Fifth Third Bancorp (NASDAQ:FITB) stock rose 0.99% (As on January 21, 11:36:21 AM UTC-4, Source: Google Finance) after the company reported a rise in fourth-quarter profit, driven by a recovery in dealmaking across the industry and higher wealth and asset management fees. Net income available to common shareholders rose to $582 million, or 85 cents per share, in the three months ended Dec. 31, from $492 million, or 72 cents per share, a year earlier. Compared to the year-ago quarter, NII increased $20 million, or 1%, and NIM increased 12 bps. This year-over-year improvement was due to the benefits from proactive deposit and wholesale funding management decreasing interest-bearing liabilities costs by 34 bps, which more than offset the combined impact of the 10 bps decrease in interest-earning assets yield and the $4.7 billion reduction in interest-earning assets. Compared to the year-ago quarter, wealth and asset management revenue increased $16 million, or 11%, primarily reflecting an increase in personal asset management revenue. Commercial payments revenue increased $10 million, or 7%, primarily driven by new customer acquisition, partially offset by a decrease in commercial card revenue. Consumer banking revenue increased $2 million, or 1%, primarily driven by an increase in card and processing revenue. Capital markets fees increased $17 million, or 16%, reflecting an increase in syndication fees, partially offset by a decrease in institutional brokerage revenue. Commercial banking revenue increased $8 million, or 8%, primarily reflecting an increase in lease syndication and remarketing, partially offset by the continued decrease in operating lease revenue. Mortgage banking net revenue decreased $9 million, or 14%, primarily reflecting decreases in servicing fees and origination fees and gains on loan sales. The decrease in other noninterest income was primarily attributable to lower tax receivable agreement revenue.

Moreover, compared to the year-ago quarter, total average portfolio loans and leases decreased 1%. Average commercial portfolio loans and leases decreased 3%, primarily reflecting a decrease in C&I loans. Compared to the year-ago quarter, total average deposits decreased 1%, primarily due to decreases in demand deposits, the aforementioned decrease in retail brokered deposits, and savings balances, partially offset by increases in money market deposits and interest checking balances.

FITB in the fourth quarter of FY 24 has reported the adjusted earnings per share of 90 cents, beating the analysts’ estimates for the adjusted earnings per share of 88 cents. The company had reported the adjusted revenue of $2.18 billion in the fourth quarter of FY 24, missing the analysts’ estimates for revenue of $2.21 billion.