CINCINNATI--(BUSINESS WIRE)--In pursuit of its goal to be the one bank people most value and trust, Fifth Third surpassed its commitments to the communities it serves and to the environment last year, according to its recently-published 2023 Sustainability Report.
In 2023, Fifth Third outperformed its commitment to accelerating equity and inclusion, supporting communities with a history of disinvestment, and financing affordable housing. Fifth Third also made considerable progress toward its priorities in environmental and social finance and supplier diversity.
“Our sustainability priorities are guided by our intention to provide leadership across a range of critical, interconnected issues,” said Executive Vice President and Chief Corporate Responsibility Officer Kala Gibson. “At our core, we are a relational company, which means our success begins and ends with personal connection—how we interact with our shareholders, our customers, our communities and each other. We’re applying our head, heart and hustle to make an impact and drive positive change across our footprint.”
Fifth Third’s 2023 Sustainability Report provides an update on the company’s progress against its five corporate responsibility and sustainability priorities: strengthening our communities, promoting inclusion, delivering on the Bank’s commitment to employees, keeping the customer at the center, and addressing climate change.
“Our approach to corporate sustainability is rooted in our purpose: to improve the lives of our customers and the well-being of communities,” said Chief Sustainability Officer Pratik Raval. “We believe in the philosophy of doing well by doing good and focusing on generating long-term sustainable value for our stakeholders, including shareholders, customers, employees, communities and regulators.”
Highlights of Fifth Third’s actions include:
- Surpassed its $2.8 billion commitment to the Accelerating Racial Equity, Equality and Inclusion (AREEI) initiative, which provides underserved communities with funding for strategic investments, access to capital, economic inclusion, and financial education.
- Delivered $199.1 million through its Neighborhood Investment Program, surpassing the original $180 million financial commitment in the second year of the three-year program. Fifth Third is extending technical assistance for the program to a fourth year to ensure the work done in the nine historically disinvested neighborhoods is sustainable. Fifth Third’s innovative approach focuses on place-based collaboration, with local community organizations driving the work, and collaborating with Fifth Third as a partner and catalyst to execute the community’s vision.
- Funded a total of $734 million in Community Development Banking loans or investments, achieving 160% of the program’s commitment. This created 3,684 units of affordable housing last year, many that provided homes to low- and moderate-income individuals and families and allowed senior citizens to age in place.
- Increased Tier 1 and Tier 2 spend with diverse suppliers to $189.2 million last year. Fifth Third’s spending with Tier 1 diverse suppliers has grown by more than 1,500% since 2014, and its program was named “Best of the Decade” by Minority and Multicultural Business News.
- Achieved 37.6% toward its target of $100 billion in environmental and social finance by 2030. This included $1.3 billion in lending and capital-raising for renewable energy projects in 2023 alone. Fifth Third also continued to make progress towards its operational sustainability priorities, including 100% renewable power purchase and offsetting all GHG emissions from its operations.
- Invested time and resources to support communities. In 2023, Fifth Third employees spent 110,697 hours volunteering in their communities, and the Bank’s philanthropic giving totaled $35.3 million.
Fifth Third’s corporate responsibility and sustainability efforts were recognized by several leading national organizations in 2023, including: Ethisphere’s World’s Most Ethical Companies; JUST 100: America’s Most Just Companies; Newsweek’s America’s Most Responsible Companies; Forbes’ Best Employers for Diversity; and a 100% rating on the Corporate Equality Index.
As part of the bank’s commitment to provide transparency and data aligned to industry standards for all its stakeholders, Fifth Third has published its sustainability data in conjunction with the 2023 Sustainability Report, including the GRI Index, the SASB Index and the Stakeholder Capitalism Metrics index. The data is publicly available on Fifth Third’s Investor Relations website.
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.
