Regional bank Fifth Third 2Q profit rises 58 pct

Associated Press SHARE

CINCINNATI (AP) — Regional banking company Fifth Third Bancorp says its second-quarter net income rose 58 percent, thanks partly to the sale of shares of its Vantiv payment processing subsidiary.

Cincinnati-based Fifth Third reported net income available to common shareholders of $594 million, or 66 cents per share, for the three months ended June 30. That compares with $376 million, or 40 cents per share, a year earlier.

Excluding benefits tied to the Vantiv stock sales, earnings were 44 cents per share. Analysts expected 42 cents.

Net interest income, or income from loans and deposits, fell 1.6 percent to $885 million compared with last year. Net charge-offs of bad loans fell 62 percent to $112 million.

Fifth Third operates more than 1,300 banking centers in 12 states. It spun off Vantiv in an initial public offering in March 2012.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.