Fifth Third Restates 1Q Profit on Aircraft Lease Impairment

Fifth Third Bancorp revised downward its first-quarter profit by 6%, or 2 cents per share, after the Cincinnati company booked a $30 million impairment on aircraft leases.

The $140 billion-asset Fifth Third on Tuesday said its first-quarter net income was $346 million, or 42 cents per share, down from its original figure of $367 million, or 44 cents per share.

Fifth Third conducted a routine review of long-term assets after reporting quarterly results last month, it said. After accounting tests of certain medium- and large-cabin corporate aircraft leases expiring in 2017 and later, the company determined that their past valuations were "in doubt." The impairment lowered Fifth Third's noninterest income from $660 million to $630 million.

Even after the revision, Fifth Third's first-quarter profit rose 12% from a year earlier, on higher fee income and lower expenses.

Fifth Third's shares, at $20.28, were virtually unchanged in late-afternoon trading Tuesday.