Financial services company Fifth Third Bancorp (NASDAQ: FITB) on Friday reported results for the first quarter of 2024. There is a decline in net interest income and earnings.
- Net income available to common shareholders decreased to $480 million in Q1 from $535 million a year earlier
- On a per-share basis, earnings decreased to $0.70 in the first quarter from $0.78 in Q1 2023
- At $1.38 billion, March-quarter net interest income was down 8% year-over-year
- Meanwhile, non-interest income moved up to $710 million in Q1 from $696 million last year
- First-quarter non-interest expense was $1.34 billion, vs. $1.33 billion in the prior-year period
- There was a 4% decrease in average portfolio loans and leases in Q1 to $117.33 billion
- Average deposits increased 5% compared to the year-ago quarter to $168.1 billion
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