Daily News: January 20, 2012

Fifth Third FY Net Income More Than Doubles

Fifth Third reported fourth-quarter 2011 net income, after preferred dividends, was $305 million compared with net income of $270 million in the fourth quarter of 2010. Full-year 2011 net income on the same basis was $1.1 billion compared with 2010 net income of $503 million.

The bank said that credit trends remained favorable with fourth-quarter net charge-offs of $239 million versus $356 million in the fourth-quarter 2010. Fifth Third noted that the fourth-quarter charge-off level was at its lowest since the fourth-quarter 2007. The bank’s fourth-quarter 2011 provision expense of $55 million compared with a sequential provision of $87 million and fourth-quarter 2010 provision of $166 million.

Fifth Third noted that its average commercial and industrial loan portfolio was $29.9 billion in the fourth-quarter 2011, up from $28.8 billion sequentially and $26.3 billion in the fourth quarter in 2010.

“Fifth Third’s 2011 results clearly demonstrated continued improvement, with net income available to common shareholders more than doubling compared with last year,” said Kevin T. Kabat, president and CEO of Fifth Third Bancorp. “We’re growing our loan portfolio, credit trends continued to improve, and we continue to maintain a strong capital position.”

To read the full text of Fifth Third’s news release: click here.