The document is an agenda for a conference presentation by the Chairman, President, and CEO of Fifth Third Bank. It includes an overview of Fifth Third Bank, results for 3Q08 which showed higher credit costs offsetting strong core operating results, operating and credit trends, the bank's capital position, and priorities going forward. Fifth Third has a strong core business with average loan growth of 11% and transaction deposit growth of 3%, but reported a loss for 3Q08 due to higher net charge-offs and market valuation adjustments.
1) Fifth Third Bank reported strong core business momentum in 1Q08 despite difficult economic conditions, with loan growth of 12%, transaction deposit growth of 7%, and net interest income growth of 11% versus 1Q07.
2) Credit costs increased significantly in 1Q08 due to rising charge-offs and provisions driven by deterioration in residential and commercial real estate loans, particularly in stressed markets like Michigan and Florida.
3) Fifth Third has strong capital levels and has taken aggressive actions to contain credit risks, such as eliminating brokered home equity production and suspending new developer lending.
Fifth Third Bank is a top 15 US bank by assets and market capitalization with over $116 billion in assets and over 1,298 banking centers across 12 states. The presentation discusses Fifth Third's increasing net interest income and diversifying fee income streams. Net interest income has grown 12% annually and net interest margin was 4.24% in 3Q08. Fee income from payment processing, deposit services, and corporate banking has increased by double digits year-over-year, helping to offset declines in other areas. Financial technology processing services has become a key growth engine and significant revenue generator for Fifth Third Bank.
The document is a proposal from Mutual of America for full-service 403(b) plan administration. It outlines Mutual of America's extensive scope of services, customer service platforms, investment services and fee schedules. The services include consulting, document services, recordkeeping, administrative support, investment management and oversight. Mutual of America has regional offices across the US and provides electronic access and support through their website, phone and voice response system to support plan participants.
Affordable housing can do more than provide safe, secure homes to those in need. Communities have been able to maximize their housing infrastructure projects to create a better quality of life for their families, seniors, and veterans, while also creating a stronger local economy. Learn how affordable housing projects can be used to strengthen economic development and mixed-use projects in rural settings.
- The document is Brandywine Realty Trust's 10-Q filing for the first quarter of 2009.
- It provides financial statements and notes for the company, including the consolidated balance sheet, statement of operations, statement of cash flows, and notes to the financial statements.
- The filing shows that for Q1 2009, Brandywine Realty Trust had a net loss of $873,000, compared to net income of $13.6 million in Q1 2008. Revenue was relatively flat at $151.9 million for Q1 2009 versus $152.2 million in Q1 2008.
This document summarizes Fifth Third Bancorp's 2006 annual report. It discusses:
1) 2006 was a transition year that positioned the company well for the future, with new leadership and actions to address interest rate challenges. However, reported results were impacted.
2) Core businesses saw loan and deposit growth, but earnings declined from interest rate pressures and balance sheet actions to reduce sensitivity.
3) Going forward, the company is well positioned for growth with strong leadership, capital levels, and local market positions in its core Midwest region.
The document is a notice for the annual meeting of shareholders of Fifth Third Bancorp to be held on March 22, 2005. It lists the purposes of the meeting as electing five Class I directors, amending the company's regulations, and appointing an independent accounting firm. It provides details on shareholder voting eligibility and proxy voting.
Kevin Kabat, CEO of Fifth Third Bank, presented at a Lehman Brothers conference on September 9, 2008. He discussed 2Q08 results which showed strong core business growth but significant increases in net charge-offs and provisions due to the difficult economic environment. Credit quality deteriorated most in residential and commercial real estate loans, especially in Michigan and Florida. Despite challenges, Fifth Third continued to outperform peers on key metrics like loan and deposit growth but underperformed on asset quality. Capital levels remained strong after issuing new preferred shares.
1) Fifth Third Bank reported strong core business momentum in 1Q08 despite difficult economic conditions, with loan growth of 12%, transaction deposit growth of 7%, and net interest income growth of 11% versus 1Q07.
2) Credit costs increased significantly in 1Q08 due to rising charge-offs and provisions driven by deterioration in residential and commercial real estate loans, particularly in stressed markets like Michigan and Florida.
3) Fifth Third has strong capital levels and has taken aggressive actions to contain credit risks, such as eliminating brokered home equity production and suspending new developer lending.
Fifth Third Bank is a top 15 US bank by assets and market capitalization with over $116 billion in assets and over 1,298 banking centers across 12 states. The presentation discusses Fifth Third's increasing net interest income and diversifying fee income streams. Net interest income has grown 12% annually and net interest margin was 4.24% in 3Q08. Fee income from payment processing, deposit services, and corporate banking has increased by double digits year-over-year, helping to offset declines in other areas. Financial technology processing services has become a key growth engine and significant revenue generator for Fifth Third Bank.
The document is a proposal from Mutual of America for full-service 403(b) plan administration. It outlines Mutual of America's extensive scope of services, customer service platforms, investment services and fee schedules. The services include consulting, document services, recordkeeping, administrative support, investment management and oversight. Mutual of America has regional offices across the US and provides electronic access and support through their website, phone and voice response system to support plan participants.
Affordable housing can do more than provide safe, secure homes to those in need. Communities have been able to maximize their housing infrastructure projects to create a better quality of life for their families, seniors, and veterans, while also creating a stronger local economy. Learn how affordable housing projects can be used to strengthen economic development and mixed-use projects in rural settings.
- The document is Brandywine Realty Trust's 10-Q filing for the first quarter of 2009.
