Fifth Third Bancorp (FITB) of Cincinnati expects to report an $81 million gain in the second quarter after selling shares of payment process firm Vantiv (VNTV).
The $127 billion-asset company said in a press release that it sold nearly 5.8 million shares of Vantiv common stock, reducing its ownership by 12%. Fifth Third said the sales "continue the process of monetizing the remaining portion" of its stake in the Ohio company.
The capital raise comes a month after Fifth Third reported a 25% drop in quarterly profit from a year earlier. The company attributed the loss, in part, to a decline in the value of its stake in Vantiv.