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FIFTH THIRD BANCORP REPORTS 19.4 PERCENT INCREASE IN THIRD QUARTER NET INCOME

 CINCINNATI, Oct. 15 /PRNewswire/ -- Fifth Third Bancorp's (NASDAQ/NMS: FITB) net income was $51,580,000 for the third quarter and $144,124,000 for the first nine months of 1993, compared to $43,217,000 and $119,834,000 for the same periods in 1992. Third quarter earnings per share were $.86, a 19.4 percent increase over last year's $.72. For the first nine months of 1993, earnings per share were $2.41, up 19.9 percent over last year's $2.01.
 Total assets were $11.4 billion at quarter end, compared to 1992's third quarter-end assets of $9.9 billion. For the third quarter of 1993, return on average equity was 18.7 percent and return on average assets was 1.85 percent.
 During the quarter, Fifth Third increased its quarterly cash dividend to $.27 per share, up 23 percent from the $.22 declared in September 1992, and up 13 percent from the $.24 per share declared last quarter.
 "We are very pleased to be able to increase our cash dividend again after just nine months," stated George A. Schaefer, Jr., president and CEO. "This is the 25th dividend increase in the 18 years since the formation of the Bancorp, and results in a compound average growth rate of 15 percent over the last ten years. That means $1.00 of dividends in 1983 equates to $4.18 in 1993." In the 1993 edition of Moody's "Handbook of Dividend Achievers," Fifth Third's dividend growth over the 10-year period ended December 31, 1992 ranked in the top 1 percent of all publicly traded companies.
 During the third quarter, Fifth Third's four operating divisions were very active with new promotions and business development. The Retail Division's low-interest rate credit cards introduced last quarter have been well received, while mortgage lending and automobile financing have continued at a robust pace. A new advertising campaign was introduced promoting the availability of alternative investment options offered through Fifth Third's Trust and Investment Division, such as our Fountain Square family of stock and bond mutual funds. The Commercial Division introduced enhancements to the Business 53(TM) Checking Account, developed with the help of business owners, offering a variety of services specifically tailored to small and growing businesses. Midwest Payment Systems added several new members to its Jeanie(R) automated teller machine network, including The Provident Bank, Commonwealth Credit Union and Cinco Federal Credit Union.
 Fifth Third is in the process of completing the acquisition of the deposits and facilities of five World Savings & Loan Association branches and expects final approval to complete the acquisition of The TriState Bancorp by year end. During the quarter, the agreement under which Fifth Third was to acquire Shelby County Bancorp was terminated due to environmental issues.
 Fifth Third Bancorp has $11.4 billion in assets and 10 affiliate banks with 280 Banking Centers in Ohio, Kentucky, Indiana and Naples, Florida, including 62 Bank Marts(R) open seven days a week inside select grocery stores. The Bancorp is headquartered in Cincinnati, and its stock is traded on NASDAQ under the symbol "FITB."
 Fifth Third Bancorp and Subsidiaries
 Financial Highlights
 Three Months Ended September 30, Pct.
 (unaudited) 1993 1992 Change
 Earnings ($000's except per share):
 Net Interest Income $109,491 101,420 8.0
 Net Income 51,580 43,217 19.4
 Net Income Per Share 0.86 0.72 19.4
 Key Ratios:
 Return on Average Assets 1.85 1.79 3.4
 Return on Average Equity 18.7 17.9 4.5
 Net Interest Margin 4.43 4.73 (6.3)
 Average Stockholders' Equity to
 Average Assets 9.94 10.01 (0.7)
 Risk-Based Capital Ratios: (a)
 Tier I 10.84 11.55 (6.1)
 Total 13.27 12.81 3.6
 Common Stock Data:
 Cash Dividends Declared Per Share $0.27 0.22 22.7
 Book Value Per Share 18.46 16.30 13.3
 Market Price Per Share
 High 54.63 52.75 3.6
 Low 51.25 40.75 25.8
 End of Period 53.00 50.50 5.0
 Price/Earnings Ratio (b) 16.83 x 19.20 (12.3)
 Nine Months Ended September 30, Pct.
 1993 1992 Change
 Earnings ($000's except per share):
 Net Interest Income $324,533 288,185 12.6
 Net Income 144,124 119,834 20.3
 Net Income Per Share 2.41 2.01 19.9
 Key Ratios:
 Return on Average Assets 1.80 1.74 3.4
 Return on Average Equity 18.1 17.2 5.2
 Net Interest Margin 4.57 4.73 (3.4)
 Average Stockholders' Equity to
 Average Assets 9.95 10.12 (1.7)
 Risk-Based Capital Ratios: (a)
 Tier I 10.84 11.55 (6.1)
 Total 13.27 12.81 3.6
 Common Stock Data:
 Cash Dividends Declared Per Share $0.75 0.66 13.6
 Book Value Per Share 18.46 16.30 13.3
 Market Price Per Share
 High 58.50 52.75 10.9
 Low 49.88 40.13 24.3
 End of Period 53.00 50.50 5.0
 Price/Earnings Ratio (b) 16.83 x 19.20 (12.3)
 Fifth Third Bancorp and Subsidiaries
 Financial Highlights, continued
 (unaudited) September 30, Pct.