- It provides financial statements and notes for the company, including the consolidated balance sheet, statement of operations, statement of cash flows, and notes to the financial statements.
- The filing shows that for Q1 2009, Brandywine Realty Trust had a net loss of $873,000, compared to net income of $13.6 million in Q1 2008. Revenue was relatively flat at $151.9 million for Q1 2009 versus $152.2 million in Q1 2008.
This document summarizes Fifth Third Bancorp's 2006 annual report. It discusses:
1) 2006 was a transition year that positioned the company well for the future, with new leadership and actions to address interest rate challenges. However, reported results were impacted.
2) Core businesses saw loan and deposit growth, but earnings declined from interest rate pressures and balance sheet actions to reduce sensitivity.
3) Going forward, the company is well positioned for growth with strong leadership, capital levels, and local market positions in its core Midwest region.
The document is a notice for the annual meeting of shareholders of Fifth Third Bancorp to be held on March 22, 2005. It lists the purposes of the meeting as electing five Class I directors, amending the company's regulations, and appointing an independent accounting firm. It provides details on shareholder voting eligibility and proxy voting.
Kevin Kabat, CEO of Fifth Third Bank, presented at a Lehman Brothers conference on September 9, 2008. He discussed 2Q08 results which showed strong core business growth but significant increases in net charge-offs and provisions due to the difficult economic environment. Credit quality deteriorated most in residential and commercial real estate loans, especially in Michigan and Florida. Despite challenges, Fifth Third continued to outperform peers on key metrics like loan and deposit growth but underperformed on asset quality. Capital levels remained strong after issuing new preferred shares.
1) Fifth Third Bank reported strong core business momentum in 1Q08 despite difficult economic conditions, with loan growth of 12%, transaction deposit growth of 7%, and net interest income growth of 11% versus 1Q07.
2) Credit costs increased significantly in 1Q08 due to rising charge-offs and provisions driven by deterioration in residential and commercial real estate loans, particularly in stressed markets like Michigan and Florida.
3) Fifth Third has strong capital levels and has taken aggressive actions to contain credit risks, such as eliminating brokered home equity production and suspending new developer lending.
Fifth Third Bank is a top 15 US bank by assets and market capitalization with over $116 billion in assets and over 2,300 ATMs across 12 states. The presentation discusses Fifth Third's increasing net interest income, with 3Q08 results showing 41% year-over-year growth and a net interest margin of 4.24%. Fee income has also grown steadily, with particular increases in payment processing, deposit service charges, corporate banking, and mortgage banking. Financial technology processing services has emerged as a key growth engine for noninterest revenue.
1) Fifth Third Bank reported difficult second quarter 2008 results due to a significant increase in net charge-offs and provision expenses driven by deterioration in residential and commercial real estate markets, particularly in Michigan and Florida.
2) However, the bank's core business momentum remained strong with continued growth in average loans, deposits, and noninterest income, though credit costs offset gains.
3) While credit quality issues increased, the bank outperformed large bank and Midwest peers on key metrics like loan growth, fee income growth, and efficiency though net charge-offs were in line with peers.
fifth third bancorp InvestorPresentationv40731finance28
- Fifth Third Bank reported a difficult second quarter of 2008 due to a significant increase in net charge-offs and provision expense driven by deterioration in its residential and commercial real estate loan portfolios, particularly in Michigan and Florida.
- While core business performance remained strong with double-digit revenue growth in payments processing and deposit services, credit costs offset this operating strength with a large increase in the provision expense.
- To strengthen its capital position, Fifth Third issued $1.1 billion in convertible preferred securities, reduced its common stock dividend, and plans to generate over $1 billion from non-core business sales.
fifth third bancorp InvestorPresentationv40731finance28
- Fifth Third Bank reported a difficult second quarter of 2008 due to a significant increase in net charge-offs and provision expense driven by deterioration in their residential and commercial real estate portfolios, particularly in Michigan and Florida.
- While core business performance remained strong with growth in areas like payments processing, deposit fees, and corporate banking, credit costs offset this operating performance.
- To strengthen its capital position, Fifth Third issued $1.1 billion in convertible preferred securities, reduced its common stock dividend, and plans to generate over $1 billion from non-core business sales.
Dan Poston, CFO of Fifth Third Bank, presented at the KBW Large Cap Bank Conference on August 11, 2008. He discussed Fifth Third Bank's second quarter 2008 results, which included a significant increase in net charge-offs and provision expenses due to the difficult economic environment. However, core pre-tax pre-provision income was up 16% from the second quarter of 2007 driven by growth in fees from payments processing, deposit services, corporate banking and mortgage banking. Fifth Third also raised $1.1 billion in convertible preferred securities and reduced its dividend to strengthen its capital position.
1) Fifth Third Bank reported mixed results for 2Q08, with strong core pre-tax pre-provision income growth offset by a significant increase in net charge-offs and provision expense.
2) Credit quality deteriorated, with non-performing assets and net charge-offs growing substantially year-over-year. Residential and commercial real estate loans experienced the largest increases in credit issues.
3) Michigan and Florida were identified as the bank's most stressed markets in terms of credit problems.
This document is Pulte Homes' 2001 Annual Report. It provides an overview of Pulte Homes' financial performance and operations in 2001. Some key details include:
- Pulte Homes completed its acquisition of Del Webb Corporation, making it the largest builder of active adult communities.
- The company achieved record revenues of $5.4 billion, up 27% from 2000, and net income of $302 million, up 38% from 2000.
