Overview

• U.S. regional bank's Q2 net interest income rose 48% yr/yr, driven by Comerica acquisition

• Adjusted EPS for Q2 was $1.02, reported EPS $0.83

• Company surpassed $300 bln in total assets during qtr, becoming a Category III institution

Outlook

• Company says Comerica integration remains on track, with systems conversion scheduled for Labor Day weekend

• Company expects revenue synergies to emerge across expanded footprint following Comerica integration

• Fifth Third says balance sheet is positioned to support net interest margin expansion and improved credit performance

Result Drivers

• COMERICA ACQUISITION - Full-quarter contribution from Comerica drove increases in net interest income, noninterest income, loans, and deposits

• FEE INCOME GROWTH - Fee businesses including wealth and asset management, commercial payments, and capital markets saw strong momentum

Company press release: ID:nBw5KZ5JDa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 EPS		$0.83
Q2 Net Income		$763 mln
Q2 Net Interest Income		$2.22 bln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Fifth Third Bancorp is $63.00, about 6.1% above its July 16 closing price of $59.37

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 12 three months ago

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