Fifth Third reports rise in quarterly profit on higher interest income

(Corrects to fix ‌dateline, no change ​to ​text)

July 17 (Reuters) - Fifth Third Bancorp reported a rise in second-quarter profit on Friday, helped by ‌higher net interest income and fee growth in ⁠capital markets and wealth management businesses.

Regional lenders have benefited from ‌stabilizing funding costs and resilient ‌client activity, while capital markets and wealth management businesses have provided an additional boost despite an uncertain ​economic backdrop.

Here are some more details:

• The Cincinnati, Ohio-based lender's net interest income, the difference between what ⁠banks pay on deposits and earn as interest on loans, rose over ​48% to $2.22 billion from a year earlier.

• Average portfolio loans and leases grew to $177.57 billion ​from $123.07 billion a year ago.

• Regional ‌lenders such as Fifth Third have expanded their capital markets businesses in recent years ⁠to capture higher fee income from a rebound in dealmaking activity under the Trump administration.

• The value of global mergers ⁠and acquisitions announced so far this year has surpassed $3 trillion, according ​to Dealogic data.

• Fifth Third's capital markets fees surged 71% to $154 million, while wealth and asset management revenue jumped 54% to $256 ‌million in the second quarter.

• The bank's adjusted tangible net income available to common ‌shareholders rose to $986 million during the second quarter, compared ⁠with $608 million ‍a year earlier.

• ‌The lender expects annual ​net interest income between $8.74 billion and $8.80 billion.

(Reporting by Atharva Singh in Bengaluru; Editing by Shreya ‌Biswas)

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