- Domestic homebuilding revenues increased 27% to $5.3 billion with settlements of 22,915 homes, up 16% from 2000. Gross margins increased to 20%.
- Pulte Mortgage captured 60% of homebuyer financing, up from 56
Bank of America announces its acquisition of LaSalle Bank. The $21 billion all-cash deal will make Bank of America the leader in the Chicago and Detroit markets, gaining immediate access to 1.3 million retail households and 17,000 commercial clients. The acquisition is expected to be accretive to Bank of America's earnings per share and generate an internal rate of return of 17%. The combined company will have over $1.6 trillion in total managed assets and provide better capabilities and products to customers across both companies.
This document provides an overview and highlights of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the last 12 months including the Telewest merger and Virgin Mobile acquisition. The fourth quarter saw revenue growth across all segments, strong net additions, and continued ARPU and customer care improvements. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
This document provides an overview of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the past year including the Telewest merger and Virgin Mobile acquisition. The highlights of Q4 2006 include revenue growth across all segments, strong broadband and TV subscriber additions, and increased triple play penetration. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
Virgin Media reported its financial results for the first quarter of 2007. Key highlights include:
1) Strong growth in broadband, TV and mobile contract customers due to compelling offers and marketing campaigns promoting bundled services. However, fixed line customers continued to decline due to increased competition.
2) ARPU was slightly down due to lower fixed line usage, but triple play penetration and Old NTL ARPU increased, pointing to continued ARPU growth.
3) Customer churn improved to 1.6% due to more rigorous credit policies and efficient sales channels, while Sky basics had a minimal impact in Q1.
4) Mobile contract growth remained strong through cable cross-sell, while pre-pay declined season
This document summarizes Virgin Media's performance in the first quarter of 2007. It discusses Virgin Media's progress on key priorities such as brand strength, targeting competitors, cable integration, and cross-sell opportunities. Financial metrics like revenue, customer additions and disconnects, and ARPU are also reviewed. Challenges from increased competition and the impact of Sky's new "Basics" package are addressed.
This document provides a summary of Virgin Media's financial performance in the second quarter of 2007. It discusses declines in revenue due to customer churn related to the loss of Sky basics channels, but notes improving trends in areas like TV and broadband. Key points highlighted include strong growth in video on demand usage, successful bundling of products, expansion of high speed broadband services, and continued strength in the mobile business. The summary also previews upcoming content initiatives and their potential to further drive customer growth and engagement.
This document summarizes Virgin Media's financial performance in the second quarter of 2007. Key points include: losses of Sky basic channels impacted customer churn but TV performance was better than expected; strong mobile contract sales and bundling of products continued; and while ARPU was affected by retention activities, cash flow outlook remains strong. The document provides details on customer additions and disconnects, growth of triple play bundling, and increases in video on demand usage.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It notes significant improvements in customer and revenue growth metrics compared to previous quarters. Revenue was up slightly from the second quarter due to growth in the consumer, business services, content, and mobile segments. Operating cash flow also increased due to lower costs and certain one-time benefits. However, proactive investment in customer growth was also noted as impacting operating cash flow. Net debt remained substantial as of the end of the third quarter.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It discusses improvements in customer and revenue growth metrics compared to previous quarters. Specifically, it notes record quarterly gross additions and reduced churn. It also summarizes growth in the company's broadband, TV, telephony, mobile, and business services segments. The document concludes with discussions of operating cash flow, revenue, and net debt levels.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives. He highlighted opportunities in premium TV, basic pay-TV, free DTV and contract mobile. Berkett also outlined Virgin Media's network advantages in speed and reach, and strategies to increase customer value through volume, ARPU and tenure. Mobile was discussed as an important driver of consumer value through cross-selling. Valuable tax assets were also noted.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives, and building the platform for growth. He highlighted opportunities in premium TV, basic pay-TV, free DTV, broadband, and mobile services. Berkett also covered Virgin Media's network advantages, content assets, tax assets, and the significant potential asset value of the company's network, consumer base, mobile business, and content.
This document provides a summary of Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF increased slightly compared to last quarter. Capex remained high at 13.7% of revenue to support network upgrades including faster broadband speeds. Revenue declined slightly due to seasonal factors in certain business units.
This document summarizes Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF was £324 million for Q1 2008, up slightly from the previous quarter. Cash capex was £125 million for network upgrades and expansion.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the same period last year.
1) Fifth Third Bank reported strong core business momentum in 1Q08 despite difficult economic conditions, with loan growth of 12%, transaction deposit growth of 7%, and net interest income growth of 11% versus 1Q07.
2) Credit costs increased significantly in 1Q08 due to rising charge-offs and provisions driven by deterioration in residential and commercial real estate loans, particularly in stressed markets like Michigan and Florida.
3) Fifth Third has strong capital levels and has taken aggressive actions to contain credit risks, such as eliminating brokered home equity production and suspending new developer lending.
Fifth Third Bank is a top 15 US bank by assets and market capitalization with over $116 billion in assets and over 2,300 ATMs across 12 states. The presentation discusses Fifth Third's increasing net interest income, with 3Q08 results showing 41% year-over-year growth and a net interest margin of 4.24%. Fee income has also grown steadily, with particular increases in payment processing, deposit service charges, corporate banking, and mortgage banking. Financial technology processing services has emerged as a key growth engine for noninterest revenue.
1) Fifth Third Bank reported difficult second quarter 2008 results due to a significant increase in net charge-offs and provision expenses driven by deterioration in residential and commercial real estate markets, particularly in Michigan and Florida.
