Fifth Third Bancorp (NASDAQ:FITB) reported fourth-quarter FY23 sales of $2.167 billion, beating the consensus of $2.16 billion.
The Cincinnati-based company reported an interest income increase of 28% Y/Y to $2.655 billion, with a net interest income (NII) of $1.42 billion (down 10% Y/Y).
Fifth Third attributed the NII decline to the deposit mix shift from demand to interest-bearing accounts and continued deposit repricing dynamics.
Compared to the year-ago quarter, the net interest margin (NIM) decreased by 50 bps Y/Y to 2.85%, reflecting the impact of higher market rates on deposit ...