Fifth Third Bancorp Rises 4% Even As Earnings Miss Estimates

(RTTNews) - Shares of Fifth Third Bancorp (FITB) are up more than 4% Tuesday morning despite the company's first-quarter earnings missed analysts' view.

Net income in the first quarter was $474 million, or $0.68 per share, compared with $674 million, or $0.93 per share, in the year-ago quarter. On average, 18 analysts polled by Thomson Reuters were expecting earnings of $0.69 per share.

Net interest income for the quarter increased to $1.195 billion from $1.176 billion last year.

Provision for credit losses in the quarter was $45 million compared with benefit of $173 million a year ago.

Separately, the Cincinnati-based bank said it is raising its minimum wage to $20/hour effective July.

FITB is at $40.81 currently. It has traded in the range of $34.35-$50.64 in the past 52 weeks.