14 billion, or 41%, compared to the prior quarter and decreased $14 billion, or 40%, compared to the year-ago quarter.

Average Deposits
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2022	2021	2021	Seq	Yr/Yr
	Average Deposits
	Demand	$64,212	$64,828	$58,586	(1)%	10%
	Interest checking	48,659	47,384	45,568	3%	7%
	Savings	22,772	21,702	18,951	5%	20%
	Money market	30,263	30,566	30,601	(1)%	(1)%
	Foreign office(g)	126	193	128	(35)%	(2)%
	Total transaction deposits	$166,032	$164,673	$153,834	1%	8%
	CDs $250,000 or less	2,376	2,604	3,828	(9)%	(38)%
	Total core deposits	$168,408	$167,277	$157,662	1%	7%
	CDs over $250,000	254	264	1,226	(4)%	(79)%
	Total average deposits	$168,662	$167,541	$158,888	1%	6%

Compared to the prior quarter, average core deposits increased 1%, as increases in interest checking and savings deposit balances (led by consumer and wealth customer balance growth) were partially offset by decreases in demand and money market balances from commercial customer seasonal impacts. Average demand deposits represented 38% of total core deposits in the current quarter, relatively stable with the prior quarter. Average commercial transaction deposits decreased 2% and average consumer transaction deposits increased 4%.

Compared to the year-ago quarter, average core deposits increased 7%, reflecting ongoing success in generating consumer household growth. Average commercial transaction deposits increased 5% and average consumer transaction deposits increased 11%.

The period end portfolio loan-to-core deposit ratio was 68% in the current quarter, compared to 66% in the prior quarter and 68% in the year-ago quarter.

7

Average Wholesale Funding
	($ in millions)	For the Three Months Ended			% Change
		March	December	March
		2022	2021	2021	Seq	Yr/Yr
	Average Wholesale Funding
	CDs over $250,000	$254	$264	$1,226	(4)%	(79)%
	Federal funds purchased	259	315	324	(18)%	(20)%
	Other short-term borrowings	890	1,000	1,209	(11)%	(26)%
	Long-term debt	11,165	11,697	14,849	(5)%	(25)%
	Total average wholesale funding	$12,568	$13,276	$17,608	(5)%	(29)%

Compared to the prior quarter, average wholesale funding decreased 5%, reflecting the impact of reductions in long-term debt over the past two quarters (including the retirement of $800 million in long-term debt during the first quarter of 2022), as well as continued runoff in other short-term borrowings and jumbo CD balances. Compared to the year-ago quarter, average wholesale funding decreased 29%, reflecting decreases in long-term debt, jumbo CD balances, and other short-term borrowings.

8

Credit Quality Summary
($ in millions)	As of and For the Three Months Ended
	March		December		September		June		March
	2022		2021		2021		2021		2021
Total nonaccrual portfolio loans and leases (NPLs)	$508		$498		$528		$621		$741
Repossessed property	5		5		4		5		7
OREO	27		24		27		31		35
Total nonperforming portfolio loans and leases and OREO (NPAs)	$540		$527		$559		$657		$783
NPL ratio(h)	0.44	%	0.44	%	0.49	%	0.58	%	0.68	%
NPA ratio(c)	0.47	%	0.47	%	0.52	%	0.61	%	0.72	%
Total loans and leases 30-89 days past due (accrual)	$288		$254		$267		$281		$305
Total loans and leases 90 days past due (accrual)	76		117		92		83		124
Allowance for loan and lease losses (ALLL), beginning	$1,892		$1,954		$2,033		$2,208		$2,453
Total net losses charged-off	(34)		(38)		(21)		(44)		(71)
Provision for (benefit from) loan and lease losses	50		(24)		(58)		(131)		(174)
ALLL, ending	$1,908		$1,892		$1,954		$2,033		$2,208
Reserve for unfunded commitments, beginning	$182		$205		$189		$173		$172
(Benefit from) provision for the reserve for unfunded commitments	(5)		(23)		16		16		1
Reserve for unfunded commitments, ending	$177		$182		$205		$189		$173
Total allowance for credit losses (ACL)	$2,085		$2,074		$2,159		$2,222		$2,381
ACL ratios:
As a % of portfolio loans and leases	1.80	%	1.85	%	2.00	%	2.06	%	2.19	%
As a % of nonperforming portfolio loans and leases	411	%	416	%	409	%	358	%	321	%
As a % of nonperforming portfolio assets	386	%	394	%	386	%	338	%	304	%
ALLL as a % of portfolio loans and leases	1.65	%	1.69	%	1.81	%	1.89	%	2.03	%
Total losses charged-off	$(64)		$(77)		$(56)		$(103)		$(109)
Total recoveries of losses previously charged-off	30		39		35		59		38
Total net losses charged-off	$(34)		$(38)		$(21)		$(44)		$(71)
Net charge-off ratio (NCO ratio)(b)	0.12	%	0.14	%	0.08	%	0.16	%	0.27	%
Commercial NCO ratio	0.05	%	0.10	%	0.03	%	0.10	%	0.17	%
Consumer NCO ratio	0.25	%	0.21	%	0.16	%	0.26	%	0.43	%

