Fifth Third Bank Q1 earnings reflect softer net interest income, but strong loan growth

Apr. 19, 2022 8:53 AM ETFifth Third Bancorp (FITB)By: Max Gottlich, SA News Editor

Fifth Third Bank, Cleveland, Ohio

RiverNorthPhotography/iStock Unreleased via Getty Images

Fifth Third Bank (NASDAQ:FITB) first-quarter results highlighted softer net interest income, though loan and deposit growth remained solid.

Q1 EPS of $0.69 matched the Wall Street consensus and fell from $0.91 in Q4 2021 and $0.94 in Q1 2021.

Q1 net interest income of $1.19B compared with $1.20B in Q4 2021 and $1.17B in Q1 2021. Noninterest income was $684M in Q1, down from $791M in Q4 2021 and $749M Q1 2021.

Tangible book value of $19.54 per share in Q1 vs. $22.58 in Q4 2021 and $22.60 in Q1 2021.

On its balance sheet, average loans and leases were $113.46B in Q1, up from $109.48B in Q4 2021 and $108.95B in Q1 2021. Q1 average deposits of $168.66B also gained slightly from $167.54B in the previous quarter and $158.88B in Q1 2021.

Q1 net charge-off ratio of 0.12% improved from 0.14% in Q4 2021 and 0.27% in Q1 a year ago, "reflecting our disciplined approach to client selection and underwriting," said CEO Gred D. Carmichael, who previously announced plans to retire and transition to executive chairman starting July 5.

On Monday, Fifth Third Bank raised its minimum hourly wage to $20 per hour.

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.