CONTACTS: Sameer Gokhale (Investors) FOR IMMEDIATE RELEASE (513) January 24, 2017 Larry Magnesen (Media) (513)

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1 News Release CONTACTS: Sameer Gokhale (Investors) FOR IMMEDIATE RELEASE (513) January 24, 2017 Larry Magnesen (Media) (513) FIFTH THIRD ANNOUNCES FOURTH QUARTER EARNINGS PER DILUTED SHARE OF $ EARNINGS PER DILUTED SHARE OF $1.93 4Q16 net income available to common shareholders of $372 million, or $0.49 per diluted common share Reported results included the following items which had a positive $0.01 impact on reported 4Q16 EPS: A $16 million pre-tax (~$10 million after-tax*) reduction to net interest income for refunds offered to certain bankcard customers A $9 million pre-tax (~$6 million after-tax*) gain from the net exercise of the Vantiv warrant A $6 million pre-tax (~$4 million after-tax*) benefit related to the valuation of the Visa total return swap A $6 million tax benefit from the early adoption of an accounting standard Pre-tax income of $509 million and pre-provision net revenue (PPNR)** of $563 million in 4Q16 Reported net interest income of $903 million and $909 million on an FTE basis, both flat sequentially; net interest income (FTE)** up 1% versus 4Q15; up 1% sequentially and 2% year-over-year excluding the refunds** Net interest margin of 2.84% and net interest margin (FTE)** of 2.86% (including a negative 5 basis point impact of the $16 million card refunds), down 2 bps sequentially and up 1 bp from 4Q15 Average portfolio loans and leases of $93.0 billion, down 1% sequentially and down 1% from 4Q15 Noninterest income of $620 million compared with $840 million in 3Q16, primarily driven by a gain of only $9 million in 4Q16 compared to a $280 million gain in 3Q16 from Vantiv-related transactions; see table on page 9 Noninterest expense of $960 million, down 1% from 3Q16 and flat from 4Q15 Credit trends 4Q16 net charge-offs (NCOs) of $73 million (0.31% of loans and leases) decreased from 3Q16 NCOs of $107 million (0.45% of loans and leases) Portfolio nonperforming asset (NPA) ratio of 0.80%, up 5 bps from 3Q16; total portfolio NPAs of $738 million 4Q16 provision expense of $54 million compared to $80 million in 3Q16 and $91 million in 4Q15 Strong capital ratios*** Common equity Tier 1 (CET1) ratio 10.40%; fully phased-in CET1 ratio** of 10.30% Tier 1 risk-based capital ratio 11.51%, Total risk-based capital ratio 15.00%, Leverage ratio 9.90% Tangible common equity ratio** of 8.91%; 8.87% excluding unrealized gains/losses Book value per share of $19.82; down 3% from 3Q16 and up 7% from 4Q15; tangible book value per share** of $16.60 down 4% from 3Q16 and up 8% from 4Q15 * Assumes a 35% tax rate. ** Non-GAAP measure; see discussion of non-gaap and Reg. G reconciliation beginning on page 32. *** Capital ratios estimated; presented under current U.S. capital regulations.

2 Fifth Third Bancorp (Nasdaq: FITB) today reported full year 2016 net income of $1.6 billion, down 9 percent from net income of $1.7 billion in After preferred dividends, 2016 net income available to common shareholders was $1.5 billion, or $1.93 per diluted share, down 9 percent compared with 2015 net income available to common shareholders of $1.6 billion, or $2.01 per diluted share. Results were significantly impacted by Vantiv-related transactions throughout 2015 and Fourth quarter 2016 net income was $395 million, a decrease of 23 percent from net income of $516 million in the third quarter of 2016 and a decrease of 40 percent from net income of $657 million in the fourth quarter of Results were significantly impacted by Vantiv-related transactions explained in further detail below, including $280 million in pre-tax income in third quarter of 2016 and $469 million in pre-tax income in fourth quarter of After preferred dividends, net income available to common shareholders was $372 million, or $0.49 per diluted share, in the fourth quarter 2016, compared with $501 million, or $0.65 per diluted share, in the third quarter 2016, and $634 million, or $0.79 per diluted share, in the fourth quarter of Fourth quarter 2016 included: Income $9 million gain on the Vantiv warrant net exercise and share sale $6 million benefit related to the valuation of the Visa total return swap ($16 million) reduction to net interest income for refunds offered to certain bankcard customers Expenses ($5 million) contribution to Fifth Third Foundation Results also included a $6 million tax benefit from the early adoption of an accounting standard, and a $33 million annual payment recognized from Vantiv pursuant to the tax receivable agreement, which was recorded in other noninterest income. Third quarter 2016 included: Income $280 million gain from the termination and settlement of gross cash flows from existing Vantiv tax receivable agreements (TRA) and the expected obligation to terminate and settle the remaining TRA cash flows upon the exercise of put or call options $11 million gain on the sale of a non-branch facility ($28 million) non-cash impairment charge related to previously announced plans to sell or consolidate certain bank branches and land acquired for future branch expansion ($12 million) charge related to the valuation of the Visa total return swap ($9 million) charge from the transfer of certain nonconforming investments affected by the Volcker Rule to held-for-sale ($2 million) negative valuation adjustment on the Vantiv warrant Results also included an $8 million beneficial tax impact in connection with certain commercial lease terminations. Fourth quarter 2015 included: Income $331 million gain on the sale of Vantiv shares $89 million gain on Vantiv warrant actions taken during the quarter 2

