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Regions Financial in Birmingham, Ala., reported gains in loans and overall revenues in the third quarter, but its net income declined from the same period last year due to increases in its premium for federal deposit insurance and provision for loan losses.
October 20 -
KeyCorp in Cleveland posted higher third-quarter profits as revenue soared on growth in fee income from its investment banking business.
October 15 - Ohio
Fifth Third Bancorp has agreed to pay nearly $85 million to settle fraud charges related to undisclosed defective Federal Housing Administration-insured loans.
October 7
Fifth Third Bancorp in Cincinnati reported a higher third-quarter profit, although the restructuring of a commercial credit cut into the results.
Net income at the $142 billion-asset company rose 12% to $366 million, or 45 cents per share, from a year earlier, according to a
The provision rose 120% from a year earlier, to $156 million, with Fifth Third citing “the restructuring of a student-loan-backed commercial credit originally extended in 2007 … [and] broadening global economic slowdown and associated implications.” The restructuring of the student-loan-backed commercial credit resulted in a $35 million expense.
Total revenue rose 13%, to $1.6 billion.
Total average loans and leases rose 3% to $93.4 billion.
But net interest income fell 0.2% to $906 million. The company
The net interest margin also shrank 21 basis points to 2.89%.
Noninterest income rose 37% to $713 million. Excluding a $130 million positive valuation adjustment on Fifth Third's warrant in Vantiv and an $8 million charge from the valuation of Fifth Third's Visa total return swap, noninterest income rose 3% to $591 million.
Noninterest expense rose 6% to $943 million on higher employee compensation costs. The efficiency ratio improved to 58.2%.