Nonperforming portfolio loans and leases were $508 million in the current quarter, with the resulting NPL ratio of 0.44%. Compared to the prior quarter, NPLs increased $10 million. Compared to the year-ago quarter, NPLs decreased $233 million with the NPL ratio decreasing 24 bps.

Nonperforming portfolio assets were $540 million in the current quarter, with the resulting NPA ratio of 0.47%. Compared to the prior quarter, NPAs increased $13 million. Compared to the year-ago quarter, NPAs decreased $243 million with the NPA ratio decreasing 25 bps.

The provision for credit losses totaled $45 million in the current quarter. The allowance for credit loss ratio represented 1.80% of total portfolio loans and leases at quarter end, compared with 1.85% for the prior quarter end and 2.19% for the year-ago quarter end. In the current quarter, the allowance for credit losses represented 411% of nonperforming portfolio loans and leases and 386% of nonperforming portfolio assets.

9

Net charge-offs were $34 million in the current quarter, with the resulting NCO ratio of 0.12%. Compared to the prior quarter, net charge-offs decreased $4 million and the NCO ratio decreased 2 bps, reflecting lower charge-offs in the commercial portfolio. Compared to the year-ago quarter, net charge-offs decreased $37 million and the NCO ratio decreased 15 bps, reflecting improvement in both commercial and consumer portfolios.

Capital Position
	As of and For the Three Months Ended
	March		December		September	June	March
	2022		2021		2021	2021	2021
Capital Position
Average total Bancorp shareholders' equity as a % of average assets	10.23	%	10.71	%	11.16%	11.11%	11.26	%
Tangible equity(a)	7.98	%	7.97	%	8.06%	8.35%	8.20	%
Tangible common equity (excluding AOCI)(a)	6.96	%	6.94	%	7.01%	7.28%	7.14	%
Tangible common equity (including AOCI)(a)	6.48	%	7.47	%	7.74%	8.18%	7.95	%
Regulatory Capital Ratios(d)(e)
CET1 capital	9.28	%	9.54	%	9.86%	10.37%	10.46	%
Tier I risk-based capital	10.60	%	10.91	%	11.28%	11.83%	11.94	%
Total risk-based capital	12.88	%	13.42	%	13.94%	14.60%	14.80	%
Tier I leverage	8.32	%	8.27	%	8.41%	8.55%	8.61	%

The CET1 capital ratio was 9.28%, the tangible common equity to tangible assets ratio was 6.96% excluding AOCI, and 6.48% including AOCI. The Tier I risk-based capital ratio was 10.60%, the Total risk-based capital ratio was 12.88%, and the Tier I leverage ratio was 8.32%. Certain capital ratios, including the Tier I leverage ratio, continued to be impacted by the increase in assets since the onset of the pandemic, predominantly from 0% risk-weighted assets resulting from interest-bearing cash as well as PPP loans.

10

Tax Rate

The effective tax rate was 19.2% compared with 20.1% in the prior quarter and 21.4% in the year-ago quarter.

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2022, the Company had $211 billion in assets and operates 1,079 full-service Banking Centers, and 2,201 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2022, had $549 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. 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.”

Earnings Release End Notes

(a)Non-GAAP measure; see discussion of non-GAAP reconciliation.

(b)Net losses charged-off as a percent of average portfolio loans and leases presented on an annualized basis.

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

(d)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.

