Fifth Third’s tech spend jumps 5% YoY

Fifth Third Bank ’s overall noninterest expenses increased in the third quarter driven by higher technology and communication spend. [caption id="attachment_57376696" align="alignright" width="300"] (Courtesy/Fifth Third)[/caption] The $214 billion bank saw a $23 million increase from Q2 in noninterest expenses in the third quarter to $1.24 billion, driven by continued investments in its technology and branches, according to its earnings supplement released today. Technology and communications spend ticked up 5% year over year to $121 million. “Fourth-quarter total adjusted noninterest expenses are expected to be stable compared to the third quarter as the increases in revenue-based compensation and the investments in branches and technology are largely offset by efficiencies achieved in other areas,” Bryan Preston , chief financial officer at Fifth Third, said during today’s earnings call. BY THE NUMBERS : In Q3, Fifth Third reported: Total revenue of $2.1 billion, down 1% YoY; Headcount of 18,579, down 1% YoY; Efficiency ratio of 56.1%, flat YoY; and Branch count relatively flat YoY at 1,072. NOTEWORTHY: Earlier this month, the bank combined its commercial banking offerings under its newly established Corporate & Investment Banking Division to consolidate advisory and product sales offerings, Kevin Khanna , the recently appointed head of corporate and investment banking at Fifth Third, told Bank Automation News . The division will provide commercial clients with industry insights, financial expertise and data-driven advisory advice, Khanna said. “We really have the ultimate quarterback team here that can provide a lot of insight and advice and then make sure if there’s a specific product need that they have, that we then bring in that expert on that product,” he said. MARKET REACTION : Shares of Fifth Third Bancorp (FITB) were down 1.54% to $44.67 per share at market close. Fifth Third has a market capitalization of $30.2 billion. Register here for early-bird pricing for Bank Automation Summit U.S. 2025, taking place March 3-4 in Nashville, Tenn. View the full event agenda here .

Fifth Third’s tech spend jumps 5% YoY

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Fifth Third’s tech spend jumps 5% YoY

Bank focused on tech, branch modernization in Q3

KeyBank’s computer processing spend spikes 17%

Commonwealth automates majority of underwriting with AI

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