FIFTH THIRD BANCORP Annual Report, Year Ended Dec 31, 2022

Fifth Third Bancorp (FITB) reported its 2022 financial results, showcasing a significant increase in net interest income driven by rising interest rates. The company's net income available to common shareholders was $2.3 billion, or $3.35 per diluted share. Total revenue (FTE) reached $8.4 billion, with net interest income contributing 67% and noninterest income 33%. The Bancorp maintained strong capital ratios, with its CET1 capital ratio at 9.28% as of December 31, 2022, exceeding regulatory requirements. The provision for credit losses increased to $563 million, reflecting a less favorable macroeconomic forecast and higher loan balances, a notable shift from the benefit of credit losses recorded in the prior year. Noninterest income saw a decrease, primarily due to higher securities losses and lower commercial banking and mortgage banking revenues. The company actively managed its balance sheet, including issuing senior notes totaling $4 billion during 2022 and completing a strategic acquisition of a consumer lender. Looking ahead, Fifth Third Bancorp continues to navigate a dynamic economic environment characterized by persistent inflation and rising interest rates. The company's strategy emphasizes core deposit growth and prudent risk management across its commercial, consumer, and wealth management segments. While the increased provision for credit losses reflects current economic conditions, the Bancorp's robust capital position and diversified revenue streams provide a solid foundation for future performance.