FIFTH THIRD BANCORP

Net Interest Income

Net interest income is the interest earned on loans and leases (including yield-related fees), securities and other short-term investments less the interest incurred on core deposits and wholesale funding (including CDs over $250,000, federal funds purchased, other short-term borrowings and long-term debt). The net interest margin is calculated by dividing net interest income by average interest-earning assets. Net interest rate spread is the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities. Net interest margin is typically greater than net interest rate spread due to the interest income earned on those assets that are funded by noninterest-bearing liabilities, or free funding, such as demand deposits or shareholders’ equity.

Tables 5 and 6 present the components of net interest income, net interest margin and net interest rate spread for the three and six months ended June 30, 2024 and 2023, as well as the relative impact of changes in the average balance sheet and changes in interest rates on net interest income. Nonaccrual loans and leases and loans and leases held for sale have been included in the average loan and lease balances. Average outstanding securities balances are based on amortized cost with any unrealized gains or losses included in average other assets.

Net interest income on an FTE basis (non-GAAP) was $1.4 billion and $2.8 billion for the three and six months ended June 30, 2024, respectively, decreasing $70 million and $202 million compared to the same periods in the prior year. Net interest income was negatively impacted by higher funding costs due to increases in market interest rates and deposit balance migration into higher yielding products. Rates paid on average interest-bearing core deposits increased 76 bps and 100 bps, respectively, and rates paid on average long-term debt increased 66 bps and 84 bps, respectively, for the three and six months ended June 30, 2024 compared to the same periods in the prior year. The deposit balance migration impacting net interest income contributed to decreases in the average balances of demand deposits of $6.3 billion and $8.1 billion, respectively, and increases in the average balances of interest-bearing core deposits of $13.2 billion and $14.7 billion, respectively, for the three and six months ended June 30, 2024 compared to the same periods in the prior year. Additionally, net interest income was negatively impacted by decreases in the average balances of commercial and industrial loans of $5.8 billion and $5.4 billion, respectively, and increases in the average balances of long-term debt of $2.8 billion and $2.4 billion, respectively, for the three and six months ended June 30, 2024 compared to the same periods in the prior year.

These negative impacts on net interest income were partially offset by increases in yields on average loans and leases of 49 bps and 62 bps, respectively, and increases in yields on average taxable securities of 20 bps for both the three and six months ended June 30, 2024, compared to the same periods in the prior year. Net interest income for the three and six months ended June 30, 2024 also benefited from increases in the average balances of other short-term investments of $12.8 billion and $14.4 billion, respectively, and decreases in the average balances of FHLB advances of $3.4 billion and $2.6 billion, respectively, for the three and six months ended June 30, 2024 compared to the same periods in the prior year. Net interest income for the six months ended June 30, 2024 was also positively impacted by an increase in the average balances of solar energy installation loans of $1.4 billion compared to the same period in the prior year.

Net interest rate spread on an FTE basis (non-GAAP) was 2.04% for both the three and six months ended June 30, 2024, compared to 2.32% and 2.46% for the three and six months ended June 30, 2023, respectively. Rates paid on average interest-bearing liabilities increased 67 bps and 91 bps, partially offset by increases in yields on average interest-earning assets of 39 bps and 49 bps for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023.

Net interest margin on an FTE basis (non-GAAP) was 2.88% and 2.87% for the three and six months ended June 30, 2024, respectively, compared to 3.10% and 3.20%for the comparable periods in the prior year. Net interest margin for the three and six months ended June 30, 2024 was negatively impacted by the migration of average balances of deposits from demand deposits to interest-bearing deposits, increases in rates paid on core deposits and wholesale funding and decreases in average balances of loans and leases, partially offset by higher market interest rates on interest-earning assets and growth in average balances of other short-term investments. Net interest margin results are expected to modestly increase over the next several quarters driven by fixed-rate asset repricing and deposit growth, partially offset by the

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impact of continued deposit margin compression. However, net interest margin may be negatively impacted by increased deposit competition or higher levels of cash and other short-term investments.

