Fifth Third’s 2022 Sustainability Report Shares Progress on Priorities, Goals
June 30 2023 - 9:16AM
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.
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Fifth Third has published its 2022
Sustainability Report (Graphic: Business Wire)
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.
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Stacie Haas (Media Relations) Stacie.Haas@53.com |
513-534-5113
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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