Fifth Third Bancorp (FITB): First take: Slight PPNR beat; 3Q a touch of downside, 4Q a touch of upside

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Fifth Third Bancorp (FITB): First take: Slight PPNR beat; 3Q a touch of downside, 4Q a touch of upside

Equity Research

17 July 2026 | 8:32AM EDT

Fifth Third Bancorp (FITB): First take: Slight PPNR beat; 3Q a touch of

downside, 4Q a touch of upside

Bottom line on the fundamentals / stock: Overall this was a decent quarter, and Ryan M. Nash, CFA

+1(212)902-8963 | ryan.nash@gs.com

mixed guide, in our view (at least for 3Q). Despite providing detailed guidance at a Goldman Sachs & Co. LLC

conference last month, PPNR was slightly higher on higher fees and lower costs. Lucas Haimes

However, balance sheet trends had pluses and minuses with loans coming in stronger +1(212)902-3305lucas.haimes@gs.com|

but deposits (int bearing and DDA) came in softer than expected. Goldman Sachs & Co. LLC

In terms of its guidance, we are uncertain how the market will interpret it. On one

hand, the 3Q PPNR guide is soft; however, the implied 4Q is stronger than expected

and implies an efficiency that is a touch below 52% (street at 52.1%). So we wonder

if the street will give a free pass on 3Q given the focus is on 4Q and full year 2027.

The deposit performance was the most concerning and we look for color on what is

happening there. Positioning was favorable coming in given seamless execution and

we believe performance will come down to the market’s confidence in their ability to

achieve 4Q and beyond goals.

Four key questions for the call: 1) Can you discuss the drivers of deposit growth in

2Q, including what drove the decline in DDA and what your expectations are for total

and NIB deposit growth for the remainder of the year?, 2) With the changes in the

forward curve as well as increased deposit competition, how are you thinking about