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Fifth Third Bancorp Q4 Net Income Rises - Quick Facts

Fifth Third Bancorp (FITB) reported that its fourth-quarter net income available to common shareholders rose to $701 million or $0.96 per share, from $432 million or $0.64 per share in the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.

"Our fourth quarter and full year results were strong, reflecting the strength of our diversified revenue streams, our continued expense discipline, and our ability to achieve our targeted financial outcomes from the MB Financial acquisition," said Greg D. Carmichael, Chairman, President and CEO.

Net interest income increased 14% to $1.23 billion from $1.09 billion in the prior year. Excluding purchase accounting accretion of $18 million in the fourth quarter of 2019, adjusted Net interest income increased $129 million, or 12%, reflecting an increase in interest-earning assets, including the impact from the MB Financial acquisition, partially offset by the declining rate environment.

Non-interest income increased 80% to $1.04 billion from $575 million in the prior year.

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