Fifth/Third Earnings Report Displays Stability
April 20, 2023
Cincinnati’s largest locally owned bank reports first quarter earnings that beat analysts’ estimates. This, despite banking industry turmoil last month.
Adjusted earnings per share for Fifth Third Bancorp jumped 20% to 83 cents per share. That’s well above consensus estimates of 79 cents per share. Nationally, several banks lost deposits last month over concern deposits exceeded insurance limits.
When asked by reporter Steve Watkins about the impact of the report, our Jim Russell told the Cincinnati Business Courier, “Despite industry-wide concerns, deposits at Fifth Third remained stable as the bank is seen as stable and relatively safe during this period of banking uncertainty.”
Russell notes, net interest income fell short of expectations, but he adds that credit quality is strong and Fifth Third took defensive steps to position its balance sheet for weaker economic growth.
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