Fifth Third Bancorp (FITB) Q1 2026 earnings summary

Executive summary

• Closed the $12.7 billion all-stock Comerica acquisition on February 1, 2026, significantly expanding assets, loans, deposits, and geographic reach, especially in Texas and California.

• Q1 2026 EPS was $0.15 reported and $0.83 adjusted, with net income available to common shareholders at $128 million, down sharply due to $567 million in after-tax merger and litigation charges.

• Revenue rose 33% year-over-year to $2.9 billion, with strong organic growth and early revenue synergies from Comerica integration.

• Integration is progressing on schedule, with leadership decisions complete, technology conversion on track, and $360 million net cost savings expected in 2026.

• Surpassed $300 billion in total assets for the first time.

Financial highlights

• Net interest income (FTE) rose 34% year-over-year to $1.94 billion, with net interest margin expanding 17 bps to 3.30%.

• Adjusted noninterest income was $921 million, up 28% year-over-year; adjusted noninterest expense increased 35% year-over-year, mainly due to merger costs.

• Noninterest expense surged 84% year-over-year to $2.4 billion, including $635 million in direct merger-related costs.

• Tangible book value per share grew 15% year-over-year to $22.88.

• CET1 capital ratio at 9.96%–10.0% post-Comerica close.

Outlook and guidance

• Full-year 2026 net interest income expected at $8.7–$8.8 billion; noninterest income at $4.0–$4.2 billion; noninterest expense at $7.2–$7.3 billion, including $360 million net synergies.

• Net charge-off ratio expected between 30–40 bps; effective tax rate at 22–23%.

• Q2 guidance: average loans $178–$179 billion, NII $2.2–$2.25 billion, noninterest income $1–$1.06 billion, expense $1.87–$1.89 billion.

• Transition to Category III regulatory standards expected by year-end 2026.

• Regular share repurchases expected to resume in H2 2026.