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Fifth Third Bancorp 1Q profit dips

CINCINNATI — Regional bank Fifth Third Bancorp’s first-quarter net income dipped 2 percent as it made less from deposits and loans as well as fees and other sources.

Fifth Third is the overall largest bank in the Cincinnati-Dayton region.

The Cincinnati company said Thursday that it earned $413 million, or 46 cents per share, for the three months ended March 31. That compares with $421 million, or 45 cents per share, a year ago. Analysts expected earnings of 39 cents a share.

Earnings from deposits and loans, or net interest income, declined to $893 million from $903 million. Income from fees and other sources slipped to $743 million from $769 million.

Net charge-offs, or the amount of money lost on bad loans, fell to $133 million from $220 million — the lowest level since 2007.

“Credit trends continued to be favorable, with net charge-offs declining 10 percent,” CEO Kevin Kabat said in a statement.

“Net income to common shareholders of $413 million was among the best results in company history,” said Kabat, who pointed to strength in commercial and industrial lending and also in residential mortgage loans.

Fifth Third last month declared a cash dividend on its common shares of 11 cents for the first quarter of 2013. Its dividend had been cut to 1 cent per share in late 2008.

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