Fifth Third Beats Estimates, to Repay TARP
NEW YORK (
)--
Fifth Third Bancorp
(FITB) - Get Fifth Third Bancorp Report
beat Wall Street analyst estimates and announced a plan to repay the Troubled Asset Relief Program.
The bank on Thursday reported net income of $270 million or 33 cents per share.
Analysts polled by Thomson Reuters expected earnings of 24 cents per share.
Fifth Third's net income was up 40% from the third quarter of 2010.
Fifth Third announced it is raising $1.7 billion of common stock through a public offering to repay the Troubled Asset Relief Program.
"We believe this action, and the anticipated repurchase of TARP preferred stock, will close a chapter for Fifth Third and open a new and better one," said Fifth Third CEO Kevin Kabat in a
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Fifth Third also reported that its pre-provision net revenue was $583 million.Net charge-offs for the quarter were $356 million vs. $956 million in the third quarter of 2010.
--Written by Maria Woehr in New York.
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