FIFTH THIRD BANCORP

Credit risk management utilizes a framework that encompasses consistent processes for identifying, assessing, managing, monitoring and reporting credit risk. These processes are supported by a credit risk governance structure that includes Board oversight, policies, risk limits and risk committees.

The Bancorp continues to monitor macroeconomic, governmental policy and geopolitical developments, and their potential impact on borrower performance and overall credit quality. These developments include, among other factors, global conflicts, trade and tariff policies, inflationary pressures, interest rate levels, labor market conditions, energy prices, market volatility, supply chain conditions and trends in consumer discretionary spending, debt levels and defaults. The Bancorp continues to emphasize disciplined client selection, adherence to established underwriting standards and monitoring of potential concentrations of credit risk.

Refer to the Credit Risk Management subsection of the Risk Management section of MD&A included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on the Bancorp’s credit risk management framework.

Commercial Portfolio

The Bancorp’s credit risk management strategy seeks to minimize concentrations of risk through diversification. The Bancorp has commercial loan concentration limits based on industry, lines of business within the commercial segment, geography and credit product type. The risk within the commercial loan and lease portfolio is managed and monitored through an underwriting process utilizing detailed origination policies, continuous loan level reviews, monitoring of industry concentration and product type limits and continuous portfolio risk management reporting.

The Bancorp provides loans to a variety of customers ranging from large multinational firms to middle market businesses, small businesses, sole proprietors and high net worth individuals. The origination policies for commercial loans and leases outline the risks and underwriting requirements for individuals and businesses in various industries. Included in the policies are maturity and amortization terms, collateral and leverage requirements, cash flow coverage measures and hold limits. The Bancorp aligns credit and sales teams with specific industry and regional expertise to better monitor and manage different industry and geographic segments of the portfolio.

The commercial loan portfolio acquired in connection with the Comerica acquisition is comprised primarily of middle market loans but also includes specialty lending segments. These products serve distinct client needs and broaden the Bancorp’s lending capabilities. The portfolio is managed within Fifth Third’s credit risk framework to ensure adherence to risk appetite.

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

The following table provides detail on commercial loans and leases by industry classification (as defined by the North American Industry Classification System), by loan size and by state, illustrating the diversity and granularity of the Bancorp’s commercial loans and leases as of:

The origination policies for commercial real estate outline the risks and underwriting requirements for owner and nonowner-occupied and construction lending. Included in the policies are maturity and amortization terms, maximum LTVs, minimum debt service coverage ratios, construction loan monitoring procedures, appraisal requirements, pre-leasing requirements (as applicable), pro forma analysis requirements and interest rate sensitivity. The Bancorp requires a valuation of real estate collateral, which may include third-party appraisals, be performed at the time of origination and renewal in accordance with regulatory requirements and on an as-needed basis when market conditions justify. The Bancorp maintains an appraisal review department to order and review third-party appraisals in accordance with regulatory requirements. Criticized assets are reviewed at least quarterly to assess the appropriateness of the values used in determining charge-offs and reserves, such as collateral valuations and other credit-related assumptions. Additionally, credit relationships that meet established criteria based on either nonaccrual status or aggregate net charge-offs are reviewed monthly.

The Bancorp assesses all real estate and non-real estate collateral securing a loan and considers all cross-collateralized loans in the calculation of the LTV ratio. The following tables provide detail on the most recent LTV ratios for commercial mortgage loans greater than $1 million, excluding commercial mortgage loans that are individually evaluated for an ACL and loans which do not have real estate as the primary collateral. The Bancorp does not typically aggregate the LTV ratios for commercial mortgage loans less than $1 million.

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Generally, loans with an LTV greater than 80% are originated with either a compensating SBA guaranty or other structural credit protections.

The Bancorp views nonowner-occupied commercial real estate as a higher credit risk product compared to some other commercial loan portfolios due to the higher volatility of the industry.

The following tables provide an analysis of nonowner-occupied commercial real estate loans, disaggregated by property location (excluding loans held for sale):

(a)Included in commercial mortgage loans and commercial construction loans in the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A.

(a)Included in commercial mortgage loans and commercial construction loans in the Loans and Leases subsection of the Balance Sheet Analysis section of MD&A.

