Daily Journal masthead

Fifth Third Bancorp sees 4Q profit jump on Vantiv stake sale. Its adjusted results excluding one-time gains matched Wall Street expectations.


NEW YORK — Fifth Third Bancorp on Thursday reported a surge in fourth-quarter profit on the sale of a stake in the payment processing company Vantiv Inc.

The bank, based in Cincinnati, said its profit after paying preferred dividends rose to $634 million, or 79 cents per share, from $362 million, or 43 cents per share, a year ago. The increase came mainly from $331 million in gains from the sale of Vantiv shares.

Earnings, adjusted for non-recurring gains, came to 41 cents per share. That matched the average expectations of nine analysts surveyed by Zacks Investment Research.

The regional bank's revenue rose 30 percent to $2 billion from $1.54 billion in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $1.57 billion.

The bank had provision expenses of $91 million during the quarter, down from $99 million a year prior. Net interest margins, a measure of lending profitability, fell to 2.85 percent from 2.96 percent a year prior.

For the year, the company reported profit available to common shareholders of $1.6 billion, or $2.01 per share. Revenue was reported as $6.54 billion.

Fifth Third shares rose 4 cents to $16.57 in morning trading. They have dropped 18 percent since the beginning of the year, while the Standard & Poor's 500 index has declined 9 percent. The stock has decreased roughly 9 percent in the last 12 months.


Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FITB at http://www.zacks.com/ap/FITB


Keywords: Fifth Third Bancorp, Earnings Report

Think your friends should see this? Share it with them!

Story copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)


Follow Daily Journal:

All content copyright ©2016 Daily Journal, a publication of AIM Media Indiana unless otherwise noted.
All rights reserved. Privacy policy.