3 $49 million payment received from Vantiv to terminate a portion of its tax receivable agreement $21 million positive valuation adjustment on the remaining Vantiv warrant ($10 million) related to the valuation of the Visa total return swap Expenses ($10 million) contribution to Fifth Third Foundation Results also included a $31 million annual payment recognized from Vantiv pursuant to the tax receivable agreement, which was recorded in other noninterest income. Earnings Highlights Earnings ($ in millions) % Change (d) 2016 (d) 2016 (d) 2015 Seq Yr/Yr Net income attributable to Bancorp $395 $516 $328 $326 $657 (23%) (40%) Net income available to common shareholders $372 $501 $305 $311 $634 (26%) (41%) Common Share Data Earnings per share, basic $0.49 $0.66 $0.40 $0.40 $0.80 (26%) (39%) Earnings per share, diluted (25%) (38%) Cash dividends per common share % 8% Common shares outstanding (in thousands) 750, , , , ,080 (1%) (4%) Average common shares outstanding (in thousands): Basic 746, , , , ,855 (1%) (5%) Diluted 757, , , , ,481 - (5%) Financial Ratios bps Change Return on average assets 1.11% 1.44 % 0.92 % 0.93 % 1.83 % (33) (72) Return on average common equity (310) (750) Return on average tangible common equity (b) (360) (900) CET1 capital (c) Tier I risk-based capital (c) CET1 capital (fully-phased in) (b)(c) Net interest margin (a)(b) (2) 1 Efficiency (a)(b) (a) Presented on a fully taxable equivalent basis. (b) Non-GAAP measure; see discussion of non-gaap and Reg. G reconciliation beginning on page 32. (c) Under the banking agencies' Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated according to the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp's total risk-weighted assets used in the calculation of the tier I risk-based capital and common equity tier 1 ratios. Current period regulatory capital ratios are estimated. (d) The Condensed Consolidated Financial Statements include a $1 million, $5 million and $0 net reclassification of excess tax benefits from capital surplus to applicable income tax expense at March 31, 2016, June 30, 2016 and September 30, 2016, respectively, related to the early adoption of ASU during the fourth quarter of 2016, with an effective date of January 1, NA: Not applicable. Our fourth quarter results were strong and reflected our continued commitment to improving shareholder returns. With a balance sheet positioned to benefit from a rising rate environment, effective expense controls, and good credit quality, we achieved solid results during the quarter, said Greg D. Carmichael, President and CEO of Fifth Third Bancorp. 3

4 We believe the hard work and focus of our employees throughout 2016 have positioned us well for 2017 and beyond. With our long-term goals firmly in place, we are executing on the initiatives that we have outlined under Project North Star. Although we did not assume improving economic conditions to help us achieve our targets, we should continue to benefit from a more positive operating environment. Also, our confidence in our underlying businesses and our outlook has allowed us to increase our quarterly common stock dividend 8 percent to $0.14. Our capital and liquidity ratios remain strong and growing. Lastly, during the quarter we announced plans to invest $30 billion in community development, and also announced a newly-created corporate responsibility and reputation office. Fifth Third is committed to delivering positive outcomes for our customers, our shareholders, and the communities we serve. Income Statement Highlights % Change (b) 2016 (b) 2016 (b) 2015 Seq Yr/Yr Condensed Statements of Income ($ in millions) Net interest income (taxable equivalent) (a) $909 $913 $908 $909 $904-1% Provision for loan and lease losses (33%) (41%) Total noninterest income ,104 (26%) (44%) Total noninterest expense (1%) - Income before income taxes (taxable equivalent) (a) $515 $700 $433 $441 $954 (26%) (46%) Taxable equivalent adjustment % Applicable income tax expense (36%) (61%) Net income $395 $516 $324 $326 $657 (23%) (40%) Less: Net income attributable to noncontrolling interests - - (4) Net income attributable to Bancorp $395 $516 $328 $326 $657 (23%) (40%) Dividends on preferred stock % - Net income available to common shareholders $372 $501 $305 $311 $634 (26%) (41%) Earnings per share, diluted $0.49 $0.65 $0.39 $0.40 $0.79 (25%) (38%) (a) Non-GAAP measure; see discussion of non-gaap and Reg. G reconciliation beginning on page 32. (b) The Condensed Consolidated Financial Statements include a $1 million, $5 million and $0 net reclassification of excess tax benefits from capital surplus to applicable income tax expense at March 31, 2016, June 30, 2016 and September 30, 2016, respectively, related to the early adoption of ASU during the fourth quarter of 2016, with an effective date of January 1,

5 Net Interest Income % Change Seq Yr/Yr Interest Income ($ in millions) Total interest income (taxable equivalent) (a) $1,058 $1,063 $1,052 $1,044 $1,035-2% Total interest expense (1%) 14% Net interest income (taxable equivalent) (a) $909 $913 $908 $909 $904-1% Average Yield bps Change Yield on interest-earning assets (taxable equivalent) 3.33% 3.36% 3.34% 3.34% 3.26% (3) 7 Rate paid on interest-bearing liabilities 0.70% 0.70% 0.67% 0.64% 0.61% - 9 Net interest rate spread (taxable equivalent) 2.63% 2.66% 2.67% 2.70% 2.65% (3) (2) Net interest margin (taxable equivalent) (a) 2.86% 2.88% 2.88% 2.91% 2.85% (2) 1 Average Balances ($ in millions) % Change Loans and leases, including held for sale $93,981 $94,417 $94,807 $94,078 $94,587 - (1%) Total securities and other short-term investments 32,567 31,675 32,040 31,573 31,256 3% 4% Total interest-earning assets 126, , , , ,843-1% Total interest-bearing liabilities 84,552 85,193 86,145 85,450 85,381 (1%) (1%) Bancorp shareholders' equity 16,545 16,883 16,584 16,376 15,982 (2%) 4% (a) Non-GAAP measure; see discussion of non-gaap and Reg. G reconciliation beginning on page 32. Excluding the $16 million reduction for the card refunds, net interest income (FTE)* of $925 million was up 1 percent from the third quarter of Reported net interest income of $903 million and net interest income (FTE)* of $909 million both decreased $4 million from the third quarter of 2016, primarily driven by the aforementioned card refunds, partially offset by improved short-term market rates in the fourth quarter and higher investment securities balances. The adjusted net interest margin* was 2.91 percent, up 3 bps from the prior quarter, excluding the aforementioned card refunds. The reported net interest margin was 2.84 percent and the net interest margin (FTE)* was 2.86 percent, both decreasing 2 bps from the previous quarter, primarily due to a 5 basis point impact from the aforementioned card refunds. This impact was partially offset by improved short-term market rates in the fourth quarter. Compared to the fourth quarter of 2015, adjusted net interest income (FTE)* was up 2 percent, excluding the card refunds. Adjusted net interest margin (FTE)* was up 6 bps from the fourth quarter of 2015, excluding the card refunds. Reported net interest income and net interest income (FTE)*, increased by $4 million and $5 million, or 2 percent, respectively from the fourth quarter of The reported net interest margin and net interest margin (FTE)* increased by 1 bp year-over-year. The increase in net interest income was driven by the impact of higher investment securities balances and improved short-term market rates, partially offset by the previously-mentioned card refunds. The increase in the net interest margin was driven by improved short-term market rates, partially offset by the previously-mentioned card refunds. Securities Average securities and other short-term investments were $32.6 billion in the fourth quarter of 2016 compared to $31.7 billion in the previous quarter and $31.3 billion in the fourth quarter of Average balances of other short-term investments decreased by $18 million sequentially to $1.8 billion. * Non-GAAP measure; see discussion of non-gaap measures and Reg. G reconciliation beginning on page 32. 5

