FIFTH THIRD BANCORP

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

BALANCE SHEET ANALYSIS

Loans and Leases

The Bancorp classifies its commercial loans and leases based upon primary purpose and consumer loans based upon product or collateral. The following table presents the end of period components of loans and leases, including loans and leases held for sale:

Total loans and leases, including loans and leases held for sale, increased $54.2 billion, or 44%, from December 31, 2025 primarily driven by the Comerica acquisition as the Bancorp acquired commercial and consumer loans and leases of $50.5 billion at acquisition. Table 14 summarizes the detail of loans and leases acquired as a result of the Comerica acquisition on February 1, 2026.

The following discussion excludes the impact of the loans and leases acquired in the Comerica acquisition. Commercial loans and leases increased $3.4 billion, or 5%, from December 31, 2025 primarily due to increases in commercial and industrial loans and commercial construction loans. Commercial and industrial loans increased $3.1 billion, or 6%, from December 31, 2025 primarily as a result of loan originations exceeding payoffs as well as increased line utilization. Commercial construction loans increased $445 million, or 8%, from December 31, 2025 as loan originations exceeded payoffs.

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

Investment Securities

The Bancorp uses investment securities as a means of managing interest rate risk, providing collateral for pledging purposes and for liquidity risk management. The carrying value of total investment securities, which consist of available-for-sale debt and other securities, held-to-maturity securities, trading debt securities and equity securities, was $64.8 billion and $49.0 billion at March 31, 2026 and December 31, 2025, respectively. The taxable available-for-sale debt and other securities portfolio had an effective duration of 3.6 and 3.8 at March 31, 2026 and December 31, 2025, respectively. The taxable held-to-maturity securities portfolio had an effective duration of 4.7 and 5.1 at March 31, 2026 and December 31, 2025, respectively.

The increase in total investment securities reflects the impact of the Comerica acquisition, including $7.2 billion of available-for-sale debt and other securities, $3.7 billion of held-to-maturity securities, $170 million of trading debt securities and $141 million of equity securities acquired on February 1, 2026.

Debt securities are classified as available-for-sale when, in management’s judgment, they may be sold in response to, or in anticipation of, changes in market conditions. Debt securities that management has the intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost. Debt securities are classified as trading typically when bought and held principally for the purpose of selling them in the near term. At March 31, 2026, the Bancorp’s investment securities portfolio consisted primarily of U.S. Treasury and other government guaranteed securities. The Bancorp held an immaterial amount of below-investment grade available-for-sale debt securities and held-to-maturity securities at both March 31, 2026 and December 31, 2025.

At both March 31, 2026 and December 31, 2025, the Bancorp did not recognize an allowance for credit losses for its investment securities. The Bancorp also did not recognize provision for credit losses for investment securities during both the three months ended March 31, 2026 and 2025.

The following table summarizes the end of period components of investment securities:

(a)Other securities consist of FHLB, FRB and DTCC restricted stock hold ings that are carried at cost.

(b)Includes a discount of $715 and $742 at March 31, 2026 and December 31, 2025, respectively, pertaining to the remaining unamortized portion of unrealized losses on securities transferred to HTM.

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

The following table presents the estimated future amortization of unrealized losses related to investment securities transferred from available-for-sale to held-to-maturity. At March 31, 2026, these transferred securities had an estimated weighted-average life of 6.4 years.

On an amortized cost basis, available-for-sale debt and other securities and held-to-maturity securities comprised 25% and 26% of total interest-earning assets at March 31, 2026 and December 31, 2025, respectively. The estimated weighted-average life of the debt securities in the available-for-sale debt and other securities portfolio was 4.8 years and 5.1 years at March 31, 2026 and December 31, 2025, respectively. In addition, the debt securities in the available-for-sale debt and other securities portfolio had a weighted-average yield of 3.36%and 3.09% at March 31, 2026 and December 31, 2025, respectively. The held-to-maturity securities portfolio had an estimated weighted-average life of 5.8 years and 6.4 years at March 31, 2026 and December 31, 2025, respectively. In addition, the held-to-maturity securities portfolio had a weighted-average yield of 3.78% and 3.50% at March 31, 2026 and December 31, 2025, respectively.

Information presented in Tables 17 and 18 is on a weighted-average life basis, anticipating future prepayments. Yield information is presented on an FTE basis and is computed using amortized cost balances and reflects the impact of prepayments. Maturity and yield calculations for the total available-for-sale debt and other securities portfolio exclude other securities that have no stated yield or maturity.

The fair values of investment securities are impacted by interest rates, credit spreads, market volatility and liquidity conditions. The fair value of the Bancorp’s investment securities portfolio generally decreases when interest rates increase or when credit spreads widen, and, conversely, increases when interest rates decrease or when credit spreads contract. Total net unrealized losses on the available-for-sale debt and other securities portfoliowere $3.1 billion and $2.9 billion at March 31, 2026 and December 31, 2025, respectively.

