Fifth Third tops Street 4Q forecasts

Fifth Third Bancorp on Wednesday reported fourth-quarter net income of $385 million.

The Cincinnati-based bank said it had earnings of 43 cents per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.

The regional bank posted revenue of $1.54 billion in the period, also surpassing Street forecasts. Analysts expected $1.51 billion, according to Zacks.

For the year, the company reported profit of $1.48 billion, or $1.66 per share. Revenue was reported as $6.07 billion.

Fifth Third shares have declined 11 percent since the beginning of the year, while the Standard & Poor's 500 index has declined nearly 2 percent. The stock has fallen 16 percent in the last 12 months.

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