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Jan. 21, 2021, 6:46 a.m. EST

Fifth Third profit, net interest income decline

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By Dave Sebastian

Fifth Third Bancorp said its profit fell for the fourth quarter as net interest income decreased.

The Cincinnati-based lender Thursday posted a profit of $604 million, or 78 cents a share, compared with $734 million, or 96 cents a share, in the year-ago period. Analysts polled by FactSet were expecting 68 cents a share.

Net interest income was $1.19 billion, compared with $1.23 billion in the same quarter a year earlier. Noninterest income fell to $787 million from $1.04 billion.

"We have taken actions to drive efficiencies and improve the long-term profitability of the bank as we navigate the interest rate environment by streamlining our operations, including divesting less profitable businesses, while still investing in areas of growth and profitability," Chairman and Chief Executive Greg Carmichael said.

Write to Dave Sebastian at dave.sebastian@wsj.com

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