News Release

CONTACT: Neal E. Arnold, CFO (Analysts) FOR IMMEDIATE RELEASE (513) 579-4356 January 15, 2003 Bradley S. Adams, IR (Analysts) (513) 534-0983 Roberta R. Jennings (Media) (513) 579-4153

FIFTH THIRD BANCORP REPORTS 11 PERCENT INCREASE IN

FOURTH QUARTER EARNINGS

Fifth Third Bancorp’s 2002 fourth quarter earnings per diluted share were $.72, an increase of 11 percent over

$.65 per share for the same period in 2001. Fourth quarter net income totaled $423,372,000, a 10 percent increase over

fourth quarter 2001’s net income of $385,477,000. Fourth quarter return on average assets (ROA) and return on average

equity (ROE) were 2.11 percent and 19.8 percent, respectively, compared to 2.16 percent and 20.0 percent in 2001’s

fourth quarter. Earnings per diluted share for the full year 2002 was $2.76, an increase of 48 percent over last year’s

earnings of $1.86. Earnings for 2001 include $293.6 million of after-tax nonrecurring merger charges, or $.50 per

diluted share, associated with the merger and integration of Old Kent Financial, and an after-tax nonrecurring charge for

an accounting principle change of $6.8 million, or $.01 per diluted share. ROA for the full year 2002 was 2.18 percent

and ROE was 19.9 percent, compared to 1.55 percent and 15.1 percent, respectively, in 2001. Fifth Third continues to

maintain its commitment to a strong, flexible balance sheet evidenced by the full year 2002 capital ratio of 10.93 percent

compared to 10.28 percent in 2001.

“I would like to thank all of our employees for their hard work in producing another rewarding year for our

shareholders,” stated George A. Schaefer, Jr., President and CEO of Fifth Third Bancorp. “Financial results were driven

by outstanding customer and deposit growth in all of our markets, solid revenue and loan growth, and consistently strong

credit quality. The recognized financial strength of our balance sheet, market share upside and considerable momentum

in all of our markets and a focus on the daily execution of the basics serve to effectively position Fifth Third to continue

to deliver consistent earnings growth.

“Our outlook for 2003 is very positive while we remain prepared for the challenges that continued economic

softness and a continued low-rate environment can bring. We have worked extremely hard over the years and continue

to invest significantly in people and technologies to grow and maintain high-quality banking franchises in our

metropolitan markets. Our primary challenge, as in every business, lies in continuing to find new ways to capitalize on

the talent and entrepreneurial spirit of our employees. Recognizing this, we continue to rely on experienced local

managers empowered with the authority and infrastructure to hire talented bankers and employ the best practices in our

company to provide innovative products and a superior level of service to our customers. It is with a great deal of pride

that we announce another year of record earnings and look forward to meeting the opportunities and challenges that 2003

will provide.”

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Deposit Growth and Balance Sheet Trends

Successful sales and promotional campaigns for Retail and Commercial deposits produced a record numb er of

new accounts in 2002 evidenced by 33 percent year-over-year growth in average transaction account balances over 2001.

Average demand deposit balances increased 14 percent and average interest checking balances grew 42 percent

compared to last year’s fourth quarter, and 21 percent and 41 percent on the full year, respectively. Compared to the

third quarter of this year, average transaction account balances increased by 12 percent on an annualized basis

highlighted by 29 percent annualized growth in demand deposits and 14 percent annualized growth in interest checking

balances. Fifth Third’s most recent Retail sales campaign, conducted in partnership with the Investment Advisors group,

concluded in November with over 12,000 Capital Management Accounts , $1.6 billion in deposit balances, and $1.1

billion in brokerage assets.

Loan and lease demand continued to exhibit strong growth with average total loans and leases increasing 24

percent on an annualized sequential basis and 12 percent over the same quarter last year. Better than expected middle-

market commercial loan originations and strength in direct installment lending highlight the fourth quarter balance sheet

growth. End of period total loan and lease balance comparisons are impacted by the previously announced securitization

and sale, with servicing retained, of $496 million of residential mortgage loans in late December. Direct installment loan

originations remained strong throughout 2002 and totaled $1.7 billion in the fourth quarter and $6.7 billion for the full

year compared to $1.3 billion in last year’s fourth quarter and $4.6 billion for the full year 2001, driving increases in total

installment loan balances of 20 percent on the full year and 8 percent on an annualized basis from last quarter.

Commercial period-end loan and lease balances increased by over $700 million from last quarter levels, or 12 percent on

an annualized basis, and 10 percent on a full year basis over 2001 on the strength of new customer additions and modest

improvement in the level of economic activity in the bank’s customer base. Fifth Third is continuing to devote

significant sales and marketing focus on driving high quality originations in coming periods.

Compared to the fourth quarter of 2001, net interest income on a fully-taxable equivalent basis increased 11

percent despite a 14 basis point (bp) decrease in the net interest margin due to 15 percent growth in average earning

assets. On a full year basis, the 11 percent increase in net interest income over 2001 was primarily driven by reductions

in funding costs due to lower interest rates of all categories. Sequentially, net interest income on a fully-taxable

equivalent basis increased 3 percent despite an 11 bp decline in the net interest margin due to six percent growth in

average earning assets. The net interest margin has contracted in recent periods due to the absolute level of interest rates

and the impact of asset growth at lower current market rates of interest. Fifth Third expects margin and net interest

income trends in coming periods will be dependent upon the magnitude of loan demand, the overall level of business

activity in the Bank’s Midwestern footprint and the path of interest rates in the economy.

Fifth Third repurchased approximately 4.5 million shares of its common stock for a total of approximately $261

million in the fourth quarter of 2002. As of December 31, 2002, the remaining authority under the plan authorized by the

Board of Directors in December 2001, and amended in May 2002, is approximately 5.6 million shares.

Other Operating Income Advances 18 Percent

Recent strong business line revenue growth trends continued in the fourth quarter with total other operating

income up 18 percent over the same quarter last year and 22 percent on a full year basis.

