Fifth Third Bancorp Q2 Net Income Climbs

(RTTNews) - Fifth Third Bancorp (FITB), a bank holding company, on Friday reported a rise in net profit for the second quarter. For the three-month period to June, the lender reported a net income of $763 million, higher than $591 million in the same period last year.

Net profit per share was $0.83, less than $0.88 per share a year ago. Average common shares outstanding were 906.573 million, higher than 667.710 million in the previous year.

Net interest income was $2.215 billion, compared with $1.495 billion a year ago. Noninterest income stood at $1.059 billion as against the prior year's $750 million. Total adjusted revenue increased to $3.279 billion from $2.250 billion in the previous year.

Average portfolio loans and leases increased to $177.572 billion from $123.071 billion a year ago. Average deposits jumped to $231.506 billion from the prior year's $163.575 billion.