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Mar 31, 2020
Fifth Third Q1 2020 Earnings Report
Reported a decrease in net income due to increased provision for credit losses amid the COVID-19 pandemic.
Key Takeaways
Fifth Third Bancorp reported first quarter 2020 net income of $46 million, a significant decrease from $775 million in the year-ago quarter. Earnings per share were $0.04, impacted by a $0.64 negative impact from certain items, including provision in excess of net charge-offs. The results reflect the impact of the deteriorating economic environment and increased reserves due to the adoption of the new CECL methodology and the impact of COVID-19.
Net income available to common shareholders was $29 million, or $0.04 per diluted share, compared to $760 million, or $1.12 per diluted share in the year-ago quarter.
Net interest income increased 14% year-over-year, driven by an increase in interest-earning assets.
Noninterest income decreased 39% year-over-year, impacted by certain items, primarily from Worldpay transactions in the prior year.
The provision for credit losses totaled $640 million, reflecting the adoption of the new CECL methodology and the impact of COVID-19.
Revenue by Segment
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