Fifth Third (FITB) Q3 2026 Earnings Call: PPNR Rises 8%, Q4 Growth Outlook Strengthens
Source Tradingkey
Key Takeaways
- Fifth Third (FITB) reported Q3 2026 EPS of $0.90, or $1.13 excluding specified items. Adjusted pre-provision net revenue (PPNR) increased 8% sequentially to $1.5 billion.
- Adjusted revenue grew 2% from Q2, while adjusted expenses declined 2%. Adjusted return on tangible common equity reached 20.6%, return on assets was 1.41%, and the efficiency ratio improved to 54.6%.
- Average core deposits rose 3% sequentially to $236 billion, funding 1% average portfolio loan growth. The loan-to-core-deposit ratio declined one percentage point to 76%.
- The Comerica systems conversion was completed over Labor Day weekend. Management said the remaining expense synergies should enter the run rate in Q4, providing the first full-quarter view of the combined company’s profitability.
- Management expects Q4 adjusted PPNR to grow 9%-10% sequentially, supported by 2.5%-3.5% net interest income growth, 2%-4% fee growth, and a 2%-3% reduction in adjusted expenses.
- Credit remained stable: net charge-offs were 31 basis points, while CET1 increased nine basis points to 10%, within management’s 10%-10.5% operating range.
Key Financial Data
| Metric | Q3 2026 result | Change or context |
|---|---|---|
| Reported EPS | $0.90 | Includes specified items |
| Adjusted EPS | $1.13 | Excludes items identified by the company |
| Adjusted PPNR | $1.5 billion | Up 8% sequentially |
| Net interest income | $2.28 billion | Up $56 million, or 3%, from Q2 |
| Net interest margin | 3.34% | Down 2 basis points; excluding elevated conversion-related cash, management estimated a roughly 2-basis-point expansion |
| Adjusted noninterest income | $1.05 billion | Up 1% sequentially and 33% year over year |
| Adjusted noninterest expense | $1.82 billion | Down 2% sequentially |
| Adjusted efficiency ratio | 54.6% | Improved 250 basis points sequentially |
| Adjusted ROTCE | 20.6% | Improved approximately 160 basis points sequentially |
| Adjusted return on assets | 1.41% | Above the profitability target cited in the merger announcement |
| Average portfolio loans | $179 billion | Up 1% sequentially |
| Average core deposits | $236 billion | Up 3% sequentially |
| Net charge-offs | $139 million; 31 bps | Up 1 basis point sequentially |
| Allowance for credit losses | $3.1 billion | 1.74% of portfolio loans |
| CET1 ratio | 10.0% | Up 9 basis points sequentially |
| Tangible book value per share | — | Up 2% year over year |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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