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Fifth Third Bancorp Trims Quarterly Losses

Thursday, 21 Jan 2010 08:08 AM

Fifth Third Bancorp reported that losses shrank in the fourth quarter with the credit picture improving, and the bank's shares jumped Thursday in premarket trading.

The Cincinnati-based financial services company reported a per-share loss of 20 cents for the three months ending Dec. 31, for a net loss of $160 million. A year ago, Fifth Third reported a $2.2 billion loss in the fourth quarter, or $3.78 per share.

Analysts polled by Thomson Reuters, on average, expected a loss of 31 cents a share.

Bank shares rose 4 percent, or 44 cents, at $11.75 in early trading.

CEO Kevin Kabat said loan charge-offs, or loans written off as not being repaid, were $708 million, $48 million less than in the third quarter. Fifth Third reported improvement in both commercial and consumer loan losses, and said it sees that continuing. The bank expects charge-offs in 2010 to be less than in 2009.

"Fourth quarter credit trends were better than expected and showed encouraging signs of improvement," Kabat said in a statement.

For the year, Fifth Third reported a profit of $511 million, or 67 cents per share, after a 2008 loss of $2.2 billion, or $3.91 per share, after preferred dividends.

Fifth Third has 16 affiliates with 1,309 banks in 12 states, including Florida and Michigan, states hard hit by the recession's housing slump and job losses.

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Fifth Third Bancorp reported that losses shrank in the fourth quarter with the credit picture improving, and the bank's shares jumped Thursday in premarket trading.The Cincinnati-based financial services company reported a per-share loss of 20 cents for the three months...
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2010-08-21
Thursday, 21 Jan 2010 08:08 AM
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