Fifth Third Bancorp (NASDAQ:FITB) Q3 2024 Results Conference Call October 18, 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
Scott Siefers - Piper Sandler
Gerard Cassidy - RBC Capital Markets
Mike Mayo - Wells Fargo Securities
Ebrahim Poonawala - Bank of America
Erika Najarian - UBS
Manan Gosalia - Morgan Stanley
Matt O'Connor - Deutsche Bank
Christopher Marinac - Janney Montgomery Scott
Operator
Thank you for standing by. My name is Jael, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fifth Third Bancorp Third Quarter 2024 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 would now like to turn the conference over to Matt Curoe, Senior Director of Investor Relations. You may begin.
Matt Curoe
Good morning, everyone.
Welcome to Fifth Third's third quarter 2024 earnings call. This morning, our Chairman, CEO and President, Tim Spence, and CFO, Bryan Preston, will provide an overview of our third 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 October 18, 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 great banks distinguish themselves not by how they perform in benign environments, but rather by how they navigate uncertain ones. Our focus on stability, profitability and growth in that order has served us well in this dynamic operating environment and continues to produce strong and predictable results.
This morning, we reported earnings per share of $0.78 or $0.85 excluding certain items outlined on Page 2 of the release, exceeding the guidance we provided in our Q2 earnings call. We produced a return on equity of 12.8%, the best among peers who have reported thus far and the most stable on a trailing 12-months basis. Our adjusted efficiency ratio improved to 56.1% in the third quarter.