Welcome to our dedicated page for Fifth Third Bancorp news (Ticker: FITB), a resource for investors and traders seeking the latest updates and insights on Fifth Third Bancorp stock.
Fifth Third Bancorp (symbol: FITB) is a diversified financial-services company headquartered in Cincinnati, Ohio. With over $200 billion in assets, the company operates an extensive network of full-service banking branches and ATMs across Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina. Fifth Third Bancorp is dedicated to providing a wide range of financial services, including commercial banking, consumer lending, and investment advisory services.
Fifth Third Bank, a core subsidiary of Fifth Third Bancorp, is committed to innovation and community service. The bank is an affirmative action/equal opportunity employer and prides itself on fostering a diverse and inclusive workplace. Recent achievements include the introduction of new digital banking solutions and strategic partnerships aimed at enhancing customer experience and expanding service offerings.
The company is continually involved in numerous community-building initiatives through the Fifth Third Foundation, which supports various educational, health, and human services programs. Financially, Fifth Third Bancorp maintains a strong balance sheet, with a focus on sustainable growth and shareholder value. The company's commitment to listening to new ideas and responding to customer and community needs underscores its mission to strengthen its service offerings continually.
Stay updated with the latest developments, financial performance, and news related to Fifth Third Bancorp by regularly checking trusted sources like Fifth Third Bank and the Fifth Third Foundation.
Fifth Third Bank has opened a new full-service banking center in Charlotte's Historic West End Neighborhood, marking the first of 15 planned banking centers in low- and moderate-income (LMI) or high minority (HMT) population areas this year. The 1,900-square-foot facility features a drive-thru, ATM, and innovative open design.
This initiative is part of Fifth Third's Neighborhood Program, which aims to revitalize historically disinvested neighborhoods. Since 2021, the bank has invested $85.2 million in Charlotte's Historic West End, catalyzing an additional $28 million for a total impact of $113.2 million.
Key projects include the Thrive Food Hub, a 6,000-square-foot shopping center renovation, the Legacy at Carr Heights senior living complex with 120 affordable units, and the Hoskins Street Home Preservation project protecting 32 families from displacement. At the opening, the Fifth Third Foundation and LISC Charlotte presented $100,000 in grants to five local small businesses.
Fifth Third Bancorp (FITB) reported Q4 2024 net income of $582 million, or $0.85 per diluted share, up from $532 million ($0.78/share) in Q3 2024 and $492 million ($0.72/share) in Q4 2023. The quarter included a negative $0.05 per share impact from certain items.
Key highlights include: Net interest income increased 1% sequentially to $1.437 billion, with net interest margin improving by 7 basis points to 2.97%. Fee performance showed strong growth with capital markets fees up 16%, wealth management revenue up 11%, and commercial payments up 7% year-over-year. Consumer and commercial loans increased 2% and 3% respectively compared to Q3 2024.
The bank maintained strong capital levels with a CET1 ratio of 10.51% and returned $1.6 billion to shareholders in 2024. Total consumer households surpassed 2.5 million, and the bank opened 21 new branches in high-growth markets during Q4.
Fifth Third Private Bank, a division of Fifth Third Bank (NASDAQ: FITB), has been awarded Best Private Bank (US, Regional) for the sixth consecutive year and Best Private Bank for Entrepreneurs (Globally) for the second year by Global Finance in their 2025 World's Best Private Bank Awards.
The awards were determined by Global Finance's editorial board with input from industry insiders, based on performance from July 1, 2023, through June 30, 2024. The selection process involved evaluating both objective and subjective factors, including submitted entries and independent research.
These recognitions highlight Fifth Third Private Bank's excellence in serving high-net-worth individuals' specialized needs, focusing on wealth enhancement, preservation, and succession planning. The bank's approach emphasizes building deep client relationships and delivering exceptional experiences through consultative services.
Fifth Third Bank announced an immediate decrease in its prime lending rate to 7.50%. This marks the second recent reduction in the prime rate, following a previous decrease from 8.00% to 7.75% on November 7, 2024.
Fifth Third Bank (NASDAQ: FITB) has awarded over $25,000 in grants to small businesses through a social media competition and tipping campaign in November. The initiative included five $5,300 grants awarded to randomly selected businesses from 2,800 entries submitted by bank employees using #Love53. Additionally, employees distributed more than $53,000 in $53 tips at local businesses before Small Business Saturday.
The winning businesses include Kim's Kakes (Rossford, OH), Salon Impressions (Orland Park, IL), Magic Stitches (Raleigh, NC), The Corner Pizza Bar (Orlando, FL), and The Empanada's Box (Cincinnati, OH). The campaign is part of Fifth Third's broader commitment to supporting its 320,000+ small business clients through lending, investments, and technical assistance.
Fifth Third Bank's Newline™ platform has been named Most Innovative Financial Institution at the 2024 This Week in Fintech Awards in New York. Newline™, an API-first platform for embedded payment and deposit solutions, has strengthened its market position through notable partnerships with Trustly and Stripe. The platform was also recognized as Best New Embedded Finance Platform by Tearsheet in September.
Fifth Third's commercial payments business currently handles $17 trillion in annual payments volume, demonstrating its significant presence in the financial technology sector. The Bank has a long history of providing innovative payment strategies and scalable technology solutions, particularly in e-commerce.
Fifth Third Bank (NASDAQ: FITB) announced plans to expand its retail footprint by opening over 200 new branches in the next four years, primarily in Southeast markets. The bank aims to achieve a 50-50 split between Midwest and Southeast presence by 2028, with plans to open 50+ branches annually and enter 11 new Metropolitan Statistical Areas, including two Alabama markets.
The expansion strategy leverages data analytics and proprietary technology, including a Market Strength Index and geospatial heatmap, to optimize branch placement. The bank's new Financial Centers feature an open concept layout, reduced transaction space, and modular meeting areas designed for enhanced customer interactions.
Fifth Third Bancorp (FITB) has announced its participation in the 2024 Goldman Sachs U.S. Financial Services Conference on December 11, 2024, at 8:00 AM ET. Tim Spence, chairman, CEO and president, and Bryan Preston, CFO, will represent the company. The presentation will be accessible via audio webcast through Fifth Third's Investor Relations website for approximately 14 days following the conference.
Founded in 1858, Fifth Third is recognized among Ethisphere's World's Most Ethical Companies®, focusing on tech-driven innovation and community impact. The bank trades on NASDAQ under the symbol 'FITB' and aims to be the nation's highest-performing regional bank while maintaining strong customer and stakeholder trust.
Fifth Third Bank (FITB) and the Kenan Institute of Private Enterprise unveiled their 'Empowering American Cities' initiative's economic data in Chicago. The program, which has hosted events in five cities reaching over 1,000 attendees, provides proprietary economic data and analysis for Extended Metropolitan Areas (EMAs) that represent 90% of U.S. GDP. The initiative offers individually created dashboards and comparative economic health indicators for 150 metropolitan areas. For 2025, the program plans to release new economic data, whitepapers, and host events in seven cities, starting with Los Angeles in February.
Fifth Third Bank directors Laurent Desmangles and Linda W. Clement-Holmes have been named to Savoy Magazine's 2024 Most Influential Corporate Directors list. Desmangles, a retired senior partner from Boston Consulting Group, brings over 30 years of experience in financial services and serves on multiple Fifth Third committees. Clement-Holmes, who was previously recognized in 2021, is a retired chief information officer from Procter & Gamble with expertise in IT and diversity leadership. She serves on Fifth Third's audit, human capital, compensation, and technology committees. Both directors are recognized for their significant contributions to corporate leadership and governance.
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