Cincinnati-based bank holding company Fifth Third Bancorp (FITB) reported fourth-quarter net income of 64 cents per share, compared to 70 per share a year ago. The bottom-line missed analysts’ projection of 67 cents per share.
Net interest income gained 13% to $1.08 billion during the quarter, while non-interest income remained almost flat at $575 million.
FITB shares have declined 17% in the trailing 52 weeks period. The stock ended its last trading session up 2.2% on Friday.
CEO Greg D. Carmichael said, “With the conclusion of Project NorthStar at the end of 2019, the ongoing MB Financial integration efforts, and a clearly-defined set of strategic priorities for the future, we remain very confident in our ability to achieve our long-term financial targets and outperform through the cycle.”
Both loans and deposits witnessed lower single digit increases during the fourth quarter. Average loans were up 3% and average core deposits grew 4% compared to 4Q17.
Corporate banking was one area that saw strong growth during the quarter. Revenue from this segment jumped 27% to $130 million on a non-GAAP basis driven by strong capital markets revenue led by record M&A advisory fees as well as increased syndication revenues.
While mortgage banking remained flat, Wealth and asset management revenue was up 3%.
In May last year, Fifth Third had announced that it would acquire MB Financial (MBFI) for $4.7 billion in a cash and stock deal. The deal is expected to close in the first quarter of 2019.
Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference, and much more!
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%