=Fifth Third (FITB) reported earnings on Tue 24 Apr 2018 (b/o)

Fifth Third beats by $0.49, reports revs in-line 

• Reports Q1 (Mar) earnings of $0.97 per share, $0.49 better than the Capital IQ Consensus of $0.48; revenues rose 5.2% year/year to $1.55 bln vs the $1.55 bln Capital IQ Consensus.
  • Average portfolio loans and leases of $92.3 billion, flat from both 4Q17 and from 1Q17
  • Taxable equivalent net interest margin (NIM) of 3.18%, up 16 bps from 4Q17 (or up 8 bps excluding 4Q17 lease remeasurement) and up 16 bps from 1Q17 (or up 20 bps excluding 1Q17 card remediation impact)
  • Book value per share of $21.68, flat from 4Q17 and up 8% from 1Q17; tangible book value per share of $18.05 flat from 4Q17 and up 7% from 1Q17
  • The effective tax rate was 15.8 percent in the first quarter of 2018 compared with (29.8) percent in the fourth quarter of 2017 and 22.9 percent in the first quarter of 2017