Bloomberg News

Fifth Third Restates Earnings on Increased Litigation Costs (1)

August 06, 2013

Fifth Third Bancorp (FITB:US), the largest lender based in Ohio, said second-quarter earnings were $12 million less than previously reported as it added to a reserve for litigation costs.

Fifth Third boosted the reserve by $18 million, which reduced earnings per share by 1 cent, according to a regulatory filing today by the Cincinnati-based firm. The adjustment means the bank had net income of $591 million, or 65 cents a share, in the quarter ended June 30.

“We don’t discuss our reserves related to individual situations,” Larry Magnesen, a bank spokesman, said in an e-mail. “We have a variety of legal and regulatory matters pending, and we make adjustments in our reserves for those types of matters.”

Fifth Third fell 1.4 percent to $19.32 at 11:13 a.m. in New York. Shares have gained 27 percent this year compared with the 29 percent advance of the 24-company KBW Bank Index. (BKX)

To contact the reporters on this story: Michael J. Moore in New York at mmoore55@bloomberg.net; Erika Waddell in New York at ewaddell1@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net


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Companies Mentioned

  • FITB
    (Fifth Third Bancorp)
    • $20.53 USD
    • -0.12
    • -0.56%
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