FIFTH THIRD BANCORP

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

BUSINESS SEGMENT REVIEW

The Bancorp has three reportable segments: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management. Additional information on each segment is included in Note 19 of the Notes to Condensed Consolidated Financial Statements. Results of the Bancorp’s segments are presented based on its management structure and management accounting practices, which are specific to the Bancorp. Therefore, the financial results of the Bancorp’s segments are not necessarily comparable with similar information for other financial institutions. The Bancorp refines its methodologies from time to time as management’s accounting practices and businesses change.

The Bancorp manages interest rate risk centrally at the corporate level. By employing an FTP methodology, the segments are insulated from most benchmark interest rate volatility, enabling them to focus on serving customers through the origination of loans and acceptance of deposits. The FTP methodology assigns charge and credit rates to classes of assets and liabilities, respectively, based on the estimated amount and timing of the cash flows for each transaction.

The Bancorp adjusts the FTP charge and credit rates as dictated by changes in interest rates for various interest-earning assets and interest-bearing liabilities and by the review of behavioral assumptions, such as prepayment rates on interest-earning assets and the estimated durations for indeterminate-lived deposits. In general, the charge rates on assets decreased since December 31, 2024 as they were affected by the prevailing level of interest rates and repricing characteristics of the portfolio. The credit rates for deposit products have also generally decreased since December 31, 2024 due to reduced liquidity premium assumptions and decreasing short-term interest rates.

For more information about the Bancorp’s FTP process and other allocation methodologies, refer to the Business Segment Review section included in MD&A of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2024.

In January 2025, the Bancorp realigned its reporting structure and moved certain business banking customer relationships and relationship management personnel to the Consumer and Small Business Banking segment from the Commercial Banking segment to improve alignment of customer acquisition and servicing resources with customer product and service demand. In conjunction with this change, the loans, deposits and operating results associated with the affected business banking customer relationships were reclassified from the Commercial Banking segment to the Consumer and Small Business Banking segment effective January 1, 2025. This change was applied retrospectively to all prior periods presented.

The following table summarizes income (loss) before income taxes on an FTE basis by segment:

(a)General Corporate and Other is not a reportable segment and is presented for reconciliation purposes.

(b)Includes FTE adjustments of $5 and $6 for the three months ended September 30, 2025 and 2024, respectively, and $15 and $18 for the nine months ended September 30, 2025 and 2024, respectively.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Commercial Banking

Commercial Banking offers credit intermediation, cash management and financial services to large and middle-market businesses and government and professional customers. In addition to the traditional lending and depository offerings, Commercial Banking products and services include global cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing and syndicated finance.

The following table contains selected financial data for the Commercial Banking segment:

(a)Includes FTE adjustments of$3 and$4 for the three months ended September 30, 2025 and 2024, respectively, and$9 and$11 for the nine months ended September 30, 2025 and 2024, respectively.

Income before income taxes on an FTE basis was $251 million and $896 million for the three and nine months ended September 30, 2025, respectively, compared to $466 million and $1.3 billion for the same periods in the prior year. The decrease for the three months ended September 30, 2025 was primarily driven by an increase in provision for credit losses and a decrease in net interest income on an FTE basis. The decrease for the nine months ended September 30, 2025 was primarily driven by a decrease in net interest income on an FTE basis, an increase in provision for credit losses, an increase in noninterest expense and a decrease in noninterest income.

Net interest income on an FTE basis decreased $54 million and $204 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by decreases in FTP credits on deposits and decreases in yields on average commercial loans and leases. These negative impacts were partially offset by decreases in FTP charges on commercial loans and leases, decreases in rates paid on average interest-bearing deposits and increases in the average balances of commercial loans and leases.

Provision for credit losses increased $170 million and $121 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by increases in net charge-offs on commercial loans and leases, which included $178 million related to the impairment of an asset-backed finance commercial loan, partially offset by decreases in the allocated provision for credit losses related to commercial criticized assets. Annualized net charge-offs as a percent of average portfolio loans and leases increased to 156 bps and 74 bps for the three and nine months ended September 30, 2025, respectively, compared to 40 bps and 34 bps for the same periods in the prior year.

Noninterest income increased $3 million and decreased $19 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year. The increase for the three months ended September 30, 2025 was primarily driven by an increase in commercial payments revenue, partially offset by a decrease in commercial banking revenue. The decrease for the nine months ended September 30, 2025 was primarily driven by decreases in commercial banking revenue and capital markets fees, partially offset by an increase in commercial payments revenue. Refer to the Noninterest Income subsection of the Statement of Income Analysis section of

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

MD&A for additional information on the fluctuations in commercial banking revenue, capital markets fees and commercial payments revenue.