6 Loans % Change Seq Yr/Yr Average Portfolio Loans and Leases ($ in millions) Commercial: Commercial and industrial loans $42,548 $43,116 $43,876 $43,089 $43,154 (1%) (1%) Commercial mortgage loans 6,957 6,888 6,831 6,886 7,032 1% (1%) Commercial construction loans 3,890 3,848 3,551 3,297 3,141 1% 24% Commercial leases 3,921 3,962 3,898 3,874 3,839 (1%) 2% Total commercial loans and leases $57,316 $57,814 $58,156 $57,146 $57,166 (1%) - Consumer: Residential mortgage loans $14,854 $14,455 $14,046 $13,788 $13,504 3% 10% Home equity 7,779 7,918 8,054 8,217 8,360 (2%) (7%) Automobile loans 10,162 10,508 10,887 11,283 11,670 (3%) (13%) Credit card 2,180 2,165 2,134 2,179 2,218 1% (2%) Other consumer loans and leases % - Total consumer loans and leases $35,648 $35,697 $35,775 $36,129 $36,428 - (2%) Total average portfolio loans and leases $92,964 $93,511 $93,931 $93,275 $93,594 (1%) (1%) Average loans held for sale $1,017 $906 $876 $803 $993 12% 2% Average portfolio loan and lease balances decreased $547 million, or 1 percent, sequentially and decreased $630 million, or 1 percent, from the fourth quarter of The sequential and year-over-year decrease was driven by both declines in automobile loans related to the strategic decision to reduce auto loan originations to improve return on shareholders equity and deliberate exits from certain commercial and industrial (C&I) loans that did not meet risk-adjusted profitability targets. The sequential and year-over-year decreases were partially offset by increases in residential mortgage and commercial real estate loans. Period end portfolio loans and leases of $92.1 billion decreased $1.1 billion, or 1 percent, sequentially and $484 million, or 1 percent, from a year ago. The sequential decrease was primarily due to decreases in C&I and automobile loans, partially offset by an increase in residential mortgage loans. The year-over-year decline was primarily driven by decreases in automobile and home equity loans, partially offset by increases in residential mortgage and commercial construction loans. Average commercial portfolio loan and lease balances decreased $498 million, or 1 percent, sequentially and were flat from the fourth quarter of Average C&I loans decreased $568 million, or 1 percent, from the prior quarter and decreased $606 million, or 1 percent, from the fourth quarter of Average commercial real estate loans increased $111 million, or 1 percent, from the prior quarter and increased $674 million, or 7 percent, from the fourth quarter of Within commercial real estate, growth was relatively balanced as average commercial mortgage balances increased $69 million and average commercial construction balances increased $42 million sequentially. Period end commercial line utilization of 34% decreased 95 bps from the third quarter of 2016 and decreased 88 bps from the fourth quarter of

7 Average consumer portfolio loan and lease balances were flat sequentially and decreased $780 million, or 2 percent, from the fourth quarter of This was primarily driven by average automobile loans which decreased 3 percent sequentially and 13 percent from a year ago. Average residential mortgage loans increased 3 percent sequentially and 10 percent from the previous year. Average home equity loans decreased 2 percent sequentially and 7 percent from the fourth quarter of Average credit card loans increased 1 percent sequentially and decreased 2 percent from the fourth quarter of Deposits % Change Seq Yr/Yr Average Deposits ($ in millions) Demand $36,412 $35,918 $35,912 $35,201 $36,254 1% - Interest checking 25,644 24,475 24,714 25,740 25,296 5% 1% Savings 13,979 14,232 14,576 14,601 14,615 (2%) (4%) Money market 20,476 19,706 19,243 18,655 18,775 4% 9% Foreign office (a) (5%) (32%) Total transaction deposits $97,008 $94,855 $94,929 $94,680 $95,676 2% 1% Other time 3,941 4,020 4,044 4,035 4,052 (2%) (3%) Total core deposits $100,949 $98,875 $98,973 $98,715 $99,728 2% 1% Certificates - $100,000 and over 2,539 2,768 2,819 2,815 3,305 (8%) (23%) Other (85%) NM Total average deposits $103,603 $102,392 $102,259 $101,530 $103,040 1% 1% (a) Includes commercial customer Eurodollar sweep balances for which the Bancorp pays rates comparable to other commercial deposit accounts. Average core deposits increased $2.1 billion, or 2 percent, sequentially and increased $1.2 billion, or 1 percent, from the fourth quarter of Average transaction deposits increased $2.2 billion, or 2 percent from the third quarter of 2016 and increased $1.3 billion, or 1 percent from the fourth quarter of Sequential performance was primarily driven by increased commercial interest checking account balances, as well as consumer money market account balances that benefited from the recent enactment of new money market reforms, partially offset by lower savings account balances. The year-over-year increase was primarily driven by higher consumer money market and consumer interest checking account balances, partially offset by lower savings and foreign office account balances. Other time deposits decreased by 2 percent sequentially and 3 percent year-over-year. Average total commercial transaction deposits of $45 billion increased 3 percent sequentially and decreased 2 percent from the fourth quarter of Average total consumer transaction deposits of $52 billion increased 2 percent sequentially and increased 5 percent from the fourth quarter of

