fifth third bancorp Q4-02

News Release
CONTACT: Neal E. Arnold, CFO (Analysts) FOR IMMEDIATE RELEASE
(513) 579-4356 January 15, 2003
Bradley S. Adams, IR (Analysts)
(513) 534-0983
Roberta R. Jennings (Media)
(513) 579-4153

FIFTH THIRD BANCORP REPORTS 11 PERCENT INCREASE IN
FOURTH QUARTER EARNINGS

Fifth Third Bancorp’s 2002 fourth quarter earnings per diluted share were $.72, an increase of 11 percent over
$.65 per share for the same period in 2001. Fourth quarter net income totaled $423,372,000, a 10 percent increase over
fourth quarter 2001’s net income of $385,477,000. Fourth quarter return on average assets (ROA) and return on average
equity (ROE) were 2.11 percent and 19.8 percent, respectively, compared to 2.16 percent and 20.0 percent in 2001’s
fourth quarter. Earnings per diluted share for the full year 2002 was $2.76, an increase of 48 percent over last year’s
earnings of $1.86. Earnings for 2001 include $293.6 million of after-tax nonrecurring merger charges, or $.50 per
diluted share, associated with the merger and integration of Old Kent Financial, and an after-tax nonrecurring charge for
an accounting principle change of $6.8 million, or $.01 per diluted share. ROA for the full year 2002 was 2.18 percent
and ROE was 19.9 percent, compared to 1.55 percent and 15.1 percent, respectively, in 2001. Fifth Third continues to
maintain its commitment to a strong, flexible balance sheet evidenced by the full year 2002 capital ratio of 10.93 percent
compared to 10.28 percent in 2001.
“I would like to thank all of our employees for their hard work in producing another rewarding year for our
shareholders,” stated George A. Schaefer, Jr., President and CEO of Fifth Third Bancorp. “Financial results were driven
by outstanding customer and deposit growth in all of our markets, solid revenue and loan growth, and consistently strong
credit quality. The recognized financial strength of our balance sheet, market share upside and considerable momentum
in all of our markets and a focus on the daily execution of the basics serve to effectively position Fifth Third to continue
to deliver consistent earnings growth.
“Our outlook for 2003 is very positive while we remain prepared for the challenges that continued economic
softness and a continued low-rate environment can bring. We have worked extremely hard over the years and continue
to invest significantly in people and technologies to grow and maintain high-quality banking franchises in our
metropolitan markets. Our primary challenge, as in every business, lies in continuing to find new ways to capitalize on
the talent and entrepreneurial spirit of our employees. Recognizing this, we continue to rely on experienced local
managers empowered with the authority and infrastructure to hire talented bankers and employ the best practices in our
company to provide innovative products and a superior level of service to our customers. It is with a great deal of pride
that we announce another year of record earnings and look forward to meeting the opportunities and challenges that 2003
will provide.”

Deposit Growth and Balance Sheet Trends
Successful sales and promotional campaigns for Retail and Commercial deposits produced a record numb er of
new accounts in 2002 evidenced by 33 percent year-over-year growth in average transaction account balances over 2001.
Average demand deposit balances increased 14 percent and average interest checking balances grew 42 percent
compared to last year’s fourth quarter, and 21 percent and 41 percent on the full year, respectively. Compared to the
third quarter of this year, average transaction account balances increased by 12 percent on an annualized basis
highlighted by 29 percent annualized growth in demand deposits and 14 percent annualized growth in interest checking
balances. Fifth Third’s most recent Retail sales campaign, conducted in partnership with the Investment Advisors group,
concluded in November with over 12,000 Capital Management Accounts , $1.6 billion in deposit balances, and $1.1
billion in brokerage assets.
Loan and lease demand continued to exhibit strong growth with average total loans and leases increasing 24
percent on an annualized sequential basis and 12 percent over the same quarter last year. Better than expected middle-
market commercial loan originations and strength in direct installment lending highlight the fourth quarter balance sheet
growth. End of period total loan and lease balance comparisons are impacted by the previously announced securitization
and sale, with servicing retained, of $496 million of residential mortgage loans in late December. Direct installment loan
originations remained strong throughout 2002 and totaled $1.7 billion in the fourth quarter and $6.7 billion for the full
year compared to $1.3 billion in last year’s fourth quarter and $4.6 billion for the full year 2001, driving increases in total
installment loan balances of 20 percent on the full year and 8 percent on an annualized basis from last quarter.
Commercial period-end loan and lease balances increased by over $700 million from last quarter levels, or 12 percent on
an annualized basis, and 10 percent on a full year basis over 2001 on the strength of new customer additions and modest
improvement in the level of economic activity in the bank’s customer base. Fifth Third is continuing to devote
significant sales and marketing focus on driving high quality originations in coming periods.
Compared to the fourth quarter of 2001, net interest income on a fully-taxable equivalent basis increased 11
percent despite a 14 basis point (bp) decrease in the net interest margin due to 15 percent growth in average earning
assets. On a full year basis, the 11 percent increase in net interest income over 2001 was primarily driven by reductions
in funding costs due to lower interest rates of all categories. Sequentially, net interest income on a fully-taxable
equivalent basis increased 3 percent despite an 11 bp decline in the net interest margin due to six percent growth in
average earning assets. The net interest margin has contracted in recent periods due to the absolute level of interest rates
and the impact of asset growth at lower current market rates of interest. Fifth Third expects margin and net interest
income trends in coming periods will be dependent upon the magnitude of loan demand, the overall level of business
activity in the Bank’s Midwestern footprint and the path of interest rates in the economy.
Fifth Third repurchased approximately 4.5 million shares of its common stock for a total of approximately $261
million in the fourth quarter of 2002. As of December 31, 2002, the remaining authority under the plan authorized by the
Board of Directors in December 2001, and amended in May 2002, is approximately 5.6 million shares.

Other Operating Income Advances 18 Percent
Recent strong business line revenue growth trends continued in the fourth quarter with total other operating
income up 18 percent over the same quarter last year and 22 percent on a full year basis.

