Company: FITBI
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0000035527-25-000171
Chunk: 46

Company: FIFTH THIRD BANCORP
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 7
Chunk 46
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 money market deposits increased $829 million and $1.3 billion for the three and six months ended June 30, 2025, respectively, compared to the same periods in the prior year primarily as a result of higher average balances per customer account due to higher offering rates. Average demand deposits increased $631 million and $666 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in the prior year primarily as a result of an increase in customer accounts and average balances per customer account. Average savings deposits decreased $619 million and $799 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in the prior year primarily due to lower average balances per customer account partially driven by the impact of consumer preferences for products with higher offering rates.

Wealth and Asset Management

Wealth and Asset Management provides a full range of wealth management solutions for individuals, companies and not-for-profit organizations, including wealth planning, investment management, banking, insurance, trust and estate services. These offerings include retail brokerage services for individual clients, advisory services for institutional clients including middle market businesses, non-profits, states and municipalities, and wealth management strategies and products for high net worth and ultra-high net worth clients.

The following table contains selected financial data for the Wealth and Asset Management segment:

TABLE 27:  Wealth and Asset ManagementFor the three months endedJune 30,For the six months endedJune 30,($ in millions)2025202420252024Income Statement DataNet interest income$57 54 106 112 (Benefit from) provision for credit losses(2)— (2)— Noninterest income:Wealth and asset management revenue100 96 205 197 Other noninterest income1 2 6 3 Noninterest expense:Compensation and benefits55 52 117 114 Other noninterest expense40 41 86 81 Income before income taxes$65 59 116 117 Average Balance Sheet DataLoans and leases, including held for sale$4,550 4,049 4,443 4,106 Deposits10,043 10,507 10,430 10,621 

Income before income taxes was $65 million and $116 million for the three and six months ended June 30, 2025, respectively, compared to $59 million and $117 million for the same periods in the prior year.