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

Consumer Portfolio

The Bancorp’s consumer portfolio is materially comprised of six categories of loans: residential mortgage loans, home equity, indirect secured consumer loans, credit card, solar energy installation loans and other consumer loans. The Bancorp has identified certain credit characteristics within these six categories of loans which it believes represent a higher level of risk compared to the rest of the consumer loan portfolio. The Bancorp does not update LTVs for the consumer portfolio subsequent to origination except as part of the charge-off process for real estate secured loans. The Bancorp actively manages the consumer portfolio through concentration limits, which mitigate credit risk through limiting the exposure to lower FICO scores, higher LTVs, specific geographic concentration risks and additional risk elements.

The Bancorp continues to ensure that underwriting standards and guidelines adequately account for broader economic conditions affecting the consumer portfolio, including the impact of interest rate movements. Guidelines are designed to ensure that the various consumer products fall within the Bancorp’s risk appetite. These guidelines are monitored and adjusted as deemed appropriate in response to the prevailing economic conditions while remaining within the Bancorp’s risk appetite limits.

The payment structures for certain variable-rate products (such as residential mortgage loans, home equity and credit card) are susceptible to changes in benchmark interest rates. Changes in interest rates may affect borrower payment obligations and credit performance, particularly when coupled with broader economic pressures affecting consumer finances. The Bancorp actively monitors the portion of its consumer portfolio that is susceptible to changes in minimum payments and continues to assess the impact on the overall risk appetite and soundness of the portfolio.

The consumer loan portfolio acquired in connection with the Comerica acquisition is comprised primarily of residential mortgage, home equity, and other consumer loans. The portfolios are managed within the Bancorp’s credit risk management framework to ensure adherence to risk appetite.

Residential mortgage portfolio

The Bancorp manages credit risk in the residential mortgage portfolio through underwriting guidelines that limit exposure to loan characteristics determined to increase credit risk. Additionally, the portfolio is governed by concentration limits that ensure product and channel diversification. The Bancorp may also package and sell loans in the portfolio.

The Bancorp does not originate residential mortgage loans that permit customers to make payments that are less than the accruing interest. The Bancorp originates both fixed-rate and ARM loans. Within the ARM portfolio, approximately $701 million of ARM loans will have rate resets during the next twelve months. Underlying characteristics of these borrowers include a weighted-average origination debt-to-income ratio of 55% and weighted-average origination LTV of 68%. Approximately 99% of these loans are expected to experience an increase in rate upon reset. For those borrowers, rates are expected to increase by an average of approximately 2.0%, resulting in an average increase in monthly payment amount of approximately 43%.

Certain residential mortgage products have characteristics that may increase the Bancorp’s credit loss rates in the event of a decline in housing values. These types of mortgage products offered by the Bancorp include loans with high LTVs, multiple loans secured by the same collateral that when combined result in an LTV greater than 80% and interest-only loans.

The Bancorp has deemed residential mortgage loans with an LTV greater than 80% and no mortgage insurance as loans that represent a higher level of risk. The majority of the Bancorp’s residential mortgage loans with an LTV greater than 80% at origination and no mortgage insurance are located in Illinois, Florida, Ohio, North Carolina and Michigan, with the remaining balances distributed throughout the Bancorp’s footprint. Approximately 66% of these loans consist of loans originated through the Bancorp’s loan program for doctors.

The following table provides an analysis of the residential mortgage portfolio loans outstanding by LTV at origination as of:

(a)Includes loans with either borrower or lender paid mortgage insurance.

At September 30, 2026 and December 31, 2025, $36 million and $27 million, respectively, of the Bancorp’s nonaccrual residential mortgage

portfolio loans had an LTV greater than 80% at origination and no mortgage insurance.

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Home equity portfolio

The Bancorp’s home equity portfolio of $7.1 billion is primarily comprised of home equity lines of credit with a 10-year interest-only draw period followed by a 20-year amortization period. The home equity portfolio is managed in two primary groups: loans with a combined LTV greater than 80% and loans with an LTV of 80% or less, based on appraisals at origination. As of September 30, 2026, these loans were predominantly located within the Bancorp’s footprint and had a weighted-average refreshed FICO score of 754.