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Fifth Third Processing Solutions, our Electronic Payment Processing subsidiary, delivered a 30 percent increase

in revenues over fourth quarter last year and 37 percent on an annualized basis from last quarter due to the seasonal

increases in transaction volumes typically seen in the fourth quarter. For the full year, revenues increased 47 percent, or

approximately 27 percent excluding the incremental revenue addition from the 2001 purchase acquisition of Universal

Companies (USB). Fifth Third Processing Solutions continues to realize strong growth in both its Merchant Services

and Electronic Funds Transfer (EFT) businesses on the strength of new customer additions and growth in transaction

volumes. Fifth Third processed over 8.2 billion ATM, point of sale, and e-commerce transactions in 2002, representing

24 percent growth over last year and nearly four times the number processed just five years ago, for over 180,000

merchant locations and 1,300 financial institutions worldwide.

Successful sales of Retail and Commercial deposit accounts and corporate treasury management products fueled

increases in deposit service revenues of nine percent for the quarter and 17 percent for the full year. The fourth quarter

increase was highlighted by a 20 percent increase in Commercial deposit based revenues over the same quarter last year

on the strength of product introduction, improved cross-sell, new customer relationships and the benefit of a lower

interest rate environment.

Mortgage net service revenue totaled $66.7 million in the fourth quarter compared to $9.4 million last quarter

and a loss of $22.8 million in 2001’s fourth quarter. Inclusive of net realized securities gains from a portfolio established

to hedge against volatility related to the value of mortgage servicing rights, mortgage net service revenue in the fourth

quarter totaled $67.5 million compared to $43.2 million last quarter and $50.4 million in 2001’s fourth quarter.

Mortgage origination totaled a robust $4.3 billion in the fourth quarter versus $2.7 billion last quarter and $2.5 billion in

the fourth quarter of last year. The growth in mortgage net service revenue in the fourth quarter resulted from record

strength in origination and refinancing activity without significant negative impact on either the valuation or expected

life of the mortgage servicing portfolio. Fifth Third expects the core contribution of mortgage banking to total revenues

to decline as originations begin to slow from recent levels. Fourth quarter mortgage net service revenue was comprised

of $95.1 million in total mortgage banking fees, plus $11.7 million resulting from the servicing asset and corresponding

gains recognized in the previously discussed mortgage loan securitization and sale, plus $.8 million of gains on the sale

of balance sheet securities from a portfolio established to hedge against volatility related to the value of mortgage

servicing rights, plus $5.3 million of gains and mark-to-market adjustments on both settled and outstanding free-standing

derivative financial instruments and less $45.4 million in net valuation adjustments and amortization on mortgage

servicing rights. The sale of balance sheet securities, mark-to-market adjustments on free-standing derivative financial

instruments, corresponding valuation adjustments, and gains related to the loan securitization and sale resulted from

movements in interest rates and the anticipated level of prepayment speeds on the mortgage servicing portfolio. For the

full year, mortgage net service revenue totaled $187.9 million on originations of $11.5 billion compared to $62.7 million

in net service revenue in 2001 on total originations of $17.8 billion, including $9.3 billion contributed from operations

divested in the third quarter of 2001. Inclusive of net realized securities gains of $33.5 million and $142.9 million in

2002 and 2001, respectively, mortgage net service revenue totaled $221.4 million in the full-year 2002 compared to

$205.6 million in the prior year. Fifth Third’s mortgage servicing asset, net of the valuation reserve, is $263.5 million at

December 31, 2002, compared to $254.3 million last quarter and $426.3 million a year ago.

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Investment Advisory revenues increased six percent over the same quarter last year and 10 percent for the full

year despite a difficult year in the equity markets. Declines in market sensitive service income were mitigated by

double-digit increases in private client services across all product lines and in retail brokerage as sales through the Retail

network increased throughout 2002. Fifth Third continues to focus its sales efforts on integrating services across

business lines and working closely with Retail and Commercial team members to take advantage of a diverse and

expanding customer base. Fifth Third Investment Advisors, among the largest money managers in the Midwest, has

over $29 billion in assets under management and $187 billion in assets under care.

Other service charges and fees totaled $164.0 million in the fourth quarter and $579.7 million for the year.

Exclusive of the benefit of divestiture related gains in the current and prior periods discussed below, the year-over-year

fourth quarter growth is largely due to increases in loan fees across nearly all categories from improved loan demand.

Fourth quarter highlights include an 11 percent year-over-year and 25 percent annualized sequential increase in

Commercial banking revenues with institutional fixed income trading and sales revenues also contributing with an 18

percent increase over the same quarter last year. Other service charges and fees and income statement and balance sheet

comparisons to prior periods are impacted by the following: (i) a pre-tax gain of approximately $26 million realized from

the fourth quarter 2002 sale of the property and casualty insurance agency product line operations representing

approximately $26 million in revenue on a full year 2002 basis, (ii) the third quarter 2002 sale of six branches in

Southern Illinois, encompassing approximately $200 million in deposits, that resulted in an approximate $7 million pre-

tax gain, (iii) the third quarter 2001 sale of 11 branches in Arizona, encompassing approximately $336 million in loans

and $434 million in deposits, that resulted in an approximate $43 million pre-tax gain.

Stable Credit Performance

Credit quality metrics remained relatively stable in the fourth quarter with the level of nonperforming assets and

net charge-offs remaining a small percentage of the total loan and lease portfolio. Nonperforming assets (NPAs) stand at

59 bp of total loans and leases and other real estate owned at December 31, 2002, relatively consistent with the 56 bp

posted last quarter and in line with previously announced expectations. Net charge-offs for the quarter were $49.5

million, compared to $43.6 million last quarter and $54.6 million in the fourth quarter of 2001. The fourth quarter

provision for loan and lease losses totaled $72.1 million, compared to $55.5 million last quarter and $61.6 million in the

same quarter last year, resulting in a $22.3 million increase in the credit loss reserve, remaining relatively steady overall

at 1.49 percent of total loans and leases outstanding compared to 1.50 percent last quarter. As a percentage of average

loans and leases, fourth quarter net charge-offs were 43 bp, compared to 52 bp in 2001’s fourth quarter and 39 bp last

quarter.

