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Fifth Third (FITB) Q3 Profits Up on Higher Revenues

Highs and Lows Stock Data

Have you been eager to see how Fifth Third BancorpFITB performed in Q3 in comparison with the market expectations? Let's quickly scan through the key facts from this Ohio-based bank's earnings release this morning:

Earnings Up Y/Y

Fifth Third came out with earnings per share of 45 cents (Including certain one-time items), compared with 39 cents in the prior year quarter. Excluding one-time items, earnings per share would have been 39 cents for the reported quarter. The Zacks Consensus Estimate was 40 cents.

Results reflected top line growth. However, on the flip side, the quarter experienced higher provisions and expenses.

How Was the Estimate Revision Trend?

You should note that the earnings estimate for Fifth Third was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at 40 cents over the last 7 days.

Revenue Came In Higher Than Expected

Fifth Third posted revenues of $1.62 billion, surpassing the Zacks Consensus Estimate of $1.50 billion. Also, it compared favorably with the year-ago number of $1.43 billion.

Key Stats:

  • Net income available to common shareholders increased 12% year over year to $366 million.

  • Efficiency ratio declined to 58.2% in third-quarter 2015 from 62.1% in the prior year quarter. Generally, lower ratio is indicative of the improved efficiency of the bank.

  • The third quarter results exhibited a 16% year-over-year rise in mortgage banking revenue, which summed to $71 million.

What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Fifth Third. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.

Check back later for our full write up on this Fifth Third earnings report!

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FIFTH THIRD BK (FITB): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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