Fifth Third tops 2Q profit forecasts
CINCINNATI (AP) — Fifth Third Bancorp (FITB) on Thursday reported second-quarter profit of $333 million.
The bank, based in Cincinnati, said it had earnings of 40 cents per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The regional bank posted revenue of $1.5 billion in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $1.52 billion.
Fifth Third shares have dropped 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 6 percent. The stock has dropped 11 percent in the last 12 months.
This story was 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