Average loans held in the bank's portfolio were up 1% sequentially and 5% year-over-year to $86.7 billion. Fifth Third continued its strong commercial and industrial loan growth, with loans of this category averaging $37.6 billion in the second quarter, rising 3% from the previous quarter and 15% from a year earlier.
Second-quarter noninterest income totaled $1.060 billion, increasing from $743 million in the first quarter and $678 million during the second quarter of 2012. In addition to gains on the Vantiv holdings of $242 million before tax, and the increase in mortgage revenue, Fifth Third reported a 4% increase (from the first quarter and year-over-year) in deposit account service charges to $136 million, while corporate banking revenue was up 7% from the first quarter and 4% year-over-year to $106 million.
"Nearly all fee income categories increased quarter-over-quarter," Fifth Third CEO Kevin Kabat said in the bank's earnings press release, adding "All major fee categories showed mid-single digit growth year-over-year."
Noninterest expense totaled $1.017 during the second quarter, increasing from $978 million in the first quarter and $937 million during the second quarter of 2012, "largely driven by
Interested in more on Fifth Third Bancorp? See TheStreet Ratings' report card for this stock. -- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn
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