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Fifth Third Processing Solutions, our Electronic Payment Processing subsidiary, delivered a 30 percent increase
in revenues over fourth quarter last year and 37 percent on an annualized basis from last quarter due to the seasonal
increases in transaction volumes typically seen in the fourth quarter. For the full year, revenues increased 47 percent, or
approximately 27 percent excluding the incremental revenue addition from the 2001 purchase acquisition of Universal
Companies (USB). Fifth Third Processing Solutions continues to realize strong growth in both its Merchant Services
and Electronic Funds Transfer (EFT) businesses on the strength of new customer additions and growth in transaction
volumes. Fifth Third processed over 8.2 billion ATM, point of sale, and e-commerce transactions in 2002, representing
24 percent growth over last year and nearly four times the number processed just five years ago, for over 180,000
merchant locations and 1,300 financial institutions worldwide.
Successful sales of Retail and Commercial deposit accounts and corporate treasury management products fueled
increases in deposit service revenues of nine percent for the quarter and 17 percent for the full year. The fourth quarter
increase was highlighted by a 20 percent increase in Commercial deposit based revenues over the same quarter last year
on the strength of product introduction, improved cross-sell, new customer relationships and the benefit of a lower
interest rate environment.
Mortgage net service revenue totaled $66.7 million in the fourth quarter compared to $9.4 million last quarter
and a loss of $22.8 million in 2001’s fourth quarter. Inclusive of net realized securities gains from a portfolio established
to hedge against volatility related to the value of mortgage servicing rights, mortgage net service revenue in the fourth
quarter totaled $67.5 million compared to $43.2 million last quarter and $50.4 million in 2001’s fourth quarter.
Mortgage origination totaled a robust $4.3 billion in the fourth quarter versus $2.7 billion last quarter and $2.5 billion in
the fourth quarter of last year. The growth in mortgage net service revenue in the fourth quarter resulted from record
strength in origination and refinancing activity without significant negative impact on either the valuation or expected
life of the mortgage servicing portfolio. Fifth Third expects the core contribution of mortgage banking to total revenues
to decline as originations begin to slow from recent levels. Fourth quarter mortgage net service revenue was comprised
of $95.1 million in total mortgage banking fees, plus $11.7 million resulting from the servicing asset and corresponding
gains recognized in the previously discussed mortgage loan securitization and sale, plus $.8 million of gains on the sale
of balance sheet securities from a portfolio established to hedge against volatility related to the value of mortgage
servicing rights, plus $5.3 million of gains and mark-to-market adjustments on both settled and outstanding free-standing
derivative financial instruments and less $45.4 million in net valuation adjustments and amortization on mortgage
servicing rights. The sale of balance sheet securities, mark-to-market adjustments on free-standing derivative financial
instruments, corresponding valuation adjustments, and gains related to the loan securitization and sale resulted from
movements in interest rates and the anticipated level of prepayment speeds on the mortgage servicing portfolio. For the
full year, mortgage net service revenue totaled $187.9 million on originations of $11.5 billion compared to $62.7 million
in net service revenue in 2001 on total originations of $17.8 billion, including $9.3 billion contributed from operations
divested in the third quarter of 2001. Inclusive of net realized securities gains of $33.5 million and $142.9 million in
2002 and 2001, respectively, mortgage net service revenue totaled $221.4 million in the full-year 2002 compared to
$205.6 million in the prior year. Fifth Third’s mortgage servicing asset, net of the valuation reserve, is $263.5 million at
December 31, 2002, compared to $254.3 million last quarter and $426.3 million a year ago.

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Investment Advisory revenues increased six percent over the same quarter last year and 10 percent for the full
year despite a difficult year in the equity markets. Declines in market sensitive service income were mitigated by
double-digit increases in private client services across all product lines and in retail brokerage as sales through the Retail
network increased throughout 2002. Fifth Third continues to focus its sales efforts on integrating services across
business lines and working closely with Retail and Commercial team members to take advantage of a diverse and
expanding customer base. Fifth Third Investment Advisors, among the largest money managers in the Midwest, has
over $29 billion in assets under management and $187 billion in assets under care.
Other service charges and fees totaled $164.0 million in the fourth quarter and $579.7 million for the year.
Exclusive of the benefit of divestiture related gains in the current and prior periods discussed below, the year-over-year
fourth quarter growth is largely due to increases in loan fees across nearly all categories from improved loan demand.
Fourth quarter highlights include an 11 percent year-over-year and 25 percent annualized sequential increase in
Commercial banking revenues with institutional fixed income trading and sales revenues also contributing with an 18
percent increase over the same quarter last year. Other service charges and fees and income statement and balance sheet
comparisons to prior periods are impacted by the following: (i) a pre-tax gain of approximately $26 million realized from
the fourth quarter 2002 sale of the property and casualty insurance agency product line operations representing
approximately $26 million in revenue on a full year 2002 basis, (ii) the third quarter 2002 sale of six branches in
Southern Illinois, encompassing approximately $200 million in deposits, that resulted in an approximate $7 million pre-
tax gain, (iii) the third quarter 2001 sale of 11 branches in Arizona, encompassing approximately $336 million in loans
and $434 million in deposits, that resulted in an approximate $43 million pre-tax gain.

Stable Credit Performance
Credit quality metrics remained relatively stable in the fourth quarter with the level of nonperforming assets and
net charge-offs remaining a small percentage of the total loan and lease portfolio. Nonperforming assets (NPAs) stand at
59 bp of total loans and leases and other real estate owned at December 31, 2002, relatively consistent with the 56 bp
posted last quarter and in line with previously announced expectations. Net charge-offs for the quarter were $49.5
million, compared to $43.6 million last quarter and $54.6 million in the fourth quarter of 2001. The fourth quarter
provision for loan and lease losses totaled $72.1 million, compared to $55.5 million last quarter and $61.6 million in the
same quarter last year, resulting in a $22.3 million increase in the credit loss reserve, remaining relatively steady overall
at 1.49 percent of total loans and leases outstanding compared to 1.50 percent last quarter. As a percentage of average
loans and leases, fourth quarter net charge-offs were 43 bp, compared to 52 bp in 2001’s fourth quarter and 39 bp last
quarter.

Demonstrated Expense Control
Operating expenses decreased by five percent on a full year basis in 2002 primarily due to $348.6 million of
merger-related charges incurred in 2001. Exclusive of the merger-related charges incurred in 2001, full-year operating
expenses increased by 11 percent primarily due to the implications of strong growth in all of our markets and increases in
spending related to the expansion and improvement of our sales force, growth of the Retail banking platform and
continuing investment in support personnel, technology and infrastructure to support recent and future growth. Full-year

4

operating expenses also include the previously disclosed third quarter 2002 pre-tax expense of approximately $82
million ($53 million after-tax) for certain charged-off treasury related aged receivable and in -transit reconciliation items
detailed in Fifth Third’s December 10, 2002 filing on Form 8-K. On a full year basis, Fifth Third’s efficiency ratio
improved to 44.9 percent in 2002 from 54.8 percent last year.
Fourth quarter operating expenses increased 13 percent over the same period last year. In addition to the third
quarter treasury related charge, comparisons to last quarter are also impacted by approximately $19 million in current
period expense relating to a settlement charge realized in the pension plan as a result of an increased level of lump -sum
distributions during 2002 and adjustments to plan assumptions. Fifth Third’s fourth quarter efficiency ratio stands at
44.1 percent compared to 44.5 percent in the prior year quarter.

Impact of New Accounting Standard
Effective January 1, 2002, Fifth Third adopted Statement of Financial Accounting Standards (SFAS) No. 142
“Goodwill and Other Intangible Assets” with no resulting impairment. Upon implementation of SFAS No. 142, Fifth
Third realized a reduction in operating expenses related to the amortization of goodwill. The following tables are being
provided in order to present analysts, investors and other interested parties an illustration of the impact as if the new
accounting standard was effective beginning January 1, 2001. In general, the pro forma impact of implementation on
2001 operating results would be an approximate $40 million reduction in previously reported annual operating expenses.

4Q-2001
th th
Quarter Ended 4 Quarter 4 Quarter Pro forma Pro forma
2002 2001 Restated % Change
Earnings Per Diluted Share $0.72 $0.65 $0.66 9.1%
ROA 2.11% 2.16% 2.21% (4.5%)
ROE 19.8% 20.0% 20.4% (2.9%)
Efficiency Ratio 44.1% 44.5% 43.6% 1.1%

2001
Year Ended Pro forma Pro forma
2002 2001 Restated % Change
Earnings Per Diluted Share $2.76 $1.86 $1.92 43.8%
ROA 2.18% 1.55% 1.59% 37.1%
ROE 19.9% 15.1% 15.5% 28.4%
Efficiency Ratio 44.9% 54.8% 53.8% (16.5%)

Regulatory Update
As reported in the December 10, 2002 filing on Form 8-K, Fifth Third continues to progress in its review of
transactions related to the $82 million treasury-related charge in the third quarter of 2002. Fifth Third is focusing on
reviewing and reconciling all entries posted to the various treasury clearing and other related settlement accounts from
March 2000 through September 2002. Fifth Third maintains the goal of concluding the review during the second quarter
of 2003 and believes that there is no significant further financial exposure in excess of the amount charged-off in the
third quarter. Based on the reviews completed to date, Fifth Third remains optimistic that a portion of the amount

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charged-off in the third quarter can and will be recovered with definitive conclusion as to dollar amount dependent upon
successful completion of the review of accounts.
The examination by the Federal Reserve Bank of Cleveland and State of Ohio, Division of Financial Institutions
is ongoing as of the date of this release and Fifth Third is continuing to cooperate and respond to all questions and
requests for information. Based on preliminary discussions with the regulators, Fifth Third believes some form of
regulatory action will be taken, but it is unable to predict what that action might be.
Fifth Third is continuing to take aggressive steps to enhance its risk management, internal audit and internal
controls. Fifth Third expects these activities, many of which have been implemented or are in the process of being
implemented as of the date of this release, will serve to mitigate the risk of any potential future losses as well as
addressing any regulatory concerns. Additionally, the first two phases of third party reviews of certain account
reconciliations have been completed as of the date of this release with the third and final phase of third party reviews
commencing in the first quarter of 2003 and encompassing all remaining account reconciliations.
In regards to the Securities and Exchange Commission inquiry, Fifth Third has responded to their initial
requests.

Conference Call
Fifth Third will host a conference call to discuss these fourth quarter financial results at 8:30 a.m. (Eastern
Time) today. Investors, analysts and other interested parties may dial into the conference call at 800-814-4861 for
domestic access and 416-640-1907 for international access (passcode: Fifth Third). A replay of the conference call will
be available until 5:00 p.m. January 22, 2003 by dialing 877-289-8525 for domestic access and 416-640-1917 for
international access (passcode: 230896#).

Corporate Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The
Company has $81 billion in assets, operates 17 affiliates with 930 full-service Banking Centers, including 132 Bank
Mart® locations open seven days a week inside select grocery stores and 1,875 Jeanie® ATMs in Ohio, Kentucky,
Indiana, Michigan, Illinois, Florida, Tennessee and West Virginia. The financial strength of Fifth Third’s affiliate banks
continues to be recognized by rating agencies with deposit ratings of AA- and Aa1 from Standard & Poor’s and
Moody’s, respectively. Additionally, Fifth Third Bancorp continues to maintain the highest short-term ratings available
at A-1+ and Prime-1, and was recently recognized by Moody’s with one of the highest senior debt ratings for any U.S.
bank holding company of Aa2. Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors and
Fifth Third Processing Solutions. Investor information and press releases can be viewed at www.53.com. The
company’s common stock is traded through the Nasdaq National Market System under the symbol “FITB.”

