EarningsNIM benefit from high beta indexed deposits and CDs is pulling through, driving continued NIM expansion into 2025 as expected.
Financial PerformanceDeposit growth on a period end basis was better than expected, driven by both NIB and IB deposit inflows, increasing the NIB deposit % of total deposits to 25% from 24% in 2Q.
Market PositionThe OUTPERFORM rating is based on FITB's modestly liability sensitive balance sheet that should benefit from lower rates, its stable deposit base, leadership in the payments business, and consistent organic growth in the Southeast.