Fifth Third Bancorp Announces First Quarter 2011 Net Income of $265 Million

Fifth Third Bancorp FITB: 1Q11 earnings per diluted common share of $0.10 including effect of the accelerated TARP discount accretion, $0.27 per share excluding it; earnings per diluted share of $0.33 in 4Q10 and net loss per diluted share of $0.09 in 1Q10 1Q11 net income of $265 million compared with 4Q10 net income of $333 million and 1Q10 net loss of $10 million; 1Q11 return on assets of 1.0% 1Q11 net income available to common shareholders of $88 million compared with $270 million in 4Q10 and a net loss of $72 million in 1Q10 1Q11 net income available to common shareholders reduced by $153 million of discount accretion recorded in preferred dividends accelerated by the February repurchase of $3.408 billion in TARP CPP Preferred Stock;