8 Wholesale Funding % Change Seq Yr/Yr Average Wholesale Funding ($ in millions) Certificates - $100,000 and over $2,539 $2,768 $2,819 $2,815 $3,305 (8%) (23%) Other deposits (85%) NM Federal funds purchased ,182 (37%) (76%) Other short-term borrowings 1,908 2,171 3,754 3,564 1,675 (12%) 14% Long-term debt 15,173 16,102 15,351 14,949 15,738 (6%) (4%) Total average wholesale funding $20,015 $22,236 $23,084 $21,936 $21,907 (10%) (9%) Average wholesale funding of $20.0 billion decreased $2.2 billion, or 10 percent, sequentially and decreased $1.9 billion, or 9 percent, compared with the fourth quarter of The sequential decrease in average wholesale funding was primarily driven by a decline in long-term debt largely due to maturities early in the fourth quarter. The year-over-year decline reflected a decrease in federal funds purchased resulting from an increase in deposit balances. Noninterest Income % Change Seq Yr/Yr Noninterest Income ($ in millions) Service charges on deposits $141 $143 $138 $137 $144 (1%) (2%) Corporate banking revenue (9%) (3%) Mortgage banking net revenue (2%) (12%) Wealth and asset management revenue (1%) (2%) Card and processing revenue % Other noninterest income (59%) (77%) Securities gains (losses), net (3) NM NM Total noninterest income $620 $840 $599 $637 $1,104 (26%) (44%) Noninterest income of $620 million decreased $220 million sequentially and decreased $484 million compared with prior year results. The sequential and year-over-year comparisons reflect the impacts described below. 8

9 Noninterest Income excluding certain items % Change December September December Seq Yr/Yr Noninterest Income excluding certain items ($ in millions) Noninterest income (U.S. GAAP) $620 $840 $1,104 Gain on Vantiv warrant actions (9) - (89) Valuation of Visa total return swap (6) Gain from termination and settlement of Vantiv TRA and the expected obligation to terminate and settle the remaining TRA cash flows upon exercise of put or call options - (280) (49) Gain on sale of a non-branch facility - (11) - Gain on sale of Vantiv shares - - (331) Vantiv warrant valuation - 2 (21) Transfer of certain nonconforming investments under Volcker to HFS Branch / land impairment charge Securities (gains) / losses 3 (4) (1) Noninterest income excluding certain items (a) $608 $596 $623 2% (2%) (a) Non-GAAP measure; see discussion of non-gaap on page 33 Excluding the items in the table above, noninterest income of $608 million increased $12 million, or 2 percent, from the previous quarter and decreased $15 million, or 2 percent, from the fourth quarter of The sequential increase was primarily due to the $33 million annual payment received from Vantiv pursuant to the tax receivable agreement in the fourth quarter of 2016, partially offset by a decrease in corporate banking revenue. The year-over-year decrease was driven by a decline in mortgage banking net revenue. Service charges on deposits of $141 million decreased 1 percent from the third quarter of 2016, and decreased 2 percent compared with the fourth quarter of The sequential decrease primarily reflected a 2 percent decrease in commercial service charges, as well as a 1 percent decrease in retail service charges. The decrease from the fourth quarter of 2015 was primarily due to a 5 percent decrease in retail service charges. Corporate banking revenue of $101 million decreased 9 percent compared to the third quarter of 2016 and decreased 3 percent from the fourth quarter of The sequential comparison reflects decreases in institutional sales revenue and lease remarketing fees, partially offset by an increase in foreign exchange fees. The year-over-year decrease was primarily driven by lower lease remarketing fees and letter of credit fees, partially offset by higher foreign exchange fees and institutional sales revenue. 9

10 Mortgage banking net revenue was $65 million in the fourth quarter of 2016, down $1 million from the third quarter of 2016 and down $9 million from the fourth quarter of Originations of $2.7 billion in the current quarter decreased 5 percent sequentially and increased 54 percent from the same quarter last year. Fourth quarter 2016 originations resulted in $30 million of origination fees and gains on loan sales, compared with $61 million during the previous quarter and $37 million during the fourth quarter of Net mortgage servicing revenue (which consists of gross mortgage servicing fees, MSR amortization, and net valuation adjustments on MSRs and mark-to-market adjustments on free-standing derivatives used to economically hedge the MSR portfolio) was $35 million this quarter, $5 million in the third quarter of 2016, and $37 million in the fourth quarter of Gross mortgage servicing fees were $48 million this quarter, $49 million in the third quarter of 2016, and $53 million in the fourth quarter of MSR amortization was $35 million this quarter, $35 million in the third quarter of 2016, and $29 million in the fourth quarter of Net servicing asset valuation adjustments resulted in a positive $23 million impact in the fourth quarter of 2016, negative $9 million in the third quarter of 2016, and positive $13 million in the fourth quarter of Wealth and asset management revenue of $100 million decreased 1 percent from the third quarter of 2016 and decreased 2 percent from the fourth quarter of The sequential decrease was primarily driven by lower personal asset management fees. The year-over-year decline was primarily driven by lower securities and brokerage fees, partially offset by an increase in institutional trust fees. Card and processing revenue of $79 million in the fourth quarter of 2016 was flat sequentially and increased 3 percent from the fourth quarter of The year-over-year increase reflected higher spend volume and actively used cards. Other noninterest income totaled $137 million in the fourth quarter of 2016, compared with $336 million in the previous quarter and $602 million in the fourth quarter of As previously described, the results included the adjustments in the table on page 9 with the exception of securities gains / (losses) in all comparable periods. Excluding these items, other noninterest income of $122 million increased approximately $26 million, or 27 percent, from the third quarter of 2016 and was flat from the fourth quarter of The sequential increase was primarily due to the $33 million annual payment received from Vantiv pursuant to the tax receivable agreement in the fourth quarter of Net losses on investment securities were $3 million in the fourth quarter of 2016, compared with $4 million net gains in the previous quarter and a $1 million net gain in the fourth quarter of Noninterest Expense % Change Seq Yr/Yr Noninterest Expense ($ in millions) Salaries, wages and incentives $403 $400 $407 $403 $386 1% 4% Employee benefits (3%) 3% Net occupancy expense (12%) Technology and communications (10%) (5%) Equipment expense (9%) Card and processing expense % (23%) Other noninterest expense (3%) 1% Total noninterest expense $960 $973 $983 $986 $963 (1%) - 10