This document contains forward-looking statements about Fifth Third Bancorp which we believe are within the meaning
of the Private Securities Litigation Reform Act of 1995. This document contains certain forward-looking statements with
respect to the financial condition, results of operations, plans, objectives, future performance and business of Fifth Third
including statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates” or similar
expressions. These forward-looking statements involve certain risks and uncertainties. There are a number of important
factors that could cause future results to differ materially from historical performance and these forward-looking

6

statements. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among
depository institutions increase significantly; (2) changes in the interest rate environment reduce interest margins; (3)
prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions, either
national or in the states in which Fifth Third does business, are less favorable than expected; (5) legislative or
regulatory changes adversely affect the businesses in which Fifth Third is engaged; (6) changes in the securities
markets. Further information on other factors which could affect the financial results of Fifth Third are included in Fifth
Third’s filings with the Securities and Exchange Commission. These documents are available free of charge at the
Commission’s website at http://www.sec.gov and/or from Fifth Third.
###

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FIFTH THIRD BANCORP AND SUBSIDIARIES
Quarterly Financial Review
December 31, 2002
Table of Contents

Page
Earnings Review
Financial Highlights 2
Consolidated Statements of Income 4
Consolidated Statements of Changes
in Shareholders' Equity 6
Condensed Consolidated Quarterly Statements of Income 7
Other Operating Income and Operating Expenses 8
Financial Condition
Consolidated Balance Sheets 9
Loan and Lease Portfolios 10
Consolidated Average Balance Sheets, Yields and Rates 11
Analysis of Risk-Based Capital 13
Asset Quality
Summary of Credit Loss Experience 14
Underperforming Assets 15

1

Financial Highlights
(unaudited)
Three Months Ended
December 31, December 31, Percent
2002 2001 Change
Earnings ($000's except per share):
Net Interest Income (FTE) $ 708,860 639,645 10.8
Net Income Available to Common Shareholders 423,372 385,477 9.8

Earnings per Share 0.73 0.67 9.0
Earnings per Diluted Share 0.72 0.65 10.8
Key Ratios (percent):
Return on Average Assets (ROAA) 2.11 2.16 (2.3)
Return on Average Equity (ROAE) 19.8 20.0 (1.0)
Net Interest Margin 3.80 3.94 (3.6)
Efficiency Ratio 44.1 44.5 (0.9)
Average Shareholders' Equity to
Average Assets 10.63 10.80 (1.6)
Risk-Based Capital Ratios (a):
Tier I 11.39 12.35 (7.8)
Total 13.17 14.41 (8.6)
Common Stock Data:
Cash Dividends Declared Per Share $ 0.26 0.23 13.0
Book Value Per Share 14.76 13.11 12.6
Market Price Per Share
High 66.47 63.07 5.4
Low 55.40 53.30 3.9
End of Period 58.55 61.33 (4.5)
Price/Earnings Ratio (b) 21.21 32.97 (35.7)
Twelve Months Ended
December 31, December 31, Percent
2002 2001 Change
Earnings ($000's except per share):
Net Interest Income (FTE) $ 2,739,464 2,478,579 10.5
Net Income Available to Common Shareholders 1,633,973 1,093,031 49.5
Net Income, Excluding Merger Charges & Accounting Change (c) 1,633,973 1,393,430 17.3

Earnings per Share 2.82 1.90 48.4
Earnings per Diluted Share 2.76 1.86 48.4
Earnings per Diluted Share, Excluding Merger Charges & Accounting 2.76 2.37 16.5
Key Ratios (percent):
ROAA 2.18 1.55 40.6
ROAA, Excluding Merger Charges & Accounting Change (c) 2.18 1.97 10.7
ROAE 19.9 15.1 31.8
ROAE, Excluding Merger Charges & Accounting Change (c) 19.9 19.2 3.6
Net Interest Margin 3.96 3.82 3.7
Efficiency Ratio 44.9 54.8 (18.1)
Efficiency Ratio, Excluding Merger Charges (c) 44.9 46.6 (3.6)
Average Shareholders' Equity to Average Assets 10.93 10.28 6.3
Common Stock Data:
Cash Dividends Declared Per Share $ 0.98 0.83 18.1
Market Price Per Share
High 69.70 64.77 7.6
Low 55.26 45.69 20.9

2

Financial Highlights, continued
(unaudited)
Book Value and Market Price Range Per Share
Market Price
Book Value Per Share Range Per Share
Mar. 31 Jun. 30 Sept. 30 Dec. 31 Low High
1997 $ 8.00 $ 8.38 $ 8.70 $ 9.00 $ 18.00 $ 37.11
1998 8.87 9.27 9.43 9.64 31.67 49.42
1999 9.74 9.59 9.56 9.84 38.58 50.29
2000 9.99 10.33 10.72 11.71 29.33 60.88
2001 12.19 12.26 12.81 13.11 45.69 64.77
2002 13.39 14.10 14.48 14.76 55.26 69.70
Earnings Per Share
Quarter Ended
Mar. 31 Jun. 30 Sept. 30 Dec. 31 Year-to-Date
1997 $ 0.33 $ 0.35 $ 0.36 $ 0.36 $ 1.39
1998 0.38 0.18 0.45 0.43 1.44
1999 0.45 0.45 0.45 0.33 1.68
2000 0.47 0.44 0.55 0.56 2.02
2001 0.52 0.22 0.48 0.67 1.90
2002 0.67 0.69 0.72 0.73 2.82
Earnings Per Diluted Share
Quarter Ended
Mar. 31 Jun. 30 Sept. 30 Dec. 31 Year-to-Date
1997 $ 0.32 $ 0.34 $ 0.36 $ 0.36 $ 1.37
1998 0.37 0.18 0.44 0.43 1.42
1999 0.44 0.44 0.44 0.33 1.66
2000 0.46 0.43 0.54 0.55 1.98
2001 0.51 0.22 0.47 0.65 1.86
2002 0.66 0.68 0.70 0.72 2.76
(a) December 31, 2002 ratios are estimated.
(b) Based on the most recent twelve-month earnings per diluted share and end of period stock prices.
(c) For comparability, certain ratios and statistics exclude nonrecurring merger charges and a nonrecurring accounting
principle change of $394.5 million pretax ($300.3 million after tax, or $.51 per diluted share) for the twelve months ended
December 31, 2001.