 1993 1992 Change
 Balance Sheet Data ($ in millions)
 Assets $11,363 9,889 14.9
 Loans and Leases 8,628 7,008 23.1
 Interest Earning Assets 10,625 9,154 16.1
 Deposits 8,114 7,284 11.4
 Stockholders' Equity 1,108 974 13.8
 Book Value and Market Price Range Per Share
 Market Price
 Book Value Per Share Range Per Share
 Mar.31 Jun.30 Sep.30 Dec.31 Low High
 1988 $9.69 $9.93 $10.28 $10.59 $14.13 $20.25
 1989 10.85 11.18 11.57 11.91 16.50 26.50
 1990 12.20 12.55 12.88 13.25 15.63 24.63
 1991 13.59 13.97 14.38 14.81 20.13 45.38
 1992 15.31 15.77 16.30 16.80 40.13 54.00
 1993 17.31 17.87 18.46 49.88 58.50
 (a) -- Based on year-end 1992 guidelines. September 30, 1993 ratios
 are estimated.
 (b) -- Based on most recent twelve-month Net Income Per Share and
 end of period stock prices.
 Fifth Third Bancorp and Subsidiaries
 Consolidated Statements of Income (unaudited)
 ($000's) Three Months Ended September 30,
 1993 1992
 INTEREST INCOME
 Interest and Fees on Loans and Leases $155,767 141,749
 Interest on Securities
 Taxable 23,168 29,777
 Exempt from Income Taxes 3,409 2,646
 Total Interest on Securities 26,577 32,423
 Interest on Other Short-Term Investments 58 834
 Total Interest Income 182,402 175,006
 INTEREST EXPENSE
 Interest on Deposits
 Interest Checking 6,772 6,150
 Savings 3,440 3,369
 Money Market 8,771 10,069
 Other Time 34,842 36,744
 Certificates - $100,000 and Over 3,780 5,801
 Foreign Office 2,283 375
 Total Interest on Deposits 59,888 62,508
 Interest on Federal Funds Borrowed 5,518 5,077
 Interest on Other Short-Term Borrowings 4,638 5,500
 Interest on Long-Term Debt and Notes 2,867 501
 Total Interest Expense 72,911 73,586
 NET INTEREST INCOME 109,491 101,420
 Provision for Credit Losses 10,244 14,025
 NET INTEREST INCOME AFTER PROVISION
 FOR CREDIT LOSSES 99,247 87,395
 OTHER OPERATING INCOME
 Trust Income 12,602 11,661
 Service Charges on Deposits 14,110 12,480
 Data Processing Income 13,465 11,575
 Other Service Charges and Fees 14,626 13,202
 Securities Gains 4,292 113
 Total Other Operating Income 59,095 49,031
 OPERATING EXPENSES
 Salaries and Wages 30,259 27,546
 Employee Benefits 8,123 7,923
 Equipment Expenses 3,662 3,275
 Net Occupancy Expenses 6,350 5,016
 Other Operating Expenses 32,174 28,881
 Total Operating Expenses 80,568 72,641
 INCOME BEFORE INCOME TAXES 77,774 63,785
 Applicable Income Taxes 26,194 20,568
 NET INCOME $51,580 43,217
 Average Shares Outstanding (000's) 59,979 59,717
 Fifth Third Bancorp and Subsidiaries
 Consolidated Statements of Income (unaudited)
 ($000's) Nine Months Ended September 30,
 1993 1992
 INTEREST INCOME
 Interest and Fees on Loans and Leases $453,074 411,776
 Interest on Securities
 Taxable 79,518 93,729
 Exempt from Income Taxes 8,966 8,263
 Total Interest on Securities 88,484 101,992
 Interest on Other Short-Term Investments 204 3,502
 Total Interest Income 541,762 517,270
 INTEREST EXPENSE
 Interest on Deposits
 Interest Checking 20,586 19,940
 Savings 10,521 10,395
 Money Market 27,302 33,407
 Other Time 104,655 113,710
 Certificates - $100,000 and Over 11,718 18,626
 Foreign Office 5,306 937
 Total Interest on Deposits 180,088 197,015
 Interest on Federal Funds Borrowed 12,433 12,689
 Interest on Other Short-Term Borrowings 15,435 18,117
 Interest on Long-Term Debt and Notes 9,273 1,264
 Total Interest Expense 217,229 229,085
 NET INTEREST INCOME 324,533 288,185
 Provision for Credit Losses 37,569 46,582
 NET INTEREST INCOME AFTER PROVISION
 FOR CREDIT LOSSES 286,964 241,603
 OTHER OPERATING INCOME
