WASHINGTON (dpa-AFX) - Fifth Third Bancorp (FITB) Thursday said first-quarter net income available to common shareholders was $309 million or $0.36 per share, compared to $413 million or $0.46 per share in the first quarter of 2013.
On average, 28 analysts polled by Thomson Reuters expected earnings of $0.41 per share. Analysts estimates typically exclude special items.
Pre-provision net revenue or PPNR was $507 million, including $36 million pre-tax negative valuation adjustment on the Vantiv warrant and $51 million in litigation reserve charges.
Net interest income taxable equivalent, rose 1 percent to $898 million from $893 million. Noninterest income was $564 million compared to $743 million last year. Analysts expected revenues of $1.51 billion.
Provision for loan and lease losses rose to $69 million from $62 million in the prior year.
Kevin Kabat, CEO of Fifth Third Bancorp, said, 'First quarter results reflect the strength of our franchise in lending and deposit gathering, and our focus on creating shareholder value by maintaining operating expense discipline while investing in our businesses.'
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