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Fifth Third Bancorp reports 16% rise in Q3 EPS

Cincinnati-based Fifth Third Bancorp reported third-quarter net income available to common shareholders of $530 million, or 71 cents per share, an increase from $421 million, or 61 cents, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 70 cents.

Net interest income for the quarter was $1.25 billion, a 19% increase from $1.05 billion in the same period last year. Adjusted net interest income increased 16% to $1.22 billion, which reflected an increase in interest-earning assets that included the acquisition of MB Financial Inc. in March.

Net interest margin for the third quarter stood at 3.32%, a decrease from 3.37% in the previous quarter but an increase from 3.23% in the year-ago period.

Noninterest income surged 31% on a year-over-year basis to $740 million from $563 million.

Provision for credit losses was $134 million, a 60% increase from $84 million in the year-ago period. Net charge-offs also increased on a year-over-year basis to $99 million from $72 million.

Average portfolio loans and leases for the third quarter were $109.54 billion, compared with $110.10 billion in the previous quarter and $93.19 billion in the year-ago period.

Average deposits for the third quarter were $125.21 billion, compared with $124.35 billion in the previous quarter and $104.67 billion in the year-ago period.

Fifth Third expects to achieve about 80% of run-rate savings related to the MB Financial deal by the end of 2019. It also said it remains on track to achieve $255 million in pretax expense savings related to the deal by the first quarter of 2020.