UPDATE: Fifth Third Q1 Profit Down 1.9%

Fifth Third Bancorp

reported a 1.9% drop in its first-quarter earnings. Fifth Third's quarterly profit fell to $422 million, from $430 million, in the year-ago period. Its per-share earnings climbed to $0.46 from $0.45 per share. Its revenue dropped 2.2% to $1.64 billion. However, analysts were expecting earnings of $0.39 per share on revenue of $1.59 billion. Fifth Third shares closed at $15.80 yesterday.