Fifth Third Bancorp (NASDAQ:FITB) has recently posted second quarter 2012 profit of $385 million, as compared to profit of $430 million in the starting three months of 2012 and profit of $337 million in the second quarter of 2011.
Net income available to common shareholders, after preferred dividends, was $376 million or $0.40 per diluted share in the second quarter of 2012, lower from first quarter net income of $421 million or $0.45 per diluted share but higher versus net income of $328 million or $0.35 per diluted share in the second quarter of 2011. Analysts surveyed by Thomson Reuters, on average, predicted the company to report earnings of $0.35 per share.
Net interest income remained $899 million, total noninterest income rose to $678 million versus $656 million a year earlier.
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American Express Company (NYSE:AXP), Northern Trust Corporation (NASDAQ:NTRS), PNC Financial Services (NYSE:PNC) and BlackRock, Inc. (NYSE:BLK) shares decline because of second-quarter results.
In other news, three top U.S. banks including Bank of America Corp (NYSE:BAC), Citigroup Inc. (NYSE:C) and JPMorgan Chase & Co. (NYSE:JPM) reported second-quarter financial results that were supported by ongoing progress in credit card segment asset quality as loss rates on card portfolios moved down.
Despite slow U.S. economic growth and some declining of labor market situation in the quarter, the three banks showed significant improvement in card portfolio loan performance as compared to a year earlier. Average net charge-offs (NCOs) for general purpose card portfolios contributed 4.78% in second-quarter 2012, down 183 basis points as compared to the last year. Average delinquencies of 30 days or more move down 92 basis points in the second quarter to 2.48% from a year ago.
Both BofA and Citi faced essentially unexciting purchase volumes in the quarter, but JPM was the better one as it reported a 12% rise in purchases as compared to second-quarter 2011, as the bank has shifted their focus on customers who have tendency to repay card balances in full each month. Shares of these three giant banks closed down on Wednesday.