Fifth Third's Average Loans and Leases Post Slight Increase From a Year Ago -- Earnings Review
July 19 2018 - 7:42AM
Dow Jones News
By Allison Prang
Fifth Third Bancorp (FITB) released its second-quarter financial
results before the market opened Thursday. Here's what you need to
know.
PROFIT: The financial-services company reported a profit of $586
million, or 80 cents a share, up 60% from the $367 million, or 45
cents a share, that the company made for the comparable quarter a
year ago.
NET INTEREST INCOME: Net interest income rose 8.4% to $1.02
billion.
NET INTEREST MARGIN: The company's net interest margin expanded
20 basis points to 3.21%.
NONINTEREST INCOME: Total noninterest income rose 32% to $743
million, helped by a double-digit percentage increase in corporate
banking revenue. Net revenue for mortgage banking declined, but
card and processing revenue and revenue from wealth and asset
management both rose by single-digit percentages. Other noninterest
income nearly tripled. Taking out some items -- including gains
related to Worldpay and from the IPO of GreenSky -- total
noninterest income fell 1%.
NONINTEREST EXPENSES: Total noninterest expenses rose 8.4% to
$1.04 billion as costs for salaries, wages and incentives along
with technology and communications both rose by double-digit
percentages.
PROVISION FOR LOAN AND LEASE LOSSES: The provision for loan and
lease losses fell 37% to $33 million.
LOANS: Total average portfolio loans and leases rose 0.6% to
$92.56 billion. Consumer loans were almost unchanged compared to
the second quarter a year ago while commercial loans and leases
rose 1.1%.
Shares, down 0.3% year to date, were unchanged premarket.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
July 19, 2018 07:27 ET (11:27 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Sep 2023 to Sep 2024