Fifth Third Surprises With 41% EPS Increase
Fifth Third Bancorp reported full year 2012 net income of $1.5 billion, after preferred dividends or $1.66 per share, up 41% compared with 2011 net income of $1.1 billion, or 1.18 per share. Fourth-quarter net income was $399 million, up 27% from net income of $314 million in the fourth quarter of 2011. The bank noted that fourth quarter 2012 noninterest income included a $157 million gain on the sale of Vantiv shares.
Fifth Third noted that credit trends remain favorable with 4Q12 net charge-offs (NCO) of $147 million versus 4Q11 NCOs of $239 million – the lowest NCO level since 3Q07. The bank said 4Q12 provision expense of $76 million compared with 4Q11 provision of $55 million.
To read the Fifth Third Bancorp news release click here.