Demonstrated Expense Control

Operating expenses decreased by five percent on a full year basis in 2002 primarily due to $348.6 million of

merger-related charges incurred in 2001. Exclusive of the merger-related charges incurred in 2001, full-year operating

expenses increased by 11 percent primarily due to the implications of strong growth in all of our markets and increases in

spending related to the expansion and improvement of our sales force, growth of the Retail banking platform and

continuing investment in support personnel, technology and infrastructure to support recent and future growth. Full-year

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operating expenses also include the previously disclosed third quarter 2002 pre-tax expense of approximately $82

million ($53 million after-tax) for certain charged-off treasury related aged receivable and in -transit reconciliation items

detailed in Fifth Third’s December 10, 2002 filing on Form 8-K. On a full year basis, Fifth Third’s efficiency ratio

improved to 44.9 percent in 2002 from 54.8 percent last year.

Fourth quarter operating expenses increased 13 percent over the same period last year. In addition to the third

quarter treasury related charge, comparisons to last quarter are also impacted by approximately $19 million in current

period expense relating to a settlement charge realized in the pension plan as a result of an increased level of lump -sum

distributions during 2002 and adjustments to plan assumptions. Fifth Third’s fourth quarter efficiency ratio stands at

44.1 percent compared to 44.5 percent in the prior year quarter.

Impact of New Accounting Standard

Effective January 1, 2002, Fifth Third adopted Statement of Financial Accounting Standards (SFAS) No. 142

“Goodwill and Other Intangible Assets” with no resulting impairment. Upon implementation of SFAS No. 142, Fifth

Third realized a reduction in operating expenses related to the amortization of goodwill. The following tables are being

provided in order to present analysts, investors and other interested parties an illustration of the impact as if the new

accounting standard was effective beginning January 1, 2001. In general, the pro forma impact of implementation on

2001 operating results would be an approximate $40 million reduction in previously reported annual operating expenses.

4Q-2001 Quarter Ended 4th Quarter 4th Quarter Pro forma Pro forma 2002 2001 Restated % Change Earnings Per Diluted Share $0.72 $0.65 $0.66 9.1% ROA 2.11% 2.16% 2.21% (4.5%) ROE 19.8% 20.0% 20.4% (2.9%) Efficiency Ratio 44.1% 44.5% 43.6% 1.1% 2001 Year Ended Pro forma Pro forma 2002 2001 Restated % Change Earnings Per Diluted Share $2.76 $1.86 $1.92 43.8% ROA 2.18% 1.55% 1.59% 37.1% ROE 19.9% 15.1% 15.5% 28.4% Efficiency Ratio 44.9% 54.8% 53.8% (16.5%) Regulatory Update

As reported in the December 10, 2002 filing on Form 8-K, Fifth Third continues to progress in its review of

transactions related to the $82 million treasury-related charge in the third quarter of 2002. Fifth Third is focusing on

reviewing and reconciling all entries posted to the various treasury clearing and other related settlement accounts from

March 2000 through September 2002. Fifth Third maintains the goal of concluding the review during the second quarter

of 2003 and believes that there is no significant further financial exposure in excess of the amount charged-off in the

third quarter. Based on the reviews completed to date, Fifth Third remains optimistic that a portion of the amount

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charged-off in the third quarter can and will be recovered with definitive conclusion as to dollar amount dependent upon

successful completion of the review of accounts.

The examination by the Federal Reserve Bank of Cleveland and State of Ohio, Division of Financial Institutions

is ongoing as of the date of this release and Fifth Third is continuing to cooperate and respond to all questions and

requests for information. Based on preliminary discussions with the regulators, Fifth Third believes some form of

regulatory action will be taken, but it is unable to predict what that action might be.

Fifth Third is continuing to take aggressive steps to enhance its risk management, internal audit and internal

controls. Fifth Third expects these activities, many of which have been implemented or are in the process of being

implemented as of the date of this release, will serve to mitigate the risk of any potential future losses as well as

addressing any regulatory concerns. Additionally, the first two phases of third party reviews of certain account

reconciliations have been completed as of the date of this release with the third and final phase of third party reviews

commencing in the first quarter of 2003 and encompassing all remaining account reconciliations.

In regards to the Securities and Exchange Commission inquiry, Fifth Third has responded to their initial

requests.

Conference Call

Fifth Third will host a conference call to discuss these fourth quarter financial results at 8:30 a.m. (Eastern

Time) today. Investors, analysts and other interested parties may dial into the conference call at 800-814-4861 for

domestic access and 416-640-1907 for international access (passcode: Fifth Third). A replay of the conference call will

be available until 5:00 p.m. January 22, 2003 by dialing 877-289-8525 for domestic access and 416-640-1917 for

international access (passcode: 230896#).

Corporate Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The

Company has $81 billion in assets, operates 17 affiliates with 930 full-service Banking Centers, including 132 Bank

Mart® locations open seven days a week inside select grocery stores and 1,875 Jeanie® ATMs in Ohio, Kentucky,

Indiana, Michigan, Illinois, Florida, Tennessee and West Virginia. The financial strength of Fifth Third’s affiliate banks

continues to be recognized by rating agencies with deposit ratings of AA- and Aa1 from Standard & Poor’s and

Moody’s, respectively. Additionally, Fifth Third Bancorp continues to maintain the highest short-term ratings available

at A-1+ and Prime-1, and was recently recognized by Moody’s with one of the highest senior debt ratings for any U.S.

bank holding company of Aa2. Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors and

Fifth Third Processing Solutions. Investor information and press releases can be viewed at www.53.com. The

company’s common stock is traded through the Nasdaq National Market System under the symbol “FITB.”

This document contains forward-looking statements about Fifth Third Bancorp which we believe are within the meaning of the Private Securities Litigation Reform Act of 1995. This document contains certain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of Fifth Third including statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates” or similar expressions. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking

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statements. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among depository institutions increase significantly; (2) changes in the interest rate environment reduce interest margins; (3) prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions, either national or in the states in which Fifth Third does business, are less favorable than expected; (5) legislative or regulatory changes adversely affect the businesses in which Fifth Third is engaged; (6) changes in the securities markets. Further information on other factors which could affect the financial results of Fifth Third are included in Fifth Third’s filings with the Securities and Exchange Commission. These documents are available free of charge at the Commission’s website at http://www.sec.gov and/or from Fifth Third.

