Fifth Third Bancorp reports Q3 earnings decline

By Bobby Samwell • Saturday, October 19 15:18 • Permanent Link

Fifth Third Bancorp has reported its financial results for the third quarter of 2024, with diluted earnings per share of $0.78. This is a decrease from the prior quarter's $0.81 and a substantial decline from the $0.91 reported in the same period the previous year.

Net interest income (NII) for the third quarter of 2024 stood at $1.427 billion, a 2% increase from the prior quarter but a 1% decrease from the same period in 2023. The net interest margin (NIM) also saw a 2 basis points (bps) increase from the prior quarter, but an 8 bps decrease from the same period last year.

Noninterest income for the third quarter of 2024 increased by 2% from the prior quarter to $711 million, but decreased by 1% from the same period in 2023. However, noninterest income excluding certain items increased by 4% compared to the prior quarter and by 2% from the year-ago quarter.

Noninterest expenses increased by 2% from the prior quarter to $1.244 billion and by 5% from the same period in 2023. Excluding certain items, noninterest expenses increased by 2% from the prior quarter and by 3% from the year-ago quarter.

Average portfolio loans and leases remained stable compared to the prior quarter but decreased by 4% from the same period in 2023. Average deposits saw a negligible increase of 0.1% from the prior quarter and a 1.2% increase from the same period in 2023.

The return on average assets for the third quarter of 2024 was 1.06%, down from 1.14% in the prior quarter and 1.26% in the same period the previous year. Similarly, the return on average common equity decreased to 11.7% from 13.6% in the prior quarter and 16.3% in the year-ago quarter.

Following these announcements, the company's shares moved -1.5%, and are now trading at a price of $44.67. Check out the company's full 8-K submission here.

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