Interest income on an FTE basis (non-GAAP) from loans and leases increased $41 million and$187 million during the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily driven by the previously mentioned increases in yields on loans and leases, partially offset by decreases in average balances of commercial and industrial loans. The increase for the six months ended June 30, 2024 was also driven by the previously mentioned increase in the average balances of solar energy installation loans. For more information on the Bancorp’s loan and lease portfolio, refer to the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A. Interest income on an FTE basis (non-GAAP) from investment securities and other short-term investments increased$209 million and $459 million during the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily due to the previously mentioned increases in the average balances of other short-term investments and increases in yields on average taxable securities.

Interest expense on average core deposits increased $303 million and $751 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily due to the previously mentioned increases in the cost of average interest-bearing core deposits to 295 bps and 293 bps for the three and six months ended June 30, 2024, respectively, from 219 bps and 193 bps for the three and six months ended June 30, 2023, respectively, as a result of higher short-term interest rates and greater competition for deposits. The increases for the three and six months ended June 30, 2024 were also driven by the previously mentioned increases in the average balances of interest-bearing core deposits. Refer to the Deposits subsection of the Balance Sheet Analysis section of MD&A for additional information on the Bancorp’s deposits.

Interest expense on average wholesale funding increased$17 million and $97 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily due to the previously mentioned increases in average balances of and rates paid on long-term debt, partially offset by decreases in average balances of FHLB advances. The increase for the six months ended June 30, 2024 was also driven by increases in the rates paid on average CDs over $250,000 and average FHLB advances of 83 bps and 81 bps, respectively. Refer to the Borrowings subsection of the Balance Sheet Analysis section of MD&A for additional information on the Bancorp’s borrowings. Average wholesale funding represented 17% of average interest-bearing liabilities during both the three and six months ended June 30, 2024, compared to 19% for both the three and six months ended June 30, 2023. For more information on the Bancorp’s interest rate risk management, including estimated earnings sensitivity to changes in market interest rates, refer to the Interest Rate and Price Risk Management subsection of the Risk Management section of MD&A.

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(a)Changes in interest not solely due to volume or yield/rate are allocated in proportion to the absolute dollar amount of change in volume and yield/rate.

(b)The FTE adjustments included in the above table were $6 for both the three months ended June 30, 2024 and 2023.

(c)Net interest income (FTE), net interest margin (FTE) and net interest rate spread (FTE) are non-GAAP measures. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

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(a)Changes in interest not solely due to volume or yield/rate are allocated in proportion to the absolute dollar amount of change in volume and yield/rate.

(b)The FTE adjustments included in the above table were $12 and $11 for the six months ended June 30, 2024 and 2023, respectively.

(c)Net interest income (FTE), net interest margin (FTE) and net interest rate spread (FTE) are non-GAAP measures. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

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Provision for Credit Losses

The Bancorp provides, as an expense, an amount for expected credit losses within the loan and lease portfolio and the portfolio of unfunded commitments that is based on factors discussed in the Critical Accounting Policies section of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023. The provision is recorded to bring the ALLL and reserve for unfunded commitments to a level deemed appropriate by the Bancorp to cover losses expected in the portfolios. Actual credit losses on loans and leases are charged against the ALLL. The amount of loans and leases actually removed from the Condensed Consolidated Balance Sheets are referred to as charge-offs. Net charge-offs include current period charge-offs less recoveries on previously charged-off loans and leases.

The provision for credit losses was $97 million and $191 million for the three and six months ended June 30, 2024, respectively, compared to $177 million and $341 million during the same periods in the prior year. Provision expense for the three months ended June 30, 2024 was affected by factors that caused a decrease in the ACL from March 31, 2024, primarily including decreases in specific reserves on individually evaluated commercial and industrial loans. The provision for credit losses for the six months ended June 30, 2024 was affected by factors that caused a decrease in the ACL from December 31, 2023, including improvement in the economic forecast used to calculate the ACL and lower period-end loan and lease balances.

The ALLL decreased $34 million from December 31, 2023 to $2.3 billion at June 30, 2024. At June 30, 2024, the ALLL as a percent of portfolio loans and leases decreased to 1.96%, compared to 1.98% at December 31, 2023. The reserve for unfunded commitments decreased $29 million from December 31, 2023 to $137 million at June 30, 2024. At June 30, 2024, the ACL as a percent of portfolio loans and leases decreased to 2.08%, compared to 2.12% at December 31, 2023.

