10-KPeriod: FY2024

FIFTH THIRD BANCORP Annual Report, Year Ended Dec 31, 2024

Filed February 24, 2025For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) reported its fiscal year 2024 results, highlighting a diversified financial services model with three core businesses: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The bank maintained a solid capital position, with its CET1 capital ratio at 10.57%, exceeding regulatory requirements. Net income available to common shareholders was $2.2 billion. The company experienced a decrease in net interest income on an FTE basis to $5.7 billion from $5.9 billion in the prior year, primarily due to higher funding costs driven by increased market interest rates and deposit migration into higher-yielding products, partially offset by higher yields on earning assets. Noninterest expense decreased due to lower FDIC insurance and other taxes, largely due to a reduction in the FDIC special assessment expense recognized in 2024 compared to 2023. The bank also reported an increase in nonaccrual loans and leases, which rose to $860 million, leading to a higher nonperforming asset ratio of 0.71% compared to 0.59% in the prior year. Despite these challenges, the Bancorp continues to execute its growth strategy, investing in technology and its branch network.

Financial Highlights

40 data points
Beta

Net Income

$2.31B

EPS (Diluted)

$3.14

Total Assets

$212.93B

Cash & Equivalents

$3.01B

Free Cash Flow

$2.41B

Financial Statements
Beta
Net Income$2.31B
EPS (Basic)$3.16
EPS (Diluted)$3.14
Shares Outstanding (Basic)682.16M
Shares Outstanding (Diluted)687.30M

Key Highlights

  • 1Fifth Third Bancorp's net income available to common shareholders was $2.2 billion, or $3.14 per diluted share, for the year ended December 31, 2024.
  • 2Net interest income on an FTE basis decreased to $5.7 billion for the year ended December 31, 2024, down from $5.9 billion in the prior year, impacted by higher funding costs and deposit migration.
  • 3Noninterest expense decreased by $172 million year-over-year, primarily due to a reduction in FDIC special assessment expenses.
  • 4Nonperforming assets increased to $860 million, or 0.71% of portfolio loans and leases and OREO, compared to $689 million or 0.59% in the prior year.
  • 5The Bancorp maintained strong regulatory capital ratios, with its CET1 capital ratio at 10.57%, Tier 1 risk-based capital ratio at 11.86%, and Total risk-based capital ratio at 13.86%.
  • 6The Bancorp's common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”
  • 7Total assets stood at $212.9 billion as of December 31, 2024.

Frequently Asked Questions

Fifth Third Bancorp reported net income available to common shareholders of $2.2 billion, or $3.14 per diluted share, for the year ended December 31, 2024.

Net interest income on an FTE basis decreased to $5.7 billion for the year ended December 31, 2024, compared to $5.9 billion in the prior year. This decrease was primarily attributed to higher funding costs resulting from increased market interest rates and a shift in deposit balances to higher-yielding products.

Fifth Third Bancorp maintains a strong capital position, exceeding regulatory requirements. As of December 31, 2024, its Common Equity Tier 1 (CET1) capital ratio was 10.57%, its Tier 1 risk-based capital ratio was 11.86%, and its Total risk-based capital ratio was 13.86%.

Noninterest expense decreased by $172 million for the year ended December 31, 2024, compared to the prior year. This reduction was primarily driven by lower FDIC insurance and other taxes, largely due to a decrease in the FDIC special assessment expense recognized in 2024 compared to 2023.