Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
1 Year : From Mar 2019 to Mar 2020
By Allison Prang
Fifth Third Bancorp's (FITB) profit fell as the company's expenses and provision for credit losses increased and noninterest income fell.
Net income was $453 million, down 25% from the comparable quarter a year prior. Earnings were 57 cents a share, down from 82 cents a share. Analysts polled by FactSet were expecting 63 cents a share.
Revenue rose 8.1% to $1.91 billion. Analysts were expecting $1.9 billion. Noninterest income fell 11% while net interest income on a fully taxable equivalent basis rose 22%.
Fifth Third's provision for credit losses was $85 million up from $14 million. Its provision fell from $90 million in the first quarter.
Noninterest expenses rose 24%. Technology and communication costs more than doubled to $136 million up from $67 million a year earlier. The company said total merger-related costs -- which include $49 million in technology and communications expense -- were $109 million, up from $2 million a year earlier.
Fifth Third's net interest margin was 3.37%, an increase of 16 basis points year over year and up nine basis points from the first quarter. Its adjusted net interest margin, not including a purchase accounting accretion from MB Financial's non-purchase credit impaired loan portfolio, was 3.32%, up 11 basis points year over year and up four basis points from the first quarter.
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(END) Dow Jones Newswires
July 23, 2019 07:10 ET (11:10 GMT)
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