(e)Current period regulatory capital ratios are estimated.

(f)Assumes a 23% tax rate.

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

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

11

FORWARD-LOOKING STATEMENTS

This release contains statements that we believe are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements other than statements of historical fact are forward-looking statements.These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as “will likely result,” “may,” “are expected to,” “is anticipated,” “potential,” “estimate,” “forecast,” “projected,” “intends to,” or may include other similar words or phrases such as “believes,” “plans,” “trend,” “objective,” “continue,” “remain,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated by our filings with the U.S. Securities and Exchange Commission (“SEC”).

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) effects of the global COVID-19 pandemic; (2) deteriorating credit quality; (3) loan concentration by location or industry of borrowers or collateral; (4) problems encountered by other financial institutions; (5) inadequate sources of funding or liquidity; (6) unfavorable actions of rating agencies; (7) inability to maintain or grow deposits; (8) limitations on the ability to receive dividends from subsidiaries; (9) cyber-security risks; (10) Fifth Third’s ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; (11) failures by third-party service providers; (12) inability to manage strategic initiatives and/or organizational changes; (13) inability to implement technology system enhancements; (14) failure of internal controls and other risk management systems; (15) losses related to fraud, theft, misappropriation or violence; (16) inability to attract and retain skilled personnel; (17) adverse impacts of government regulation; (18) governmental or regulatory changes or other actions; (19) failures to meet applicable capital requirements; (20) regulatory objections to Fifth Third’s capital plan; (21) regulation of Fifth Third’s derivatives activities; (22) deposit insurance premiums; (23) assessments for the orderly liquidation fund; (24) replacement of LIBOR; (25) weakness in the national or local economies; (26) global political and economic uncertainty or negative actions; (27) changes in interest rates; (28) changes and trends in capital markets; (29) fluctuation of Fifth Third’s stock price; (30) volatility in mortgage banking revenue; (31) litigation, investigations, and enforcement proceedings by governmental authorities; (32) breaches of contractual covenants, representations and warranties; (33) competition and changes in the financial services industry; (34) changing retail distribution strategies, customer preferences and behavior; (35) difficulties in identifying, acquiring or integrating suitable strategic partnerships, investments or acquisitions; (36) potential dilution from future acquisitions; (37) loss of income and/or difficulties encountered in the sale and separation of businesses, investments or other assets; (38) results of investments or acquired entities; (39) changes in accounting standards or interpretation or declines in the value of Fifth Third’s goodwill or other intangible assets; (40) inaccuracies or other failures from the use of models; (41) effects of critical accounting policies and judgments or the use of inaccurate estimates; (42) weather-related events, other natural disasters, or health emergencies (including pandemics); (43) the impact of reputational risk created by these or other developments on such matters as business generation and retention, funding and liquidity; (44) changes in law or requirements imposed by Fifth Third’s regulators impacting our capital actions, including dividend payments and stock repurchases; and (45) Fifth Third's ability to meet its sustainability targets, goals and commitments.

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. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.

# # #

12

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended			% Change
(unaudited)	March	December	March
	2022	2021	2021	Seq	Yr/Yr
Interest Income
Interest and fees on loans and leases	$983	$1,000	$1,030	(2%)	(5%)
Interest on securities	294	281	264	5%	11%
Interest on other short-term investments	12	13	8	(8%)	50%
Total interest income	1,289	1,294	1,302	—	(1%)
Interest Expense
Interest on deposits	11	11	21	—	(48%)
Interest on other short-term borrowings	—	—	1	NM	(100%)
Interest on long-term debt	83	86	104	(3%)	(20%)
Total interest expense	94	97	126	(3%)	(25%)
Net Interest Income	1,195	1,197	1,176	—	2%
Provision for (benefit from) credit losses	45	(47)	(173)	NM	NM
Net Interest Income After Provision for (Benefit from) Credit Losses	1,150	1,244	1,349	(8%)	(15%)
Noninterest Income
Service charges on deposits	152	156	144	(3%)	6%
Commercial banking revenue	135	171	153	(21%)	(12%)
Mortgage banking net revenue	52	35	85	49%	(39%)
Wealth and asset management revenue	149	150	143	(1%)	4%
Card and processing revenue	97	104	94	(7%)	3%
Leasing business revenue	62	74	87	(16%)	(29%)
Other noninterest income	52	120	42	(57%)	24%
Securities (losses) gains, net	(14)	(19)	3	(26%)	NM
Securities losses, net - non-qualifying hedges on mortgage servicing rights	(1)	—	(2)	NM	(50%)
Total noninterest income	684	791	749	(14%)	(9%)
Noninterest Expense
Compensation and benefits	711	655	706	9%	1%
Net occupancy expense	77	77	79	—	(3%)
Technology and communications	101	103	93	(2%)	9%
Equipment expense	36	36	34	—	6%
Card and processing expense	19	19	30	—	(37%)
Leasing business expense	32	36	35	(11%)	(9%)
Marketing expense	24	35	23	(31%)	4%
Other noninterest expense	222	245	215	(9%)	3%
Total noninterest expense	1,222	1,206	1,215	1%	1%
Income Before Income Taxes	612	829	883	(26%)	(31%)
Applicable income tax expense	118	167	189	(29%)	(38%)
Net Income	494	662	694	(25%)	(29%)
Dividends on preferred stock	20	35	20	(43%)	—
Net Income Available to Common Shareholders	$474	$627	$674	(24%)	(30%)

