Fifth Third Bancorp - FITB STOCK NEWS

Fifth Third Bank has been named 'U.S. Best Super-Regional Bank' by Euromoney in its 2024 Awards for Excellence, recognizing the bank's performance from January to December 2023. The award highlights Fifth Third's commitment to innovation and customer service. Key achievements include:

1. Acquisition of Big Data Healthcare, leading to new healthcare solutions for commercial clients.
2. Acquisition of Rize Money, Inc., resulting in the launch of Newline™ by Fifth Third, an API platform for payment, card, and deposit products.
3. Enhancement of Momentum Banking suite and the bank's mobile app, featuring an improved virtual assistant, Jeanie®.

CEO Tim Spence emphasized the bank's strong positioning to navigate uncertainty while delivering innovative services. The Euromoney Awards for Excellence are globally recognized for their thorough analysis and informed decisions in the banking industry.

Fifth Third Bancorp (NASDAQ: FITB) reported Q2 2024 diluted EPS of $0.81, reflecting resilient profitability and disciplined expense management. Net income available to common shareholders was $561 million, a 17% increase compared to Q1 2024. Key financial metrics showed improved stability with CET1 capital rising to 10.60% and a $125 million share repurchase executed.

Net interest income (NII) increased, driven by repricing benefits from fixed-rate loans and moderating deposit costs. Fee revenue for wealth and asset management grew by 11%, while commercial payments revenue increased by 12% year-over-year. Total noninterest expense decreased by 9% sequentially, mainly due to reduced compensation and benefits costs.

Net charge-offs rose to 0.49%, reflecting higher commercial NCO ratios. Average deposits decreased slightly by 1% quarter-over-quarter but increased by 4% year-over-year. Overall, the company maintained a strong balance sheet with an emphasis on stability, profitability, and growth.

The Fifth Third Bank Financial Empowerment Mobile, also known as the eBus, has successfully served over 1,000 community members within the first 60 days of its 2024 tour. Launched on May 3, the eBus has traveled nearly 3,000 miles, visiting 18 communities across Ohio, Illinois, and Indiana.

The eBus offers enhanced services including immediate checking account opening, face-to-face consultations, and access to credit counseling. In collaboration with SpringFour, the eBus connects visitors to over 24,000 financial wellness resources, such as food savings, rental resources, and employment services.

Plans are in place for the eBus to return to Ohio in early August for a statewide tour, covering regions like Cincinnati, Dayton, Columbus, and Cleveland.

Fifth Third Bank introduces new features in its Fifth Third Momentum Banking products and mobile app to simplify banking and enhance customer experience. Key updates include a Direct Deposit Switch, enabling easy switching of direct deposits, and a Free Overdraft Window, offering no overdraft fees for the first 90 days. The bank also launched SmartShield, a suite of security tools to protect customers' financial assets. These enhancements aim to reduce stress for customers by providing faster access to funds and stronger security measures.

The Fifth Third Foundation has awarded $62,500 in scholarships to children of Fifth Third employees for college studies. This scholarship program, established in 2005, grants $2,500 one-time awards annually. Over 450 students have benefited since its inception. The awards recognize academic achievements and are administered by the National Merit Scholarship Corp. The recipients for this year include students from various states such as Ohio, Kentucky, Illinois, Michigan, Georgia, Colorado, and Florida. The Foundation, founded in 1948, supports education, health, community development, and the arts.

Fifth Third Bank has announced the second cohort of its Empowering Community Leaders (ECL) program, aimed at developing nonprofit leaders across its service areas. The 18-month program, jointly funded by Fifth Third Foundation and Fifth Third, offers resources and training in leadership development, technical skills, and specialized certifications. Participants include leaders from various organizations such as AQUME Foundation, Avondale Development , and Goodwill Easterseals Miami Valley. Training partners include Harvard Kennedy School Executive Education and Resilia. The program supports nonprofit growth, more effective community programs, and job creation.

Fifth Third has announced the opening of a new commercial banking office in Birmingham, Alabama, marking its initial entry into the Alabama market. Expanding its operations in the Southeast, which began seven years ago, the bank already has a presence in Tennessee, Georgia, the Carolinas, and Florida. The new office will offer commercial and treasury management services and eventually include a Private Bank office. Leading the Alabama team are seasoned professionals from BB&T (now Truist), such as Joshua Petty and Burton McDonald, who bring decades of experience in commercial and middle market banking. This expansion aims to attract and retain local talent to cater to Birmingham's unique market needs.

The Fifth Third Foundation has announced a $300,000 grant to the Women's Business Enterprise National Council (WBENC) LIFT Financial Center of Excellence. This three-year grant will aid the center in providing financial education, coaching, networking, and funding opportunities for women business owners. The initiative is part of Fifth Third's commitment to inclusion and community well-being. The WBENC LIFT Financial Center of Excellence aims to advance gender parity for women entrepreneurs via financial education and funding. The grant will enable more comprehensive support for women in accessing capital and achieving financial growth.

Fifth Third announced that its George A. Schaefer, Jr. Madisonville Operations Center in Cincinnati, Ohio, has received the EPA’s ENERGY STAR certification for exceptional energy efficiency. This addition brings the bank’s total ENERGY STAR-certified space to over 1.2 million square feet. With an ENERGY STAR Score of 79, the Madisonville center surpasses 79% of similar properties nationwide. This certification marks Fifth Third’s 150th building to earn the rating, demonstrating sustained energy savings and environmental commitment. The bank has reduced its energy usage by 45% over the past decade and aims for a 40% reduction by 2030, a goal already surpassed last year. Fifth Third continues to implement advanced technologies and processes to enhance energy efficiency across its facilities.