CINCINNATI (AP) - Fifth Third Bancorp says its first-quarter net income increased sharply thanks in part to the regional bank's stake in the payment processor Vantiv, which had its initial public offering.
The Cincinnati company reported net income of $421 million Thursday, or 45 cents per share. That compares with $88 million, or 10 cents per share, reported in the same period last year.
Analysts surveyed by FactSet expected the bank to earn 35 cents per share.
Fifth Third says higher mortgage banking, corporate banking and investment advisory revenue boosted noninterest income for the quarter. And the company added $115 million in pre-tax gains on the initial public offering of Vantiv Inc.
Fifth Third operates about 1,300 banking centers in 12 states.