Financial services company Fifth Third Bancorp (NASDAQ: FITB) has announced results for the third quarter of fiscal 2024, reporting an increase in interest income and earnings.
- Net income available to common shareholders was $608 million or $0.91 per share, vs. $532 million or $0.78 per share in the year-ago quarter
- Net interest income rose to $1.52 billion in the September quarter from $1.43 billion a year eariler
- At $781 million, noninterest income was up 10% year-over-year during the three months
- Demand deposit grew 3% year-over-year in the third quarter; Interest-bearing liabilities costs declined for the fifth consecutive quarter
- Tangible book value per share increased 7% year-over-year in Q3; net interest margin expanded for the 7th consecutive quarter
- In the September-quarter, there was a 6% growth in loans, compared to 3Q24; annual loan growth accelerated to highest level in over two years
- Assets under management totaled $77 billion in the quarter, up 12% compared to the third quarter of FY24
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