Press release
Fifth Third Reports First Quarter 2023 Diluted Earnings Per Share of $0.78
Average and period-end total deposits were flat compared to the prior quarter Credit quality remains strong with net charge-off ratio of 0.26% and early
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nAverage and period-end total deposits were flat compared to the prior quarter\n\n\nCredit quality remains strong with net charge-off ratio of 0.26% and early stage delinquencies of 0.26%\n\n\nReported results included a negative $0.05 impact from certain items on page 2 of the earnings release\n\n\n CINCINNATI--(BUSINESS WIRE)--\nFifth Third Bank (NASDAQ: FITB): \n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nKey Financial Data\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nKey Highlights\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n$ millions for all balance sheet and income statement items\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n1Q23\n\n\n\n\n\n\n4Q22\n\n\n\n\n\n\n1Q22\n\n\n\n\n\n\nStability:\n\n\n\n\n\nPeriod-end and average total deposits were flat compared to 4Q22; average core deposits decreased 1% as expected\n\n\n\n\n\nStrong credit quality; net charge-off ratio of 0.26%, 30-89 day early stage delinquencies of 0.26%, and NPA ratio of 0.51%\n\n\n\n\n\nACL of 1.99%, an increase of 1 bp from 4Q22, including the (4) bps impact of ASU 2022-02\n\n\n\n\n \nProfitability: \n\n\n\n\n Compared to 1Q22\n\n\n\n\n\nRevenue increased 18%, PPNR(a) increased 34% (adjusted PPNR(a) increased 39%), and net income increased 13%\n\n\n\n\n\nEfficiency ratio(a) improved approximately 5 points, adjusted efficiency(a) of 58.6% improved approximately 6 points\n\n\n\n\n\nTangible book value per share ex. AOCI(a) increased 7%\n\n\n\n\n \nGrowth:\n\n\n\n\n\nGenerated consumer household growth of 3% compared to 1Q22\n\n\n\n\n\nContinued to add new quality commercial relationships\n\n\n\n\n\nAnnounced the acquisition of Big Data Healthcare, furthering peer-leading digital payments and managed services offerings\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nIncome Statem...