Fifth Third Bank 2010 Annual Report Download - page 7
Download and view the complete annual report
Please find page 7 of the 2010 Fifth Third Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
 |
 |
2010 ANNUAL REPORT 5
markets throughout 2010. As a result of market
performance and continued investment in our
sales force, investment advisory revenue increased
more than $30 million compared with 2009.
Additionally, assets under care were up 46 percent
on a year-over-year basis, reflecting inflows from
new business won in 2010. In terms of year-over-
year revenue growth, Fifth Third’s retail brokerage
segment outperformed its peers throughout 2010
as it has shifted its focus from a single product
approach to a full-service advisory model. We
believe this business is well-positioned for future
market growth.
Looking to 2011 and beyond, we expect to continue
our organic growth strategy, with the ultimate goal
of developing or maintaining a market leading
position in a majority of our markets. We have
found that in markets where we have a top three
market share we consistently have higher deposits
per branch, as well as more products per customer.
Fifth Third is currently in the top three in just under
half of our markets and we are targeting being in
the top three in about two-thirds of our markets
over the next several years. This strategy, coupled
with our customer experience initiatives, should
strengthen our position in the future.
Economic overview and outlook
As we entered 2010 we started to see some
improvement in economic trends and signs
pointing to an economic recovery - although
we expect it will take some time before we see
meaningful, sustained economic growth. The U.S.
Gross Domestic Product (GDP) has seen positive
growth throughout the year. There has been
some stabilization in home prices although values
continue to decline in some markets and there has
not been any substantial growth in most others. The
unemployment rate also appears to have stabilized
although it remains at elevated levels. All of this
has contributed to uncertainty in the markets,
yet despite this uncertainty we’ve demonstrated
continued improvement through our profitability.
Despite the challenging operating environment, we
have continued to lend and have extended more
than $86 billion of credit in 2010, an increase of
15 percent from the previous year. Our mortgage
originations have outperformed the Mortgage
Bankers Association (MBA) forecast each quarter
in 2010.
Commercial loan demand has started to pick up
and credit line utilization appears to have stabilized.
Customers remain cautious, although we continue
to have optimistic conversations with our customers
about business expansion and investment. We
remain focused on developing and maintaining
relationships with our customers so that as they are
ready to invest in business expansion we are there
to assist them with their plans.
“Change can be challenging,
but how a company deals
with change determines its
success and ultimately its
return to shareholders.”