Noninterest expense decreased $6 million and increased $24 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year. The decrease for the three months ended September 30, 2025 was primarily driven by a decrease in other noninterest expense. Other noninterest expense decreased $10 million for the three months ended September 30, 2025 compared to the same period in the prior year primarily due to decreases in FDIC insurance and other taxes, credit valuation adjustments on derivatives associated with customer accommodation contracts and leasing business expense. The increase for the nine months ended September 30, 2025 compared to the same period in the prior year was primarily driven by an increase in other noninterest expense, partially offset by a decrease in compensation and benefits expense. Other noninterest expense increased $27 million for the nine months ended September 30, 2025 compared to the same period in the prior year primarily due to increases in allocated expenses, loan and lease expense and credit valuation adjustments on derivatives associated with customer accommodation contracts, partially offset by a decrease in leasing business expense. Compensation and benefits expense decreased $7 million for the nine months ended September 30, 2025 compared to the same period in the prior year primarily due to a decrease in performance-based compensation.

Average commercial loans and leases increased $1.9 billion and $1.6 billion for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to increases in average commercial and industrial loans, average commercial mortgage loans and average commercial leases, partially offset by decreases in average commercial construction loans. Refer to the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A for additional information on these fluctuations.

Average deposits decreased $1.4 billion and $1.0 billion for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to decreases in average interest checking deposits. Average interest checking deposits decreased $1.2 billion and $254 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily as a result of lower average balances per customer account and a decrease in derivative collateral held as a result of lower interest rates. The decrease for the nine months ended September 30, 2025 compared to the same period in the prior year also included a decrease of $718 million in average demand deposits primarily as a result of lower average balances per customer account.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Consumer and Small Business Banking

Consumer and Small Business Banking provides a full range of deposit and loan products to individuals and small businesses through a network of full-service banking centers and relationships with indirect and correspondent loan originators in addition to providing products designed to meet the specific needs of small businesses, including cash management services. Consumer and Small Business Banking includes the Bancorp’s residential mortgage, home equity loans and lines of credit, credit cards, automobile and other indirect lending, solar energy installation and other consumer lending activities. Residential mortgage activities include the origination, retention and servicing of residential mortgage loans, sales and securitizations of those loans and all associated hedging activities. Indirect lending activities include extending loans to consumers through automobile dealers, motorcycle dealers, powersport dealers, recreational vehicle dealers and marine dealers. Solar energy installation loans and certain other consumer loans are originated through a network of contractors and installers.

The following table contains selected financial data for the Consumer and Small Business Banking segment:

Income before income taxes was $665 million and $1.8 billion for the three and nine months ended September 30, 2025, respectively, compared to $647 million and $2.0 billion for the same periods in the prior year. The increase for the three months ended September 30, 2025 was primarily driven by increases in net interest income and noninterest income, partially offset by an increase in noninterest expense. The decrease for the nine months ended September 30, 2025 was primarily driven by a decrease in net interest income and an increase in noninterest expense, partially offset by an increase in noninterest income.

Net interest income increased $26 million and decreased $146 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year. The increase for the three months ended September 30, 2025 was primarily driven by an increase in the average balances of and yields on loans and leases and a decrease in rates paid on average interest-bearing deposits, partially offset by a decrease in FTP credits on deposits and an increase in FTP charges on loans and leases. The decrease for the nine months ended September 30, 2025 was primarily driven by a decrease in FTP credits on deposits and an increase in FTP charges on loans and leases, partially offset by an increase in the average balances of and yields on loans and leases as well as a decrease in rates paid on average interest-bearing deposits.

Provision for credit losses decreased $5 million and increased $9 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year. The decrease for the three months ended September 30, 2025 was primarily driven by a decrease in net charge-offs on consumer loans. The increase for the nine months ended September 30, 2025 was primarily driven by an increase in net charge-offs on commercial and industrial loans, partially offset by a decrease in net charge-offs on consumer loans.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Annualized net charge-offs as a percent of average portfolio loans and leases decreased to 56 bps and 63 bps for the three and nine months ended September 30, 2025, respectively, compared to 65 bps for both the three and nine months ended September 30, 2024.

Noninterest income increased $26 million and $57 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by increases in wealth and asset management revenue, mortgage banking net revenue, consumer banking revenue and other noninterest income. Wealth and asset management revenue increased $9 million and $21 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to increases in brokerage income and personal asset management revenue. Refer to the Noninterest Income subsection of the Statement of Income Analysis section of MD&A for additional information on the fluctuations in mortgage banking net revenue and consumer banking revenue. Other noninterest income increased $7 million and $9 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to gains on the sale of branch-related real estate no longer intended to be used for banking purposes.

Noninterest expense increased $39 million and $46 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by increases in compensation and benefits expense and marketing expense. Compensation and benefits expense increased $23 million and $22 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to increases in performance-based compensation. The increase for the nine months ended September 30, 2025 also included an increase in base compensation. Marketing expense increased $5 million and $14 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to increased spend on customer acquisition activities.

Average consumer loans increased $3.2 billion and $2.8 billion for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to increases in average indirect secured consumer loans, average residential mortgage loans, average home equity and average solar energy installation loans, partially offset by decreases in average other consumer loans. Refer to the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A for additional information on these fluctuations. Average commercial loans increased $969 million and $930 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by loan originations exceeding payoffs.

