Fifth Third Bancorp (FITB) Tops Q2 EPS by 3c

Fifth Third Bancorp (NASDAQ: FITB) reported Q2 EPS of $0.23, $0.03 better than the analyst estimate of $0.20.

• Reported results included a negative $0.07 impact from certain items on page 2 of the 2Q20 earnings release

Highlights:

• Pre-provision net revenue(a) up 4% from the prior quarter and up 10% from the year-ago quarter despite continued rate headwinds
• Record capital markets revenue
• Significant improvement in reported and adjusted efficiency ratio compared to both the prior and year-ago quarter
• NCO ratio lower than low end of previous guidance range
• 9.7% CET1 up 35 bps sequentially; exceeds required minimum (including indicative stress capital buffer) by over 270 bps
• Record deposit growth exceeding loan growth, resulting in excess liquidity (loan-to-core deposit ratio of 75%)
• IB core deposit costs down 41 bps, more than previous guidance; NIM primarily impacted by excess liquidity (29 bps of the sequential decline); NIM also impacted by decline in market rates

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

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