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.

Regional bank Fifth Third’s 4Q profit tops Street


By Dan Sewell

Associated Press

CINCINNATI (AP) — Regional banker Fifth Third Bancorp reported Thursday that its fourth-quarter net income jumped 28 percent, helped by improving credit conditions.

The Cincinnati-based company earned $390 million, or 43 cents per share, for the period ended Dec. 31. That compares with $305 million, or 33 cents per share, a year ago, and topped analysts’ estimates for of 41 cents per share.

Net charge-offs of bad loans dropped to $147 million from $239 million, which Fifth Third said Thursday was the lowest level since 2007’s third quarter. Total delinquencies fell 4 percent from the third quarter, the lowest since 2004’s second quarter.

CEO Kevin T. Kabat called the results “strong,” and cited double-digit mortgage banking and corporate banking revenue growth among other highlights. He told analysts on a conference call that Fifth Third expects loan charge-offs to again be lower in the first quarter of 2013, and that the bank is setting aside less money to cover loan losses.

“That gives us confidence as we move into 2013,” he said of the bank’s fourth-quarter performance and favorable credit trends. Kabat said Fifth Third is well-positioned for more growth during a slow national economic recovery.

For the full year, Fifth Third reported net income of $1.6 billion, up from $1.3 billion in 2011. Earnings available to common shareholders were $1.66 per share, up from $1.18 per share in 2011. Kabat said it was the second-highest yearly net income level in company history.


Reader Comments ...


Next Up in Business

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...
Millennials spend more on coffee, save less for retirement
Millennials spend more on coffee, save less for retirement

A large number of Millennials spent more on coffee in the past year than they invested in their retirement savings, according to a new study. » RELATED: What makes Millennials tick in the workplace? It may surprise you About 41 percent of the Millennials — ages 18 to 35 — admitted to spending more on coffee than they saved for retirement...
More Stories