Average deposits increased $1.4 billion and $1.0 billion for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by increases in average money market deposits and average demand deposits, partially offset by decreases in average savings deposits. The increase for the three months ended September 30, 2025 compared to the same period in the prior year also included an increase of $502 million in average CDs primarily due to higher offering rates. Average money market deposits increased $409 million and $972 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily as a result of higher average balances per customer account due to higher offering rates. Average demand deposits increased $881 million and $739 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily as a result of an increase in the number of customer accounts and average balances per customer account. Average savings deposits decreased $380 million and $659 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to a decrease in the number of customer accounts and lower average balances per customer account partially driven by the impact of consumer preferences for products with higher offering rates.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Wealth and Asset Management

Wealth and Asset Management provides a full range of wealth management solutions for individuals, companies and not-for-profit organizations, including wealth planning, investment management, banking, insurance, trust and estate services. These offerings include retail brokerage services for individual clients, advisory services for institutional clients including middle market businesses, non-profits, states and municipalities, and wealth management strategies and products for high net worth and ultra-high net worth clients.

The following table contains selected financial data for the Wealth and Asset Management segment:

Income before income taxes was $71 million and $187 million for the three and nine months ended September 30, 2025, respectively, compared to $54 million and $172 million for the same periods in the prior year. The increase for the three months ended September 30, 2025 was primarily driven by increases in noninterest income and net interest income. The increase for the nine months ended September 30, 2025 was primarily driven by an increase in noninterest income, partially offset by an increase in noninterest expense.

Net interest income increased $5 million for the three months ended September 30, 2025 compared to the same period in the prior year primarily driven by a decrease in rates paid on and average balances of deposits, partially offset by a decrease in FTP credits on deposits.

Noninterest income increased $10 million and $18 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to increases in wealth and asset management revenue, which increased $9 million and $16 million for the three and nine months ended September 30, 2025, respectively, primarily driven by increases in personal asset management revenue.

Noninterest expense increased $4 million for the nine months ended September 30, 2025 compared to the same period in the prior year primarily driven by increases in compensation and benefits expense and other noninterest expense. Compensation and benefits expense increased $2 million compared to the same period in the prior year primarily driven by an increase in base compensation. Other noninterest expense increased $2 million compared to the same period in the prior year primarily driven by an increase in allocated expenses.

Average loans and leases increased $475 million and $384 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by increases in average commercial and industrial loans, average other consumer loans and average commercial mortgage loans as loan production exceeded payoffs.

Average deposits decreased $960 million and $451 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by decreases in average interest checking deposits, average savings deposits and average money market deposits as a result of lower average balances per customer account, partially offset by an increase in average CDs.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

General Corporate and Other

General Corporate and Other includes the unallocated portion of the investment securities portfolio, securities gains and losses, certain non-core deposit funding, unassigned equity, unallocated provision for credit losses or a benefit from the reduction of the ACL, the payment of preferred stock dividends and certain support activities and other items not attributed to its segments.

Net interest income on an FTE basis increased $121 million and $609 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by decreases in FTP credits on deposits allocated to the segments, decreases in interest expense on retail brokered CDs and long-term debt and increases in interest income on commercial loans, partially offset by decreases in FTP charges on loans and leases allocated to the segments and decreases in interest income on other short-term investments. The decrease in FTP charges allocated to the segments was driven by decreases in market interest rates, primarily affecting the variable-rate asset portfolios. The decrease in FTP credits allocated to the segments was driven by lower FTP credit rates paid on deposits as a result of lower market interest rates and reduced liquidity premium assumptions. Under the Bancorp’s internal reporting methodology, the Bancorp insulates the segments from interest rate risk associated with fixed-rate lending by transferring this risk to General Corporate and Other through the FTP methodology. As a result, the amount of FTP credits on deposits earned by the segments generally increases or decreases at a faster pace than the amount of allocated FTP charges on loans and leases.

The benefit from credit losses was $122 million and $100 million for the three and nine months ended September 30, 2025, respectively, compared to a provision for credit losses of $6 million and a benefit from credit losses of $165 million for the same periods in the prior year. The benefit from credit losses for the three months ended September 30, 2025 was primarily driven by the benefit from the reduction of the ACL captured in General Corporate and Other. The decrease in the benefit from credit losses for the nine months ended September 30, 2025 was primarily driven by an increase in the provision for the reserve for unfunded commitments as well as a decrease in allocations to the segments.

Noninterest income increased $31 million and $51 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily driven by decreases in the loss on the swap associated with the sale of Visa, Inc. Class B Shares and increases in net securities gains.

Noninterest expense decreased $8 million and $46 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year. The decrease for the three months ended September 30, 2025 was primarily driven by a decrease in compensation and benefits expense, partially offset by increases in net occupancy expense and technology and communications expense. The decrease for the nine months ended September 30, 2025 was primarily driven by the expense recognized in 2024 associated with an FDIC special assessment and an increase in corporate overhead allocations from General Corporate and Other to the segments, partially offset by increases in technology and communications expense and compensation and benefits expense.