Apr. 17 at 10:46 AM
$FITB Fifth Third reports Q1 EPS 15c with items, consensus 83c
Reports Q1 revenue
$2.83B, consensus
$2.84B. Reported results included a net negative 68c impact from certain items. Tim Spence, Fifth Third Chairman, CEO and President: "The first quarter reflected continued momentum across Fifth Third. We delivered strong loan and deposit growth, driven by new commercial relationships and continued household expansion. We closed the acquisition of Comerica on February 1st, and early financial benefits are already showing up, including strong net interest margin expansion and tangible book value per share growth. Integration is progressing as we expected.
We have integrated the combined management teams and are retaining key customer-facing colleagues, supporting continuity for clients as we move forward as one organization. We are also seeing early revenue synergies across both commercial and consumer businesses. Our focus is unchanged: stability, profitability, and growth, in that order. Disciplined execution will drive growth and deepen client relationships as we expand in our attractive footprint markets, while maintaining strong credit performance and delivering the expected financial synergies from Comerica. We are building a better and more resilient institution and remain committed to delivering consistent, long-term value for shareholders."
