Fifth Third Bancorp Earnings Cheat Sheet: Earnings Higher Than Expected

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.

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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.”

Key Stats:

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).

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(Source: Xignite Financials)