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Fifth Third Bancorp Q4 net income up 13%

Fifth Third Bancorp has reported a net income of $305m, or $0.33 earnings per diluted share, for the fourth quarter of 2011, compared to $270m, or $0.33 earnings per diluted share, for the same period in 2010.

The total revenues for the fourth quarter of 2011 declined 7% to $1.47bn from $1.58bn a year ago.

Net interest income, on a taxable equivalent basis, was $920m, compared to $919m for the same period in the last year.

For the full year, Fifth Third reported a net income of $1.1bn, or $1.18 earnings per diluted share, compared to $503m, or $0.63 earnings per diluted share, for the same period in 2010.

Fifth Third Bancorp president and CEO Kevin Kabat said that the fourth quarter saw a significant pick-up in demand and loan growth, with end of period total loan growth of 2 percent, including 5 percent in C&I lending which continues to be a strength for them.