CINCINNATI (AP) — Fifth Third Bancorp (FITB) on Thursday reported earnings that decreased by 29 percent in its second quarter, and topped analysts’ expectations.
The bank, based in Cincinnati, said net income after dividends on preferred stock fell to $416 million, or 49 cents per share, from $582 million, or 65 cents per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for profit of 45 cents per share.
The regional bank said revenue declined 16 percent to $1.64 billion from $1.95 billion in the same quarter a year ago, and topped Wall Street forecasts. Analysts expected $1.53 billion, according to Zacks.
Earnings from deposits and loans, or net interest income, rose 2 percent to $905 million. Earnings from fees and other charges, or noninterest income, fell 31 percent to $736 million.
Shares rose 1 cent to $21.56 in premarket trading. They have traded in a range of $17.49 to $23.90 in the past 52 weeks.
Fifth Third Bancorp last month declared a cash dividend on its common shares of 13 cents for the second quarter, an increase of 1 cent or 8 percent, from its previous quarterly dividend rate.
Fifth Third operates more than 1,300 banking centers in 12 states: Ohio, Kentucky, Indiana, Michigan, Illinois, Pennsylvania, Missouri, Florida, Georgia, North Carolina, Tennessee, and West Virginia.
Fifth Third Bancorp shares have risen 52 cents, or 2.5 percent, to $21.55 since the beginning of the year, while the Standard & Poor’s 500 index has increased 7.2 percent. The stock has increased $2.56, or 13 percent, in the last 12 months.