By Lisa Beilfuss
Fifth Third Bancorp on Tuesday restated first-quarter results to
reflect a $30 million impairment charge that wasn't included in its
earlier report.
The charge decreased noninterest income to $630 million from
$660 million.
First-quarter profit was $346 million, down from an initially
reported $382 million. On a per-share basis, Fifth Third reported
42 cents in earnings, down from an initially reported 44 cents.
A year earlier, the company earned $318 million, or 36 cents a
share.
The reduced per-share profit remains ahead of the 37 cents
analysts had expected.
Shares fell 1% to $20.11 in morning trading.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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