5th/3rd Dividend Increase No Surprise
September 13, 2022
The largest Cincinnati based bank, Fifth Third Bancorp, announces a 10% increase in its quarterly dividend payment to common shareholders. Our Jim Russell tells the Cincinnati Business Courier the increase comes as no surprise; in June, the company’s board was asked to approve a dividend increase of 3 cents per share. “The 10% lift in Fifth Third’s quarterly dividend was anticipated and consistent with the bank’s strong capital position.” There is no plan in place to buy back stock for the rest of the year. Russell calls that strategy “a cautious and prudent approach,” saying he is optimistic about Fifth Third’s positioning for future strong results.
“The credit profile is very solid with loan losses low and anticipated to be a bit better than most regional banks,” he said. “Loan growth at Fifth Third has been above peer averages for the last several quarters, providing a solid operating profile for the bank at this stage of the credit cycle.”
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