Seeking Alpha

Fifth Third updates guidance

  • Fifth Third Bancorp (FITB +1%) sees "modest growth" from 2013's net interest income of $3.58B, with net interest margin slipping to around 3.15% from 3.32% for all of last year, and 3.21% in Q4.
  • Noninterest income (was $2.7B in 2013) is guided to lower my mid-to-high single digits thanks to the continued slide in mortgage action. Noninterest expense is expected to be down mid-single digits from 2013's $3.95B.
  • Net charge offs should fall about $40M (to 0.50% of loans) from $501M (0.58%).
  • The tier 1 common equity ratio is expected to remain at 9.39%.
  • The numbers are part of the materials for the bank's presentation tomorrow at a Barclays conference.
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