Earnings Summary: Highlights of Fifth Third Bancorp’s (FITB) Q1 2024 report

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