Fifth Third Bancorp Q1 Revenue Up 33% to $2.83B, NII Rises 34%, EPS $0.15
Fifth Third Bancorp posted Q1 adjusted EPS of $0.15 versus a $0.10 loss estimate, net of $0.68 per share in merger costs. Revenue jumped 33% to $2.83 billion and net interest income rose 34% to $1.94 billion, driven by $86 billion assets and $65 billion deposits from the Comerica acquisition.
1. Earnings Beat and EPS Details
Fifth Third Bancorp delivered adjusted earnings per share of $0.15 in the first quarter, outperforming the expected loss and absorbing $0.68 per share in merger-related expenses.
2. Revenue and Net Interest Income Growth
Total revenue on a fully taxable-equivalent basis climbed 33% year over year to $2.83 billion, while net interest income surged 34% to $1.94 billion, supported by a net interest margin of 3.30%.
3. Impact of Comerica Acquisition
The acquisition of Comerica assets on February 1 added $86 billion in assets, $51 billion in loans and $65 billion in deposits, boosting average loans 30% to $158 billion and deposits 28% to $209 billion.
4. Credit Quality Improvements
Credit metrics strengthened with net charge-offs falling to 37 basis points—the lowest since late 2023—and the nonperforming asset ratio improving to 0.57% from 0.81% a year earlier.