- Fifth Third Bancorp (NASDAQ:FITB) gains 0.8% in midmorning trading as the broader market sags.
- "Although market dynamics remained challenging during the quarter, our net interest margin increased and we generated solid loan, deposit, and household growth," says Chairman, CEO and President Greg D. Carmichael.
- The bank posts Q3 non-GAAP EPS of 64 cents, beating consensus by a penny, and says it's on track to achieve long-term financial targets for ROTCE, ROA, and efficiency ratio under its Project NorthStar.
- Q3 fully taxable-equivalent net interest income of $1.05B increases from $1.02B in Q2 and $977M a year ago; FTE net interest margin 3.23%, up 2 basis points from Q2 and up 16 bps from Q3 2017.
- Q3 average portfolio of loans and leases increases to $93.2B from $92.6B in Q2 and $91.9B in Q3 2017; average deposits of $104.7B compares with $103.9B in Q2 and $101.8B in Q3 2017.
- Q3 net charge-off ratio of 0.30% compares with 0.41% in Q2 and 0.29% in the year-ago quarter.
- Q3 efficiency on FTE basis 62.6% vs. 58.7% in Q2 and 38.4% in Q3 2017.
- FITB has received necessary shareholder approvals for its MB Financial (NASDAQ:MBFI) acquisition and still sees completing the transaction in Q1 2019.
- Previously: Fifth Third Bancorp beats by $0.01, misses on revenue (Oct. 23)
- Now read: Huntington Bancshares Incorporated (NASDAQ:HBAN) 2018 Q3 - Results - Earnings Call Slides
Original article