Fifth Third Bancorp (FITB) Tops Q3 EPS by 3c

Fifth Third Bancorp (NASDAQ: FITB) reported Q3 EPS of $0.43, ex-items, $0.03 better than the analyst estimate of $0.40.

“Our third quarter results were strong despite the tepid economic environment. Higher net interest income, stable underlying fee revenue, and lower expenses helped us achieve improved returns for our shareholders,” said Greg D. Carmichael, President and CEO of Fifth Third Bancorp.

“During the quarter, we executed on several initiatives which will help us continue to drive improved shareholder returns. While we continue to invest in areas like technology, we plan to improve our operating leverage through an ongoing review of expenses in all business units and staff functions and renegotiations of key vendor contracts. In September, we announced the plan to sell and consolidate certain bank branches which will generate additional operating efficiency.

“We remain focused on improving our profitability without relying on the expectation that economic conditions will improve. We recently launched Project North Star, which has aligned the entire organization toward reaching this objective. Through Project North Star, controlled expenses, opportunities to enhance fee revenue, and actions to optimize the balance sheet should help us achieve our long-term financial targets.”

For earnings history and earnings-related data on Fifth Third Bancorp (FITB) click here.

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