11 Noninterest expense of $960 million declined $13 million, or 1 percent, compared with the third quarter of 2016 and was flat compared with the fourth quarter of The sequential decrease primarily reflected lower technology and communications expense, the change in provision for unfunded commitments, and seasonally lower marketing expense. The year-over-year decrease was primarily driven by lower card and processing expense, predominantly due to contract renegotiations as well as lower net occupancy expense, partially offset by increased compensation expense mainly as a result of personnel additions in risk and compliance and information technology. Credit Quality Total net losses charged-off ($ in millions) Commercial and industrial loans ($25) ($61) ($39) ($46) ($30) Commercial mortgage loans (2) (2) (6) (6) (3) Commercial construction loans Commercial leases (1) - (1) (2) (1) Residential mortgage loans (2) (2) (2) (2) (3) Home equity (6) (7) (6) (8) (9) Automobile loans (11) (9) (8) (9) (9) Credit card (19) (20) (21) (20) (19) Other consumer loans and leases (7) (6) (4) (3) (6) Total net losses charged-off ($73) ($107) ($87) ($96) ($80) Total losses charged-off ($97) ($137) ($105) ($116) ($105) Total recoveries of losses previously charged-off Total net losses charged-off ($73) ($107) ($87) ($96) ($80) Ratios (annualized) Net losses charged-off as a percent of average portfolio loans and leases (excluding held for sale) 0.31% 0.45% 0.37% 0.42% 0.34% Commercial 0.20% 0.43% 0.32% 0.38% 0.24% Consumer 0.49% 0.49% 0.45% 0.48% 0.49% Net charge-offs were $73 million, or 31 bps of average portfolio loans and leases on an annualized basis, in the fourth quarter of 2016 compared with net charge-offs of $107 million, or 45 bps, in the third quarter of 2016 and $80 million, or 34 bps, in the fourth quarter of Commercial net charge-offs were $28 million, or 20 bps, and were down $35 million sequentially. The decrease was primarily due to lower charge-offs of C&I loans, which decreased by $36 million from the third quarter of Commercial real estate net charge-offs were flat from the previous quarter. Consumer net charge-offs were $45 million, or 49 bps, and were up $1 million sequentially. Compared with the previous quarter, net charge-offs on residential mortgage loans were flat. Net charge-offs on the auto portfolio were up $2 million. Net charge-offs on home equity and credit card loans were each down $1 million from the third quarter of Net charge-offs on other consumer loans of $7 million were up $1 million sequentially. 11

12 Allowance for Credit Losses ($ in millions) Allowance for loan and lease losses, beginning $1,272 $1,299 $1,295 $1,272 $1,261 Total net losses charged-off (73) (107) (87) (96) (80) Provision for loan and lease losses Allowance for loan and lease losses, ending $1,253 $1,272 $1,299 $1,295 $1,272 Reserve for unfunded commitments, beginning $162 $151 $144 $138 $134 Provision for unfunded commitments (1) Reserve for unfunded commitments, ending $161 $162 $151 $144 $138 Components of allowance for credit losses: Allowance for loan and lease losses $1,253 $1,272 $1,299 $1,295 $1,272 Reserve for unfunded commitments Total allowance for credit losses $1,414 $1,434 $1,450 $1,439 $1,410 Allowance for loan and lease losses ratio As a percent of portfolio loans and leases 1.36% 1.37% 1.38% 1.38% 1.37% As a percent of nonperforming loans and leases (a) 190% 212% 188% 185% 252% As a percent of nonperforming assets (a) 170% 182% 161% 157% 197% (a) Excludes nonaccrual loans in loans held for sale. Provision for loan and lease losses totaled $54 million in the fourth quarter of The allowance represented 1.36 percent of total portfolio loans and leases outstanding as of quarter end, compared with 1.37 percent last quarter, and represented 190 percent of nonperforming loans and leases, and 170 percent of nonperforming assets. Provision for loan and lease losses decreased $26 million from the third quarter of 2016 and $37 million from the fourth quarter of 2015, impacted by improving criticized assets. The allowance for loan and lease losses decreased $19 million sequentially. As of December 31, the reserve allocated to the energy portfolio was approximately 4.04%, down from approximately 4.95% last quarter. 12