13

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Income
$ in millions	For the Three Months Ended
(unaudited)	March	December	September	June	March
	2022	2021	2021	2021	2021
Interest Income
Interest and fees on loans and leases	$983	$1,000	$1,014	$1,035	$1,030
Interest on securities	294	281	266	279	264
Interest on other short-term investments	12	13	12	9	8
Total interest income	1,289	1,294	1,292	1,323	1,302
Interest Expense
Interest on deposits	11	11	12	15	21
Interest on other short-term borrowings	—	—	—	—	1
Interest on long-term debt	83	86	91	100	104
Total interest expense	94	97	103	115	126
Net Interest Income	1,195	1,197	1,189	1,208	1,176
Provision for (benefit from) credit losses	45	(47)	(42)	(115)	(173)
Net Interest Income After Provision for (Benefit from) Credit Losses	1,150	1,244	1,231	1,323	1,349
Noninterest Income
Service charges on deposits	152	156	152	149	144
Commercial banking revenue	135	171	152	160	153
Mortgage banking net revenue	52	35	86	64	85
Wealth and asset management revenue	149	150	147	145	143
Card and processing revenue	97	104	102	102	94
Leasing business revenue	62	74	78	61	87
Other noninterest income	52	120	120	49	42
Securities (losses) gains, net	(14)	(19)	(1)	10	3
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights	(1)	—	—	1	(2)
Total noninterest income	684	791	836	741	749
Noninterest Expense
Compensation and benefits	711	655	627	638	706
Net occupancy expense	77	77	79	77	79
Technology and communications	101	103	98	94	93
Equipment expense	36	36	34	34	34
Card and processing expense	19	19	19	20	30
Leasing business expense	32	36	33	33	35
Marketing expense	24	35	29	20	23
Other noninterest expense	222	245	253	237	215
Total noninterest expense	1,222	1,206	1,172	1,153	1,215
Income Before Income Taxes	612	829	895	911	883
Applicable income tax expense	118	167	191	202	189
Net Income	494	662	704	709	694
Dividends on preferred stock	20	35	20	35	20
Net Income Available to Common Shareholders	$474	$627	$684	$674	$674

