Fifth Third Bank Q1 Profit Climbs, But Below Estimates

(RTTNews) - Fifth Third Bancorp (FITB), a banking firm, on Thursday reported a rise in earnings for the first-quarter, amidst an increase in total noninterest income and net interest income.

For the three-month period, the company reported net income of $535 million or $0.78 per share, higher than $474 million or $0.68 per share, registered for the same quarter of 2022.

On average, 19 analysts polled by Thomson Reuters were expecting earnings of $0.79 per share for the quarter. Analysts' estimates typically exclude special items.

Pre-tax earnings were at $723 million, compared with $615 million of previous year.

Total average portfolio loans and leases increased to $122.812 billion from $113.467 billion of last year.

Net interest income was at $1.522 billion, versus last year's $1.198 billion.

Noninterest income moved up to $696 million from $684 million a year ago.