FIFTH THIRD BANCORP

Table of Contents

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 22 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, 2025 as they were affected by the prevailing level of charges previously assigned to acquired Comerica assets and to a lesser extent the impact of the reduced liquidity premium assumptions on new production throughout 2026. Additionally, charge rates on new production have increased relative to the existing portfolio driven by the impact of higher long-term interest rates while variable-rate asset charges are higher driven by short-term interest rates. The credit rates for deposit products have increased since December 31, 2025 due to increases in intermediate- and long-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, 2025.

Results of the Bancorp’s segments for the three and nine months ended September 30, 2026 were impacted by activity attributable to the Comerica acquisition and the integration of acquired operations.

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 for both the three months ended September 30, 2026 and 2025 and $15 for both the nine months ended September 30, 2026 and 2025.

Table of Contents

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.

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

(a)Includes FTE adjustments of$3 for both the three months ended September 30, 2026 and 2025 and$9 for both the nine months ended September 30, 2026 and 2025.

Income before income taxes on an FTE basis was $818 million and $2.1 billion for the three and nine months ended September 30, 2026, respectively, compared to $251 million and $896 million for the same periods in the prior year. The increases were primarily driven by increases in net interest income on an FTE basis and noninterest income as well as decreases in provision for credit losses, partially offset by increases in noninterest expense.

Net interest income on an FTE basis increased $553 million and $1.4 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in the average balances of commercial loans and leases, increases in FTP credits on deposits and decreases in rates paid on average interest-bearing deposits. These positive impacts were partially offset by increases in FTP charges on commercial loans and leases, increases in the average balances of deposits and decreases in yields on average commercial loans and leases.

Provision for credit losses decreased $166 million and $140 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by decreases in net charge-offs on commercial loans, which included the impact of $178 million resulting from the fraud-related impairment of an asset-backed finance commercial loan in the third quarter of 2025, partially offset by increases in the allocated provision for credit losses related to commercial criticized asset levels. Annualized net charge-offs as a percent of average portfolio loans and leases decreased to 19 bps and 21 bps for the three and nine months ended September 30, 2026, respectively, compared to 156 bps and 74 bps for the same periods in the prior year.

Noninterest income increased $155 million and $482 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily due to increases in commercial payments revenue, capital markets fees and commercial banking revenue. Noninterest expense increased $307 million and $834 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in other noninterest expense, compensation and benefits expense and card and processing expense.

The average balance sheet data for the Commercial Banking segment reflected the impact of the Comerica acquisition, including $43.4 billion of loans and leases, $15.7 billion of noninterest-bearing deposits and $21.3 billion of interest-bearing deposits on February 1, 2026. Average loans and leases increased $46.6 billion and $39.7 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in average commercial and industrial loans, average commercial mortgage loans and average commercial construction loans, which included the impact of the Comerica acquisition. Average interest-bearing deposits increased $23.0 billion and $19.2 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by the Comerica acquisition which led to increases in average money market deposits and average interest checking deposits.

Table of Contents

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.

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

Income before income taxes was $656 million and $1.7 billion for the three and nine months ended September 30, 2026, respectively, compared to $665 million and $1.8 billion for the same periods in the prior year. The decreases were primarily driven by increases in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income.

Net interest income increased $192 million and $443 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in FTP credits on deposits and increases in the average balances of loans and leases. The increase for the nine months ended September 30, 2026 compared to the same period in the prior year was also impacted by a decrease in rates paid on average interest-bearing deposits. These positive impacts were partially offset by increases in the average balances of deposits and increases in FTP charges on loans and leases.

Provision for credit losses increased $16 million and $19 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in net charge-offs on commercial and industrial loans and consumer loans as well as increases in the allocated provision for credit losses related to commercial criticized asset levels. Annualized net charge-offs as a percent of average portfolio loans and leases were 60 bps and 61 bps for the three and nine months ended September 30, 2026, respectively, compared to 56 bps and 63 bps for the same periods in the prior year.

Noninterest income increased $17 million and $60 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in commercial payments revenue, consumer banking revenue and wealth and asset management revenue, partially offset by decreases in mortgage banking net revenue. Noninterest expense increased $202 million and $575 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in other noninterest expense, compensation and benefits expense, net occupancy expense and marketing expense.

