Have you been eager to see how Fifth Third Bancorp FITB performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Ohio-based bank’s earnings release this morning:
Earnings Down Y/Y
Fifth Third came out with earnings per share of 40 cents (including certain one-time items), down from 42 cents in the prior year quarter. Excluding one-time items, earnings per share would have been 37 cents for the reported quarter. The Zacks Consensus Estimate was 34 cents.
Results reflected significant rise in provisions and higher expenses. However, the quarter witnessed growth in net interest income as well as non-interest income.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Fifth Third was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at 34 cents over the last 7 days.
Revenue Came In Higher Than Expected
Fifth Third posted revenues of $1.55 billion, surpassing the Zacks Consensus Estimate of $1.47 billion. Also, it compared favorably with the year-ago number of $1.48 billion.
Key Stats:
Net income available to common shareholders decreased 10% year over year to $312 million.
Provision for loan and lease losses increased 72% year over year to $119 million.
Total non-interest expense increased 7% year over year to $986 million.
Net interest margin was 2.91%, up 5 basis points year over year.
Tangible book value per share increased 10% year over year to $16.32 per share.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Fifth Third. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Fifth Third earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
FIFTH THIRD BK (FITB): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research