14

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of			% Change
(unaudited)	March	December	March
	2022	2021	2021	Seq		Yr/Yr
Assets
Cash and due from banks	$3,049	$2,994	$3,122	2%		(2%)
Other short-term investments	20,529	34,572	34,187	(41%)		(40%)
Available-for-sale debt and other securities(a)	48,832	38,110	37,595	28%		30%
Held-to-maturity securities(b)	6	8	10	(25%)		(40%)
Trading debt securities	324	512	728	(37%)		(55%)
Equity securities	358	376	315	(5%)		14%
Loans and leases held for sale	2,616	4,415	5,477	(41%)		(52%)
Portfolio loans and leases:
Commercial and industrial loans	53,909	51,659	49,094	4%		10%
Commercial mortgage loans	10,694	10,316	10,481	4%		2%
Commercial construction loans	5,420	5,241	6,198	3%		(13%)
Commercial leases	2,915	3,052	3,255	(4%)		(10%)
Total commercial loans and leases	72,938	70,268	69,028	4%		6%
Residential mortgage loans	17,144	16,397	15,776	5%		9%
Home equity	3,916	4,084	4,815	(4%)		(19%)
Indirect secured consumer loans	17,424	16,783	14,336	4%		22%
Credit card	1,690	1,766	1,810	(4%)		(7%)
Other consumer loans	2,753	2,752	3,090	—		(11%)
Total consumer loans	42,927	41,782	39,827	3%		8%
Portfolio loans and leases	115,865	112,050	108,855	3%		6%
Allowance for loan and lease losses	(1,908)	(1,892)	(2,208)	1%		(14%)
Portfolio loans and leases, net	113,957	110,158	106,647	3%		7%
Bank premises and equipment	2,102	2,120	2,072	(1%)		1%
Operating lease equipment	622	616	718	1%		(13%)
Goodwill	4,514	4,514	4,259	—		6%
Intangible assets	145	156	127	(7%)		14%
Servicing rights	1,444	1,121	784	29%		84%
Other assets	12,961	11,444	10,858	13%		19%
Total Assets	$211,459	$211,116	$206,899	—		2%
Liabilities
Deposits:
Demand	$65,590	$65,088	$61,363	1%		7%
Interest checking	48,836	48,870	45,582	—		7%
Savings	23,622	22,227	20,162	6%		17%
Money market	29,947	30,263	30,630	(1%)		(2%)
Foreign office	115	121	113	(5%)		2%
CDs $250,000 or less	2,267	2,486	3,404	(9%)		(33%)
CDs over $250,000	234	269	1,139	(13%)		(79%)
Total deposits	170,611	169,324	162,393	1%		5%
Federal funds purchased	250	281	302	(11%)		(17%)
Other short-term borrowings	872	980	1,106	(11%)		(21%)
Accrued taxes, interest and expenses	1,471	2,233	1,879	(34%)		(22%)
Other liabilities	7,263	4,267	3,881	70%		87%
Long-term debt	10,815	11,821	14,743	(9%)		(27%)
Total Liabilities	191,282	188,906	184,304	1%		4%
Equity
Common stock(c)	2,051	2,051	2,051	—		—
Preferred stock	2,116	2,116	2,116	—		—
Capital surplus	3,615	3,624	3,592	—		1%
Retained earnings	20,501	20,236	18,863	1%		9%
Accumulated other comprehensive (loss) income	(1,096)	1,207	1,792	NM		NM
Treasury stock	(7,010)	(7,024)	(5,819)	—		20%
Total Equity	20,177	22,210	22,595	(9%)		(11%)
Total Liabilities and Equity	$211,459	$211,116	$206,899	—		2%
(a) Amortized cost	$50,171	$36,941	$35,963	36%		40%
(b) Market values	6	8	10	(25%)		(40%)
(c) Common shares, stated value $2.22 per share (in thousands):
Authorized	2,000,000	2,000,000	2,000,000	—		—
Outstanding, excluding treasury	685,905	682,778	711,596	—		(4	%)
Treasury	237,987	241,115	212,297	(1	%)	12	%