13 i i i i As of Nonperforming Assets and Delinquent Loans ($ in millions) Nonaccrual portfolio loans and leases: Commercial and industrial loans $302 $235 $254 $278 $82 Commercial mortgage loans Commercial construction loans Commercial leases Residential mortgage loans Home equity Total nonaccrual portfolio loans and leases (excludes restructured loans) $403 $344 $385 $419 $228 Nonaccrual restructured portfolio commercial loans and leases (b) Nonaccrual restructured portfolio consumer loans and leases Total nonaccrual portfolio loans and leases $660 $601 $693 $701 $506 Repossessed property OREO Total nonperforming portfolio assets (a) $738 $698 $805 $825 $647 Nonaccrual loans held for sale Nonaccrual restructured loans held for sale Total nonperforming assets $751 $798 $825 $830 $659 Restructured Portfolio Consumer loans and leases (accrual) $959 $972 $982 $998 $979 Restructured Portfolio Commercial loans and leases (accrual) (b) $321 $408 $431 $461 $491 Total loans and leases days past due (accrual) $231 $205 $196 $208 $244 Total loans and leases 90 days past due (accrual) $84 $76 $65 $73 $75 Nonperforming portfolio loans and leases as a percent of portfolio loans, leases and other assets, including OREO (a) 0.72% 0.64% 0.74% 0.75% 0.55% Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO (a) 0.80% 0.75% 0.86% 0.88% 0.70% (a) Does not include nonaccrual loans held for sale. (b) As of December 31, 2016, excludes $7 million of restructured accruing loans and $19 million of restructured nonaccrual loans associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party. As of September 30, 2016, June 30, 2016, March 31, 2016 and December 31, 2015, excludes $7 million of restructured accruing loans and $20 million of restructured nonaccrual loans associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party. Total nonperforming portfolio assets increased $40 million, or 6 percent, from the previous quarter to $738 million. Portfolio nonperforming loans (NPLs) at quarter-end increased $59 million, or 10 percent, from the previous quarter to $660 million, or 0.72 percent of total portfolio loans, leases and OREO. Commercial portfolio NPLs increased $63 million from last quarter to $523 million, or 0.93 percent of commercial portfolio loans, leases and OREO. Consumer portfolio NPLs decreased $4 million from last quarter to $137 million, or 0.38 percent of consumer portfolio loans, leases and OREO. OREO balances were down $21 million from the prior quarter to $63 million, and included $34 million in commercial OREO and $29 million in consumer OREO. Repossessed personal property increased $2 million from the prior quarter to $15 million. Loans over 90 days past due and still accruing increased $11 million from the third quarter of 2016 to $84 million. Loans days past due of $232 million were up $27 million from the previous quarter. The above delinquency figures exclude nonaccruals described previously. 13

14 Capital and Liquidity Position Capital Position Average total Bancorp shareholders' equity to average assets 11.66% 11.83% 11.60% 11.57% 11.26% Tangible equity (a) 9.82% 9.73% 9.59% 9.51% 9.55% Tangible common equity (excluding unrealized gains/losses) (a) 8.87% 8.78% 8.64% 8.55% 8.59% Tangible common equity (including unrealized gains/losses) (a) 8.91% 9.24% 9.18% 8.97% 8.71% Regulatory capital ratios: CET1 capital (b) 10.40% 10.17% 9.94% 9.81% 9.82% Tier I risk-based capital (b) 11.51% 11.27% 11.03% 10.91% 10.93% Total risk-based capital (b) 15.00% 14.88% 14.66% 14.66% 14.13% Tier I leverage 9.90% 9.80% 9.64% 9.57% 9.54% CET1 capital (fully phased-in) (a)(b) 10.30% 10.09% 9.86% 9.72% 9.72% Book value per share $19.82 $20.44 $20.09 $19.46 $18.48 Tangible book value per share (a) $16.60 $17.22 $16.93 $16.32 $15.39 Modified liquidity coverage ratio (LCR) (c)(d) 128% 115% 110% 118% N/A (a) Non-GAAP measure; see discussion of non-gaap and Reg G. reconciliation beginning on page 32. (b) Under the banking agencies Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated based upon the standardized approach for risk-weighted assets. The resulting values are added together resulting in the Bancorp's total risk-weighted assets. (c) Current period regulatory capital and liquidity ratios are estimated. (d) The Bancorp became subject to the Modified LCR regulations effective January 1, Capital ratios remained strong and grew during the quarter. The CET1 ratio was percent, the tangible common equity to tangible assets ratio* was 8.87 percent (excluding unrealized gains/losses), and 8.91 percent (including unrealized gains/losses). The Tier I risk-based capital ratio was percent, the Total risk-based capital ratio was percent, and the Tier I leverage ratio was 9.90 percent. Book value per share at December 31, 2016 was $19.82 and tangible book value per share* was $16.60, compared with the September 30, 2016 book value per share of $20.44 and tangible book value per share* of $ Fifth Third entered into or completed multiple share repurchases during the quarter. Below is a summary of those share repurchases. On November 7, 2016, Fifth Third settled the forward contract related to the August 5, 2016 $240 million share repurchase agreement. An additional 1.1 million shares were repurchased in connection with the completion of this agreement. On December 20, 2016, Fifth Third initially settled a share repurchase agreement whereby Fifth Third would purchase $155 million of its outstanding stock. This reduced fourth quarter common shares outstanding by 4.8 million shares. Settlement of the forward contract related to this agreement is expected to occur on or before March 15, * Non-GAAP measure; see discussion of non-gaap measures and Reg. G reconciliation beginning on page

