CINCINNATI (AP) — Fifth Third Bancorp says its first-quarter net income fell 25 percent, mostly on a decline in its investment in its former Vantiv payment-processing subsidiary.
The Cincinnati-based company says net income fell to $309 million, or 36 cents per share, for the three months ended March 31. That is down from earnings of $413 million, or 46 cents per share, a year ago. Analysts surveyed by FactSet expected the bank to earn 42 cents per share, on average.
Earnings from deposits and loans, or net interest income, rose 1 percent to $898 million. Earnings from fees and other charges, or noninterest income, fell 24 percent, to $564 million.
Fifth Third operates more than 1,300 banking centers in 12 states.