Fifth Third Bancorp (NASDAQ:FITB) Q1 2024 Earnings Conference Call April 19, 2024 9:00 AM ET
Company Participants
Matt Curoe - Director, IR
Tim Spence - Chairman, CEO & President
Bryan Preston - CFO
Greg Schroeck - CCO
Conference Call Participants
Mike Mayo - Wells Fargo
Scott Siefers - Piper Sandler
Gerard Cassidy - RBC Capital
Ebrahim Poonawala - Bank of America
John Pancari - Evercore
Ken Usdin - Jefferies
Vivek Juneja - JPMorgan
Manan Gosalia - Morgan Stanley
Christopher Marinac - Janney
Operator
Good day. My name is Ellie, and I will be your conference operator for today. At this time, I'd like to welcome everyone to the Fifth Third Bancorp First Quarter 2024 Earnings Conference Call. All lines will be placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
I'd now like to hand over the call to Matt Curoe. You may now begin the conference.
Matt Curoe
Good morning, everyone. Welcome to Fifth Third's first quarter 2024 earnings call. This morning, our Chairman, CEO and President, Tim Spence, and CFO, Bryan Preston, will provide an overview of our first quarter results and outlook. Our Chief Credit Officer, Greg Schroeck, has 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 April 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.
Tim Spence
Thanks, Matt, and good morning, everyone.
At Fifth Third, we believe that great banks distinguish themselves not by how they perform in benign environments, but rather by how they navigate challenging ones. In that sense, the uncertainty we face in the current environment provides us with an opportunity to demonstrate that our focus on stability, profitability and growth in that order will produce consistently strong, some might even say boring, financial results.
This morning, we reported earnings per share of $0.70, or $0.76 excluding the Visa, Mastercard settlement litigation charges and the additional FDIC special assessment. All major income statement captions were in line with or better than the guidance that we provided in our January earnings call. Our adjusted return on equity and return on assets are the highest of all peers who have reported thus far and the most stable when compared to results from the first quarter of 2023. We grew period-end deposits compared to the prior quarter and generated annualized consumer household growth of 3%, punctuated by 7% growth in our Southeast markets.