2022 Fifth Third Bank Sustainability Report Shows Priorities
CINCINNATI–(BUSINESS WIRE)–Fifth Third Bancorp (Nasdaq: FITB) today published its 2022 Sustainability Report. The report is an annual update on the Company’s progress against its five sustainability priorities: keeping the customer at the center, strengthening its communities, delivering on its commitment to employees, promoting inclusion and diversity, and addressing climate change.
In addition to the 2022 Sustainability Report, Fifth Third has published indices aligned with the Global Reporting Initiative, SASB standards and Stakeholder Capitalism Metrics. The indices are published as part of the Company’s commitment to provide transparency and data aligned to industry standards for all of its stakeholders.
“It’s an honor for Fifth Third to report its progress in advancing sustainability,” said Kala Gibson, executive vice president and chief corporate responsibility officer. “We are innovative, inclusive and intentional in the development and execution of our sustainability priorities, all of which align with our purpose to improve lives and the well-being of our communities while we continue striving to be the one bank people most value and trust.”
Fifth Third’s 2022 Sustainability Report spotlights the following categories:
Customers: Fifth Third pairs a commitment to outstanding customer service with innovative and inclusive products and services that benefit lives and improve businesses. This is highlighted by the Bank’s award-winning Fifth Third Momentum® Banking accounts and features that enable customers to get paid up to two days early and Extra Time® to avoid overdraft fees. The Bank eliminated non-sufficient funds fees for all accounts in 2022 and Fifth Third was named to Fortune’s inaugural list of the America’s Most Innovative Companies.
Corporate responsibility: Fifth Third cares deeply about the communities it serves. The Bank is building stronger communities and improving economic mobility by building affordable housing, providing essential job training and financial education. It has delivered $2.7 billion of its $2.8 billion Accelerating Racial Equality, Equity and Inclusion Initiative, including over $100 million toward its transformative $180 million Empowering Black Futures Neighborhood Program. The Bank achieved its goal for 10% of its supplier spending to go to diverse suppliers. In 2022, Fifth Third received an “Outstanding” CRA rating from the Office of the Comptroller of the Currency.
Employees: Fifth Third believes its employees, along with the service they provide to the Bank’s customers and communities, are what sets it apart. The Bank strives to provide its employees with a world-class work environment, competitive pay and comprehensive benefits. In 2022, the Bank raised its minimum wage to $20 per hour and provided a wage adjustment for our first four job levels, resulting in more than 40% of the workforce receiving a midyear compensation increase. We also transitioned to a new flexible PTO policy, which includes paid time off for volunteering.
Planet: Fifth Third integrates environmental sustainability into all aspects of its business to create long-term value for its customers and strengthen its communities. Dividend Finance, the financial technology lender acquired by Fifth Third, has grown to be the third-largest residential solar lender in the U.S. Fifth Third delivered $14 billion in 2022 toward its environmental and social finance target of $100 billion through 2030. It’s now over 27% toward that goal. As part of its six bold goals for operational sustainability, the Bank installed solar panels and EV charging ports at certain branches in 2022.
Governance: A strong governance program is the foundation for a sustainable and well governed company. Fifth Third was recognized by Ethisphere for the fourth time as among the world’s most ethical companies. In 2022, the Bank was one of only two U.S. banks to earn such recognition. The Bank is steadfastly committed to always acting in a matter that merits public trust and confidence.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
