NEW YORK (Standard&Poor's) April 18, 2013--Standard&Poor's Ratings Services today said its ratings on Fifth Third Bancorp (BBB/Positive/A-2) are not affected by the company's good first-quarter results, which were consistent with our expectations. Fifth Third reported Standard&Poor's-adjusted net income of $386 million, down slightly from $393 million in the fourth quarter but up compared with $347 million in first-quarter 2012. (We adjusted earnings for the gains from valuation adjustments associated with Vantiv warrants, and gains on sale of Fifth Third funds.) First-quarter earnings benefited from lower provisions (leading to the 12th consecutive quarter of reserve releases), which more than offset weaker mortgage and corporate banking results. Fifth Third's net interest margin (NIM) contracted by 7
