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Profit at

Fifth Third Bank

(FITB) - Get Fifth Third Bancorp Report

fell 4.5%, as expected.

The Midwestern regional bank made $377 million, or 68 cents a share, in the third quarter, compared to $395 million, or 71 cents a share, in the year-ago period.

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Revenue inched higher by 1% to $1.38 billion.

Analysts had expected Fifth Third to earn 67 cents a share in the quarter on revenue of $1.37 billion, according to Thomson Financial.

Fifth Third had disclosed in a quarterly filing last month that it expected earnings to be "modestly lower" than the second quarter's, and that it expected credit quality to decline slightly, with net charge-offs somewhere between 40 to 50 basis points.

The company says that net charge-offs were indeed 43 basis points in the quarter.

Net interest income fell 3.5% from a year ago to $719 million.