3

Consolidated Statements of Income
(unaudited) ($000's)
Three Months Ended
December 31, December 31,
2002 2001
INTEREST INCOME
Interest and Fees on Loans and Leases $ 705,913 741,260
Interest on Securities
Taxable 307,021 308,712
Exempt from Income Taxes 13,682 14,719
Total Interest on Securities 320,703 323,431
Interest on Other Short-Term Investments 1,236 1,025
Total Interest Income 1,027,852 1,065,716
INTEREST EXPENSE
Interest on Deposits
Interest Checking 68,664 64,603
Savings and Money Market 41,263 44,614
Time Deposits, including Foreign 88,734 192,373
Total Interest on Deposits 198,661 301,590
Interest on Federal Funds Borrowed 18,005 12,613
Interest on Other Short-Term Borrowings 16,241 27,689
Interest on Long-Term Debt 96,480 94,842
Total Interest Expense 329,387 436,734
NET INTEREST INCOME 698,465 628,982
Provision for Credit Losses 72,085 61,574
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES 626,380 567,408
OTHER OPERATING INCOME
Electronic Payment Processing Income 147,343 113,522
Service Charges on Deposits 112,646 103,115
Mortgage Banking Net Revenue 66,689 (22,833)
Investment Advisory Income 77,117 73,087
Other Service Charges and Fees 164,013 136,183
Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing 783 73,214
Securities Gains, Net 14,731 17,867
Total Other Operating Income 583,322 494,155
OPERATING EXPENSES
Salaries, Wages & Incentives 242,673 215,457
Employee Benefits 59,740 32,732
Equipment Expenses 19,861 22,866
Net Occupancy Expenses 36,707 36,680
Other Operating Expenses 210,301 196,803
Total Operating Expenses 569,282 504,538
INCOME BEFORE INCOME TAXES & MINORITY INTEREST 640,420 557,025
Applicable Income Taxes 207,463 168,873
INCOME BEFORE MINORITY INTEREST 432,957 388,152
Minority Interest, Net of Tax 9,400 2,490
NET INCOME 423,557 385,662
Dividend on Preferred Stock 185 185
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 423,372 385,477
Average Common Shares (000's):
Outstanding 576,471 577,939
Diluted 586,809 593,932

4

Consolidated Statements of Income
Twelve Months Ended
2002 2001
INTEREST INCOME
Interest and Fees on Loans and Leases $ 2,810,101 3,420,119
Interest on Securities
Taxable 1,257,579 1,213,232
Exempt from Income Taxes 55,897 65,649
Total Interest on Securities 1,313,476 1,278,881
Interest on Other Short-Term Investments 5,834 9,825
Total Interest Income 4,129,411 4,708,825
INTEREST EXPENSE
Interest on Deposits
Interest Checking 296,402 311,090
Time Deposits, including Foreign 446,098 1,028,699
Total Interest on Deposits 928,086 1,551,550
Interest on Federal Funds Borrowed 52,820 152,585
Interest on Other Short-Term Borrowings 67,054 204,314
Interest on Long-Term Debt 381,130 367,318
Total Interest Expense 1,429,090 2,275,767
NET INTEREST INCOME 2,700,321 2,433,058
Provision for Credit Losses 246,611 200,640
Merger-Related Provision for Credit Losses - 35,437
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES 2,453,710 2,196,981
OTHER OPERATING INCOME
Electronic Payment Processing Income 512,054 347,496
Service Charges on Deposits 431,076 367,444
Mortgage Banking Net Revenue 187,919 62,742
Investment Advisory Income 336,247 306,513
Other Service Charges and Fees 579,727 542,223
Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing 33,525 142,887
Securities Gains, Net 113,579 28,206
Total Other Operating Income 2,194,127 1,797,511
OPERATING EXPENSES
Salaries, Wages & Incentives 904,880 845,157
Employee Benefits 201,648 148,497
Equipment Expenses 79,352 91,133
Net Occupancy Expenses 142,454 146,199
Other Operating Expenses 887,853 761,829
Merger-Related Charges - 348,595
Total Operating Expenses 2,216,187 2,341,410
INCOME BEFORE INCOME TAXES, MINORITY INTEREST & CUMULATIVE EFFECT 2,431,650 1,653,082
Applicable Income Taxes 759,257 550,040
INCOME BEFORE MINORITY INTEREST & CUMULATIVE EFFECT 1,672,393 1,103,042
Minority Interest, Net of Tax 37,680 2,490
INCOME BEFORE CUMULATIVE EFFECT 1,634,713 1,100,552
Cumulative Effect of Change in Accounting Principle, Net of Tax - 6,781
NET INCOME 1,634,713 1,093,771
Dividend on Preferred Stock 740 740
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS (a) $ 1,633,973 1,093,031
Outstanding 580,327 575,254
Diluted 592,020 591,316
(a) Net Income Available to Common Shareholders excluding nonrecurring items was $1,393,430 for the twelve
months ended December 31, 2001.

