CINCINNATI (AP) — Regional banking company Fifth Third Bancorp’s second-quarter net income rose 58 percent, thanks partly to the sale of shares of its Vantiv payment processing subsidiary.
Cincinnati-based Fifth Third on Thursday reported net income available to common shareholders of $594 million, or 66 cents per share, for the three months ended June 30. That compares with $376 million, or 40 cents per share, a year earlier.
Excluding benefits tied to the Vantiv stock sales, earnings were 44 cents per share. The results beat Wall Street expectations for 42 cents per share, according to FactSet.
Net interest income, or income from loans and deposits, fell 1.6 percent to $885 million compared with last year. Net charge-offs of bad loans fell 62 percent to $112 million.
Earnings from fees and other charges, or noninterest income, rose 56 percent to $1.06 billion, partly because of a $242 million benefit from sales of Vantiv shares. Fifth Third spun off Vantiv in an initial public offering in March 2012 and has continued to sell its remaining stake.
Two other regional banks reported earnings Thursday.
• Costs related to job cuts and acquisitions shaved KeyCorp’s net income by 14 percent in the second quarter, the bank said Thursday. The owner of KeyBank also said that its customers were cautious in the April-June period, slowing loan growth from the start of the year.
KeyCorp posted a profit, after paying preferred dividends, of $198 million, or 22 cents per share, down from $231 million, or 24 cents per share, in the same quarter of 2012.
Revenue increased about 1 percent to $1.02 billion, matching analyst predictions.
• Huntington Bancshares Inc. said Thursday that its net income slipped 1 percent in the second quarter as it made less from loans, deposits and fees. Its earnings still managed to beat Wall Street’s forecast, but revenue fell short of analysts’ estimates.
The company, parent of Huntington National Bank, also announced that it plans to freeze its pension plan at the end of the year.
Huntington earned $150.7 million, or 17 cents per share, for the three months ended June 30. That’s down from $152.7 million, or 17 cents per share, a year ago. That topped the 16 cents per share forecast by analysts surveyed by FactSet.
Revenue for the Columbus, Ohio, company dipped to $680.2 million from $688.5 million.
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