Fifth Fourth Bancorp (NASDAQ:FITB) stock rose 2.32% (As on January 20, 11:12:19 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 22. Fifth Third Bancorp reported fourth quarter 2022 net income of $737 million compared to net income of $653 million in the prior quarter and $662 million in the year-ago quarter. Net income available to common shareholders in the current quarter was $699 million compared to $631 million in the prior quarter and $627 million, in the year-ago quarter. Compared to the year-ago quarter, NII increased $382 million, or 32%, reflecting the net benefit of higher market rates, as well as growth in C&I loan balances and investment portfolio balances, partially offset by deposit mix shift from demand to interest-bearing accounts and lower PPP-related income. Compared to the year-ago quarter, NIM increased 80 bps, reflecting the net benefit of higher market rates as well as growth in C&I loan balances and investment portfolio balances, partially offset by aforementioned deposit mix shift from demand to interest-bearing accounts.

FITB in the fourth quarter of FY 22 has reported the adjusted earnings per share of 55 cents, missing the analysts’ estimates for the adjusted earnings per share of 68 cents. The company had reported the adjusted revenue growth of 16 percent to $106.54 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $90.22 million. Commercial banking revenue decreased $13 million, or 8%, primarily driven by decreases in M&A advisory revenue, loan syndication revenue, and corporate bond fees, partially offset by an increase in client financial risk management revenue. Mortgage banking net revenue increased $28 million, or 80%, reflecting a $27 million decrease in MSR asset decay, a $12 million increase in mortgage servicing revenue, and an $8 million increase from MSR net valuation adjustments, partially offset by a $19 million decrease in origination fees and gains on loan sales. Wealth and asset management revenue decreased $11 million, or 7%, primarily reflecting lower personal asset management revenue impacted by market valuations. Card and processing revenue decreased $1 million, or 1%, driven by higher rewards partially offset by higher spend volumes. Leasing business revenue decreased $16 million, or 22%, reflecting the disposition of LaSalle Solutions in early 2022 and a decrease in lease remarketing revenue. The decrease in other noninterest income was primarily attributable to lower private equity income.