Bloomberg News

Fifth Third Bancorp’s Profit Increases 27% on Stake in Vantiv

January 17, 2013

Fifth Third Bancorp. (FITB:US), Ohio’s largest lender, said fourth-quarter profit rose 27 percent as the firm booked a gain on a stake in Vantiv Inc. (VNTV:US)

Net income jumped to $399 million, or 43 cents a share, from $314 million, or 33 cents, a year earlier, the Cincinnati- based company said today in a statement. That compares with the 41-cent average estimate (FITB:US) of 29 analysts surveyed by Bloomberg.

The net interest margin, the difference between what a bank pays on deposits and charges for loans, declined to 3.49 percent from 3.56 percent in the third quarter. The company expects the margin to narrow to between 3.35 percent and 3.4 percent in 2013, according to a presentation on its website.

To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • FITB
    (Fifth Third Bancorp)
    • $20.59 USD
    • 0.01
    • 0.05%
  • VNTV
    (Vantiv Inc)
    • $34.66 USD
    • -0.16
    • -0.46%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus