AI English summary of an SEC filing — figures as filed
Fifth Third Bancorp FITBFifth Third said its net income available to common shareholders for 2023 was $2.2 billion, or $3.22 per diluted share, after $137 million in preferred stock dividends. For 2022, it was $2.3 billion, or $3.35 per diluted share.
Key points
AI summaryFifth Third said its net income available to common shareholders for 2023 was $2.2 billion, or $3.22 per diluted share, after $137 million in preferred stock dividends. For 2022, it was $2.3 billion, or $3.35 per diluted share.
The company said net interest income on an FTE basis (non-GAAP) was $5.9 billion for 2023, an increase of $227 million from the prior year, and that the FTE net interest margin was 3.05%, compared with 3.02% in 2022.
Fifth Third said its provision for credit losses was $515 million in 2023, compared with $563 million in the prior year, and its net charge-off ratio was 0.32%, versus 0.19% in 2022. It said its nonperforming portfolio assets ratio at the end of 2023 was 0.59%, compared with 0.44% at the end of 2022.
The company said it recognized its allocated share of the FDIC special deposit insurance assessment, estimated at $224 million, in earnings when the final rule was issued in November 2023, and expects to pay it to the FDIC in 8 quarterly installments beginning in Q1 2024. It also issued $1.25 billion in senior notes in July 2023.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $577M
- Net income
- $2.3B
- EPS
- $3.22
- Operating cash flow
- $4.5B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
2023 Net Income and Diluted Earnings Per Share
Fifth Third said its net income available to common shareholders for 2023 was $2.2 billion, or $3.22 per diluted share, after $137 million in preferred stock dividends. For 2022, it was $2.3 billion, or $3.35 per diluted share.
Source · Based on the MD&A text of the filing
Net Interest Income and Net Interest Margin
The company said net interest income on an FTE basis (non-GAAP) was $5.9 billion for 2023, an increase of $227 million from the prior year, and that the FTE net interest margin was 3.05%, compared with 3.02% in 2022.
Source · Based on the MD&A text of the filing
Provision for Credit Losses and Nonperforming Asset Ratio
Fifth Third said its provision for credit losses was $515 million in 2023, compared with $563 million in the prior year, and its net charge-off ratio was 0.32%, versus 0.19% in 2022. It said its nonperforming portfolio assets ratio at the end of 2023 was 0.59%, compared with 0.44% at the end of 2022.
Source · Based on the MD&A text of the filing
FDIC Special Assessment and Senior Notes Issuance
The company said it recognized its allocated share of the FDIC special deposit insurance assessment, estimated at $224 million, in earnings when the final rule was issued in November 2023, and expects to pay it to the FDIC in 8 quarterly installments beginning in Q1 2024. It also issued $1.25 billion in senior notes in July 2023.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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