Fifth Third 4Q Profit Falls

By Michael Dabaie

Fifth Third Bancorp's (FITB) fourth-quarter earnings fell from a year-earlier.

The Cincinnati-based bank Tuesday reported fourth-quarter income of $455 million, down from $527 million in the year-ago quarter.

Earnings per share came in at 64 cents per share, down from 70 cents a year earlier. EPS included a 5 cent negative impact from items, the bank said.

Net interest income for the quarter was $1.08 billion, up from $956 million in the year-ago period, while noninterest income was $575 million, from $577 million.

The company took a provision for loan and lease losses in the quarter of $95 million, compared to $67 million a year earlier.

"We recently received the regulatory non-objection related to our re-submitted capital plan, including the pro forma impact of MB Financial. We remain confident in our ability to achieve the expected financial synergies from the pending acquisition, and we continue to expect the transaction to close in the first quarter of 2019," Fifth Third Chief Executive Greg D. Carmichael said.

Fifth Third in May agreed to buy MB Financial Inc. (MBFI) in a mostly stock deal, further expanding Fifth Third's presence in Chicago.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

January 22, 2019 07:50 ET (12:50 GMT)

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