Bull Bear Report Jan 20 2011

Fifth Third Grows Revenue, Pay, Headcount in 2010

By julie steinberg

Fifth Third Bancorp, the Cincinnati-based lender, increased headcount by 0.8% last year and handed out more compensation than the year before, fourth quarter earnings show.

The bank brought on 160 workers in 2010, bringing headcount to almost 21,000. It set aside $1.43 billion in compensation for the year, up from $1.34 billion last year, a 7% increase. Employees on average went home with $68,101, compared to $64,257 last year.

The bank reported a profit of $333 million, or 33 cents a share, in the fourth quarter. It swung to profit from a loss of $98 million a year prior. Revenue was reported at $1.6 billion, beating analysts' expectations of 24 cents a share and revenue of $1.57 billion.

Earnings have improved for the bank for four consecutive quarters as a result of mortgage originations and other loan growth. The bank expects the growth to continue into 2011. It also announced it would raise $1.7 billion in new equity to repay funds it received under the TARP program.

Write to Julie Steinberg

Related: JPMorgan Grows Staff, Shrinks Pay | Citi Slims, Comp Stays Steady | Goldman's Profit and Pay Slide | Wells Fargo Hires More, Pays More | Morgan Stanley Increases Staff and Pay

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