You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

breaking news

Sister of alleged West Liberty shooter speaks, school to re-open

Fifth Third 3Q profit rises 19 percent on share sale


Fifth Third Bancorp posted a 19 percent jump in third-quarter profit, thanks in part to the sale of shares in a former payment processing subsidiary.

The Cincinnati-based regional banking company on Thursday reported net income of $421 million, or 47 cents per share, for the three months ended Sept. 30. That compares with $354 million, or 38 cents per share, in the 2012 third quarter.

A sale of shares in former subsidiary Vantiv accounted for an $85 million, or 6 cents per share, pretax benefit.

Analysts surveyed by FactSet, on average, expected earnings of 42 cents per share. Those estimates typically exclude one-time gains and charges.

Net interest income, or income from loans and deposits, slipped 1 percent to $898 million from last year. Non-interest income, or earnings from fees and other charges, rose 7 percent to $721 million.

Net charge-offs of bad loans dropped 30 percent to $109 million.

Credit trends continue to improve as net charge-offs declined below 50 basis points of average loans and leases for the first time in six years, Fifth Third CEO Kevin Kabat told analysts during a conference call Thursday.

He said the income results reflected lower mortgage revenue as expected, but were solid.

Payoffs and paydowns offset new production in the commercial portfolio and higher interest rates reduced demand for mortgage loans and refinancing in Fifth Third’s consumer lending business, Kabat said.

He said Fifth Third continues to generate a relatively high level of profitability despite the challenges and attributed that to a strong focus on revenue results and lending and deposit gathering, as well as on continued expense discipline and credit improvement.

Associated Press writer Dan Sewell in Cincinnati contributed to this report.


Reader Comments ...


Next Up in Business

RECALL: Beer company issues recall impacting Ohio
RECALL: Beer company issues recall impacting Ohio

Beer company Sierra Nevada has voluntarily recalled some beers that could have small pieces of glass within the bottles. The company announced recalls after inspections at the company’s brewery in North Carolina found a limited number of bottle were flawed. The flaw could result in loss of carbonation and a small piece of glass could break off...
Speedway to hire 1,000 workers across 9 states
Speedway to hire 1,000 workers across 9 states

Speedway will hire 1,000 workers in nine Midwest states and will host open interviews at each of its stores in the region later this month. The convenience store chain, with a headquarters in Enon, will host open interviews from 11 a.m. to 3 p.m. Wednesday, Jan. 25 at every one of its stores in nine states, according to information from the company...
Holiday debt blues? Here’s help getting on track
Holiday debt blues? Here’s help getting on track

John North is president of the Dayton Better Business Bureau. With the holidays behind you, the new year is a great time to get your finances back on track if you’ve slipped a bit. By dedicating yourself to using credit responsibly and sticking to a sensible plan, then you can effectively pay down your debt. According to debt.org, total U.S....
New shopping center proposed at long-vacant Springfield site
New shopping center proposed at long-vacant Springfield site

A new retail development is likely coming to the east side of Springfield at a longtime vacant property, the first major commercial growth there in several years. The Springfield Board of Zoning Appeals approved Wednesday night a variance for the former Roberds site in the 3000 block of East Main Street. City documents filed by developer Springfield...
Gmail phishing scam may lead users to give up login info
Gmail phishing scam may lead users to give up login info

A new phishing scam is allowing hackers to gain access to unsuspecting Gmail users' accounts and target their login credentials, according to recent reports. Mark Maunder, CEO of security service Wordfence, described the scam in detail in a blog post, adding that it is also targeting other services beyond Gmail. Tech Times reported that the scam involves...
More Stories