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Fifth Third’s quarterly profit dips

CINCINNATI — Regional bank Fifth Third Bancorp says first-quarter net income dipped 2 percent as it made less from deposits and loans as well as fees and other sources.

The Cincinnati company earned $413 million, or 46 cents per share, for the three months ended March 31. That compares with $421 million, or 45 cents per share, a year ago.

Analysts expected earnings of 39 cents a share.

Earnings from deposits and loans, or net interest income, declined to $893 million from $903 million.

Income from fees and other sources slipped to $743 million from $769 million.

Net charge-offs, or the amount of money lost on bad loans, fell to $133 million from $220 million — the lowest level since 2007’s third quarter.



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