Fifth Third Bancorp Q3 EPS Tops Estimate As Provision For Credit Losses Falls
Portfolio Pulse from Nabaparna Bhattacharya
Fifth Third Bancorp (NASDAQ:FITB) reported Q3 2023 sales of $2.16 billion, beating the consensus of $2.15 billion. The adjusted EPS in Q3 was 92 cents, surpassing the analyst consensus of 82 cents. The provision for credit losses fell by 25% Y/Y to $119 million. The company also reported a 44% Y/Y increase in interest income to $2.54 billion, despite a 4% Y/Y decline in net interest income (NII) to $1.45 billion. The CET1 capital ratio was 9.8%, up from 9.14% in the year-ago period. The company also increased its quarterly cash dividend by 6% to 35 cents per share.
October 19, 2023 | 3:52 pm
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Fifth Third Bancorp reported better than expected Q3 results, with a decrease in provision for credit losses and an increase in interest income. The company also increased its quarterly cash dividend.
Fifth Third Bancorp's better than expected Q3 results, decrease in provision for credit losses, increase in interest income, and dividend raise are all positive indicators for the company's financial health and could lead to a positive short-term impact on the stock.
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