Fifth Third reported third quarter 2013 net income of $421 million compared to net income of $363 million in the third quarter 2012. Earnings per share for the quarter of $0.47 exceeded analysts’ expectations polled by Thomson Financial $0.41

Third quarter 2013 noninterest income included an $85 million gain on the sale of Vantiv shares and a $6 million positive valuation adjustment on the Vantiv warrant. Vantiv was previously a payment processing affiliate of Fifth Third that became a publicly traded company in 2012.

Highlights from the news release included:

. Period end loans in the portfolio reached the highest level in the company’s history, despite significant borrower caution.

. Credit trends continued to improve as net charge-offs decline below 50 basis points of average loans and leases for the first time in six years.

“Fifth Third reported solid third quarter results, reflecting our continued focus on revenue generation as well as expense discipline,” said Kevin T. Kabat, vice chairman and CEO of Fifth Third Bancorp. “Return on average assets was 1.4% and return on average tangible common equity was 14.7% for the quarter including Vantiv-related gains, and were 1.2% and 12.6%, respectively, excluding them,” Kabat added.

To read the Fifth Third news release click here.