Cincinnati-based Fifth Third Bancorp increased its cash dividend to 22 cents per common share from the previous payout of 18 cents per share.

The dividend will be paid Jan. 15, 2019, to shareholders of record as of Dec. 31, 2018.

This announcement is in line with the company's capital plan that received a nonobjection from the Federal Reserve under the Comprehensive Capital Analysis and Review, as reported in June. As part of the plan, the company intended to increase its quarterly dividend to 22 cents per share, beginning in the fourth quarter, and then increase it to 24 cents, starting in the second quarter of 2019.