2) However, the bank's core business momentum remained strong with continued growth in average loans, deposits, and noninterest income, though credit costs offset gains.
3) While credit quality issues increased, the bank outperformed large bank and Midwest peers on key metrics like loan growth, fee income growth, and efficiency though net charge-offs were in line with peers.
fifth third bancorp InvestorPresentationv40731finance28
- Fifth Third Bank reported a difficult second quarter of 2008 due to a significant increase in net charge-offs and provision expense driven by deterioration in its residential and commercial real estate loan portfolios, particularly in Michigan and Florida.
- While core business performance remained strong with double-digit revenue growth in payments processing and deposit services, credit costs offset this operating strength with a large increase in the provision expense.
- To strengthen its capital position, Fifth Third issued $1.1 billion in convertible preferred securities, reduced its common stock dividend, and plans to generate over $1 billion from non-core business sales.
fifth third bancorp InvestorPresentationv40731finance28
- Fifth Third Bank reported a difficult second quarter of 2008 due to a significant increase in net charge-offs and provision expense driven by deterioration in their residential and commercial real estate portfolios, particularly in Michigan and Florida.
- While core business performance remained strong with growth in areas like payments processing, deposit fees, and corporate banking, credit costs offset this operating performance.
- To strengthen its capital position, Fifth Third issued $1.1 billion in convertible preferred securities, reduced its common stock dividend, and plans to generate over $1 billion from non-core business sales.
Dan Poston, CFO of Fifth Third Bank, presented at the KBW Large Cap Bank Conference on August 11, 2008. He discussed Fifth Third Bank's second quarter 2008 results, which included a significant increase in net charge-offs and provision expenses due to the difficult economic environment. However, core pre-tax pre-provision income was up 16% from the second quarter of 2007 driven by growth in fees from payments processing, deposit services, corporate banking and mortgage banking. Fifth Third also raised $1.1 billion in convertible preferred securities and reduced its dividend to strengthen its capital position.
1) Fifth Third Bank reported mixed results for 2Q08, with strong core pre-tax pre-provision income growth offset by a significant increase in net charge-offs and provision expense.
2) Credit quality deteriorated, with non-performing assets and net charge-offs growing substantially year-over-year. Residential and commercial real estate loans experienced the largest increases in credit issues.
3) Michigan and Florida were identified as the bank's most stressed markets in terms of credit problems.
This document is Pulte Homes' 2001 Annual Report. It provides an overview of Pulte Homes' financial performance and operations in 2001. Some key details include:
- Pulte Homes completed its acquisition of Del Webb Corporation, making it the largest builder of active adult communities.
- The company achieved record revenues of $5.4 billion, up 27% from 2000, and net income of $302 million, up 38% from 2000.
- Domestic homebuilding revenues increased 27% to $5.3 billion with settlements of 22,915 homes, up 16% from 2000. Gross margins increased to 20%.
- Pulte Mortgage captured 60% of homebuyer financing, up from 56
Bank of America announces its acquisition of LaSalle Bank. The $21 billion all-cash deal will make Bank of America the leader in the Chicago and Detroit markets, gaining immediate access to 1.3 million retail households and 17,000 commercial clients. The acquisition is expected to be accretive to Bank of America's earnings per share and generate an internal rate of return of 17%. The combined company will have over $1.6 trillion in total managed assets and provide better capabilities and products to customers across both companies.
This document provides an overview and highlights of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the last 12 months including the Telewest merger and Virgin Mobile acquisition. The fourth quarter saw revenue growth across all segments, strong net additions, and continued ARPU and customer care improvements. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
This document provides an overview of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the past year including the Telewest merger and Virgin Mobile acquisition. The highlights of Q4 2006 include revenue growth across all segments, strong broadband and TV subscriber additions, and increased triple play penetration. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
Virgin Media reported its financial results for the first quarter of 2007. Key highlights include:
1) Strong growth in broadband, TV and mobile contract customers due to compelling offers and marketing campaigns promoting bundled services. However, fixed line customers continued to decline due to increased competition.
2) ARPU was slightly down due to lower fixed line usage, but triple play penetration and Old NTL ARPU increased, pointing to continued ARPU growth.
3) Customer churn improved to 1.6% due to more rigorous credit policies and efficient sales channels, while Sky basics had a minimal impact in Q1.
4) Mobile contract growth remained strong through cable cross-sell, while pre-pay declined season
This document summarizes Virgin Media's performance in the first quarter of 2007. It discusses Virgin Media's progress on key priorities such as brand strength, targeting competitors, cable integration, and cross-sell opportunities. Financial metrics like revenue, customer additions and disconnects, and ARPU are also reviewed. Challenges from increased competition and the impact of Sky's new "Basics" package are addressed.
This document provides a summary of Virgin Media's financial performance in the second quarter of 2007. It discusses declines in revenue due to customer churn related to the loss of Sky basics channels, but notes improving trends in areas like TV and broadband. Key points highlighted include strong growth in video on demand usage, successful bundling of products, expansion of high speed broadband services, and continued strength in the mobile business. The summary also previews upcoming content initiatives and their potential to further drive customer growth and engagement.
