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.
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