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FITB Fifth Third Bancorp News Story

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Fifth Third Bancorp posts 17% jump in Q3 EPS, repurchases $300 mln stock

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

MetricBeat/MissActualConsensus Estimate
Q3 EPS$0.91
Q3 Net Income$608 mln
Q3 GAAP Net Interest Income$1.52 bln
Q3 CET1 Capital Ratio10.54%
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 For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com. (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.)

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