CINCINNATI - Fifth Third Bancorp (NASDAQ: FITB ) reported fourth quarter earnings that beat analyst expectations, sending its stock up 1.26% in early trading Tuesday.

The regional bank posted adjusted earnings per share of $0.90, surpassing the consensus estimate of $0.88.

Revenue came in at $2.18 billion, slightly below the $2.21 billion analysts were expecting.

Fifth Third's net interest income rose 1% sequentially to $1.44 billion, driven by loan growth and improved net interest margin.

The bank's net interest margin expanded 7 basis points from the prior quarter to 2.97%.

"Fifth Third delivered another year of strong and consistent performance in 2024," said Tim Spence, Chairman, CEO and President.

He added, "in the fourth quarter, we achieved growth in loans, deposits, and fees, while also expanding our net interest margin and maintaining expense discipline."

Total (EPA: TTEF ) average loans increased 1% from the third quarter to $117.9 billion. Consumer loans grew 2% while commercial loans were stable. Average deposits were flat at $167.2 billion.

The bank's credit quality metrics remained solid, with net charge-offs decreasing 2 basis points sequentially to 0.46% of average loans. The allowance for credit losses stood at 2.08% of total loans at quarter-end.

Fifth Third repurchased $300 million of common stock during the quarter. Its CET1 capital ratio decreased 24 basis points to 10.51% due to loan growth.

For the full year 2024, Fifth Third reported net income available to common shareholders of $2.2 billion, or $3.14 per diluted share.

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