Loading...
Loading...
- Fifth Third Bancorp FITB reported interest income of $2.22 billion in the first quarter, up 72% year over year, missing the consensus of $2.23 billion. Net interest income was $1.52 billion, up 27% Y/Y.
- The company attributed the NII growth to the net benefit of higher market rates and an increase in C&I loan and investment portfolio balances.
- The provision for credit losses in the quarter under review more than tripled on year to $164 million.
- The CET1 capital ratio was 9.25%, compared with 9.31% in the year-ago period.
- Net interest margin rose 70 basis points to 3.29%, reflecting the net benefit of higher market rates.
- Compared to the year-ago quarter, total average deposits decreased 5% Y/Y to $160.65 billion, reflecting the deliberate commercial deposit runoff in mid-2022. Period-end total deposits decreased by 4% compared to the year-ago quarter.
- Net income in the quarter under review totaled $535 million, up 12.9% Y/Y.
- Adjusted EPS of $0.83 topped the Street view of $0.79.
- "We announced the acquisition of Big Data Healthcare, which will continue to accelerate our peer-leading digital payments and managed services offerings," President and CEO Tim Spence said.
- Price Action: FITB shares are trading lower by 0.48% at $27.89 on the last check Thursday.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in