Markets

Fifth Third's (FITB) Q3 Earnings In Line with Estimates

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:

In-Line Earnings

Fifth Third came out with adjusted earnings per share of 48 cents, in line with the Zacks Consensus Estimate. The figure excludes the impact of gain on the sale of Vantiv shares and charge related to the valuation of the Visa total return swap. Results were aided by higher revenues and reduced provisions.

How Was the Estimate Revision Trend?

You should note that the earnings estimate for Fifth Third depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable at 48 cents over the last seven days.

Notably, Fifth Third has an impressive earnings surprise history. Before posting in line earnings in Q3, the company delivered positive surprises in three of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 19.9% in the trailing four quarters.

Fifth Third Bancorp Price and EPS Surprise

Fifth Third Bancorp Price and EPS Surprise | Fifth Third Bancorp Quote

Revenues In Line with Expectations

Fifth Third posted adjusted revenues of $1.55 billion, in line with the Zacks Consensus Estimate. Revenues were up 2.7% year-over-year.

Key Stats:

  • Non-interest expenses were flat at $975 million on a year-over-year basis.
  • Provision for loan and lease losses decreased 16% year over year to $67 million.
  • Net Interest Margin (taxable equivalent) came in at 3.07%, up 19 basis point year over year.

What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Fifth Third. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. It all depends on what sense the just-released report makes to the analysts.

(You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.)

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