- Fifth Third Bancorp reports first-quarter earnings per share of $45 cents.
- Analysts were expecting EPS of 36 cents.
- Mortgage banking net revenue doubles to $204 million.
- Commercial and industrial loans grow 5% sequentially.
Updated with comments from Jefferies analyst Ken Usdin.
The Cincinnati lender reported first-quarter net income available to common shareholders of $421 million, or 45 cents a share, increasing from $305 million, or 33 cents a share, during the fourth quarter, and $88 million, or 10 cents a share, during the first quarter of 2011. The company booked $153 million in discount accretion in the first quarter of 2011 when it redeemed $3.4 billion in preferred stock held by the government, for bailout assistance received through the Troubled Assets Relief Program, or TATP.
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