15

Fifth Third Bancorp and Subsidiaries
Consolidated Balance Sheets
$ in millions, except per share data	As of
(unaudited)	March	December	September	June	March
	2022	2021	2021	2021	2021
Assets
Cash and due from banks	$3,049	$2,994	$3,213	$3,285	$3,122
Other short-term investments	20,529	34,572	34,203	32,409	34,187
Available-for-sale debt and other securities(a)	48,832	38,110	37,870	38,012	37,595
Held-to-maturity securities(b)	6	8	8	10	10
Trading debt securities	324	512	685	711	728
Equity securities	358	376	329	341	315
Loans and leases held for sale	2,616	4,415	5,203	5,730	5,477
Portfolio loans and leases:
Commercial and industrial loans	53,909	51,659	47,834	47,564	49,094
Commercial mortgage loans	10,694	10,316	10,300	10,347	10,481
Commercial construction loans	5,420	5,241	5,456	5,871	6,198
Commercial leases	2,915	3,052	3,130	3,238	3,255
Total commercial loans and leases	72,938	70,268	66,720	67,020	69,028
Residential mortgage loans	17,144	16,397	16,158	16,131	15,776
Home equity	3,916	4,084	4,276	4,545	4,815
Indirect secured consumer loans	17,424	16,783	16,004	15,192	14,336
Credit card	1,690	1,766	1,744	1,793	1,810
Other consumer loans	2,753	2,752	3,009	3,052	3,090
Total consumer loans	42,927	41,782	41,191	40,713	39,827
Portfolio loans and leases	115,865	112,050	107,911	107,733	108,855
Allowance for loan and lease losses	(1,908)	(1,892)	(1,954)	(2,033)	(2,208)
Portfolio loans and leases, net	113,957	110,158	105,957	105,700	106,647
Bank premises and equipment	2,102	2,120	2,101	2,073	2,072
Operating lease equipment	622	616	647	715	718
Goodwill	4,514	4,514	4,514	4,259	4,259
Intangible assets	145	156	169	117	127
Servicing rights	1,444	1,121	943	818	784
Other assets	12,961	11,444	11,889	11,210	10,858
Total Assets	$211,459	$211,116	$207,731	$205,390	$206,899
Liabilities
Deposits:
Demand	$65,590	$65,088	$63,879	$62,760	$61,363
Interest checking	48,836	48,870	45,964	44,872	45,582
Savings	23,622	22,227	21,423	20,667	20,162
Money market	29,947	30,263	30,652	30,564	30,630
Foreign office	115	121	202	152	113
CDs $250,000 or less	2,267	2,486	2,691	2,958	3,404
CDs over $250,000	234	269	297	310	1,139
Total deposits	170,611	169,324	165,108	162,283	162,393
Federal funds purchased	250	281	309	338	302
Other short-term borrowings	872	980	949	1,130	1,106
Accrued taxes, interest and expenses	1,471	2,233	2,083	2,045	1,879
Other liabilities	7,263	4,267	5,339	4,304	3,881
Long-term debt	10,815	11,821	11,419	12,364	14,743
Total Liabilities	191,282	188,906	185,207	182,464	184,304
Equity
Common stock(c)	2,051	2,051	2,051	2,051	2,051
Preferred stock	2,116	2,116	2,116	2,116	2,116
Capital surplus	3,615	3,624	3,611	3,602	3,592
Retained earnings	20,501	20,236	19,817	19,343	18,863
Accumulated other comprehensive (loss) income	(1,096)	1,207	1,637	1,974	1,792
Treasury stock	(7,010)	(7,024)	(6,708)	(6,160)	(5,819)
Total Equity	20,177	22,210	22,524	22,926	22,595
Total Liabilities and Equity	$211,459	$211,116	$207,731	$205,390	$206,899
(a) Amortized cost	$50,171	$36,941	$36,308	$36,081	$35,963
(b) Market values	6	8	8	10	10
(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	685,905	682,778	689,790	703,740	711,596
Treasury	237,987	241,115	234,102	220,153	212,297

16

Fifth Third Bancorp and Subsidiaries
Consolidated Statements of Changes in Equity
$ in millions
(unaudited)
			For the Three Months Ended
			March	March
			2022	2021
Total Equity, Beginning			$22,210	$23,111
Net income			494	694
Other comprehensive loss, net of tax:
Change in unrealized (losses) gains:
		Available-for-sale debt securities	(1,931)	(689)
		Qualifying cash flow hedges	(373)	(121)
Change in accumulated other comprehensive income related to employee benefit plans			1	1
Comprehensive income			(1,809)	(115)
Cash dividends declared:
	Common stock		(209)	(195)
	Preferred stock		(20)	(20)
Impact of stock transactions under stock compensation plans, net			5	(6)
Shares acquired for treasury			—	(180)
Total Equity, Ending			$20,177	$22,595

