Fifth Third Bancorp, which has multiple branches throughout Michigan’s Great Southwest, has reported today they scored net income for the full year of 2016 totaling $1.6-billion, which was down 9-percent from the net income of $1.7-billion reported by the bank holding company for Fifth Third Bank in 2015.
After preferred dividends, 2016 net income available to common shareholders came in at $1.5-billion, or $1.93 per diluted share, also down 9-percent when compared to 2015 net income available to common shareholders of $1.6-billion, or $2.01 per diluted shares. The bank reported results were “significantly impacted by Vantiv-related transactions throughout 2015 and 2016.”
Fourth quarter net income was $395-million, a decrease of 23-percent from net income of $516-million in the third quarter of 2016 and a decrease of 40-percent from net income of $657-million in the fourth quarter of 2015. Results there were also significantly impacted by Vantiv-related transactions, including $280-million in pre-tax income in third quarter 2016 and $469-million in pre-tax income in fourth quarter 2015. After preferred dividends, net income available to common shareholders was $372-million, or $0.49 per diluted share, in the fourth quarter of 2016, compared with $501-million, of $0.65 per diluted share, in the third quarter of 2016, and $634-million, or $0.79 per diluted share, in the fourth quarter of 2015.
For the year net interest income edged up to $3.6-billion, or 2-percent, while non-interest income was off by 10-percent at $2.7-billion. Meanwhile, total non-interest expenses rose 3-percent to $3.9-billion.
The bank’s fourth quarter net income managed to beat Wall Street analysts’ forecast of 43-cents according to reports from Bloomberg market services.
The bank has been busy advancing plans to close down or sell more than 100 branches, and in the past month they’ve shuttered nearly 40 targeted for closure last fall.
