WASHINGTON (dpa-AFX) - Fifth Third Bancorp (FITB), a regional bank, reported Monday higher profit and net interest and Noninterest income in the third quarter, as the company continued integrating Comerica. Earnings per share, meanwhile, dropped 1 percent, hurt by a 37 percent increase in share count.
In the third quarter, net income available to common shareholders was $828 million, up 36 percent from $608 million in the prior year period
Earnings per share declined to $0.90 from $0.91 a year ago. Adjusted earnings per share reached $1.13 for the quarter.
Interest income climbed 39 percent to $3.503 billion from $2.524 billion a year ago. Net interest income surged 49 percent to $2.276 billion from $1.525 billion in the prior year period, driven primarily by the Comerica addition, along with support from fixed-rate asset repricing and balance sheet management.
The provision for credit losses decreased 38 percent to $122 million from $197 million a year ago. Noninterest income increased 29 percent to $1.008 billion from $781 million in the prior year period.
In pre-market activity on the NYSE, the shares were trading at $49.99, down 0.79 percent.
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