Fifth Third Bancorp's Profit Increases 27% on Stake in Vantiv
Fifth Third Bancorp., Ohio's largest lender, said fourth-quarter profit rose 27 percent as the firm booked a gain on a stake in Vantiv Inc.
Net income jumped to $399 million, or 43 cents a share, from $314 million, or 33 cents, a year earlier, the Cincinnati- based company said today in a statement. That compares with the 41-cent average estimate of 29 analysts surveyed by Bloomberg.
The net interest margin, the difference between what a bank pays on deposits and charges for loans, declined to 3.49 percent from 3.56 percent in the third quarter. The company expects the margin to narrow to between 3.35 percent and 3.4 percent in 2013, according to a presentation on its website.
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