Fifth Third Bancorp Q2 2023 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : My first question is for Jamie. According to your first quarter Q, we're down 100 basis points parallel, I believe, your NII would be up 44 basis points over a full year. A lot of investors are now thinking about the potential for a Fed rate cut in 1Q '24. So I'm wondering, as we think about that 4Q '23 exit rate in NII all else equal, do you expect relative stability in NII if in the scenario as the Fed cuts? And how does that play out in terms of deposit costs? In other words, is just -- is there an absolute level where deposit costs don't move that much. Do deposit costs continue to increase even in the first few cuts? You are one the most trusted CFOs out there. So it would be interesting to hear your perspective on all of that.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Understood. And my second question maybe is for Tim. It took a lot of years of hard work, but Fifth Third has put itself in a position where you're pretty down the middle in terms of the results. You're not talking about taking expenses down next year. You're not talking about RWA mitigation. And while I'm sure there's something on LCR and long-term debt as those requirements come in that you're working on, that doesn't seem to be something that would change strategy. The question really here is as you think about where Fifth Third is positioned, and there seems to be now appreciable differences on how peers are positioned for this sort of new world order. How are you going to take advantage of it from a market share perspective? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 20, 2023 / 1:00PM, FITB.OQ - Q2 2023 Fifth Third Bancorp Earnings Call