This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Fifth Third Announces 2012 Earnings Per Share Of $1.66, Up 41 Percent From 2011

Commercial average transaction deposits increased 5 percent sequentially and 8 percent from the previous year. Sequential performance reflected higher demand deposits and money market balances. Year-over-year growth was primarily driven by higher inflows to interest checking and demand deposit account balances, partially offset by lower foreign office balances. Average public funds balances were $5.0 billion compared with $5.1 billion in the third quarter of 2012 and $5.6 billion in the fourth quarter of 2011.

Consumer average transaction deposits increased 2 percent sequentially and increased 4 percent from the fourth quarter of 2011. The sequential increase reflected higher money market, demand deposits, and interest checking balances, which were partially offset by lower savings balances. Year-over-year growth was primarily driven by increased interest checking and demand deposit balances partially offset by lower savings balances. Consumer CDs included in core deposits declined 3 percent sequentially, driven by customer reluctance to purchase CDs given the current low rate environment, and declined 17 percent year-over-year driven by maturities of higher-rate CDs.

Noninterest Income

  For the Three Months Ended   % Change
December   September   June   March   December    
2012   2012   2012   2012   2011   Seq   Yr/Yr
Noninterest Income ($ in millions)
Service charges on deposits $134 $128 $130 $129 $136 5% (1%)
Corporate banking revenue 114 101 102 97 82 13% 38%
Mortgage banking net revenue 258 200 183 204 156 29% 65%
Investment advisory revenue 93 92 93 96 90 1% 3%
Card and processing revenue 66 65 64 59 60 2% 10%
Other noninterest income 215 78 103 175 24 NM NM
Securities gains, net 2 2 3 9 5 - (60%)

Securities gains (losses), net - non-qualifying hedges on mortgage servicing rights

  (2)   5   -   -   (3)   NM   NM
Total noninterest income $880 $671 $678 $769 $550 31% 60%
 
NM: Not Meaningful                            
 

Noninterest income of $880 million increased $209 million sequentially, or 31 percent, and increased $330 million, or 60 percent, compared with prior year results. The sequential and year-over-year increases were both driven by a $157 million gain from the sale of Vantiv shares and higher mortgage banking and corporate banking revenue.

6 of 19

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs