Fifth Third reports Q2 EPS 88c, consensus 87c

Tim Spence, Fifth Third (FITB) Chairman, CEO and President: “Fifth Third’s financial results once again underscore our strong balance sheet, diverse revenue streams, and disciplined expense management. We’ve expanded our net interest margin, improved credit metrics, and strengthened our efficiency ratio. Our ongoing investments in strategic growth priorities continue to drive robust results. In the second quarter, adjusted revenues and adjusted PPNR increased year-over-year by 6% and 10%, respectively, marking the highest growth rate in the past two years. Our balance sheet remains well-diversified and neutrally positioned. This quarter, we accreted 13 basis points of CET1 capital and grew tangible book value per share by 18% over the past year. By focusing on developing the capabilities to generate high-quality deposits, diversified loan originations, recurring fee revenue and consistent improvements in operating scalability, we expect to continue to generate strong, stable returns for our long-term shareholders during volatile environments. As we move forward, we will continue to adhere to our operating principles of stability, profitability, and growth – in that order.”