Core Viewpoint - Fifth Third Bancorp (FITB) reported third-quarter 2024 adjusted earnings per share (EPS) of 85 cents, exceeding the Zacks Consensus Estimate of 82 cents, but down from 92 cents in the prior-year quarter [1] - The results were supported by an increase in loan balances and strong capital ratios, although net interest income (NII), fee income, and higher expenses negatively impacted performance [1] Financial Performance - Total revenues for the quarter were $2.14 billion, a decrease of 1% year over year, and fell short of the Zacks Consensus Estimate of $2.16 billion [2] - NII (on a fully taxable equivalent basis) was $1.43 billion, down 1.2% year over year, with a net interest margin shrinking to 2.9% from 2.98% [2] - Non-interest income slightly declined to $711 million, primarily due to reduced revenues from mortgage banking and leasing [2] Expense Analysis - Non-interest expenses rose by 4.7% year over year to $1.24 billion, driven by increases in compensation, technology, and other non-interest expenses [3] Loan and Deposit Trends - As of September 30, 2024, average loans and leases increased marginally to $117.4 billion, while average deposits remained stable at $167.2 billion [4] Credit Quality Assessment - The provision for credit losses was $160 million, up 34.5% year over year, with total non-performing loans and leases increasing to $725 million, an 18.5% rise [5] - Net charge-offs rose to $142 million, or 0.48% of average loans and leases, compared to 0.41% in the prior-year quarter [5] - The total allowance for credit losses decreased by 3.2% to $2.44 billion year over year [5] Capital Position - The Tier 1 risk-based capital ratio improved to 12.07% from 11.06% year over year, and the CET1 capital ratio increased to 10.75% from 9.8% [6] Capital Distribution Activities - In the reported quarter, FITB repurchased $200 million of its common shares and increased its quarterly cash dividend by 6% to 37 cents per share [7] Market Outlook - The company's strong capital position is expected to support future capital distribution activities, while the recent dividend increase may enhance investor confidence [8] - However, lower NII and fee income may pressure top-line growth moving forward [8]

Key Financial Data Key Highlights (a) (a) (a) (a) (b) (c) (a) (d)(e) (a) (a) Fifth Third Bancorp Reports Third Quarter 2024 Diluted Earnings Per Share of $0.78 Fee income growth and resilient balance sheet leads to another quarter of strong returns Reported results included a negative $0.07 impact from certain items on page 2 $ in millions for all balance sheet and income statement items 3Q24 2Q24 3Q23 Stability: • Sequential growth in net interest income and net interest margin driven by the repricing bene ...

Fifth Third Bancorp (FITB) is scheduled to report third-quarter 2024 results on Oct. 18 before the opening bell. Quarterly revenues are expected to have registered growth in the to-be-reported quarter, while earnings are likely to have declined on a year-over-year basis. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. In the last reported quarter, the bank's earnings surpassed the Zacks Consensus Estimate. Results benefited from a fall in expenses and provisions for credit losses, ...

Fifth Third Bancorp (FITB) shares touched a 52-week high of $43.85 on Thursday following the Federal Reserve's announcement of a 50-basis points interest rate cut. The FITB stock closed slightly lower at $43.64, gaining nearly 18% over the past six months. It has outperformed its industry, the S&P 500 Index and its close peers like Comerica Incorporated (CMA) and Bank of America Corporation (BAC) in the same time frame. Six-Month Price Performance Image Source: Zacks Investment Research Key Drivers Behind F ...

At the Barclays Global Financial Services Conference, Fifth Third Bancorp (FITB) provided an update on its third-quarter 2024 outlook. Fifth Third stated that total revenues are expected to rise 2-3% sequentially in the third quarter from its baseline of $2.2 billion compared with the previous guidance of 1-2% increase. Also, management updated its noninterest income, now expecting a 3-4% increase from its baseline of $717 million, up from the earlier projection of a 1-2% rise. Average loans and leases are ...

Fifth Third Bancorp (FITB) is benefiting from robust revenue growth and solid liquidity. Strategic acquisitions diversified Fifth Third's revenue sources, supporting its top-line growth. Hence, it seems to be a wise idea to add the FITB stock to your portfolio now, given its solid fundamentals and decent growth prospects. The Zacks Consensus Estimate for FITB's earnings has been revised to 3.3% and 2.3% north for 2023 and 2024, respectively, in the past month. This shows that analysts are optimistic regardi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 Commission File Number 001-33653 | --- | --- | |---------------------------------------------------------------------------|-------------------------------| | | | | | | | | | | | | | Fifth Third Bancorp (Exact name of Registrant as specified in | its charter) | | | | | | | | Ohi ...

High quality Shared National Credit portfolio Shared National Credit portfolio is well diversified SNC portfolio | --- | --- | --- | --- | --- | |-----------------------------|----------------------|-----------------------|------------------------|------------------------------------------------------------------------------------------------------------------| | | | | | | | | | Industry mix | | • Reduced balances 12% compared to 2Q23 | | $31.9BN ~27% of total loans | Wholesale | Other industries 21% | Reta ...

Fifth Third Bancorp (NASDAQ:FITB) Q2 2024 Earnings Conference Call July 19, 2024 9:00 AM ET Company Participants Matt Curoe - Director, IR Tim Spence - Chairman, CEO & President​ Bryan Preston - CFO Greg Schroeck - CCO Conference Call Participants Ebrahim Poonawala - Bank of America Scott Siefers - Piper Sandler Mike Mayo - Wells Fargo Ken Usdin - Jefferies Gerard Cassidy - RBC Capital Bill Carache - Wolfe Research Erika Najarian - UBS Manan Gosalia - Morgan Stanley Matt O'Connor - Deutsche Bank Christopher ...

For the quarter ended June 2024, Fifth Third Bancorp (FITB) reported revenue of $2.08 billion, down 4.6% over the same period last year. EPS came in at $0.86, compared to $0.87 in the year-ago quarter. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. View all Key Company Metrics for Fifth Third Bancorp here>>> While investors closely ...