This document summarizes Virgin Media's financial performance in the second quarter of 2007. Key points include: losses of Sky basic channels impacted customer churn but TV performance was better than expected; strong mobile contract sales and bundling of products continued; and while ARPU was affected by retention activities, cash flow outlook remains strong. The document provides details on customer additions and disconnects, growth of triple play bundling, and increases in video on demand usage.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It notes significant improvements in customer and revenue growth metrics compared to previous quarters. Revenue was up slightly from the second quarter due to growth in the consumer, business services, content, and mobile segments. Operating cash flow also increased due to lower costs and certain one-time benefits. However, proactive investment in customer growth was also noted as impacting operating cash flow. Net debt remained substantial as of the end of the third quarter.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It discusses improvements in customer and revenue growth metrics compared to previous quarters. Specifically, it notes record quarterly gross additions and reduced churn. It also summarizes growth in the company's broadband, TV, telephony, mobile, and business services segments. The document concludes with discussions of operating cash flow, revenue, and net debt levels.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives. He highlighted opportunities in premium TV, basic pay-TV, free DTV and contract mobile. Berkett also outlined Virgin Media's network advantages in speed and reach, and strategies to increase customer value through volume, ARPU and tenure. Mobile was discussed as an important driver of consumer value through cross-selling. Valuable tax assets were also noted.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives, and building the platform for growth. He highlighted opportunities in premium TV, basic pay-TV, free DTV, broadband, and mobile services. Berkett also covered Virgin Media's network advantages, content assets, tax assets, and the significant potential asset value of the company's network, consumer base, mobile business, and content.
This document provides a summary of Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF increased slightly compared to last quarter. Capex remained high at 13.7% of revenue to support network upgrades including faster broadband speeds. Revenue declined slightly due to seasonal factors in certain business units.
This document summarizes Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF was £324 million for Q1 2008, up slightly from the previous quarter. Cash capex was £125 million for network upgrades and expansion.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the same period last year.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the prior year through lower churn, higher triple-play penetration and a focus on quality customer growth. The company believes its cable network gives it advantages over DSL providers that will increase further after investments are completed.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenues increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network upgrades and expand service offerings.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenue increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network investments.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. Key points include plans to: 1) lead in next generation broadband through upgrades to 10Mbps and beyond; 2) lead the on-demand TV revolution through growing video on demand usage and iPlayer views; and 3) leverage mobile as a third screen through bundling mobile services. Virgin Media also aims to build a more efficient customer focused organization through an operational transformation program targeting over £120m in annual cost savings by 2012.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. It aims to lead in next generation broadband, lead the on-demand TV revolution, and leverage mobile as a third screen. Virgin Media has the best broadband economics due to its high market share and lower costs. It is focusing on upgrading customers to higher broadband tiers, growing on-demand TV and video usage, and integrating mobile offerings. The company expects operational transformation to deliver over £120 million in annual cost savings by 2012.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Introductions of the senior management team who will be presenting.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Biographies and photos of Virgin Media's management team, including the CEO and heads of key business units.
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Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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FITB_BAABPresentation107
1. BancAnalysts Association of Boston
Conference
Kevin Kabat
Chairman, President & CEO
November 7, 2008
Fifth Third Bank | All Rights Reserved
2. Agenda
Overview
3Q08 results
Operating trends
Credit trends
Capital position
Summary and priorities
Appendix
2 Fifth Third Bank | All Rights Reserved
3. Fifth Third overview
$116 billion assets #13^ Traverse
City
Grand Rapids
$8 billion market cap #12* Detroit
Chicago Toledo Cleveland
Pittsburgh
1,298 banking centers Columbus
Indianapolis
Cincinnati
Huntington
Over 2,300 ATMs Florence
St. Louis Evansville Louisville
Lexington
18 affiliates in 12 states Raleigh
Nashville
Charlotte
World’s 5th largest merchant Raleigh
Atlanta
acquirer** Augusta
Jacksonville
Orlando
Tampa
Naples
^ As of 9/30/2008
Naples
* As of 10/14/2008
** Nilson, March 2008
3 Fifth Third Bank | All Rights Reserved
4. 3Q08 in review
Strong core operating results offset by higher credit costs, market valuation adjustments
Reported $0.14 loss per diluted share, compared to $0.61 income per diluted share in 3Q07
— Net charge-offs of $463 million, provision expense of $941 million
— $51 million pre-tax loss on Fannie and Freddie preferred stock, $27 million loss on BOLI
policy, $12 million loss on residual write-downs on 1Q08 auto securitization
— $76 million gain on litigation related to Supervisory Goodwill, offset by $36 million of legal
expenses
— $45 million non-cash charge due to Visa’s settlement with Discover
Core business momentum remains strong – core pre-tax pre-provision income up 12% from 3Q07*
— Net interest income growth of 41% driven by $215 million loan discount accretion from the
second quarter First Charter acquisition. Excluding loan discount accretion, net interest
income increased 12%
— Fee income growth of 5%, up 14% on a core basis, on double digit growth in payments
processing, deposit service, corporate banking, and mortgage banking revenue
— Average loan growth of 11% and transaction deposit growth of 3%^
Strong capital position will be further enhanced by U.S. Treasury capital investment of $3.45 billion
— Tier 1 capital ratio of 8.6% (pro forma including CPP of 11.6%)
— Tangible equity ratio of 6.2% (pro forma including CPP of 9.3%)
* 3Q08 reported results of 40% year-over-year growth in pre-tax, pre-provision earnings. Excludes $27 million BOLI charge, $215 million in loan discount accretion from
the acquisition of First Charter, $76 million in revenue and $36 million in expense from a litigation settlement stemming from a prior acquisition, and $45 million in Visa
litigation expense in 3Q08. Excludes $78 million in Visa litigation expense, $2 million BOLI charge, and $31 million in gains from asset sales in 3Q07; all quarters
exclude securities gains/losses.
