Fifth Third Bancorp: 2Q Muddied by Acquisition; FY Guidance Ranges Narrowed, PPNR Tad Above Prior

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Fifth Third Bancorp: 2Q Muddied by Acquisition; FY Guidance Ranges Narrowed, PPNR Tad Above Prior

J P M O R G A N North America Equity Research

20 July 2026

Fifth Third Bancorp Overweight

FITB, FITB US

2Q Muddied by Acquisition; FY Guidance Ranges Price (17 Jul 26):$58.01

Narrowed, PPNR Tad Above Prior Price Target (Dec-26):$61.00

Fifth Third posted core 2Q EPS of $1.00 by our calculation, reported EPS was Banks — Large-Cap

AC$0.83. 2Q results were muddied by inclusion of Comerica for one additional month Vivek Juneja

and hence income statement qoq trends are hard to discern. Management narrowed (1-212) 622-6465

the guidance ranges and expects FY26 PPNR to be a tad higher, likely due to little vivek.juneja@jpmorgan.com

higher merger cost synergies. Fifth Third achieved greater than expected growth Andrew J Dietrich

in consumer deposits in Comerica’s legacy markets (Texas, Arizona, California) (1-212) 622-4244

of $2.5 bil and higher than previous $1 bil expectation. It has finalized locations aj.dietrich@jpmorgan.com

for more branches, 101 out of planned 150 branch openings in Comerica’s markets. Sai M Nettem

Fifth Third is marketing products and services to Comerica’s clients which should (1-212) 622-2666

sai.nettem@jpmorgan.com

drive fee revenue growth especially in the commercial segment and showed some J.P. Morgan Securities LLC

pick-up in residential mortgage originations.

• Merger on track, 2Q results included impact of one more month at Quarterly Forecasts (FYE Dec)

Comerica and were marked by: 1) growth qoq in legacy net interest income Adj. EPS ($)

and net interest margin (NIM); 2) growth qoq in non-interest income; 3) higher 2025A 2026E 2027E

non-interest expenses; 4) modest period end loan and deposit growth qoq - Q1 0.71 0.83A