Fifth Third Bancorp (NASDAQ:FITB) Q4 2023 Earnings Conference Call January 19, 2024 9:00 AM ET
Company Participants
Matt Curoe - Director, Investor Relations
Timothy Spence - Chairman, Chief Executive Officer and President
Bryan Preston - Executive Vice President and Chief Financial Officer
James Leonard - Executive Vice President and Chief Operating Officer
Greg Schroeck - Executive Vice President and Chief Credit Officer
Conference Call Participants
Scott Siefers - Piper Sandler
Gerard Cassidy - RBC Capital Markets
Mike Mayo - Wells Fargo Securities
Ebrahim Poonawala - Bank of America
Nicholas Holowko - UBS
Vivek Juneja - JPMorgan
Matt O'Connor - Deutsche Bank
Christopher Marinac - Janney Montgomery Scott
Operator
Hello and welcome to the Q4 2023 Fifth Third Bancorp Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
I'll now turn the conference over to Matt Curoe, Director of Investor Relations. Please go ahead.
Matt Curoe
Good morning, everyone, and welcome to the Fifth Third's Fourth Quarter 2023 Earnings Call. This morning our Chairman, President, and CEO, Tim Spence; and CFO, Bryan Preston will provide an overview of our fourth quarter results and outlook; our Chief Operating Officer, Jamie Leonard and Chief Credit Officer, Greg Schroeck have also joined for the Q&A portion of the call.
Please review the cautionary statements in our materials, which can be found in our earnings release and presentation. These materials contain information regarding the use of non-GAAP measures and reconciliations to the GAAP results, as well as forward-looking statements about Fifth Third's performance. These statements speak only as of January 19, 2024, and Fifth Third undertakes no obligation to update them.
Following prepared remarks by Tim and Bryan, we will open up the call for questions.
With that, let me turn it over to Tim.
Timothy Spence
Thanks, Matt, and good morning everyone. At Fifth Third, we believe that great banks distinguish themselves based on how they navigate challenging and uncertain operating environment.
2023 was certainly a challenging year for the industry, but I am very pleased with how we measured up. A defensive balance sheet positioning, strong execution, and multiyear strategic investments produce top-quartile profitability, the best core deposit growth, and the best total shareholder return among all regional peers who did not participate in an FDIC-assisted transaction.
We generated an all-time record full-year revenue of $8.7 billion. Deposits grew 5% compared to an industry-wide decline of 3%. Credit performance was strong with net charge-offs remaining below historical averages. And although it would be foolish to expect it to repeat forever, in commercial real estate we experienced zero net charge-offs in 2023 and only two basis points in delinquent loans as of early January.