17

Fifth Third Bancorp and Subsidiaries
Regulatory Capital
$ in millions		As of
(unaudited)		March		December		September		June		March
		2022(a)		2021		2021		2021		2021
Regulatory Capital(b)
CET1 capital		$14,937		$14,781		$14,673		$15,050		$14,931
Additional tier I capital		2,116		2,116		2,116		2,116		2,117
Tier I capital		17,053		16,897		16,789		17,166		17,048
Tier II capital		3,673		3,892		3,953		4,018		4,083
Total regulatory capital		$20,726		$20,789		$20,742		$21,184		$21,131
Risk-weighted assets		$160,907		$154,860		$148,827		$145,084		$142,799
Ratios
Average total Bancorp shareholders' equity as a percent of average assets		10.23	%	10.71	%	11.16	%	11.11	%	11.26	%
Regulatory Capital Ratios(b)
Fifth Third Bancorp
	CET1 capital	9.28	%	9.54	%	9.86	%	10.37	%	10.46	%
	Tier I risk-based capital	10.60	%	10.91	%	11.28	%	11.83	%	11.94	%
	Total risk-based capital	12.88	%	13.42	%	13.94	%	14.60	%	14.80	%
	Tier I leverage	8.32	%	8.27	%	8.41	%	8.55	%	8.61	%
Fifth Third Bank, National Association
	Tier I risk-based capital	10.80	%	10.90	%	11.25	%	11.67	%	12.70	%
	Total risk-based capital	12.19	%	12.33	%	12.79	%	13.27	%	14.41	%
	Tier I leverage	8.49	%	8.29	%	8.43	%	8.46	%	9.19	%

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

(b)Regulatory capital ratios are calculated pursuant to the five-year transition provision option to phase in the effects of CECL on regulatory capital after its adoption on January 1, 2020.

18

Use of Non-GAAP Financial Measures

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

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

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

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

The Bancorp believes noninterest income excluding certain items and noninterest expense excluding certain items are important measures that adjust for certain components that are prone to significant period-to-period changes in order to facilitate the explanation of variances in the noninterest income and noninterest expense line items.

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

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

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

19

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ and shares in millions		As of and For the Three Months Ended
(unaudited)		March		December		September		June		March
		2022		2021		2021		2021		2021
Net interest income		$1,195		$1,197		$1,189		$1,208		$1,176
Add: Taxable equivalent adjustment		3		3		3		3		3
Net interest income (FTE) (a)		1,198		1,200		1,192		1,211		1,179
Net interest income (annualized) (b)		4,846		4,749		4,717		4,845		4,769
Net interest income (FTE) (annualized) (c)		4,859		4,761		4,729		4,857		4,782
Interest income		1,289		1,294		1,292		1,323		1,302
Add: Taxable equivalent adjustment		3		3		3		3		3
Interest income (FTE)		1,292		1,297		1,295		1,326		1,305
Interest income (FTE) (annualized) (d)		5,240		5,146		5,138		5,319		5,293
Interest expense (annualized) (e)		381		385		409		461		511
Average interest-earning assets (f)		187,894		187,045		182,801		184,918		182,715
Average interest-bearing liabilities (g)		116,764		115,725		113,548		115,951		116,684
Net interest margin (b) / (f)		2.58	%	2.54	%	2.58	%	2.62	%	2.61	%
Net interest margin (FTE) (c) / (f)		2.59	%	2.55	%	2.59	%	2.63	%	2.62	%
Net interest rate spread (FTE) (d) / (f) - (e) / (g)		2.46	%	2.42	%	2.45	%	2.48	%	2.46	%
Income before income taxes		$612		$829		$895		$911		$883
Add: Taxable equivalent adjustment		3		3		3		3		3
Income before income taxes (FTE)		$615		$832		$898		$914		$886
Net income available to common shareholders		$474		$627		$684		$674		$674
Add: Intangible amortization, net of tax		9		9		9		8		9
Tangible net income available to common shareholders (h)		483		636		693		682		683
Tangible net income available to common shareholders (annualized) (i)		1,959		2,523		2,749		2,735		2,770
Average Bancorp shareholders' equity		21,402		22,449		22,927		22,927		22,952
Less:	Average preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Average goodwill	(4,514)		(4,514)		(4,430)		(4,259)		(4,259)
	Average intangible assets	(150)		(162)		(149)		(122)		(133)
Average tangible common equity, including AOCI (j)		14,622		15,657		16,232		16,430		16,444
Less:	Average AOCI	(129)		(1,382)		(1,980)		(1,968)		(2,231)
Average tangible common equity, excluding AOCI (k)		14,493		14,275		14,252		14,462		14,213
Total Bancorp shareholders' equity		20,177		22,210		22,524		22,926		22,595
Less:	Preferred stock	(2,116)		(2,116)		(2,116)		(2,116)		(2,116)
	Goodwill	(4,514)		(4,514)		(4,514)		(4,259)		(4,259)
	Intangible assets	(145)		(156)		(169)		(117)		(127)
Tangible common equity, including AOCI (l)		13,402		15,424		15,725		16,434		16,093
Less:	AOCI	1,096		(1,207)		(1,637)		(1,974)		(1,792)
Tangible common equity, excluding AOCI (m)		14,498		14,217		14,088		14,460		14,301
Add:	Preferred stock	2,116		2,116		2,116		2,116		2,116
Tangible equity (n)		16,614		16,333		16,204		16,576		16,417
Total assets		211,459		211,116		207,731		205,390		206,899
Less:	Goodwill	(4,514)		(4,514)		(4,514)		(4,259)		(4,259)
	Intangible assets	(145)		(156)		(169)		(117)		(127)
Tangible assets, including AOCI (o)		206,800		206,446		203,048		201,014		202,513
Less:	AOCI, before tax	1,387		(1,528)		(2,072)		(2,499)		(2,268)
Tangible assets, excluding AOCI (p)		$208,187		$204,918		$200,976		$198,515		$200,245
Common shares outstanding (q)		686		683		690		704		712
Tangible equity (n) / (p)		7.98	%	7.97	%	8.06	%	8.35	%	8.20	%
Tangible common equity (excluding AOCI) (m) / (p)		6.96	%	6.94	%	7.01	%	7.28	%	7.14	%
Tangible common equity (including AOCI) (l) / (o)		6.48	%	7.47	%	7.74	%	8.18	%	7.95	%
Tangible book value per share (including AOCI) (l) / (q)		$19.54		$22.58		$22.79		$23.34		$22.60
Tangible book value per share (excluding AOCI) (m) / (q)		$21.13		$20.82		$20.42		$20.54		$20.09