# # #

FIFTH THIRD BANCORP AND SUBSIDIARIESQuarterly Financial Review

December 31, 2002Table of Contents

PageEarnings Review Financial Highlights 2 Consolidated Statements of Income 4 Consolidated Statements of Changes in Shareholders' Equity 6 Condensed Consolidated Quarterly Statements of Income 7 Other Operating Income and Operating Expenses 8Financial Condition Consolidated Balance Sheets 9 Loan and Lease Portfolios 10 Consolidated Average Balance Sheets, Yields and Rates 11 Analysis of Risk-Based Capital 13Asset Quality Summary of Credit Loss Experience 14 Underperforming Assets 15

1

FIFTH THIRD BANCORP AND SUBSIDIARIESFinancial Highlights(unaudited)

December 31, December 31, Percent2002 2001 Change

Earnings ($000's except per share): Net Interest Income (FTE) 708,860$ 639,645 10.8 Net Income Available to Common Shareholders 423,372 385,477 9.8

Earnings per Share 0.73 0.67 9.0 Earnings per Diluted Share 0.72 0.65 10.8 Key Ratios (percent): Return on Average Assets (ROAA) 2.11 2.16 (2.3) Return on Average Equity (ROAE) 19.8 20.0 (1.0) Net Interest Margin 3.80 3.94 (3.6) Efficiency Ratio 44.1 44.5 (0.9) Average Shareholders' Equity to Average Assets 10.63 10.80 (1.6) Risk-Based Capital Ratios (a): Tier I 11.39 12.35 (7.8) Total 13.17 14.41 (8.6) Common Stock Data: Cash Dividends Declared Per Share 0.26$ 0.23 13.0 Book Value Per Share 14.76 13.11 12.6 Market Price Per Share High 66.47 63.07 5.4 Low 55.40 53.30 3.9 End of Period 58.55 61.33 (4.5) Price/Earnings Ratio (b) 21.21 32.97 (35.7)

December 31, December 31, Percent2002 2001 Change

Earnings ($000's except per share): Net Interest Income (FTE) 2,739,464$ 2,478,579 10.5 Net Income Available to Common Shareholders 1,633,973 1,093,031 49.5

1,633,973 1,393,430 17.3

Earnings per Share 2.82 1.90 48.4 Earnings per Diluted Share 2.76 1.86 48.4

2.76 2.37 16.5 Key Ratios (percent): ROAA 2.18 1.55 40.6

2.18 1.97 10.7 ROAE 19.9 15.1 31.8

19.9 19.2 3.6 Net Interest Margin 3.96 3.82 3.7 Efficiency Ratio 44.9 54.8 (18.1)

44.9 46.6 (3.6) Average Shareholders' Equity to Average Assets 10.93 10.28 6.3 Common Stock Data: Cash Dividends Declared Per Share 0.98$ 0.83 18.1 Market Price Per Share High 69.70 64.77 7.6 Low 55.26 45.69 20.9

Three Months Ended

Twelve Months Ended

ROAE, Excluding Merger Charges & Accounting Change (c)

Efficiency Ratio, Excluding Merger Charges (c)

Net Income, Excluding Merger Charges & Accounting Change (c)

Earnings per Diluted Share, Excluding Merger Charges & Accounting

ROAA, Excluding Merger Charges & Accounting Change (c)

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FIFTH THIRD BANCORP AND SUBSIDIARIESFinancial Highlights, continued(unaudited)Book Value and Market Price Range Per Share

Market PriceRange Per Share

Mar. 31 Jun. 30 Sept. 30 Dec. 31 Low High 1997 8.00$ 8.38$ 8.70$ 9.00$ 18.00$ 37.11$ 1998 8.87 9.27 9.43 9.64 31.67 49.421999 9.74 9.59 9.56 9.84 38.58 50.292000 9.99 10.33 10.72 11.71 29.33 60.882001 12.19 12.26 12.81 13.11 45.69 64.772002 13.39 14.10 14.48 14.76 55.26 69.70

Earnings Per Share Quarter Ended

Mar. 31 Jun. 30 Sept. 30 Dec. 31 Year-to-Date1997 0.33$ 0.35$ 0.36$ 0.36$ 1.39$ 1998 0.38 0.18 0.45 0.43 1.441999 0.45 0.45 0.45 0.33 1.682000 0.47 0.44 0.55 0.56 2.022001 0.52 0.22 0.48 0.67 1.902002 0.67 0.69 0.72 0.73 2.82

Earnings Per Diluted Share Quarter Ended

Mar. 31 Jun. 30 Sept. 30 Dec. 31 Year-to-Date1997 0.32$ 0.34$ 0.36$ 0.36$ 1.37$ 1998 0.37 0.18 0.44 0.43 1.421999 0.44 0.44 0.44 0.33 1.662000 0.46 0.43 0.54 0.55 1.982001 0.51 0.22 0.47 0.65 1.862002 0.66 0.68 0.70 0.72 2.76

(a) December 31, 2002 ratios are estimated. (b) Based on the most recent twelve-month earnings per diluted share and end of period stock prices.(c) For comparability, certain ratios and statistics exclude nonrecurring merger charges and a nonrecurring accounting principle change of $394.5 million pretax ($300.3 million after tax, or $.51 per diluted share) for the twelve months ended December 31, 2001.