5

Consolidated Statements of Changes in Shareholders' Equity
Three Months Ended
2002 2001
BALANCE AT SEPTEMBER 30 $ 8,375,738 7,405,662
Net Income 423,557 385,662
Nonowner Changes in Equity, Net of Tax:
Change in Unrealized Gains/(Losses) on Securities Available-for-Sale
and Qualifying Cash Flow Hedges 101,479 (230,122)
Change in Additional Minimum Pension Liability (52,235) -
Net Income and Nonowner Changes in Equity 472,801 155,540
Cash Dividends Declared:
Fifth Third Bancorp:
Common Stock (2002 - $.26 per share and 2001 - $.23 per share) (149,470) (134,053)
Preferred Stock (185) (185)
Conversion of Subordinated Debentures to Common Stock - 168,152
Stock Options Exercised Including Treasury Shares Issued 10,137 21,997
Corporate Tax Benefit Related to Exercise of Non-Qualified Stock Options 26,066 21,409
Shares Purchased (261,100) -
Stock Issued in Acquisitions and Other 1,030 755
BALANCE AT DECEMBER 31 $ 8,475,017 7,639,277

Twelve Months Ended
2002 2001
Net Income 1,634,713 1,093,771
Nonowner Changes in Equity, Net of Tax:
Change in Unrealized Gains/(Losses) on Securities Available-for-Sale
and Qualifying Cash Flow Hedges 413,414 (20,189)
Change in Additional Minimum Pension Liability (52,235) -
Net Income and Nonowner Changes in Equity 1,995,892 1,073,582
Cash Dividends Declared:
Fifth Third Bancorp:
Common Stock (2002 - $.98 per share and 2001 - $.83 per share) (567,519) (459,625)
Preferred Stock (740) (555)
Pooled Companies Prior to Acquisition:
Common Stock - (50,872)
Preferred Stock - (185)
Conversion of Subordinated Debentures to Common Stock - 168,152
Stock Options Exercised Including Treasury Shares Issued 103,574 118,222
Corporate Tax Benefit Related to Exercise of Non-Qualified Stock Options 26,474 21,409
Shares Purchased (719,518) (14,696)
Stock Issued in Acquisitions and Other (2,423) 121,433

6

Condensed Consolidated Quarterly Statements of Income
(unaudited) ($000's except per share )
Quarter Ended
Dec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 31
2002 2002 2002 2002 2001
Interest Income $ 1,027,852 1,036,547 1,047,301 1,017,712 1,065,716
Taxable
Equivalent
Adjustment 10,395 10,580 10,052 8,116 10,663
Taxable
Equivalent
Interest Income 1,038,247 1,047,127 1,057,353 1,025,828 1,076,379
Interest Expense 329,387 358,874 369,285 371,545 436,734
Net Interest Income 708,860 688,253 688,068 654,283 639,645
Provision for
Credit Losses 72,085 55,524 64,040 54,962 61,574
Net Interest Income
After Provision for
Credit Losses 636,775 632,729 624,028 599,321 578,071
Other Operating
Income 583,322 607,657 506,872 496,275 494,155
Operating Expenses 569,282 619,162 519,875 507,868 504,538
Income Before Income Taxes &
Minority Interest 650,815 621,224 611,025 587,728 567,688
Applicable
Income Taxes 207,463 184,483 187,282 180,029 168,873
Taxable
Equivalent
Adjustment 10,395 10,580 10,052 8,116 10,663
Income Before Minority Interest 432,957 426,161 413,691 399,583 388,152
Minority Interest, Net of Tax 9,400 9,422 9,429 9,429 2,490
Net Income 423,557 416,739 404,262 390,154 385,662
Dividend on Preferred Stock 185 185 185 185 185
Net Income Available to
Common Shareholders $ 423,372 416,554 404,077 389,969 385,477

Earnings per Share $ 0.73 0.72 0.69 0.67 0.67
Earnings per Diluted Share 0.72 0.70 0.68 0.66 0.65
Cash Dividends Declared 0.26 0.26 0.23 0.23 0.23

Outstanding 576,471 580,504 581,814 582,583 577,939
Diluted 586,809 592,024 594,257 594,982 593,932
Net Interest
Margin (percent) 3.80 3.91 4.07 4.10 3.94

7

Other Operating Income and Operating Expenses
Quarter Ended
2002 2002 2002 2002 2001
OTHER OPERATING
INCOME:
Electronic Payment Processing
Income $ 147,343 134,866 121,787 108,058 113,522
Service Charges
on Deposits 112,646 113,770 106,092 98,568 103,115
Mortgage Banking Net
Revenue 66,689 9,401 10,156 101,673 (22,833)
Investment Advisory
Income 77,117 82,723 91,959 84,447 73,087
Other Service
Charges and Fees 164,013 143,767 141,023 130,924 136,183
Securities Gains (Losses), Net - Non-Qualifying
Hedges on Mortgage Servicing 783 33,783 35,654 (36,695) 73,214
Securities Gains, Net 14,731 89,347 201 9,300 17,867
TOTAL OTHER
OPERATING INCOME $ 583,322 607,657 506,872 496,275 494,155
OPERATING EXPENSES:
Salaries, Incentives &
Employee Benefits $ 302,413 267,046 269,497 267,573 248,189
Equipment
Expenses 19,861 19,459 19,444 20,588 22,866
Net Occupancy
Expenses 36,707 36,209 35,403 34,134 36,680
Other Operating
Expenses 210,301 296,448 195,531 185,573 196,803
TOTAL OPERATING
EXPENSES $ 569,282 619,162 519,875 507,868 504,538

Employees (FTE) 19,119 18,764 18,651 18,545 18,373
Banking Centers 930 919 921 927 933

