Fifth Third Bancorp - FXDFR PRF PERPETUAL USD 25 - Ser I

Results & profitability trajectory (integration already showing up) - Q2 EPS: $0.83 ($1.02 adjusted, excluding certain items). - Tangible book value per share: +10% YoY, +1% sequentially, +7% since Comerica deal announcement. - Adjusted ROTCE: 19% (improved), Adjusted ROA: 1.3%. - Adjusted efficiency ratio: 57% (improved; synergies still not fully captured). - Management emphasis: shift from “forecast” to “earnings power is landing on plan,” especially in margins, fee lines, and expense discipline.

Loan & NIM momentum + deposit engine (organic + acquisition effects) - Net interest income (NII): $2.22B, NIM +6 bps sequentially to 3.36%. - Loan growth: Total loans $179B (+1% seq); Commercial loans +2% (production); shared national credits ~26%. - Provides platform: loans ~+4% seq; SBA share improved #31 → #15 nationally. - Deposits: consumer + small business deposits +4% sequentially (new customer acquisition). - Southwest deposit/household growth surprise: Comerica legacy markets grew checking households 4% (first net growth in years) and added $2.5B deposits (vs prior expectation of ~$1B).

Fee business and key product monetization (opportunity) - Adjusted non-interest income (ex. certain items): $1.04B. - Wealth & Asset Management: $256M (AUM $128B; legacy Fifth Third AUM $85B, +16% YoY). - Commercial payments: $254M, Newline fees +35% YoY; awards for innovation (American Banker & Global Finance). - Milestones / run rates: commercial payments + wealth + asset management each at $1B+ annualized; capital markets fees ~$600M annualized. - Direct Express: $22M fee income; average deposits $3.7B; 66,000 new beneficiaries shipped on the new platform; all participating federal agencies now live.