Magazine article Mortgage Banking

Fifth Third Reports 11 Percent 4Q Earnings Increase. (Business Alert)

Magazine article Mortgage Banking

Fifth Third Reports 11 Percent 4Q Earnings Increase. (Business Alert)

Article excerpt

FIFTH THIRD BANCORP, CINCINNATI, OHIO, reported fourth-quarter 2002 earnings per diluted share were $0.72, an increase of 11 percent over $0.65 per share for the same period in 2001. Fourth-quarter net income totaled $423,372,000, a 10-percent increase over fourth-quarter 2001's net income of $385,477,000. Fourth-quarter return on average assets (ROA) and return on average equity (ROE) were 2,11 percent and 19.8 percent, respectively, compared with 2.16 percent and 20 percent in 200 1's fourth quarter. ROA for the full year 2002 was 2.18 percent and ROE was 19.9 percent, compared with 1.55 percent and 15.1 percent, respectively, in 2001.

Mortgage net service revenue totaled $66.7 million in the fourth quarter compared with $9.4 million last quarter and a loss of $22.8 million in 2001's fourth quarter. Inclusive of net realized securities gains from a portfolio established to hedge against volatility related to the value of mortgage servicing rights, mortgage net service revenue in the fourth quarter totaled $67. …

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