15 Tax Rate The effective tax rate was 22.6 percent in the fourth quarter of 2016 compared with 25.6 percent in the third quarter of 2016 and 30.7 percent in the fourth quarter of The tax rate in the fourth quarter of 2016 was impacted by a $6 million tax benefit associated with the early adoption of ASU , Improvements to Employee Share-Based Payment Accounting, using the modified retrospective transition method. Additionally, the early adoption resulted in incremental tax expense of $1 million in the first quarter of 2016 and $5 million in the second quarter of The tax rate in the third quarter of 2016 was impacted by Vantiv-related gains, which were partially offset by an $8 million tax benefit in connection with certain commercial lease terminations. Other On November 21, 2016, Vantiv, Inc. conducted a secondary offering of 4.8 million shares of its Class A common stock on behalf of Fifth Third. Vantiv also concurrently repurchased 850,000 shares of Vantiv Class A common stock from Fifth Third. The 5.65 million shares sold by Fifth Third through these transactions were obtained through the net exercise of the entire remaining warrant position in Vantiv Holding, LLC and the exchange of those Vantiv Holding, LLC units for Class A shares of common stock in Vantiv, Inc. The warrant position gave Fifth Third the right to purchase approximately 7.8 million Class C units at a $15.98 strike price, which was settled through the net issuance of 5.65 million units. For more detail, see the 8-K dated November 22, Fifth Third Bank owns approximately 35 million units representing a 17.9 percent interest in Vantiv Holding, LLC, convertible into shares of Vantiv, Inc., a publicly traded firm. Based upon Vantiv s closing price of $59.62 on December 31, 2016, our interest in Vantiv was valued at approximately $2.1 billion. Next month in our 10-K, we will update our disclosure of the carrying value of our interest in Vantiv stock, which was $404 million as of September 30, The difference between the market value and the book value of Fifth Third s interest in Vantiv s shares is not recognized in Fifth Third s equity or capital. Conference Call Fifth Third will host a conference call to discuss these financial results at 9:00 a.m. (Eastern Time) today. This conference call will be webcast live by Thomson Financial and may be accessed through the Fifth Third Investor Relations website at (click on About Us then Investor Relations ). Institutional investors can access the call via Thomson Financial s password-protected event management site, StreetEvents ( Those unable to listen to the live webcast may access a webcast replay through the Fifth Third Investor Relations website at the same web address. Additionally, a telephone replay of the conference call will be available beginning approximately two hours after the conference call until Tuesday, February 7, 2017 by dialing for domestic access or for international access (passcode #). Corporate Profile Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2016, the Company had $142 billion in assets and operates 1,191 full-service Banking Centers, including 94 Bank Mart 15

16 locations, most open seven days a week, inside select grocery stores and 2,495 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third also has a 17.9% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2016, had $291 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at Fifth Third s common stock is traded on the NASDAQ Global Select Market under the symbol FITB. FORWARD-LOOKING STATEMENTS This release contains statements that we believe are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. They usually can be identified by the use of forward-looking language such as will likely result, may, are expected to, anticipates, potential, estimate, forecast, projected, intends to, or may include other similar words or phrases such as believes, plans, trend, objective, continue, remain, or similar expressions, or future or conditional verbs such as will, would, should, could, might, can, or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K as updated from time to time by our Quarterly Reports on Form 10-Q. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to us. There is a risk that additional information may become known during the company s quarterly closing process or as a result of subsequent events that could affect the accuracy of the statements and financial information contained herein. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) general economic or real estate market conditions, either nationally or in the states in which Fifth Third, one or more acquired entities and/or the combined company do business, weaken or are less favorable than expected; (2) deteriorating credit quality; (3) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (4) changes in the interest rate environment reduce interest margins; (5) prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions; (6) Fifth Third s ability to maintain required capital levels and adequate sources of funding and liquidity; (7) maintaining capital requirements and adequate sources of funding and liquidity may limit Fifth Third s operations and potential growth; (8) changes and trends in capital markets; (9) problems encountered by larger or similar financial institutions may adversely affect the banking industry and/or Fifth Third; (10) competitive pressures among depository institutions increase significantly; (11) effects of critical accounting policies and judgments; (12) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board (FASB) or other regulatory agencies; (13) legislative or regulatory changes or actions, or significant litigation, adversely affect Fifth Third, one or more acquired entities and/or the combined company or the businesses in which Fifth Third, one or more acquired entities and/or the combined company are engaged, including the Dodd-Frank Wall Street Reform and Consumer Protection Act; (14) ability to maintain favorable ratings from rating agencies; (15) fluctuation of Fifth Third s stock price; (16) ability to attract and retain key personnel; (17) ability to receive dividends from its subsidiaries; (18) potentially dilutive effect of future acquisitions on current shareholders ownership of Fifth Third; (19) effects of accounting or financial results of one or more acquired entities; (20) difficulties from Fifth Third s investment in, relationship with, and nature of the operations of Vantiv, LLC; (21) loss of income from any sale or potential sale of businesses; (22) difficulties in separating the operations of any branches or other assets divested; (23) losses or adverse impacts on the carrying values of branches and long-lived assets in connection with their sales or anticipated sales; (24) inability to achieve expected benefits from branch consolidations and planned sales within desired timeframes, if at all; (25) ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; and (26) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity. You should refer to our periodic and current reports filed with the Securities and Exchange Commission, or SEC, for further information on other factors, which could cause actual results to be significantly different from those expressed or implied by these forward-looking statements. In this release, we may sometimes provide non-gaap financial information. Please note that although non-gaap financial measures provide useful insight to analysts, investors and regulators, they should not be considered in isolation or relied upon as a substitute for analysis using GAAP measures. We provide GAAP reconciliations for non-gaap measures in our earnings release and presentation, both of which are available in the investor relations section of our website, # # # 16

17 Quarterly Financial Review for December 31, 2016 Table of Contents Financial Highlights Consolidated Statements of Income 20 Consolidated Statements of Income (Taxable Equivalent) 21 Consolidated Balance Sheets Consolidated Statements of Changes in Equity 24 Average Balance Sheet and Yield Analysis Summary of Loans and Leases 28 Regulatory Capital 29 Summary of Credit Loss Experience 30 Asset Quality 31 Regulation G Non-GAAP Reconciliation Segment Presentation 34 17

