Fifth Third Bancorp (NAS:FITB)
$ 43.035 0.205 (0.48%) Market Cap: 29.10 Bil Enterprise Value: 46.52 Bil PE Ratio: 14.30 PB Ratio: 1.56 GF Score: 72/100
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Q3 2024 Fifth Third Bancorp Earnings Call Transcript

Oct 18, 2024 / 01:00PM GMT
Release Date Price: $44.67 (-1.54%)

Key Points

Positve
  • Fifth Third Bancorp (FITB) reported earnings per share of $0.78, or $0.85 excluding certain items, exceeding previous guidance.
  • The company achieved a return on equity of 12.8%, the best among peers who have reported thus far.
  • Retail deposits grew nearly 16% year-over-year, with significant market share gains in the Southeast.
  • The commercial payments business grew net fee equivalent revenues by 10% year-over-year, processing $4.3 trillion in dollar volume.
  • Fifth Third Bancorp (FITB) increased its common dividend by 6% to $0.37 per share and executed $200 million in share repurchases.
Negative
  • Net charge-offs were 48 basis points, slightly better than expectations but still a concern.
  • Commercial NPAs increased by $60 million, indicating some stress in the commercial portfolio.
  • The consumer portfolio showed some softness, particularly in the RV and dividend portfolios.
  • The company is still facing some headwinds from paydowns and revolver utilization declines.
  • There is uncertainty regarding the economic outlook, including potential geopolitical risks and interest rate volatility.
Operator

Thank you for standing by. My name is (inaudible) and I will be your conference operator today. At this time. I would like to welcome everyone to the Fifth Third Bancorp, third quarter, 2024 earnings conference call. (Operator instructions)

I would now like to turn the conference over to Matt Curoe, Senior Director of Investor Relations. You may begin.

Matt Curoe
Fifth Third Bancorp - Senior Director- Investor Relations

Good morning, everyone. Welcome to Fifth Third, third quarter, 2024 earnings call this morning. Our Chairman CEO and President, Tim Spence; and CFO Bryan Preston will provide an overview of our third quarter results and outlook. Our Chief Credit Officer Greg Carmichael has also joined for the Q&A portion of the call.

Please review the cautionary statements in our materials which can be found in our earnings release and presentation. These materials contain information regarding the use of non GAAP measures and reconciliations to the GAAP results as well as forward-looking statements about Fifth Third's performance. These

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