Fifth Third reports Q1 average loans up 6% from last year
Reports Q1 average core deposits up 5% from last year. Reports Q1 net charge-off ratio 0.32% vs. 0.36% last year. Reports Q1 CET1 capital ratio 9.65 vs. 10.82 last year. The company states: "Our first quarter performance was strong. Loan growth exceeded our previous expectations, we continued to manage expenses diligently, and credit quality metrics were solid. Additionally, we achieved a significant milestone on March 22, 2019, with the closing of the MB Financial acquisition. We are pleased to welcome our new customers and team members. We look forward to converting substantially all systems and processes in May and providing our Chicago customers with expanded products and services. With a strong start to the year, we now look forward to leveraging the enhanced capabilities of our company and expect to achieve our previously stated financial synergies from the transaction, which will meaningfully improve our key profitability metrics."