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.

Table 5 presents the components of net interest income, net interest margin and net interest rate spread for the three months ended March 31, 2026 and 2025, 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 $1.9 billion for the three months ended March 31, 2026, increasing $497 million compared to the same period in the prior year. Net interest income for the three months ended March 31, 2026 reflected the impact of the Comerica acquisition, including $73.0 billion of interest-earning assets acquired as well as $48.2 billion of interest-bearing liabilities and $24.9 billion of noninterest-bearing liabilities assumed on February 1, 2026. Net interest income for the three months ended March 31, 2026 was positively impacted by higher average balances of interest-earning assets primarily driven by the previously mentioned Comerica acquisition and lower funding costs due to the benefit of lower short-term market rates. Additionally, the increase for the three months ended March 31, 2026 was also driven by a decrease in the average balances of FHLB advances. These positive impacts were partially offset by increases in interest expense primarily due to higher average balances of interest-bearing core deposits and long-term debt primarily driven by the previously mentioned Comerica acquisition and lower yields on average loans and leases and average other short-term investments driven by lower short-term market rates. The increase in average long-term debt for the three months ended March 31, 2026 also reflected the Bancorp’s January 2026 issuance of $2.0 billion of fixed-rate/floating-rate senior notes. Additionally, net interest income for the three months ended March 31, 2026 included $38 million of amortization and accretion of purchase accounting premiums and discounts related to the Comerica acquisition.

Net interest rate spread on an FTE basis (non-GAAP) was 2.63% for the three months ended March 31, 2026 compared to 2.33% for the same period in the prior year. Changes in market rates resulted in a decrease in rates paid on average interest-bearing liabilities of 36 bps, partially offset by a decrease in yields on average interest-earning assets of 6 bps for the three months ended March 31, 2026 compared to the same period in the prior year.

Net interest margin on an FTE basis (non-GAAP) was 3.30% for the three months ended March 31, 2026 compared to 3.03% for the comparable period in the prior year. Net interest margin for the three months ended March 31, 2026 was positively impacted by the Comerica acquisition, primarily driven by the aforementioned amortization and accretion of purchase accounting premiums and discounts, as well as the benefit of investment securities repositioning and deposit mix shift.

Interest income on an FTE basis (non-GAAP) from loans and leases increased $477 million during the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by an increase in the average balances of loans and leases, partially offset by a decrease in yields on average commercial loans and leases associated with lower short-term market rates. Interest income on an FTE basis (non-GAAP) from securities and other short-term investments increased $63 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to increases in the average balances of other short-term investments and taxable securities coupled with an increase in the yields on average taxable securities, partially offset by lower yields on average other short-term investments due to lower short-term market rates.

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

Interest expense on average core deposits increased $72 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to an increase in the average balances of interest-bearing core deposits, partially offset by a decrease in the cost of average interest-bearing core deposits to 212 bps for the three months ended March 31, 2026 from 239 bps for the three months ended March 31, 2025.

Interest expense on average wholesale funding decreased $29 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to a decrease in the average balances of FHLB advances and a decrease in the rates paid on average wholesale funding, partially offset by an increase in the average balances of long-term debt. During the three months ended March 31, 2026, average wholesale funding represented 13% of average interest-bearing liabilities compared to 15% for the three months ended March 31, 2025. 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.

Average Balance Sheet

On an average basis, interest-earning assets increased $45.2 billion, or 23%, for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by the impact of the Comerica acquisition on February 1, 2026 which included the acquisition of $46.5 billion of commercial loans and leases, $4.1 billion of consumer loans, $11.2 billion of other short-term investments and $11.2 billion of securities.

On an average basis, interest-bearing liabilities increased $28.0 billion, or 19%, for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by the impact of the Comerica acquisition which included the assumption of $40.6 billion of interest-bearing core deposits and $5.5 billion of long-term debt. Average core deposits represented 78% and 77% of average total assets for the three months ended March 31, 2026 and 2025, respectively.

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

(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 $5 for both the three months ended March 31, 2026 and 2025.

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

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

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, 2025.

The provision for credit losses was $227 million and $174 million for the three months ended March 31, 2026 and 2025, respectively. Provision expense for the three months ended March 31, 2026 was affected by factors which caused an increase in the ACL from December 31, 2025, including an increase in provision for the reserve for unfunded commitments recorded as part of the initial recognition of the reserve for unfunded commitments assumed in the Comerica acquisition and an overall deterioration in the economic forecasts used to calculate the ACL, inclusive of a qualitative adjustment to reflect economic uncertainty associated with the ongoing U.S.-Iran conflict. These factors were partially offset by favorable impacts from improvements in the risk profile of the loan and lease portfolio.

The ALLL increased $669 million from December 31, 2025 to $2.9 billion at March 31, 2026. This increase reflects the impact of the Comerica acquisition, including the initial recognition of allowances on PCD loans and leases of $180 million and on PSLs of $481 million as of the acquisition date. At March 31, 2026, the ALLL as a percent of portfolio loans and leases decreased to 1.66%, compared to 1.84% at December 31, 2025.

