Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition
FITB•Fifth Third Bancorp’s Q3 net interest income rose 49% year over year to $2.27 billion, driven by its Comerica acquisition. Net income increased 36% to $828 million, reported EPS was flat at $0.90 and adjusted EPS was $1.13.
1. Quarterly results
Fifth Third Bancorp reported Q3 net income of $828 million, up 36% year over year, while reported EPS was flat at $0.90. Net interest income rose 49% to $2.27 billion, driven by the Comerica acquisition; adjusted EPS was $1.13 excluding merger-related and other charges.
2. Growth and outlook
The company attributed higher net interest income to higher market rates, loan growth and asset repricing, partly offset by higher deposit costs. Sequential loan growth was led by commercial loans and leases, while consumer loans were stable. Fifth Third expects continued competition for deposits amid a volatile economic environment and said its funding mix provides flexibility as interest rates change.
