Fifth Third Bank 2012 Annual Report Download - page 3
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2012 ANNUAL REPORT | 1
A Message
To Our Shareholders
Kevin T. Kabat
Vice Chairman and
Chief Executive Officer
Dear Fifth Third Shareholders,
2012 brought important clarity on a number of fronts and demon-
strated the strength and resilience of our business model. Fih ird’s
overall nancial results included the second highest net income in
our history, with returns that approached those associated with a
normalized environment. Although there is still more work to do, we
have signicant momentum in the business.
e past several years have brought a transformation to the bank-
ing and nancial services industries that has introduced uncertainty
and required a signicant amount of adaptation on the part of banks.
However, many important regulatory and legislative requirements
have been nalized and adapted to, or have at least been proposed so
that business plans can be made with the rules in mind. e election was
another signicant source of uncertainty for businesses and consumers and
it is now behind us.
e challenges for Fih ird and the industry are also clearer. Most critically,
nancial services rms, including banks, must address the eects of the nancial
crisis on their reputations and regain the public’s trust. We also face an anemic
economic recovery. Interest rates will almost certainly remain historically low for
several more years – which is detrimental to bank earnings – and there are signi-
cant federal and local budget issues that must be resolved.
At Fih ird, we rise to these challenges each day. e environment demands new
ways of doing business; we develop innovative solutions that drive value for our
customers and sustainable revenue for our Company. It demands simplicity; we
oer products and services that are straightforward and fairly priced. It demands
agility; our unique aliate model combines a responsive, local and customer-
oriented approach with the eciencies of a centralized operating platform. Market
leaders and boards of directors in each of our 15 aliates provide an intimate under-
standing of dynamics across our footprint. We leverage our size to provide ecient
functional support while maintaining a local focus. is approach, we believe, is
the source of our competitive advantage. We are able to build stronger custom-
er relationships while beneting from economies of scale without the complexity
associated with being a mega-bank. We believe that these traits will be key to our
success in 2013 and beyond.