Fifth Third 4Q earnings edge lower
1/23/2014CINCINNATI — Fifth Third Bancorp says its fourth-quarter net income fell 2 percent on lower income from fees and investments and expenses to set aside money for a litigation reserve.
The Cincinnati-based company says net income fell to $383 million, or 43 cents per share, for the three months ended Dec. 31. That is down slightly from earnings of $390 million, or 43 cents per share, a year ago.
The results edged out analysts’ average forecast for 42 cents per share, according to data provider FactSet.
Earnings from deposits and loans, or net interest income, rose slightly to $905 million. Earnings from fees and other charges, or noninterest income, fell 20 percent to $703 million.
Fifth Third operates more than 1,300 banking centers in 12 states.