Fifth Third Bancorp Stock Price, News & Analysis

Fifth Third Bank has achieved an “Outstanding” rating from the Office of the Comptroller of the Currency in its latest Community Reinvestment Act (CRA) examination.

The assessment covered the period from January 1, 2017 to December 31, 2021, marking the bank's first such examination under the OCC. It received top ratings in all three tested areas: Lending, Investment, and Service. Notably, the bank surpassed its $32 billion five-year Community Commitment, delivering $41.6 billion in community support, including significant contributions to mortgage and small business lending.

Fifth Third Bank has raised its prime lending rate to 7.75%, effective immediately. This increase follows the previous adjustment on December 14, 2022, when the rate was lifted from 7.00% to 7.50%. The bank aims to continue its tradition of innovation and community impact while maintaining a strong commitment to ethical business practices as recognized by Ethisphere’s World’s Most Ethical Companies®. Fifth Third Bancorp, traded on NASDAQ under the symbol FITB, serves to enhance financial services for individuals, families, and businesses since 1858.

Fifth Third Bancorp (Nasdaq: FITB) announced that its subsidiary, Fifth Third Bank, has issued a redemption notice for all outstanding MB fixed-to-floating rate subordinated notes due December 1, 2027. The notes, amounting to $175 million, will be redeemed on March 1, 2023, for 100% of the principal plus accrued interest up to the redemption date. This move is part of Fifth Third's strategy to manage its capital and improve its balance sheet.

Fifth Third Bank addresses how inflation impacts everyday expenses by providing budgeting strategies, products, and services to customers. The bank emphasizes creating an accurate budget to track spending, suggesting cost-cutting methods such as reducing discretionary spending and opting for private-label grocery brands. It also advises debt consolidation for lower interest payments and encourages maintaining an emergency fund to cover three months of living expenses. Fifth Third aims to assist customers in managing finances effectively during challenging economic times, underscoring its commitment to customer care.

Fifth Third Bank (NASDAQ: FITB) reported a strong performance in 4Q22 with a 16% year-over-year revenue increase, totaling $2.3 billion. Expenses rose only 1%, leading to improved net interest margin (NIM) of 3.35%. Notably, net income available to common shareholders was $699 million, or $1.01 per diluted share, reflecting an 11% increase from the previous quarter. The bank achieved a 29.2% ROTCE and reduced nonperforming assets (NPA) ratio to 0.44%. Share repurchases totaled $100 million. However, full-year net income decreased to $2.4 billion from $2.8 billion in 2021.

Fifth Third Bank's Foundation Office announced over $6.5 million in grants for 2022 to support various charitable organizations focusing on education, arts, health, and community programs. Notable beneficiaries include Cincinnati Children’s, which received funds for expanding mental health services, and ArtWorks for developing an arts hub in Walnut Hills. The Dornette Foundation also contributed $1 million for the Cincinnati Zoo’s Aerial Adventure Course, enhancing community engagement in nature. Grants aim to empower low- to moderate-income individuals and foster workforce development.

Fifth Third Bank has opened its fifth commercial banking office in California, located in Carmel Valley, San Diego. This expansion highlights the bank's commitment to growth in the middle market. The new office will support sectors such as manufacturing, healthcare, and logistics, with a locally based team having over 20 years of banking experience. Fifth Third has established a presence in California since 2012, with a total of five offices now operational. The bank aims to be the partner of choice by delivering tailored solutions to clients' business challenges.

Fifth Third Bank has announced the launch of Early Pay, allowing customers to access their federal tax refund up to five days earlier than usual. This feature is available to Fifth Third Momentum Checking customers and aims to enhance cash flow management. With Early Pay, customers can expect their refunds in 16 days or less, building on the bank's existing momentum banking services, which include options for earlier paycheck access. This initiative marks a significant step in improving customer convenience and financial agility.