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

(a)Taxable-equivalent yield adjustments included in the above table are 0.04%, 0.11% and 0.02% for securities with an average life between 5 and 10 years, average life greater than 10 years and in total, respectively.

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

(a)Taxable-equivalent yield adjustments included in the above table are 0.03%, 0.93% and 0.04% for securities with an average life between 5 and 10 years, average life greater than 10 years and in total, respectively.

(b)Includes a discount of $715 pertaining to the unamortized portion of unrealized losses on HTM securities.

Other Short-Term Investments

Other short-term investments have original maturities less than one year and primarily include interest-bearing balances that are funds on deposit at the FRB or other depository institutions. Other short-term investments are used as an extension of the investment securities portfolio to manage liquidity risk. Other short-term investments were $17.5 billion at March 31, 2026, a decrease of $1.4 billion from December 31, 2025. This decrease was primarily driven by the strategic redeployment of liquidity into investment securities to proactively manage interest rate risk as well as an increase in loans and leases during the three months ended March 31, 2026, partially offset by other short-term investment balances acquired in connection with the acquisition of Comerica.

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

Deposits

The Bancorp’s deposit balances represent an important source of funding and revenue growth opportunity. The Bancorp continues to focus on core deposit growth in its retail and commercial franchises by improving customer satisfaction, building full relationships and offering competitive rates and through its strategy of expanding retail presence in high-growth markets, such as in the Southeast and Texas.

The following table presents the end of period components of deposits:

(a)Includes $287 and $777 of retail brokered CDs which are fully covered by FDIC insurance as of March 31, 2026 and December 31, 2025, respectively.

Total deposits increased $61.8 billion, or 36%, from December 31, 2025 due to the Comerica acquisition as the Bancorp assumed commercial and consumer deposit balances of $65.2 billion at acquisition. Table 20 summarizes the detail of deposits assumed as a result of the Comerica acquisition on February 1, 2026.

The following discussion excludes the impact of the deposits assumed in the Comerica acquisition. Core deposits decreased $2.5 billion, or 1%, from December 31, 2025 due to decreases in transaction deposits and CDs $250,000 or less. Transaction deposits decreased $1.6 billion, or 1%, from December 31, 2025 primarily driven by a decrease in interest checking deposits, partially offset by an increase in savings deposits. Interest checking deposits decreased $2.4 billion, or 4%, from December 31, 2025 primarily as a result of seasonal impacts which contributed to lower balances per commercial customer account. Savings deposits increased $485 million, or 3%, from December 31, 2025 primarily as a result of higher average balances per consumer customer account, which is partially attributable to seasonality. CDs $250,000 or less decreased $838 million, or 8%, from December 31, 2025 primarily due to lower balances per customer account driven by maturities which outpaced new issuances given current market conditions.

CDs over $250,000 decreased $921 million, or 47%, from December 31, 2025 primarily due to maturities of retail brokered CDs.

Deposit insurance

The FDIC generally provides a standard amount of insurance of $250,000 per depositor, per insured bank, for each account ownership category defined by the FDIC. As of March 31, 2026 and December 31, 2025, approximately $136.1 billion, or 58%, and $101.8 billion, or 59%, respectively, of the Bancorp’s domestic deposits were estimated to be insured. As of March 31, 2026 and December 31, 2025, approximately $97.1 billion and $69.8 billion, respectively, of the Bancorp’s domestic deposits were estimated to be uninsured. At March 31, 2026 and December 31, 2025, approximately $2.1 billion and $1.1 billion, respectively, of domestic time deposits were estimated to be uninsured. Where information is not readily available to determine the amount of insured deposits, the amount of uninsured deposits is estimated, consistent with the methodologies and assumptions utilized in providing information to the Bank’s regulators.

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

Borrowings

The Bancorp accesses a variety of short-term and long-term funding sources. Borrowings with original maturities of one year or less are classified as short-term and include federal funds purchased and other short-term borrowings. For further information on the components of short-term borrowings, refer to Note 13 of the Notes to Condensed Consolidated Financial Statements.

The following table summarizes the end of period components of borrowings:

Total borrowings increased $5.5 billion, or 38%, from December 31, 2025 primarily due to an increase in long-term debt of $5.2 billion attributable to the long-term debt assumed in the Comerica acquisition totaling $5.5 billion. For further information refer to Note 14 of the Notes to Condensed Consolidated Financial Statements. Additionally, the increase for the three months ended March 31, 2026 included the issuance of senior fixed-rate/floating-rate notes in January 2026 totaling $2.0 billion, partially offset by $2.3 billion of redemptions and maturities.