The Bancorp actively manages lines of credit and makes adjustments in lending limits when it believes it is necessary based on FICO score deterioration and property devaluation. The Bancorp does not routinely obtain appraisals on performing loans to update LTVs after origination. However, the Bancorp monitors the local housing markets by reviewing various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring processes.

The following table provides an analysis of home equity portfolio loans outstanding disaggregated based upon refreshed FICO score as of:

The Bancorp believes that home equity portfolio loans with an LTV greater than 80% at origination (including senior liens, if applicable) present a higher level of risk. As of September 30, 2026 and December 31, 2025, home equity portfolio loans with an LTV greater than 80% totaled $1.0 billion and $997 million, respectively, with a weighted-average LTV of 86.9% and 87.6%, respectively, and included $34 million and $22 million, respectively, of nonaccrual portfolio loans. These loans primarily consisted of loans in a junior lien position and were predominantly located within the Bancorp’s footprint.

Indirect secured consumer portfolio

As of September 30, 2026, the indirect secured consumer portfolio consisted of $15.3 billion of automobile loans and $2.9 billion primarily comprised of indirect recreational vehicle and marine loans. All concentration and guideline changes are monitored monthly to ensure alignment with original credit performance.

The following table provides an analysis of indirect secured consumer portfolio loans outstanding disaggregated based upon FICO score at origination as of:

It is a common industry practice to advance on these types of loans an amount in excess of the collateral value due to the inclusion of negative equity trade-in, maintenance/warranty products, taxes, title and other fees paid at closing. The Bancorp monitors its exposure to these higher risk loans.

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

The following table provides an analysis of indirect secured consumer portfolio loans outstanding by LTV at origination as of:

At September 30, 2026 and December 31, 2025, $24 million and $26 million, respectively, of the Bancorp’s nonaccrual indirect secured consumer portfolio loans had an LTV greater than 100% at origination. Net charge-offs on indirect secured consumer loans with an LTV greater than 100% at origination were $6 million and $8 million for the three months ended September 30, 2026 and 2025, respectively, and $26 million and $22 million for the nine months ended September 30, 2026 and 2025, respectively.

Credit card portfolio

The credit card portfolio consists of predominantly prime accounts with 98% of balances existing within the Bancorp’s footprint at both September 30, 2026 and December 31, 2025. At September 30, 2026 and December 31, 2025, 71% and 72%, respectively, of the outstanding balances were originated through branch-based relationships with the remainder coming from direct mail campaigns and online acquisitions.

Given credit card balances typically carry variable rates, the portfolio is sensitive to interest rate increases and it is regularly monitored to ensure the portfolio remains within the Bancorp’s risk appetite.

The following table provides an analysis of the Bancorp’s outstanding credit card portfolio disaggregated based upon FICO score at origination as of:

Solar energy installation loans portfolio

The Bancorp originated point-of-sale solar energy installation loans through a network of approved installers. The Bancorp considers several factors when monitoring its solar energy installation loan portfolio, including concentrations by installer, concentrations by state and FICO distributions at origination. At both September 30, 2026 and December 31, 2025, loans originated through the Bancorp’s three largest approved installers represented approximately 22% of total balances outstanding in the solar energy installation loan portfolio. The expiration of consumer clean energy tax incentives on December 31, 2025 led to a market shift away from loan-based financing. As a result, the Bancorp paused the origination of new loans in this portfolio in July 2026.

The following table provides an analysis of solar energy installation portfolio loans outstanding by state as of:

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

The following table provides an analysis of solar energy installation portfolio loans outstanding disaggregated based upon FICO score at origination as of:

Other consumer loans portfolio

Other consumer portfolio loans are comprised of secured and unsecured loans originated through the Bancorp’s branch network, point-of-sale home improvement loans originated through a network of contractors and installers, and other point-of-sale loans originated or purchased in connection with third-party companies. Loans originated in connection with one third-party point-of-sale company are impacted by certain credit loss protection coverage provided by that company. The Bancorp discontinued origination of new loans with this third-party company in September 2022.

