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Fifth Third Q4'19 profit boosted by gain from tax receivable agreement with FIS

Cincinnati-based Fifth Third Bancorp reported net income available to common shareholders of $701 million, or 96 cents per share, in the fourth quarter of 2019, up from $432 million, or 64 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 82 cents.

The company generated a $345 million pretax gain in the quarter from the Worldpay Inc. tax receivable agreement transaction with Fidelity National Information Services Inc. Under the transaction, Worldpay may be obligated to pay up to about $366 million to Fifth Third to terminate and settle certain remaining cash flows Fifth Third expected to receive under the agreement in the years 2021 to 2035, totaling an estimated $720 million.

Net interest margin for the quarter was 3.27%, a decrease from 3.32% in the previous quarter and 3.29% in the year-ago period. Net interest income, on a GAAP basis, increased year over year to $1.23 billion from $1.08 billion, while noninterest income sharply increased year over year to $1.04 billion from $575 million.

Provision for loan and lease losses for the fourth quarter of 2019 was $172 million, an increase from $95 million in the year-ago period. Total net losses charged-off also increased year over year to $113 million from $83 million.

Average portfolio loans and leases during the fourth quarter of 2019 was $109.79 billion, compared with $109.54 billion in the previous quarter and $94.76 billion in the year-ago period.

Average deposits during the fourth quarter of 2019 were $126.12 billion, compared with $125.21 billion in the previous quarter and $107.50 billion in the year-ago period.

Fifth Third reported net income available to common shareholders of $2.4 billion, or $3.33 per share, for full year 2019, an increase from $2.1 billion, or $3.06 per share, for full year 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the year was $3.19.