The average balance sheet data for the Consumer and Small Business Banking segment reflected the impact of the Comerica acquisition, including $2.5 billion of loans and leases, $5.5 billion of noninterest-bearing deposits and $18.2 billion of interest-bearing deposits on February 1, 2026. Average loans and leases increased $4.6 billion and $5.0 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily due to increases in average home equity, average commercial and industrial loans, average indirect secured consumer loans and average residential mortgage loans, which included the impact of the Comerica acquisition. Average interest-bearing deposits increased $25.4 billion and $21.0 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in average money market deposits, average interest checking deposits, average CDs and average savings deposits, which included the impact of the Comerica acquisition.

Table of Contents

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.

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

Income before income taxes was $106 million and $290 million for the three and nine months ended September 30, 2026, respectively, compared to $71 million and $187 million for the same periods in the prior year. The increases were primarily driven by increases in noninterest income and net interest income, partially offset by increases in noninterest expense.

Net interest income increased $57 million and $146 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in the average balances of loans and leases, increases in FTP credits on deposits and decreases in rates paid on average interest-bearing deposits, partially offset by increases in FTP charges on loans and leases and increases in the average balances of deposits.

Noninterest income increased $74 million and $215 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily due to increases in wealth and asset management revenue. Noninterest expense increased $89 million and $254 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in other noninterest expense and compensation and benefits expense.

The average balance sheet data for the Wealth and Asset Management segment reflected the impact of the Comerica acquisition, including $4.6 billion of loans and leases, $1.1 billion of noninterest-bearing deposits and $2.3 billion of interest-bearing deposits on February 1, 2026. Average loans and leases increased $4.9 billion and $4.6 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by the Comerica acquisition which led to increases in average commercial mortgage loans, average residential mortgage loans and average commercial and industrial loans. Average interest-bearing deposits increased $2.7 billion and $1.9 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in average interest checking deposits and average money market deposits, which included the impact of the Comerica acquisition. The increase for the nine months ended September 30, 2026 compared to the same period in the prior year was partially offset by a decrease in average savings deposits.

Table of Contents

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 decreased $51 million and $21 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by increases in FTP credits on deposits allocated to the segments, partially offset by increases in FTP charges on loans and leases allocated to the segments and increases in interest income on securities and commercial loans. The increase in FTP charges allocated to the segments was primarily driven by increases in total assets associated with the acquisition of Comerica. To a lesser extent, increases in market interest rates net of reduced liquidity premium assumptions increased FTP charges on new fixed-rate loan and lease production relative to the existing portfolio. The increase in FTP credits allocated to the segments was primarily driven by increases in total liabilities associated with the acquisition of Comerica and higher FTP credit rates paid on deposits as a result of higher market interest rates net of reduced liquidity premium assumptions. Given the daily repricing option on non-maturity deposits, the FTP credits on deposits earned by the segments generally increase or decrease at a faster pace than the amount of allocated FTP charges on loans and leases. 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.

The benefit from credit losses decreased $68 million and $52 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year. The decrease for the three months ended September 30, 2026 compared to the same period in the prior year was primarily driven by an increase in the ACL captured in General Corporate and Other, partially offset by a decrease in the provision for the reserve for unfunded commitments. The decrease for the nine months ended September 30, 2026 compared to the same period in the prior year was primarily driven by an increase in the 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.

Noninterest income decreased $19 million for both the three and nine months ended September 30, 2026 compared to the same periods in the prior year. The decrease for the three months ended September 30, 2026 compared to the same period in the prior year was primarily driven by the recognition of net securities losses for the three months ended September 30, 2026 compared to net securities gains for the same period in the prior year. The decrease for the nine months ended September 30, 2026 compared to the same period in the prior year was primarily driven by decreases in net securities gains and commercial payments revenue, partially offset by an increase in other noninterest income.

Noninterest expense increased $184 million and $1.1 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily due to merger-related expenses related to the Comerica acquisition. Refer to the Noninterest Expense subsection of the Statements of Income Analysis section of MD&A for information on the merger-related expenses. Additionally, the increases for the three and nine months ended September 30, 2026 compared to the same periods in the prior year were driven by increases in compensation and benefits expense and technology and communications expense, largely offset by increases in corporate overhead allocations from General Corporate and Other to the other segments.