The following table provides an analysis of other consumer portfolio loans outstanding by product type as of:

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Analysis of Nonperforming Assets

Nonperforming assets include nonaccrual loans and leases for which ultimate collectability of the full amount of the principal and/or interest is uncertain and certain other assets, including OREO and other repossessed property. A summary of nonperforming assets is included in Table 40. For further information on the Bancorp’s policies related to accounting for delinquent and nonperforming loans and leases, refer to the Nonaccrual Loans and Leases section of Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2025.

(a)Includes $42 and $21 of nonaccrual government-insured commercial loans whose repayments are insured by the SBA as of September 30, 2026 and December 31, 2025, respectively.

(b)Nonaccrual loans and leases secured by real estate were 48% and 34% of nonaccrual loans and leases as of September 30, 2026 and December 31, 2025, respectively.

(c)Excludes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. These advances were $278 as of September 30, 2026 and $195 as of December 31, 2025. The Bancorp recognized losses of $1 for both the three and nine months ended September 30, 2026 and an immaterial amount for both the three and nine months ended September 30, 2025 due to claim denials and curtailments associated with these insured or guaranteed loans.

(d)Includes $69 and $12 of branch-related real estate no longer intended to be used for banking purposes as of September 30, 2026 and December 31, 2025, respectively.

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

The following tables provide a rollforward of portfolio nonaccrual loans and leases, by portfolio segment:

Analysis of Net Loan Charge-offs

Table 43 provides a summary of credit loss experience and net charge-offs as a percent of average portfolio loans and leases outstanding by loan category.

The ratio of commercial loan and lease net charge-offs as a percent of average portfolio commercial loans and leases decreased to 22 bps and 23 bps during the three and nine months ended September 30, 2026, respectively, compared to 146 bps and 73 bps during the same periods in the prior year. The decreases were primarily due to decreases in net charge-offs on commercial and industrial loans of $199 million and $186 million and decreases in net charge-offs on commercial mortgage loans of $7 million and $22 million for the three and nine months ended September 30, 2026, respectively. The net charge-offs on commercial and industrial loans for the three and nine months ended September 30, 2025 included $178 million resulting from the fraud-related impairment of an asset-backed finance commercial loan. Additionally, the decreases in the ratio of commercial loan and lease net charge-offs as a percent of average portfolio commercial loans and leases for both the three and nine months ended September 30, 2026 were largely attributable to increases in average portfolio commercial loan and lease balances primarily driven by the Comerica acquisition.

The ratio of consumer loan net charge-offs as a percent of average portfolio consumer loans was 52 bps and 55 bps during the three and nine months ended September 30, 2026, respectively, compared to 52 bps and 57 bps during the same periods in the prior year as increases in net charge-offs on solar energy installation loans of $7 million and $17 million for the three and nine months ended September 30, 2026, respectively, were largely offset by increases in average portfolio consumer loan balances for both the three and nine months ended September 30, 2026 primarily driven by the Comerica acquisition.

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(a)The Bancorp recorded $3 and $9 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements for the three and nine months ended September 30, 2026, respectively, compared to $4 and $15 for the three and nine months ended September 30, 2025, respectively.

(b)Excludes net charge-offs of$100 which were taken at the time of the Comerica acquisition.

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Allowance for Credit Losses

The allowance for credit losses is comprised of the ALLL and the reserve for unfunded commitments. The Bancorp maintains the ALLL to absorb the amount of credit losses that are expected to be incurred over the remaining contractual terms of the related loans and leases (as adjusted for prepayments). In addition to the ALLL, the Bancorp maintains a reserve for unfunded commitments recorded in other liabilities in the Condensed Consolidated Balance Sheets. The provision for the reserve for unfunded commitments is included in the provision for credit losses in the Condensed Consolidated Statements of Income.

For more information about the Bancorp’s methodology for determining the ACL, refer to the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2025, including the Critical Accounting Policies section and Allowance for Credit Losses subsection of the Risk Management section of MD&A and Note 1 of the Notes to Consolidated Financial Statements.

At both September 30, 2026 and December 31, 2025, the Bancorp used three forward-looking economic scenarios during the reasonable and supportable forecast period in its expected credit loss models to address the inherent imprecision in macroeconomic forecasting. Each of the three scenarios was developed by a third-party that is subject to the Bancorp’s Third-Party Risk Management program including oversight by the Bancorp’s independent model risk management group. The scenarios included a most likely outcome (Baseline) and two less probable scenarios with one being more favorable than the Baseline and the other being less favorable. The more favorable alternative scenario (Upside) depicted a stronger growth outlook while the less favorable outlook (Downside) depicted a moderate recession.