^ Loans include held for investment; transaction deposits represent core deposits excluding CDs
4 Fifth Third Bank | All Rights Reserved
5. Increasing net interest income
4.00% $900
te: 12%
wth ra
Core gro $850
3.80%
$800
$750
3.60%
$700
3.40%
$650
$600
3.20%
$550
3.00% $500
3Q07 4Q07 1Q08 2Q08* 3Q08*
Net interest income NIM
* 3Q08 reported results: 41% year-over-year growth and 4.24% NIM. Results above exclude $130 million charge related to leveraged lease litigation in 2Q08 and
exclude $31 million and $215 million in loan discount accretion from the First Charter acquisition in 2Q08 and 3Q08, respectively.
5 Fifth Third Bank | All Rights Reserved
6. Fee income growth and diversification
$900
te: 14%
ra YOY
Core growth
$800 growth
$700
Payment +11%
$600 processing
$500
Deposit
+13%
$400 service
charges
$300 Investment -5%
advisory
$200 Corporate +15%
banking
$100 +74%
Mortgage
NM
Secs/other
$0
3Q07 4Q07 1Q08 2Q08 3Q08
Continued strong growth in processing, deposit fees and corporate banking fees
Reported year-over-year fee income growth of 5%. Results above exclude $76 million in litigation revenue from a prior acquisition and $27 million BOLI charge in 3Q08.
Excludes $152 million BOLI charge and $273 million Visa IPO gain in 1Q08; excludes $177 million BOLI charge in 4Q07; excludes $31 million of gains from asset sales
and $2 million in BOLI charge in 3Q07; excludes securities gains/losses in all quarters.
6 Fifth Third Bank | All Rights Reserved
7. FTPS: key growth engine
3Q08 revenue
Financial
Institutions
Merchant
(11% YOY) 2-Yr YOY
35%
CAGR: 14%
Services $250
CAGR growth
38%
$200
Bankcard
+19% +9%
27%
$150
Merchant +17% +19%
$100
• 4th Largest U.S. Acquirer
• Over 37,500 merchants
• $26.7B in credit/debit processing volume $50
+7% +6%
• Over 5.6B acquired transactions
• e.g. Nordstrom, Saks, Walgreen's,
$0
Office Max, Barnes and Noble, U.S.
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
Treasury
Bankcard
FI/EFT Bankcard Merchant
• $1.7B in outstanding balances
• 1.6mm cardholders
• Top three Debit MasterCard Issuer
• 23rd largest U.S. bankcard issuer
Financial Institutions
• 2,700 FI relationships
• 877mm POS/ATM transactions
7 Fifth Third Bank | All Rights Reserved
8. Corporate banking
International
OY) 2-Yr YOY
(15% Y
• Letters of credit CAGR growth
$120
15%
:
CAGR
• Foreign exchange
$90 +10% +14%
Derivatives
• Customer interest rate derivatives -10% -29%
$60
+8% +11%
Capital markets lending fees
• Institutional Sales $30
+33% +36%
• Asset securitization/conduit fees
• Loan/lease syndication fees
$0
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
Business lending fees
International Business lending
• Commitment and other loan fees Derivatives Capital markets lending fees
8 Fifth Third Bank | All Rights Reserved
9. Strong operating performance…
$800
%
h rate: 12
gs growt
ion earnin
pre-provis
tax
Core pre-
$700
$600
$500
$400
$300
3Q07 4Q07 1Q08 2Q08 3Q08
3Q08 reported results of 40% growth in pre-tax, pre-provision earnings. 3Q08 results above exclude $27 million BOLI charge, $215 million in loan discount accretion
from the acquisition of First Charter, $76 million in revenue and $36 million in expense from a litigation settlement stemming from a prior acquisition, and $45 million in
Visa litigation expense. 2Q08 results above exclude $31 million loan discount accretion and $130 million leveraged lease charge. 1Q08 results above exclude $152
BOLI charge, $273 Visa IPO gain and $152 million reversal of Visa litigation expenses. 4Q07 results above exclude $177 million BOLI charge and $94 million in Visa
litigation expense; 3Q07 results exclude $78 million in Visa litigation expense, $2 million BOLI charge, and $31 million in gains from asset sales; all quarters exclude
securities gains/losses.
9 Fifth Third Bank | All Rights Reserved
10. …offset by credit costs
wth rate: 12%
ion earnings gro
-provis
Core pre-tax pre
$800
$600
$400
$200
$0
-$200 Net
charge-
-$400 offs
-$600
Additional
provision
-$800
-$1,000
3Q07 4Q07 1Q08 2Q08 3Q08
See note on p. 9 for adjustments.