8

Consolidated Balance Sheets
(unaudited) ($ in millions)
Dec. 31, Dec. 31,
2002 2001
ASSETS
Cash and Due from Banks $ 1,891 2,031
Securities Available-for-Sale (a) 25,464 20,507
Securities Held-to-Maturity (b) 52 16
Other Short-Term Investments 312 225
Loans Held for Sale 3,358 2,180
Loans and Leases
Commercial Loans 12,743 10,839
Construction Loans 3,327 3,356
Commercial Mortgage Loans 5,885 6,085
Commercial Lease Financing 3,986 3,151
Residential Mortgage Loans 3,495 4,505
Consumer Loans 15,116 12,565
Consumer Lease Financing 2,638 1,958
Unearned Income (1,262) (911)
Reserve for Credit Losses (683) (624)
Total Loans and Leases 45,245 40,924
Bank Premises and Equipment 891 833
Accrued Income Receivable 569 618
Goodwill 702 682
Mortgage Servicing Rights 263 426
Intangible Assets 236 267
Other Assets 1,911 2,317
TOTAL ASSETS $ 80,894 71,026
LIABILITIES
Deposits
Interest Checking $ 17,878 13,474
Consumer Time Deposits 8,180 11,301
Total Customer Deposits 37,158 33,192
Other Time Deposits, including Foreign 4,955 3,419
Demand 10,095 9,243
Total Deposits 52,208 45,854
Federal Funds Borrowed 4,748 2,544
Short-Term Bank Notes - 34
Other Short-Term Borrowings 4,075 4,875
Accrued Taxes, Interest and Expenses 2,308 1,963
Other Liabilities 440 666
Long-Term Debt 8,179 7,030
TOTAL LIABILITIES 71,958 62,966
Minority Interest 461 421
TOTAL SHAREHOLDERS' EQUITY (c) 8,475 7,639
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 80,894 71,026
(a) Amortized cost: December 31, 2002 - $24,790 and December 31, 2001 - $20,479.
(b) Market values: December 31, 2002 - $52 and December 31, 2001 - $16.
(c) Common Shares: Stated value $2.22 per share; authorized 1,300,000,000; outstanding December 31, 2002 - 574,355,247
(excluding 9,071,857 treasury shares) and December 31, 2001 - 582,674,580 (excluding 80,000 treasury shares).

9

Loan and Lease Portfolios
2002 2002 2002 2002 2001
On-Balance Sheet:
Commercial Loans & Leases
Commercial (a) $ 12,743 12,427 11,521 10,937 10,808
Mortgage 5,885 5,659 5,759 5,917 6,085
Construction 3,009 2,930 3,008 3,083 3,103
Leases 3,019 2,918 2,582 2,521 2,487
Subtotal 24,656 23,934 22,870 22,458 22,483
Retail Loans & Leases
Installment 14,579 14,277 13,503 12,521 12,117
Mortgage 3,813 3,316 4,449 4,745 4,758
Credit Card 537 479 488 446 448
Leases 2,343 2,200 2,078 1,874 1,742
Subtotal 21,272 20,272 20,518 19,586 19,065
Total Loans & Leases Held for Investment 45,928 44,206 43,388 42,044 41,548

Loans Held for Sale 3,358 2,664 1,290 1,455 2,180
.
Off-Balance Sheet (b):
Residential Mortgage 26,468 29,044 30,529 30,968 31,598
Consumer Leases 1,475 1,636 1,814 1,977 2,124
Commercial (a) 3,722 4,131 4,240 4,389 4,315
Total Off-Balance Sheet 31,665 34,811 36,583 37,334 38,037
Total Serviced $ 80,951 81,681 81,261 80,833 81,765
(a) Fifth Third transfers certain investment-grade commercial loans to an asset-backed commercial paper program.
The outstanding balance of these loans was $1.8 billion at the end of 2002's fourth quarter, $1.9 billion at the end of 2002's third
and second quarter and $2.1 billion at the end of 2002's first quarter, and $2.0 billion at the end of 2001's fourth quarter.
In addition, Fifth Third services various real estate loans originated and sold to investors. The outstanding balance
of these was $2.0 billion at the end of 2002's fourth quarter, $2.2 billion at the end of 2002's third quarter, $2.3 billion at
the end of 2002's second and first quarters and $2.4 billion at the end of 2001's fourth quarter.
(b) Includes loans which have been securitized or sold for which the Bancorp retains the servicing.

10

Consolidated Average Balance Sheets, Yields and Rates
Taxable Equivalent Basis
Three Months Ended
December 31,
2002 2001
Average Average
Average Yield/Rate Average Yield/Rate
Balance (%) Balance (%)
Assets:
Interest-Earning Assets
Loans and Leases $ 48,478 5.81 43,157 6.85
Securities
Taxable 24,506 4.99 20,140 6.10
Tax Exempt 1,072 7.63 1,165 7.43
Total Interest-Earning Assets 74,056 5.56 64,462 6.62
Cash and Due from Banks 1,534 1,686
Total Assets $ 79,656 70,835
Liabilities:
Interest-Bearing Liabilities
Interest Checking $ 17,671 1.54 12,464 2.06
Savings and Money Market 11,493 1.42 8,212 2.16
Time Deposits 8,393 3.34 12,273 4.92
Total Consumer Deposits 37,557 1.91 32,949 3.15
Other Time Deposits, including Foreign 3,862 1.86 4,518 4.55
Federal Funds Borrowed 4,944 1.44 2,262 2.21
Short-Term Bank Notes - - 27 2.17
Other Short-Term Borrowings 3,966 1.62 4,745 2.30
Long-Term Debt 8,142 4.70 7,057 5.33
Total Interest-Bearing
Liabilities 58,471 2.23 51,558 3.36
Demand Deposits 9,675 8,463
Other Liabilities 2,589 3,041
Total Liabilities 70,735 63,062
Shareholders' Equity 8,464 7,652
Total Liabilities and
Shareholders' Equity $ 79,656 70,835
Net Interest Income Margin on
a Taxable Equivalent Basis 3.80 3.94
Net Interest Rate Spread 3.33 3.26
to Interest-Earning Assets 78.96 79.98

