Fifth Third Bancorp reported first quarter 2013 net income, after preferred dividends, of $413 million compared to net income of $421 million in the first quarter of 2012.

Fifth Third noted that net charge-offs in the first quarter of $133 million, down from $220 million in the same quarter in 2012, were at their lowest level since the second quarter of 2007. The bank said
its provision charge in Q1/13 was $62 million down from $91 million in the same year-ago quarter. Total delinquencies, including loans 30-89 days past due and over 90 days past due, were at their lowest levels since the first quarter of 2001.

Average C&I loans for the three months ended March 31, 2013 were $36.4 billion, up from $31.4 billion or almost 16% higher than the C&I average in the same quarter 2012. Average commercial leases for Q1/13 were $3.56 billion, up from $3.54 billion a year earlier.

“First quarter earnings results demonstrated continued strong momentum for Fifth Third,” said Kevin Kabat, CEO of Fifth Third. “Net income to common shareholders of $413 million was among the best results in company history.”

Commenting on credit trends, Kabat noted, “Trends continued to be favorable, with net charge-offs declining 10%, to 0.63% of average loans and leases, the lowest level since the second quarter 2007.”

To read the Fifth Third news release click here.