By Allison Prang
Fifth Third Bancorp (FITB) now sees a smaller increase in net interest income year over year than it previously expected.
The company said it expects adjusted net interest income on a fully taxable-equivalent basis to increase by about 14% from the year prior. It had been expecting it to rise between 15% and 16%.
Fifth Third expects its adjusted net interest margin on a fully taxable-equivalent basis to rise by about four basis points. It was expecting it to rise by about 7 basis points.
The company expects noninterest income, not including merger-related items, to increase between 17% to 18%. It was expecting it to increase between 15% and 16%.
The regional lender reaffirmed its adjusted noninterest expense guidance. It expects it to rise about 13%.
Write to Allison Prang at firstname.lastname@example.org
(END) Dow Jones Newswires
October 22, 2019 09:49 ET (13:49 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.