Fifth Third Bancorp Q3 2023 Earnings Call Transcript

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

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Jamie, this first one is for you. Not to belabor the earlier point, but all the PPNR metrics and balance sheet metrics look great and so did the forward look. And I guess, if you could just explain what happened in the quarter, I think given that your portfolio -- your securities portfolio is 61% CMBS. I think investors that know you well, expected not as much negative convexity. Was there something unique that happened in this quarter in the portfolio that -- where the AOCI was that much wider?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. And my follow-up question was for you, Tim. I think it was a very powerful statement you said in the beginning of the call in terms of confidence that you could return to loan growth next year. I think several of your peers that have similar CET1 ratios and similar AOCI marks are still talking about dieting. Could you give us a sense of, first of all, if you could confirm what the AOCI was in basis points, Jamie. And second, Tim, how are you balancing on one hand, the market wants you to continue to build capital as we approach that transitional date on CET1? And on the other, we're still hearing low demand from corporates for financing.