Fifth Third Bancorp - FITB STOCK NEWS

Fifth Third Bancorp (Nasdaq: FITB) has announced its participation in the 2024 BancAnalysts Association of Boston Conference on November 8, 2024, at 9:00 AM ET. Jamie Leonard, executive vice president and chief operating officer, and Bryan Preston, executive vice president and chief financial officer, will represent the company. The presentation will be available via audio webcast through the Investor Relations section of www.53.com for approximately 14 days after the conference. Fifth Third, established in 1858, is recognized among Ethisphere's World's Most Ethical Companies® and focuses on providing innovative financial services to improve lives while maintaining its commitment to customers, employees, communities, and shareholders.

Fifth Third Bank has partnered with Community Reinvestment Fund, USA (CRF) to launch the Small Business Catalyst Fund, a $7.85M investment initiative. The fund aims to support small businesses across Fifth Third's 11-state footprint through a combination of grants, micro loans, and small business loans ranging from $5,000 to $750,000. The program involves collaboration with Community Development Financial Institutions (CDFIs), including ECDI and Ascendus, to provide capital access to entrepreneurs who historically faced funding barriers. The initiative builds on Fifth Third's neighborhood program, which has delivered over $13.5M in small business lending since 2021.

Fifth Third Bank has been recognized on Forbes' Best for Customer Service 2025 list for the second consecutive year. The recognition is based on a comprehensive survey conducted by HundredX, involving over 200,000 U.S. participants who provided 4.2 million evaluations across more than 3,000 brands. The survey assessed brands on four key aspects of customer service: people, speed, services, and resolution. Chief Operating Officer Jamie Leonard emphasized the bank's commitment to placing customers at the center of their operations, focusing on delivering exceptional experiences across branch locations, online platforms, and mobile applications.

Fifth Third Bancorp (NASDAQ: FITB) reported third quarter 2024 diluted earnings per share of $0.78. Key highlights include:

• Net income available to common shareholders was $532 million, down from $561 million in the previous quarter and $623 million a year ago.
• Net interest income increased 2% sequentially to $1.427 billion, while noninterest income grew by 2% to $711 million.
• Noninterest expense rose 2% to $1.244 billion.
• Key growth areas included a 12% increase in Wealth & Asset Management revenue and a 10% rise in Commercial Payments revenue year-over-year.
• Common stock dividend was raised by 6%, and a $200 million share repurchase was executed.

Despite these gains, the net charge-off ratio was 0.48%, slightly down from 0.49% in the prior quarter. The CET1 capital ratio improved to 10.75%, and the efficiency ratio was 58.2%, showing disciplined expense management.

The Fifth Third Foundation has announced a $250,000 commitment to support local nonprofit organizations providing disaster relief to communities across Florida impacted by Hurricane Milton. In addition to this financial support, Fifth Third will deploy its Financial Empowerment Mobile (eBus) to Florida communities including Sarasota, Venice, and Wesley Chapel, offering financial access, social services, and financial education resources to those in need.

Kala Gibson, chief corporate responsibility officer for Fifth Third, emphasized the bank's commitment to supporting communities as both a corporate citizen and a neighbor. Regional presidents Cary Putrino and Stephanie Green highlighted the bank's efforts to assist employees and customers during the hurricane recovery process, ensuring financial needs were met and support was provided.

Fifth Third and B!G Art are collaborating to create a unique art installation called 'OPEN on Fountain Square' for Cincinnati's BLINK festival. This installation celebrates the city's changemakers and innovators, transforming the historic Fountain Square into an innovative art and light display.

The installation includes:

• The Arch: A 27-foot-tall archway with over 1.2 million LED pixels
• The Gates: 60 LED bar gateways with programmable lighting
• The Doors: Interactive doors with LED canvases showcasing digital images and animations
• The Tunnel: An overhead net with fluorescent yarn creating a vibrant effect

BLINK, the nation's largest public art and light event, runs from October 17-20. Fifth Third has been a supporter since 2019, and this marks their second partnership with B!G Art. The installation aims to celebrate Cincinnati's entrepreneurial spirit and challenge visitors to think differently about the city's future.

The Foundation Office at Fifth Third Bank has announced that its grant application process for the Cincinnati, Dayton, Northern Kentucky, and Piqua regions will be open from October 1 to November 22, 2024. Grants awarded will be distributed by April 1, 2025. In 2023, ten private family foundations in The Foundation Office awarded grants totaling $6.9 million.

Eligible applicants include 501(c)(3) nonprofit organizations operating in the specified regions. Churches and religious organizations can apply for non-denominational programming. The Foundation Office manages over 300 private and corporate foundations, supporting various causes from education to environmental projects.

New this year, there are two application links: a Regional Application and The Ohio Valley Foundation Application, which funds small equipment, technology, and capital improvement projects up to $25,000.

The Fifth Third Foundation is supporting communities affected by Hurricane Helene in the southeastern U.S. through donations to the American Red Cross and local nonprofits. The foundation has contributed $350,000 to Red Cross Disaster Relief, including $100,000 specifically for aid in the Carolinas. Additionally, $125,000 has been committed to nine community-based nonprofits and food banks across affected states.

As a member of the Red Cross Disaster Responder Program, Fifth Third's donations enable preparation, response, and recovery efforts for various disasters. The Red Cross has deployed over 1,200 disaster workforce volunteers and 60 emergency response vehicles to distribute meals, water, and critical supplies in accessible hard-hit areas.

Fifth Third's regional president for the Carolinas, Lee Fite, emphasized the company's commitment to supporting local recovery efforts, while the Red Cross expressed gratitude for Fifth Third's support in providing comfort and care to those in need.

Fifth Third Bank has announced a new structure within its Commercial Bank, focusing on Corporate & Investment Banking. This reorganization aims to enhance the bank's ability to serve clients with a broader array of services, including more complex financial activities and expert investment advice.

The new structure, led by Kevin Khanna as Head of Corporate & Investment Banking, integrates key sales functions and coverage teams under one umbrella. It supports industry-specific verticals such as Consumer and Retail, Energy, Financial Institutions, Healthcare, and Technology, among others. The division also encompasses Investment Banking, Corporate Finance & Advisory, and Financial Sponsors groups.

According to Kevin P. Lavender, head of Commercial Banking, this reorganization streamlines operations and enables the bank to serve clients' dynamic needs more effectively, positioning the Commercial Bank for future growth and opportunity.