Refer to the Credit Risk Management subsection of the Risk Management section of MD&A as well as Note 6 of the Notes to Condensed Consolidated Financial Statements for more information on the provision for credit losses, including an analysis of loan and lease portfolio composition, nonperforming assets, net charge-offs and other factors considered by the Bancorp in assessing the credit quality of the loan and lease portfolio and determining the level of the ACL.

Noninterest Income

Noninterest income decreased $31 million and $16 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023.

The following table presents the components of noninterest income:

Wealth and asset management revenue

Wealth and asset management revenue increased $16 million and $31 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily driven by increases in personal asset management revenue and brokerage income. The Bancorp’s trust and registered investment advisory businesses had approximately $631 billion and $554 billion in total assets under care as of June 30, 2024 and 2023, respectively, and managed $65 billion and $59 billion in assets for individuals, corporations and not-for-profit organizations as of June 30, 2024 and 2023, respectively.

Service charges on deposits

Service charges on deposits increased $12 million and $25 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily due to increases in service charges on commercial deposits. Service charges on commercial deposits were $118 million and $230 million for the three and six months ended June 30, 2024, respectively, increasing $13 million and $25 million from the same periods in the prior year, primarily due to increases in revenue from commercial payments activities, which include traditional treasury management and embedded payments. Service charges on consumer deposits were $38 million and $76

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million for the three and six months ended June 30, 2024, respectively, compared to $39 million and $76 million for the same periods in the prior year.

Commercial banking revenue

Commercial banking revenue decreased $2 million and $19 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily driven by decreases in revenue from commercial customer derivatives and loan syndication fees, partially offset by an increase in corporate bond fees. The decrease for the three months ended June 30, 2024 was also partially offset by an increase in merger and acquisition fees.

Card and processing revenue

Card and processing revenue increased $2 million and $4 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily due to an increase in electronic funds transfer income. The increase for the six months ended June 30, 2024 also included an increase in credit and debit card interchange, partially offset by increased reward costs.

Mortgage banking net revenue

Mortgage banking net revenue decreased $9 million and $23 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023.

The following table presents the components of mortgage banking net revenue:

Origination fees and gains on loan sales decreased $4 million and $8 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily driven by lower volumes of residential mortgage loan originations. Residential mortgage loan originations decreased to $1.6 billion and $2.7 billion for the three and six months ended June 30, 2024, respectively, from $1.7 billion and $3.1 billion for the three and six months ended June 30, 2023, respectively, primarily due to the impact of higher market interest rates on originations.

The following table presents the components of net valuation adjustments on the MSR portfolio and the impact of the Bancorp’s non-qualifying hedging strategy:

(a)Primarily reflects changes in prepayment speed and OAS assumptions which are updated based on market interest rates.

(b)Primarily reflects changes due to realized cash flows and the passage of time.

The Bancorp recognized losses of $30 million and $22 million for the three and six months ended June 30, 2024, respectively, in mortgage banking net revenue for valuation adjustments on the MSR portfolio, compared to gains of $13 million and losses of $40 million for the same periods in the prior year. The valuation adjustments on the MSR portfolio included increases of $10 million and $51 million for the three and six months ended June 30, 2024, respectively, and increases of $53 million and $34 million for the three and six months ended June 30, 2023, respectively, due to changes in market rates and other inputs in the valuation model, including future prepayment speeds and OAS

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assumptions. Mortgage rates increased during the three and six months ended June 30, 2024, which caused a decrease in prepayment speeds. The fair value of the MSR portfolio decreased $40 million and $73 million for the three and six months ended June 30, 2024, respectively, and decreased $40 million and $74 million for the three and six months ended June 30, 2023, respectively, as a result of contractual principal payments and actual prepayment activity.

Further detail on the valuation of MSRs can be found in Note 12 of the Notes to Condensed Consolidated Financial Statements. The Bancorp maintains a non-qualifying hedging strategy to manage a portion of the risk associated with changes in the valuation of the MSR portfolio. Refer to Note 13 of the Notes to Condensed Consolidated Financial Statements for more information on the free-standing derivatives used to economically hedge the MSR portfolio. In addition to the derivative positions used to economically hedge the MSR portfolio, the Bancorp acquires various securities as a component of its non-qualifying hedging strategy. Net gains and losses on these securities were immaterial for both the three and six months ended June 30, 2024 and 2023.

