Fifth Third Bank 2004 Annual Report Download - page 6

“our vision has not changed,
and the very same
core principles responsible
for our success remain intact...”
Outstanding financial performance has long been a
hallmark of Fifth Third. Revenue and earnings per
diluted share have both increased at annual compound
rates of 11 percent over the last 10 years. Over the last
five years, these same measures have increased at
annual compound rates of nine percent and 12 percent,
respectively. Owners of our company have realized just
a one percent annualized total return on this earnings
growth over the same five-year time period. While
outperforming many broader market indices, this level
of investment performance has been the source of
frustration for our management team and investors alike.
However, our focus as a management team remains on
making the necessary investments and sound decisions
to strengthen our competitive advantage within our core
middle market commercial and retail customer base.
Ultimately, top line revenue growth and disciplined
expense control will continue to drive the earnings and
capital growth that we believe provides for stock price
appreciation over the long-term.
Fifth Third has grown over the years to become one of
the largest and strongest financial services companies in
the United States. With more than 1,000 banking
locations in attractive metropolitan markets, nearly
$100 billion in assets, and, with a market capitalization
in excess of $25 billion, we rank among the 10 largest
banks in the country. We are very enthusiastic about
the future and, with only an eight percent market share
in our markets and a best-in-class operating model and
distribution network, we have a tremendous opportunity
in front of us. Our vision has not changed and the very
same core principles responsible for our past success
remain intact, including an unwavering commitment to
be the premier financial services provider and employer
of choice in all of our markets. We continue to strive to
exceed the expectations of our customers, shareholders
and neighbors, and I invite you to read about our
approach and what we feel is the strength of our
franchise in the pages that follow.
Today, Fifth Third is comprised of 17 affiliates
headquartered in metropolitan markets throughout the
Midwest and Florida. While every market is unique,
two things remain constant at Fifth Third: a deeply held
belief in the talent and entrepreneurship of our
employees combined with the knowledge that a
decentralized operating model allows them the
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