Fifth Third Bancorp in Cincinnati reported a higher third-quarter profit, although the restructuring of a commercial credit cut into the results.

Net income at the $142 billion-asset company rose 12% to $366 million, or 45 cents per share, from a year earlier, according to a news release. The earnings per share beat by five cents the consensus of analysts polled by Bloomberg.

The provision rose 120% from a year earlier, to $156 million, with Fifth Third citing “the restructuring of a student-loan-backed commercial credit originally extended in 2007 … [and] broadening global economic slowdown and associated implications.” The restructuring of the student-loan-backed commercial credit resulted in a $35 million expense.

Total revenue rose 13%, to $1.6 billion.

Total average loans and leases rose 3% to $93.4 billion.

But net interest income fell 0.2% to $906 million. The company cited the scaling back of its deposit-advance product this year, higher interest on long-term debt and "continued loan repricing."

The net interest margin also shrank 21 basis points to 2.89%.

Noninterest income rose 37% to $713 million. Excluding a $130 million positive valuation adjustment on Fifth Third's warrant in Vantiv and an $8 million charge from the valuation of Fifth Third's Visa total return swap, noninterest income rose 3% to $591 million.

Noninterest expense rose 6% to $943 million on higher employee compensation costs. The efficiency ratio improved to 58.2%.

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