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BUSINESS
Fifth Third 3Q net income falls on charges
CINCINNATI -- Fifth Third Bancorp reported Thursday that its third-quarter net income fell because of one-time expenses related to debt repayment and accounting issues.
Still, the Cincinnati-based bank reported improving lending business trends, and beat analysts' expectations for revenue while missing earnings projections by only a penny.
Fifth Third's net income available to common shareholders fell to $354 million, or 38 cents per share, from $373 million, or 40 cents per share, a year earlier.
The results include charges of $26 million for repaying debt, $16 million to reflect a lower value in its investment in the payment processor Vantiv Inc. -- a publicly held company -- and $24 million set aside to repurchase bad mortgages.