The Baseline scenario was developed such that the expectation is that the economy will perform better than the projection 50% of the time and worse than the projection 50% of the time. The Upside scenario was developed such that there is a 10% probability that the economy will perform better than the projection and a 90% probability that it will perform worse. The Downside scenario was developed such that there is a 90% probability that the economy will perform better than the projection and a 10% probability that it will perform worse.

September 30, 2026 ACL

The ACL as of September 30, 2026 increased $721 million from December 31, 2025 primarily driven by impacts of the Comerica acquisition, including the initial recognition of allowances on PCD loans and leases and PSLs as well as the initial recognition of the reserve for unfunded commitments as of the acquisition date. The ACL as of September 30, 2026 also included a qualitative adjustment to reflect current economic conditions and outlook, including higher inflation and interest rates, which were not reflected in the Baseline scenario.

At September 30, 2026, the Bancorp assigned an 80% probability weighting to the Baseline scenario and 10% to each of the Upside and Downside scenarios. The following table provides a range of key macroeconomic factors utilized in the Baseline, Upside and Downside scenarios as of September 30, 2026:

(a)Represents the difference between Moody’s Baa‑ rated corporate bond yields and U.S. Treasury yields.

(b)As of September 30, 2026, the reasonable and supportable forecast period is a three year period, beginning in the fourth quarter of 2026 and ending in the third quarter of 2029.

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The Bancorp’s qualitative adjustments, as an overlay to the quantitative models, resulted in a net increase to the ACL as of September 30, 2026 and these qualitative adjustments were relatively flat when compared to the qualitative factors used in the ACL as of June 30, 2026. These qualitative adjustments primarily reflect the Bancorp’s expectations that additional credit losses may be present in its portfolio loans and leases beyond what is predictable using quantitative models alone. The ACL as of September 30, 2026 included a qualitative adjustment to address limitations in the economic forecasts, including economic risks associated with the U.S.-Iran conflict that were also considered in the qualitative adjustment as of June 30, 2026. Certain of these economic risks began to materialize subsequent to the release of the Baseline scenario and, therefore, were not reflected in the quantitative losses. Specifically, market expectations indicate a higher interest rate environment throughout the Bancorp’s reasonable and supportable forecast period when compared to the Baseline scenario. In consideration of these risks, the Bancorp applied a qualitative adjustment to the ACL which resulted in additional allowances, primarily for the commercial and consumer portfolio segments. The qualitative adjustments for the commercial portfolio segment also include additional allowances for certain nonowner-occupied commercial loans secured by real estate, particularly loans secured by office buildings and multi-family properties, based on current challenges in the commercial real estate market that are not fully reflected in the Bancorp’s quantitative models.

The Bancorp’s quantitative credit loss models are sensitive to changes in economic forecast assumptions over the reasonable and supportable forecast period. Applying a 100% probability weighting to the Downside scenario rather than using the probability-weighted three scenario approach would result in an increase in the quantitative ACL of approximately $1.9 billion. This sensitivity calculation only reflects the impact of changing the probability weighting of the scenarios in the quantitative credit loss models and excludes any additional considerations associated with the qualitative component of the ACL that might be warranted if probability weights were adjusted.

The following table provides a rollforward of the Bancorp’s ACL:

(a)For the three and nine months ended September 30, 2026, the Bancorp recorded $3 and $9, respectively, in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements, compared to $4 and $15 for the three and nine months ended September 30, 2025, respectively.

(b)Excludes net charge-offs of$100 which were taken at the time of the Comerica acquisition.

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The following table provides an attribution of the Bancorp’s ALLL to portfolio loans and leases:

(a)Includes residential mortgage loans measured at fair value of $93 at September 30, 2026 and $106 at December 31, 2025.

The Bancorp’s ALLL may vary significantly from period to period based on changes in economic conditions, economic forecasts and the composition and credit quality of the Bancorp’s loan and lease portfolio.