CINCINNATI (AP) — Fifth Third Bancorp says its first-quarter
net income fell 25 percent, mostly on a decline in its investment in
its former Vantiv payment-processing subsidiary.
The
Cincinnati-based company says net income fell to $309 million, or 36
cents per share, for the three months ended March 31. That is down from
earnings of $413 million, or 46 cents per share, a year ago. Analysts
surveyed by FactSet expected the bank to earn 42 cents per share, on
average.
Earnings from deposits and loans, or net interest income,
rose 1 percent to $898 million. Earnings from fees and other charges,
or noninterest income, fell 24 percent, to $564 million.
Fifth Third operates more than 1,300 banking centers in 12 states.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
CINCINNATI (AP) — Fifth Third Bancorp says its first-quarter
net income fell 25 percent, mostly on a decline in its investment in
its former Vantiv payment-processing subsidiary.
The
Cincinnati-based company says net income fell to $309 million, or 36
cents per share, for the three months ended March 31. That is down from
earnings of $413 million, or 46 cents per share, a year ago. Analysts
surveyed by FactSet expected the bank to earn 42 cents per share, on
average.
Earnings from deposits and loans, or net interest income,
rose 1 percent to $898 million. Earnings from fees and other charges,
or noninterest income, fell 24 percent, to $564 million.
Fifth Third operates more than 1,300 banking centers in 12 states.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.