Fifth Third reports Q4 EPS 72c with items, consensus 85c

Reported results included a (27c) impact from certain items. Tim Spence, Fifth Third Chairman, President and CEO: “Fifth Third delivered strong operating results in 2023 while continuing to successfully navigate the challenging environment. We generated record revenue while prudently managing expenses and continuing to invest in our businesses. Our credit metrics reflect disciplined credit risk management, with net charge-offs for the quarter in-line with our expectations. In the fourth quarter, we successfully completed our risk-weighted assets initiative and accreted nearly 50 basis points of CET1 capital. We generated another quarter of strong deposit growth, with average deposits up 5% compared to the year-ago quarter while the industry declined 3%. Additionally, we maintained full Category 1 LCR compliance during the quarter. We continued to invest for growth by opening 19 branches during the quarter, 18 of which are in our high-growth Southeast markets, and generated consumer household growth of 3% compared to the prior year. Our new quality middle market relationships in commercial continued to grow at a record pace. While the economic and regulatory environments remain uncertain, we remain well positioned to respond to a range of potential economic and regulatory outcomes. We will continue to follow our guiding principles of stability, profitability, and growth – in that order.”