CINCINNATI (AP) - Fifth Third Bancorp says it lost $2.2 billion in the fourth quarter, mainly due to rising defaults on loans, charges on goodwill and credit costs.
The Cincinnati-based banking company said Thursday that earnings for the three months ended Dec. 31 translate to a per-share loss of $3.82.
Fifth Third's earnings missed Wall Street expectations. Analysts polled by Thomson Financial, on average, expected earnings of 1 cent a share. Those estimates typically exclude one-time gains and charges.
CEO Kevin Kabat says the deteriorating economic conditions have put stress on both consumer and commercial portfolios.
Fifth Third has 18 affiliates with offices in 12 states, including Michigan.