Fifth Third reports Q3 EPS 78c, consensus 83c

Tangible book value per share was $20.20 from $17.75 at previous quarter end. CET1 capital was 10.75% vs. 10.62% in previous quarter and 9.80% last year. Q3 net interest margin was 2.90% vs. 2.88% in Q2 and 2.98% last year. CEO Tim Spence said, “Fifth Third (FITB) achieved another quarter of strong and consistent performance driven by our resilient balance sheet, diversified and growing revenue streams, and disciplined expense management. …In the Southeast, where we are expanding into high-growth markets, deposits grew by 16% over the last twelve months. We generated record revenue in our Wealth & Asset Management business and assets under management grew 21% year-over-year to $69 billion. Our Commercial Payments revenue grew 10% compared to the year-ago quarter, with Newline adding industry leaders to its customer base. Our strong and stable returns on capital allowed us to raise our common stock dividend by 6%, execute a $200M share repurchase, and grow our tangible book value per share, ex. AOCI by 6% in the past year. We remain well-positioned to generate long-term, sustainable value to our shareholders as we adhere to our guiding principles of stability, profitability, and growth – in that order.”