Fifth Third’s quarterly profit dips
THE ASSOCIATED PRESS April 18, 2013 6:52AM
CINCINNATI — Regional bank Fifth Third Bancorp says first-quarter net income dipped 2 percent as it made less from deposits and loans as well as fees and other sources.
The Cincinnati company earned $413 million, or 46 cents per share, for the three months ended March 31. That compares with $421 million, or 45 cents per share, a year ago.
Analysts expected earnings of 39 cents a share.
Earnings from deposits and loans, or net interest income, declined to $893 million from $903 million.
Income from fees and other sources slipped to $743 million from $769 million.
Net charge-offs, or the amount of money lost on bad loans, fell to $133 million from $220 million — the lowest level since 2007’s third quarter.