- Fifth Third’s average deposits amounted to $164.16 billion, falling short of the estimated $167.73 billion.
- The bank’s average portfolio loans and leases totaled $121.27 billion.
- Net interest income met expectations with $1.44 billion.
- Net interest margin was at 3.03%, surpassing the expected 2.97%.
- Earnings per share (EPS) were recorded at 71 cents.
- Provision for credit losses was $174 million, slightly below the projected $179.6 million.
- The company reported net credit recoveries of $136 million.
- Common Equity Tier 1 Ratio stood at 10.5%, slightly higher than the anticipated 10.4%.
- The efficiency ratio was in line with expectations at 61%.
- Tier 1 Ratio matched the estimate at 11.7%.
- Adjusted non-interest income came in slightly higher at $721 million compared to the $716.6 million estimate.
- Non-interest expenses were slightly below the forecast at $1.30 billion, with an estimate of $1.32 billion.
- Compensation expenses were reported at $750 million, under the expected $755.3 million.
- Analyst recommendations included 16 buys, 9 holds, and no sells.
Fifth Third Ban on Smartkarma
Analysts on Smartkarma, like Baptista Research, are closely following Fifth Third Bancorp’s strategic moves and financial performance. Baptista Research‘s report titled “Fifth Third Bancorp’s Surprising Southeast Expansion Plan Could Shake Up Banking Rivals! – Major Drivers” delves into the company’s third-quarter 2024 earnings. The report highlights Fifth Third Bancorp’s stable performance, strategic investments, and focus on balanced growth in a dynamic economic environment. With an impressive earnings per share of $0.78 (or $0.85 excluding certain items) and a solid return on equity of 12.8%, Fifth Third has positioned itself as a leader in the banking sector.
A look at Fifth Third Ban Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 4 | |
| Growth | 3 | |
| Resilience | 3 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 3.4 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Analysts utilizing the Smartkarma Smart Scores have assessed Fifth Third Bancorp’s long-term outlook based on key factors. With strong scores in Value and Dividend at 4, the company is considered to have solid fundamentals and potential for income-seeking investors. However, its Growth score of 3 indicates room for improvement in expanding its operations and revenue streams. Similarly, Resilience and Momentum scores of 3 suggest a moderate level of stability and market performance, highlighting areas where Fifth Third Bancorp can focus on to enhance its overall performance.
Fifth Third Bancorp, a diversified financial services company with a strong presence in the Midwest and Southeast regions of the United States, offers a range of banking services including retail and commercial banking, investment advisory, and data processing. With a mixed assessment from Smartkarma Smart Scores, investors may find value and dividend prospects attractive, while keeping an eye on opportunities for growth, resilience, and momentum enhancement in the company’s future strategies.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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