Fifth Third Bancorp Earnings: The Streak is Broken
S&P 500 (NYSE:SPY) component Fifth Third Bancorp (NASDAQ:FITB) reported its results for the third 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
Results: Net income for Fifth Third Bancorp fell to $354 million (38 cents per share) vs. $376 million (40 cents per share) a year earlier. This is a decline of 5.9% from the year-earlier quarter.
Actual vs. Wall St. Expectations: Fifth Third Bancorp beat the mean analyst estimate of 35 cents per share.
Quoting Management: “Third quarter earnings were highlighted by solid net interest income results and continued strong mortgage banking revenue, contributing to an ROA of 1.23 percent and a return on average common equity of 10.4 percent,” said Kevin Kabat, CEO of Fifth Third Bancorp. “We had success across our commercial bank and consumer lending businesses, with double-digit growth in corporate banking revenue, up 16 percent year-over-year, and mortgage banking revenue, up 13 percent year-over-year.”
The company has beaten estiamtes for two quarters in a row. In the second quarter, it topped expectations with net income of 45 cents versus a mean estimate of net income of 36 cents per share.
Looking Forward: Expectations for the fourth quarter have not changed from 36 cents. Over the past three months, the average estimate for the fiscal year has climbed from $1.47 per to share to $1.50.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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