18 Fifth Third Bancorp and Subsidiaries Financial Highlights $ in millions, except per share data % / bps % / bps (unaudited) Change Year to Date Change December September December December December (m) 2015 Seq Yr/Yr Yr/Yr Income Statement Data Net interest income (a)(d) $909 $913 $904-1% $3,640 $3,554 2% Noninterest income ,104 (26%) (44%) 2,696 3,003 (10%) Total revenue (a) 1,529 1,753 2,008 (13%) (24%) 6,336 6,557 (3%) Provision for loan and lease losses (33%) (41%) (13%) Noninterest expense (1%) - 3,903 3,775 3% Net income attributable to Bancorp (23%) (40%) 1,564 1,712 (9%) Net income available to common shareholders (26%) (41%) 1,489 1,637 (9%) Earnings Per Share Data Net income allocated to common shareholders $368 $496 $627 (26%) (41%) $1,474 $1,622 (9%) Average common shares outstanding (in thousands): Basic 746, , ,855 (1%) (5%) 757, ,628 (5%) Diluted 757, , ,481 - (5%) 764, ,659 (5%) Earnings per share, basic (26%) (39%) (4%) Earnings per share, diluted (25%) (38%) (4%) Common Share Data Cash dividends per common share $0.14 $0.13 $0.13 8% 8% $0.53 $0.52 2% Book value per share (3%) 7% % Market price per share % 34% % Common shares outstanding (in thousands) 750, , ,080 (1%) (4%) 750, ,080 (4%) Market capitalization $20,240 $15,459 $15,780 31% 28% $20,240 $15,780 28% Financial Ratios Return on average assets 1.11% 1.44% 1.83% (33) (72) 1.10% 1.22% (12) Return on average common equity 9.7% 12.8% 17.2% (310) (750) 9.8% 11.3% (151) Return on average tangible common equity (b)(d) 11.6% 15.2% 20.6% (360) (900) 11.6% 13.5% (193) Noninterest income as a percent of total revenue 41% 48% 55% (700) (1,400) 43% 46% (300) Dividend payout ratio 28.6% 19.7% 16.3% 890 1, % 25.6% 160 Average total Bancorp shareholders' equity as a percent of average assets 11.66% 11.83% 11.26% (17) % 11.33% 34 Tangible common equity (c)(d) 8.87% 8.78% 8.59% % 8.59% 28 Net interest margin (a)(d) 2.86% 2.88% 2.85% (2) % 2.88% - Efficiency (a)(d) 62.8% 55.5% 48.0% 730 1, % 57.6% 400 Effective tax rate 22.6% 25.6% 30.7% (300) (810) 24.4% 27.8% (340) Credit Quality Net losses charged-off $73 $107 $80 (32%) (9%) $362 $446 (19%) Net losses charged-off as a percent of average portfolio loans and leases 0.31% 0.45% 0.34% (14) (3) 0.39% 0.48% (9) ALLL as a percent of portfolio loans and leases 1.36% 1.37% 1.37% (1) (1) 1.36% 1.37% (1) Allowance for credit losses as a percent of portfolio loans and leases (k) 1.54% 1.54% 1.52% % 1.52% 2 Nonperforming portfolio assets as a percent of portfolio loans and leases and OREO (e) 0.80% 0.75% 0.70% % 0.70% 10 Average Balances Loans and leases, including held for sale $93,981 $94,417 $94,587 - (1%) $94,320 $93,339 1% Total securities and other short-term investments 32,567 31,675 31,256 3% 4% 31,965 30,245 6% Total assets 141, , ,973 (1%) - 142, ,078 2% Transaction deposits (f) 97,008 94,855 95,676 2% 1% 95,371 95,244 - Core deposits (g) 100,949 98,875 99,728 2% 1% 99,381 99,295 - Wholesale funding (h) 20,015 22,236 21,907 (10%) (9%) 21,813 20,210 8% Bancorp shareholders' equity 16,545 16,883 15,982 (2%) 4% 16,597 15,865 5% Capital and Liquidity Ratios (i) CET1 capital (j) 10.40% 10.17% 9.82% % 9.82% 58 Tier I risk-based capital (j) 11.51% 11.27% 10.93% % 10.93% 58 Total risk-based capital (j) 15.00% 14.88% 14.13% % 14.13% 87 Tier I leverage 9.90% 9.80% 9.54% % 9.54% 36 CET1 capital (fully phased-in) (j)(d) 10.30% 10.09% 9.72% % 9.72% 58 Modified liquidity coverage ratio (LCR) (l) 128% 115% N/A 12% - 128% N/A - Operations Banking centers 1,191 1,191 1,254 - (4%) 1,191 1,254 (4%) ATMs 2,495 2,497 2,593 - (4%) 2,495 2,593 (4%) Full-time equivalent employees 17,844 18,072 18,261 (1%) (2%) 17,844 18,261 (2%) (a) Presented on a fully taxable equivalent basis. (b) The return on average tangible common equity is calculated as tangible net income available to common shareholders excluding tax effected amortization of intangibles) divided by average tangible common equity (average common equity less goodwill and intangible assets). (c) The tangible common equity ratio is calculated as tangible common equity (shareholders' equity less preferred stock, goodwill, intangible assets and accumulated other comprehensive income divided by tangible assets (total assets less goodwill, intangible assets and AOCI). (d) Non-GAAP measure; see discussion of non-gaap and Reg. G reconciliation beginning on page 32. (e) Excludes nonaccrual loans held for sale. (f) Includes demand, interest checking, savings, money market and foreign office deposits of commercial customers. (g) Includes transaction deposits plus other time deposits. (h) Includes certificates $100,000 and over, other deposits, federal funds purchased, other short-term borrowings and long-term debt. (i) Current period regulatory capital ratios are estimates. (j) Under the banking agencies Basel III Final Rule, assets and credit equivalent amounts of off-balance sheet exposures are calculated based upon the standardized approach for riskweighted assets. The resulting values are added together resulting in the Bancorp s total risk-weighted assets. (k) The allowance for credit losses is the sum of the ALLL and the reserve for unfunded commitments. (l) The Bancorp became subject to the Modified LCR regulations effective January 1, (m) The Condensed Consolidated Financial Statements include a $1, $5 and $0 net reclassification of excess tax benefits from capital surplus to applicable income tax expense at March 31, 2016, June 30, 2016 and September 30, 2016, respectively, related to the early adoption of ASU during the fourth quarter of 2016, with an effective date of January 1,