WASHINGTON (dpa-AFX) - Fifth Third Bancorp (FITB) Friday reported a higher fourth-quarter profit, helped by increased demand and a significant fall in provision for loan and lease losses. On a per share basis, earnings remained unchanged from last year, but missed analysts' estimates. In the fourth quarter, net income available to shareholders increased to $305 million from $270 million in the previous year. On a per share basis, earnings were $0.33, unchanged from last year. On average, 22 analysts polled by Thomson Reuters estimated earnings of $0.36 per share. Analysts' estimates usually exclude special items. Total revenues for the quarter declined to $1.47 billion from $1.58 billion a year ago, while analysts estimated $1.53 billion. Net interest income, on a taxable equivalent basis, was $920 million, compared to $919 million reported last year. Total non-interest income declined 16 percent to $550 million from $656 million in the prior year. Net interest margin decreased 2 percent to 3.67 percent. Total deposits in the quarter increased 3 percent to $83.688 billion. The company stated that its provision for loan and lease losses fell 67 percent to $55 million from $166 million in the preceding year. Tier I capital ratio was 11.91 percent, compared to 13.89 percent a year earlier. Kevin Kabat, president and CEO of the company said, 'We're growing our loan portfolio, credit trends continued to improve, and we continue to maintain a strong capital position.' Looking ahead, Kabat added, 'While regulatory headwinds remain for the industry, as we look to 2012, we believe Fifth Third Bank is well-positioned to continue to outperform other banking competitors.' FITB closed Thursday's regular trading at $13.56 on the Nasdaq. In the pre-market activity, the shares are down 3.02 percent at $13.15.
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