The integration of Comerica assets served as the primary catalyst for the bank's quarterly performance, driving net interest income to $2.27 billion. While noninterest income rose 29% to $1.01 billion—bolstered by growth in mortgage, commercial, and wealth management divisions—the company also faced a 62% increase in noninterest expenses, which reached $2.05 billion. These results compare against a $649 million profit in the same quarter last year, reflecting a significant expansion in the company's scale and share count, which grew to 917.1 million on a fully diluted basis.
Fifth Third Profit Climbs on Comerica Integration Gains
A 49% surge in net interest income propelled Fifth Third Bancorp to an $866 million profit in the third quarter, signaling the financial impact of its recent Comerica acquisition. The parent company reported earnings of 90 cents a share, exceeding adjusted expectations of $1.10 per share when excluding one-time items.
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