 Trust Income 38,040 34,573
 Service Charges on Deposits 40,897 36,752
 Data Processing Income 38,124 32,941
 Other Service Charges and Fees 45,435 40,214
 Securities Gains 6,236 1,395
 Total Other Operating Income 168,732 145,875
 OPERATING EXPENSES
 Salaries and Wages 87,683 79,591
 Employee Benefits 25,421 21,533
 Equipment Expenses 10,754 9,894
 Net Occupancy Expenses 17,264 15,595
 Other Operating Expenses 97,846 86,086
 Total Operating Expenses 238,968 212,699
 INCOME BEFORE INCOME TAXES 216,728 174,779
 Applicable Income Taxes 72,604 54,945
 NET INCOME $144,124 119,834
 Average Shares Outstanding (000's) 59,918 59,580
 Fifth Third Bancorp and Subsidiaries
 Consolidated Balance Sheets Sept. 30, Dec. 31, Sept. 30,
 (unaudited) ($000's) 1993 1992 1992
 ASSETS
 Cash and Due from Banks $499,217 565,948 459,463
 Securities Available for Sale (a) 695,218 -- --
 Securities Held for Investment (b) 1,234,656 1,933,008 2,064,347
 Other Short-Term Investments 66,925 790 81,492
 Loans and Leases
 Commercial Loans 2,688,593 2,485,310 2,450,688
 Construction Loans 316,311 308,781 298,449
 Commercial Mortgage Loans 574,247 495,818 485,028
 Residential Mortgage Loans 2,180,677 1,935,254 1,647,378
 Consumer Loans 1,929,987 1,631,496 1,584,523
 Commercial Lease Financing 328,625 282,579 272,012
 Consumer Lease Financing 757,367 454,607 383,022
 Unearned Income (147,929) (118,986) (112,644)
 Reserve for Credit Losses (132,609) (114,751) (108,785)
 Total Loans and Leases 8,495,269 7,360,108 6,899,671
 Bank Premises and Equipment 144,424 120,650 120,639
 Accrued Income Receivable 78,181 76,000 74,155
 Other Assets 148,685 156,816 189,284
 TOTAL ASSETS $11,362,575 10,213,320 9,889,051
 LIABILITIES
 Deposits
 Demand $1,298,678 1,306,766 1,166,722
 Interest Checking 1,232,541 1,185,660 1,033,354
 Savings 564,152 491,764 465,258
 Money Market 1,412,013 1,405,469 1,360,855
 Other Time 2,921,352 2,672,344 2,702,474
 Certificates - $100,000 and Over 330,824 399,210 507,030
 Foreign Office 354,628 70,733 47,916
 Total Deposits 8,114,188 7,531,946 7,283,609
 Federal Funds Borrowed 997,385 466,889 560,535
 Other Short-Term Borrowings 626,400 762,902 738,211
 Accrued Taxes, Interest & Expenses 156,039 106,728 132,115
 Other Liabilities 78,236 85,629 88,500
 Long-Term Debt 140,014 111,768 111,711
 Convertible Subordinated Notes 142,601 142,293 --
 TOTAL LIABILITIES 10,254,863 9,208,155 8,914,681
 STOCKHOLDERS' EQUITY
 Common Stock (c) 133,196 132,826 132,707
 Capital Surplus 204,536 201,516 200,738
 Retained Earnings 769,980 670,823 640,925
 TOTAL STOCKHOLDERS' EQUITY 1,107,712 1,005,165 974,370
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $11,362,575 10,213,320 9,889,051
 (a) -- Securities Available for Sale market value at Sept. 30, 1993
 - $711,000,000.
 (b) -- Securities Held for Investment market values: Sept. 30, 1993
 - $1,254,300,000, Dec. 31, 1992 - $1,960,300,000 and
 Sept. 30, 1992 - $2,105,500,000.
 (c) -- Stated value $2.22 per share; authorized 100,000,000;
 outstanding Sept. 30, 1993 - 59,998,181, Dec. 31, 1992 -
 59,846,303, and Sept. 30, 1992 - 59,792,733 (including 14,763
 treasury shares at Dec. 31 and Sept. 30, 1992).
 -0- 10/15/93
 /CONTACT: Roberta Jennings, media, 513-579-4153, or Neal E. Arnold, analysts, 513-744-8577, both of Fifth Third Bancorp/
 (FITB)


CO: Fifth Third Bancorp ST: Ohio IN: FIN SU: ERN

BM -- CL001 -- 2575 10/15/93 07:50 EDT
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Date:Oct 15, 1993
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