Fifth Third posts strong fourth-quarter profit
Fifth Third Bancorp's (FITB) fourth-quarter earnings rose 27% as the regional bank wrote off fewer loans and continued to grow its commercial and industrial loan business. The bank reported a net income of $390 million, of $0.43 per diluted share, compared to $354 million, or $0.38 per diluuted share, in the third quarter.
The bank reported that its revenue, a combination of noninterest income and net interest income, jumped 21% to $1.78 billion.
Fifth Third reported a profit of $399 million, up from $314 million a year earlier. Per-share earnings, which reflect the payment of preferred dividends, climbed to 43 cents from 33 cents a year ago.