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Fifth Third Bancorp has repurchased nearly 11.3 million shares of its stock from Morgan Stanley.
October 14 -
Fifth Third Bancorp has combined several business divisions into a new unit focused on payments, as the Cincinnati company continues its gradual exit from its former payments unit, Vantiv.
September 24
Fifth Third Bancorp in Cincinnati reported lower earnings because of a decline in mortgage revenue and a negative valuation adjustment on a payments subsidiary.
Net income in the third quarter fell 22% to $328 million, or 39 cents per share, from a year earlier. Total revenue at the $132 billion-asset company fell 12% to $1.4 billion.
Fee income fell 28% to $520 million. That figure included a 49% decline in mortgage banking revenue to $61 million.
Fee income also fell due to a $35 million after-tax adjustment in the valuation of Fifth Third's warrant in Vantiv, a payments business. Fifth Third has a 22% interest in Vantiv Holding, which is convertible into shares of Vantiv, and a warrant to buy more shares. Fifth Third has been gradually divesting its stake in Vantiv.
Meanwhile, net interest income, after a provision for loan and lease losses, fell 1% to $832 million. Fifth Third's net interest margin fell 21 basis points to 3.10%.
Noninterest expense fell 7% to $888 million.