Overview

* Fifth Third Q3 net interest income rises 7% yr/yr

* Diluted EPS rises 17% yr/yr to $0.91

* Fifth Third repurchased $300 mln of common stock in Q3

Outlook

* Company did not provide specific financial guidance for future quarters

Result Drivers

* NET INTEREST INCOME - Improved earning asset mix and strategic management actions helped cut costs of interest-bearing liabilities, boosting NII by 7% yr/yr

* NONINTEREST INCOME - 10% yr/yr growth driven by 28% increase in capital markets fees along with 9% rise in wealth and asset management revenue

* EXPENSE MANAGEMENT - Efficiency ratio improved to 54.9% from 56.2% due to disciplined expense management

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.91

Q3 Net $608 mln

Income

Q3 Net $1.52

Interest bln

Income

Q3 CET1 10.54%

Capital

Ratio

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Fifth Third Bancorp ( FITB ) is $51.00, about 20.9% above its October 16 closing price of $40.36

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)