Fifth Third Q2 2023 Earnings Report
Key Takeaways
Fifth Third Bancorp reported a net income of $601 million for the second quarter of 2023, compared to $562 million in the year-ago quarter. Diluted earnings per share were $0.82, up from $0.76 in the same period last year. The results reflect balance sheet strength, disciplined credit risk management, and diversified revenue streams.
Period-end total deposits increased 1% compared to the prior quarter and 2% year-over-year.
Net charge-off ratio of 0.29% and early stage delinquencies of 0.28% reflected strong credit quality.
Revenue increased 8%, PPNR increased 6%, and net income increased 7% compared to 2Q22.
Generated consumer household growth of 3% compared to 2Q22.
Fifth Third
Fifth Third
Forward Guidance
Fifth Third has spent nearly a decade focused on positioning the bank to outperform peers through the cycle. Going forward, the company will continue to follow its guiding principles of stability, profitability, and growth – in that order.