Categories Analysis, Earnings, Finance

Fifth Third misses Q4 earnings estimate

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.

Fifth Third Bancorp fourth quarter 2018 earnings infographic
Fifth Third Bancorp Q4 2018 Earnings Infographic

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.

Fifth Third Bancorp to buy MB Financial for $4.7 billion

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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