Fifth Third Bancorp (FITB) Tops Q3 EPS by 1c

Fifth Third Bancorp (NASDAQ: FITB) reported Q3 EPS of $0.48, ex-items, $0.01 better than the analyst estimate of $0.47.

• 3Q17 net income available to common shareholders of $999 million, or $1.35 per diluted common share
• Results included a positive $0.87 impact on reported 3Q17 earnings per share:
  • $1.037 billion pre-tax ($679 million after-tax) gain on the sale of Vantiv shares
  • $47 million pre-tax (~$31 million after-tax)(a) charge related to the valuation of the Visa total return swap
  • $0.02 negative EPS impact reflecting a specific Vantiv-related tax item and lower equity method income from the reduced interest in Vantiv
• Reported net interest income of $970 million; taxable equivalent net interest income of $977 million(b), up 3% from 2Q17 and up 7% from 3Q16
• Taxable equivalent net interest margin of 3.07%(b), up 6 bps from 2Q17 and up 19 bps from 3Q16
• Average portfolio loans and leases of $91.9 billion, flat from 2Q17 and down 2% from 3Q16
• Noninterest income of $1.6 billion, compared with $564 million in 2Q17 and $840 million in 3Q16; performance primarily driven by the Vantiv-related item above
• Noninterest expense of $975 million, up 2% from 2Q17 and flat from 3Q16
• Net charge-offs (NCOs) of $68 million, up $4 million from 2Q17 and down $39 million from 3Q16; NCO ratio of 0.29% compared to 0.28% in 2Q17 and 0.45% in 3Q16
• Portfolio nonperforming asset (NPA) ratio of 0.60%, down 12 bps from 2Q17 and down 15 bps from 3Q16
• 3Q17 provision expense of $67 million compared to $52 million in 2Q17 and $80 million in 3Q16
• Common equity Tier 1 (CET1)(c) ratio of 10.59%; fully phased-in CET1 ratio(b)(c) of 10.47%
• Tangible common equity ratio of 9.00%(b); 8.89% excluding unrealized gains/losses(b)
• Book value per share of $21.30, up 4% from both 2Q17 and 3Q16; tangible book value per share(b) of $17.86 up 4% from both 2Q17 and 3Q16

For earnings history and earnings-related data on Fifth Third Bancorp (FITB) click here.

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