01—Abstract
Summary
Summary of the 10-K filed February 24, 2025. Cited figures are marked; the original filing is the authoritative source.
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 billiona. 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 millionb, 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.
02—Key points
Key Highlights
- Fifth 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.
- Net 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.
- Noninterest expense decreased by $172 million year-over-year, primarily due to a reduction in FDIC special assessment expenses.
- Nonperforming 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.
- The 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%.
- The Bancorp's common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”
- Total assets stood at $212.9 billion as of December 31, 2024.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 24, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Net Income | $2.31B$2.35B | −1.5% |
| EPS (Basic) | $3.16$3.23 | −2.2% |
| EPS (Diluted) | $3.14$3.22 | −2.5% |
| Shares Outstanding (Basic) | 682.16M684.17M | −0.3% |
| Shares Outstanding (Diluted) | 687.30M687.68M | −0.1% |
05—Questions
Frequently Asked Questions
What was Fifth Third Bancorp's net income for the fiscal year 2024?
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.
How did the Bancorp's net interest income perform in 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.
What is the Bancorp's current capital position?
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%.
How has the Bancorp managed its expenses?
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.
06—Continue