11

Consolidated Average Balance Sheets, Yields and Rates
Taxable Equivalent Basis
Twelve Months Ended
December 31,
2002 2001
Average Average
Average Yield/Rate Average Yield/Rate
Balance (%) Balance (%)
Assets:
Interest-Earning Assets
Loans and Leases $ 45,539 6.20 44,888 7.65
Securities
Taxable 22,484 5.62 18,683 6.55
Tax Exempt 1,101 7.40 1,255 7.71
Total Interest-Earning Assets 69,124 6.03 64,826 7.33
Cash and Due from Banks 1,551 1,482
Total Assets $ 74,999 70,663
Liabilities:
Interest Checking $ 16,239 1.83 11,489 2.71
Savings and Money Market 10,627 1.75 7,480 2.83
Time Deposits 9,403 3.80 13,473 5.53
Total Consumer Deposits 36,269 2.31 32,442 3.91
Other Time Deposits, including Foreign 3,707 2.41 5,813 4.87
Federal Funds Borrowed 3,262 1.62 3,682 4.14
Short-Term Bank Notes - - 10 2.13
Other Short-Term Borrowings 3,929 1.71 5,107 4.00
Long-Term Debt 7,640 4.99 6,301 5.83
Total Interest-Bearing
Liabilities 54,807 2.61 53,355 4.27
Demand Deposits 8,953 7,394
Other Liabilities 2,602 2,623
Total Liabilities 66,362 63,372
Shareholders' Equity 8,197 7,261
Total Liabilities and
Shareholders' Equity $ 74,999 70,663
Net Interest Income Margin on
a Taxable Equivalent Basis 3.96 3.82
Net Interest Rate Spread 3.42 3.06
to Interest-Earning Assets 79.29 82.30

12

Analysis of Risk-Based Capital
2002 2002 2002 2002 2001
Tier I Capital:
Shareholders'
Equity and Other $ 9,036 8,899 8,677 8,285 8,306
Less: Goodwill
and Certain
Other Intangibles (938) (950) (936) (945) (950)
Adj: Unrealized
Losses (Gains) (421) (320) (225) 31 (8)
Total Tier I
Capital $ 7,677 7,629 7,516 7,371 7,348
Total Risk-Based
Capital:
Tier I Capital $ 7,677 7,629 7,516 7,371 7,348
Qualifying Reserve
for Credit Losses 690 668 661 629 624
Qualifying
Subordinated
Notes 508 508 798 816 599
Total Risk-Based
Capital $ 8,875 8,805 8,975 8,816 8,571
Net Risk-Weighted
Assets $ 67,404 63,056 61,263 59,253 59,491
Ratios:
Average Shareholders'
Equity to Average
Assets 10.63% 11.11% 10.92% 11.09% 10.80%
Risk-Based Ratios (a):
Tier I 11.39% 12.10% 12.27% 12.44% 12.35%
Total Risk-Based:
Capital 13.17% 13.96% 14.65% 14.88% 14.41%
Leverage Ratio 9.75% 10.21% 10.35% 10.53% 10.52%
(a) December 31, 2002 regulatory capital data and risk-based capital ratios are estimated.

Goodwill and Intangibles
(unaudited) ($000's) As of and for the Quarter Ended
2002 2002 2002 2002 2001
Goodwill and Intangibles, Net $ 938,195 954,137 935,590 945,150 949,764
Goodwill and Intangibles
Amortization Expense (b) 9,354 8,982 9,233 9,411 18,726
(b) Adoption on January 1, 2002 of Statement of Financial Accounting Standards No. 142 resulted in the elimination of
goodwill amortization expense.

13

Summary of Credit Loss Experience
Quarter Ended
2002 2002 2002 2002 2001
Reserve for Credit Losses,
Beg of Period $ 660,934 649,166 628,595 624,080 616,608
Losses Charged-Off:
Construction and
Commercial Loans (23,994) (28,106) (27,496) (25,146) (31,354)
Mortgage Loans (3,467) (2,844) (2,230) (1,223) (1,427)
Consumer Loans (31,397) (25,583) (26,247) (32,033) (30,356)
Leases (11,038) (10,107) (8,825) (12,777) (11,948)
Total Losses (69,896) (66,640) (64,798) (71,179) (75,085)
Recoveries of Losses
Previously Charged Off:
Construction and
Commercial Loans 4,803 8,994 6,981 5,814 7,930
Mortgage Loans 1 3 258 2 10
Consumer Loans 12,501 11,715 11,235 11,232 9,162
Leases 3,074 2,358 2,965 3,758 3,395
Total
Recoveries 20,379 23,070 21,439 20,806 20,497
Net Losses Charged Off:
Construction and
Commercial Loans (19,191) (19,112) (20,515) (19,332) (23,424)
Mortgage Loans (3,466) (2,841) (1,972) (1,221) (1,417)
Consumer Loans (18,896) (13,868) (15,012) (20,801) (21,194)
Leases (7,964) (7,749) (5,860) (9,019) (8,553)
Total
Net Losses (49,517) (43,570) (43,359) (50,373) (54,588)
Acquired & Other (309) (186) (110) (74) 486
Operating Provision 72,085 55,524 64,040 54,962 61,574
Reserve for Credit Losses,
End of Period $ 683,193 660,934 649,166 628,595 624,080
Loans and Leases
Outstanding
($ in millions) $ 45,928 44,206 43,388 42,044 41,548
Average Loans & Leases
Outstanding
($ in millions) (a) $ 45,273 44,174 42,983 41,640 41,271
Reserve as a Percent
of Loans & Leases
Outstanding 1.49 1.50 1.50 1.50 1.50
Net Charge-Offs as a Percent
of Average Loans &
Leases Outstanding 0.43 0.39 0.40 0.49 0.52
(a) Excludes average loans held for sale.

14

Underperforming Assets
2002 2002 2002 2002 2001
Nonaccrual Loans
and Leases (a) $ 246,986 226,840 211,592 219,128 215,961
Other Real
Estate Owned 25,618 21,028 19,498 21,168 19,142
Total Nonperforming
Assets 272,604 247,868 231,090 240,296 235,103
Ninety Days Past
Due Loans
and Leases (a) 162,213 191,116 182,884 176,806 163,694
Total
Underperforming
Assets $ 434,817 438,984 413,974 417,102 398,797
Nonperforming
Assets as a Percent
of Loans, Leases
and Other Real
Estate Owned 0.59 0.56 0.53 0.57 0.57
Underperforming
Assets as a Percent
of Loans, Leases
and Other Real
Estate Owned 0.95 0.99 0.95 0.99 0.96
(a) Nonaccrual includes $18.4 million and Ninety Days Past Due includes $50.6 million of residential mortgage loans
in the fourth quarter of 2002.

15

fifth third bancorp Q4-02

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