Book Value Per Share

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FIFTH THIRD BANCORP AND SUBSIDIARIESConsolidated Statements of Income (unaudited) ($000's)

December 31, December 31,2002 2001

INTEREST INCOMEInterest and Fees on Loans and Leases 705,913$ 741,260 Interest on Securities Taxable 307,021 308,712 Exempt from Income Taxes 13,682 14,719 Total Interest on Securities 320,703 323,431 Interest on Other Short-Term Investments 1,236 1,025 Total Interest Income 1,027,852 1,065,716 INTEREST EXPENSEInterest on Deposits Interest Checking 68,664 64,603 Savings and Money Market 41,263 44,614 Time Deposits, including Foreign 88,734 192,373 Total Interest on Deposits 198,661 301,590 Interest on Federal Funds Borrowed 18,005 12,613 Interest on Other Short-Term Borrowings 16,241 27,689 Interest on Long-Term Debt 96,480 94,842 Total Interest Expense 329,387 436,734 NET INTEREST INCOME 698,465 628,982 Provision for Credit Losses 72,085 61,574 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 626,380 567,408 OTHER OPERATING INCOMEElectronic Payment Processing Income 147,343 113,522 Service Charges on Deposits 112,646 103,115 Mortgage Banking Net Revenue 66,689 (22,833) Investment Advisory Income 77,117 73,087 Other Service Charges and Fees 164,013 136,183 Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing 783 73,214 Securities Gains, Net 14,731 17,867 Total Other Operating Income 583,322 494,155 OPERATING EXPENSESSalaries, Wages & Incentives 242,673 215,457 Employee Benefits 59,740 32,732 Equipment Expenses 19,861 22,866 Net Occupancy Expenses 36,707 36,680 Other Operating Expenses 210,301 196,803 Total Operating Expenses 569,282 504,538 INCOME BEFORE INCOME TAXES & MINORITY INTEREST 640,420 557,025 Applicable Income Taxes 207,463 168,873 INCOME BEFORE MINORITY INTEREST 432,957 388,152 Minority Interest, Net of Tax 9,400 2,490 NET INCOME 423,557 385,662 Dividend on Preferred Stock 185 185 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS 423,372$ 385,477 Average Common Shares (000's): Outstanding 576,471 577,939 Diluted 586,809 593,932

Three Months Ended

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FIFTH THIRD BANCORP AND SUBSIDIARIESConsolidated Statements of Income (unaudited) ($000's)

December 31, December 31,2002 2001

INTEREST INCOMEInterest and Fees on Loans and Leases 2,810,101$ 3,420,119 Interest on Securities Taxable 1,257,579 1,213,232 Exempt from Income Taxes 55,897 65,649 Total Interest on Securities 1,313,476 1,278,881 Interest on Other Short-Term Investments 5,834 9,825 Total Interest Income 4,129,411 4,708,825 INTEREST EXPENSEInterest on Deposits Interest Checking 296,402 311,090 Savings and Money Market 185,586 211,761 Time Deposits, including Foreign 446,098 1,028,699 Total Interest on Deposits 928,086 1,551,550 Interest on Federal Funds Borrowed 52,820 152,585 Interest on Other Short-Term Borrowings 67,054 204,314 Interest on Long-Term Debt 381,130 367,318 Total Interest Expense 1,429,090 2,275,767 NET INTEREST INCOME 2,700,321 2,433,058 Provision for Credit Losses 246,611 200,640 Merger-Related Provision for Credit Losses - 35,437 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 2,453,710 2,196,981 OTHER OPERATING INCOMEElectronic Payment Processing Income 512,054 347,496 Service Charges on Deposits 431,076 367,444 Mortgage Banking Net Revenue 187,919 62,742 Investment Advisory Income 336,247 306,513 Other Service Charges and Fees 579,727 542,223 Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing 33,525 142,887 Securities Gains, Net 113,579 28,206 Total Other Operating Income 2,194,127 1,797,511 OPERATING EXPENSESSalaries, Wages & Incentives 904,880 845,157 Employee Benefits 201,648 148,497 Equipment Expenses 79,352 91,133 Net Occupancy Expenses 142,454 146,199 Other Operating Expenses 887,853 761,829 Merger-Related Charges - 348,595 Total Operating Expenses 2,216,187 2,341,410 INCOME BEFORE INCOME TAXES, MINORITY INTEREST & CUMULATIVE EFFECT 2,431,650 1,653,082 Applicable Income Taxes 759,257 550,040 INCOME BEFORE MINORITY INTEREST & CUMULATIVE EFFECT 1,672,393 1,103,042 Minority Interest, Net of Tax 37,680 2,490 INCOME BEFORE CUMULATIVE EFFECT 1,634,713 1,100,552 Cumulative Effect of Change in Accounting Principle, Net of Tax - 6,781 NET INCOME 1,634,713 1,093,771 Dividend on Preferred Stock 740 740 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS (a) 1,633,973$ 1,093,031 Average Common Shares (000's): Outstanding 580,327 575,254 Diluted 592,020 591,316 (a) Net Income Available to Common Shareholders excluding nonrecurring items was $1,393,430 for the twelve months ended December 31, 2001.

Twelve Months Ended

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FIFTH THIRD BANCORP AND SUBSIDIARIESConsolidated Statements of Changes in Shareholders' Equity(unaudited) ($000's)

December 31, December 31,2002 2001

BALANCE AT SEPTEMBER 30 8,375,738$ 7,405,662 Net Income 423,557 385,662 Nonowner Changes in Equity, Net of Tax:Change in Unrealized Gains/(Losses) on Securities Available-for-Sale and Qualifying Cash Flow Hedges 101,479 (230,122) Change in Additional Minimum Pension Liability (52,235) - Net Income and Nonowner Changes in Equity 472,801 155,540 Cash Dividends Declared: Fifth Third Bancorp: Common Stock (2002 - $.26 per share and 2001 - $.23 per share) (149,470) (134,053) Preferred Stock (185) (185) Conversion of Subordinated Debentures to Common Stock - 168,152 Stock Options Exercised Including Treasury Shares Issued 10,137 21,997 Corporate Tax Benefit Related to Exercise of Non-Qualified Stock Options 26,066 21,409 Shares Purchased (261,100) - Stock Issued in Acquisitions and Other 1,030 755 BALANCE AT DECEMBER 31 8,475,017$ 7,639,277

