Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 171

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 171
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The following table contains selected financial data for the Wealth and Asset Management segment:

TABLE 26:  Wealth and Asset ManagementFor the three months endedMarch 31,($ in millions)20252024Income Statement DataNet interest income$49 59 Provision for credit losses— — Noninterest income:Wealth and asset management revenue106 101 Other noninterest income3 1 Noninterest expense:Compensation and benefits62 62 Other noninterest expense44 41 Income before income taxes$52 58 Average Balance Sheet DataLoans and leases, including held for sale$4,335 4,163 Deposits10,820 10,735 

Income before income taxes was $52 million for the three months ended March 31, 2025 compared to $58 million for the same period in the prior year. The decrease was primarily driven by a decrease in net interest income, partially offset by an increase in noninterest income. 

Net interest income decreased $10 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by a decrease in FTP credits on deposits, partially offset by a decrease in rates paid on average deposits. 

Noninterest income increased $7 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily due to an increase in wealth and asset management revenue, which increased $5 million for the three months ended March 31, 2025, primarily driven by an increase in personal asset management revenue. 

Average loans and leases increased $172 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by increases in average other consumer loans, average commercial mortgage loans and average commercial and industrial loans as loan production exceeded payoffs.

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Table of ContentsManagement’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

General Corporate and Other

General Corporate and Other includes the unallocated portion of the investment securities portfolio, securities gains and losses, certain non-core deposit funding, unassigned equity, unallocated provision for credit losses or a benefit from the reduction of the ACL, the payment of preferred stock dividends and certain support activities and other items not attributed to its segments.

Net interest income on an FTE basis increased $350 million for the three months ended March 31, 2025 compared to the same period in the prior year primarily driven by a decrease in FTP credits