10 Fifth Third Bank | All Rights Reserved
11. Real estate driving credit deterioration
Total NPAs Total NCOs
3,000,000
500,000
th
ow
2,500,000 gr th
% ow
29 gr
Res 400,000 %
34
RE
th Res
ow
2,000,000 gr RE
wth
g ro
%
38
25 %
300,000
th
1,500,000 ow th
gr ow CRE
% gr
50 %
58
CRE
200,000
wth
1,000,000 g ro w th
51 % g ro
52 %
100,000
500,000
0 0
Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
C&I/Lease Auto Credit Card
C&I/Lease Auto/Other CRE Res RE Other CRE Res RE
NPA, charge-off growth driven by residential, commercial real estate
11 Fifth Third Bank | All Rights Reserved
12. Michigan and Florida: most stressed markets
Total NPAs Total NCOs
3,000,000 500,000
th
ow th
gr
2,500,000 ow
gr
%
29 400,000 %
34
Highest
th th
ow
2,000,000 ow
stress Highest
gr gr
%
markets
% 25 stress
38 300,000
markets
th
1,500,000 th ow
ow gr
gr %
% 58
50
200,000 th
th
ow
1,000,000 row gr
%g %
51 52
100,000
500,000
- -
Q3 2007 Q4 2007 Q1 2008 Q2 2008 3Q 2008 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
Other SE National Other MW
Other SE National Other MW
Michigan Florida
Michigan Florida
NPA, charge-off growth driven by Florida and Michigan
12 Fifth Third Bank | All Rights Reserved
13. Portfolio performance drivers
Performance Largely Driven By
No Previous Lending
Geography:
Subprime
Florida, Michigan most stressed (3Q08 C/O ratio)
Option ARMs
− Total loan portfolio 4.74%
Commercial portfolio 5.14%
−
Consumer portfolio 4.10%
−
Discontinued or Suspended Lending Remaining Midwest, Southeast performance
reflects economic trends (3Q08 C/O ratio)
− Total loan portfolio 1.06% ex-FL/MI
Discontinued:
Commercial portfolio 0.72% ex-FL/MI
Brokered home equity ($2.4B) −
Consumer portfolio 1.60% ex-FL/MI
−
Suspended:
Products:
Homebuilder/residential development ($3.1B)
Homebuilder/developer charge-offs $163 million in
Other non-owner occupied commercial RE ($9.4B)
3Q08
− Total charge-off ratio 2.17% (1.46% ex-HBs)
Saleability: Commercial charge-off ratio 2.07% (0.86% ex-
−
HBs)
All mortgages originated for intended sale*
Brokered home equity charge-offs 5.05% in 3Q08
− Direct home equity portfolio 1.00%
* Residential construction-related consumer mortgages intended to be held in portfolio until permanent financing complete. Jumbo mortgage originations currently being
held due to market conditions.
13 Fifth Third Bank | All Rights Reserved
14. Loss mitigation activities
Reset policies and guidelines
— Eliminated all brokered home equity production
— Significantly tightened underwriting limits and exception authorities
— Further restrictions on consumer guidelines for weaker geographies
— Suspended all new residential development lending and non-owner occupied
commercial property lending
— New concentration limits for commercial portfolio
Loss mitigation and containment
— Implemented Watch and Criticized Asset Reduction initiative
— Major expansion of commercial and consumer workout teams
— Implemented aggressive home equity line management program
— Expanded consumer credit outreach program
— Rigorous review of geographic exposures
— Continue to evaluate potential sales of problem loans
14 Fifth Third Bank | All Rights Reserved
15. Strong capital position
• Capital plan and targets designed to help ensure strong capital levels, positioning Fifth Third
to absorb significant potential losses and provisions in a potentially more difficult
environment through 2009
• Revised capital targets in June 2008 in order to provide greater cushion
Regulatory
3Q08 pro forma for
Ratio 3Q08 Target “well- capitalized”
$3.45B CPP
minimum
Tier 1 Capital 8.6% 11.6% 8-9% 6%
Total Capital 12.3% 15.3% 11.5-12.5% 10%
TE/TA 6.2% 9.3% 6-7% N/A
• Strengthened Fifth Third’s capital position through several capital actions:
— Capital actions intended to maintain a Tier 1 ratio within target range if credit cycle
significantly deteriorates without further capital issuance
Capital issuance – Issued $1.1 billion of Tier 1 capital in the form of convertible
–
preferred securities - achieved new Tier 1 target immediately
Dividend reduction – Reducing quarterly common dividend to $0.15 per share,
–
conserves $1.2 billion in common equity through the end of 2009 relative to
previous $0.44 level per share
– Asset sales/dispositions – No longer pursuing additional capital via sale of non-
core businesses but will continue to evaluate businesses from a strategic
planning perspective
Received preliminary approval for U.S. Treasury investment of $3.45 billion in senior preferred
stock
15 Fifth Third Bank | All Rights Reserved
16. Strong capital position
11.1
10.7
9.6 9.5 9.3 9.3
TE
8.5 8.4
Impact 8.3 8.0 7.8
7.1
Tangible
Equity/
4.9
Tangible
3.7
Assets 3Q08 8.1
7.6 6.9 7.0 6.6 5.8
6.2 6.4 5.7 5.2
TE 5.4
CMA COF MI KEY ZION FITB HBAN STI RF USB BBT WFC/ MTB PNC/
WB* NCC*
14.3
Tier 1 12.3 11.9
Impact 11.6 11.5
10.9 10.9 10.8 10.4 10.3 10.2 10.0
8.9
7.8
Tier 1
3Q08
Tier 1 11.3 9.4 8.9 8.6 8.5 8.1 8.5
7.9 7.5 7.4 8.2
COF BBT HBAN FITB USB ZION MI KEY RF CMA STI PNC/ WFC/ MTB
NCC* WB*
Source: SNL Financial and company reports. Uses 6/30/2008 data where 9/30/2008 data is unavailable. CPP impact calculated as CPP dollar amount divided by
most recently disclosed risk-weighted assets and tangible assets per SNL.
*PNC/NCC capital ratios from 10/24/2008 investor presentation on tangible equity basis. WFC/WB capital ratios year-end estimates from 10/03/2008 investor
presentation. Adjusted to reflect $5 billion in additional CPP preferred shares, $10 billion of additional common equity, and tangible equity effect.
