Fifth Third says to achieve profitability targets regardless of rate environment
Says economic backdrop "more positive," government expected to take steps that should be positive for banks, including additional Fed rate hikes, potential tax breaks and fiscal stimulus related to infrastructure and defense spending. Says continues to reduce auto exposure with balances down $1.5B since 2015. Says generating positive operating leverage is a top priority in 2017. NorthStar long-term financial targets: ROTCE 12%-14%, ROA 1.1%-1.3%, efficiency ratio less than 60%. Says plans to achieve profitability targets regardless of the interest rate environment. Expects to exit another $1.5B of loans in 2017. Comments from slides that will be presented by President and CEO Greg Carmichael at the RBC Capital Markets Financial Institutions Conference.