Summary
Fifth Third Bancorp (FITB) reported solid performance for the third quarter of 2013, demonstrating growth in net income and key financial metrics compared to the prior year. The company's net income available to common shareholders increased by 19% year-over-year, reaching $421 million, or $0.47 per diluted share. This growth was driven by an increase in noninterest income, notably from gains on Vantiv, Inc. share sales, and a significant reduction in provision for loan and lease losses due to improved credit quality. Total revenue saw a 3% increase, supported by a 7% rise in noninterest income, partially offset by a 1% decrease in net interest income. Credit quality continued to improve, with net charge-offs as a percentage of average loans declining significantly year-over-year. The Bancorp's capital position remained strong, with Tier 1 risk-based capital ratio at 11.14%, exceeding regulatory requirements. The company also actively managed its capital through share repurchases and strategic debt offerings, including the issuance of senior notes and preferred stock.
Financial Highlights
36 data points| Interest Expense | $99.00M |
| Net Income | $421.00M |
| EPS (Basic) | $0.47 |
| EPS (Diluted) | $0.47 |
| Shares Outstanding (Basic) | 880.18M |
| Shares Outstanding (Diluted) | 888.11M |
Key Highlights
- 1Net income available to common shareholders increased 19% to $421 million in Q3 2013 compared to Q3 2012.
- 2Diluted earnings per share grew 24% to $0.47 in Q3 2013 compared to $0.38 in Q3 2012.
- 3Total revenue increased 3% to $1.619 billion in Q3 2013 compared to Q3 2012.
- 4Noninterest income rose 7% to $721 million, primarily driven by gains on Vantiv, Inc. share sales.
- 5Provision for loan and lease losses decreased 22% to $51 million.
- 6Net losses charged off as a percent of average loans and leases decreased 34% to 0.49%.
- 7Tier 1 risk-based capital ratio remained strong at 11.14% as of September 30, 2013.