Corrects to specify that the net interest income in key details table is a US GAAP figure
Overview
Fifth Third Q3 net interest income rises 7% yr/yr
Diluted EPS rises 17% yr/yr to $0.91
Fifth Third repurchased $300 mln of common stock in Q3
Outlook
Company did not provide specific financial guidance for future quarters
Result Drivers
NET INTEREST INCOME - Improved earning asset mix and strategic management actions helped cut costs of interest-bearing liabilities, boosting NII by 7% yr/yr
NON-INTEREST INCOME - 10% yr/yr growth driven by 28% increase in capital markets fees along with 9% rise in wealth and asset management revenue
EXPENSE MANAGEMENT - Efficiency ratio improved to 54.9% from 56.2% due to disciplined expense management
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
$0.91
Q3 Net Income
$608 mln
Q3 GAAP Net Interest Income
$1.52 bln
Q3 CET1 Capital Ratio
10.54%
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Fifth Third Bancorp is $51.00, about 20.9% above its October 16 closing price of $40.36
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago
Press Release: ID:nBw4DytwLa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)