December 31, December 31,2002 2001

BALANCE AT DECEMBER 31 7,639,277$ 6,662,412 Net Income 1,634,713 1,093,771 Nonowner Changes in Equity, Net of Tax:Change in Unrealized Gains/(Losses) on Securities Available-for-Sale and Qualifying Cash Flow Hedges 413,414 (20,189) Change in Additional Minimum Pension Liability (52,235) - Net Income and Nonowner Changes in Equity 1,995,892 1,073,582 Cash Dividends Declared: Fifth Third Bancorp: Common Stock (2002 - $.98 per share and 2001 - $.83 per share) (567,519) (459,625) Preferred Stock (740) (555) Pooled Companies Prior to Acquisition: Common Stock - (50,872) Preferred Stock - (185) Conversion of Subordinated Debentures to Common Stock - 168,152 Stock Options Exercised Including Treasury Shares Issued 103,574 118,222 Corporate Tax Benefit Related to Exercise of Non-Qualified Stock Options 26,474 21,409 Shares Purchased (719,518) (14,696) Stock Issued in Acquisitions and Other (2,423) 121,433 BALANCE AT DECEMBER 31 8,475,017$ 7,639,277

Twelve Months Ended

Three Months Ended

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FIFTH THIRD BANCORP AND SUBSIDIARIESCondensed Consolidated Quarterly Statements of Income(unaudited) ($000's except per share )

Quarter EndedDec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 31

2002 2002 2002 2002 2001Interest Income 1,027,852$ 1,036,547 1,047,301 1,017,712 1,065,716 Taxable Equivalent Adjustment 10,395 10,580 10,052 8,116 10,663 Taxable Equivalent Interest Income 1,038,247 1,047,127 1,057,353 1,025,828 1,076,379 Interest Expense 329,387 358,874 369,285 371,545 436,734 Net Interest Income 708,860 688,253 688,068 654,283 639,645 Provision for Credit Losses 72,085 55,524 64,040 54,962 61,574 Net Interest Income After Provision for Credit Losses 636,775 632,729 624,028 599,321 578,071 Other Operating Income 583,322 607,657 506,872 496,275 494,155 Operating Expenses 569,282 619,162 519,875 507,868 504,538 Income Before Income Taxes & Minority Interest 650,815 621,224 611,025 587,728 567,688 Applicable Income Taxes 207,463 184,483 187,282 180,029 168,873 Taxable Equivalent Adjustment 10,395 10,580 10,052 8,116 10,663 Income Before Minority Interest 432,957 426,161 413,691 399,583 388,152 Minority Interest, Net of Tax 9,400 9,422 9,429 9,429 2,490 Net Income 423,557 416,739 404,262 390,154 385,662 Dividend on Preferred Stock 185 185 185 185 185 Net Income Available to Common Shareholders 423,372$ 416,554 404,077 389,969 385,477

Earnings per Share 0.73$ 0.72 0.69 0.67 0.67 Earnings per Diluted Share 0.72 0.70 0.68 0.66 0.65 Cash Dividends Declared 0.26 0.26 0.23 0.23 0.23

Average Common Shares (000's): Outstanding 576,471 580,504 581,814 582,583 577,939 Diluted 586,809 592,024 594,257 594,982 593,932 Net Interest Margin (percent) 3.80 3.91 4.07 4.10 3.94

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FIFTH THIRD BANCORP AND SUBSIDIARIESOther Operating Income and Operating Expenses(unaudited) ($000's)

Quarter EndedDec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 31

2002 2002 2002 2002 2001OTHER OPERATING INCOME:Electronic Payment Processing Income 147,343$ 134,866 121,787 108,058 113,522 Service Charges on Deposits 112,646 113,770 106,092 98,568 103,115 Mortgage Banking Net Revenue 66,689 9,401 10,156 101,673 (22,833) Investment Advisory Income 77,117 82,723 91,959 84,447 73,087 Other Service Charges and Fees 164,013 143,767 141,023 130,924 136,183 Securities Gains (Losses), Net - Non-Qualifying Hedges on Mortgage Servicing 783 33,783 35,654 (36,695) 73,214 Securities Gains, Net 14,731 89,347 201 9,300 17,867 TOTAL OTHER OPERATING INCOME 583,322$ 607,657 506,872 496,275 494,155 OPERATING EXPENSES:Salaries, Incentives & Employee Benefits 302,413$ 267,046 269,497 267,573 248,189 Equipment Expenses 19,861 19,459 19,444 20,588 22,866 Net Occupancy Expenses 36,707 36,209 35,403 34,134 36,680 Other Operating Expenses 210,301 296,448 195,531 185,573 196,803 TOTAL OPERATING EXPENSES 569,282$ 619,162 519,875 507,868 504,538

Employees (FTE) 19,119 18,764 18,651 18,545 18,373 Banking Centers 930 919 921 927 933

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FIFTH THIRD BANCORP AND SUBSIDIARIESConsolidated Balance Sheets(unaudited) ($ in millions)

Dec. 31, Dec. 31,2002 2001

ASSETSCash and Due from Banks 1,891$ 2,031 Securities Available-for-Sale (a) 25,464 20,507 Securities Held-to-Maturity (b) 52 16 Other Short-Term Investments 312 225 Loans Held for Sale 3,358 2,180 Loans and Leases Commercial Loans 12,743 10,839 Construction Loans 3,327 3,356 Commercial Mortgage Loans 5,885 6,085 Commercial Lease Financing 3,986 3,151 Residential Mortgage Loans 3,495 4,505 Consumer Loans 15,116 12,565 Consumer Lease Financing 2,638 1,958 Unearned Income (1,262) (911) Reserve for Credit Losses (683) (624) Total Loans and Leases 45,245 40,924 Bank Premises and Equipment 891 833 Accrued Income Receivable 569 618 Goodwill 702 682 Mortgage Servicing Rights 263 426 Intangible Assets 236 267 Other Assets 1,911 2,317 TOTAL ASSETS 80,894$ 71,026 LIABILITIESDeposits Interest Checking 17,878$ 13,474 Savings and Money Market 11,100 8,417 Consumer Time Deposits 8,180 11,301 Total Customer Deposits 37,158 33,192 Other Time Deposits, including Foreign 4,955 3,419 Demand 10,095 9,243 Total Deposits 52,208 45,854 Federal Funds Borrowed 4,748 2,544 Short-Term Bank Notes - 34 Other Short-Term Borrowings 4,075 4,875 Accrued Taxes, Interest and Expenses 2,308 1,963 Other Liabilities 440 666 Long-Term Debt 8,179 7,030 TOTAL LIABILITIES 71,958 62,966 Minority Interest 461 421 TOTAL SHAREHOLDERS' EQUITY (c) 8,475 7,639 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 80,894$ 71,026 (a) Amortized cost: December 31, 2002 - $24,790 and December 31, 2001 - $20,479.(b) Market values: December 31, 2002 - $52 and December 31, 2001 - $16.(c) Common Shares: Stated value $2.22 per share; authorized 1,300,000,000; outstanding December 31, 2002 - 574,355,247 (excluding 9,071,857 treasury shares) and December 31, 2001 - 582,674,580 (excluding 80,000 treasury shares).

