Fifth Third Bancorp Q2 EPS Tops Estimate, Interest Income Jumps 62% Y/Y
Portfolio Pulse from Lekha Gupta
Fifth Third Bancorp reported Q2 2023 sales of $2.19 billion, in line with consensus. The company saw a 62% Y/Y increase in interest income to $2.38 billion, and a 9% Y/Y increase in net interest income to $1.46 billion. The net interest margin rose 18 basis points to 3.10%. The company also reported a 1% Y/Y decrease in total average deposits to $160.86 billion, and a 3% Y/Y increase in average loans and leases to $123.99 billion. Adjusted EPS of $0.87 topped the Street view of $0.83. The company also acquired Rize Money to boost its embedded payments capabilities.
July 20, 2023 | 1:07 pm
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Fifth Third Bancorp reported strong Q2 2023 results, with significant increases in interest income and net interest income. The company also beat EPS estimates and made a strategic acquisition, which could boost its future performance.
Fifth Third Bancorp's strong Q2 2023 results, including significant increases in interest income and net interest income, as well as beating EPS estimates, indicate a positive financial performance. The acquisition of Rize Money could also provide a strategic advantage in enhancing its embedded payments capabilities, potentially driving future growth.
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