Fifth Third Bancorp reported record full year 2013 net income, before preferred dividends, of $1.8 billion, up 16% from net income of $1.6 billion in 2012. Fourth quarter 2013 net income was $402 million, up from net income of $399 million in the fourth quarter of 2012, which included a $157 million gain of the sale of Vantiv shares.

“Fifth Third reported full year net income available to common shareholders of $1.8 billion in 2013, which marks the best result in our company’s history and represents 17% growth from strong 2012 earnings,” said Kevin T. Kabat, vice chairman and CEO of Fifth Third Bancorp. “Full year net charge-offs were down more than $200 million, or 29% from last year, and were at the lowest levels since 2007. Nonperforming assets were down 24% from last year and were at the lowest levels since 2006,” Kabat added.

To read the Fifth Third news release click here.