The reserve for unfunded commitments increased $75 million from December 31, 2025 to $232 million at March 31, 2026. This increase reflects the impact of the Comerica acquisition, which included approximately $75 million in reserves for unfunded commitments recognized on the acquisition date. At March 31, 2026, the ACL as a percent of portfolio loans and leases decreased to 1.79%, compared to 1.96% at December 31, 2025.

Refer to the Credit Risk Management subsection of the Risk Management section of MD&A as well as Note 7 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 increased $201 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, which included two months of activity attributable to the Comerica acquisition.

The following table presents the components of noninterest income:

Wealth and asset management revenue increased $61 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily driven by increases in personal asset management revenue, brokerage income and institutional trust income. The Bancorp’s trust and registered investment advisory businesses had approximately $865 billion and $639 billion in total assets under care as of March 31, 2026 and 2025, respectively, and managed $119 billion and $68 billion in assets for individuals, corporations and not-for-profit organizations as of March 31, 2026 and 2025, respectively. These balances reflect the impact of the Comerica acquisition on February 1, 2026, which included $180 billion of assets under care and $43 billion of assets under management.

Commercial payments revenue increased $65 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily driven by higher treasury management fees and merchant payment processing revenue from increased volume, as well as the impact of revenue from the Direct Express government prepaid card program.

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

Capital markets fees increased $44 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily driven by increases in loan syndication revenue, merger and acquisition fees and revenue from commercial customer derivatives.

Commercial banking revenue increased $25 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily driven by an increase in business lending fees.

Mortgage banking net revenue decreased $13 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

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

Origination fees and gains on loan sales increased $9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily driven by higher volumes of saleable rate lock mortgage loan originations. Residential mortgage loan originations increased to $1.9 billion for the three months ended March 31, 2026 from $1.4 billion for the three months ended March 31, 2025 primarily due to lower mortgage interest rates, which also drove an increase in correspondent channel volume.

The following table presents the components of net valuation adjustments on the MSR portfolio and the impact of the Bancorp’s 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.

Further detail on the valuation of MSRs can be found in Note 11 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 12 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 losses and gains on these securities were immaterial for both the three months ended March 31, 2026 and 2025.

At March 31, 2026 and 2025, the Bancorp serviced $86.7 billion and $92.8 billion, respectively, of residential mortgage loans for other investors.

Other noninterest income increased $13 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to a gain on the swap associated with the sale of Visa, Inc. Class B Shares and an increase in BOLI income, partially offset by impairment charges recognized on bank premises and equipment associated with the acquisition of Comerica. Refer to Note 21 of the Notes to Condensed Consolidated Financial Statements for additional information on the valuation of the swap associated with the sale of Visa, Inc. Class B Shares and impairment charges recognized on bank premises and equipment.

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

Net securities losses were $12 million for the three months ended March 31, 2026 compared to $9 million for the three months ended March 31, 2025. For more information, refer to Note 5 of the Notes to Condensed Consolidated Financial Statements.

Noninterest Expense

Noninterest expense increased $1.1 billion for the three months ended March 31, 2026 compared to the same period 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.

The Bancorp incurred direct merger-related expenses associated with the Comerica acquisition. These expenses primarily related to employee change in control and termination expenses, system conversions and other costs of integrating and conforming the acquired operations with those of the Bancorp. The following table provides a summary of the direct merger-related expenses recorded in noninterest expense:

In addition to the direct merger-related expenses summarized in Table 10, noninterest expense for the three months ended March 31, 2026 included two months of activity attributable to the Comerica acquisition.

Compensation and benefits expense increased $660 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by $427 million of merger-related expenses, including employee change in control and termination expenses, as well as increases in base compensation and performance-based compensation. Full-time equivalent employees totaled 25,980 at March 31, 2026 compared to 18,786 at March 31, 2025.

Technology and communications expense increased $81 million for the three months ended March 31, 2026, compared to the same period in the prior year primarily driven by $21 million of merger-related expenses and increased investments in strategic initiatives and technology modernization.

Net occupancy expense increased $53 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by $25 million of merger-related expenses and increased expenses associated with the Bancorp’s continued expansion into the Southeast markets as well as into Texas and California.

Card and processing expense increased $58 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by $30 million of merger-related expenses as well as expenses associated with the Direct Express government prepaid card program.

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

Marketing expense increased $22 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to increased spend on customer acquisition activities.

The following table presents the components of other noninterest expense:

Other noninterest expense increased $192 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by $128 million in merger-related expenses. These expenses primarily included professional service fees, including mergers and acquisitions advisory expense, insurance expense and expense related to retirement termination benefits associated with former employees of Comerica. Additionally, the increase for the three months ended March 31, 2026 included an increase in intangible amortization expense attributable to the Comerica acquisition.

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 Research Credit program established under Section 41 of the IRC.

The effective tax rate decreased to 20.1% for the three months ended March 31, 2026 compared to 21.2% for the same period in the prior year primarily related to an increase in excess benefits related to share-based compensation, partially offset by an increase in state tax expense which included a discrete state tax adjustment related to the Comerica acquisition.