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.

Tables 5 and 6 present the components of net interest income, net interest margin and net interest rate spread for the three and nine months ended September 30, 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) increased $751 million and $2.0 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year, reflecting 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 and nine months ended September 30, 2026 benefited from higher average balances of interest-earning assets primarily driven by the Comerica acquisition, lower funding costs resulting from the benefit of lower short-term market rates and the repricing and reinvestment of fixed-rate assets to higher yields, including the securities repositioning during the second quarter of 2026. These benefits 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 Comerica acquisition as well as lower yields on average loans and leases and average other short-term investments resulting from lower short-term market rates. Additionally, net interest income for the three and nine months ended September 30, 2026 included $57 million and $160 million, respectively, of amortization and accretion of purchase accounting premiums and discounts related to the Comerica acquisition.

Net interest margin on an FTE basis (non-GAAP) was 3.34% for both the three and nine months ended September 30, 2026 compared to 3.13% and 3.10% for the same periods in the prior year. The increases for both periods reflected the addition of Comerica’s balance sheet, including the benefit of its deposit mix, lower funding costs resulting from lower short-term market rates, and higher yields from fixed-rate asset repricing and balance sheet management activities. Net interest margin also included the benefit of amortization and accretion of purchase accounting premiums and discounts related to the Comerica acquisition.

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 $76.5 billion, or 40%, for the three months ended September 30, 2026 compared to the same period in the prior year primarily driven by the initial 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, $11.3 billion of other short-term investments and $11.2 billion of securities. Excluding the initial impact of the Comerica acquisition, the increase in average interest-earning assets reflected an increase in average commercial loans and leases of $4.3 billion and an increase in average taxable securities of $2.7 billion, partially offset by a decrease in average other short-term investments of $4.7 billion for the three months ended September 30, 2026 compared to the same period in the prior year. The increase in average commercial loans and leases was primarily driven by an increase in average commercial and industrial loans primarily as a result of loan originations exceeding payoffs as well as increased line utilization. The increase in average taxable securities and decrease in average other short-term investments primarily reflected the strategic redeployment of liquidity into higher-

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yielding investment securities to proactively manage interest rate risk. The decrease in average other short-term investments also included the impact of wholesale funding maturities that were not replaced.

On an average basis, interest-bearing liabilities increased $51.6 billion, or 36%, for the three months ended September 30, 2026 compared to the same period in the prior year primarily driven by the initial 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. Excluding the initial impact of the Comerica acquisition, the increase in average interest-bearing liabilities reflected an increase in average interest-bearing core deposits of $9.5 billion, partially offset by decreases in average FHLB advances of $2.6 billion and average long-term debt of $2.0 billion for the three months ended September 30, 2026 compared to the same period in the prior year. The increase in average interest-bearing core deposits was primarily due to the migration of former off-balance-sheet Comerica investment sweep balances onto the balance sheet during the third quarter of 2026 as well as higher offering rates from promotional offers and branch expansion leading to growth in the number of average consumer customer accounts as well as higher average balances per consumer customer account. The decreases in average FHLB advances and long-term debt were primarily driven by maturities that were not replaced for the three months ended September 30, 2026 compared to the same period in the prior year, reflecting reduced funding needs associated with the aforementioned decrease in average other short-term investments. Average core deposits represented 78% and 77% of average total assets for the three months ended September 30, 2026 and 2025, respectively. Average wholesale funding represented 12% and 15% of average interest-bearing liabilities for the three months ended September 30, 2026 and 2025, respectively.

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(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 September 30, 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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(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 $15 for both the nine months ended September 30, 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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Provision for Credit Losses

The Bancorp recognizes provision expense 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 $122 million and $479 million for the three and nine months ended September 30, 2026, respectively, compared to $197 million and $544 million during the same periods in the prior year. The decreases in provision expense for both the three and nine months ended September 30, 2026 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. Provision expense for the three months ended September 30, 2026 was also affected by factors that caused a decrease in the ACL from June 30, 2026, including improvement in the economic forecast used to calculate the ACL, inclusive of a qualitative adjustment to reflect current economic conditions and outlook as of September 30, 2026, partially offset by improvement in the commercial risk profile as well as higher period-end portfolio loan and lease balances. Provision expense for the nine months ended September 30, 2026 was primarily driven by the initial recognition of the reserve for unfunded commitments assumed in the Comerica acquisition and higher period-end portfolio loan and lease balances, offset by improvement in the economic forecast used to calculate the ACL, inclusive of a qualitative adjustment to reflect current economic conditions and outlook as of September 30, 2026.

The ALLL increased $653 million from December 31, 2025 to $2.9 billion at September 30, 2026. This increase reflects the impact of the Comerica acquisition, including the initial recognition of allowances on PCD loans and leases of $179 million and on PSLs of $482 million as of the acquisition date. At September 30, 2026, the ALLL as a percent of portfolio loans and leases decreased to 1.61%, compared to 1.84% at December 31, 2025.

The reserve for unfunded commitments increased $68 million from December 31, 2025 to $225 million at September 30, 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 September 30, 2026, the ACL as a percent of portfolio loans and leases decreased to 1.74%, 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 $227 million and $738 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025, which was impacted by activity attributable to the Comerica acquisition and the integration of acquired operations.

