CINCINNATI -- Fifth Third Bancorp is reporting a 19 percent jump in third-quarter net income thanks in part to the sale of shares in a former payment processing subsidiary.
The Cincinnati regional banking company on Thursday reported net income of $421 million, or 47 cents per share, for the three months ended Sept. 30. That compares with $354 million, or 38 cents per share, a year earlier.
A sale of shares in Vantiv, the subsidiary, accounted for an $85 million pretax benefit.
Analysts expected earnings of 42 cents per share.
Net interest income, or income from loans and deposits, fell 1 percent to $898 million from last year. Net charge-offs of bad loans fell 30 percent to $109 million.
Fifth Third operates more than 1,300 banking centers in 12 states.
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