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Fifth Third Announces 2012 Earnings Per Share Of $1.66, Up 41 Percent From 2011

Commercial average transaction deposits increased 5 percent sequentially and 8 percent from the previous year. Sequential performance reflected higher demand deposits and money market balances. Year-over-year growth was primarily driven by higher inflows to interest checking and demand deposit account balances, partially offset by lower foreign office balances. Average public funds balances were $5.0 billion compared with $5.1 billion in the third quarter of 2012 and $5.6 billion in the fourth quarter of 2011.

Consumer average transaction deposits increased 2 percent sequentially and increased 4 percent from the fourth quarter of 2011. The sequential increase reflected higher money market, demand deposits, and interest checking balances, which were partially offset by lower savings balances. Year-over-year growth was primarily driven by increased interest checking and demand deposit balances partially offset by lower savings balances. Consumer CDs included in core deposits declined 3 percent sequentially, driven by customer reluctance to purchase CDs given the current low rate environment, and declined 17 percent year-over-year driven by maturities of higher-rate CDs.

Noninterest Income
  For the Three Months Ended   % Change
December   September   June   March   December    
2012   2012   2012   2012   2011   Seq   Yr/Yr
Noninterest Income ($ in millions)
Service charges on deposits $134 $128 $130 $129 $136 5% (1%)
Corporate banking revenue 114 101 102 97 82 13% 38%
Mortgage banking net revenue 258 200 183 204 156 29% 65%
Investment advisory revenue 93 92 93 96 90 1% 3%
Card and processing revenue 66 65 64 59 60 2% 10%
Other noninterest income 215 78 103 175 24 NM NM
Securities gains, net 2 2 3 9 5 - (60%)

Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights
  (2)   5   -   -   (3)   NM   NM
Total noninterest income $880 $671 $678 $769 $550 31% 60%
NM: Not Meaningful                            

Noninterest income of $880 million increased $209 million sequentially, or 31 percent, and increased $330 million, or 60 percent, compared with prior year results. The sequential and year-over-year increases were both driven by a $157 million gain from the sale of Vantiv shares and higher mortgage banking and corporate banking revenue.

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