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Fifth Third Bancorp (FITB)
NASDAQ:FITB
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Earnings Data
Report Date
Jan 21, 2025Before Open Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.88Last Year’s EPS
$0.72Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 18, 2024
|% Change Since: -5.38%
|Next Earnings Date:Jan 21, 2025
Earnings Call Sentiment|Positive
The earnings call emphasized strong financial performance, exceeding earnings guidance, and achieving record revenues in several segments. Despite challenges in loan growth and a slight increase in non-performing assets, the company demonstrated strong profitability, increased shareholder returns, and substantial retail deposit growth. Overall, the positive highlights significantly outweigh the lowlights.Company Guidance
During the Fifth Third Bancorp third quarter 2024 earnings call, the company reported an earnings per share of $0.78, or $0.85 when excluding certain items, surpassing previous guidance. The bank achieved a return on equity of 12.8%, with an adjusted efficiency ratio improving to 56.1%. Notably, net interest income increased by 2% sequentially to over $1.4 billion, while the net interest margin improved by 2 basis points. The institution's consumer households grew by 2.7% year-over-year, with Southeast regions experiencing a 6% increase. Retail deposits expanded by nearly 16% year-over-year, enhancing the bank's market position. Additionally, the commercial payments business saw a 10% rise in net fee equivalent revenues, processing $4.3 trillion in dollar volume. Capital returns to shareholders were highlighted by a 6% increase in the common dividend and $200 million in share repurchases, with the CET1 ratio climbing to 10.8%. Looking forward, the bank expects to achieve positive operating leverage both sequentially and year-over-year in the fourth quarter.Exceeding Earnings Guidance
Earnings per share of $0.85, excluding certain items, exceeded the guidance provided in the second quarter earnings call.
Strong Return on Equity
Reported a return on equity of 12.8%, the best among peers who have reported thus far.
Improved Efficiency Ratio
Adjusted efficiency ratio improved to 56.1% in the third quarter.
Retail Deposit Growth
Fifth Third was #1 among all large banks in year-over-year retail deposit growth; retail deposits grew nearly 16% year-over-year.
Commercial Banking Expansion
Middle market loan production was the highest in 5 quarters, led by Southeast markets, which were up 20% sequentially and over 30% from the prior year.
Record Quarterly Revenues in Wealth and Asset Management
Wealth and Asset Management business achieved record quarterly revenues, growing by 12% year-over-year.
Increased Shareholder Returns
Increased common dividend by 6% and executed $200 million in share repurchases, with plans to increase to $300 million in the fourth quarter.
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FITB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FITB Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 18, 2024 | $45.37 | $44.67 | -1.54% |
| Jul 19, 2024 | $39.88 | $40.64 | +1.91% |
| Apr 19, 2024 | $33.59 | $35.59 | +5.95% |
| Jan 19, 2024 | $32.31 | $33.26 | +2.94% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Fifth Third Bancorp (FITB) report earnings?
Fifth Third Bancorp (FITB) is schdueled to report earning on Jan 21, 2025, Before Open Not Confirmed.
What is Fifth Third Bancorp (FITB) earnings time?
Fifth Third Bancorp (FITB) earnings time is at Jan 21, 2025, Before Open Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FITB EPS forecast?
FITB EPS forecast for the fiscal quarter 2024 (Q4) is $0.88.
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