The following table presents the components of noninterest income:

(a)For further information on net securities gains and losses, refer to Note 5 of the Notes to Condensed Consolidated Financial Statements.

Wealth and asset management revenue increased $78 million and $229 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025 primarily driven by increases in personal asset management revenue, brokerage income and institutional trust income as a result of higher market values from market appreciation and new business activity. The Bancorp’s trust and registered investment advisory businesses had approximately $880 billion and $681 billion in total assets under care as of September 30, 2026 and 2025, respectively, and managed $125 billion and $77 billion in assets for individuals, corporations

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and not-for-profit organizations as of September 30, 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 $99 million and $266 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025 primarily driven by higher treasury management fees and merchant payment processing revenue from increased volume, the impact of revenue from the Direct Express government prepaid card program and the continued expansion of embedded finance solutions through Newline and technology-enabled cash logistics services.

Consumer banking revenue increased $14 million and $37 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025 primarily driven by increases in card and processing revenue and deposit fees due to increased volume.

Capital markets fees increased $32 million and $141 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025 primarily driven by increases in revenue from commercial customer derivatives due to increased hedging activity and loan syndication revenue due to strong loan production. The increases were also driven by increased volume from the Comerica acquisition. The increase for the nine months ended September 30, 2026 also included an increase in merger and acquisition fees due to increased deal execution.

Commercial banking revenue increased $41 million and $111 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025 primarily driven by increases in business lending fees due to increased volume and strong loan production.

Mortgage banking net revenue decreased $11 million and $41 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025.

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

Residential mortgage loan originations increased to $2.3 billion and $6.7 billion for the three and nine months ended September 30, 2026, respectively, from $1.9 billion and $5.3 billion for the three and nine months ended September 30, 2025, respectively, primarily driven by an increase in the number of retail sales personnel. The increase for the nine months ended September 30, 2026 was also due to lower mortgage interest rates during the first quarter of 2026, which also drove an increase in correspondent channel volume.

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The following table presents the components of net valuation adjustments on the residential 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 residential 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 residential 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 residential MSR portfolio. In addition to the derivative positions used to economically hedge the residential 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 and nine months ended September 30, 2026 and 2025.

At September 30, 2026 and 2025, the Bancorp serviced $85.1 billion and $89.6 billion, respectively, of residential mortgage loans for other investors.

Other noninterest income decreased $11 million and increased $9 million for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025. The decrease for the three months ended September 30, 2026 was primarily due to an increase in the loss on the swap associated with the sale of Visa, Inc. Class B Shares and impairment charges recognized on bank premises and equipment associated with the acquisition of Comerica, partially offset by an increase in BOLI income. The increase for the nine months ended September 30, 2026 was primarily due to an increase in BOLI income and a decrease in the loss on the swap associated with the sale of Visa, Inc. Class B Shares, 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.

Noninterest Expense

Noninterest expense increased $782 million and $2.7 billion for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year, which was impacted by activity attributable to the Comerica acquisition and the integration of acquired operations.

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.

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The Bancorp incurred direct merger-related expenses associated with the Comerica acquisition. These expenses primarily related to employee retention and separation 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:

The Bancorp also incurred $10 million of merger-related expenses associated with the acquisition of a DUS business line during the nine months ended September 30, 2026.

Compensation and benefits expense increased $297 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 the aforementioned merger-related expenses, including employee retention and separation expenses, as well as increases in base compensation, performance-based compensation and employee benefits expense. Full-time equivalent employees totaled 25,069 at September 30, 2026 compared to 18,476 at September 30, 2025.

Technology and communications expense increased $172 million and $375 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by the aforementioned merger-related expenses, increased investments in strategic initiatives and technology modernization as well as technology-related asset impairments.

Net occupancy expense increased $55 million and $179 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily driven by the aforementioned merger-related expenses, as well as increased expenses associated with the Bancorp’s continued expansion into the Southeast markets, Texas and California.

Card and processing expense increased $38 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 expenses associated with the Direct Express government prepaid card program. The increase for the nine months ended September 30, 2026 also included the aforementioned merger-related expenses.

Marketing expense increased $23 million and $66 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in the prior year primarily due to increased spend on customer acquisition activities.

The following table presents the components of other noninterest expense:

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Other noninterest expense increased $174 million and $485 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 of $70 million and $203 million, respectively, in merger-related expenses. These expenses primarily included professional service fees, including mergers and acquisitions advisory expense, contract termination charges, insurance expense and expense related to retirement termination benefits associated with former employees of Comerica. Additionally, the increases for the three and nine months ended September 30, 2026 included increases in intangible amortization expense, FDIC insurance and other taxes and data processing expense attributable to the Comerica acquisition. The increases in other noninterest expense for the three and nine months ended September 30, 2026 were partially offset by net periodic pension benefit, excluding service cost, primarily driven by the impact of defined benefit plans acquired from Comerica. For more information, refer to Note 18 of the Notes to Condensed Consolidated Financial Statements.

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 was 21.8% and 22.0% for the three and nine months ended September 30, 2026, respectively, compared to 22.6% and 22.1% for the same periods in the prior year. The decrease in the effective tax rate for the three months ended September 30, 2026 compared to the same period in the prior year is primarily due to an increase in tax credits and other tax benefits from CDC investments, net of proportional amortization, partially offset by higher nondeductible expenses related to the Comerica acquisition that would not be expected to affect the effective tax rate in future years.