Financial services company Fifth Third Bancorp (NASDAQ: FITB) reported results for the fourth quarter of 2023. There was a decline in net interest income in Q4.
- Fourth quarter net income was $530 million, compared to $737 million in the comparable period of 2022
- On a per-share basis, net income available to common shareholders was $0.72 in Q4, compared to $1.01 in the prior-year quarter
- Average deposits increased by 5% in the December quarter to $169.45 billion.
- During the quarter, the company opened 19 branches, 18 of which are in high-growth Southeast markets
- Net interest income decreased 10% year-over-year to $1.42 billion in the fourth quarter
- Non-interest income moved up to $744 million in Q4 from $735 million in the prior-year period
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