Fifth Third Bancorp Reports 48% Increase in Net Interest Income Following Comerica Acquisition

Fifth Third Bancorp reported significant financial growth in its latest 10-Q filing for the quarter ending June 30, 2026, driven largely by its recent acquisition of Comerica Incorporated. The bank's net interest income on a fully taxable equivalent (FTE) basis reached $2.22 billion for the quarter, a 48% increase from $1.5 billion in the same period last year. For the first half of 2026, net interest income totaled $4.16 billion, up 41% from $2.94 billion in the prior year. This growth was attributed to the acquisition, which added approximately $73 billion in interest-earning assets and $48 billion in interest-bearing liabilities.

The merger with Comerica, finalized on February 1, 2026, was valued at approximately $12.7 billion and has significantly impacted Fifth Third's financial metrics. The acquisition resulted in a substantial increase in total assets, which rose to $300 billion from $214 billion at the end of 2025. The bank's total revenue for the quarter was $3.28 billion, a 46% increase year-over-year, while noninterest income also saw a notable rise of 41%, reaching $1.06 billion compared to $750 million in the previous year.

Operationally, Fifth Third Bancorp expanded its customer base and service offerings, operating 1,500 full-service banking centers and 2,648 ATMs across 15 states. The bank's employee headcount increased to 25,197, up from 18,690 a year earlier, reflecting the integration of Comerica's workforce. The bank's efficiency ratio on an FTE basis was reported at 64.3%, compared to 56.2% in the previous year, indicating increased operational costs associated with the merger.

Looking ahead, Fifth Third anticipates continued growth and integration challenges following the Comerica acquisition. The bank is transitioning to Category III compliance standards, which will involve enhanced regulatory oversight and annual stress testing. The management expressed confidence in the bank's ability to navigate these changes while maintaining a strong capital position, with a common equity tier 1 (CET1) risk-based capital ratio of 9.93% as of June 30, 2026, down from 10.58% at the end of 2025. The bank's outlook remains positive, with expectations for further revenue growth driven by its expanded asset base and enhanced service capabilities.