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FIFTH THIRD BANCORP AND SUBSIDIARIESLoan and Lease Portfolios (unaudited) ($ in millions)

Dec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 312002 2002 2002 2002 2001

On-Balance Sheet:Commercial Loans & Leases Commercial (a) 12,743$ 12,427 11,521 10,937 10,808 Mortgage 5,885 5,659 5,759 5,917 6,085 Construction 3,009 2,930 3,008 3,083 3,103 Leases 3,019 2,918 2,582 2,521 2,487 Subtotal 24,656 23,934 22,870 22,458 22,483 Retail Loans & Leases Installment 14,579 14,277 13,503 12,521 12,117 Mortgage 3,813 3,316 4,449 4,745 4,758 Credit Card 537 479 488 446 448 Leases 2,343 2,200 2,078 1,874 1,742 Subtotal 21,272 20,272 20,518 19,586 19,065 Total Loans & Leases Held for Investment 45,928 44,206 43,388 42,044 41,548

Loans Held for Sale 3,358 2,664 1,290 1,455 2,180 .

Off-Balance Sheet (b): Residential Mortgage 26,468 29,044 30,529 30,968 31,598 Consumer Leases 1,475 1,636 1,814 1,977 2,124 Commercial (a) 3,722 4,131 4,240 4,389 4,315 Total Off-Balance Sheet 31,665 34,811 36,583 37,334 38,037 Total Serviced 80,951$ 81,681 81,261 80,833 81,765 (a) Fifth Third transfers certain investment-grade commercial loans to an asset-backed commercial paper program. The outstanding balance of these loans was $1.8 billion at the end of 2002's fourth quarter, $1.9 billion at the end of 2002's third and second quarter and $2.1 billion at the end of 2002's first quarter, and $2.0 billion at the end of 2001's fourth quarter. In addition, Fifth Third services various real estate loans originated and sold to investors. The outstanding balance of these was $2.0 billion at the end of 2002's fourth quarter, $2.2 billion at the end of 2002's third quarter, $2.3 billion at the end of 2002's second and first quarters and $2.4 billion at the end of 2001's fourth quarter. (b) Includes loans which have been securitized or sold for which the Bancorp retains the servicing.

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FIFTH THIRD BANCORP AND SUBSIDIARIESConsolidated Average Balance Sheets, Yields and RatesTaxable Equivalent Basis(unaudited) ($ in millions)

Three Months Ended December 31,

2002 2001Average Average

Average Yield/Rate Average Yield/Rate Balance (%) Balance (%)

Assets:Interest-Earning Assets Loans and Leases 48,478$ 5.81 43,157 6.85 Securities Taxable 24,506 4.99 20,140 6.10 Tax Exempt 1,072 7.63 1,165 7.43 Total Interest-Earning Assets 74,056 5.56 64,462 6.62 Cash and Due from Banks 1,534 1,686 Other Assets 4,730 5,308 Reserve for Credit Losses (664) (621) Total Assets 79,656$ 70,835 Liabilities:Interest-Bearing Liabilities Interest Checking 17,671$ 1.54 12,464 2.06 Savings and Money Market 11,493 1.42 8,212 2.16 Time Deposits 8,393 3.34 12,273 4.92 Total Consumer Deposits 37,557 1.91 32,949 3.15 Other Time Deposits, including Foreign 3,862 1.86 4,518 4.55 Federal Funds Borrowed 4,944 1.44 2,262 2.21 Short-Term Bank Notes - - 27 2.17 Other Short-Term Borrowings 3,966 1.62 4,745 2.30 Long-Term Debt 8,142 4.70 7,057 5.33 Total Interest-Bearing Liabilities 58,471 2.23 51,558 3.36 Demand Deposits 9,675 8,463 Other Liabilities 2,589 3,041 Total Liabilities 70,735 63,062 Minority Interest 457 121 Shareholders' Equity 8,464 7,652 Total Liabilities and Shareholders' Equity 79,656$ 70,835 Net Interest Income Margin on a Taxable Equivalent Basis 3.80 3.94 Net Interest Rate Spread 3.33 3.26 Interest-Bearing Liabilities to Interest-Earning Assets 78.96 79.98

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FIFTH THIRD BANCORP AND SUBSIDIARIESConsolidated Average Balance Sheets, Yields and RatesTaxable Equivalent Basis(unaudited) ($ in millions)

Twelve Months Ended December 31,

2002 2001Average Average

Average Yield/Rate Average Yield/Rate Balance (%) Balance (%)

