CINCINNATI (AP) — Fifth Third Bancorp (FITB) on Thursday reported first-quarter net income of $312 million.
The Cincinnati-based bank said it had earnings of 40 cents per share. Earnings, adjusted for non-recurring gains, were 37 cents per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The regional bank posted revenue of $1.55 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $1.47 billion.
Fifth Third shares have declined 8.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 3 percent. The stock has decreased 3 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FITB at http://www.zacks.com/ap/FITB
Keywords: Fifth Third Bancorp, Earnings Report