S&P 500 (NYSE:SPY) component Fifth Third Bancorp (NASDAQ:FITB) reported net income above Wall Street’s expectations for the second quarter. Fifth Third Bancorp is a diversified financial services company which conducts its lending, deposit gathering, transaction processing and service advisory activities through its subsidiaries.
Fifth Third Bancorp Earnings Cheat Sheet for the Second Quarter
Results: Net income for Fifth Third Bancorp rose to $337 million (35 cents per share) vs. $192 million (16 cents per share) in the same quarter a year earlier. This marks a rise of 75.5% from the year earlier quarter.
Revenue: Noninterest income was $656 million last quarter.
Actual vs. Wall St. Expectations: FITB beat the mean analyst estimate of 27 cents per share.
Quoting Management: “Fifth Third’s second quarter results were strong and reflected continued improvement in credit trends,” said Kevin T. Kabat, president and CEO of Fifth Third Bancorp. “Bottom-line results were the best Fifth Third has generated since 2007 and drove strong returns – a 1.2 percent return on assets, a 14 percent return on average tangible common equity, and four percent unannualized sequential growth in tangible book value per share.”
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 10 cents versus a mean estimate of net income of 27 cents per share.
Competitors to Watch: Huntington Bancshares Inc. (NASDAQ:HBAN), FirstMerit Corporation (NASDAQ:FMER), Dearborn Bancorp, Inc. (NASDAQ:DEAR), Marshall & Ilsley Corp. (NYSE:MI), Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), PNC Financial Services (NYSE:PNC), JPMorgan Chase & Co. (NYSE:JPM), Citigroup (NYSE:C), SunTrust Banks, Inc. (NYSE:STI), and PrivateBancorp, Inc. (NASDAQ:PVTB).
(Source: Xignite Financials)