Fifth Third Defies Banking Trends
July 20, 2023
Cincinnati based Fifth Third Bancorp beat second quarter predictions, today reporting adjusted earnings up 10% to 87 cents per share. Analysts had predicted 83 cents. Turmoil struck the banking industry earlier this year when some high profile institutions failed. Despite the headwinds, Fifth Third is exhibiting stability and announcing plans to raise its dividend.
When asked by the Cincinnati Business Courier about the bank’s second quarter results, our Jim Russell said capital remains high while expense control and loan quality are strong.
“Fifth Third’s earnings reflect continued above-peer-group performance on many important financial metrics.” Russell called the bank’s deposit growth “a credit to management’s ability to execute well in the uncertain banking environment.”
Jim Russell, CFA
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