FIFTH THIRD BANCORP
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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Parent Company Financial Statements
- Parent Company Financial Statements
| Condensed Statements of Income (Parent Company Only) | |||
|---|---|---|---|
| For the years ended December 31 ($ in millions) | 2024 | 2023 | 2022 |
| Income | |||
| Dividends from consolidated nonbank subsidiaries(a) | $1,800 | 1,819 | 165 |
| Securities gains (losses), net | 3 | 4 | (9) |
| Interest | 85 | 63 | 11 |
| Total income | 1,888 | 1,886 | 167 |
| Expenses | |||
| Interest | 553 | 525 | 311 |
| Other | 27 | 39 | 19 |
| Total expenses | 580 | 564 | 330 |
| Income (Loss) Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries | 1,308 | 1,322 | (163) |
| Applicable income tax benefit | (115) | (112) | (76) |
| Income (Loss) Before Equity in Undistributed Earnings of Subsidiaries | 1,423 | 1,434 | (87) |
| Equity in undistributed earnings | 891 | 915 | 2,533 |
| Net Income | $2,314 | 2,349 | 2,446 |
| Other Comprehensive Income | — | — | — |
| Comprehensive Income | $2,314 | 2,349 | 2,446 |
(a)Includes dividends paid by the Bancorp’s indirect banking subsidiary to the Bancorp’s direct nonbank subsidiary holding company of $1.8 billion for both the years ended December 31, 2024 and 2023. The Bancorp’s indirect banking subsidiary didnot pay dividends during the year ended December 31, 2022.
| Condensed Balance Sheets (Parent Company Only) | ||
|---|---|---|
| As of December 31 ($ in millions) | 2024 | 2023 |
| Assets | ||
| Cash | $969 | 120 |
| Other short-term investments | 3,106 | 6,500 |
| Available-for-sale debt and other securities | 2,500 | 1,000 |
| Equity securities | 29 | 34 |
| Loans to nonbank subsidiaries | 5 | — |
| Investment in nonbank subsidiaries | 22,891 | 21,998 |
| Goodwill | 80 | 80 |
| Other assets | 156 | 179 |
| Total Assets | $29,736 | 29,911 |
| Liabilities | ||
| Other short-term borrowings | $3 | — |
| Accrued expenses and other liabilities | 567 | 631 |
| Long-term debt (external) | 9,521 | 10,108 |
| Total Liabilities | $10,091 | 10,739 |
| Equity | ||
| Common stock | $2,051 | 2,051 |
| Preferred stock | 2,116 | 2,116 |
| Capital surplus | 3,804 | 3,757 |
| Retained earnings | 24,150 | 22,997 |
| Accumulated other comprehensive loss | (4,636) | (4,487) |
| Treasury stock | (7,840) | (7,262) |
| Total Equity | 19,645 | 19,172 |
| Total Liabilities and Equity | $29,736 | 29,911 |
196 Fifth Third Bancorp
| Condensed Statements of Cash Flows (Parent Company Only) | |||
|---|---|---|---|
| For the years ended December 31 ($ in millions) | 2024 | 2023 | 2022 |
| Operating Activities | |||
| Net income | $2,314 | 2,349 | 2,446 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization and accretion | 7 | 7 | 7 |
| Provision for (benefit from) deferred income taxes | 2 | 1 | (3) |
| Securities (gains) losses, net | (3) | (4) | 9 |
| Equity in undistributed earnings | (891) | (915) | (2,533) |
| Net change in: | |||
| Equity securities | 8 | 4 | 6 |
| Other assets | (49) | 147 | (115) |
| Accrued expenses and other liabilities | (60) | (126) | 45 |
| Net Cash Provided by (Used in) Operating Activities | 1,328 | 1,463 | (138) |
| Investing Activities | |||
| Proceeds from maturities of securities issued by subsidiary | 1,000 | 1,000 | — |
| Purchase of securities issued by subsidiary | (2,500) | (1,000) | (1,000) |
| Net change in: | |||
| Other short-term investments | 3,394 | (833) | 567 |
| Loans to nonbank subsidiaries | (5) | 60 | 132 |
| Net Cash Provided by (Used in) Investing Activities | 1,889 | (773) | (301) |
| Financing Activities | |||
| Net change in other short-term borrowings | 3 | (121) | (240) |
| Proceeds from issuance of long-term debt | 1,742 | 1,244 | 2,986 |
| Repayment of long-term debt | (2,250) | (500) | (1,200) |
| Dividends paid on common and preferred stock | (1,176) | (1,060) | (927) |
| Repurchase of treasury stock and related forward contract | (625) | (200) | (100) |
| Other, net | (62) | (53) | (82) |
| Net Cash (Used in) Provided by Financing Activities | (2,368) | (690) | 437 |
| Increase (Decrease) in Cash | 849 | — | (2) |
| Cash at Beginning of Period | 120 | 120 | 122 |
| Cash at End of Period | $969 | 120 | 120 |
197 Fifth Third Bancorp
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