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Regional bank Fifth Third 2Q profit rises 58 pct

Jul. 18, 2013 @ 09:49 PM

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

Cincinnati-based Fifth Third on Thursday 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. That beat Wall Street expectations for 42 cents per share, according to FactSet.

Net interest income, or income from loans and deposits, for the second quarter fell 1.6 percent to $885 million compared with last year.

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