The Bancorp’s total residential mortgage loans serviced as of June 30, 2024 and 2023 were $113.7 billion and $119.7 billion, respectively, with $97.3 billion and $102.8 billion, respectively, of residential mortgage loans serviced for others.

Leasing business revenue

Leasing business revenue decreased $9 million and $27 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily driven by decreases in operating lease income. The decrease for the six months ended June 30, 2024 also included a decrease in lease remarketing fees.

Other noninterest income

The following table presents the components of other noninterest income:

Other noninterest income decreased $37 million and $9 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily due to decreases in equity method investment income, partially offset by decreases in the loss on the swap associated with the sale of Visa, Inc. Class B Shares.

Equity method investment income decreased $37 million and $36 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023 primarily due to a gain on the partial disposition of an equity method investment during the second quarter of 2023. The Bancorp recognized negative valuation adjustments of $23 million and $40 million related to the Visa total return swap during the three and six months ended June 30, 2024, respectively, compared to negative valuation adjustments of $30 million and $61 million during the three and six months ended June 30, 2023, respectively. For additional information on the valuation of the swap associated with the sale of Visa, Inc. Class B Shares, refer to Note 22 of the Notes to Condensed Consolidated Financial Statements.

Securities gains (losses), net

Net securities gains were $3 million and $13 million for the three and six months ended June 30, 2024, respectively, compared to $7 million and $11 million for the three and six months ended June 30, 2023, respectively. For more information, refer to Note 4 of the Notes to Condensed Consolidated Financial Statements.

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Noninterest Expense

Noninterest expense decreased $10 million for the three months ended June 30, 2024 and was flat for the six months ended June 30, 2024 compared to the same periods in the prior year.

The following table presents the components of noninterest expense:

(a)This is a non-GAAP measure. For further information, refer to the Non-GAAP Financial Measures section of MD&A.

Compensation and benefits expense increased $6 million and $2 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in the prior year primarily driven by increases in performance-based compensation, partially offset by decreases in severance expense. Full-time equivalent employees totaled 18,607 at June 30, 2024 compared to 19,225 at June 30, 2023.

Net occupancy expense increased $6 million for the six months ended June 30, 2024 compared to the same period in the prior year primarily driven by expenses associated with the Bancorp’s continued expansion into Southeast markets and higher expenses associated with the maintenance and renovation of banking centers.

Marketing expense increased $3 million and $6 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in the prior year primarily due to an increase in account acquisition and deposit campaigns.

Leasing business expense decreased $9 million and $17 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in the prior year primarily driven by decreases in depreciation expense associated with operating lease equipment.

The following table presents the components of other noninterest expense:

Other noninterest expense decreased $13 million and increased $2 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in the prior year.

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Other noninterest expense included the impacts of FDIC insurance and other taxes which increased $5 million and $37 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in the prior year primarily due to the incremental expenses associated with the Bancorp’s updated estimate of its allocated share of the FDIC’s special assessment, as further discussed in the Overview section of MD&A.

Applicable Income Taxes

The Bancorp’s income before income taxes, applicable income tax expense and effective tax rate are as follows:

Applicable income tax expense for all periods presented includes the benefits from tax-exempt income, tax-advantaged investments and tax credits (and other related tax benefits), partially offset by the effect of proportional amortization of qualifying investments and certain nondeductible expenses. The tax credits are primarily associated with the Low-Income Housing Tax Credit program established under Section 42 of the IRC, the New Markets Tax Credit program established under Section 45D of the IRC, the Rehabilitation Investment Tax Credit program established under Section 47 of the IRC and the Qualified Zone Academy Bond program established under Section 1397E of the IRC.

The effective tax rate decreased to 21.3% and 21.2% for the three months and six months ended June 30, 2024, respectively, compared to 22.5% and 22.4% for the three months and six months ended June 30, 2023, respectively, primarily related to the remeasurement of deferred tax assets for changes in certain state tax laws which were enacted during the three months ended June 30, 2024. The decrease for the six months ended June 30, 2024 was also affected by a decrease in state tax expense associated with the recognition of certain previously unrecognized tax benefits.