WASHINGTON (dpa-AFX) - Fifth Third Bancorp (FITB) reported that its third-quarter net income available to common shareholders decreased to $328 million or $0.39 per share from $421 million or $0.47 per share, last year. The company's net income for the quarter includes: a $53 million pre-tax (~$35 million after-tax, or $0.04 per share) negative valuation adjustment on the warrant Fifth Third holds in Vantiv; and a $3 million charge related to the valuation of the total return swap entered into as part of the 2009 sale of Visa, Inc. Class B shares.
On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $0.43 for the quarter. Analysts' estimates typically exclude special items.
Net interest income (taxable equivalent) was $908 million, compared to $898 million, a year ago. Total noninterest income decreased to $520 million from $721 million. Analysts expected revenue of $1.51 billion for the quarter.
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