Fifth Third Bancorp’s 3Q performance tops Street’s view
CINCINNATI (AP) — Fifth Third Bancorp’s third-quarter profit handily topped Wall Street’s view, bolstered by a large one-time gain.
The regional bank’s net income available to common shareholders was $501 million, or 65 cents per share, for the three months ended in September. The Cincinnati-based company earned $366 million, or 45 cents per share, in the prior-year period.
That easily beat the 41 cents per share that analysts surveyed by Zacks Investment Research expected.
The current quarter’s results included a $280 million gain related to some tax receivable agreements.
Revenue increased to $1.75 billion from $1.62 billion, topping the $1.66 billion that analysts polled by Zacks forecast.
Its shares rose 8 cents to $20.60 in morning trading Thursday. Its shares have risen more than 9 percent over the past year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FITB at http://www.zacks.com/ap/FITB
Keywords: Fifth Third Bancorp, Earnings Report