Tuesday, August 6, 2013

Fifth Third Bancorp revises 2Q profit down

Fifth Third Bancorp said Tuesday its second-quarter profit will be $12 million lower than previously reported.

The Cincinnati-based bank, the fifth largest by market share in Charlotte, said in a securities filing that its profit for the quarter will be revised down to $582 million, or 65 cents a share.

That compares with the $594 million, or 66 cents a share, it reported for the quarter last month.

After second-quarter results were released, the bank said in the securities filing, it "obtained new information related to a litigation loss contingency that resulted in the related reserve being increased by $18 million to reflect the change in circumstances."