Fifth Third Bancorp Down 4% After Earnings Miss
Fifth Third Bancorp (NASDAQ: FITB) is trading down more than 4% today after the company missed earnings estimates.
The company today reported full year 2011 net income of $1.3 billion, compared with net income of $753 million in 2010. After preferred dividends, 2011 net income available to common shareholders was $1.1 billion, or $1.18 per diluted share, compared with 2010 net income available to common shareholders of $503 million, or $0.63 per diluted share.
Preferred dividends in the first quarter of 2011 included $153 million, or $0.17 per diluted share, of discount accretion primarily related to the repayment of TARP preferred stock, as well as $15 million, or $0.02 per diluted share, of contractual dividend payments on the TARP preferred stock. TARP preferred dividends in 2010 were $215 million, or $0.27 per diluted share, including $170 million of contractual dividend payments and $45 million of discount accretion.
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