Fifth Third reports Q3 EPS 91c, consensus 86c

Reports Q3 revenue $2.31B, consensus $2.29B. From Tim Spence, Fifth Third (FITB) Chairman, CEO and President: “Fifth Third’s financial results once again underscore our strong balance sheet, diverse revenue streams, and disciplined expense management. We’ve continued to expand our net interest margin, improve our pre-provision net revenue, and strengthen our efficiency ratio. Our ongoing investments in strategic growth priorities continue to drive robust results. In the third quarter, adjusted PPNR increased 6% sequentially and 11% year-over-year, marking the highest annual growth rate in over two years. Our balance sheet remains well-diversified and neutrally positioned. Our strong returns on capital enabled $300 million of share repurchases in the quarter and a 7% increase in tangible book value per share over the past year. By focusing on high-quality deposits, diversified loan originations, recurring fee revenue and consistent improvements in operating scalability, we expect to continue to generate strong, stable through-the-cycle returns for our long-term shareholders. As we move forward, we will continue to adhere to our operating principles of stability, profitability, and growth – in that order.”