Fifth Third Bancorp Announces Ten Percent Increase in Quarterly Cash Dividend on its Common Stock

Board Increases Share Repurchase Authorization to 100 million shares

CINCINNATI–(BUSINESS WIRE)– Fifth Third Bancorp (NAS: FITB) today declared a cash dividend on its common shares of $0.11 for the first quarter of 2013. The dividend is payable on Thursday, April 18, 2013 to shareholders of record as of Friday, March 29, 2013. This dividend is consistent with Fifth Third‘s proposed potential dividends as submitted to the Federal Reserve in its 2012 Comprehensive Capital Analysis & Review (“CCAR“) plan for the CCAR process covering the period ending March 31, 2013.

Fifth Third‘s 2013 CCAR plan included the potential increase in the quarterly dividend to $0.12 per share in the second quarter of 2013 through the first quarter of 2014. As noted last week, Fifth Third‘s Board will consider the potential to increase the dividend under the 2013 CCAR process at its scheduled quarterly meeting in June.

Fifth Third also announced that its Board of Directors approved a new share repurchase authorization of up to 100 million shares, which replaces the previous authorization from 2012 under which approximately 54 million shares remain. Fifth Third‘s capital plan included potential common share repurchases of up to $984 million through the first quarter of 2014, in addition to any incremental repurchases related to any after-tax gains from the sale of Vantiv, Inc. (“Vantiv”) stock.

Any capital distributions, including those contemplated in the above announced actions, are subject to evaluation and approval by the Board of Directors at any given time, Fifth Third‘s performance, the state of the economic environment, market conditions, regulatory factors, and other risks and uncertainties. Fifth Third has no current information and makes no representations as to whether, when or in what amounts there may be future gains from the sale of Vantiv stock. The new repurchase authorization does not have an expiration date, does not include specific price targets, may be executed through open market purchases or one or more private negotiated transactions, including Rule 10b5-1 programs, and may be suspended at any time.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $122 billion in assets and operates 18 affiliates with 1,320 full-service Banking Centers, including 104 Bank Mart® locations …read more
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