16 Fifth Third Bank | All Rights Reserved
17. Fifth Third differentiators
Integrated affiliate delivery model
Strong sales culture
Operational efficiency
Streamlined decision making
Integrated payments platform (FTPS)
Acquisition integration
Customer satisfaction
17 Fifth Third Bank | All Rights Reserved
18. Freedom Bank
• 1.16% deposit premium – assumed all
deposits
• Exclusive right to purchase branches at
appraised value within 90 days of close
• Increases market share from 8th to 4th in
Bradenton-Sarasota-Venice MSA
Bradenton-Sarasota-Venice, FL
2008 2008
2008 Total Total
Number Deposits in Market
2008 of Market Share
Rank Institution (ST) Branches ($000) (%)
1 Bank of America 38 3,563,501 21.31
2 Wachovia Corp. 34 3,123,006 18.68
3 SunTrust 35 1,812,254 10.84
4 Pro Forma Fifth Third 17 685,391 4.10
4 Century Financial Group 10 657,159 3.93
5 Corp. 8 532,228 3.18
6 BB&T 16 462,948 2.77
7 Northern Trust 4 433,101 2.59
8 Fifth Third 13 420,807 2.52
9 Regions Financial 22 413,923 2.48
10 RBC Centura 12 355,152 2.12
11 Bank of Commerce 3 291,141 1.74
12 Colonial BancGroup 8 283,775 1.70
13 LandMark Financial 6 265,416 1.59
14 Freedom Bank 4 264,584 1.58
15 Superior Bancorp 3 250,859 1.50
Total 336 16,721,587
18 Fifth Third Bank | All Rights Reserved
19. Summary and priorities
Delivery of strong operating results remains a hallmark of Fifth Third despite sluggish
economy
— Despite a difficult operating environment, core businesses are creating new and
profitable opportunities to enhance franchise value
Fifth Third has taken steps to ensure it is well-positioned to weather potential further
deterioration in the credit environment
— Michigan and Florida exposures and stressed housing markets have pressured
earnings
— Proactive measures to mitigate exposures including tightened credit standards
for new loans as well as operational revisions to contain credit losses in existing
portfolios
Capital plan designed to maintain strong capital levels under significant additional
stress in credit trends
— With a strong capital position, Fifth Third expects to successfully navigate
through the current difficult market conditions and continue to be one of the
strongest retail and commercial banking organizations in the U.S.
19 Fifth Third Bank | All Rights Reserved
20. Cautionary statement
This report may contain forward-looking statements about Fifth Third Bancorp within the meaning of Sections 27A of the Securities Act of 1933,
as amended, and Rule 175 promulgated thereunder, and 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated
thereunder, that involve inherent risks and uncertainties. This report may contain certain forward-looking statements with respect to the financial
condition, results of operations, plans, objectives, future performance and business of Fifth Third Bancorp including statements preceded by,
followed by or that include the words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trend,” “objective,” “continue,” “remain” or
similar expressions or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions. There are
a number of important factors that could cause future results to differ materially from historical performance and these forward-looking
statements. Factors that might cause such a difference include, but are not limited to: (1) general economic conditions and weakening in the
economy, specifically the real estate market, either national or in the states in which Fifth Third, does business, are less favorable than expected;
(2) deteriorating credit quality; (3) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other
economic conditions; (4) changes in the interest rate environment reduce interest margins; (5) prepayment speeds, loan origination and sale
volumes, charge-offs and loan loss provisions; (6) Fifth Third’s ability to maintain required capital levels and adequate sources of funding and
liquidity; (7) changes and trends in capital markets; (8) competitive pressures among depository institutions increase significantly; (9) effects of
critical accounting policies and judgments; (10) changes in accounting policies or procedures as may be required by the Financial Accounting
Standards Board or other regulatory agencies; (11) legislative or regulatory changes or actions, or significant litigation, adversely affect Fifth
Third, or the businesses in which Fifth Third, one is engaged; (12) ability to maintain favorable ratings from rating agencies; (13) fluctuation of
Fifth Third’s stock price; (14) ability to attract and retain key personnel; (15) ability to receive dividends from its subsidiaries; (16) potentially
dilutive effect of future acquisitions on current shareholders' ownership of Fifth Third; (17) effects of accounting or financial results of one or more
acquired entities; (18) difficulties in combining the operations of acquired entities; (19) inability to generate the gains on sale and related increase
in shareholders’ equity that it anticipates from the sale of certain non-core businesses; (20) loss of income from the sale of certain non-core
businesses could have an adverse effect on Fifth Third’s earnings and future growth; (21) ability to secure confidential information through the
use of computer systems and telecommunications networks; (22) the impact of reputational risk created by these developments on such matters
as business generation and retention, funding and liquidity; and (23) the Treasury providing satisfactory definitive documentation for its purchase
of senior preferred shares and agreement on final terms and conditions. Additional information concerning factors that could cause actual results
to differ materially from those expressed or implied in the forward-looking statements is available in the Bancorp's Annual Report on Form 10-K
for the year ended December 31, 2007, filed with the United States Securities and Exchange Commission (SEC). Copies of this filing are
available at no cost on the SEC's Web site at www.sec.gov or on the Fifth Third’s Web site at www.53.com. Fifth Third undertakes no obligation to
release revisions to these forward-looking statements or reflect events or circumstances after the date of this report.
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