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Regional bank Fifth Third Bancorp 1Q profit dips

Apr. 18, 2013 @ 11:38 PM

CINCINNATI (AP) -- Regional bank Fifth Third Bancorp's first-quarter net income dipped 2 percent as it made less from deposits and loans as well as fees and other sources.

But the results beat analysts' expectations, and Fifth Third shares edged higher Thursday.

CEO Kevin Kabat said credit trends continued to be favorable, with net charge-offs declining 10 percent. He also pointed to strength in commercial and industrial lending and in residential mortgage loans.

The Cincinnati company said that it earned $413 million, or 46 cents per share, for the three months ended March 31, down from $421 million, or 45 cents per share, a year ago.

Analysts surveyed by FactSet, on average, expected earnings of 39 cents a share.