Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition
Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition
Overview
U.S. regional bank's Q3 net income rose 36% yr/yr, reported EPS flat at $0.90
Q3 net interest income rose 49% yr/yr, driven by Comerica acquisition
Adjusted EPS for Q3 was $1.13, excluding merger-related and other charges
Outlook
Company expects continued competition for deposits amid a volatile economic environment
Fifth Third says its funding mix provides flexibility in changing interest rate conditions
Result Drivers
HIGHER MARKET RATES AND LOAN GROWTH - Co said net interest income rose due to higher market rates, loan growth, and asset repricing, partly offset by higher deposit costs
DEPOSIT GROWTH - Co attributed deposit growth to operational increases, Southwest retail campaign, and Comerica sweep balance migration
COMMERCIAL LOAN GROWTH - Co said sequential growth was led by commercial loans and leases, with consumer loans stable
Company press release: ID:nBwbQB9Bga
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS |
| $0.90 |
|
Q3 Net Income |
| $828 mln |
|
Q3 Net Interest Income |
| $2.27 bln |
|
Q3 CET1 Capital Ratio |
| 10.02% |
|
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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.)