Investors Lukewarm on Fifth Third 3Q Earnings
October 19, 2021
Fifth Third Bancorp’s third-quarter earnings beat expectations, up 10% from one year ago. However, one measure of revenue (adjusted revenue before loan loss provisions) fell short of expectations. Fifth Third’s stock fell 13 cents to $43.92 in midday trading today.
“Fifth Third’s third-quarter results were solid, reflecting strong credit and efficiency trends in a post-PPP (Paycheck Protection Program) loan environment,” said Jim Russell, principal and portfolio manager at downtown-based Bahl & Gaynor Investment Counsel.
Still, says Russell, “Loan growth across the banking industry remains soft.” “Credit trends were a highlight for the quarter as both the commercial and retail book are performing at a high level,” Russell said. “Low levels of non-performing loans suggests the strong credit trend persists over the near term.”
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