Fifth Third Q2 Earnings Higher, NCOs Lowest Since Q4/07
Fifth Third announced that second quarter net income was $376 million, or $0.40 per share, up from $328 million, or $0.35 per share, for the same year-ago period. Analysts polled by Thomas Reuters had expected earnings per share of $0.35.
The company said that second-quarter results included the benefit of $56 million pre-tax gain (~$36 million after-tax)on the valuation of the warrant Fifth Third holds in Vantiv.
Fifth Third noted that credit trends remain favorable with second-quarter net charge-offs of $181 million versus last year NCOs of $304 million. The company said this was the lowest NCO level since fourth quarter 2007.