Fifth Third Bancorp (FITB) Tops Q1 EPS by 9c

Fifth Third Bancorp (NASDAQ: FITB) reported Q1 EPS of $0.57, ex-benefits, $0.09 better than the analyst estimate of $0.48.

• Reported net interest income (NII) of $996 million; taxable equivalent NII of $999 million(b), up 4% from 4Q17 (or up 1% excluding 4Q17 lease remeasurement)(b) and up 6% from 1Q17 (or up 8% excluding 1Q17 card remediation impact)(b)
• Taxable equivalent net interest margin (NIM) of 3.18%(b), up 16 bps from 4Q17 (or up 8 bps excluding 4Q17 lease remeasurement)(b) and up 16 bps from 1Q17 (or up 20 bps excluding 1Q17 card remediation impact)(b)
• Average portfolio loans and leases of $92.3 billion, flat from both 4Q17 and from 1Q17
• Noninterest income of $909 million, compared with $577 million in 4Q17 and $523 million in 1Q17; performance primarily driven by the Worldpay step-up gain previously noted
• Noninterest expense of $1.046 billion, down 3% from 4Q17 and up 6% from 1Q17
• Net charge-offs (NCOs) of $81 million, up $5 million from 4Q17 and down $8 million from 1Q17; NCO ratio of 0.36% compared to 0.33% in 4Q17 and 0.40% in 1Q17
• Portfolio nonperforming asset (NPA) ratio of 0.55%, up 2 bps from 4Q17 and down 24 bps from 1Q17
• 1Q18 provision expense of $23 million compared to $67 million in 4Q17 and $74 million in 1Q17
• Common equity Tier 1 (CET1)(c) ratio of 10.82%
• Tangible common equity ratio of 8.89%(b); 9.14% excluding unrealized gains/losses(b)
• Book value per share of $21.68, flat from 4Q17 and up 8% from 1Q17; tangible book value per share(b) of $18.05 flat from 4Q17 and up 7% from 1Q17

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

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