Fifth Third Bancorp Q2 Profit Climbs, But Misses Estimates

(RTTNews) - Fifth Third Bancorp (FITB), a bank holding company, on Thursday reported a rise in earnings for the second-quarter, helped by increase in both interest and non-interest income. However, the company's earnings missed the Street view.

For the three-month period to June, the lender posted earnings of $562 million or $0.82 per share, higher than $526 million or $0.76 per share, recorded for the same period of last year.

On average, 19 analysts polled by Thomson Reuters were expecting the firm to post income per share of $0.83. Analysts' estimates typically exclude special items.

Income before income taxes was at $781 million, versus $727 million of prior year period.

Net interest income was at $1.463 billion, compared with previous year's $1.342 billion, reflecting the net benefit of higher market rates, as well as growth in C&I loan and investment portfolio balances.

Noninterest income moved up to $726 million from $676 million a year ago.

Provision for credit losses fell to $177 million from $179 million of 2022.

FITB was trading up by 0.88 percent at $28.75 per share in the pre-market trading on the Nasdaq.