2 Ohio banks enjoy strong 1st quarters

4/20/2012

Two Ohio banks reported strong first quarters Thursday.

Fifth Third Bancorp of Cincinnati reported sharply higher first-quarter net income Thursday, thanks in part to the regional bank's stake in the payment processor Vantiv, which had its initial public offering.

The Cincinnati company reported net income of $421 million, or 45 cents per share. That compares with $88 million, or 10 cents per share, reported in the same period last year.

Fifth Third says higher mortgage banking, corporate banking, and investment advisory revenue boosted noninterest income for the quarter.

KeyCorp of Cleveland reported a 12 percent increase in first-quarter earnings as asset quality improved, more loans were made, and charge-offs for bad loans decreased.

KeyCorp said its net income attributable to common shareholders rose to $194 million, or 20 cents per share, for the period ended March 31. That's up from $173 million, or 19 cents a share, a year ago.