20

Fifth Third Bancorp and Subsidiaries
Non-GAAP Reconciliation
$ in millions		For the Three Months Ended
(unaudited)		March		December		March
		2022		2021		2021
Net income (r)		$494		$662		$694
Net income (annualized) (s)		2,003		2,626		2,815
Adjustments (pre-tax items)
	Valuation of Visa total return swap	11		19		13
	Special COVID staffing bonus to front-line employees	-		10		-
Adjustments, after-tax (t)(a)		8		22		10
Noninterest income (u)		684		791		749
	Valuation of Visa total return swap	11		19		13
Adjusted noninterest income (v)		695		810		762
Noninterest expense (w)		1,222		1,206		1,215
	Special COVID staffing bonus to front-line employees	-		(10)		-
Adjusted noninterest expense (x)		1,222		1,196		1,215
Adjusted net income (r) + (t)		502		684		704
Adjusted net income (annualized) (y)		2,036		2,714		2,855
Adjusted tangible net income available to common shareholders (h) + (t)		491		658		693
Adjusted tangible net income available to common shareholders (annualized) (z)		1,991		2,611		2,811
Average assets (aa)		$209,150		$209,604		$203,836
Return on average tangible common equity (i) / (j)		13.4	%	16.1	%	16.8	%
Return on average tangible common equity excluding AOCI (i) / (k)		13.5	%	17.7	%	19.5	%
Adjusted return on average tangible common equity, including AOCI (z) / (j)		13.6	%	16.7	%	17.1	%
Adjusted return on average tangible common equity, excluding AOCI (z) / (k)		13.7	%	18.3	%	19.8	%
Return on average assets (s) / (aa)		0.96	%	1.25	%	1.38	%
Adjusted return on average assets (y) / (aa)		0.97	%	1.29	%	1.40	%
Efficiency ratio (FTE) (w) / [(a) + (u)]		64.9	%	60.6	%	63.0	%
Adjusted efficiency ratio (x) / [(a) + (v)]		64.6	%	59.5	%	62.6	%
Total revenue (FTE) (a) + (u)		$1,882		$1,991		$1,928
Pre-provision net revenue (PPNR) (a) + (u) - (w)		$660		$785		$713
Adjusted pre-provision net revenue (PPNR) (a) + (v) - (x)		$671		$814		$726
Totals may not foot due to rounding; (a) Assumes a 23% tax rate

21