Gerard Cassidy's questions to Fifth Third Bancorp (FITB) leadership • Q2 2024
Question
In a follow-up, Gerard Cassidy noted the small uptick in the home equity portfolio and asked about the growth opportunity in that area, given high home equity values and locked-in low mortgage rates.
Answer
CEO Tim Spence acknowledged the positive turn but tempered expectations, stating he does not anticipate home equity to be a major growth driver in the near term. He cited the currently depressed home improvement spending environment as a headwind, suggesting that while the product makes sense for homeowners, the pickup in demand will be slow and steady.