Assets:Interest-Earning Assets Loans and Leases 45,539$ 6.20 44,888 7.65 Securities Taxable 22,484 5.62 18,683 6.55 Tax Exempt 1,101 7.40 1,255 7.71 Total Interest-Earning Assets 69,124 6.03 64,826 7.33 Cash and Due from Banks 1,551 1,482 Other Assets 4,969 4,980 Reserve for Credit Losses (645) (625) Total Assets 74,999$ 70,663 Liabilities:Interest-Bearing Liabilities Interest Checking 16,239$ 1.83 11,489 2.71 Savings and Money Market 10,627 1.75 7,480 2.83 Time Deposits 9,403 3.80 13,473 5.53 Total Consumer Deposits 36,269 2.31 32,442 3.91 Other Time Deposits, including Foreign 3,707 2.41 5,813 4.87 Federal Funds Borrowed 3,262 1.62 3,682 4.14 Short-Term Bank Notes - - 10 2.13 Other Short-Term Borrowings 3,929 1.71 5,107 4.00 Long-Term Debt 7,640 4.99 6,301 5.83 Total Interest-Bearing Liabilities 54,807 2.61 53,355 4.27 Demand Deposits 8,953 7,394 Other Liabilities 2,602 2,623 Total Liabilities 66,362 63,372 Minority Interest 440 30 Shareholders' Equity 8,197 7,261 Total Liabilities and Shareholders' Equity 74,999$ 70,663 Net Interest Income Margin on a Taxable Equivalent Basis 3.96 3.82 Net Interest Rate Spread 3.42 3.06 Interest-Bearing Liabilities to Interest-Earning Assets 79.29 82.30

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FIFTH THIRD BANCORP AND SUBSIDIARIESAnalysis of Risk-Based Capital(unaudited) ($ in millions)

Dec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 312002 2002 2002 2002 2001

Tier I Capital:Shareholders' Equity and Other 9,036$ 8,899 8,677 8,285 8,306 Less: Goodwill and Certain Other Intangibles (938) (950) (936) (945) (950) Adj: Unrealized Losses (Gains) (421) (320) (225) 31 (8) Total Tier I Capital 7,677$ 7,629 7,516 7,371 7,348 Total Risk-Based Capital:Tier I Capital 7,677$ 7,629 7,516 7,371 7,348 Qualifying Reserve for Credit Losses 690 668 661 629 624 Qualifying Subordinated Notes 508 508 798 816 599 Total Risk-Based Capital 8,875$ 8,805 8,975 8,816 8,571 Net Risk-Weighted Assets 67,404$ 63,056 61,263 59,253 59,491 Ratios:Average Shareholders' Equity to Average Assets 10.63% 11.11% 10.92% 11.09% 10.80%Risk-Based Ratios (a): Tier I 11.39% 12.10% 12.27% 12.44% 12.35% Total Risk-Based: Capital 13.17% 13.96% 14.65% 14.88% 14.41% Leverage Ratio 9.75% 10.21% 10.35% 10.53% 10.52%(a) December 31, 2002 regulatory capital data and risk-based capital ratios are estimated.

Goodwill and Intangibles(unaudited) ($000's) As of and for the Quarter Ended

Dec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 312002 2002 2002 2002 2001

Goodwill and Intangibles, Net 938,195$ 954,137 935,590 945,150 949,764 Goodwill and Intangibles Amortization Expense (b) 9,354 8,982 9,233 9,411 18,726 (b) Adoption on January 1, 2002 of Statement of Financial Accounting Standards No. 142 resulted in the elimination of goodwill amortization expense.

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FIFTH THIRD BANCORP AND SUBSIDIARIESSummary of Credit Loss Experience (unaudited) ($000's)

Quarter EndedDec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 31

2002 2002 2002 2002 2001Reserve for Credit Losses, Beg of Period 660,934$ 649,166 628,595 624,080 616,608 Losses Charged-Off: Construction and Commercial Loans (23,994) (28,106) (27,496) (25,146) (31,354) Mortgage Loans (3,467) (2,844) (2,230) (1,223) (1,427) Consumer Loans (31,397) (25,583) (26,247) (32,033) (30,356) Leases (11,038) (10,107) (8,825) (12,777) (11,948) Total Losses (69,896) (66,640) (64,798) (71,179) (75,085) Recoveries of Losses Previously Charged Off: Construction and Commercial Loans 4,803 8,994 6,981 5,814 7,930 Mortgage Loans 1 3 258 2 10 Consumer Loans 12,501 11,715 11,235 11,232 9,162 Leases 3,074 2,358 2,965 3,758 3,395 Total Recoveries 20,379 23,070 21,439 20,806 20,497 Net Losses Charged Off: Construction and Commercial Loans (19,191) (19,112) (20,515) (19,332) (23,424) Mortgage Loans (3,466) (2,841) (1,972) (1,221) (1,417) Consumer Loans (18,896) (13,868) (15,012) (20,801) (21,194) Leases (7,964) (7,749) (5,860) (9,019) (8,553) Total Net Losses (49,517) (43,570) (43,359) (50,373) (54,588) Acquired & Other (309) (186) (110) (74) 486 Operating Provision 72,085 55,524 64,040 54,962 61,574 Reserve for Credit Losses, End of Period 683,193$ 660,934 649,166 628,595 624,080 Loans and Leases Outstanding ($ in millions) 45,928$ 44,206 43,388 42,044 41,548 Average Loans & Leases Outstanding ($ in millions) (a) 45,273$ 44,174 42,983 41,640 41,271 Reserve as a Percent of Loans & Leases Outstanding 1.49 1.50 1.50 1.50 1.50 Net Charge-Offs as a Percent of Average Loans & Leases Outstanding 0.43 0.39 0.40 0.49 0.52(a) Excludes average loans held for sale.

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FIFTH THIRD BANCORP AND SUBSIDIARIESUnderperforming Assets (unaudited) ($000's) Dec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 31

2002 2002 2002 2002 2001Nonaccrual Loans and Leases (a) 246,986$ 226,840 211,592 219,128 215,961 Other Real Estate Owned 25,618 21,028 19,498 21,168 19,142 Total Nonperforming Assets 272,604 247,868 231,090 240,296 235,103 Ninety Days Past Due Loans and Leases (a) 162,213 191,116 182,884 176,806 163,694 Total Underperforming Assets 434,817$ 438,984 413,974 417,102 398,797 Nonperforming Assets as a Percent of Loans, Leases and Other Real Estate Owned 0.59 0.56 0.53 0.57 0.57 Underperforming Assets as a Percent of Loans, Leases and Other Real Estate Owned 0.95 0.99 0.95 0.99 0.96 (a) Nonaccrual includes $18.4 million and Ninety Days Past Due includes $50.6 million of residential mortgage loans in the fourth quarter of 2002.

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