Fifth Third Bancorp reported full year 2017 net income after preferred dividends available to common shareholders was $2.1 billion, up 40% compared with 2016 net income of $1.5 billion. Results were significantly impacted by Vantiv-related transactions throughout 2016 and 2017 and items resulting from the Tax Cuts and Jobs Act in 2017.

Q4/17 net income was $486 million after preferred dividends, compared with $372 million in Q4/16.

The bank said results were significantly impacted by a Vantiv-related transaction in Q3/17 and items resulting from the Tax Cuts and Jobs Act in Q4/17.

“Our strong fourth quarter and full year 2017 results reflect continued progress toward achieving our long-term financial goals. Our business strategies are well aligned with the interests of our shareholders, our customers, our employees and the communities we serve. Our balance sheet remains strong and positions us well for growth in 2018,” said Greg D. Carmichael, president and CEO of Fifth Third Bancorp.

“The investments that we have made following the passage of the new tax law demonstrate our commitment to improving the lives of our employees and our communities. In addition to the immediate positive impact of lower corporate taxes on our company’s results, we are optimistic that the new tax law will help to reinvigorate the economy and support further growth in our businesses.”

“Underlying quarterly performance showed continued NIM expansion, disciplined expense management, and another quarter of strong credit metrics. As we discussed at our recent Investor Day, we have continued to generate positive momentum over the past year. We remain focused on driving improved shareholder returns in 2018 and beyond as we execute on our strategic initiatives under Project North Star.”