Fifth Third reported first quarter 2012 net income, after preferred dividends, of $421 million compared to net income of $88 million in the first quarter of 2011. First quarter 2012 results included $115 million in pre-tax gains from the initial public offering of payment processor Vantiv, formerly Fifth Third Processing Solutions.

“The successful Vantiv IPO marks a new stage of development for this business. When we initially sold an interest in Vantiv in mid-2009, we anticipated that this moment would arrive. Since that time, through a lot of hard work, this business was established as an independent entity and it reported revenue of $1.6 billion for the year ended 2011. Fifth Third continues to hold a 39% economic interest in the firm, whose stock was valued at $4.2 billion at the end of the first quarter”, said Fifth Third president and CEO Kevin Kabat.

Fifth Third said net charge-offs were $220 million in the first quarter of 2012, the lowest level since the fourth quarter of 2007, and 40% lower from first quarter 2011 net charge-offs of $367 million.

To read the full Fifth Third news release click here.