Fifth Third Bancorp – Strong Financial Performance and Shareholder Returns

Fifth Third Bancorp reported a 1.13% return on average assets and a 14.2% return on average common equity for the full year 2023. The efficiency ratio stood at 72%, a 5% improvement. Additionally, the loan-to-core deposit ratio increased by 100 basis points compared to the 2022 average, reaching 37%. The bank also saw a 3% growth in new quality relationships and opened 34 new financial centers, positioning itself for long-term sustainable value to shareholders.

In terms of shareholder return, Fifth Third Bancorp declared dividends of $1.36 per common share in 2023. This resulted in total shareholder return of 10% over one year, 40% over three years, and 79% over five years. Among regional banks, they ranked number one in total shareholder return in 2023.

The bank also highlighted its achievements in customer empowerment through innovations such as Momentum Banking and Jeanie fintech offerings, which secured a top 5 market share across several product categories. Additionally, Fifth Third's artificial intelligence-powered digital assistant, Jeanie, facilitated around 200,000 customer interactions per month.

Fifth Third Bancorp emphasized its commitment to community well-being, having delivered over $35 billion of its $100 billion sustainability and stewardship target to be achieved by 2030. The bank also made charitable donations exceeding $35.3 million and provided $199 million in investment to neighborhood programs in nine majority-black communities.

The press release concluded with a note about an upcoming first quarter 2024 earnings conference call scheduled for April 19, 2024, and invited stakeholders to participate and submit questions. Today the company's shares have moved -1.7% to a price of $34.02. For the full picture, make sure to review Fifth Third Bancorp's 8-K report.

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