Fifth Third swings to Q1 net earnings of US$88M compared with loss of US$72M a year ago; US$3.4B repayment in government bailout money enabled bank to boost quarterly dividend
April 21, 2011
– Regional bank Fifth Third Bancorp posted a profit for the first quarter, recovering from a year-ago loss as it emerged from the government-funded bailout of the financial system.
Cincinnati's Fifth Third reported Thursday that it earned $88 million, or 10 cents per share, for the period ended March 31. That compares with a loss of $72 million, or 9 cents a share, for the same three-month period last year.
The bank in February repaid $3.4 billion in government TARP rescue money. That allowed it to boost its quarterly dividend on common shares to 6 cents, from the previous 5 cents.
Fifth Third posted a profit in the last three quarters of 2010.
© 2017 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.