Fifth Third Bancorp, a Cincinnati, Ohio-based lender, reported a rise in second-quarter profit on Friday, helped by higher net interest income and fee growth in capital markets and wealth management businesses.
Quarterly Profit Details
The company’s net interest income, the difference between what banks pay on deposits and earn as interest on loans, rose over 48% to $2.22 billion from a year earlier. Average portfolio loans and leases grew to $177.57 billion from $123.07 billion a year ago.
Fifth Third’s capital markets fees surged 71% to $154 million, while wealth and asset management revenue jumped 54% to $256 million in the second quarter. The bank’s adjusted tangible net income available to common shareholders rose to $986 million during the second quarter, compared with $608 million a year earlier.
The lender expects annual net interest income between $8.74 billion and $8.80 billion.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
