Q4 provision for credit losses totaled $94M vs. $164M last year. Q4 net charge-offs were $110M vs. $78M last year. Tangible book value per share was $17.35 from $17.64 at previous quarter end. CEO Tim Spence stated: “Fifth Third’s financial results once again reflected balance sheet strength, well-managed deposit costs, disciplined credit risk management, and diversified revenue streams. Expenses remain well-controlled and were down slightly year-over-year when excluding certain items. Our balance sheet positioning and deposit performance provide flexibility in managing through a range of uncertain economic and regulatory environments. Our credit metrics remain below historical levels, with net charge-offs for the quarter in line with our expectations. We continue to prudently invest in our strategic priorities as highlighted by strong growth in our treasury management fees and wealth and asset management revenue. We also extended our track record of strong organic growth, adding net new households in consumer and new quality relationships in commercial. While the economic and regulatory environments remain uncertain, we remain well positioned to respond to a range of potential outcomes. We will continue to follow our guiding principles of stability, profitability, and growth – in that order”.
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